The Nation Newspaper

Author: The Nation

  • Tinubu must complete eight years as president, says Wike

    Tinubu must complete eight years as president, says Wike

    Federal Capital Territory (FCT) Minister Nyesom Wike has restated his support for the reelection of President Bola Ahmed Tinubu in 2027 for another four-year term.

    The minister hinged his support on commitment to an agreement that the Southern presidency should be for eight years before power would return to the North.

    Wike said: “The South must complete their eight years, and completing the eight years it doesn’t matter which party we belong to give Mr. President the support to succeed.

    “In 2031, after the South must have completed its eight years through President Tinubu, we will know what next.”

    He berated those who sat on the offence in 2023 who now parade themselves as disciples of the president, saying people cannot be deceived by their latter-day support for Tinubu.

    Wike urged those he referred to as emergency singers of “on your mandate, we shall stand” to honour agreements, declaring that, “no one can fool us with any emergency support for President Bola Tinubu.

    “For us here, agreement is agreement. You can be signing on your mandate we shall stand, in support of President Bola Ahmed Tinubu, which is good because we have been supporting the President since 2023, your new sloganeering won’t help you.”

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    Wike spoke yesterday during his visits to Emohua and Ikwerre local government areas of Rivers State.

    The minister reminded his supporters in Ikwerre how they took the risk to support the President when others were reluctant, stating that he and his supporters started singing the ‘on your mandate we shall stand’ slogan when it was difficult.

    Wike said: “In 2023 when it was difficult, when people never knew that Mr. President will emerge as President, all of us from Ikwerre stock knew politics is about risk, we know that, if you look at the votes that made him to win in Rivers, the votes were particularly from Ikwerre.

    “When it mattered most, we stood on his mandate, not this people now coming to shout on your mandate, when it was important they couldn’t shout on your mandate.

    “You take stands when things are tough, not when food is ready. We took this position when things were tough, and we are still standing by it.”

  • Growth, stability against odds

    Growth, stability against odds

    With longest decline in inflation and growth in national productivity, a stable currency, foreign inflows and improved macroeconomic ratings marked out the year as a defining moment for the economy. But lingering insecurity, missed fiscal targets, policy gap and low filtration continue to limit scopes of economic gains. Deputy Group Business Editor, Taofik Salako reports

    Nigeria’s economy entered 2025 with much promises of a stronger momentum and consolidation, after the whirlwinds shaken up by the 2023 reforms coalesced into more discernible shape towards the end of the previous year. Most forecasts saw the economy early and they were right as the year unfolded. Global credit ratings agencies-Moody’s Investors Service and Fitch Ratings upgraded Nigeria’s sovereign ratings citing positive macroeconomic outlook on the back of substantial gains from government’s reforms. Moody’s upgraded the country’s rating from Caa1 to B3 and adjusted the economic outlook from positive to stable. Fitch upgraded Nigeria’s rating from “B-“ to “B” with macroeconomic outlook “Stable”. Moody’s saw a more resilient fiscal position, stronger external accounts and demonstrated commitment to reforms but was cautious about waning momentum. Fitch premised outlook on continued reduction in vulnerabilities.

    Inflation, which had sucked up households’ incomes, declined for eight consecutive times in 2025 to close November at 14.45 per cent, from 24.48 per cent in January. The successive improvement in average living cost was based on reduction in the prices of food, gas and transportation as well as stability in the foreign exchange (forex) market. After more than a decade of default, the National Bureau of Statistics (NBS) in January rebased the Consumer Price Index (CPI) to closely reflect historical changes and current realities of the economy. After the rebasing, inflation had dropped from 34.80 per cent in the pre-rebased period of December 2024 to 24.48 per cent in January 2025. The CPI subsequently showed a steady improvement, from April.

    National productivity also improved, underscoring the stability in the financial sector and steady fiscal balance. Gross Domestic Product (GDP) outperformed most projections in 2025, with the economy growing by 3.98 per cent in third quarter. This compared with 3.9 per cent recorded in third quarter 2024.

    While the economic growth was anchored on broad growths across all the sectors, the non-oil sector was the major driver of the overall robust economic outlook, underlying gains in government’s efforts at diversification amidst ports’ reforms. Non-oil sector, which contributed 96.6 per cent of total output, rose by 27 basis points to 3.91 per cent in third quarter 2025, an increase of 27 basis points on 3.64 per cent recorded in second quarter 2025. The oil sector, which accounted for about 3.4 per cent of total output, expanded by 5.8 per cent in third quarter 2025, with oil production averaging 1.64 million barrels per day (mbpd) during the period.

    The private sector showed stronger evidence of growth and stability. The NESG–Stanbic IBTC Business Confidence Index, which tracks corporate perceptions, was steadily positive. At the stock market, most companies that hitherto suffered initial reforms shocks fully recovered with impressive profits, strengthening positive sentiments across domestic and global portfolios. Turnover at the stock market surpassed new record of N10.54 trillion by November, driven by strong foreign portfolio investments (FPIs). Besides, as against the previous trend where outflows were more than inflows, there has been a considerable increase in inflows compared to outflows this year. This raises tendency for long-term commitment, of “hot money” turning into “cool capital”. The foreign-domestic participation ratio has shifted from previous year’s 15.98 per cent-84.02 per cent to 20.77 per cent-79.23 per cent, underling the stronger influence of FPIs. Nigeria’s relative sovereign equities index- the All Share Index (ASI) of the Nigerian Exchange (NGX), closed weekend with average year-to-date capital gain of 49.17 per cent, one of the five highest gains globally. Pricing- the main basis for the ASI, is a reflection of overall perception-current performance and future risks.    

