The Nation Newspaper

Category: Special Report

  • ‘Naira set for sustained stability as FX inflows surge’

    ‘Naira set for sustained stability as FX inflows surge’

    The naira is expected to remain stable, supported by improved foreign exchange (FX) liquidity and a more efficient FX market. Analysts anticipate continued inflows from foreign portfolio investors (FPIs), driven by growing market confidence. In addition, rising non-oil exports and limited opportunities for naira speculation are likely to sustain steady domestic inflows, reports Assistant Editor COLLINS NWEZE

    The long-term stability of the naira is increasingly being projected, supported by rising foreign capital inflows and a significant boost in Nigeria’s foreign exchange reserves. Over the past week alone, the naira appreciated by 1.1 per cent to N1,520.00/$, driven by the Central Bank of Nigeria’s (CBN) intervention of $50 million and heightened interest from Foreign Portfolio Investors (FPIs) following a successful Open Market Operation (OMO) auction.

    Dr. Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), emphasized that with consistent foreign exchange inflows, the naira’s long-term stability appears increasingly assured. Recent data from the National Bureau of Statistics (NBS) revealed that capital inflows reached $5.6 billion in Q1 2025, a clear indication of renewed investor confidence. The banking sector attracted $3.1 billion—representing 55.44 per cent of total inflows—highlighting the positive impact of reforms implemented by the CBN to attract both local and foreign investors.

    Analysts at Cordros Securities echoed this optimism, pointing out that Nigeria’s gross external reserves have now climbed to their highest level since December 2021. Reserves increased by $353.47 million in one week to reach $41.08 billion on August 21, and further edged up to $41.10 billion by August 22. Earlier in the month, reserves stood at $40.72 billion as of August 13, largely fueled by rising FX inflows and a modest uptick in crude oil production.

    CBN data also showed a consistent upward trend in reserve levels: from a daily average of $39.3 billion on August 1, to $39.5 billion by August 6, and then $40.2 billion on August 8. These gains have coincided with positive macroeconomic indicators. Inflation has continued to decline, closing July at 21.88 per cent, while global commodity prices are moderating. The ongoing fiscal and monetary reforms—led by CBN Governor Olayemi Cardoso—are credited with driving FX market liberalization, improving transparency, and boosting local production.

    Dr. Gwadabe noted that the CBN has been diversifying FX sources to increase dollar supply and improve access for both manufacturers and retail users. The outlook remains optimistic, with expectations that the apex bank will maintain its reform momentum while fiscal authorities deepen efforts to boost FX earnings from oil, gas, and non-oil exports. “From moves to improve diaspora remittances through new product development, the granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and enabling timely access to naira liquidity for IMTOs, the apex bank has simplified dollar-inflow channels for authorized dealers and other players in the value chain,” he said.

    How it started

     The Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, has implemented a series of bold reforms aimed at attracting foreign capital, stabilizing prices, and strengthening the naira. These reforms, in coordination with broader fiscal measures by the federal government, have marked a significant turning point for Nigeria’s economic trajectory.

    In 2023, the new administration initiated sweeping changes to reposition the economy. These included the liberalization of the foreign exchange market, the discontinuation of CBN financing of the fiscal deficit, and the full deregulation of fuel subsidies. At the same time, the government undertook measures to strengthen revenue mobilization and tackle the rising inflation rate through targeted fiscal discipline.

    Since the rollout of these reforms, Nigeria’s international reserves have witnessed a notable increase, and access to foreign exchange through the official market has significantly improved. For the first time in years, both individuals and businesses can access forex transparently, without depending solely on parallel market channels.

    These efforts have restored investor confidence. Nigeria successfully returned to the international capital markets in December 2024 and has since received credit rating upgrades from major global agencies. A major milestone in this economic reset is the launch of a large-scale domestic private refinery, which is expected to move Nigeria higher up the oil and gas value chain and enhance self-sufficiency in a deregulated market.

    CBN’s currency and forex reforms have also triggered renewed foreign investment inflows, while reducing the need for constant interventions in the forex market. The unification of multiple exchange rates and the clearance of the over $7 billion backlog of unmet forex obligations have been described by multilateral institutions, including the World Bank, as bold and necessary steps toward long-term economic sustainability.

    These interventions have positively impacted Nigeria’s global risk profile. The country’s sovereign risk spread has dropped to its lowest point since January 2020, effectively erasing much of the premium built up during the COVID-19 pandemic and subsequent economic disruptions.

    Altogether, these deliberate reforms by both the CBN and the federal government are part of a larger strategy to stabilize the macroeconomic environment, restore investor confidence, and ensure steady capital inflows essential for long-term growth and resilience.

    More foreign capitals flow in

     According to the latest “Nigeria Capital Importation Q1 2025” report released represents 10.86 per cent surge from the $5.1 billion reported in fourth quarter of 2024. “In Q1 2025, total capital importation into Nigeria stood at US$5642.07 million, higher than $3.37 billion recorded in Q1 2024, indicating an increase of 67.12  per cent. In comparison to the preceding quarter, capital importation increased by 10.86 per cent from $5.08 billion in Q4 2024,” the report stated.

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    The NBS also stated that portfolio investment ranked top with $5.2 billion, accounting for 92.25 per cent, followed by other investment with $311.17 million, accounting for 5.52 per cent. The report indicated that, “Foreign Direct Investment recorded the least with $126.29 million accounting for 2.24 per cent of total capital importation in Q1 2025.”

    According to the NBS, the banking sector took the lead with the highest inflows in Q1 2025. The report stated, “The Banking sector recorded the highest inflow with $3.1 billion, representing 55.44 per cent of total capital imported in Q1 2025, followed by the Financing sector, valued at $2.09 billion (37.18 per cent), and Production/Manufacturing sector with $129.92 million (2.30 per cent).”

    The report further noted that capital importation during the reference period originated largely from the United Kingdom with $3681.96 million, showing 65.26 per cent of the total capital imported. In emailed note to investors, Managing Director, Afrinvest West Africa Limited, Ike Chioke, explained that Portfolio Investment (92.2 per cent of total capital) dominated flows, rising by 30.1 per cent quarter-on-quarter,  and 150.8 per cent year-on-year to $5.2 billion. The bulk of the FPI flows was to Money market instruments (up 162.2 per cent year-on-year to $4.2 billion), while Bonds (up 108.5 per cent) and Equities (up 137.7 per cent) attracted $877.4 million and $117.3 million respectively.

    Opportunities in GDP numbers

     Nigeria’s hope of achieving $1 trillion economy by 2030 will gain significant support from the banking sector. Nigeria’s statistician-general, Adeyemi Adeniran, had explained how the economy fared in the rebased Gross Domestic Product (GDP) report. He said: “In nominal terms, the rebased GDP for 2019 stood at N205.09 trillion N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024”.

    The NBS noted that in 2019, the rebased nominal GDP at basic prices represented an increase of 41.7 per cent over the nominal GDP of 2019 of the old base year (2010), 39 per cent in 2020, 38.7 per cent in 2021, 36.1 per cent in 2022, 34.6 per cent in 2023 and 35.4 per cent in 2024.

    “The results show that the structure of the Nigerian economy has changed significantly with a rise in the share of agriculture and services sectors and a fall in the share of the industries sector in nominal terms, indicating a shift in the structure of the Nigerian economy than earlier reported,” the NBS said.

    Adeniran further explained that the rebasing allows the country to better reflect the realities of the economy. “It’s not just about a bigger number but about accurate, timely data that supports smarter policy and economic planning,” he said.

    How the banks stand

     A well-recapitalised banking sector is undeniably crucial for the growth of the domestic economy. Hence, Olayemi Cardoso, Central Bank of Nigeria (CBN) governor, advised banks to prepare for a new round of recapitalisation to ensure they have the necessary capital to support the Federal Government’s plan to achieve $1 trillion Gross Domestic Product (GDP)  target by 2030.

