Latest news with #NigerianEconomy
Zawya
29-05-2025
- Business
- Zawya
Nigeria's economy restructuring is still the way to go
TWO years into the Bola Tinubu administration, it has become clear, more than ever, why Nigeria requires a fundamental tinkering with the structure of governance to deliver optimum results. In the aftermath of the removal of subsidy from petroleum and the floatation of the naira, Nigeria's poverty situation spiked, and the N70,000 minimum wage agreed with the organised labour after long negotiations failed to guarantee a decent living for workers. It is a fact that as the administration marks two years in office, the cost of living remains prohibitive, and insecurity has forced many farmers to abandon food production as terrorists of different hues launch attacks everywhere. Per the World Bank, the poverty rate among Nigeria's rural population has reached an alarming 75.5 percent. The power sector is also in shambles. Apparently, the policies need to be tweaked to save the generality of Nigerians from immiseration and despair. But more than that, fundamental changes are also required to make the country fit for purpose. To be sure, the administration has harped on the steps to reinvent the economy and address poverty. According to the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, Nigeria's economy is witnessing a significant turnaround, driven by bold reforms, improved coordination, and a renewed focus on national priorities. Hear him: 'We have seen four quarters of successive economic growth, stability in foreign exchange, and appreciation by Nigerians and the international community. Rating agencies have consistently appreciated what we are doing. We have seen investors from Brazil, Belarus, and Saudi Arabia increasingly entering our agricultural space. The world economic community and multilateral institutions are putting more faith in our economy. For the first time in 25 years, Nigeria is refining oil.' His counterpart in the Ministry of Solid Minerals Development, Dr Dele Alake, has been keen to stress the fact that the Tinubu administration's new policy of local value addition and a tightened licensing regime attracted over $800 million in processing projects last year, and that the sector also generated over ₦38 billion in revenue in 2024, up from just ₦6 billion the previous year, despite receiving only 18 percent of its ₦29 billion budgeted allocation. Alake said 250 mining cooperatives had been established nationwide to absorb informal miners into the formal economy. The administration is also harping on key road projects, including Abuja-Kaduna-Zaria-Kano Road, the Ninth Mile-Oturkpo-Makurdi Road; Sokoto-Badagry Highway; Abuja-Lokoja-Benin Road, Lagos-Calabar Coastal Highway (Phase 1): Enugu-Onitsha Expressway, Benin-Asaba Superhighway, Oyo-Ogbomoso Road, Bode Saadu-Kaima-Kosubosu Road, Enugu-Port Harcourt Expressway, Second Niger Bridge Access Road, Lagos-Ibadan Expressway and Bodo-Bonny Road. It says that in support businesses across the country, it established three funds, namely the Presidential Conditional Grant Scheme, FGN MSME Intervention Fund, and FGN Manufacturing Sector Fund, totalling N200bn. As many Nigerians have pointed out, there have been positive changes in passport application processes and the Minister of Interior, Olubunmi Tunji-Ojo, has also rolled out e-surveillance for border security. It is also salutary news that in the bid to diversify the economy, sectors namely ICT, are bringing significant revenue for the government, which has been keen to make the impression that it is not depending solely on the oil sector to manage the economy. However, regardless of any achievements the Tinubu government or any other administration may point to, the fact remains that Nigeria as presently constituted cannot witness any fundamental change. While much of the challenges that the country continues to confront are rooted in irresponsible leadership, the fact remains uncontested that the fundamental changes required to make the country functional are yet to be made. For instance, as we have pointed out time and again, there is no way an ethnically, linguistically and religiously diverse society like Nigeria can be policed centrally. In this regard, it is disappointing that the Federal Government has recently scaled down action on state policing, with the effect that Nigerians continue to live in fear as terrorists go on the rampage on a daily basis, littering the land with innocent blood. Recently, the president directed the creation of a forest guard unit to curb the onslaughts of terrorists who use Nigeria's vast forests as a base