    The global perception was evident in Nigeria’s $2.35 billion Eurobond, which attracted more than $13 billion subscription, the country’s all-time global subscription to an offer. For 10 and 20 years notes, the enthusiasm by the international capital markets for long-term investments in the country highlighted reduction in global risk assessment, enabling the government to borrow at cheaper rates. The domestic issuance market also remain active. In the short-end of the debt market, more than N800 billion were raised through commercial papers by companies, a fast expanding market for emerging and established corporates.

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    Data by the Central Bank of Nigeria (CBN) showed that foreign capital inflows rose to $20.98 billion in the first 10 months of the year, representing 70 per cent increase over total inflows for 2024 and 428 per cent growth on $3.9 billion recorded in 2023. These supported foreign reserves, rallied to about $44 billion. The naira remains stable trading within N1,440 and N1,500 per dollar. With tighter financial services regulatory framework and global cooperation, Nigeria finally exited the grey list of Financial Action Task Force (FATF), which had been estimated to be a stopgap to some $30 billion in potential investments.

    There have been modest recoveries in the energy and telecommunication sectors. Telecom subscriber base increased to 177.4 million active subscriptions. The country attained all-time transmission peak of 5,801.84 megawatts (MW), with a maximum daily energy of 128,370.75 megawatt-hours, the highest of such. The power sector reforms continued apace with the emergence of Nigerian Independent System Operator (NISO), which separated system and market operations from the Transmission Service Provider (TSP). With the unbundling, there is expectation of greater efficiency and investments. The national grid also was largely stable during the year compared with the frequent collapse witnessed in the previous year.

    But the gap between policy pronouncement, implementation and impact continued to pose major risk during the year. Despite the steady decline in inflation rate, the CBN was sticky in cutting benchmark interest rate, leaving average cost of business almost unchanged. With government revenue falling significantly below its ambitious expenditure plan, debts rose, with attendant debt servicing costs further crowding the fiscal space. Beyond data, there’s growing urgency for the benefits of the reforms to translate to substantial reduction in poverty and better living standards across the nation.

  • Driving digital transformation despite challenges

    Driving digital transformation despite challenges

    In spite of the challenging operating environment characterized by willful vandalism and stealing of infrastructure, even after an Executive Order classified telecom equipment as Critical National Infrastructure (CNI), the information communication technology (ICT) sector continued to drive the economy, LUCAS AJANAKU reports.

    For Nigeria’s ICT sector, the year 2025 has proved to be a defining year. After the industry contended with the regulatory interventions which led to the clean-ups of unregistered or improperly registered subscriber identity module (SIM) in 2024 and early 2025, subscribers began returning to an upward growth trajectory. Recall the aggressive enforcement of the linkage of every SIM with a National Identity Number (NIN) had led to large numbers of unverified numbers being deactivated. However, by November 2025, Nigeria’s telecom subscriber base rose to approximately 177.4 million active subscriptions, marking a 2.1 million increase (about 1.2 per cent) from October and underscoring a strong rebound following mid-year contractions.

    The increase was driven by MTN and Airtel accounting for over 85per cent of the market, adding over 1.6 million connections that month, according to Nigerian Communications Commission (NCC) data. This growth signals a rebound from earlier contractions, with internet connections also climbing, and marks significant progress after a period of regulatory adjustments.

    Mobile internet connections also rose, with penetration nearing 50per cent.

    Nigeria’s teledensity (connections per 100 inhabitants) also increased, reaching over 80per cent.

    Telecommunications companies contributed N4.4trillion to Nigeria’s Gross Domestic Product in the third quarter of 2025, representing 84.5 per cent of the N5.2trillion generated by the wider ICT sector, the National Bureau of Statistics stated in its report.

    The ICT sector, which also includes broadcasting, sound and media production, and publishing, accounted for 9.1 per cent of real GDP in Q3 2025, down from 11.8 per cent in the previous quarter. Despite the decline in quarterly share, the sector achieved year-on-year growth of 5.78 per cent, highlighting its sustained contribution to economic expansion.

    These figures show that telecom operators, mainly MTN Nigeria, Airtel, Globacom and T2, are the backbone of the ICT sector. The broader digital economy, which includes the financial institutions sector, contributed 11.8 per cent of Nigeria’s real GDP, or N6.7trillion, to the country’s total N57trillion GDP in Q3 2025.

    Further, the report stated that broadcasting accounted for N430.7billion (8.2 per cent) and sound and media production contributed N379.2billion (7.2 per cent) to the ICT sector, while publishing remained minimal at N9billionn, representing just 0.1 per cent of the total.

    Overall, Nigeria’s GDP grew by 3.98 per cent during the quarter, slightly below the 4.23 per cent recorded in Q2 2025 but higher than the 3.86 per cent growth in Q3 2024.

    Evidence of recovery is visible in recent financial statements: MTN Nigeria posted a pre-tax profit of N419.61billion in Q2 2025, compared with a pre-tax loss of N179.60billion in the same period last year.

    Airtel Nigeria generated $333million in revenue for the quarter ended June 30, 2025, a 30 per cent increase year-on-year.

    After years of rising energy costs and currency volatility, a long-sought 50 per cent tariff increase approved earlier this year has given operators more room to invest. They are now pumping $1billion into network upgrades, much of it spent on Chinese equipment.

    The Federal Government is rolling out Project Bridge, a plan to construct 90,000 km of new fibre optic infrastructure, aimed at connecting all six geopolitical zones and increasing internet penetration, particularly in underserved rural areas.

    The expansion will build on the existing national fibre backbone, targeting 125,000 km by 2027, and aims to raise internet penetration to 70 per cent by 2025 and 80 per cent for underserved populations by 2027.

    While urban areas continue to see high penetration rates, rural regions are catching up, thanks to targeted initiatives aimed at expanding network infrastructure. This urban-rural balance is crucial for inclusive economic growth.

