Latest news with #RenewedHopeAgenda
Yahoo
4 days ago
- Business
- Yahoo
Life is improving in Nigeria, Tinubu says
President Bola Tinubu has told Nigerians that the worst is behind them and that the country is getting better, in a speech to mark the end of his second year in office. Halfway through his term, Tinubu acknowledged the pain his reforms had unleashed, adding that he did not take the patience of Nigerians for granted. "Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation," he said. On the day he took office in May 2023, he announced the end of a long-standing fuel subsidy - a move that caused a huge surge in prices, leaving many Nigerians unable to buy enough food to eat. Tinubu said: 'Despite the bump in the cost of living, we have made undeniable progress. Inflation has begun to ease, with rice prices and other staples declining." Inflation was 24% last month, according to the official figures, compared to 22% when he took over. This is an improvement from this time last year when it stood at 34%. Weeks later Nigerians took to the streets in a nationwide protest that left several people dead. A fall in the rate of inflation does not mean that prices are falling - just that they are rising at a slower rate than before. Could Nigeria's careful ethnic balancing act be under threat? The World Bank predicts that Nigeria's total output, or GDP, will grow by 4% this year - a faster rate than the 3% when Tinubu took over. However, unemployment remains a major concern, with many graduates still complaining about not being able to find jobs. The president said he had little choice about removing the subsidy, saying the huge cost was a "chokehold on our nation's neck, strangling our nation's future", while allowing corruption to thrive. After his inauguration and under what he called a "Renewed Hope Agenda", Tinubu pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift Nigerians out of poverty. Public affairs analyst professor Adeosun Olufemi told the BBC he feels the president has made positive gains in some areas, adding that the governors of Nigeria's 36 states should take the blame for some of the problems over the past two years. "After the president announced fuel subsidy removal, money allocated to state governors increased heavily but what have they done with it?" he asked. The president, 73, won the bruising 2023 election with 37% of the vote – defeating former Vice-President Atiku Abubakar and former governor Peter Obi in a three-way race. There is massive speculation that some of the major political parties could form a coalition ahead of the next election in 2027 to challenge Tinubu, who is expected to seek a second term. Nigeria's fierce political rivals share joke at pope's inaugural mass 'I scarred my six children by using skin-lightening creams' Blank questions, power cuts and a suicide: Nigeria's exams fiasco Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica Focus on Africa This Is Africa
Zawya
4 days ago
- Business
- Zawya
Nigeria: FG's $188mln Sukuk attracts over $1.3bln in record-breaking subscription
The Series VII Sovereign Sukuk through which the Debt Management Office (DMO) offered N300 billion on behalf of the Federal Government of Nigeria (FGN), recorded an unprecedented subscription level of over N2.205 trillion. This represents an excess of 735 per cent of subscriptions. The Debt Management Office (DMO) described this as clear evidence of the huge investor appetite for the ethical instrument introduced by the DMO in 2017 as an innovative strategy to expand the nation's investor base and provide opportunities for all Nigerians to participate in the activities of the capital market. An analysis of the subscriptions showed that the subscribers cut across various segments of the public: retail, non-interest banks and financial institutions, banks, pension fund administrators, asset/fund managers and others. The DMO said like the previous series, funds realized from the Issuance will be used by the FGN to construct new roads and rehabilitate existing ones, as well as build bridges in the six geo-political zones of the country and the Federal Capital Territory (FCT). It added that the raising of funds through Sukuk to finance infrastructure projects aligns with Mr. President's Renewed Hope Agenda of which infrastructure development is a key pillar. The management stressed that the DMO remains committed to providing safe and liquid investment products to the public and supporting the FGN's development plans.