for their nefarious activities. The president also recently directed an immediate and comprehensive overhaul of national security strategies, demanding urgent action to end the escalating violence in Borno, Benue, Plateau and Kwara states, saying that the senseless targeting of innocent Nigerians must stop. But while not condemning the president's directive, it is important to point out that each day Nigeria continues to operate without state policing is a day that the government continues to put the lives of Nigerians in peril. Insecurity is at the heart of a lot of the ills that plague the country, and there is no getting out of the rut without decentralising the security architecture. It is time to have state policing. In this regard, it is significant that an all-inclusive pan-Nigerian group, The Patriots, recently released part of a detailed programme for its forthcoming national conference designed to evolve an acceptable constitutional framework for the country. The Patriots' agenda addresses questions regarding the most suitable system of government for Nigeria, appropriate tenure for elected political office holders, and the essentials of democratic federalism, questions which, we believe, the Tinubu government can begin to address using the report of the 2014 National Conference as a guide. Without prejudice to any new recommendations that may emerge from ongoing consultations and conferences by elder statesmen, the 2014 report contains a number of recommendations which, if well implemented, will assist in turning the country around. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
09-05-2025
- Business
- Zawya
Nigeria: Customs CG to discuss cross border trade, security at UNIFEMGA's 2025 reunion
The Comptroller-General, Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, will on Saturday deliver the lecture at the 2025 edition of the annual national reunion conference of the Obafemi Awolowo University Muslim Graduates' Association (UNIFEMGA). At the conference scheduled to take place at the Oduduwa Hall of the Obafemi Awolowo University, Ile-Ife, Adeniyi will give a discourse on cross border trade and security. A statement signed by the chairman of the planning committee, Professor Sirajudeen Obayopo and Public Relations Officer (PRO), Ibrahim Fagbenro, stated that Adeniyi, an OAU alumnus, would speak on the topic, 'Cross Border Trade and Security Implications On the Nigerian Economy: Taking Advantage of Global Trade Dynamics'. According to the statement, the three-day conference, running from Friday (today) to Sunday, promises a rich array of activities aimed at fostering intellectual discourse, networking and community engagement. The event is expected to be graced by the Osun State governor, Senator Nurudeen Ademola Adeleke, as the special guest of honour; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, as the royal father of the day; the Managing Director, Starling Global and Ideal Limited, Dr Muritadha Adeyemi Adeniji, chairman of the occasion; and the OAU Vice Chancellor, Professor Adebayo Simeon Bamire, as the host. Others expected at the reunion include Professor Yusuf Olaolu Ali, SAN; Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole, SAN; Vice-Chancellor of Summit University, Offa, Professor Musa Aibinu; and the Vice-Chancellor of the Federal University of Health Sciences, Ila Orangun (FUHSI), Professor Akeem Lasisi. The conference, the statement said, would kick off with a Jumat service today to be led by the Chief Imam of OAU, Professor Abubakar Sanusi, followed by a courtesy call on the Vice Chancellor of the institution and networking dinner featuring UNIFEMGA Investors Forum 2.0, to be hosted by the chairman of the association's Board of Trustees and Pro-Chancellor of the Summit University, Offa, Alhaji Rafiu Ebiti. Other slated events include the UNIFEMGA Investors' Forum which offers entrepreneurs a platform to pitch their businesses to potential investors. 'The reunion activities will also include a reception for all delegates, students' picnic, presentation of scholarship grants, Annual General Meeting, students empowerment programme, keep-fit exercises and novelty matches among branches,' the statement said. Reflecting on the uniqueness of the reunion, UNIFEMGA National President, Alhaji Mohammed Buari, noted its alignment with the commencement of his tenure, expressing optimism that all delegates would have a fun-filled conference. 'With over 300 delegates, including those from the Diaspora already registered, the 2025 national reunion conference promises to be a gathering of minds committed to progress and unity,' the statement added.