    Increased mobile connectivity has spurred the growth of small and medium-sized enterprises (SMEs), allowing them to leverage mobile platforms for marketing, sales, and customer engagement and innovations: The surge in subscribers has prompted mobile network operators (MNOs) to innovate and diversify their offerings. This includes mobile payments, health services, and e-learning platforms, which cater to the needs of a growing digital consumer base.

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    The contribution of the ICT sector to Nigeria’s GDP, which rose to 12 per cent, underscoring its significance in the areas of digital transformation across various industries, including agriculture, finance, and education. Mobile technology is enabling farmers to access market prices and weather forecasts, improving productivity and economic outcomes.

    The growth in GDP contribution is attracting both local and foreign investors. Startups in fintech, health tech, and ed-tech are gaining traction, supported by venture capital investments.

    The 3MTT or three million tech talent initiative is particularly noteworthy for several reasons. One is skill development: The project aims to bridge the skills gap in Nigeria’s tech ecosystem. By focusing on critical areas such as AI, data science, and software engineering, it prepares the workforce for future demands.

    Youth Empowerment: The initiative not only enhances employability but also encourages entrepreneurship among young Nigerians. Graduates are motivated to start their own businesses, contributing to job creation.

    Collaboration with Tech Hubs: The partnerships with tech hubs and educational institutions enhance the quality and relevance of training programs, ensuring they align with industry needs.

    President Bola Tinubu said Nigeria’s ambition to become a $1 trillion economy hinges on sustained investment in digital skills and the productivity of its youth.

     “The countries that lead the world today are those that invest purposefully in the skills of their young population,” he said.

    Tinubu added that digital skills are now essential across agriculture, healthcare, finance, manufacturing, education, and public service, positioning Nigeria as a competitive player globally.

    Already, the Federal Government has secured more than N6.45 billion in private sector support to scale up the 3MTT programme across the country.

    The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, said the support from IHS, MTN, and Airtel would strengthen training infrastructure, deepen community engagement, and widen access for young Nigerians preparing for technology careers.

    IHS committed N2.5 billion, MTN N2.95 billion, and Airtel N1 billion to the initiative.

    Tijani attributed the programme’s rapid growth to strong national demand and President Bola Tinubu’s reforms in the digital economy sector, which aim to improve the lives of ordinary Nigerians.

    “Every agenda of his administration and all the reforms that he’s made are solely for the average Nigerian,” he said, adding that the summit also served to appreciate the President’s contribution to the country’s digital economy.

    Tijani cited the National Data Protection Commission Act, the 2023 launch of 3MTT, the approval of a $2 billion, 90,000-kilometre fibre project, the designation of telecom infrastructure as critical national assets, and tariff adjustments for operators as catalysts for restoring investor confidence in the sector.

    He also detailed previous private-sector contributions, noting that IHS was the first to support the programme with N1 billion at its launch and later invested N1.5 billion to rehabilitate a damaged tech park in Kano.

    MTN contributed N3 billion for training, devices, and data, while Airtel provided N1 billion for the 3MTT NextGen stream.

    Tijani said non-cash support from global technology companies—including AWS, Google, Huawei, and Microsoft—further strengthened the programme.

    The minister said the overwhelming response to 3MTT confirmed that the initiative addressed a genuine national need, with over 1.8 million Nigerians applying within the first month from all states and local governments.

    Applicants were required to register with either NIN or BVN, ensuring unique identification.

    Tijani explained that the programme is being executed in phases: the first phase trained 30,000 learners starting December 2023, the second phase scaled to one million trainees by July 2024, and the final phase, targeting three million Nigerians, will begin next year.

    He said direct employment from the first phase already exceeds 15,000, with many fellows earning salaries above N250,000.

    The government has activated 201 applied learning centres nationwide and engaged 583 learning partners and 37 community managers to support delivery.

    Highlighting job placement, Tijani said the European Union (EU) and UNDP, through the Jubilee Fellows Programme, provided funding for internship placements, enabling fellows to transition into employment at no cost to host organisations.

    Launched in October 2023 by the Federal Ministry of Communications, Innovation and Digital Economy, the 3MTT programme aims to train three million Nigerians in digital and technical skills by 2027 with focus on software development, artificial intelligence (AI), cybersecurity, and data science, combining online learning with in-person instruction across all 36 states and the Federal Capital Territory.

    During the period under review, 5G technology adoption continued. The roll out of the technology has significant implications for Nigeria, especially in the area of enhanced connectivity. With 40 per cent of urban areas covered, 5G technology is set to revolutionize industries by enabling faster and more reliable internet access.

    The implementation of smart city projects leveraging 5G will improve urban living conditions through better traffic management, waste management, and public safety while the adoption of 5G will create new business models and revenue streams, particularly in IoT, autonomous vehicles, and smart agriculture.

    During the period under review, Airtel Africa Foundation was launched, reflecting a broader trend among MNOs to engage in corporate social responsibility (CSR). The initiative will hopefully focus on health and education to improve overall societal well-being, which is essential for sustainable development.

    Initiatives that promote digital literacy and access to technology help bridge the digital divide, enabling marginalized communities to participate in the digital economy.

    The legacy challenges confronting the sector continued during the year as vandalism took a terrific toll on service quality and cash to fix the infrastructure by the affected MNOs.

    The telecommunications and ICT sectors in Nigeria are at a crucial juncture, with significant growth and transformative initiatives occurring alongside persistent challenges. The success of projects like the 3MTT initiative, the expansion of 5G technology, and the efforts of MNOs to engage in community development are paving the way for a more connected and prosperous Nigeria.As the sector navigates its challenges, the dual focus on innovation and security will be essential for sustaining growth and ensuring that the digital economy benefits all Nigerians. The future is bright, but collaboration among stakeholders—government, private sector, and civil society—will be key to realizing this potential.

