The Nation Newspaper

Author: The Nation

  • Reforms has restored confidence, says Lemo

    Reforms has restored confidence, says Lemo

    A former Deputy Governor of the Central Bank of Nigeria (CBN), Tunde Lemo has said that the economic reforms of President Bola Ahmed Tinubu, supported by the monetary policies of the apex bank, are beginning to restore confidence in the country’s economy.

    Lemo noted that inflation is trending downward, and exchange rates have stabilized.

    This was contained in his 2026 goodwill message Lemo further noted: “while the cost of living remains high and concerns about the new tax policy are understandable, it is important to reassure our people that this policy is intended to ease the burden on low-income earners, while ensuring that those who are better positioned contribute fairly to national and state development.

    “Economic conditions were difficult, and the effects were widely felt. However, there are encouraging signs that stability is gradually returning”, he said.

    The former CBN Deputy Governor however lamented that the security of lives and property remains a matter of concern.

    “Despite the efforts of our security agencies and regional initiatives such as the South-West–funded Amotekun Corps, challenges persist.”

    “Nonetheless, we are encouraged by new counter-terrorism measures that are already yielding results.

    “We give thanks to God that a potentially serious security threat in Ogun State was successfully prevented through the timely intervention of security agencies operating around the Ogun–Lagos axis.”

     Lemo congratulated every indigene and resident  of the state  for having been preserved to witness the new year 2026.

    “We give thanks to God Almighty for His grace, mercy, and guidance over our dear State and its loving people.

    “As we reflect on the year 2025, we must acknowledge that it was a demanding period for many families and businesses.

    “As we prepare to mark the 50th anniversary of the creation of Ogun State this February, this is a fitting moment to reflect on our journey and consider the path ahead.

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    “Ogun State is steadily positioning itself as a major economic corridor in the South-West.

    “While we honour the contributions of those who led before us, the responsibility before us now is to accelerate development in ways that directly improve the wellbeing of our people.

    “Our state is richly endowed. Ogun State is home to 22 universities, the highest concentration in Nigeria, one of the fastest-growing industrial clusters in Africa, and abundant natural resources including limestone and bitumen. “These blessings must be managed with wisdom and entrusted to capable, competent, and experienced hands. We must rise above patronage and narrow interests, for the future of our State demands high standards of leadership and service.”

    “The task of building a stronger and more prosperous Ogun State belongs to all of us. Government alone cannot do it. Each citizen has a role to play. Let us remain united in spirit and purpose, irrespective of our differences.

    “With patience, commitment, and the grace of God, we shall surely move our State forward”, Lemo stated.

  • We ‘ll consolidate growth in 2026, says Heirs Energies

    We ‘ll consolidate growth in 2026, says Heirs Energies

    Chief Executive Officer, Heirs Energies Limited, Osa Igiehon has said the company would consolidate on its strong growth momentum this year, after closing 2025 on a high note of major deals.

    In his review and preview, Igiehon said the company closed 2025 on two defining milestones that position it firmly for the future.

    Heirs Energies had executed a $750 million financing transaction with Afreximbank and also completed the acquisition of the 20.07 per cent equity stake in Seplat Energy Plc, all in December 2025.

    Igiehon said the Seplat’s stake, previously held by Maurel & Prom S.A was a strategic portfolio investment that deepened indigenous participation in critical energy assets and reinforces Heirs Energies’ confidence in Africa’s ability to own, develop, and responsibly manage its resources.

     He said: “As we look ahead to 2026, our priorities are clear. We will build on the foundations laid in 2025, protect asset integrity, deepen partnerships, and continue delivering reliable energy with the highest standards of safety, governance, and stakeholder responsibility”.

    According to him, 2025 was a year that demanded discipline and clarity of execution across the energy industry with market volatility, operational complexity, and heightened stakeholder expectations testing resilience and systems.

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    “At Heirs Energies, we remained firmly anchored on fundamentals. We prioritised safety, executed with discipline, and stayed focused on protecting long-term value.”

    “Safety remained our first priority throughout the year. We sustained an exceptional safety performance, recording 1,780 LTI-free days and over 9 million LTI-free manhours, reflecting a deeply embedded safety culture across our operations and the shared responsibility of our workforce.

    “Operationally, the year demonstrated the strength of our brownfield strategy and technical capability. Through targeted interventions and innovative execution, we restored production from long-inactive assets, achieved peak gas production of 135 MMscf per day, and doubled gas supply to key power customers, contributing meaningfully to domestic power generation and economic activity.