    He said that President Bola Ahmed Tinubu’s economic plan aims to reach a $1tr GDP by 2030, emphasising that the current bank capitalisation is insufficient to support such a large economic scale. Cardoso asked: “Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1tr economy in the near future? In my opinion, the answer is “No!” unless we take action. That action was the ongoing recapitalisation of banks, meant to prepare them for expansion and attract big ticket transactions to support economic growth.”

    The Policy Advisory Council report on the national economy, had set an ambitious goal of achieving a GDP of $1 trillion, with clearly defined priority areas and strategies. Adeniran revealed that incorporated new and emerging sectors, consumption baskets update, and data collection refining methods helped produce a more complete picture of national output.

    Aliyu Ilias, developmental economist, noted that several sectors have previously remained uncaptured in official data, particularly entertainment. “By rebasing our GDP now, included those areas properly. This new visibility will make Nigeria appear much stronger to foreign investors, which will naturally help us attract more capital,” he said.

    He explained that the exercise will also reveal untapped economic potential and guide government resource allocation. “It will show where we are strongest structurally, such as in mining or other emerging sectors. That insight will help the government focus its efforts more strategically.”

    “Finally,” he added, “it will support economic policy formulation, helping us align our strategy with the reality on the ground. We will know exactly where to put more effort.”

    More so,  while the US President Donald Trump’s widening trade war has taken emerging markets on a wild ride, Nigeria has quietly held its own, attracting foreign capital reassured by currency reforms and other measures designed to revive the economy of Africa’s most-populous nation. “Nigeria appears to be back in business as long-awaited economic reforms take shape,” said Emre Akcakmak, portfolio manager at East Capital. Key measures include improved currency liquidity, leeway for investors to repatriate their profit, and the stable naira.

    “We feel the Central Bank of Nigeria will continue to stem any sharp appreciation of the naira to limit profit taking from the fast money community,” Akcakmak said.

    “Portfolio inflows have likely been supported by improved confidence amid key structural reforms, better FX market functioning and moderating dollar-naira volatility, as well as the still-robust nominal yield buffer,” said Samir Gadio, head of Africa strategy at Standard Chartered Plc told Bloomberg.

    “Besides, Nigeria’s local market is seen as less correlated with global risk conditions than more liquid EM peers,” he said.

    Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows. The CBN remains committed to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.

  • How STEP technology is boosting learning in Edo, Delta

    How STEP technology is boosting learning in Edo, Delta

    In an age where technology is reshaping every aspect of life, education must keep pace. The Seplat Teachers Empowerment Programme (STEP) responds to this challenge by equipping Nigerian teachers with digital tools, leadership training, and modern pedagogy. Focused on impact and scale, STEP reimagines professional development—not as a one-off workshop, but as a sustained, systemic investment in teachers who will power the classrooms of tomorrow, reports Associate Editor ADEKUNLE YUSUF

    The benefits of integrating technology into everyday learning are well-established and far-reaching. It opens doors to vast resources, encourages independent inquiry, fosters collaboration, and enables personalized learning experiences tailored to individual student needs. This is why, from urban classrooms to rural schoolhouses, a common question echoes: How do we prepare young people for a world that is evolving faster than curricula can be rewritten?

    More and more, education reformers point to teachers—not just for what they know, but for how they lead, connect and innovate using the tools available to them. The Seplat Teachers Empowerment Programme (STEP) is one such initiative in Nigeria that sees teacher upskilling not as an isolated intervention, but as a systemic solution. Its approach integrates technology, embeds leadership training, and strengthens professional identity, providing teachers with the tools and ongoing support they need to reimagine classrooms for the 21st century.

    The story of STEP’s 2025 cohort is compelling in both scale and strategy. From a pool of 4,666 applicants, 650 teachers and Chief Inspectors of Education (CIEs) were selected—325 each from Edo and Delta States—and on-boarded in mid-2025. These participants join a growing alumni network: since STEP’s inception in 2020, 1,334 educators across the two states have received training (based on official programme data shared with me).

    What sets the 2025 cohort apart is not just its size but its design. This year’s programme introduces a more integrated model—pairing tablets and a dedicated mobile learning platform with leadership development, STEAM-focused pedagogy, and sustained virtual mentorship. The experience culminates in Microsoft certification, providing global validation of skills gained. The headline here is powerful because it brings together three essential imperatives: technology, pedagogy, and leadership. Each is important on its own—but together, they form a foundation for lasting transformation in education.

    Tablets as portable classrooms

    At onboarding, every STEP participant received an Android tablet preloaded with the STEP app and a suite of learning modules, along with mobile data to ensure uninterrupted access during the virtual learning stage. In Nigeria—where digital access is steadily improving but remains inconsistent, particularly in rural areas—this approach represents a pragmatic and significant leap forward. The tablet is not just a device; it becomes a portable science lab, an on-demand library, and a collaborative workspace. For teachers in under-resourced schools, it is often the bridge between traditional, static teaching methods and a more engaging, inquiry-rich, and multimedia-based classroom experience.

    The STEP app itself is far more than a content repository. It enables moderated peer forums for professional exchange, schedules both synchronous and asynchronous coursework, supports formative assessments, and offers ready-to-use project templates. Importantly, it also collects real-time data—such as module completion, time-on-task, and participation rates—allowing programme mentors to intervene early when engagement dips or assessments flag concerns. This data-driven feedback loop shifts training from one-off workshops to a model of continuous improvement and support.

    Crucially, STEP does not treat technology in isolation. It embeds it within a broader learning framework that includes STEAM pedagogy, emotional intelligence, and leadership development. At the Benin onboarding, for example, participants studied the “7 Cs” of effective communication and worked through real-world leadership scenarios that reframed their roles—as not just curriculum implementers but as proactive, community-focused change agents. This blend of technical tools, pedagogical innovation, and self-leadership equips teachers to thrive in modern classrooms and model the problem-solving skills they aim to instill in students.

    A replicable, mirrored design

    A key strength of STEP is its deliberate, mirrored implementation across Edo and Delta States. These are not experimental pilots or region-specific adaptations—they are exact replications. Each state received the same training modules, hardware, mentorship structure, and evaluation framework. This controlled duplication offers two strategic advantages. First, it generates comparable data that enables real-time content refinement: what succeeds in Edo can be adapted and retested in Delta, and vice versa. Second, it lays the groundwork for cost-effective scaling—a consistent, proven module set can be deployed in new states with minimal customization and more predictable results. For private-sector initiatives seeking to influence public systems, having a replicable playbook is essential.

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    STEP’s architecture integrates measurement at every stage. Teachers begin by mapping baseline classroom practices and student performance. As the four-month mentorship unfolds, progress is tracked through formative assessments and school-based project outcomes, allowing for course corrections along the way. The programme does not reward mere attendance—it rewards demonstrable improvement: lesson plans that reflect active inquiry, student-led projects grounded in STEAM, and stronger classroom engagement.

    Why this matters now

    Nigeria’s education system faces urgent, systemic challenges: learning losses accelerated by the COVID-19 pandemic, deep inequalities between urban and rural schools, and long-standing deficits in numeracy and science achievement. National statistics frequently cited in education policy highlight that a large proportion of primary and junior-secondary students still struggle to reach foundational learning levels.

    Simultaneously, global trends paint a more pressing picture. UNESCO and other international bodies warn of an impending teacher shortage, especially in sub-Saharan Africa, where the demand for qualified educators is expected to rise sharply by 2030. In this context, STEP offers a dual-response: elevate the quality of today’s teachers quickly, and cultivate a digitally literate, professionally confident cohort equipped to support broader teacher development efforts nationwide.