  • Power: Still a long walk

    Power: Still a long walk

    The Electricity Act 2023 perhaps remains the driving force behind the successes recorded in the power sector in 2025. With a record peak generation of over 6,000 megawatts (MW), improved national grid stability with zero collapses in the first quarter; the successful unbundling of the Transmission Company of Nigeria (TCN), among others, were very remarkable. While all these and others gives hopes, yet, it is still not El-Dorado, MUYIWA LUCAS writes.

    Going by the record of successes recorded in the power sector, electricity situation in the country may have recorded a pass mark. From Generation to transmission, it has been sweet stories all the way.

    The Transmission Company of Nigeria recorded a transmission peak of 5,801.84 megawatts (MW) on March 4. Managing Director of TCN, Sule Abdulaziz, described this as “a historic milestone which occurred during the year” because it remained the highest peak of electricity generation ever delivered on the national grid.

     “A highlight of our progress came on March 4, when TCN transmitted an all-time peak generation of 5,801.84 MW nationwide. On the same day, a maximum daily energy of 128,370.75 megawatt-hours (MWh) was delivered across the country—the highest ever recorded in Nigeria’s history,” Abdulaziz disclosed, adding that TCN’s wheeling capability has grown to 8,700MW.

    TCN’s record transmission rode on the back of power generation and grid stability witnessed for most part of the year. For instance, new records for peak power generation throughout the year, were recorded culminating in a 6,003 MW electricity generation recorded on March 2. The average daily generation and distribution in Q1 2025 was approximately 5,700 MW, about 40 per cent increase from Q3 2023 levels.

    The national grid also enjoyed some huge measure of stability in the first half of 2025, with no major system collapses reported in Q1 and Q2 when compared to previous years. Power plants like the 700MW capacity Zungeru Hydropower Plant and the 40MW Kashimbila Hydropower evacuating their capacities into the national grid. Zungeru plant now contributes about 550 MW to the national grid.

    Still, the country’s power system successfully operated in real-time synchronisation with the broader West African regional grid for four uninterrupted hours, a breakthrough for regional power trade.

    The birth of the Nigerian Independent System Operator (NISO) in April, separated system and market operations from the Transmission Service Provider (TSP), also greatly enhanced efficiency and reliability as mandated by the Electricity Act of 2023. Under the unbundling, the TCN, now acts as Transmission Service Provider (TSP), focusing on building and maintaining the physical transmission grid, while NISO acts as an independent body that manages market operations, generation dispatch and grid security. The unbundling aims for greater operational clarity, transparency, efficiency, and investment attraction in the Nigerian power sector, following mandates from the Electricity Act 2023. And this is paying off. For instance,  as at November 2025, TCN had inaugurated 82 new power transformers, adding over 8,500 Megavolt-Amperes (MVA) to the national grid.

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    As provided for in the EA 2023, regulatory oversight roles was successfully transferred to eleven states, allowing sub-national governments greater control over their local electricity markets.

    The Rural Electrification Agency (REA) deployed over 200 mini-grids across underserved communities in 2025 under the Nigeria Electrification Project (NEP). The $750 million Distributed Access through Renewable Energy Scale-Up (DARES) project was approved to deploy 1,350 mini-grids nationwide, aiming to impact 17.5 million Nigerians.

    Phases 1 and 2 of the Energising Education Programme (EEP) were completed, providing reliable power to federal universities and teaching hospitals, with EEP III reaching 70 per cent completion.

    The tariff reforms, including the cost-reflective tariff for Band A customers, generated an additional N700 billion in revenue, reflecting a 70 per cent increase growing from N1 trillion in 2023 to N1.7 trillion by early 2025. It has also helped to reduce the government’s subsidy shortfall by 35 per cent, decreasing from N3 trillion to N1.9 trillion.

    Presidential Metering Initiative (PMI) also recorded some great measure of progress as the federal government secured N700 billion to deploy 1.1 million meters by the end of 2025, aiming to close the national metering gap.

    The National Integrated Electricity Policy (NIEP) and the Integrated Resource Plan (IRP), which set a clear roadmap for a resilient and sustainable power sector, were developed and submitted for approval.

    Minister of Power, Adebayo Adelabu, may well beat his chest for the successes recorded in the power sector in the outgoing year.  But for the consumers on the street, these successes do not reflect in their homes given several reasons. The long hours of darkness they have been clamped into; the hydra-headed problems of securing meters; issues around estimated billings, among others calls for urgent attention. 

    As of October 2025, the electricity metering shortfall in Nigeria was approximately 5.3 million customers, with a national metering rate of 56.07 per cent. The data from the Nigerian Electricity Regulatory Commission (NERC) indicates total active registered customers: 12.07 million; total metered customers: 6.77 million and total unmetered customers (shortfall): Approximately 5.3 million. This represents a steady improvement from earlier in 2025, where the deficit was around 5.4 million customers in June and an estimated 6.47 million in March. The government has initiatives, such as the Presidential Metering Initiative and the Distribution Sector Recovery Programme, to close the metering gap, with targets to install millions more meters in the coming years.

    Still, the Distribution Companies (DisCos) have been weighed down by aging infrastructure, underinvestment, low revenue collection, largely due to estimated billing, theft, unmetered customers; inadequate tariffs (not cost-reflective), weak enforcement, lack of technical capacity, and poor service delivery, especially where there is a fault or need to replace an equipment.  leading to a liquidity crisis and hindering sector growth.

    Earlier this month, the House of Representatives expressed grave concern over the failure of DisCos to meet their obligations and shortchanging Nigerians 13 years after privatisation of the power sector.