    “Financial performance was resilient despite a challenging price environment. Heirs Energies recorded a 10 per cent year-on-year increase in revenue, met all obligations to lenders, sustained full cost recovery, and maintained a unit operating cost significantly below industry benchmarks. These outcomes reflect our continued focus on efficiency, capital discipline, and sustainable cash generation.

    “Beyond operational and financial outcomes, stakeholder alignment remained central to our approach. Through deliberate engagement and collaboration, we recorded zero production deferment arising from community issues, reinforcing our belief that sustainable operations are built on trust, partnership, and shared value,” Igiehon said.

  • Fed Govt set for AfCFTA’s preferential terms, says Oduwole

    Fed Govt set for AfCFTA’s preferential terms, says Oduwole

    Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole has disclosed that the government is ready to trade within Africa under the preferential terms of the African Continental Free Trade Area (AfCFTA) Agreement, confirming that the country had fulfilled key obligations under the agreement and protocols on trade in goods and services, as well as digital trade by gazetting the relevant legal instruments.

    This was disclosed during the Nigeria AfCFTA Achievements Report 2025, stating that the ministry had taken concrete steps to position and equip Nigerian businesses to succeed in the AfCFTA market, adding that Nigerian businesses and products could benefit from better and preferential treatment in the AfCFTA market.

    According to her, “The FMITI has undertaken strategic initiatives to position and equip Nigerian businesses to succeed in the market. The African Continental Free Trade Area (AfCFTA) Agreement is the apotheosis of Africa’s journey of trade-led economic integration. Through the progressive elimination of tariffs, removal of other barriers, and regulatory cooperation among AfCFTA State Parties.

    “The continental trade agreement establishes an economic arrangement that ensures African producers, investors, traders and workers can profitably convert opportunity and effort to prosperity, as the

    key argument for the AfCFTA is simply that Africa retains more value when she trades with herself, so by implication, Africa’s economic development ambitions are inseparable from the ambition of the AfCFTA market.

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    “It said, Nigeria is Africa’s champion of trade-led regional integration, the birthplace of a significant number of the anchor continental instruments that underpin the AfCFTA Agreement. These includes the Lagos Plan of Action (1980) and the Treaty Establishing the African Economic Community (1991), also known as the Abuja Treaty. It was also in Nigeria that the negotiations for the AfCFTA Agreement were concluded in 2017”.

    Oduwole noted that, Nigeria signed the AfCFTA Agreement in 2019 and ratified it in 2020. In 2025, the government of Nigeria through the  Ministry of Industry, Trade and Investment (FMITI) reinvigorated implementation of the AfCFTA Agreement. The FMITI led Nigeria to many important firsts, Nigeria is the first AfCFTA State Party to undertake a review of AfCFTA implementation at the 5th year mark, to ratify the AfCFTA Protocol on Digital Trade, and to establish a dedicated AfCFTA air cargo exports corridor.

    The report also presented renewed efforts and successes on AfCFTA implementation in 2025 that contributed to a thriving and prosperous one African market, stating that by July 2025, Nigeria became the first AfCFTA State Party to conclude and publish a review of AfCFTA implementation at the 5th year mark, as mandated by Article 28 of the AfCFTA Agreement, this review is an honest and objective self-reflection to indicate frictions, challenges, and successes that has informed key actions by FMITI and the AfCFTA CCC.

  • PMI report: private sector expands on consumer demand surge

    PMI report: private sector expands on consumer demand surge

    The Nigerian private sector remained in growth territory at the end of 2025 as improvements in customer demand fed through to higher new orders, output and purchasing activity, the Purchasing Managers’ Index (PMI) has shown.

    The report released yesterday showed that employment also increased, but the rate of job creation remained marginal. Inflationary pressures picked up modestly in December but remained generally close to recent lows. Meanwhile, business confidence improved sharply.

    “The headline figure derived from the survey is the Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration,” it said.

    It said the headline PMI posted 53.5 in December, little-changed from 53.6 in November and signaling a solid monthly improvement in business conditions as 2025 drew to a close. The latest strengthening in operating conditions was the thirteenth in as many months, and broadly in line with the average for 2025 as a whole.

    It said growth in December emanated from an improvement in customer demand which supported a marked monthly increase in new orders. The rise in sales was the fourteenth in as many months and only slightly weaker than in November.

    In turn, companies expanded output sharply, with the pace of growth broadly in line with that seen in November. All four broad categories saw output rise, led by agriculture.