Zawya
06-05-2025
- Business
- Zawya
Nigeria: Telecoms, banks, mobility brands demonstrate resilience, top media performance charts in Q1, 2025 — Report
The nation's commercial banking, ride-hailing, and telecommunications sectors dominated the list of brands that demonstrated media resilience in Q1 2025, amidst the economic headwinds businesses have continued to grapple with since the introduction of some major economic reforms by the federal government in 2023. The revelation formed a key insight from a comprehensive sentiment audit released by P+ Measurement Services, Nigeria's foremost media intelligence consultancy, recently. The report, which analysed over 1.3 million online publications and 2,100 print media articles locally and globally during the period under review, also leveraged advanced media intelligence frameworks. The Q1 2025 analysis encompassed data from 28 commercial banks, 4 major telecommunications providers, and 4 leading ride-hailing platforms. In the study, which deployed rigorous monitoring, measurement, and auditing techniques, drawing from structured metadata points such as editorial tone, CEO visibility, public discourse, and brand-specific media traction, Q1 media sentiment around the nation's banks showed a polarity in perception. While Stanbic IBTC Bank emerged as the frontrunner in positive coverage—responsible for 24% of favourable sentiment across the industry—Wema Bank (23 per cent), UBA (19 per cent), Access Bank (18 per cent), and First Bank (16 per cent) followed closely, in that order. Their visibility was supported by initiatives such as Wema Bank's 80th anniversary campaign and UBA's #41 million customer reward promo. Interestingly, the report also revealed that while First Bank recorded some positive narratives, the financial institution also carried the burden of 34% of all negative sentiment. FCMB (30 per cent), Sterling Bank (18 per cent), and Ecobank (10 per cent) followed, driven by litigation, regulatory reprimands, and negative market performance. The report explained that while the data points indicate that strategic PR efforts amplified brand equity for some, crisis events significantly dampened sentiment for others. Among ride-hailing operators, the report noted that while inDrive dominated favorable mentions at 54 per cent, aided by product enhancements like the 'Light Cashless' bank transfer feature, Bolt (29 per cent) and Uber (16 per cent) also maintained a strong share. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
06-05-2025
- Business
- Zawya
Nigeria: Parallel, official markets gap narrows below 5% in 2025
Reduction of the spread between parallel and official market exchange rates, growing external buffers, increased foreign exchange (FX) flows and prospect of increased oil production have been identified by an economy expert and CEO of The CFG Advisory, Mr. Adetilewa Adebajo, as reasons why the Nigerian naira should trade below N1,000 to the US dollar. Adebajo, in a chat with the Nigerian Tribune, observed that with a new transparent FX management in place, driven by a Bloomberg bid and offer platform, the spread between the parallel markets and official markets has reduced from over 50 percent in 2022 to under 5 percent in 2025. He further explained that FX flows have increased, stressing that as of January 2024 to date, FX inflows have consistently outpaced FX outflows. In 2025, average monthly FX turnovers increased to US$8.1 billion compared to US$5.5 billion in 2024. Nigeria's external reserves went up from US$30 billion in March 2024 to US$40 billion by September 2024. External reserves have stabilized at US$38 billion by Q1 2025. The net reserve position has also made an impressive fivefold recovery from a low of US$4 billion in 2023 to US$23.1 billion by year end 2024. Similarly, Adebajo said the new NNPC boss had made drilling re-entry a priority. 'This is a common practice in mature oil fields to optimize production and reduce costs,' he added. According to NUPRC, the rig count has gone up from 18 to 38 in the past year and is expected to hit 50 by year end. The urgency to audit, reconcile and determine the true position of the forward oil sales contracts has become apparent, the expert suggested. According to him, Nigeria's imports in 2024 were US$43 billion, and given the average monthly turnover for the FX market, he said the country can expect the market has capacity to generate between US$97–100 billion annually. His words: 'Deducting imports values from the past five years, shows the current annual market FX turnover will cover imports and leave room for about US$40–50 billion for invisibles and other informal requirements for FX in the market.' Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
