The Nation Newspaper

Category: Discourse

  • Civilian-Military relations: Sani building trust, cooperation in Kaduna

    Civilian-Military relations: Sani building trust, cooperation in Kaduna

    • By Adamu Muhammed

    As Nigeria grapples with security challenges, the northern region appears to be the worst still for many reasons. Kaduna state, which is regarded as one of the leading states in the north, has its own share of insecurity. Governor The Governor of the state, Uba Sani, a determined leader has never relented in giving the best solutions to the myriad of challenges he inherited from his predecessor. He has approached development in the state from an holistic angle, impacting all sectors.

    In addressing the security challenges in the state, Governor Uba Sani’s administration has prioritized harmonious civilian-military relations, recognizing the importance of mutual trust in achieving lasting peace. This commitment was exemplified  with the Nigerian Air Force during the 2024 Base Socio-Cultural Activities.

    The governor commended the Air Force for its professionalism and its efforts in maintaining cordial relations with local communities. Events like the Base Socio-Cultural Activities not only celebrate Nigeria’s rich cultural heritage but also serve as platforms for fostering camaraderie between the military and civilians.

    Governor Uba Sani understands that addressing security challenges is not solely about deploying troops or equipment. Promoting unity and inclusivity is equally crucial. His administration has leveraged cultural events, such as the Base Socio-Cultural Activities, to strengthen social bonds and celebrate Kaduna’s diversity.

    The governor’s support for such events underscores his belief in the unifying power of culture. By bringing together people from different ethnic and religious backgrounds, these celebrations foster mutual respect and understanding, reducing tensions and fostering a sense of shared identity.

    This unique  security architectural template has enhanced intelligence sharing among the people and security agencies as  many communities are more willing to share critical information with security agencies, leading to more effective operations.

    The trust in security forces  has also greatly improved. Positive interactions between the military and civilians have built confidence in the state’s security apparatus, reducing fear and tension in conflict-prone areas. Joint activities and programs have strengthened the sense of unity and resilience within communities, making them less susceptible to external threats.

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    Security is a local affair that is largely local affairs. Recognizing this, the governor has maintained a strategic balance between the mainstream security agencies with the local security outfits for better intelligence sharing and collaboration.

    This has led to significant improvements in law enforcement and crime prevention. Some of the landmark measures include the strengthening  of the Kaduna State Vigilante Service . The administration formalized and equipped local vigilante groups to operate under state supervision. This initiative has bridged gaps in rural areas where conventional security forces are often overstretched.

    Likewise, the police security infrastructure has been enhanced under Governor Uba Sani. The government has renovated police stations, provided modern equipment, and improved welfare packages for officers. These efforts have boosted morale and operational efficiency.

    In addition, the state introduced rapid response units to address emergencies swiftly. These units are strategically stationed across the state to ensure timely intervention during crises.

    Under Governor Sani’s leadership, Kaduna State has embraced dialogue as a tool for conflict resolution. The administration has established mechanisms for resolving disputes, including, Mediation Committees, these committees involve traditional rulers, religious leaders, and community representatives in mediating disputes and preventing conflicts from escalating.

    In the same manner, the government has organized workshops aimed at educating communities on the importance of dialogue, tolerance, and peaceful coexistence.

    Recognizing the plight of internally displaced persons (IDPs), the Governor Uba Sani administration has provided support in the form of shelter, food, and vocational training to help them rebuild their lives.

    Obviously, there are other factors that can impact security. Improvements in other critical sectors that would give the people comfort and reasonably reduce  propensity for crimes. Governor Uba Sani extended his giant strides beyond security to other sectors to boost peace and development, including education, infrastructure, and social services. His administration’s initiatives have created an enabling environment for economic growth and improved quality of life for Kaduna’s residents.

    Infrastructure development has greatly been upgraded.  Improved road networks, healthcare facilities, and schools have enhanced access to essential services, reducing grievances that often lead to unrest.

    By providing vocational training and creating job opportunities, the administration has engaged young people, steering them away from criminal activities, and also programs aimed at empowering women economically and socially have strengthened families and communities, contributing to overall stability.

    Governor Uba Sani’s efforts have earned him widespread recognition and support beyond Kaduna state. Today, he is regarded as one of the influential leaders of the north, who are driving national development and cohesion.  His innovative approach to governance and commitment to security have been lauded by stakeholders, including traditional rulers, community leaders, and international organizations.

    The governor’s initiatives serve as a blueprint for other states facing similar challenges, highlighting the importance of strategic planning, collaboration, and inclusivity in addressing security issues.

    In sustaining the tempo of development in the state, the Governor Uba Sani remains focused on keeping the momentum developments through expansion of  the use of technology in security operations. Strengthen partnerships with neighboring states to combat cross-border threats, and continue investing in education and infrastructure to address the root causes of insecurity.

    In his vision for Kaduna State, security is not an isolated goal but an integral part of a broader strategy for sustainable development and social harmony.

    Governor Uba Sani’s tenure has brought transformative changes to Kaduna State, particularly in the security and allied sectors. His pragmatic policies, emphasis on collaboration, and commitment to inclusivity have not only reduced insecurity but also fostered a sense of unity among the state’s diverse population.

    As Kaduna continues on its path of progress, Governor Sani’s leadership serves as a testament to the power of visionary governance in addressing complex challenges. His achievements are a source of inspiration for leaders across Nigeria and a beacon of hope for a more secure and harmonious future.

    • Muhammed, writes from Kaduna State

  • Sanwo-Olu’s unending infrastructure development

    Sanwo-Olu’s unending infrastructure development

    • By Ade Ademola

    The unassuming, performing governor of Lagos State, Babajide Olusola Sanwo-Olu has not ceased to wow the people of Lagos State since he got to office in 2019. He came prepared to build lasting legacies that will outlive him. The first major litmus test of his leadership capacity came in late 2019, a few months in the saddle as the Executive governor of Lagos State. The global pandemic of COVID-19 broke out in the world, the incident in Nigeria arrived Lagos, raising great health risk for the Lagos populace. Governor Sanwo-Olu assumed  the role of the incident commander for the dreaded  COVID -19 scourge, rallying the people, resources and other critical stakeholders in taming the pandemic.

    The morning showed the day in 2019, signalling the huge capacity, and by extension massive developments that Governor Sanwo-Olu would bring to Lagos State. In 2020, #EndSARS pandemonium was contained  with great capacity, showing understanding, meeting demands of rampaging youths and instituting structures that will continuously address the needs of the young people of Lagos State, amidst the largely Federal Government-led initiatives to end police brutality.

    Governor Sanwo-Olu’s agenda, anchored on THEME agenda, which he has taken to the next level.  The acronym stands for Transportation and Traffic Management; Health and environment;Education and Technology;Making Lagos state a 21st Century Megacity, Entertainment and Tourism and Security& Governance, with the inclusion of social inclusion, Gender Equality and Youth.

    Lagos State Governor Babajide Sanwo-Olu has continued to solidify his legacy as a transformative leader through his unwavering commitment to infrastructure development. Last week,  the governor commissioned a series of major road projects, reaffirming his administration’s resolve to provide Lagosians with modern and efficient transportation networks.

    The unveiling of these roads, strategically located across key areas in Lagos, demonstrated the Sanwo-Olu administration’s dedication to improving urban mobility, mitigating flooding, and fostering economic growth.

    The new roads commissioned by the governor include a 4.7-kilometer stretch across Akoka, Bariga, and Gbagada, as well as a 6.134-kilometer network in Ikeja GRA. These projects are not just roads; they represent a lifeline for residents, businesses, and commuters in Lagos.

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    The roads in Akoka, Bariga, and Gbagada—St. Finbarr’s Road, Asani Street, Tijani Ashogbon Street, Jagunmolu Street, Shogbamu Street, and Diya Street—serve as vital links connecting the University of Lagos Main Gate to the Deeper Life Church in Gbagada.

    These areas have long been plagued by traffic congestion and poor road conditions, making daily commutes a daunting task for residents and commuters alike. The completion of this crucial 4.7km road network that strategically connects major tertiary institutions like the Yaba College of Technology, Yaba Technical College and University of Lagos, Akoka, will improve accessibility, as Students, workers, and businesses along this corridor now have a seamless route, reducing travel time and stress.

     Also, the local economy also receives a boost as an efficient road network improves  transportation means increased foot traffic for local businesses, fostering economic growth.The roads are equipped with modern drainage systems, addressing perennial flooding that has historically disrupted lives and businesses.

    The 6.134-kilometer network in Ikeja GRA includes Oba Dosumu Street, Oduduwa Way, Oduduwa Crescent, Sobo Arobiodu, and Sasegbon Streets. This upscale residential and commercial hub has seen a transformation with the reconstruction of these roads. The interconnected roads ease congestion, making movement within the GRA more efficient.