    Alignment and accountability

    A core strength of STEP is its intentional alignment with state institutions. From the outset, education ministries in Edo and Delta States were engaged—not just as observers, but as active partners. Ministry officials attended onboarding events and signaled readiness to cross-verify course completion lists, a seemingly small but significant step toward embedding STEP within existing state systems. Such collaboration is essential. While private-sector programmes can deliver high-quality pilots, sustainable scale requires integration with public training frameworks, such as formal Continuous Professional Development (CPD) credit systems. Ongoing discussions with teacher training institutions suggest that STEP is positioning itself for a transition—from a CSR-funded initiative to a more institutionally adopted model.

    That said, STEP must also confront a familiar risk: the digital replication of existing inequities. While providing tablets and mobile data reduces barriers, teachers in very remote or underserved areas still face real challenges—intermittent electricity, poor connectivity, and demanding workloads that limit time for online learning. Moreover, the risk of selection bias persists: highly motivated or already-resourced teachers may be more likely to apply and complete the programme, leaving behind those in the most disadvantaged schools. STEP’s current strategy—combining hardware, data stipends, local peer support, and school-based projects—mitigates some of these risks. However, achieving true inclusivity at scale will require deeper investments: in local learning hubs, solar charging solutions, and state or donor co-funding to expand reach to the most isolated schools.

    From toolkit to systems change

    Ultimately, STEP’s promise lies not in improving a few hundred classrooms, but in catalyzing systemic change—transforming how teacher professional development is designed, delivered, and sustained. If STEP’s app and content library become part of state-recognized CPD systems, if alumni serve as official mentors, and if state education offices adopt its assessment rubrics, then STEP ceases to be a standalone pilot. It becomes an embedded, structural feature of Nigeria’s teacher development landscape.

    For policymakers, three steps can accelerate this transition. First, formalize public–private pathways to integrate proven private content into CPD frameworks. Second, invest in infrastructure—charging stations, network boosters, and school-based devices—to ensure inclusive access. Third, support independent, longitudinal evaluations to measure impact and cost-effectiveness. Only then can successful pilots like STEP credibly inform and influence national education strategy.

    A quiet revolution

    The teachers trained through STEP are not overnight experts—but they leave the programme with a different toolkit. They now have devices, access to a peer learning community, and a leadership mindset that fosters initiative. In classrooms where lessons once followed a rigid, teacher-centered script, STEP encourages a shift toward inquiry-based learning, team projects, and networks that persist long after the formal training ends. This transformation doesn’t happen all at once. But if even a fraction of these teachers go on to mentor colleagues, share lessons through open repositories, or advocate for practical improvements in their schools, the cumulative effect becomes significant—moving from individual anecdotes to measurable impact.

    STEP’s 2025 cohort is, in many ways, a proving ground: can a private-sector-led initiative integrate technology, pedagogy, and leadership in a model that is measurable, replicable, and portable across policy frameworks? Early signals are encouraging. The deliberate blend of tablets and analytics, hands-on pedagogy and leadership development, plus mirrored deployment in Edo and Delta States, lays the foundation for scalable change—provided government alignment is maintained, access barriers are addressed, and independent evaluation continues.

    In a country where the future depends on building a problem-solving generation, not one reliant on rote memorisation, programmes like STEP are vital. They treat teachers as professionals—equipped, networked, and accountable. STEP is no silver bullet, but it is a credible proof of concept: a model that shows how a rewired teacher toolkit can power the classroom of tomorrow—starting today.

    Keeping performance positive

    Seplat Energy Plc reported strong financial and operational results for the first quarter ended March 31, 2025, marking a significant leap in both revenue and production. The company recorded revenue of N1.228 trillion, up sharply from N268.6 billion in Q1 2024. Gross profit rose to N535.4 billion, compared to N63.8 billion year-on-year, while profit before tax (PBT) climbed to N314.6 billion from N103.5 billion in the same period last year. Cash generated from operations soared to N464.9 billion, a substantial increase from N25.2 billion in Q1 2024. The strong cash position enabled early repayment of $250 million on the company’s Revolving Credit Facility (RCF), reducing the balance to $100 million. In line with its robust performance, Seplat increased its quarterly dividend to US 4.6 cents per share.

    Operationally, Seplat averaged 131,561 barrels of oil equivalent per day (boepd) in Q1 2025—an impressive 167% increase over Q1 2024 and above the midpoint of its full-year guidance range (120–140 kboepd). Safety performance remained outstanding, with over 7.3 million man-hours recorded without a Lost Time Injury (LTI). This includes 2.5 million hours from Seplat’s onshore-operated assets and 4.8 million hours from Seplat Energy Producing Nigeria Unlimited (SEPNU), formerly known as Mobil Producing Nigeria Unlimited (MPNU). Together, these results demonstrate Seplat’s capacity to deliver consistent production growth, disciplined cost management, and shareholder value—cementing its position as a leading force in Nigeria’s energy sector.

    Chief Executive Officer, Seplat Energy, Roger Brown, said: “2025 started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.

    He said, “Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.”

  • CBN leverages Customers’ Bill of Rights to improve banking service quality

    CBN leverages Customers’ Bill of Rights to improve banking service quality

    In a renewed effort to strengthen consumer protection and promote transparency in the financial sector, the Central Bank of Nigeria (CBN) has unveiled the Bank Customers’ Bill of Rights. The document, presented during the recent “CBN Fair” held in Lagos, outlines the fundamental rights and responsibilities of bank customers across the country. These rights include the right to information, choice, safety, privacy and confidentiality, and access to quality service. Under the leadership of Governor Olayemi Cardoso, the apex bank also detailed the obligations expected of customers, aiming to foster a more balanced and mutually respectful relationship between banks and their clients. The initiative forms part of the CBN’s broader agenda to prioritize customer protection as a cornerstone of financial system stability, reports Assistant Editor COLLINS NWEZE

    As a financial sector regulator, the Central Bank of Nigeria (CBN) has a duty of care, ensuring that it provides excellent guidance that ensures that bank customers get the best services for their patronage. The regulator has also gone a step further by providing guidance to bank customers on what their obligations to the lender are.

    According to CBN Governor, Olayemi Cardoso, while the apex bank continues to lay the foundation for price stability and foster a conducive policy environment, the role of banks in this journey remains crucial. “At the Central Bank, we have intensified surveillance of market activities to ensure compliance. Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” he said.

    Hence, the Bank Customers’ Bill of Rights recently released during “CBN Fair” held in Lagos, with theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development” highlights the rights of customers and their obligations to the banks. The Bill of Rights insisted that a bank customer has a right to be informed, right to choose, right to safety, right to privacy and confidentiality, and the right to redress. Others include right to good service, right to equality and right to free monthly statement of account. On the other hand, the report listed certain obligations that a customer owes to his or her bank. They include duty to financial obligations, duty to protect instruments and information, duty to provide factual information and not to mislead the bank, duty to report suspected fraud or error and duty of personal safety and safety of assets. 

    Speaking during the event, the CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the Management of the CBN, under the leadership of Cardoso, is committed to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability. This has resulted in significant increase of inflow in foreign investments, positive trade balances and quantum leap in financial inclusion rate in recent times.

    She said: “Over the past 22 months, the CBN has, among others, rolled out exchange rate unification policy to minimize arbitrage opportunities and reduce volatility in the foreign exchange market and cleared over $7 billion of verified backlog of FX forwards.”

    She explained that the launch of Nigeria Foreign Exchange (FX) Code has improved governance in the forex market management, adding that the ongoing recapitalisation of banks will strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1 trillion dollar economy. Ali said the core objective of this engagement, therefore, is to sensitize members of the public on how the bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy. She explained that as a means of protecting banks’ customers and ensuring that they are not short-changed, the CBN launched the Unified Complaints Tracking System (UCTS), aimed at streamlining and improving the management of consumer complaints against financial institutions. The system, alongside a USSD code (*959#) for verifying licensed institutions, enhances transparency and consumer protection in the Nigerian financial sector.