    “Stronger customer demand also encouraged firms to expand their purchasing activity and inventory holdings. Employment was also up, but only marginally and at the slowest pace since June 2025,” the report said.

    The report explained that for the second month running, companies noted a slight rise in backlogs of work. Delays completing projects were reportedly caused by material shortages and power supply issues. Meanwhile, suppliers’ delivery times shortened but to the least extent in six months amid reports of poor road conditions.

    “Those firms that registered shorter lead times linked this to prompt payments and a lack of traffic. Higher raw material prices led to a marked rise in purchase costs. The pace of inflation quickened but remained among the weakest in the past six years. Staff costs also increased at a faster pace as firms paid employees for additional work,” it said.

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    Also, companies responded to higher input costs by raising their own selling prices in December.

    “Here too the pace of inflation quickened, but was only slightly stronger than the recent low posted in November. Manufacturing registered the sharpest rise in charges of the four monitored categories. Nigerian private-sector firms were much more confident in the outlook for business activity at the end of 2025,” it said.

    Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Headline PMI (53.5 vs November: 53.6) moderated for the second consecutive month in December, although still in the growth territory and the latest reading is broadly in line with the average for 2025 as a whole. The continued expansion in business activity in December, albeit slightly softer than November, reflects higher customer demand, which supported a marked monthly increase in new orders. This in turn encouraged companies to expand their purchasing activity and inventory holdings.

    “Meanwhile, there was a marked improvement in business confidence among the companies as sentiment hit a six-month high, linked to planned investments in business expansions, including opening of new branches and plans to boost products exports,” he said.

  • Nigeria targets sugarcane expansion

    Nigeria targets sugarcane expansion

    Nigeria is intensifying efforts to expand sugarcane production as global sugar output continues to rise and domestic demand remains heavily dependent on imports. Global sugar production is projected to increase to 189.32 million tons in the 2025/26 season from 180.75 million tons in 2024/25, representing a growth of 4.73 per cent, according to estimates by the United States Department of Agriculture (USDA).

    Data from the National Sugar Development Council (NSDC) and the USDA Foreign Agricultural Service indicate that Nigeria’s sugarcane harvested area has expanded from about 75,000 hectares in 2020 to 100,000 hectares by 2025. Over the same period, raw sugarcane output more than doubled, rising from 1.53 million metric tons to approximately 3.33 million metric tons, reflecting growing investment in the sector despite persistent processing constraints.

    The NSDC said the evolving production landscape reflects a major spatial and structural reorganisation driven by the implementation of Phase II of the National Sugar Master Plan (NSMP II). Launched by the Federal Government, the second phase of the plan aims to raise domestic sugar production to two million metric tons annually by 2033, backed by an estimated $3.5 billion in investments across the sugar value chain.

    The NSDC noted that NSMP II is designed to achieve sugar self-sufficiency, support ethanol and power generation, create employment and attract long-term private investment. At the recent launch of the Sugarcane Outgrower Development Programme (SODP), the Executive Secretary / Chief Executive, the NSDC, Mr. Kamar Bakrin, described the initiative as central to the plan’s success.

    “The SODP is designed to boost local sugarcane cultivation, reduce Nigeria’s dependence on sugar imports, and create opportunities for inclusive economic growth by integrating outgrower farmers into the industry’s supply chain,” Bakrin said.

    He explained that the programme targets rural participation as a way of scaling production while improving livelihoods and strengthening supply linkages between smallholders and industrial processors. Further details were provided by the Head of Out-Grower Management , NSDC, Mrs. Lade Offurum, who outlined the structure of the programme.

    According to Offurum, the SODP will engage three categories of farmers, including agribusinesses and commercial operators cultivating between 50 and over 500 hectares, organised farming cooperatives managing clusters of 30 to 50 hectares, and groups of individual farmers jointly cultivating clusters of at least 30 hectares. She said the council has earmarked 150,000 hectares nationwide for outgrower development, with the aim of supporting large-scale sugar, ethanol, electricity and animal feed production, while enforcing stricter performance benchmarks for operators such as Dangote Sugar and BUA Foods.

    Niger State has emerged as a major growth hub under the renewed expansion drive, following a series of land agreements signed between late 2024 and 2025. The state government has committed to developing about 148,000 hectares to host six sugar factories by 2027. The projects, located largely between Shiroro and Minna, are being developed in partnership with Niger Foods and international firms, including Uttam Sucrotech. Once operational, the facilities are projected to produce up to 2.5 million tons of sugar and 250 million litres of ethanol annually, positioning Niger State as a key centre of Nigeria’s sugar value chain. In Kwara State, BUA Foods is nearing completion of its Lafiagi Sugar Company (LASUCO) project. By late 2025, the facility was estimated to be about 80 per cent complete and is expected to become the largest integrated sugar factory in West Africa. The estate is designed to crush 10,000 tons of cane per day and is projected to add about 220,000 metric tons of refined sugar and 20 million litres of ethanol annually to national output.