    The perennial flood crisis has plagued the highbrow GRA, and environs has been resolved with the upgraded drainage systems ensuring the area is no longer susceptible to flooding, providing residents with much-needed relief during rainy seasons. The beautifully reconstructed roads enhance the neighborhood’s prestige, attracting investors and boosting property values.

    The unveiling of these roads aligns with Governor Sanwo-Olu’s broader vision of a Lagos that works for everyone. Since assuming office, he has prioritized infrastructure as a catalyst for development, recognizing that a well-connected city is key to economic growth and social well-being.

    Lagos, with its dense population and bustling economy, faces unique challenges, including traffic congestion, inadequate infrastructure, and urban flooding. Sanwo-Olu’s administration has tackled these issues head-on.Many of the newly inaugurated roads are rehabilitations of long-neglected infrastructure, demonstrating a commitment to addressing existing gaps.

    The administration has  also embarked on ambitious road construction projects across Lagos to meet the demands of its growing population.

    In the same vein, recognizing the dual challenge of poor roads and flooding, the administration ensures that all new roads are equipped with advanced drainage systems.

    Fostering a sense of community ownership, the governor urged residents to protect these roads from vandalism. The state infrastructure projects are designed with sustainability in mind, emphasizing shared responsibility in maintaining the city’s assets, ensuring that the benefits of these investments are long-lasting.

    Governor Sanwo-Olu’s administration has pledged to continue upgrading old roads and constructing new ones to meet the needs of Lagosians. This commitment is part of his broader THEMES agenda, which focuses on:Traffic Management and Transportation: Ensuring efficient mobility across Lagos, Health and Environment: Building resilient infrastructure to address environmental challenges, Education and Technology: Creating opportunities through improved access to schools and digital infrastructure and Making Lagos a 21st Century Economy: Attracting investments and fostering growth through a solid infrastructure base.

    Governor Sanwo-Olu’s approach to infrastructure development offers valuable lessons for other cities and states in Nigeria. By combining a clear vision with strategic planning, robust funding, and community involvement, his administration has demonstrated how to address complex urban challenges in a very effective manner.

    As the roads in Akoka, Bariga, Gbagada, and Ikeja GRA are unveiled, they stand as testaments to what visionary leadership can achieve. They are more than physical structures; they represent progress, resilience, and a brighter future for Lagos.

    The inauguration of these road networks has become another milestone in Governor Babajide Sanwo-Olu’s administration. His investments in infrastructure underscore his commitment to creating a Lagos that is livable, prosperous, and sustainable.

    Through strategic projects like these, Governor Sanwo-Olu continues to build a legacy of excellence, ensuring that Lagosians can navigate their city with ease and pride. As these roads pave the way for a more connected and vibrant Lagos, they also reaffirm the governor’s promise to deliver enduring infrastructure that benefits generations to come.

    •Ademola writes from Lagos

  • Setting the record straight on mowaa and Okpebholo administration’s priorities

    Setting the record straight on mowaa and Okpebholo administration’s priorities

    • By Fred Itua

    My attention has been drawn to an article authored by one Ogbeide Ifaluyi-Isibor. In the article, he made several claims about the Museum of West African Arts (MOWAA) and Governor Monday Okpebholo’s position on the project. While one may appreciate the passion for cultural development, it is essential to clarify the Edo State Government’s stance on this matter.

    Governor Monday Okpebholo’s administration is dedicated to the sustainable growth of Edo State, focusing on projects that meet the real needs of our citizens—especially in vital areas like healthcare, infrastructure, and job creation. The concerns regarding the revocation of the Certificate of Occupancy for the MOWAA site are not motivated by political revenge, as wrongly implied, but by the necessity for accountability, due process, and alignment with the developmental goals of Edo citizens.

    It is well-known that the MOWAA project received over €20 million in donations from various international partners, including the German Government, the British Government, and the European Union. However, the pressing question is: how was this money utilized? Despite numerous requests for transparency, there has been minimal public disclosure about the financial management of these funds. The Okpebholo administration strongly believes that every investment in Edo State should be open to public scrutiny and accountability. The people of Edo have the right to know how these funds were spent and whether they were directed towards their intended purpose.

    The demolition of the historic Central Hospital to make way for MOWAA has raised significant concerns. Access to quality healthcare is essential, and the citizens of Edo deserve medical services that meet their needs. The Central Hospital, which has been a vital resource for thousands over the years, was more than just a healthcare facility; it was a cherished part of our heritage.

    While the remodeling of the Stella Obasanjo Hospital is acknowledged, one must question the wisdom of tearing down a crucial healthcare institution for a museum when other locations were available. The Okpebholo administration argues that development should be comprehensive and should not come at the cost of vital social infrastructure. Governor Okpebholo’s priority is to restore balance and ensure that the community’s needs are prioritized.

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    Edo State already has the National Museum on Ring Road, which showcases important artifacts and attracts many visitors. This brings up a critical question: What was the rationale behind constructing another museum just a few kilometers away on Sapele Road? If the aim was to enhance our cultural heritage, wouldn’t it have been more sensible to improve and expand the existing museum instead of launching a new project with significant financial burdens?

    Governor Okpebholo values Edo’s cultural heritage but emphasizes the need for careful resource management. The people of Edo deserve initiatives that are thoughtfully planned, sustainable, and in line with the State’s broader economic and social development goals.

    It is troubling that the esteemed Oba of Benin, who is the guardian of our rich cultural heritage, was reportedly not sufficiently consulted in the creation of MOWAA. Any cultural project of this scale should have involved the full participation and approval of the Oba, whose leadership and stewardship of Edo artifacts are recognized worldwide.

    The Okpebholo administration is dedicated to honoring traditional institutions and ensuring they play a significant role in projects related to the heritage of the Benin Kingdom. As we progress, it is essential that any cultural initiatives reflect the values and traditions cherished by our people.

    We are not against cultural development or foreign investment; instead, we are focused on making sure that all investments prioritize the welfare of Edo citizens, adhere to due process, and provide sustainable benefits.

    We encourage all stakeholders, including cultural advocates like Ogbeide Ifaluyi-Isibor, to engage positively with the government as we work together for the development of Edo. Our future must be built on collaboration, transparency, and accountability to ensure that every initiative—be it in culture, healthcare, or infrastructure—truly benefits the people.

    Governor Monday Okpebholo is committed to creating a government that is centered on the people, accountable, and dedicated to the overall advancement of Edo State. Let us move forward together in unity and purpose.

    •Itua is the Chief Press Secretary to Edo State Governor

  • Knights to content creators: stop blasphemy against Catholic church

    Knights to content creators: stop blasphemy against Catholic church

    The Knights of St. John International (KSJI) and Ladies’ Auxiliary, has joined the Catholic Bishops’ Conference of Nigeria (CBCN) to seek  a halt to blasphemy  against the Catholic faith.

    The KSJI stated this in a statement signed by its Supreme Subordinate President Nigeria, Sir  Remy Uche, at the end of its emergency Executive Board Meeting held during the week.

    The Knights reaffirmed the position of the CBCN’s President, His Grace, Most Rev. Lucious Ugorji, who had earlier condemned the act of mimicking the Catholic Church’s way of worship in any form.

    The statement said: “Our attention has been drawn to a very audacious act, aimed at ridiculing the Catholic faith, and making light of what we hold very sacred. We condemn in very strong terms, an attempt by faceless individuals at Achina, Anambra State, where a masquerade, was dressed in the caricature of the vestment of a bishop, clutching a crosier and blessing the people and also in Adazi Nnukwu, Anambra State, where they were making light of the importance of the Eucharist in what seems like a Eucharistic procession, while clutching a monstrance.

    “As a responsible body saddled with the defence of the Christian faith as presented by the Catholic Church, we the KSJI are not only condemning the act of blasphemy on the part of these reckless actors, but we are also calling on government agencies saddled with maintenance of law and order to quickly nip the act in the bud, before it is too late.”

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     They  decried the wave of blasphemy in the name of content creation.

    “It was like witnessing again, the Roman soldiers slapping our Lord Jesus Christ, weaving on His head the crown of thorns, and, in mockery, calling him the “king of the Jews.” This, for us, is a sin, and we hope that the perpetrators, who appear to understand the significance of the elements and forms of our worship, will have a rethink and approach God for forgiveness through the sacrament of reconciliation,” it added.

    They, therefore, called on security agencies to be alive to their responsibilities of safeguarding the peace of our society, adding that they have seen countless communities go up in flames for fewer acts of blasphemy.

    “The church is not in any way against the culture of the people, but when some unscrupulous people hide behind cultural heritage to stoke the amber of discord, then, the act could be seen as criminal and capable of causing disaffection between the adherents of two different faiths,” the Knights said.