    “The core objective of this engagement, therefore, is to sensitize members of the public on how the Bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” she said. She added that the CBN will continue to ensure availability of clean currency. “We, however, urge you to see the Naira as our critical symbol of national identity. Respect and keep it clean. Do not spray, hawk, mutilate or counterfeit the Naira,” she advised.

    Other stakeholders insisted that at the heart of the CBN strategy is its commitment to maintaining economic stability.

    “Administration prioritized an inflation targeting framework, which has been pivotal in controlling inflation and stabilizing the naira through careful adjustments in the monetary policy, rate and other instruments. The CBN has kept the economy on a steady course despite global economic headwinds. This year has been marked by innovative reforms and realignments, significant upgrades were made to digital platforms, automating financial processes and implementing stringent cyber security measures to protect assets and data,” they said.

    The participants’ concerns around banking system stability, customer services and complaints were addressed by CBN team from the Other Financial Institutions Department, Payments System Policy Department, Consumer Protection and Financial Inclusion Department, Currency Operations and Branch Management Department, and Financial Markets Department.

    Understanding the Bill of Rights

    The bill of rights, described the customer as the most important person in the economy and every business succeeds only when the customer is happy.

    Describing the customer as a king, it said: “As a king, the customer has many rights. But a king also has duties which he owes himself and the society. In Nigeria, customers of banks have certain rights and duties guaranteed by law, regulation and conventions”.

    The report disclosed that a bank customer, has a right to disclosure of information from his/her bank on products and services the bank offers. “The information provided must be complete, relevant and truthful. Your bank must explain to your understanding all contractual terms and charges prior to the consummation of any agreement or contract. This right enables you to have relevant information in order to make rational choices. It amounts to a breach of right if your bank fails to provide this information or deliberately misleads you in anyway,” it said.

    According to the apex bank, bank customers also have a right to select from the range of products and services made available by your bank at competitive prices. “This means that as a customer, you can, at all times, decide on the product or service to accept/purchase and the ones to decline. It is wrong for a bank to restrict your choices or compel you to accept/purchase products or services that are ill-suited for your needs. Where you are not satisfied with your bank’s service delivery on any product or service, you have the right to end the contract or even the banking relationship provided you settle all outstanding commitments,” it said.

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    The CBN explained that the right to safety requires a bank to guarantee all its customers a secure and conducive banking environment devoid of threats to their safety and health. “You have the right to be reasonably protected from accidents while on the premises of your bank. You also have the right to be protected from negative effects of pollution of any kind whether arising from your bank’s operations or from other sources. It is necessary to stress that your bank is obligated to adhere strictly to applicable safety and directives to ensure that your safety and wellbeing are adequately guaranteed while you are on the premises of your bank,” it said.

    Continuing, the apex bank also highlighted the customers’ right to privacy and confidentiality. It explained that as a bank customer, one has the right to freedom from disclosure of your account details by your bank as intrusion into your account by third party. In other words, a bank is not to divulge your account information to a third party; a bank must also protect customers’ information from unauthorized access by a third party.

    It, however, stated that there are, expectations to this right where a bank is required by law to make disclosure; and where a customer consents to the disclosure. “A bank must provide its customers a redress mechanism to express their displeasure or grievance. The mechanism must be free, accessible, transparent, timely and convenient. You have a right to efficient complaints management system through which you can lodge complaints against your bank. You also have the right to be kept abreast of resolution process (acknowledgment, feedback, updates, and explanation) and ultimately, basis of decision. Where you are not satisfied with the decision of your bank, you have the right of review either by your bank, the Central Bank of Nigeria (CBN) or the court,” it stated.

    The CBN however, stated that all customers have a right to value for their money which involves the right to be treated with respect and dignity by banks and their representatives. “The hallmark of banking is customer satisfaction and as such your bank would have failed if it was unable to offer quality and value-adding banking services to you as a customer. Part of this right is that your bank must provide appropriate response to your needs and complaints,” it said.

    Bank customers also have the right to equality. Here, the  right requires that a customer is treated equally as other customers regardless of differences in financial standing/deposit balance, physical ability, age, gender , ethnicity, or creed. It is wrong for a bank to offer preferential treatment to some customers at the expense of other similar kind of customers. However, banks may decide to differentiate customers on account of the nature of products customers purchase or subscribe to.

    The report also highlighted customers’ obligations to their banks. “This represents the cornerstone of your duties as a bank customer and involves the search for relevant knowledge that should lead you to make informed decisions and enhance your benefits. Without adequate knowledge, customers are bound to make ill-informed decisions which may precipitate an avalanche of complaints from customers against their banks. It is generally agreed that sophistication in the banking industry has tasked the understanding of even people that are financially literate; it is, therefore, your responsibility to “shine your eyes” when dealing with your bank,” it said.

    Branch Controller, Central Bank of Nigeria, Lagos, Sunday Daibo, said the apex bank is taking steps to ensure more people are brought into the digital payment network. He said: “In a world where technology is reshaping economies and redefining how people interact with financial services, alternate financial services have emerged not as an option, but as a necessity.  They are the bridges connecting the underserved populations to the formal financial system,” he said.

    “Today’s gathering brings together policy makers, financial institutions, FinTech innovators, merchants and the public, all stakeholders in a single mission to make financial access to the person and to ensure that every Nigerian, regardless of location or status, can participate in and benefit from our nation’s economic project progress. He described the programme as a celebration of Nigeria’s collective commitment to economic stability, financial inclusion and national development. Other stakeholders insisted that at the heart of the CBN strategy is its commitment to maintaining economic stability.

  • How states brace for battle against floods

    How states brace for battle against floods

    At least 21 states across Nigeria have already been battered by devastating floods this year, leaving a grim trail of destruction and despair. Latest figures from the National Emergency Management Agency (NEMA) reveal that 140,228 people have been affected, with 49,205 displaced from their homes. Among the victims are 62,393 children, 43,531 women, 28,505 men, 5,799 elderly persons, and 1,887 people with disabilities. The floods have also ravaged 10,663 houses and 9,454 farmlands, underscoring the magnitude of a disaster that is fast becoming one of the country’s most pressing humanitarian emergencies.

    Nigeria’s worst flooding in recent memory struck in 2012, beginning in July and leaving a trail of destruction nationwide. By the time the waters receded, 363 lives had been lost and more than 2.1 million people displaced. Thirty of the country’s 36 states were affected, with Kogi and Benue bearing the heaviest toll, according to the National Emergency Management Agency (NEMA).

    Thirteen years on, the story of devastation continues to repeat itself. NEMA’s latest situation report shows that in 2025 alone, floods have already affected 140,228 people across 21 states, displacing 49,205 from their homes. Tragically, 191 deaths have been confirmed, 239 people injured, and 94 remain unaccounted for. Niger State recorded the highest fatalities with 162 deaths, followed by Adamawa with 26 and Borno with one.

    The agency’s updated flood dashboard also reveals that 52 local government areas have so far been hit. Children remain the most vulnerable: of the total affected, 62,393 are children, alongside 43,531 women, 28,505 men, 5,799 elderly persons, and 1,887 people living with disabilities. The grim statistics reinforce a troubling reality—flooding is no longer an isolated disaster but a recurring national emergency demanding urgent, long-term resilience measures.

    A total of 10,663 houses and 9,454 farmlands have been affected by the floods across the country. Imo State recorded the highest impact, with 28,030 people affected and 15,107 displaced. Other heavily affected states include Rivers, Adamawa, Abia, Delta, Borno, and Kaduna. In all, 21 states have been hit by the disaster: Abia, FCT, Adamawa, Akwa Ibom, Anambra, Bayelsa, Borno, Delta, Edo, Gombe, Imo, Jigawa, Kaduna, Kano, Kogi, Kwara, Lagos, Niger, Ondo, Rivers, and Sokoto.