    Dangote Sugar is also expanding its backward integration operations across multiple states. In Adamawa, the company is continuing the brownfield expansion of its Numan refinery, while in Nasarawa, the 78,000-hectare Tunga Sugar Project is receiving a significant share of a $700 million investment programme announced in late 2025. These developments are complemented by a new greenfield project in Adamawa by Legacy Sugar, which targets annual production of 100,000 metric tonnes.

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     In Bauchi, UMZA Sugar has committed approximately $100 million to an integrated sugar and rice estate, while Taraba is witnessing renewed activity through the GNAAL Sugar project promoted by the Lee Group and the Lau/Tau project, which targets a processing capacity of 250,000 tonnes. In the South-West, Oyo State is hosting the Brent Sugar project, which forms part of the NSDC’s 2025 agreement cycle and is expected to contribute an additional 100,000 metric tonnes to domestic supply.

    Despite rising sugarcane output, industrial sugar production has remained relatively low. Between 2020 and 2025, industrial sugar output fluctuated from about 38,600 metric tonnes to an estimated 105,000 metric tonnes, even as raw cane production exceeded three million tonnes annually. Industry data show that only about 30 per cent of Nigeria’s sugarcane is processed in factories, with the remaining 70 per cent consumed locally as chewing cane or used in artisanal syrup production.

    Industrial sugar production fell by about 35 per cent in 2023, largely due to macroeconomic pressures, including the depreciation of the naira and rising operational costs faced by major refiners. Nonetheless, land acquisition and plantation expansion have accelerated in recent years. Dangote Sugar, for instance, has announced plans to expand its plantation footprint from roughly 8,700 hectares to more than 24,000 hectares in the coming years.

    Nigeria continues to rely heavily on imports to meet domestic demand. As of 2024 and 2025, the country was producing between 40,000 and 80,000 metric tons of sugar annually against an estimated national demand of about 1.7 million metric tons, meaning more than 95 per cent of consumption is still met through imports. The success of NSMP II and associated projects is therefore seen as critical to narrowing this gap and reducing the country’s exposure to global sugar price volatility.

  • MultiChoice secures new multi-year deal

    MultiChoice secures new multi-year deal

    MultiChoice, a CANAL+ company, has retained the distribution rights to 12 Warner Bros. Discovery thematic channels following the signing of a new multi-year, multi-territory agreement between CANAL+ Group and Warner Bros. Discovery, marking a significant expansion of their long-standing partnership.

    The new deal, which spans several regions across Africa and Europe, covers the distribution of HBO Max as well as the renewal of selected Warner Bros. Discovery thematic channels. It represents a major milestone in the companies’ international collaboration and strengthens content offerings across MultiChoice Group territories.

    MultiChoice disclosed that this agreement builds on earlier partnerships concluded in Europe. “It builds on the landmark agreements concluded in France in 2024,including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France and the integration of HBO Max within select CANAL+ group offers – as well as in Poland in 2025, with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).”

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    Under the renewed arrangement, MultiChoice Group will continue to distribute 12 Warner Bros. Discovery thematic channels across its territories, with some channels offered on an exclusive basis.

    CNN International and Cartoon Network will remain exclusive to South Africa while being distributed non-exclusively in other markets. Cartoon Network Porto will be exclusive in Angola and Mozambique and non-exclusive elsewhere. Other channels such as Discovery Channel, TLC, HGTV, Food Network, TNT Africa, Travel, ID and Cartoonito will be offered on a non-exclusive basis.

    According to the partners, the deal reinforces CANAL+ Group’s channel portfolio on the continent. “This agreement enables CANAL+ Group to strengthen its entertainment, kids, news, and documentary channel offerings in African markets.”

    The agreement is also expected to improve access for CANAL+ Group subscribers to Warner Bros. Discovery’s premium content through HBO Max and selected channels, including globally recognised series and films, further extending the studio’s international reach while consolidating MultiChoice’s content offering in key markets.