    They appealed to all Catholics, “whose sensibilities have been abused by these ungodly actions, to continue to bear wrong patiently as this is one of the hallmarks of our faith.”

  • N10tr revenue: A perspective into NNPCL’s trajectory of profitability, accountability

    N10tr revenue: A perspective into NNPCL’s trajectory of profitability, accountability

    By Ade Faniyi

    The Nigerian National Petroleum Company Limited (NNPCL) has been a focal point in Nigeria’s economic discourse, often subjected to scrutiny from critics questioning its operations, transparency, and efficiency. However, under the leadership of Mallam Mele Kyari, the corporation has consistently delivered remarkable results that counter narratives of inefficiency and opaqueness. The recent revelation of NNPCL remitting N10 trillion in 2024 to the nation’s coffers underscores the company’s evolution into a model of profitability and accountability.

    Despite campaigns of calumny to undermine the performance of the Nigerian National Petroleum Company Limited under the dynamic leadership of Mallam Melee Kyari, the gains and bright prospects of the corporation have continued to dwarf the cacophony of noise from the sponsored critics and their backers.

    Nigerians were shocked to learn recently that the NNPCL remitted a whopping N10 trillion to the nation’s coffers. This revealed that NNPCL is the highest taxpayer in the country and the only company in Nigeria that publishes 100% of its account statements annually.

    Kyari, whom critics wrongly accused of opaqueness, stated this during a presentation on NNPCL’s 2024 revenue performance and 2025 projections to the National Assembly’s joint committee on Finance.

    Obviously putting his accusers to shame, the Nigeria’s oil corporation czar called for a forensic audit of the funds spent by NNPCL on fuel price stabilization and ensuring uninterrupted petrol supply between January and September 2024.

    His words: “Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply.

    “A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities. Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends”, he said.

    Regarding the company’s 2025 revenue projections, Kyari indicated that a definitive figure would be provided after the upcoming board of directors meeting in two weeks.

    He assured the committee that the parameters for the 2025 budget were both realistic and achievable.

    In an era when global energy markets are grappling with volatility, NNPCL’s ability to generate and remit N10 trillion in revenue stands as a testament to the effectiveness of its operational strategies. This achievement speaks volume of the capacity of Mallam Melee Kyari, a significant milestone in a country where government revenues heavily depend on oil and gas.

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    The N10 trillion remittance serves as a critical lifeline for Nigeria’s economy, funding essential infrastructure, public services, and economic diversification efforts. It also highlights the corporation’s growing capacity to operate efficiently in a challenging global environment marked by fluctuating oil prices, energy transitions, and domestic demands.

    One of the most compelling aspects of Mele Kyari’s leadership has been his unwavering commitment to transparency. NNPCL remains the only company in Nigeria that publishes 100% of its account statements annually. This practice not only demonstrates compliance with global best practices but also builds public trust in an organization historically viewed with skepticism.

    Additionally, Kyari’s proactive stance in seeking a forensic audit highlights his determination to clarify NNPCL’s financial commitments during this period. This move will not only provide clarity on expenditures but also reinforce the corporation’s credibility in managing public resources.

    Kyari’s call for a forensic audit of NNPCL’s expenditures on fuel price stabilization between January and September 2024 exemplifies this commitment to accountability. By inviting external scrutiny, the NNPCL CEO has positioned the corporation as a transparent custodian of public funds, countering accusations of financial mismanagement.

    This feat was achievable largely due to the visionary leadership of Kyari. It will be recalled that from January to September 2024, NNPCL operated as the supplier of last resort, ensuring uninterrupted fuel supply and stabilizing prices in line with its mandate under the Petroleum Industry Act (PIA). While this role was critical for maintaining economic stability and preventing nationwide fuel scarcity, it came with significant financial obligations.

    The Petroleum Industry Act (PIA), which Mallam Kyari midwived has redefined the operational framework of NNPCL, transitioning it from a state-run entity to a commercially driven organization and profitable going concern. This transformation has empowered NNPCL to operate with greater efficiency, profitability, and accountability. Kyari’s leadership has been instrumental in aligning the corporation’s operations with the PIA’s provisions, enabling it to compete effectively in a liberalized market.

    Under Kyari, NNPCL has embraced reforms that prioritize efficiency and sustainability. These reforms include investments in infrastructure, technology, and human capital, all aimed at enhancing the corporation’s competitive edge in a rapidly evolving energy landscape.

    Looking ahead, NNPCL’s 2025 revenue projections are grounded in a clear understanding of market dynamics. Kyari has assured stakeholders that the parameters for the 2025 budget are both achievable and aligned with the corporation’s strategic objectives. While definitive figures are pending the upcoming board meeting, there is optimism that NNPCL will sustain its trajectory of growth and profitability.

    In achieving set goals and objectives, the NNPCL is focusing on leveraging technology and partnerships to increase oil and gas production, while enhancing efficiency in downstream operations, thereby expanding upstream and downstream operations.

    In addition, the corporation under Kyari is also diversifying into renewable energy, positioning NNPCL as a leader in renewable energy development, in line with global energy transition trends.

    Collaborating with local and international stakeholders to unlock new opportunities and drive economic growth and accelerating efforts to operationalize refineries and reduce Nigeria’s dependence on imported petroleum products, also forms areas of interest for the organisation to maintain profitability and impact.

    NNPCL’s impact extends beyond revenue generation. The corporation plays a pivotal role in driving national development through initiatives such as job creation, infrastructure development, and community empowerment. By investing in critical sectors and fostering partnerships, NNPCL is contributing to Nigeria’s long-term growth and stability.

     •Faniyi, a public affairs analyst writes from Abuja

  • Renewed Hope targets for health through magnifying glass

    Renewed Hope targets for health through magnifying glass

    A healthy nation is a productive one. Health is existential and ranks extraordinarily on the pyramid of desiderata. Since 2023, the President Tinubu-led administration has foregrounded healthcare, making it a nucleus of its policy decisions and prescriptions.

    For instance, in the 2024 budget of Renewed Hope, the first in the life of the administration, health, and other contributing sectors to the human capital index received due attention. Also, in the yet-to-be passed 2025 budget estimates, N402 billion has been allocated for infrastructural investments in the health sector and another N282.65 billion for the Basic Health Care Fund, N188 billion for vaccines, and N40 billion for malaria vaccines. 

    A brief review of the past year

    The Tinubu administration prioritises Nigerians – their health, social welfare, and otherwise. 2024 was a significant year for the administration in the health sector with many tangible outcomes. Over 53,000 frontline health workers were trained in the past year to deliver integrated, high-quality services in keeping with the objective of training 120,000 health workers by December 2025.

    Also, the blanket of the Basic Health Care Provision Fund (BHCPF) was expanded with over 2.4 million citizens enrolling in the national health insurance scheme in the year and with 10 million Nigerians under its sturdy cover.

    Nigeria also secured a EUR1 billion European Investment Bank financing mechanism and a $1 billion Afreximbank financing mechanism to support incoming manufacturers in the health and life science sectors.

    In addition, the health sector witnessed significant investment interest with over 70 new healthcare manufacturing companies with 22 large-scale projects in talks with international financiers, and more than 10 value-chain verticals already being established in the country.

    2025 targets for health 

    The year, 2025, comes with a dispensary of possibilities, considering the streak of outcomes in the previous years. It should ordinarily be a year of new quarries, fecundated grounds, and consolidation.

    According to projections by the Ministry of Health and Social Welfare, about 40 percent Level 1 primary health facilities will be enhanced and advanced to Level 2, widening the capacity and reach of facilities capable of delivering integrated Sexual and Reproductive Health (SRH) services across all states of the federation.

    Over 60,000 frontline health workers will also receive training in comprehensive SRH service delivery in 2025 — with the overarching aim of achieving feasible quality improments in family planning (FP) and post-abortion care (PAC).

    Also, there will be a fulsome activation of the free C-Section and VVF repair programme in 50 percent of the 172 priority local government areas, which account for the highest burden of maternal deaths in the country.

    In addition, the Sector-Wide Approach (SWAp), a mechanism for driving efficiency in healthcare service delivery, will ensure that performance and financial management officers are engaged in all 774 local government areas to supervise the construction of primary healthcare centres, as well as manage their operations with fidelity to transparency and efficiency.

    The Presidential Initiative to Unlock the Healthcare Value Chain (PVAC) achieved some milestones in 2024, and it is expected that the initiative will consolidate the gains and execute more multiplier interventions and programmes.