    Plateau urges vigilance 

    The Plateau State Government has called on residents of flood-prone communities, especially those in Mangu Local Government Area, to remain vigilant and take proactive measures to safeguard lives and property following a five-day flood alert issued by the Federal Government. The appeal follows last week’s devastating flood in Shimankar, Shendam Local Government Area, which destroyed more than 50 homes, farmlands, schools, and livelihoods.

    In a statement, Commissioner for Information and Communication, Joyce Lohya Ramnap, sympathised with the affected residents and assured them of continued government support through the State Emergency Management Agency (SEMA). “Governor Caleb Mutfwang has directed local government chairmen, traditional rulers, and community leaders to intensify public sensitisation and work closely with emergency response agencies to prevent avoidable loss of life and property,” the statement noted. While reaffirming that adequate measures are in place to respond swiftly to emergencies, the government stressed the importance of individual responsibility for safety during this period of heightened risk.

    Adamawa constructs storm water drains 

    The Adamawa State Government has intensified measures to curb flooding by desilting rivers to restore their natural capacity and constructing modern storm water drainage systems in vulnerable communities across the state. The initiative, carried out under the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, is designed to hold greater volumes of water and channel excess safely away from residential areas.

    In addition, the government has embarked on massive investments in drainage infrastructure, including the construction of new storm water drains and expansion of existing ones. A flagship multi-billion naira project in Saminaka Satellite Town, Yola South Local Government Area, has been extended to the flood-prone Jambutu axis in Yola North, a development credited with reducing the impact of flooding in large parts of the Yola metropolis.

    To strengthen relief and mitigation efforts, Governor Ahmadu Fintiri inaugurated a 21-member committee chaired by his deputy, Kaletapwa Farauta, to oversee the distribution of relief materials to flood victims and investigate factors behind the recent flooding for lasting solutions. Commissioner for Environment, Mohammed Sadiq, identified human activities such as building on waterways and indiscriminate waste disposal as major contributors to the flooding challenge. He said the government was reclaiming critical drainage paths and enforcing stiffer penalties against encroachment and illegal dumping. Governor Fintiri reaffirmed his administration’s commitment to sustainable solutions that would mitigate future floods and safeguard lives and property.

    Ekiti ramps up efforts against flood

    The Ekiti State Government has intensified efforts to mitigate flooding threats anticipated during the current rainy season. Speaking with our reporter, the General Manager of the Ekiti State Emergency Management Agency (EKSEMA), Mr. Oludare Asaolu, said the government had taken proactive steps to prevent disasters, particularly flooding.

    According to him, the measures include dredging waterways, desilting and expanding drainage systems, enforcing building control regulations, removing illegal structures along river channels, and improving waste management strategies. He noted that beyond infrastructure interventions, the government had embarked on advocacy and sensitisation campaigns to educate residents on safety measures during the rainy season. Asaolu added that EKSEMA had established an Early Warning and Early Response System to ensure swift action during emergencies caused by natural or human-induced disasters. He further disclosed that the state had partnered with the Lagos State Emergency Management Agency (LASEMA) to strengthen its disaster preparedness and emergency response capacity.

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     Our control strategy has paid off, says KASEMA

    The Katsina State Government says its ongoing efforts to curb flooding are yielding results. Executive Secretary of the Katsina State Environmental Protection Agency (KASEMA), Hajiya Binta Dangani, disclosed this in an interview with The Nation. She explained that the government has rolled out a series of control measures, including the construction of 13 culvert projects across seven flood-prone local government areas. The projects, she said, were designed to improve drainage systems and mitigate water overflow during the rainy season.

    Her remarks follow recent alerts by the Nigerian Meteorological Agency (NiMET) and the National Emergency Management Agency (NEMA), which warned of possible flooding and severe weather conditions in several states, including Katsina.

    Delta/DESOPADEC embark on canal-clearing drive

    In response to NiMET’s flood warnings, the Delta State Oil-Producing Areas Development Commission (DESOPADEC), in collaboration with the State Ministry of Environment, has launched a large-scale canal desilting and drainage-clearing exercise. Flagged off in Warri on July 25, the intervention targets waterways in Effurun, Sapele, Jesse, Ughelli, Otu-Jeremi, Kwale, Ashaka, Aboh, Ozoro, and Oleh. At the Ajamimogha Link Road and Lower Erejuwa canal in Warri, amphibious excavators were deployed to clear hyacinths and remove silt, reopening the natural channel that drains into the Warri River.

    Managing Director of DESOPADEC, Chief Festus Ochonogor, said the move was in line with Governor Sheriff Oborevwori’s directive to prepare high-risk zones for predicted flooding. He cautioned residents against indiscriminate waste dumping and construction on waterways, stressing that such practices worsen perennial flooding. Executive Director of Projects, Olorogun Ebenezer Okorodudu, added that local councils must step up enforcement to sustain the gains of the exercise. He assured that the desilting will continue in other communities in the coming days as part of the government’s proactive response to NiMET’s flood risk alerts.

    NSEMA tours flood-prone communities

    The Niger State Emergency Management Agency (NSEMA) has begun sensitisation tours of flood-prone communities following early warnings issued by the Nigerian Meteorological Agency (NiMet). Director-General of NSEMA, Abdullahi Baba Arah, said officials were engaging residents of vulnerable areas and advising them to relocate to higher grounds for safety. Communities already visited include Lapai, Suleja, and Shiroro. According to Arah, the agency is prioritising prevention and preparedness by encouraging residents to take proactive steps before the floods strike.

    NEMA places South-South communities on alert

    The National Emergency Management Agency (NEMA) has placed communities in the South-South region on red alert in readiness for anticipated floods. South-South Coordinator of NEMA, Eric Ebohdaghe, said response agencies at community, state, and local government levels had been mobilised to monitor early warning signs and take immediate action. He disclosed that high grounds had been identified and prepared as temporary shelters through community collaboration, while essential relief items—including medicaments, food, and non-food supplies—had been pre-positioned.

    Ebohdaghe explained that NEMA had interfaced with state and local leaders, particularly in Rivers State, to highlight steps required to mitigate the disaster. “From the release of the predictions, we have conducted a National Response Campaign across flood-threatened areas. We have positioned items required for those shelters such as medicament, food, and non-food items. We have been doing a lot of early warnings,” he said. He added that NEMA had developed a comprehensive action plan covering the pre-flood, flood, and post-flood phases, stressing that engagement with state governments in the region would continue to ensure effective response and recovery.

    Southeast ready for this year’s floods

    With predictions and warnings by the Nigerian Meteorological Agency (NiMet) and the National Emergency Management Agency (NEMA) already manifesting in parts of the country, states in the Southeast are stepping up preparations to mitigate the impact of flooding. In Anambra State, although no deaths have been recorded, floods have submerged farmlands and homes in several areas. Ogbaru community is reported to be the worst hit, while other vulnerable areas such as Ayamelum, Anambra East, Anambra West, Onitsha North, and Onitsha South remain on high alert.

    Commissioner for Environment, Dr. Felix Odumegwu, said Governor Chukwuma Soludo’s administration had set up a high-powered committee headed by Deputy Governor Dr. Onyekachukwu Ibezim to manage the situation. Members of the committee include commissioners for Information and Environment as well as local government chairmen. Despite the rising waters, the state government insists there is no cause for alarm, assuring residents of adequate preparedness.