    Chairman, Ad-hoc Committee investigating expenditure in Nigeria’s power sector, Ibrahim Al-Mustapha Aliyu and other members expressed concerns at its resumed investigative hearing held in Abuja, during the examination of the activities of Abuja DISCO, Port Harcourt DISCO and Benin DISCO respectively.

    Aliyu said despite privatisation of the power sector which was aimed at providing stable power in the country, Nigerians still grappling with the challenges of power supply.

    He said: “You know  the overall perception of Nigerians is that DISCOs are the major problem, the major setback to the noble initiative of privatizing the power sector.

     “Because most of the DisCos fall in the hands of those that are not truly investors, that are not actually ready to invest, but take advantage of the sector. You know, nobody will agree with you that after 13 years, you could not show one particular deliberate initiative.

     “I have cited an example with Abuja DISCO last time. Abuja DISCO extends up to Kontagora, but their major concentration is in Abuja, because that’s where they can make money.

     “The larger part of Kontagora may be without electricity. They don’t bother. And to be honest, they find it not economically wise, as investors, to waste money extending lines, maybe of 300, 200, 250 kilometers to rural areas, to those other areas that they feel they will not be able to recoup their investment.

     “This is not the intention of the privatization. And this is what is constantly taking us to the major. issue of probe, the issue of establishing the effectiveness or otherwise of the privatization generally. Look at the DisCos on 60% by the investors and 40% by the government.

     “But if I ask you, how much have you returned as a dividend of the 40% back to the government? The answer is nil, because you always pose as those that are investing for charity at last. So these are the key issues. I have said it before we begin this meeting, maybe at the beginning of this meeting, that you know, we have already opened talks with these investors, with the co-investors. That is the co-investors to their DISCOs,”  Aliyu submitted.

    Generally, stakeholders maintained that until the tripod in the sector- Gencos, TCN and Discos are able to get their acts correctly, then the issues may persist.

  • Renewing housing hope

    Renewing housing hope

    The real estate sector showed resilience amidst high inflation and interest rates, driven by strong urbanisation, population growth and a significant housing deficit, leading to price increases and affordability challenges. Smart city focus, increased infrastructure and a rise in real estate’s gross domestic product (GDP) contribution, with projections pointing to continued growth, especially in residential markets, despite economic headwinds, shaped the industry in the year under review, OKWY IROEGBU-CHIKEZIE writes.

    There may be conflicting figures regarding Nigeria’s housing deficit; but several real estate experts estimate the gap at 28 million units, stating that the nation needs 700,000 new homes annually.

    Still smarting from the joy of the real estate sector displacing oil and gas to emerge as Nigeria’s third largest sector, Gross Domestic Product (GDP) and Consumer Price Index (CPI) rebasing, the sector has continued to thrive, with an estimated value now at $2.61 trillion.

    In 2024, for instance, in nominal terms, real estate services grew by 46.52 percent in the Q3 of 2024, higher by 43.70 percent points than the growth rate reported for the same period in 2023 and lower when compared to the preceding quarter. On a quarter-on-quarter, the sector growth rate was 16.15 percent. It contributed 5.43 percent to real GDP in Q3 of 2024, lower than the 5.58 percent recorded in the corresponding quarter of 2023.

    This was why for discerning investors, the real estate presented the most veritable avenue for investment in 2025.  Rapid urbanisation in Lagos, Abuja, and Port Harcourt, coupled with a huge affordable housing demand from Nigeria’s growing population over 220 million; growing popularity of short-let rentals and a shift towards sustainable, solar-powered communities, with investors looking beyond major hubs to emerging corridors like border towns of big cities of Lagos like Akute (Ogun State), Ibadan (Oyo state) for better returns fueled the market.

    Besides, diaspora remittances in the sector, amounting to $5.2 billion in Q4 2025- a 10 per cent increase from Q3, stimulated driving investments in a real estate market valued at $2.61 trillion.  With 61.6 per cent demand in Lagos and 46.2 per cent for rentals, these funds were channeled into luxury apartments and commercial spaces.

    The sector showed resilience amidst high costs, driven by a huge housing deficit, rapid urbanisation, diaspora investment, and government focus on infrastructure, leading to strong rental demand, rising property values (especially in secondary cities like Ibadan, Epe, Ogun State), and increased acquisition volumes, despite persistent inflation and high borrowing costs. The market saw a mix of boom, driven by demand, new policies and affordability challenges, with investors exploring REITs and smart/sustainable developments

    The push for demand for both luxury and affordable housing surged, pushing prices up, particularly in high-growth areas like Ibeju-Lekki.

    The year also showcased high cost of construction materials and labour with a base material such as Cement costing up to N10,500 as against the previous year that was as low as between N4,000- N5,000. Cable, wires and iron doubled their previous year prices including plumbing materials.

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    It was also characterised by strong growth, driven by rapid urbanisation, population boom, and massive housing deficits of about 30 million units, leading to high demand, rising property values, and a thriving rental market, though challenges like high inflation, Naira devaluation, and soaring construction costs persisted, pushing tech adoption.

    High inflation and elevated interest rates challenged affordability, yet a mild stabilisation in the forex market eased some construction cost pressures.

    With high demand, there was a greater push for innovation in providing affordable housing solutions, a development that brought opportunities for potential for high returns, diaspora investment, infrastructure projects, tech innovation

     But persistent inflation impacting purchasing power, high borrowing costs for buyers and developers and the affordability gap for average Nigerians also had its effect on the sector, notwithstanding that the rental market grew as buying became harder, but long-term prospects remained strong for those who could navigate financing.