Zawya
4 days ago
- Business
- Zawya
Nigeria: Tinubu declares economic reforms working
• Says only alternative to reforms was fiscal collapse • Reaffirms commitment to security, national development • Highlights progress made amid rising cost of living President Bola Tinubu, in a nationwide broadcast to mark his second year in office on Thursday, declared that the economic reforms implemented by his administration have begun yielding positive results. The President stated that Nigeria is 'on course to building a greater, more economically stable nation,' despite acknowledged difficulties faced by citizens due to the reform process. In a wide-ranging address from Lagos, President Tinubu reflected on his administration's achievements and laid out his vision for continued national renewal under the 'Renewed Hope Agenda.' President Tinubu reaffirmed that the removal of fuel subsidies and the unification of the foreign exchange market were critical first steps taken to save Nigeria from a looming fiscal disaster. 'It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens' welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows,' he said. According to him, these painful yet necessary decisions have started bearing fruit. He cited a sharp drop in the fiscal deficit – from 5.4% of GDP in 2023 to 3.0% in 2024 – alongside improvements in foreign reserves, which rose from $4 billion in 2023 to over $23 billion by the end of 2024. Tinubu warned that inaction would have led Nigeria to a financial abyss. 'The only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall,' he said. To avert such a scenario, the administration ended Ways and Means financing and repositioned the Nigerian National Petroleum Company (NNPC) as a net contributor to the Federation Account through local refining and subsidy removal. Acknowledging the hardship triggered by inflation, Tinubu noted that food prices, particularly rice, had begun to decline, signalling relief. He pointed to a recovering oil and gas sector – with rig counts up over 400% in 2025 compared to 2021 – and over $8 billion in new investments. Other macroeconomic gains include a rise in real GDP growth (4.6% in Q4 2024), narrowing debt service-to-revenue ratios, and the elimination of opaque tax waivers in favour of targeted incentives for agriculture, manufacturing, and technology. Tinubu touted the administration's tax reform drive, which lifted Nigeria's tax-to-GDP ratio from 10% to 13.5% in one year. He said the new framework prioritises fairness and economic justice: 'Essential goods and services such as food, education, and healthcare now attract 0% VAT, while rent, public transportation, and renewable energy are fully exempted.' A Tax Ombudsman will soon be introduced to protect small businesses and vulnerable taxpayers, while a new fiscal policy framework will guide responsible borrowing and disciplined spending. The President highlighted investments in healthcare and education as pillars of his national development strategy. Over 1,000 primary health centres are being revitalised, with 5,500 more undergoing upgrades. He also announced that six cancer treatment centres are being established, with three already operational. On education, Tinubu cited progress in infrastructure and the student loan scheme to support indigent students. Social investments, skill development, and empowerment programmes have also expanded youth access to economic opportunities. The President noted revitalisation in the solid minerals sector, driven by a shift from 'pit-to-port' extraction to value-added production. He praised the National Agency for Science and Engineering Infrastructure (NASENI) for setting governance benchmarks and driving digital-first industrialisation, citing the launch of electric vehicle assembly lines and Africa's most advanced diagnostic kit factory. Initiatives such as Innovate Naija, Irrigate Nigeria, and the NASCAV drone programme for female engineers are positioning young Nigerians at the forefront of national transformation, he said. Turning to national security, Tinubu stressed that without safety, economic growth cannot be sustained. 'Every Nigerian deserves to live without fear,' he stated, affirming his administration's commitment to securing lives and property. He credited improved interagency cooperation and intelligence operations for recent gains in the fight against banditry in the northwest, where previously abandoned farms are now back in use and highways safer. 'Our military, police, and intelligence agencies are committed to responding to emerging threats,' Tinubu said. President Tinubu reiterated the government's commitment to food security, noting investments in mechanised farming, fertiliser supply, and thousands of tractors for farmers. He also listed ongoing road infrastructure projects nationwide, including the Lagos-Calabar Coastal Highway, Second Niger Bridge access roads, and the Abuja-Kaduna-Zaria-Kano dual carriageway, among others. In the energy sector, the administration is upgrading transmission infrastructure and expanding off-grid solar energy to power homes, schools, and businesses. The President announced Nigeria's readiness to host the inaugural Motherland Festival, aimed at celebrating the nation's culture, creativity, and tourism potential. He said the event would attract global attention and affirm Nigeria's leadership role in Africa and its place as a global partner. He also acknowledged the strategic importance of the Nigerian diaspora, highlighting policies such as the diaspora bond and non-resident BVN to facilitate greater participation in national development. President Tinubu closed his address with a note of optimism, declaring, 'By the Grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold.' He called on citizens to remain united, assuring them that the government is committed to a stronger, more inclusive Nigeria where prosperity is broadly shared and future generations can thrive. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Business Mayor