    NEMA, SEMA collaborate in Imo

    In Imo State, the National Emergency Management Agency (NEMA) and the State Emergency Management Agency (SEMA) have commenced inspection of camps in flood-prone areas to ensure readiness for possible displacement of residents. Head of Operations, NEMA Owerri Office, Igwe Nnamdi Chukwudi, said the collaboration was aimed at ensuring that camps meet minimum standards for accommodating displaced persons. “We don’t want to be caught unprepared. So, NEMA is working in synergy with SEMA to ensure that all the mandatory camps in the flood-prone areas are habitable for displaced people,” he said. Chukwudi also urged the state government to inaugurate emergency committees at the local government level to strengthen grassroots preparedness and response to disasters.

    Ebonyi government warns

    The Ebonyi State Government has issued a fresh warning to residents as massive flooding continues to devastate farmlands across several local government areas. Ebonyi, which was listed by the Nigerian Meteorological Agency (NiMet) as a high-risk flood zone, is already witnessing heavy rains submerging communities, particularly in Izi, Abakaliki, and Ikwo LGAs. Farmers are counting huge losses, with large swathes of rice, yam, and cassava fields now underwater. One affected resident in Abakaliki, Felix Ezeaka, appealed to the government for urgent relief and support.

    Commissioner for Environment, Victor Chukwu, attributed the worsening situation partly to an incomplete drainage project under the Nigeria Erosion and Watershed Management Project (NEWMAP). He added that the state government had intensified public awareness campaigns and town hall meetings to educate residents on preventive measures and flood safety.

    Enugu on alert

    Although Enugu State is not listed among the states at imminent risk in the latest national flood alert, the government has said it will not drop its guard. Commissioner for Environment and Climate Change, Prof. Samuel Ugwu, told The Nation that forecasts from the Nigeria Hydrological Services Agency (NIHSA) and NiMet for 2025 identified several high-risk states, but excluded Enugu. He, however, stressed that this was “not a licence for complacency.”

    According to him, monitoring teams have been placed on standby while sensitisation campaigns are ongoing in communities considered flood-prone. Ugwu urged residents to avoid indiscriminate waste disposal, stop erecting structures on waterways, and promptly report any signs of flooding to authorities. Meanwhile, the National Emergency Management Agency (NEMA), Enugu Operations Office, has continued its flood-preparedness awareness campaign in identified flood-prone LGAs as part of its nationwide drive to reduce the impact of flooding.

    Abia begins clearing of drainage

    The Abia State Government has commenced a large-scale desilting of drainage channels across the state as part of its proactive flood control measures. Although the Commissioner for Environment could not be reached, a senior ministry official, who requested anonymity, confirmed the exercise. The official said the effort was aimed at reducing the impact of flooding during the peak of the rainy season.

    Meanwhile, the Abia State Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Akinsola Aderemi, has urged residents in flood-prone communities to relocate to safer areas. Speaking in Umuahia, Aderemi said the warning became necessary following predictions by the Nigeria Hydrological Service Agency (NIHSA) and the Nigerian Meteorological Agency (NiMet), which identified Abia as one of the states at risk of flooding in the coming weeks.

    ‘Benue, Taraba, Adamawa prone to flooding’

    The Nigerian Meteorological Agency (NiMet) has raised fresh concerns about possible flooding in Adamawa, Taraba, and Benue states due to persistent rainfall. The agency also listed Bauchi and Kebbi among states likely to experience flooding in the days ahead. In its latest weather outlook, NiMet projected morning thunderstorms with moderate rains across parts of Borno, Bauchi, Gombe, Jigawa, Kano, Katsina, Yobe, Adamawa, and Taraba. It added that heavier rains are expected later in the day across Sokoto, Kebbi, Zamfara, Kaduna, and other northern states.

    The report highlighted Adamawa, Taraba, and Benue as high-risk areas due to sustained rainfall patterns. For the central region, NiMet predicted light morning showers over Plateau, Nasarawa, Niger, the FCT, and Benue, followed by heavier rainfall later in the day across Kwara, Kogi, and surrounding states. The agency further advised farmers to avoid applying fertilisers and pesticides immediately before rainfall to reduce losses.

    Osun demolishes 30 illegal structures 

    The Osun State Government has demolished about 30 illegal structures built on waterways across the state, as part of measures to prevent flooding in the wake of alerts by the Nigerian Meteorological Agency (NiMet). Commissioner for Environment and Sanitation, Mayowa Adejoorin, confirmed the exercise in an interview with The Nation. He disclosed that 15 structures were pulled down in Osogbo, six in Ile-Ife, six in Ilesa, and others in different towns.

    According to him, the state government is adopting a proactive approach to mitigate flood risks and safeguard residents. “We have dredged waterways and cleared refuse that could block drainage. Where we find illegal structures, we serve notices and, if they are ignored, we carry out demolitions. This process started last December,” he explained. Adejoorin added that Governor Ademola Adeleke has consistently supported the ministry’s efforts, prioritising the safety of citizens over illegal developments. “Our aim is to ensure Osun does not experience flooding that could displace residents,” he said, stressing that the preventive measures already put in place would help the state avert disaster.

    We’re intentional in preventing emergencies, disasters, flooding in Ondo — Aiyedatiwa

    Ondo State Governor, Lucky Aiyedatiwa, has reaffirmed his administration’s commitment to preventing emergencies and disasters, particularly flooding, across the state. Speaking on Sunday in Akure while receiving a delegation from the National Emergency Management Agency (NEMA) and the World Bank Group, Aiyedatiwa said proactive measures remain central to safeguarding lives and property.

    He noted that Ondo was among the seven states selected for the Federal Government’s Emergency Preparedness Response (EPR) project, describing the inclusion as a privilege earned through the state’s proactive stance rather than a reflection of high disaster risk. “We are intentional and deliberate about preventing emergencies, especially in flood control. The Ministry of Environment and the Ministry of Infrastructure are working together to deploy our swamp buggy machine for extensive channelisation before the rains start.

    However, he lamented the perennial sea incursion in Aiyetoro community, Ilaje Local Government Area, which has displaced residents and disrupted livelihoods. “The Aiyetoro case is a major problem that requires careful design. Nothing concrete had been done before now, but with the current approach, I believe we will finally provide a lasting solution for Aiyetoro and other affected communities,” he said.

    Aiyedatiwa urged residents to desist from indiscriminate dumping of refuse in drainages and from erecting structures that obstruct waterways, stressing that community support is critical in preventing floods. Speaking at the flag-off, NEMA’s Director of Planning, Research and Forecasting, Mr. Badele Onimode, said the EPR project, supported by the World Bank, would help Ondo develop a robust emergency response plan through hazard mapping, community sensitisation, data analysis, and disaster-response training.

    He commended Ondo’s commitment to preparedness, urging the government to integrate the project into its long-term development plans to ensure sustainability. World Bank representative, Mr. Francis Nkoka, said the institution’s support would go beyond financing to include technical expertise aimed at strengthening the state’s preparedness and response capacity.

    Oyo activates early warning systems, sensitises residents to flooding                                                                             

    The Oyo State Government has activated an Early Warning System (EWS) and intensified sensitisation campaigns across flood-prone local government areas as part of efforts to prevent flooding during the rainy season. Executive Secretary of the State Emergency Management Agency (OYSEMA), Mrs. Ojuolape Busari, said the move was aimed at informing residents in vulnerable communities of impending heavy or moderate rainfall and guiding them on best practices during flood situations.

    She explained that the sensitisation exercises were carried out in collaboration with the National Emergency Management Agency (NEMA) and targeted at local governments listed by the Nigerian Meteorological Agency (NiMet) as high-risk zones. The latest sensitisation, held at Egbeda Local Government Area, brought together stakeholders from across all flood-prone LGAs in the state, where they were equipped with proactive measures and response strategies.