    PVAC is a crucial all-wheel vehicle established by President Bola Tinubu to unleash the potential of the health sector and unlock the arteries in the healthcare value chain by increasing local manufacturing of pharmaceutical products to least 70 percent of total consumption by 2030; increasing the total direct full-time employees working in the life sciences manufacturing sub-sector to at least 50,000 (up from the current workforce estimated at approximately 20,000); establishing at least two commercial vaccine plants across the health sector; establishing at least five new medical supplies and diagnostics plants, and doubling Nigeria’s pharmaceutical market share in Africa to at least 15 percent.

    In 2025, PVAC says it will focus on the priority areas of market shaping, advance local manufacturing, regulation and policy advocacy, and execution of special projects.

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    Some of its interventions will include expanding the range of health products and medical technologies manufactured domestically to strengthen Nigeria’s healthcare value chain, further addressing regulatory hurdles, advocating policy changes required to advance healthcare businesses across the sector by providing support to manufacturers, as well as working with public sector bodies.

    Also, it will include implementing strategic, high-impact projects on behalf of the government to enhance local manufacturing capacity and improve health outcomes, addressing critical gaps in the healthcare sector.

     In addition, establishing three to five manufacturing plants for pharmaceuticals, medical supplies, diagnostics and LLINs; leveraging global knowledge hubs to improve technical capacity for local manufacturing; supporting new manufacturers in obtaining WHO pre­ qualification and implement enabling ecosystems interventions; accelerating implementation of Executive Order and engage EO Technical Working Group to implement import duty and VAT exemption for manufacturing equipment and materials.

    By the same token, it seeks to successfully deliver projects that support the establishment or expansion of local manufacturing facilities for essential health products and technologies and launch initiatives that improve healthcare access and outcomes for underserved populations, ensuring alignment with national health priorities.

    Also, the Renewed Hope Medical Relief Programme once approved by parliament as proposed by President Tinubu, to be implemented through the Presidential Initiative to Unlock the Healthcare Value Chain (PVAC), will see the federal government purchasing drugs, medical consumables, test kits directly from local manufacturers and distributing via technology-enabled public-private partnership, to 73 FTHIs, 37 general hospitals, and 8,800 PHCs receiving funds from BHCPF. This will subsidise the cost of medicines, channel activated real demand to Nigerian manufacturers, lower costs, and ensure quality.

    The National Emergency Medical Service and Ambulance System (NEMSAS), a special-purpose entity which serves as the foundation for organising and institutionalising emergency medical services across Nigeria, says some of its future aims include the procurement and equipping of tricycle and boat ambulances, which is in process with the plan of distributing over 700 tricycle and 30 boat ambulances to rural communities across Nigeria; advocacy and behavioural change communication: each state is expected to implement a robust community level advocacy exercise to drive demand and utilisation of RESMAT services; formal launch and commencement of RESMAT operations; monitoring and evaluation and plan for scale up to 37+1 states.

    Already, NEMSAS has supported some states to establish State Emergency Medical Service Governance and Operational Structures. Some of these states are Anambra, Bauchi, Bayelsa, Ebonyi, Ekiti, Gombe, Nasarawa, Kano, Kaduna, Sokoto, Plateau, Taraba, Delta, Ogun, Osun, Rivers, Yobe, Jigawa, Kebbi, Adamawa, Borno, and FCT.

    NEMSAS says in regions and universities where it is fully operational, individuals facing emergencies—such as complicated pregnancies or deliveries—can dial the national emergency short code (112) or a designated 12-digit number from their institution or state. An ambulance will be dispatched to assess their situation, provide initial treatment, and transport them to the nearest hospital at no charge.

    To deepen access to critical emergency services and bridge EMS chasms in areas with limited NEMSAS coverage, NEMSAS seeks to launch the Rural Emergency Service and Maternal Transport Programme.

    The World bank through the IMPACT project is supporting a pilot of this programme, 15 IMPACT Project states namely:  Bauchi, Delta, Ebonyi, Ekiti, Gombe, Kano, Kaduna, Lagos, Nasarawa, Ogun, Plateau, Rivers, Sokoto, Taraba and Yobe.

    The Nigeria Centre for Disease Control (NCDC) itemises some of its key development benchmarks for 2025 to include public health legislation: passing of the Public Health Emergency Management and NCDC amendment bills, development of Public Health Emergency Management Standards and Structure for states in line with the SWAp Agenda and subnational EPR mentorship; health promotion and disease prevention for priority and epidemic prone diseases on all media platforms, improved national and subnational awareness, AMR/IPC implementation, surveillance and early warning systems (including SORMAS optimisation through a national digital transformation agenda); laboratory and diagnostic capacity optimisation (including genomic sequencing and a standard service menu for state (subnational) laboratories); expand laboratory network and capabilities; response, medical countermeasures, and event (outbreak) management actions (including risk profiling, simulation exercises, IPC, and stockpiling), and reduce outbreak mortalities.

    In addition, other targets include increasing national efforts in Public Health Emergency, Human Resource Capacity Development (including field epidemiology and laboratory training, integrated training for surveillance officers); public health emergency training, case management training core personnel and SURGE staff, and definition of the minimum human resource competencies for state EPR programmes), including leadership training and performance review of outbreaks of priority and endemic prone diseases (Lassa fever, Meningitis, Diphtheria, Measles, Cholera, Influenza-like illnesses, mpox and Yellow Fever).

    Looking through the magnifying glass, 2025 is shaping up to be another stellar year for Nigeria’s health sector under President Tinubu.

    Nwabufo is Senior Special Assistant to the President on Public Engagement

  • Tinubunomics and Nigeria’s emerging economic fundamentals: a note for domestic and foreign investors

    Tinubunomics and Nigeria’s emerging economic fundamentals: a note for domestic and foreign investors

    • By Omoniyi M. Akinsiju

    The administration of President Bola Ahmed Tinubu is in its 19th month. We tracked the administration’s economic performance as it heads into its midterm on 29 May. Our findings indicate that the administration is on record to have wrought, arguably, the most significant set of economic reforms. However, the impact of the reforms has continued to draw both flaks and commendations in equal measures in the public space.

    Two principal policies signpost the reforms: the removal of fuel subsidies and the harmonisation of the hitherto multiple foreign exchanges. The consequences of the reforms have provoked different reactions from critical stakeholders and opposition politicians alike. In our view, some analysts have wrongly captured the evolving national economic environment as constricted.

    They argue that Nigerians are hopelessly grappling with significant economic challenges after the reforms.

    For this cadre of critics, Nigeria’s 19-month economic reform programme implementation yielded financial challenges for households and the productive sector, primarily due to poor policy implementation and what they described as putting the cart before the horse.

    They further argue that the wholesale withdrawal of subsidies led to a nearly 500 per cent increase in petrol prices within a year, causing a surge in food prices and pushing inflation to 34.8 per cent by December 2024. The liberalisation of the foreign exchange market also resulted in over 100 per cent domestic currency depreciation between October 2023 and October 2024.

    However, rather than be situational in our analysis, as demonstrated in the submission of these critics, we reviewed and aggregated the economic environment from a process point of view. This is done by identifying the evolving green shoots consequential to policy deployment and mapping the emerging character and patterns of the national economy.

    As a first step, to appropriately contextualise this evolving economic character and patterns, we adopted the analysis of economic fundamentals approach to track possible economic paradigm changes, identify new and potential drivers of economic development and track indications of resilience in the economy as it adapts to policy changes.

    Economic fundamentals are the core factors that drive and sustain economic activities and growth in a country or region. These include indicators and variables such as inflation rates, employment levels, Gross Domestic Product (GDP), interest rates, productivity, and consumer spending. Understanding these fundamentals helps assess an economy’s health and predict future performance.

    Indicators of Nigeria’s Economic Resilience

    As expected, the policies disrupted the nation’s economic ecosystem because they principally reversed the old national policy of suppressing pricing as a financial element in purchasing PMS and foreign exchange. This reversal immediately triggered price increases across all spectrums of goods and services.

    Matters were made worse because there was no fiscal buffer to mitigate the impact of the new policies. The situation reflected the historical error of resource dependency and social mitigation expenditures without building the economy’s capacity to create wealth. Help for the economy, in the form of resilience, however, came from the most unlikely sector: the informal sector.

    Economic resilience describes the ability of a community or an economy to cope with, adapt to, and recover from shocks or disruptions. It aims to prepare better regions to anticipate, withstand, and bounce back from stress. It involves efficiently using the remaining resources to maintain or restore function. In direct connection to this, we identified how resilience is evolving from Nigeria’s informal economic sector on the one hand and the stimulating impact of tech-driven innovation.

    Our study shows that fintech, e-commerce, and digital platforms fill economic gaps and drive growth as reforms are implemented. In short, the digital economy is growing into a catalyst with a multi-sectoral impact on various segments of the nation’s non-oil sector. The effect of the digital economy is reflected in the percentage return of the service sector to Gross Domestic Product in the three quarters of 2024, which shows that GDP grew by 3.46 per cent year-on-year in real terms during the third quarter of 2024.