  • Firms partner on ‘Renewed Hope Housing’ marketing

    Firms partner on ‘Renewed Hope Housing’ marketing

    QShelter Ltd.; M.I. Okoro and Associates have signed an MoU to jointly market homes under the Federal Government’s Renewed Hope Housing schemes.

    The partnership covers 20,000 homes in Lagos and  Abuja, Kano and 60 homes in other parts of the country  targeting wider access to affordable housing nationwide.

    The agreement was formalised  at a joint press briefing attended by industry stakeholders, including financial institutions and professional bodies.

    Speaking at the event, Dr Meckson Okoro, Chief executive at M.I. Okoro and Associates, said the partnership would strengthen nationwide marketing for the Renewed Hope Estates.

    “This collaboration will widen access to affordable housing for Nigerians at home and in the diaspora,” Okoro said.

    He described the alliance as “a major step toward deepening professional participation in the housing sector.”

    Okoro commended President Bola Tinubu for prioritising mass housing delivery with long-tenure, single-digit mortgage financing.

    He said the scheme, covering NHF mortgages, rent-to-own and MOFI’s MREIF, was “the most serious federal housing intervention since independence.”

    Okoro urged the Federal Government to sustain the programme beyond the current administration to ensure long-term impact.

    He identified finance, land and infrastructure as critical components needed to keep housing costs affordable.

    Okoro called for direct land allocation and provision of roads, power, water and mass transit to reduce home prices.

    He also recommended integrating solar power in federal estates to cut energy costs and reliance on generators.

    On mortgage access, Okoro warned against delays by disbursement banks, urging closer Central Bank monitoring.

    He cited the collapse of mortgage institutions in the 1990s as a lesson on the need for strict regulation.

    Okoro stressed the importance of clean land titles to enable legal mortgages and remove financing barriers.

    He cautioned against speculative purchases by officials, saying homes “must not be cornered by influential buyers.”

    Looking ahead, Okoro said both firms would market the estates globally through exhibitions in the UK and United States.

    He added that nationwide expansion and employer-supported housing would boost productivity, curb corruption and reduce the housing deficit.

    Speaking at the event, Chairman of Qshelter Limited, Kola Sowande, said the partnership aligns with the company’s objective of supporting the Federal Government’s drive to expand access to affordable homeownership for Nigerians, particularly middle-income earners.

    According to Sowande, the Renewed Hope Housing Scheme, initiated by the Federal Government under President Bola Ahmed Tinubu, represents a significant policy shift in addressing Nigeria’s long-standing housing deficit through public–private partnerships and accessible mortgage financing.

    “The Renewed Hope Housing Policy is a step in the right direction. For the first time in decades, housing delivery is being matched with funding structures that make homeownership realistic for ordinary Nigerians,” Sowande said.

    He noted that beneficiaries under the scheme can access National Housing Fund (NHF) mortgages at six per cent per annum, rent-to-own options at seven per cent, and funding from the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which provides mortgage loans of up to N100 million at 9.75 per cent interest.

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    Also, Qshelter’s Chief Operating Officer,Adegbenga Alamu,  outlined the firm’s projects and benefits for informal sector workers.

    Alamu said QShelter’s digital platform was simplifying and accelerating homeownership through technology-driven solutions.

    Mr Victor Alonge, the NIESV President, praised officials in the Tinubu administration for supporting housing delivery.

    Alonge said the MoU would address trust deficits, adding that M.I. Okoro was “a credible and experienced partner.”

    Access Holdings Plc Group Managing Director,  Innocent Ike, commended the partnership and participating financial institutions.“This collaboration inspires stakeholders to close Nigeria’s housing gap,” Ike said.

    However, Mr Fred Adegeye, Captain of the Nigeria UK Golfing Association, highlighted diaspora contributions and concerns over fraud.

    Adegeye said the partnership would restore investor confidence, citing personal losses to land grabbers and fraudsters.

  • Aradel Holdings completes acquisition of40% equity in ND Western

    Aradel Holdings completes acquisition of40% equity in ND Western

    Aradel Holdings Plc, an indigenous integrated energy company, at the weekend disclosed that its wholly-owned subsidiary, Aradel Energy Limited, has successfully completed the acquisition of an additional equity interest in ND Western Limited (“NDW”), following the fulfilment of all regulatory and contractual conditions precedent.

    The transaction, previously announced on 24th October 2025, involved the acquisition of a 40 per cent equity interest in NDW from Petrolin Trading Ltd. With the completion of the transaction, Aradel Energy Limited’s shareholding interest in NDW increased from 41.67 per cent to 81.67 per cent, and NDW has become a subsidiary of Aradel Energy Limited.