08-05-2025
- Business
- Business Mayor
Matawalle in China: Strengthens Defence Ties, Pursues High-Tech Security Partnerships
Bello Mohammed Matawalle, Minister of State for Defence Matawalle in China: Strengthens Defence Ties, Pursues High-Tech Security Partnerships In a strategic diplomatic mission to boost Nigeria's defence capabilities and foster technological innovation, the Minister of State for Defence, Dr. Bello Mohammed Matawalle, MON, has embarked on a high-level engagement with Chinese defence authorities and technology firms in Beijing. The visit, which forms part of President Bola Ahmed Tinubu's Renewed Hope Agenda for national security reform, is focused on building sustainable partnerships with leading defence industries in China. Dr. Matawalle, accompanied by senior military officers and special advisers, held a series of closed-door meetings with top Chinese defence and technology experts to explore areas of collaboration. During the discussions, the Minister emphasized Nigeria's commitment to revitalizing its defence architecture through the acquisition of advanced military hardware and the adoption of global best practices in defence technology. He noted that the bilateral engagements were critical in repositioning Nigeria's security landscape and ensuring a crime-free, stable nation. At various inspection tours of Chinese military facilities, Dr. Matawalle was visibly attentive, closely examining cutting-edge defence equipment with a clear focus on aligning Nigeria's strategic needs with available technological solutions. The visit also featured multiple panel sessions and roundtable discussions where the Minister highlighted Nigeria's readiness to integrate sophisticated technologies into its national defence strategy. 'This mission is not just about partnerships,' Dr. Matawalle said. 'It is about redefining the future of Nigeria's security through innovation, self-reliance, and robust international collaboration.' The engagements in Beijing are expected to yield critical agreements that will support the modernization of Nigeria's defence sector and enhance the country's domestic defence production capabilities. Read More What is Exposure Management and How Does it Differ from ASM? By PRNigeria
Zawya
01-05-2025
- Business
- Zawya
Nigeria, Emirates sign pact at 2025 Arabian travel market to boost tourism
In a landmark move to advance Nigeria's tourism sector, the Federal Ministry of Art, Culture, Tourism, and the Creative Economy signed a Memorandum of Understanding (MoU) with Emirates on Wednesday at the 2025 Arabian Travel Market in Dubai. The collaboration, aimed at boosting inbound tourism to Nigeria, will enable Emirates to leverage its extensive global network of over 140 destinations to promote Nigeria's rich cultural heritage, diverse natural attractions, and vibrant cities to international audiences. The agreement signed underscores the Ministry's commitment to implementing the President's Destination 2030 Soft Power Initiative, a key pillar of the Renewed Hope Agenda, aimed at positioning Nigeria as a global hub for culture, heritage, creativity, and leisure travel. Speaking during the ceremony, the Minister of Arts, Culture, and Creative Economy, Barrister Hannatu Musa Musawa, expressed optimism about the future of Nigeria's tourism landscape, highlighting the partnership's potential to drive economic growth, create new opportunities for local communities, and reposition Nigeria as a leading tourism destination in Africa. 'This partnership with Emirates is a pivotal step towards achieving our tourism development objectives. It provides a powerful platform to tell Nigeria's story to the world — a nation of extraordinary culture, natural wonders, and unrivaled hospitality. 'By strengthening strategic international alliances, we are creating new opportunities for our local communities, driving economic growth, and repositioning Nigeria as the tourism heartbeat of Africa.' Commenting, the Deputy President and Chief Commercial Officer of Emirates, Adnan Kazim, emphasized the airline's commitment to promoting Nigeria's unique attractions and warm hospitality to international travelers. 'Since resuming operations to Lagos in October 2024, we have focused on deepening our strategic partnerships with key stakeholders in Nigeria's aviation, tourism, and trade sectors. 'This partnership with the Nigerian Tourism Ministry solidifies our commitment to driving international travelers to experience the country's fascinating history, its urban cities, the untapped, stunning natural world, and, of course, the warm hospitality that characterizes Nigerian culture.' The MoU outlined collaborative initiatives to attract visitors from key source markets, organize familiarization trips, offer incentives to trade partners and tour operators, and develop joint marketing programs. The Nigerian Tourism Development Authority (NTDA), which is the Ministry's tourism promotion agency, will spearhead these efforts as part of a comprehensive strategy to revitalize the tourism sector and diversify the economy. The MoU was formally signed by Adil Al Ghaith, Emirates' Senior Vice President of Commercial Operations, and Abiola Abdulkareem, Special Assistant to the Minister on Sub-National Development and Tourism. In attendance were the Consul General of the Federal Republic of Nigeria in Dubai, UAE, Zayyanu Ibrahim; Faiz Imam, Chief Adviser to the Minister; Boye Balogun, Programme Director for the Destination 2030 Nigeria Everywhere Initiative; Nabil Sultan, Emirates' Executive Vice President of Passenger Sales and Country Management; Paulos Lagesse, the airline's Country Director for Nigeria; and other senior officials and stakeholders. The Federal Ministry of Art, Culture, Tourism, and the Creative Economy remains committed to fostering international collaborations, investing in tourism infrastructure, and elevating Nigeria's global profile as a preferred destination for culture, creativity, and leisure. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