  • Banking sector reforms boost FDI surge, investor confidence

    Banking sector reforms boost FDI surge, investor confidence

    Capital inflows into the Nigerian economy reached $5.6 billion in the first quarter of 2025, according to data from the National Bureau of Statistics (NBS). The increase reflects the impact of key reforms by the Central Bank of Nigeria (CBN) aimed at attracting both local and foreign investment. Notably, $3.1 billion—representing 55.44% of the total—was directed into the banking sector. Stakeholders say this indicates that growing stability in the financial sector is boosting investor confidence, writes Assistant Editor COLLINS NWEZE

    Investor interest in Nigerian assets—both domestic and international—is on the rise, as reflected in recent capital inflows into the country. This growing confidence is largely attributed to crucial reforms implemented by the Central Bank of Nigeria (CBN) under the leadership of Governor Olayemi Cardoso.

    Since October 2023, the CBN has prioritised rebuilding Nigeria’s economic buffers and enhancing resilience. Key policy measures—most notably currency reforms and reduced intervention in the foreign exchange (FX) market—have significantly boosted investor confidence. These steps have attracted foreign investment and fostered greater transparency in Nigeria’s financial ecosystem. One of the most impactful changes has been the unification of exchange rates and the successful clearance of over $7 billion in FX backlog. These actions have positively shifted Nigeria’s investment outlook, with multilateral institutions such as the World Bank commending the moves as bold and necessary for long-term economic sustainability.

    In addition, Nigeria’s sovereign risk spread has dropped to its lowest level since January 2020, reversing the risk premiums built up during the COVID-19 pandemic and subsequent economic pressures. Together, these reforms signal deliberate efforts by the CBN to attract and retain capital inflows, positioning Nigeria as a more stable and appealing investment destination.

    Assessing reforms impact on FX inflows

     These reforms have led to a surge in capital inflows into the Nigerian economy. According to a report by the National Bureau of Statistics (NBS), inflows rose to $5.6 billion in the first quarter of 2025 — a 67.12% increase from the $3.4 billion recorded during the same period last year. The latest Nigeria Capital Importation Q1 2025 report also shows a 10.86% rise from the $5.1 billion reported in the fourth quarter of 2024. “In Q1 2025, total capital importation into Nigeria stood at US$5642.07 million, higher than $3.37 billion recorded in Q1 2024, indicating an increase of 67.12  per cent. In comparison to the preceding quarter, capital importation increased by 10.86 per cent from $5.08 billion in Q4 2024,” the report stated.

    The NBS also stated that portfolio investment ranked top with $5.2 billion, accounting for 92.25 per cent, followed by other investment with $311.17 million, accounting for 5.52 per cent. The report indicated that, “Foreign Direct Investment recorded the least with $126.29 million accounting for 2.24 per cent of total capital importation in Q1 2025.”

    According to the NBS, the banking sector took the lead with the highest inflows in Q1 2025. The report stated, “The Banking sector recorded the highest inflow with $3.1 billion, representing 55.44 per cent of total capital imported in Q1 2025, followed by the Financing sector, valued at $2.09 billion (37.18 per cent), and Production/Manufacturing sector with $129.92 million (2.30 per cent).”  The report further noted that capital importation during the reference period originated largely from the United Kingdom with $3681.96 million, showing 65.26 per cent of the total capital imported.

    In emailed note to investors, Managing Director, Afrinvest West Africa Limited, Ike Chioke, explained that Portfolio Investment (92.2 per cent of total capital) dominated flows, rising by 30.1 per cent quarter-on-quarter, and 150.8 per cent year-on-year to $5.2 billion. The bulk of the FPI flows was to Money market instruments (up 162.2 per cent year-on-year to $4.2 billion), while Bonds (up 108.5 per cent) and Equities (up 137.7 per cent) attracted $877.4 million and $117.3 million respectively.

    Rebased GDP presents new opportunities

    Nigeria’s hope of achieving $1 trillion economy by 2030 will gain significant support from the banking sector. Nigeria’s Statistician-General, Adeyemi Adeniran, had explained how the economy fared in the rebased Gross Domestic Product (GDP) report. He said: “In nominal terms, the rebased GDP for 2019 stood at N205.09 trillion N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.”

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    The NBS noted that in 2019, the rebased nominal GDP at basic prices represented an increase of 41.7 per cent over the nominal GDP of 2019 of the old base year (2010), 39 per cent in 2020, 38.7 per cent in 2021, 36.1 per cent in 2022, 34.6 per cent in 2023 and 35.4 per cent in 2024. “The results show that the structure of the Nigerian economy has changed significantly with a rise in the share of agriculture and services sectors and a fall in the share of the industries sector in nominal terms, indicating a shift in the structure of the Nigerian economy than earlier reported,” the NBS said. Adeniran further explained that the rebasing allows the country to better reflect the realities of the economy. “It’s not just about a bigger number but about accurate, timely data that supports smarter policy and economic planning,” he said.

    Banking sector to the rescue

    A well-recapitalised banking sector is undeniably crucial for the growth of the domestic economy. Hence, the CBN governor advised banks to prepare for a new round of recapitalisation to ensure they have the necessary capital to support the Federal Government’s plan to achieve $1 trillion Gross Domestic Product (GDP) target by 2030. He said that President Bola Ahmed Tinubu’s economic plan aims to reach a $1 trillion GDP by 2030, emphasising that the current bank capitalisation is insufficient to support such a large economic scale. Cardoso asked: “Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1 trillion economy in the near future? In my opinion, the answer is “No!” unless we take action. That action was the ongoing recapitalisation of banks, meant to prepare them for expansion and attract big ticket transactions to support economic growth”.

    The Policy Advisory Council’s report on the national economy set an ambitious target of achieving a $1 trillion GDP, outlining clearly defined priority areas and strategies. According to the head of the National Bureau of Statistics (NBS), the inclusion of new and emerging sectors, updates to consumption baskets, and refined data collection methods have contributed to a more comprehensive picture of national output. Development economist Aliyu Ilias noted that several sectors—particularly entertainment—had previously gone unrecorded in official data.  “By rebasing our GDP now, included those areas properly. This new visibility will make Nigeria appear much stronger to foreign investors, which will naturally help us attract more capital,” he said.

    He explained that the exercise will also reveal untapped economic potential and guide government resource allocation. “It will show where we are strongest structurally, such as in mining or other emerging sectors. That insight will help the government focus its efforts more strategically.” “Finally,” he added, “it will support economic policy formulation, helping us align our strategy with the reality on the ground. We will know exactly where to put more effort.”

    Ilias explained that while this statistical adjustment does not instantly generate new revenue, it creates a more reliable framework for fiscal planning, investment strategies, and development interventions. For him, by aligning economic data with current realities, the government and private sector can more effectively target policies that stimulate job creation, improve productivity, and sustain long-term growth.

    Seun Onigbinde, director of Civic Technology Group BudgIT, said the previous rebasing underscored the substantial impact of policy changes in the services and ICT sectors, such as telecommunications deregulation and banking sector recapitalisation. “Rebasing of the GDP must reflect changes in the economy, which are a product of public policies over time,” he added. Rebasing is also critical for domestic policy. It allows the government to better assess tax collection efficiency, measure sectoral contributions, and design social programmes that are data-driven and results-oriented.

    Gabriel Okeowo, country director for BudgIT, said, “Rebasing allows planners to be more intentional about solving Nigeria’s biggest problems: poverty, infrastructure gaps, and job creation.”

    Lagos-based economist, Nelson Adedeji, explained that despite the bump in GDP size, the rebasing was never a silver bullet.  “We must acknowledge that genuine economic growth extends beyond statistical adjustments. For ordinary Nigerians to experience meaningful improvement in living standards, the President Bola Tinubu administration must complement GDP rebasing with substantive policies addressing infrastructure deficits, security challenges, agricultural productivity, manufacturing capacity, and the overall ease of doing business,” he stated.