    Short-term rentals took a huge leap in the sector this year as a lucrative investment, especially in business/tourism hubs, offering passive income. A major shift towards solar-powered, green estates is occurring, reducing operational costs and enhancing liveability, is also a trend in the sector this year.

    Renewed Hope

    In the outgoing year, the Renewed Hope Agenda had a mixed impact on real estate, stimulating investment and project groundbreakings while grappling with significant challenges like high inflation, rising construction costs, and an ongoing housing affordability crisis.

    The government, through the Ministry of Housing and Urban Development, initiated the construction of over 10,000 housing units across 14 states as part of the Renewed Hope Cities and Estates programme. These projects were designed to offer a range of housing options, from one-bedroom bungalows to duplexes, with completion of early phases- like the 700 units in Ibeju Lekki, Lagos, expected for presidential inauguration.

    But despite government efforts, high costs remained a major deterrent for most Nigerians. Inflation-induced pressures, foreign exchange instability and high mortgage interest rates often between 18-30 per cent in the commercial market meant many citizens felt little direct impact from the initiatives.

    Undeterred, the government introduced strategies to improve access to homeownership like the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which was launched in earlier in the year. This fund aimed to provide mortgages at a more affordable 9.75 per cent interest rate with up to 20-year repayment plans, although initial uptake was slow. Similarly, the Federal Mortgage Bank of Nigeria (FMBN) expanded its rent-to-own and single-digit mortgage loan offerings to make homes more accessible to low- and middle-income earners and members of cooperative societies.

    The Renewed Hope Social Housing Programme planned to build 77,400 units in local government areas, offering them at heavily subsidised rates, with some allocated for free to vulnerable populations.

    Government’s land regulatory reforms agenda emphasised streamlining land administration to unlock “dead capital” valued at over $150 billion. Initiatives included a National Land Registration and Documentation Programme in collaboration with the World Bank to digitise land registries, improve transparency, and reduce bottlenecks that often hinder investment.

    Also, federal government finalized plans to establish six regional manufacturing hubs for building materials across the country. This was intended to reduce dependency on imported materials, cut construction costs, and create thousands of jobs, linking the housing sector to broader industrial goals.

    Overall, the Renewed Hope Agenda generated significant activity and laid policy groundwork for long-term transformation, but the real estate market in 2025 was still heavily influenced by persistent macroeconomic challenges, particularly inflation and high costs, which limited the immediate, widespread impact on housing affordability for the average Nigerian.

  • 15 popular cultural festivals in Nigeria

    15 popular cultural festivals in Nigeria

    Nigeria’s rich cultural heritage comes alive through its festivals, each showcasing the history, traditions, and identity of its people. From yam harvest celebrations in the southeast to grand horse parades in the north, these events attract both locals and tourists.

    With 36 states and over 370 ethnic groups, including major ones like the Hausa, Yoruba, and Igbo, the country’s diversity is reflected in a vibrant calendar of cultural festivals. Rooted in tradition, beliefs, and communal values passed down through generations, these celebrations highlight Nigeria’s cultural wealth, strengthen unity, and preserve national identity.

    Here’s a look at some of Nigeria’s iconic cultural festivals, grouped by state:

    1. Abia State – New Yam Festival

    In Abia, the New Yam Festival, known as Iri ji ohu, marks the end of the yam harvest season. The festival is a time for thanksgiving to the gods for a bountiful yield. Traditional leaders conduct rituals, families offer prayers and food, while cultural dances, music, and masquerades enliven the celebrations.

    2. Anambra State – Afiaolu Festival

    Celebrated mainly in Nnewi, the Afiaolu festival begins with rituals such as IWAJI (yam tasting) and Ikpa Nku (wood gathering). The Igwe (king) performs thanksgiving rites, while masquerade dances, women’s cultural performances, and communal feasting foster unity and joy.

    3. Bauchi State – Durbar Festival

    During Eid, Bauchi hosts a grand Durbar, where colourfully adorned horsemen parade before emirs and community leaders. The festival showcases horsemanship, music, and martial displays, reflecting the Islamic heritage and warrior traditions of northern Nigeria.

    4. Borno State – Global Kanuri Cultural Festival

    Held in Maiduguri, this festival brings together Kanuri people from across West Africa. Celebrations include traditional attire, language, culinary arts, and performances, preserving a shared heritage that spans multiple countries.

    5. Cross River State – Calabar Carnival

    Tagged “Africa’s Biggest Street Party,” the Calabar Carnival is a month-long December event. Parades, vibrant costumes, band competitions, and international participants combine modern carnival flair with local tradition in an electrifying atmosphere.

    6. Enugu State – Mmanwu & Iriji-Mmanwu Festivals

    The Mmanwu festival celebrates masquerades believed to embody ancestral spirits. The Iriji-Mmanwu, held in August, fuses new yam celebrations with over 2,000 masquerade performances, acrobatics, and dances, highlighting Igbo spirituality and artistry.

    Read Also: Diversifying economy through culture, festivals will boost foreign exchange earnings – Abiodun

    7. Imo State – Ikeji Arondizuogu Festival

    The Ikeji Festival celebrates Arondizuogu pride, featuring masquerades, music, and poetry. It attracts both tourists and locals, promoting cultural appreciation and unity among Igbo subgroups.

    8. Jigawa State – Gani Durbar Festival

    Held annually, the Gani Durbar showcases royal regalia, cavalry parades, and music to commemorate historical events and the end of Ramadan. It reinforces traditional authority and cultural pride.

    9. Kano State – Durbar Festival

    Kano’s Durbar is among Nigeria’s most extravagant. Hundreds of decorated horsemen, drummers, and dancers mark Islamic festivals and royal milestones, drawing visitors from across the globe.