    The acquisition also resulted in a material increase in Aradel’s aggregate shareholding in Renaissance Africa Energy Company Limited, increasing its total indirect ownership in the company from 33.3 per cent to 53.3 per cent.

    NDW holds a 45 per cent participating interest in OML 34 (“OML 34”), a producing Oil Mining Lease located in the Western Niger Delta and owns 50 per cent of the share capital of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited which operates the Renaissance Joint Venture.

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    Commenting on the transaction, Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, said the acquisition is consistent with Aradel’s long-term strategy of disciplined portfolio consolidation, asset base expansion and sustainable value creation. He added that it further strengthens the Company’s position within Nigeria’s upstream oil and gas sector, enhances operational scale and supports improved efficiency and resilience across the Company’s asset portfolio.

    “The completion of this acquisition represents a further step in the execution of our growth and consolidation strategy. Increasing our equity interest in ND Western reinforces Aradel’s position as a leading indigenous integrated energy company and enhances our ability to drive long-term value for shareholders through scale, operational efficiency, and portfolio optimization,” Falade said.

    The transaction was completed following the receipt of all requisite regulatory approvals, including approvals from the Nigerian Upstream Petroleum Regulatory Commission and the Federal Competition & Consumer Protection Commission, and is in compliance with all other applicable regulatory, governance, and disclosure requirements.

  • 2025: NBTI through the lens of history

    2025: NBTI through the lens of history

    By Wole Badmus

    In the life of every individual, group, organization or society, there comes a defining moment. Such moments mark turning points that reshape direction, purpose and outcomes. They represent major shifts in vision, structure and impact.

    Nigeria’s political history offers a clear example. The June 12, 1993 presidential election remains a defining watershed. On that day, Nigerians boldly expressed their collective resolve for genuine democracy, rejecting the military dictatorship that dominated the era.

    The struggles that followed laid the foundation for the uninterrupted civil rule the nation has enjoyed since 1999. It is therefore fitting that the presumed winner of that election, Chief MKO Abiola, was posthumously awarded the nation’s highest honour, GCFR, and that June 12 was formally recognized as Democracy Day.

    In a similar vein, President Bola Ahmed Tinubu has ushered in a new era of economic reform in Nigeria. No previous administration had so directly and comprehensively confronted the deep rooted inefficiencies, leakages and excesses associated with public expenditure like him. Today, there is a clear shift in government spending and economic management. Tax reforms, fuel subsidy removal, the floating of the naira and other far reaching policy measures have redefined the nation’s economic direction in unprecedented ways.

    Beyond fiscal reforms, President Tinubu has also placed deliberate emphasis on technology as a key driver of economic growth, moving Nigeria away from its long standing dependence on a mono oil economy toward a knowledge driven and innovation based future.

    It is within this broader national context that the appointment of Kazeem Kolawole Raji as Director General/CEO of the National Board for Technology Incubation on January 20, 2025, marked a historic turning point in the life of the agency. The once unknown federal agency was infused with renewed purpose, vigour, visibility and relevance. His appointment stands as a major watershed in the history of the agency.

    Raji assumed office with a clear vision to reposition and strengthen the agency as a catalyst for job creation, wealth generation and economic transformation.  Central to this vision was the commercialization of research outputs and innovative products emerging from the Technology Incubation Centres across the nation.

    This approach aims to boost local production, reduce import dependence and deepen industrial capacity.

    His strategy also includes the establishment of world class technology parks and hubs across the country to nurture start-ups and post incubation entrepreneurs in high impact sectors such as information and communication technology, renewable energy, agritech, edutech, health-tech, biotechnology and manufacturing. In addition, the expansion of international collaborations was prioritized to attract funding, technical expertise and access to global markets for Nigerian innovators.

    He also created stronger linkages between research institutions, industries and technology incubators. This is to ensure that innovation remains demand driven and commercially viable.

    Digital transformation was equally leveraged to improve incubation processes while providing entrepreneurs with access to business development services, funding opportunities and mentorship.

    These initiatives align seamlessly with Mr President’s strategic vision of creating an enabling environment for industrial growth and technological advancement, positioning innovation as a key pillar of national prosperity in alignment with the Renewed Hope Agenda and Nigeria First Policy of Mr President.

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    To drive this agenda, Dr. Raji focused on strengthening and energizing the workforce through staff motivation and human capital development while forming strategic alliances with critical institutions to promote innovation, empower entrepreneurs and unlock new frontiers.