    This marks a notable increase from the 2.54 per cent growth recorded in the corresponding period in 2023 and an improvement from the 3.19 per cent growth recorded in the second quarter of 2024.

    Growth in Q3 2024 was primarily driven by the service sector, which covers technology and other industry segments. It expanded by 5.19 per cent, accounting for 53.58 per cent of the aggregate GDP. The industry was the second biggest driver, at 3.5 per cent.

    Despite this above-average performance, critics have pointed to economic downturns in job losses and international companies exiting the country with local businesses shutting down. We, however, contrast this to cases of global economic constriction as exemplified in neighbouring Ghana, for instance, where brands such as Glovo, Nivea, Jumia Foods, Dark and Lovely, Bet 365 and Game all exited the country in 2024 as a result of rising inflation, dollar illiquidity and currency weakness.

    Read Also: FG assures Nigerians of economic recovery, growth

    In this regard, the high number of company insolvencies recorded in the history of the European economic giant, Germany, for the first time since the 2009 financial crisis is more telling. A study from the Halle Institute for Economic Research shows that the fourth quarter of 2024 saw 4,215 company insolvencies, with almost 38,000 jobs affected, while 16,222 companies went bankrupt in the first three quarters of the year.

    The institute attributes the negative development partly to the current economic crisis and an increase in the cost of energy and wages. The rise in interest rates and the elimination of subsidies by German authorities triggered the mass insolvencies recorded in the European nation. When this is compared to the Nigerian circumstance, it would appear that the Nigerian economy is more resilient and better managed.

    Interestingly, while the Service sector progressed into the equivalent of an economic buffer for Nigeria, the highest growth in insolvencies in the German case was in the service sector, growing by 47 per cent year-on-year, compared with 32 per cent in the manufacturing sector.

    The dynamic of appreciating Naira

    Naira’s appreciation started in late December 2024, following a turbulent year marked by significant foreign exchange pricing instability. In 2024, the currency experienced a sharp depreciation, losing 40.9 per cent of its value against the dollar in the official market despite an increase in external reserves. However, the naira witnessed a notable recovery, appreciating by N125 against the dollar within a month following the implementation of the Electronic Foreign Exchange Matching System (EFEMS).

    According to the Central Bank of Nigeria (CBN), the naira strengthened by 8 per cent as the dollar was quoted at N1,535 on January 3, 2025, compared to N1,660 quoted on December 2, 2024, the official launch date of EFEMS trading. Before the introduction of EFEMS, Nigeria’s foreign exchange market relied on manual or semi-automated trading processes, which were prone to inefficiencies and potential manipulation.

    The new system eliminates these challenges by centralising transactions on a single regulated platform and ensuring real-time visibility and seamless processing. This marks shifting towards a more transparent and efficient foreign exchange trading environment.

    Furthermore, an analysis of the ratio of demands for foreign exchange in the third quarter of 2024 indicates a new trend in the foreign exchange market. The demand for foreign exchange in the third quarter of 2024 dropped primarily due to a significant decline in invisible transactions. Invisible transactions are non-tangible transactions, such as school fees, student maintenance allowances, medical, and other such eligible transactions.

    FX usage for invisible transactions decreased by 32 per cent quarter on quarter to $2.2 billion. As a result, its share of total FX usage dropped to 39 per cent, down from 51 per cent recorded in Q2 2024. This translates to the post-reform foreign exchange rate, discouraging the use of foreign exchange for leisure, educational, and health services that are available in-country.

    Therefore, indicative of an emerging pattern in foreign exchange usage, forex consumption for merchandise imports increased by 10 per cent quarter-on-quarter to nearly $3.5 billion, thus boosting its contribution to total FX utilised to 61 per cent, up from 49 per cent in the previous quarter.

    In the industrial sector, FX utilisation for imported raw materials, machinery, and equipment accounted for 53 per cent of the total merchandise goods, making it the largest forex consumer in this category.

    Food products emerged as the second-largest category within the merchandise goods segment, increasing by 16 per cent quarter-on-quarter to $633.6 million. Analysts opine that the trend in sectoral FX utilisation has primarily declined since Q1 2023. The pattern is attributed to decreased demand for FX for invisible use in preference for productive use following the market depreciation of the naira.

    Nigeria’s Era of Trade Surplus Rekindled

    CBN data for October 2024 highlights a positive trade performance driven by more substantial export earnings than imports. This reflects a third consecutive quarter of trade surplus in 2024. The trade surplus expanded to US$2.21 billion, up from US$2.07 billion in September. This improvement was fueled by a 3.51 per cent rise in total exports, which increased to US$5.02 billion from US$4.85 billion the previous month.

    Export growth was attributed to higher values in crude oil and non-oil products. Though crude oil and gas exports continued to dominate Nigeria’s export landscape, accounting for 87.74 per cent of total exports, the non-oil exports recorded impressive growth, increasing by 19.23 per cent to US$0.62 billion from US$0.52 billion in September. Higher export receipts for key agricultural commodities such as cocoa, beans, urea, sesame seeds, cocoa products, aluminium, and copper primarily drove this growth. Brazil emerged as the top destination for Nigeria’s non-oil exports, followed by the Netherlands, Malaysia, Japan, and Germany.

    To highlight Nigeria’s growing export competitiveness in the global market, the Nigeria Customs Service (NCS) declares that it recorded an impressive total Cost, Insurance, and Freight (CIF) value, rising to N136.65 trillion in exports in 2024 from N42.77 trillion in 2023. This translates to an extraordinary 219.5 per cent increase. The volume of exports surged significantly from 3.70 billion kilograms in 2023 to 12.35 billion kilograms in 2024.

    The trade surplus, as recorded, reflects the impact of the depreciated naira on international trade. The depreciation of the naira in the official market boosted export values, energising export activities while making imports more expensive. This has contributed to an improved trade balance.

    The current positive trade performance is a promising indicator for Nigeria’s economy. It indicates a diversified export base, such as agriculture, manufacturing, and technology. These reduce the nation’s dependence on crude oil while fortifying the economy and ensuring long-term stability. This emerging shape of international trade and the related balance of payment trajectory justifies the need for reforms.

    More Money: The Federation Account grows to N6.86tn from corporate tax, VAT, and other sources.

    The third quarter of 2024 recorded more money flowing into Nigeria’s federation account, which grew to N6.86 trillion. A CBN economic report showed a 7.48 per cent increase from the previous quarter. The extra money came mainly from increased Company Income Tax (CIT) and Value-Added Tax (VAT). We note with interest that most of the money came from non-oil sources, which brought in N5.56 trillion, while oil revenue made up the rest.

    The increase in revenue was due largely to higher receipts from corporate tax and VAT, which accounted for 81 per cent of the inflow into the federation account. This implies a relatively healthy business and operational environment for corporate Nigeria.

    Oil revenue dropped by 24.72 per cent to N1.30 trillion compared to the previous quarter. From the total N6.87 trillion collected, the government shared N3.92 trillion among the three tiers of government, indicative of continued revenue growth and more revenue available to be shared since the withdrawal of fuel subsidies and liberalisation of the foreign exchange market.

    Increased Forex Inflows through IMTOs

    A significant 63.7 per cent increase was recorded in International Money Transfer Operators (IMTO) inflows for the first nine months of 2024. Inflows rose from $2.33 billion during the same period in 2023 to $3.82 billion in 2024. This growth has been variously attributed to a series of targeted reforms introduced under Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria, who assumed office in September 2023.

    As part of the applicable free market economic principles, the CBN issued a circular in January 2024 that removed the previous cap on exchange rates quoted by IMTOs. Before the circular, they were required to quote rates within a permissible range of -2.5 per cent to +2.5 per cent around the previous day’s closing rate of the Nigerian Foreign Exchange Market.

    By the end of January, the apex bank had released revised guidelines for the operations of IMTOs. In the revised guidelines, the CBN increased the application fee for an IMTO licence from N500,000 in 2014 to N10 million, an increase of about 1,900 per cent in about 10 years. The CBN also established a minimum operating capital requirement for IMTOs at $1 million for foreign entities and an equivalent amount for local IMTOs.

    The CBN has strengthened the remittance ecosystem by increasing competition among IMTOs, engaging with the diaspora, and enhancing transparency in foreign exchange transactions. The Central Bank’s reforms have included streamlining processes, onboarding more IMTOs, and improving measures to ensure an increase in the supply of foreign currencies. These measures have paid off, as evidenced by the substantial increase in remittance inflows. The surge in remittance inflows is crucial for Nigeria’s economy, providing much-needed foreign exchange and supporting household income.