    10. Kogi State – Ovie Orese & Ovia-Osese Festivals

    The Ovie Orese celebrates male initiation into adulthood, while the Ovia-Osese Festival in Ogori honours virgin girls’ readiness for womanhood with music, dance, and blessings.

    11. Kwara State – Ilorin Durbar Festival

    This multi-day Islamic festival features royal horse processions, Quranic recitations, and homage to the Emir of Ilorin, blending religion, culture, and regal display.

    12. Lagos State – Eyo Festival

    A historic Yoruba festival on Lagos Island, Eyo features masqueraders in white carrying staffs through the streets, celebrating Lagos’ ancestors and traditional institutions.

    13. Niger State – Nupe Day Festival

    Observed on June 26, Nupe Day commemorates the Nupe people’s 1896 victory over the British. Celebrations include cultural exhibitions, horse parades, and prayers, honouring historical identity and pride.

    14. Ogun State – Ake & Ojude Oba Festivals

    The Ake Festival in Abeokuta celebrates Yoruba literary and artistic excellence, while the Ojude Oba Festival in Ijebu Ode highlights Islamic fashion, horse riding, and tributes to the Awujale, merging culture and religion spectacularly.

    15. Kebbi State – Argungu Fishing Festival

    Argungu, a four-day iconic festival, draws thousands for traditional fishing competitions, canoe races, wrestling, and cultural showcases. Celebrated since 1934, it highlights peace, productivity, and community spirit.

  • AFCON 2025: Arabinrin Aderonke praises Super Eagles after victory over Tunisia

    AFCON 2025: Arabinrin Aderonke praises Super Eagles after victory over Tunisia

    Former sports editor and administrator, Arabinrin Aderonke, has lauded the Super Eagles of Nigeria following their impressive victory over Tunisia, a result that secured Nigeria’s place in the Round of 16 at the 2025 Africa Cup of Nations.

    Reacting to the hard-fought encounter, Aderonke commended the team’s resilience, discipline, and attacking approach against a strong Tunisian side buoyed by confidence from their opening-match victory.

    “I would like to extend my warmest felicitations to the Super Eagles for their well-deserved and courageous victory over a highly competitive Tunisian team. Qualifying with a game to spare speaks volumes about the character, strength, and ambition of this team,” she said.

    Aderonke, who recently received the Role Model of the Year award from the International Sport and Culture Association (ISCA) in Copenhagen, Denmark, also praised the goal-scoring duo and the collective performance of the team, noting that Nigeria’s early dominance set the tone for the match and ultimately shaped the outcome.

    Read Also: AFCON: Nigeria survive dramatic late rush from Tunisia, qualify for knock out stage

    “The goals scored by Victor Osimhen, Wilfred Ndidi, and Ademola Lookman must not only be attributed to individual genius, but also the strength and power of team philosophy that is founded on discipline, confidence, and team belief. Despite the fightback by Tunisia, the Super Eagles were mature and focused enough to see out the game,” said Arabinrin Aderonke.

    She also pointed out the importance of getting six points from the two matches, saying it was ‘a very strong statement of intent’ by Nigeria at the championship.

    “To have qualified for the Round of 16 with six points after two group games is a strength for Nigeria. It is a clear indication of the fact that Super Eagles are not just participants, but are serious title contenders,” said the female soccer fan.

    The Super Eagles are currently top of Group C and, if they remain at the summit, they might be poised to face the runner-up of Group D, which includes West African arch-rivals Senegal, Benin, Congo, and Botswana.

    Arabinrin Aderonke urged the team to stay focused as the tournament unfolds, rallying Nigerians everywhere to support the side.

    “I appeal to the players and technical personnel to remain focused and leverage on this spirit. Nigerians pride themselves in you, and the country is behind the Super Eagles as they proceed on their journey to AFCON 2025,” she added.

    Aderonke has been a strong advocate for gender equality, youth empowerment, and social inclusion, earning her a place among Africa’s leading voices in sports-for-development.

  • NASS workers frown at alleged breach over staff appointments

    NASS workers frown at alleged breach over staff appointments

    Members of Parliamentary Staff Association of Nigeria (PASAN), National Assembly Chapter, have expressed concerns over alleged violations of the Federal Character principle in the appointment of secretaries within the National Assembly.

    The association in a letter dated December 22, 2025 by the branch chairman, Sabiyyi Sunday to the Chairman of the National Assembly Service Commission (NASC), forewarned that continued disregard for constitutional provisions could fuel discontent and industrial unrest.

    In the letter a copy of which was sighted by our correspondent, the association drew attention of the Commission to Section 14(3) of the 1999 Constitution (as amended) and the Federal Character Commission Act, Cap F7, Laws of the Federation of Nigeria 2024. According to PASAN, the two legal documents mandate equitable representation of Nigeria’s federating units in public service appointments.

    Insisting that strict compliance with the Federal Character principle remains critical to promoting fairness, inclusiveness, and national cohesion, particularly within sensitive institutions such as the National Assembly.

    The association argued that failure to uphold the principle “encourages perceptions of bias and marginalisation, with negative implications for staff morale and industrial harmony.”

    Condemning what the association described as a recurring practice, it cited instances where vacancies in the secretary cadre are filled by candidates from states that are already represented, while other states within the same geopolitical zone are consistently denied the opportunity.

    The union argued that such appointments undermine equity and also violate both the spirit and letter of the law.

    Urging the National Assembly Service Commission to take a cue from President Bola Ahmed Tinubu, who recently reversed the promotion of his Aide-de-Camp (ADC) by ensuring that all appointments strictly comply with constitutional and statutory provisions.

    Read Also: Tax laws: NASS begins internal review amid controversy, orders fresh gazette publication 

    PASAN described the President’s action as a display of commitment to fairness, integrity, and due process. Adding that the action reinforced the principle that no individual is above the rules and provided a strong example for public institutions to emulate.