    A deliberate shift from purely indigenous technology toward emerging global technologies was also introduced, with the aim of positioning Nigeria as a global innovation hub across key sectors.

    Since assuming office, the Raji-led administration has entered into several strategic partnerships, both locally and internationally. Notable collaborations include:

    •High Tech Centre, which fosters research commercialization and advanced innovation.

    •UKALD leads, the UK-Nigeria Tech Innovation Expo, engaging over 65 million youths.

    •TECHHOOD, which provides expertise in strategic planning, stakeholder engagement and grant mobilization.

    •The High Tech Centre for Nigerian Women and Youth to promote youth and women participation in innovation.

    •Envision Management Solutions, which seeks to expand global opportunities for entrepreneurs.

    •Federal Polytechnic Offa, which supports indigenous innovation and youth empowerment.

    •Aerosky Technologies Limited, spearheading Nigeria’s drone technology drive under the Renewed Hope Agenda.

    •Navigation 360 Foundation enhances grassroots participation in incubation programs.

    •The National Directorate of Employment to promote inclusive growth and tackle unemployment.

    •Constituents for Development Initiatives to drive indigenous technology development.

    •Ecoflux Nigeria Limited for advancing entrepreneurship through a national hackathon.

    •Seyi Tinubu’s Campus Technovation, which empowers youth within the technology and innovation ecosystem.

    One of the most outstanding achievements of the agency in the year 2025 is the successful conduct of the NextGen Innovation Challenge, a legacy project conceived under the leadership of Raji in collaboration with UKALD, a United Kingdom based consulting firm.

    Officially launched on May 28, 2025 at the Raw Materials Research and Development Council in Abuja, the initiative seeks to unlock the vast creative potential of Nigerian youth, particularly those from underserved grassroots communities across the 774 local government areas.

    The National Showcase, held on July 9, 2025 at the Nicon Luxury Hotel in Abuja, featured 105 exceptional finalists representing all 36 states and the Federal Capital Territory.

    The Global Showcase, tagged the Grand Finale, followed on October 9, 2025 at the Hilton Hotel in Paddington, London where 105 Nigerian innovators presented scalable and investment ready solutions at the event.

    Two major digital platforms were launched during the Grand finale: NATIMART, a global digital marketplace connecting innovators with investors and venture capitalists and, NBTI Classroom, a free digital learning hub offering mentorship, certification and training for emerging inventors and change makers.

    The highlight of the event was the announcement of Al’amin Mohammed Idris, Chief Executive Officer of Interface Africa from Kaduna State, as the overall winner of the NextGen Innovation Challenge 2025.

    He received a cash award of £1.5 million, equivalent to over N3 billion for his innovative solar financing model for small businesses across Africa.

    The far reaching impact of the NextGen innovation challenge initiative is evident in its adoption by the Commonwealth of Nations as a model for driving inclusive growth across its 56 member states.

    Expectations are already high for an even more expansive and impactful 2026 edition.

    Another major milestone recorded under Raji’s leadership was the successful allocation of four percent from the National Development Levy to the agency through the 2025 Tax Reform Act passed by the National Assembly. This achievement reflects the Director General’s strategic leadership, political engagement and effective executive collaboration.

    Equally commendable is the development and deployment of the NBTI Promotion Automation System, which has significantly enhanced staff capacity and institutional efficiency. The system is a secured web based platform that integrates all promotion related processes into a single workspace.

    It covers performance evaluations, promotional examinations, recommendations and rewards processing, eligibility verification, as well as appeal tracking and reporting.

    Overall, 2025 stands out as a year of remarkable activities and achievements for the National Board for Technology Incubation.

    Under the leadership of Dr. Kazeem Kolawole Raji, the agency has entered a defining phase in its institutional journey.

    •Badmus writes from Abuja.

  • From reform to reality: What really happened in 2025

    From reform to reality: What really happened in 2025

    By Olaleke Alao

    The Nigerian federal government dubbed the fiscal plan for 2025 the “Budget of Restoration.” At N54.99 trillion, it was the country’s largest budget at that time, aimed at stabilizing an economy that had been destabilized by the removal of the fuel subsidy, the fluctuating naira, and an economy that had been propped up by debts. From the corridors of politics in Abuja and Washington, the numbers point to progress. But from the market stalls in Ibadan, the farms in Benue, and the sidewalks of Lagos, the narrative is far more complicated.

    For the Centre for Convention on Democratic Integrity’s (CCDI) perspective, as an organisation that operates among communities locally and engages other actors internationally, the divide between reform and reality remains the largest challenge faced by Nigeria.