    Increased Oil Production and Other Emerging Opportunities in Nigeria’s Oil and Gas Industry

    Historically, the oil sector has faced persistent challenges, including declining production caused by crude oil theft, pipeline vandalism, and reduced investments. However, 2024 efforts yielded notable improvements in output. For instance, the local refining of petroleum and the complete deregulation of the downstream sector of the oil industry have led to price competition on Premium Motor Spirit (PMS) or petrol and made smuggling of petroleum products across the country’s borders unattractive.

    The approval of five oil asset sales and two Final Investment Decisions (FIDs) in 2024 also elicited positive feelings from foreign investors willing to do business in Nigeria’s energy sector. In 2025, oil sector analysts project that production will likely average 1.7 million barrels per day (bpd) and close the year at 1.78 million bpd. This excludes condensates that do not fall within the purview of OPEC’s basket of crude.

    This optimistic outlook is underpinned by measures to address oil theft, including the implementation of the Advance Cargo Declaration regime by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This initiative ensures that all exported crude oil and gas cargoes are uniquely identified, verifying the legitimacy of export documentation and reducing the theft of resources.

    Additionally, the NNPC plans to replace ageing crude oil pipelines, some of which have been in use for over four decades to support output and operational efficiency further.

    To enhance crude oil production, President Tinubu signed three executive orders (EOs) in February 2024 aimed at improving the investment climate and positioning Nigeria as the preferred investment destination for the petroleum sector in Africa. One of the EOs legally mandates that the contracting cycle be compressed to a maximum of six months in alignment with global industry standards. This significantly reduces delays that historically took up to two years or more, thus improving Nigeria’s competitiveness.

    The executive order also mandates Nigerian National Petroleum Company Limited (NNPCL) and Nigerian Content Development and Monitoring Board (NCDMB) to implement a single-level approval process for requalification, technical, commercial, and final stages and ensures that approval is issued within 15 days. This is expected to eliminate redundant multi-stage approvals and ensure that regulatory approvals are obtained more efficiently, fostering timely project execution, and reducing compliance costs.

    The plan to hold a fresh oil licensing round in 2025 is focused primarily on handing out oil blocks that remained undeveloped. This is another fillip in the effort to hike crude oil production and raise crude reserves and production. Aggregating policies and implementation templates and other federal government’s efforts in the sector, the federal government will accomplish its target to increase crude oil production to 2.06 barrels per day as proposed in the federal budget 2025.

    Expanding Oil Refining Space

    Nigeria is emerging as Africa’s undisputed crude oil refining hub. With the streaming of the Dangote 650,000 barrels-a-day refinery and the Port Harcourt and Warri refineries, the Nigerian energy sector would witness significant developments in the first quarter of 2025. With the impending completion of the comprehensive overhaul of the other government-owned refineries in Port Harcourt and Kaduna, Nigeria will be able to boast of a combined capacity to produce 445,000 barrels of oil a day, exclusive of the Dangote Refinery and more than 15 private modular refineries which are being established.

    Even now, a group of petroleum marketers are preparing to launch a new 50,000 barrels per day (bpd) refinery. The agreement to establish the new refinery in Nigeria is between Nigerian petroleum marketers and three oil companies, Claridge Petroleum Company Ltd, Oasis Petrochemical Products Limited, and Afrintech like the 250 barrels a day BUA Refinery, the 50,000 barrels a day capacity refinery will be located in Akwa Ibom State.

    The increased refining capacity will engender the export of petroleum products to countries in Africa and around the world. The Dangote Refinery, which is described as a major player in the global petroleum sector, has already established a pedigree in the supply of JET-A1, otherwise known as aviation fuel, to countries in Europe while supplying AGO (Diesel), urea, black oil and other petrochemical products to African countries. These petroleum products exports are indications of a genuine diversification of the economy and foreign exchange earnings, while the billions of dollars hitherto expended on importing premium motor spirit (petrol) and petrochemical products are now preserved in the national treasury. The N9.176 trillion spent on the importation of PMS in nine months, from January to September 2024, is now being reallocated to other sectors of the economy and related social needs in the 2025 budget.

    On the domestic scene, the Dangote Refinery, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), supplied 489,500 metric tonnes of Automotive Gas Oil (AGO) and 29,000 metric tonnes of Jet A1 fuel between April and September 2024. These were distributed via 17 AGO shipments to Lagos, 6 to Warri, 2 to Port Harcourt, and 1 to Calabar, highlighting its key role in domestic fuel supply.

    On gas production and LNG, exports are on cue to grow during the first quarter of the year, driven by the government’s “Decade of Gas” initiative and the country’s ambitions to increase its gas reserves to 210 trillion cubic feet (Tcf) in 2025 and 220 Tcf by 2030. Gas production and supply will also increase in response to the federal government initiative on gas for automobiles and the need to meet the shortfalls experienced by power-generating stations and industries.

    Weak Naira and Nigeria’s Bustling Tourism Rides Detty December:

    Described as a magical time between December and early January when diaspora communities and tourists flock to Nigeria for an unforgettable experience filled with flavourful food, soulful African music and sunshine. Beach parties, festivals, and top-tier performances fuel the energy, while fashion takes centre stage, with everyone dressing to impress.

    December 2024 delivered a rare moment of currency appreciation. The naira strengthened by 7.01 per cent on average, climbing from N1,670/$ in November to N1,553/$ – the first December appreciation in five years. This was primarily attributed to targeted reforms by the CBN and the Federal Government, including introducing the Electronic Foreign Exchange Matching System (EFEMS), sales of Eurobonds, and an influx of Foreign Portfolio Investments (FPIs). Diaspora remittances, a critical source of income for many low – and middle-income households, also played a part. CBN data showed a 61 per cent year-on-year increase in diaspora remittances as of October 2024. While remittances alone may not fully account for December’s naira rally, the combination of reforms and inflows brought much-needed relief.

    Increasing Forex Inflows

    On the back of impressive diaspora remittance, CBN data indicate that the net Foreign Exchange (FX) inflows into the economy increased by 65.7 per cent year-on-year, reaching $46.92 billion during the first ten months of 2024. The CBN Economic Report for the period under review shows that the rise was from $28.31 billion in the corresponding period of 2023. Aggregate forex inflow to the economy rose year-on-year by 41 per cent to $79.8 billion in 10-month 2024 from $55.57 billion in 10-month 2023. The data further indicate that there were fewer forex outflows from the economy showing a 1.4 per cent decline year-on-year to $29.84 billion in 10-month 2024 from N30.29 billion in 10-month 2023, indicating investment comfort.

    Analysis of the data also showed that inflows through autonomous sources rose by 0.06 percent year-on-year to $35.82 billion in the first ten months of 2024 from $34.4 billion in the first ten months of 2023. As a result, net foreign exchange inflow from autonomous sources increased by 73 percent year-on-year, totalling $39.7 billion in the first ten months of 2024, compared to $22.93 billion in the prior year.

    The figures also show that the CBN inflows grew by 55 per cent year-on-year, amounting to $32.94 billion in 10 months in 2024, up from $21.25 billion in 10 months in 2023. Conversely, outflows via the CBN declined by 1.11 per cent, dropping to $25.74 billion in 10-month 2024 from $26.03 billion in 10-month 2023.

    Consequently, net forex inflow through the CBN skyrocketed by a massive 556.8 percent year-on-year, rising to $7.16 billion in 10-month 2024 from a negative figure of—$1.09 billion in 10-month 2023. This establishes the potency of policies deployed by both the federal government and the CBN to attract foreign exchange into the Nigerian economy.

    The Next Big Thing in Nigeria’s Forex Market Effective January 1, 2025:

    Eligible non-resident Nigerians can open two new account types: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). These accounts are designed to boost diaspora participation in Nigeria’s economic growth. The accounts can be opened subject to meeting Know Your Customer (KYC) requirements. The NRNOA allows non-resident Nigerians to remit their foreign earnings directly to Nigeria and manage funds in foreign and local currencies. The NRNIA, on the other hand, enables them to invest in assets within Nigeria, either in foreign or local currency. Account holders can maintain foreign and naira accounts to facilitate transactions and participate in investment opportunities.

    Interest earned on deposits will be subject to applicable federal taxes, and balances in the foreign account can be fully repatriated without any restriction. Funds can also be freely converted into naira at prevailing exchange rates through authorized dealers.

    For the NRNIA, investment principal and profits can be fully repatriated, ensuring ease of capital mobility. This allows account holders to seamlessly invest in local or foreign currency-denominated assets, promoting greater investment diversification. Valid or expired Nigerian passports may be accepted with a valid foreign passport or proof of residency. Alternatively, a valid foreign passport with evidence of Nigerian citizenship of either parent may also be provided.