    PASAN said: “transparency and accountability in the appointment process would strengthen confidence in the Commission and deepen good governance within the legislative arm of government.”

    While reaffirming its commitment to constructive engagement, PASAN called for immediate corrective measures to address existing imbalances and prevent future violations of the Federal Character principle, expressing optimism that prompt action would preserve equity, stability, and trust among National Assembly workers.

  • Cosgrove rewards staff with ₦4 bn worth of properties

    Cosgrove rewards staff with ₦4 bn worth of properties

    In a show of appreciation, the Chairman of Cosgrove Investment Limited, Mr. Umar Abdullahi has gifted ₦4 billion worth of properties to members of staff in recognition of their dedication, loyalty, and outstanding contributions to the company’s growth.

    The gesture was unveiled during the 2025 company retreat in Abuja.

    A statement by the company in Abuja on Sunday said that the gesture was in line with the vision and mission of the company, built on a strong people-first culture and its belief in shared success. 

    The initiative, the statement further said is aimed at rewarding excellence, fostering long-term security for employees, and reinforcing a sense of shared ownership within the organisation.

    The company emphasised that the gesture reflects “its broader commitment to empowering its workforce and building sustainable prosperity for the Cosgrove family, as the company continues to expand its footprint across Nigeria’s real estate landscape.” 

    The 2025 End-of-Year Retreat brought together leadership and key team members for a focused two-day strategic engagement aimed at strengthening operations and preparing the organization for accelerated growth in 2026.

    It also provided a platform for in-depth discussions on operational efficiency, organizational structure, and performance, with a strong emphasis on improving speedy project delivery, enhancing quality customer service, and sustaining Cosgrove’s hallmark of high-quality home development. Through leadership alignment, open dialogue, and collaborative problem-solving sessions, teams reviewed current realities, identified operational gaps, and agreed on clear execution priorities.

    Participants also aligned on systems and processes designed to support faster decision-making, accountability, and cross-functional collaboration – key drivers for delivering homes on time without compromising quality standards. The sessions reinforced Cosgrove’s commitment to excellence, innovation, and customer-centricity as it continues to expand its footprint in several states such as Jigawa, Kano, Lagos, Ondo.  

    The retreat concluded with a renewed sense of purpose and a unified roadmap for 2026, positioning Cosgrove Investment Limited to execute with clarity, efficiency, and consistency while maintaining the standards that define the brand both in residential and road infrastructure projects across the nation.

  • IMPR staff develops ‘PRrev’ automated media monitoring for press review

    IMPR staff develops ‘PRrev’ automated media monitoring for press review

    Image Merchants Promotion Limited (IMPR), the award-winning publisher of PRNigeria and Economic Confidential, has honoured Shuaibu Imam Agaka as its 2025 Staff of the Year for developing an innovative software solution that automates complex media-monitoring and press-review operations.

    Agaka, a staff writer with Tech Digest, received a ₦250,000 cash prize at the IMPR Annual Staff Retreat in Kano. 

    The award recognises his development of PRrev, a cross-platform application that curates, structures and analyses media content across print, online, television and social media in real time.

    Unveiling the software to staff and industry observers, Agaka said the idea was inspired by the ICT facilities provided by the National Information Technology Development Agency (NITDA) at the PRNigeria Centre. He explained that before PRrev, media intelligence teams relied on labour-intensive manual searches that were slow, error-prone and exhausting.

    “Every day, teams had to manually scan hundreds of links across platforms. It was inefficient and led to burnout,” Agaka said. “PRrev automates that process and allows professionals to focus on analysis and strategic insight rather than data gathering.”

    The software deploys a rule-based parsing system that automates URL collection, headline and byline extraction, date tagging and summarisation, before organising results into structured, decision-ready reports. The tool has significantly improved turnaround time and accuracy in media intelligence delivery.

    Presenting the award, IMPR Board Chairman, Dr. Sule Ya’u Sule, described press review as a critical pillar of modern public relations and marketing, adding that PRrev represents a major indigenous contribution to the sector. “This innovation will greatly enhance how media coverage is compiled and analysed. We are proud of this home-grown solution,” he said.

    Read Also: Emeka Rollas warns actors against social media ‘courtrooms’ 

    IMPR Chief Executive Officer, Yushau Shuaib, said the organisation has deliberately repositioned its workforce through artificial intelligence and advanced ICT training, noting that Agaka personally trained 57 trainees this year on latest digital skills.

    Shuaib also highlighted the company’s resilience amid economic headwinds, revealing that the company has diversified into event management, book publishing and high-level capacity building—steps that have helped retain staff across its Abuja, Kano and Ilorin centres.

    He listed key 2025 achievements, including the continued success of the Economic Confidential Lecture, PRNigeria Young Communication Fellowship, Security and Emergency Management Awards (SAEMA), National Spokespersons Awards (NSAwards) and Arewa Stars Awards, alongside new initiatives such as the Kannywood Roundtable on Reputation Management and the formal endorsement of IMPR’s PR events by the International Public Relations Association (IPRA).

    The week-long retreat featured intensive training sessions led by senior media executives, including the Editor-in-Chief of Daily Trust, Mallam Hamza Idris, and BusinessDay’s General Manager, Mr. Bashir Hassan, who guided staff on modern editorial standards and market-driven media strategies. The programme also marked the inauguration of a newly built PRNigeria chalet, while participants engaged in team-bonding activities, quizzes and recreational events.

    As the retreat concluded, staff across IMPR’s titles—Politics Digest, Spokespersons Digest, Emergency Digest and Arewa Agenda—pledged renewed commitment to innovation and editorial excellence as the organisation positions itself for the 2026 business year.