    Three policy agendas characterized 2025: radical tax policies, a renewable energy shift, and strict monetary management. Each was successful. Each inflicted a wound.

    Tax reform: Less taxation, greater pressure

    The government in 2025 finally put an orderly tax system in place in Nigeria by consolidating more than 60 taxes into eight. The country started off on the right foot towards an increase in VAT. A 70% windfall tax was charged on bank foreign exchange profits. Small businesses making an annual turnover of less than N50 million are entitled to tax relief.

    The rationale was simple. The country’s revenue-to-GDP ratio is one of the lowest globally, and debt servicing alone swallowed over N16 trillion in 2025. The government required funds to carry on.

    However, this respite was also a reality for some small businesses. But as far as the middle class was concerned, the salaried employee, and the trader operating within the formal sector, the pressure mounted. This is because more efficient tax collection meant fewer places to hide, even as inflation was above 25 percent. The banks, in turn, adjusted levies and tightened credit.

    The real problem is not just “money in the system”, trust is at stake as well. Looking at taxes as punishment rather than as a form of participation is very prevalent in Nigeria. Paying taxes when light, security, and healthcare are not guaranteed is like paying rent in a house when it is apparent that it is sinking.

    There has to be visibility in taxation in order for tax reform to succeed. People need to understand what their taxes will result in. The revenue raised by taxes should link to infrastructure like roads, markets, and lighted streets, such that people can point to them and say, “This is what our taxes did.”

     Power and the quiet promise of solar

    As the national grid continued failing through 2024 and 2025, the legend of the power of the centre disappeared into the norm. Injections of some $200 million from the government-sponsored solar micro-grids project are now lighting the rural and peri-urban areas.

    CCDI’s assessment in some farming communities revealed that this was more than just theoretical. With solar-powered cold storage, post-harvest losses dwindled. Smaller processors became capable of preserving and processing their own crops. This was more than a policy discussion for most Nigerian farmers.

    However, the cost scale is tragically small. For a country of over 220 million people, $200 million is a beginning, not a solution. In urban areas, being green will remain costly because of fluctuating import duties and a weak naira driving up costs.

    If Nigeria is truly interested in a decentralized energy system, it might provide incentives to the owners of small businesses to turn to solar energy. Incentives may come in the forms of discounts for permits, discounts for business registration, or tax credits.

    Tight money, tight lives

    Throughout 2025, the Central Bank maintained a firm grip: high interest rates, targeting exchange rate stability at around N1,500 per dollar. Inflation moderated slightly from the peaks recorded towards the end of 2024, while foreign investors approached warily.

    But in the streets, credit disappeared. Where you borrow rates of interests over 30 percent, that is not entrepreneurship, it is suffocating the economy. The industries, the growers, and the exporters suffered alongside currency traders. Because when you have a rising dollar, it does not necessarily hold prices in check because of stability in naira.

    No policy is universally applicable in every nook of the economy. Food sectors as well as export-oriented production ventures should not be made to suffer in the same manner as speculatory capital. Different rates of interest, loans at single-digit rates in the production sectors, and taxes on banking windfall profits can make fiscal discipline translated into growth.

    The budget lines that stayed silent

     At some point, apart from the large reforms, some important sectors have remained wanting. Expenditures on security are high, but farmers are still fearful of their farms. You cannot stabilize food prices when farms are war zones.

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    Social protection also went into decline. Cash transfers, school meals, and extension of health insurance did not match the growth in poverty. The evidence is unmistakable, over 25 million children are out of school in Nigeria, when learning has been funded just seven percent of the country’s budget.

    Then, there is federalism. The increases in the national minimum wage were stuck in several states. Education and results in health care performance mean more to states than the will of the national administration. It is just a press release.

     From numbers to lives

     Yes, GDP grew. Yes, fiscal discipline improved. But stability that cannot be felt in classrooms, clinics, farms, and market stalls is not restoration, it is accounting.

    Nigeria’s path forward must shift from macro-stability to micro-impact. Human capital must matter more than concrete. Diaspora engagement must go beyond remittances to real knowledge transfer, backed by credible investment guarantees. Transparency must move from speeches to dashboards Nigerians can actually check.  In 2025, Nigeria stayed the course. In 2026, the course must finally lead to the people.

     The Nigerian people have endured reform. It is time for reform to reward them.

    •Dr. Alao is Executive Director, Corporate Affairs, CCDI Ltd/Gte, Nigeria.