    In addition to the new bank account’s forex-related management strategies, the CBN has halted the extension of export proceeds repatriation for exporters. The apex bank directive applies to both oil and non-oil export transactions. Proceeds of oil and non-oil exports are now to be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 days and 90 days from the bill of lading’s date for non-oil and oil & gas exports, respectively.

    This policy is expected to tighten control over foreign exchange inflows, ensuring export proceeds are promptly repatriated to support Nigeria’s foreign exchange reserves. By eliminating the option for extensions, the CBN aims to discourage delays in repatriation, which have been a source of concern for regulators seeking to stabilise the naira and improve liquidity in the foreign exchange market.

    Removal of Fuel Subsidy and Adoption of Alternative Energy

    The partial removal of electricity subsidies has made Nigerians more conscious of their electricity consumption, prioritising energy efficiency. This shift is expected to drive the adoption of renewable energy products, particularly solar power, for domestic and industrial uses. It will lead to increased momentum in energy transition in 2025, driven by global investment flows that prioritize sustainability.

    GDP Rebasing: Crop Production, Trade, Real Estate Now Largest Contributors to Economy

    Reports emerging from the Gross Domestic Product rebasing template indicate significant structural changes in Nigeria’s economy. Crop production, trade, and real estate are emerging as the three most important economic contributors.

    Telecommunications, crude oil, petroleum and natural gas, construction, food beverages, and tobacco are in the top seven brackets of the nation’s anticipated GDP template. Crude oil and natural gas processing have been displaced by real estate from being the third-largest economic activity, placing it at the fifth position. Also, food, beverages and tobacco rank 7th, construction will now be the 6th largest, while public administration is totally displaced from the top seven brackets.

    The updated rankings from the GDP rebasing reveal a shift in the Nigerian economy’s structure, signalling a more diversified and dynamic market-driven economic landscape. The GDP rebasing exercise incorporates data from new and previously underreported economic activities. Key areas now covered include:

    • Digital Economic Activities

    • Modular Refineries

    • Pension Funds Administrators

    • Domestic Households as Employers of Labour

    • National Health Insurance Scheme (NHIS)

    • Quarrying and Other Mining Activities

    • Nigerian Social Insurance Trust Fund (NSITF)

    • Illegal and Hidden Activities

    The rise of real estate as the third-largest subsector demonstrates the growing importance of infrastructure, urbanization, and property development. This shift also shows the economy’s reduced dependence on crude petroleum and natural gas, traditionally a dominant sector.

    The National Bureau of Statistics (NBS), which commenced the rebasing of the country’s Gross Domestic Product (GDP) and Consumer Price Index (CPI), will release the data later this month. This initiative aims to reflect updated economic conditions as recommended every five years by the United Nations Statistical Commission.

    Energising the National Economy Through Credit

    The federal government of Nigeria will, shortly, roll out the National Credit Guarantee System (NCGS). To address the estimated $160 billion funding gap for micro, small and medium enterprises (MSMEs), the NCGS would act as a guarantor, helping businesses and individuals secure loans from banks by providing the collateral they lack.

    As proposed, bridging a fraction of the credit gap for Nigerian MSMEs through the national credit guarantee system could unlock massive economic potential, create jobs, increase productivity, and drive innovation.

    Conclusion

    We can say for sure that though the reforms being undertaken have led to high cost of living and high cost of production on individuals and corporate entities, the reality is that the reform policies are accomplishing the objectives they were set out to achieve. While the structure of the national economy epitomises a mix mash of market-driven and controlled approaches, we can submit that. Indeed, the economy is becoming nimble and able to facilitate pricing mechanisms, which, in our consideration, is the most significant requirement of economics for advancing production and productivity through the interface of demand and supply.

    This enablement of market-determined prices, especially concerning PMS and foreign exchange, has enhanced the country’s economic fundamentals. From our place of review, we can conveniently submit that Nigeria is on the threshold of an active economy with capabilities for increased material and service-driven production, including food, higher revenue earnings, and, most importantly, the capacity to produce jobs for the populace.

    We are persuaded that the evidence of these sovereign economic possibilities will start manifesting in 2025.

    •Akinsiju, PhD is  Chairman, Independent Media and Policy Initiative (IMPI)

  • Securing Nigeria’s borders: The transformative impact of E-surveillance

    Securing Nigeria’s borders: The transformative impact of E-surveillance

    By Femi Salako

    In a bold demonstration of its commitment to national security, the Federal Government of Nigeria, under the leadership of President Bola Ahmed Tinubu, has continued to record significant progress with the successful deployment of the advanced e-border surveillance system. Launched on December 14, 2024, at the Bola Ahmed Tinubu Technology Innovation Complex, this initiative has become a game-changer in combating irregular migration and enhancing border security.

    This state-of-the-art project, spearheaded by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, represents a significant achievement under President Tinubu’s Renewed Hope Agenda. Its implementation shows the administration’s dedication to leveraging technology to solve pressing national challenges.

    Since its rollout, the e-border surveillance system has proven highly effective in curbing illegal migration, one of Nigeria’s longstanding border security challenges. The project employs cutting-edge automation and monitoring tools, enabling real-time surveillance across Nigeria’s extensive 4,447 kilometers of land, air, and sea borders.

    The Nigeria Immigration Service (NIS), which operates the system, has deployed advanced e-border solutions to over 80 crossing points nationwide. These solutions integrate data from INTERPOL and Nigerian security agencies, allowing seamless identification and interception of persons of interest.

    Dr. Tunji-Ojo emphasized the impact of this innovation during a recent press briefing:

    > “This system is a critical tool in our fight against irregular migration. By integrating advanced technology and international intelligence data, we are not only identifying threats but also preventing them from escalating.”

    One of the most remarkable outcomes of the e-border system is its role in identifying and capturing persons of interest. Within just a few weeks of operation, the system, particularly at the e-gates installed in five international airports, has successfully flagged and detained individuals with criminal records or suspicious activities.

    Read Also: 2024: Nigerian Navy’s year of fair winds

    “The integration of INTERPOL data and other national security databases has significantly enhanced our ability to detect and respond to threats at our borders,” said Dr. Tunji-Ojo.

    These e-gates have not only streamlined airport security but also acted as a robust deterrent to those seeking to exploit Nigeria’s borders for illegal activities.

    The Bola Ahmed Tinubu Technology Innovation Complex, which serves as the Command and Control Centre for the e-border system, is the hub of this technological transformation. Operated by 250 highly trained personnel from the NIS working in 24-hour shifts, the complex ensures round-the-clock monitoring and rapid response to any threats.

    The technology includes features allowing residents in border communities to report emergencies directly, ensuring swift action by security agencies. This interactive system has bolstered trust between the government and border communities, fostering collaboration in securing the nation.

    The operation of e-gates at major international airports, including Lagos, Abuja, and Port Harcourt, has not only improved security but also enhanced the travel experience for legitimate passengers. The transition from manual border checks to automated systems has significantly reduced wait times and improved the accuracy of immigration processes.

    The minister said  “The e-gates are not just about security; they are about efficiency. We are committed to creating a system where law-abiding citizens and visitors can travel seamlessly while ensuring that those with malicious intent are intercepted.”

    The e-border surveillance system exemplifies the transformative power of technology in governance. By reducing irregular migration, enhancing airport security, and improving the efficiency of border management, the project has set a new benchmark for border control in Africa.

    President Tinubu’s administration has shown that tackling complex challenges requires innovative solutions and unwavering commitment. The success of this project has not only renewed hope among Nigerians but also solidified the country’s reputation as a leader in technological advancement within the region.As the government moves into Phase 2 of the project, extending these solutions to more crossing points, the message is clear: Nigeria is determined to secure its borders and ensure the safety and prosperity of its citizens.

    The dream of a safer Nigeria is no longer a distant aspiration—it is becoming a reality, one technological leap at a time.

    •Salaki is publisher of Triangle News media

  • Tchiani will fail like all others

    Tchiani will fail like all others

    By Koje Sarkin Labari

    Listen here, our neighbour, Niger Republic’s military ruler General Abdourahmane Tchiani. All the games and tricks you are playing at the moment have been tried numerous times in Africa and none of them ultimately succeeded.

    Overthrowing a democratically elected civilian administration and throwing at it every accusation you can think of, has been tried innumerable times all over Africa. The most common accusation is corruption, but history has shown that military rulers are just as corrupt, if not more so, than civilian rulers all over Africa. What else do you expect when a man rules without democratic mandate, without a parliament, without a defined tenure, with little or no audit checks, without the prospect of facing elections, ruling only with brute force?

    Throwing out foreign military bases may have its merits and could imbue citizens with a patriotic feeling, but it does not necessarily solve all your problems. Foreign bases have previously been thrown out of Somalia, Cuban troops have left Angola, mercenaries have left Congo, Apartheid South African troops left Mozambique, Angola and Namibia, but problems persisted in many of those countries. More recently, Niger Republic, Burkina Faso and Mali have closed French bases, but insurgencies and terrorism still persist in all three.

    Blaming your neighbour has been a trick used by many military rulers, but historically it has been of limited value. Idi Amin once blamed Tanzania and Kenya for his problems; Tchad once blamed Libya; Nigeria twice expelled Ghanaians; Equatorial Guinea once expelled Nigerians; Uganda once sent all Asians packing. None of that ever solved any problems.

    Withdrawing from the regional body ECOWAS was a hair-brained idea. In the 1960s and early 1970s, the most vibrant regional organization in Africa was the East African Community, EAC. It had its own airline, railway, open borders and many other areas of mutual cooperation, but egotistic battles between three Heads of State, especially Marshal Idi Amin, led to its collapse. Is that what Tchiani and his co-travelers Traore and want to do, sacrifice a 50-year-old regional cooperation body on the alter of selfish egos and dictatorial self-perpetuation in power?

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    Tchiani does not even have the charisma of many former African military rulers. He does not have the world-wide ambition of Muammar Gaddafi. He does not have the dash and flair of Thomas Sankara. He does not have the oratorical powers of Jerry Rawlings. He does not have the commanding presence of Idi Amin. He does not have the austere mien of Mengistu Haile Mariam, the staying power of Gnassingbe Eyadema, the flamboyance of Mobutu Sese Seko or the daring of Idris Deby Itno.

    Jailing your overthrown predecessors has not bought  peace, stability or legitimacy to a military ruler either. Right there in Niger Republic, didn’t you jail President Diori Hammani from 1974 until he went blind and died in 1989? Colonel Seyni Kountche, brutal as he was, had to give way after some time, dying of brain tumour in 1987. Where is General Ali Seybou? Where is Ibrahim Mainasara Ba’are, who was shot by his own bodyguards? And where is Dauda Malam Wanke? 

    Tchiani, you promised your people heaven on Earth. You [promised that there will be security; you promised that there will be economic prosperity because you threw out the Frenc who you said were stealing your country’s wealth. Neither security nor prosperity has come in the wake of your failed policies. Instead, it is Niger Republic’s esteem that has fallen in Africa and beyond. Instead of the dashing, charismatic and eloquent President Mohamed Bazoum, here is a dour, colourless soldier intent of whipping up sentiments in order to achieve his own ends. It didn’t work elsewhere in Africa and will not work in Niger Republic. The sooner you return your country to stable democratic rule and the earlier you seek peace and cooperation with your neighbours, the better for you.

    •Labari writes from Kaduna.

  • Okpebholo: Confounding the doubters, redefining leadership in Edo

    Okpebholo: Confounding the doubters, redefining leadership in Edo

    By Fred Itua

    As I set out to pen this piece on this serene Sunday afternoon, my mind is drawn to the profound epistle of Apostle Paul to the Corinthians in 1 Corinthians 1:27-29: “But God hath chosen the foolish things of the world to confound the wise; and God hath chosen the weak things of the world to confound the things which are mighty; and base things of the world, and things which are despised, hath God chosen, yea, and things which are not, to bring to nought things that are: That no flesh should glory in his presence.”

    Hallelujah!

    I have chosen to begin this way because it resonates deeply with my assessment of Governor Monday Okpebholo’s leadership over the past two months.

    When Senator Monday Okpebholo stepped into the political ring, many underestimated him. He wasn’t the loudest voice in the room, nor the most flamboyant. In a political landscape where the ability to raise dust often overshadows the capacity to lay foundations, Okpebholo’s calm and collected demeanor was dismissed as a weakness. But, as Apostle Paul aptly put it, God has a way of using the “foolish” things of the world to confound the wise. And indeed, Governor Okpebholo has confounded his critics with actions that speak louder than the hollow rhetoric of his predecessor.

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    To truly appreciate the transformation taking place in Edo State, one must first understand where we’re coming from. For eight long years, governance was more about optics than outcomes. The previous administration, under Governor Godwin Obaseki, was a masterclass in what the locals have dubbed “audio governance.” Projects were announced with great fanfare, but their execution remained a mirage. MoUs were signed and celebrated, only to gather dust in forgotten drawers. Roads that were critical to economic and social well-being were left to rot, with billboards proclaiming, “Please bear with us; this is a federal road,” as if to absolve the state of any responsibility.

    Governor Okpebholo has flipped the script. He didn’t start his administration with loud declarations or endless ribbon-cutting ceremonies. Instead, he started with work—real, tangible work.

    In just two months, Governor Okpebholo has demonstrated that governance is about delivering results, not excuses. The Benin-Auchi Road by Obadan Junction, long neglected, has received the needed attention. The failed portions of the Benin-Abuja Road in Ekpoma, which seemed destined to remain a nightmare for travelers, are now under repair. Roads that were mere campaign promises in the past, like Upper Ekenwan Road, are nearing completion.

    Even the Aduwawa-Upper Mission Junction, a project that felt like a distant dream, is now coming to life. And let’s not forget the Temboga-Uteh Road, which now wears the Governor’s signature of progress.

    One resident put it succinctly: “In just two months, this man has done more than others did in eight years. He doesn’t make noise; he makes things happen.”

    Beyond roads, Governor Okpebholo’s administration is tackling the long-neglected healthcare sector. The construction of a modern health center in Udomi, Irua, is a testament to his commitment. The 2025 budget allocates N63.9 billion to healthcare and an additional N1.8 billion for a health insurance scheme, ensuring that no Edo citizen is left behind.

    One of the most commendable moves of Governor Okpebholo’s administration has been his decisive action to sanitize Edo’s markets. By placing a ban on market unions, which had long been accused of oppressive and exploitative practices, the governor has brought relief to traders and consumers alike. These unions had been driving up the prices of food and commodities through arbitrary levies and monopolistic control, leaving ordinary Edo citizens to bear the brunt.

    In his words, “Markets should be places of commerce and community, not oppression. We cannot allow a few individuals to profit at the expense of the majority.”

    Since the ban, market prices have begun to stabilize, and traders have expressed gratitude for the governor’s intervention.

    Edo State has not been immune to the scourge of insecurity, particularly the alarming rise in cult-related killings that claimed over 100 lives in 2024. Governor Okpebholo has tackled this issue head-on, adopting a consultative and inclusive approach. Through interagency consultations and his robust security meetings, he has fostered collaboration among law enforcement agencies and local communities.

    This proactive engagement has led to a significant de-escalation of tensions and a peaceful resolution to many conflicts. As one community leader observed, “For the first time, we feel heard. The governor is not just issuing orders; he’s listening and acting.”

    Another area where Governor Okpebholo has demonstrated his commitment to justice is in addressing the contentious issue of land grabbing. Under the previous administration, many communities and individuals saw their lands forcefully taken, their properties destroyed, and their voices silenced.

    Governor Okpebholo has taken a firm stance, declaring that such lands will be restored to their rightful owners, provided they can present proof of ownership. This policy has brought renewed hope to many Edo citizens who had all but given up on ever reclaiming their ancestral lands.

    “The government is here to serve the people, not to oppress them,” the governor stated. “We will right the wrongs of the past and ensure justice prevails.”

    Governor Okpebholo’s 2025 budget, aptly titled the “Budget of Renewed Hope for a Rising Edo,” is a roadmap to sustainable development. With 63% of the N604 billion budget earmarked for capital expenditure, it’s clear where his focus lies.

    •Road Development: N162 billion

    •Education: N48 billion

    •Health: N63.9 billion

    •Agriculture: N75 billion

    This is not just a budget; it is a statement of intent. It reflects the governor’s five-point agenda—security, infrastructure, healthcare, food sufficiency, and education—augmented by a renewed focus on agriculture.

    Governor Okpebholo’s approach to governance can be likened to a diligent farmer. While others scatter seeds carelessly, hoping for a quick harvest, he tills the soil, plants with precision, and nurtures the crops. The results are already visible, and the harvest promises to be bountiful.

    In reforming local government administration, the governor has brought discipline and transparency to a system that was previously plagued by inefficiency. His bold steps are setting a new standard for accountability and service delivery.

    Governor Monday Okpebholo is proving that leadership is not about noise but results. He is confounding the critics and inspiring the citizens. As Apostle Paul wrote, God uses the weak and despised to bring about great things, and in Edo State, this truth is playing out before our very eyes.

    Edo is rising, not on the wings of empty promises, but on the back of a governor who understands that actions speak louder than words. Indeed, Governor Okpebholo has become the farmer who sows in silence and reaps in abundance—a leader who delivers hope, one project at a time.

    •Itua is the Chief Press Secretary to Edo State Governor