    Views from stakeholders

    While US President Donald Trump’s widening trade war has taken emerging markets on a wild ride, Nigeria has quietly held its own, attracting foreign capital reassured by currency reforms and other measures designed to revive the economy of Africa’s most-populous nation. “Nigeria appears to be back in business as long-awaited economic reforms take shape,” said Emre Akcakmak, portfolio manager at East Capital. Key measures include improved currency liquidity, leeway for investors to repatriate their profit, and the stable naira. “We feel the Central Bank of Nigeria will continue to stem any sharp appreciation of the naira to limit profit taking from the fast money community,” Akcakmak said.

    “Portfolio inflows have likely been supported by improved confidence amid key structural reforms, better FX market functioning and moderating dollar-naira volatility, as well as the still-robust nominal yield buffer,” said Samir Gadio, head of Africa strategy at Standard Chartered Plc, told Bloomberg. “Besides, Nigeria’s local market is seen as less correlated with global risk conditions than more liquid EM peers,” he said.

    Nigeria’s economy and businesses have many reasons to be optimistic in 2025, as the impact of recent economic reforms—particularly in the foreign exchange (FX) market, exchange rate system, and large budgetary outlays—begins to yield tangible benefits. According to Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, the country is already emerging from the most painful phase of its reform adjustment process.

    Rewane predicted that the economy would start to recover from the toughest stage of reforms this year, emphasizing the importance of strategic policy implementation and institutional reform. He noted that while the fundamentals of Nigeria’s exchange rate suggest that the naira should be stronger, true stability hinges on the efficiency and effective management of the FX system.

    He stressed that the main challenge lies not in the reforms themselves, but in how they are managed. Poorly sequenced policy shifts and a lack of structural reforms have significantly hindered progress, he said. Rewane also highlighted the crucial role of investment in driving economic growth. “Revenue alone is not enough,” he stated. “Investment is key, but it will be influenced by confidence, transparency, and the right policies.”

    He further pointed out persistent challenges such as power supply inefficiencies and a lack of transparency in the oil and gas sector, both of which demand urgent structural reforms. Looking ahead, Rewane concluded that 2025 will be “less hard, less painful, and less difficult” than the previous year. He emphasised that the severity of the challenges faced in 2024 does not mean they will persist in the same way this year.

  • Transforming education with STEAM labs

    Transforming education with STEAM labs

    In a world racing toward digital transformation, nations thrive not on what lies beneath their soil, but on the strength of their human capital. In Nigeria, where youth potential is vast but underutilised, a bold initiative by Seplat Energy and NEPL is quietly reshaping the future. By investing in STEAM education, Seplat Energy and NEPL are showing how visionary private sector leadership can reshape Nigeria’s future—laying the foundation for a knowledge-driven economy where classrooms, not oilfields, become the true reservoirs of national wealth, reports Associate Editor ADEKUNLE YUSUF

    In every advanced economy, the most powerful engines of growth aren’t oil rigs or factories—they are educated, innovative minds. A well-nurtured intellect fuels invention, drives productivity, and shapes forward-looking institutions. History is clear: no country has truly escaped poverty or underdevelopment without first investing heavily in its people’s intellectual capital. The nations now leading the Fourth Industrial Revolution—Singapore, Germany, South Korea—began by overhauling their education systems, prioritising science and technology, and cultivating generations of critical thinkers and skilled problem-solvers. In today’s world, where knowledge is currency and creativity sets nations apart, a strong, future-focused education system isn’t just important—it’s essential.

    For Nigeria, the stakes are particularly high. With its fast-growing youth population and rising unemployment, the country sits at a crossroads. Automation and artificial intelligence threaten millions of traditional jobs, while the global economy increasingly rewards those with STEAM (Science, Technology, Engineering, Arts, and Mathematics) capabilities. If Nigeria is to compete and thrive in this knowledge-driven century, it must empower its young citizens with the tools to innovate, adapt, and lead. The road to sustainable prosperity and inclusive development doesn’t start in corporate boardrooms—it begins in classrooms where future builders of the nation are shaped.

    At the intersection of urgency and opportunity, NNPC Exploration and Production Limited (NEPL) and Seplat Energy are quietly transforming the education landscape in Edo State and the wider Niger Delta—not through policy lobbying or white papers, but by equipping classrooms with purpose-built STEAM laboratories. In schools like Niger College, Army Day Secondary School, and Oba Akenzua Secondary School, newly commissioned STEAM labs now hum with potential. Outfitted with modern computers, internet connectivity, and subject-specific learning kits, these are not just rooms filled with technology—they are hubs of imagination and inquiry. Each lab reflects Seplat’s deeper commitment: to go beyond conventional corporate social responsibility and become builders of a smarter, more resilient future.

    These three new labs add to an earlier trio established at Ihogbe College, New Era College, and Edo Boys High School—also in Benin City. In neighbouring Delta State, three more schools—Unity Model Secondary School and Women Affairs Secondary School in Asaba, and Afadia College in Ibusa—have also been fitted with similar innovation hubs. Together, these nine STEAM labs across Edo and Delta States signal more than a philanthropic gesture—they are strategic investments in talent, creativity, and the long-term development of the region’s youth.

    Bridging the STEAM divide

    The significance of this intervention lies not just in its scope, but in its timing. Nigeria stands at a critical juncture, grappling with economic fragility and an underperforming education system. According to the Federal Ministry of Education, fewer than 30 per cent of public secondary schools have functional science laboratories. At the same time, the World Economic Forum warns that while 85 million jobs may disappear globally due to automation, 97 million new roles will be created—most requiring STEAM (Science, Technology, Engineering, Arts, Mathematics) proficiency. The risk? Nigeria may be left behind unless this skills gap is urgently addressed.

    What sets the NEPL and Seplat Energy initiative apart is not just the state-of-the-art labs, but the holistic model behind them. Through the Seplat Teachers Empowerment Programme (STEP), the initiative trains educators to deliver STEAM subjects using modern, experiential techniques. By marrying infrastructure with capacity-building, the programme transforms learning from passive memorisation into active exploration. Though the intervention is local, its implications are national. Nigeria has over 81,000 public secondary schools and millions of untapped young minds. Each well-equipped lab isn’t just a classroom—it’s a launchpad for the engineers, coders, and innovators of the future.

    Collaboration comes with benefits

    This transformation was made possible through deliberate collaboration. At the commissioning of the STEAM laboratories, a broad coalition of state officials, school administrators, and community leaders stood in solidarity. Representing Edo State Governor Monday Okpebholo, Education Commissioner Dr. Emmanuel Paddy Iyamu reaffirmed the government’s resolve to scale up the initiative. Commissioner for Mining, Oil and Gas, Andrew Ijegbai, described the labs as integral to the state’s development strategy. When public and private sectors align around a common vision, real change follows.

    Gone are the days when science was confined to chalkboards and rote memorisation. In these labs, students now experiment, code, and build—bringing learning to life. UNESCO reports that schools with functional STEAM labs see up to a 30% boost in student engagement and academic performance. Principals like Godwin Idemudia of Niger College and Osemwenkhae Ezeilekhae of Army Day Secondary School confirm this impact: students are forming science clubs, designing apps, and solving real-world problems after school. Seplat Energy’s intervention exemplifies strategic philanthropy. This isn’t scattered charity—it’s focused, system-level investment in education. By concentrating efforts on one catalytic sector, the company is generating long-term returns for students, communities, and the broader Nigerian economy.

    Road to competitiveness

    The link between education and national competitiveness is both direct and undeniable. According to the World Bank, every dollar invested in education can yield up to $15 in economic returns. When young people acquire STEAM skills, they’re not just improving their own employment prospects—they’re elevating Nigeria’s position in the global innovation and value chain. This initiative marks a redefinition of corporate citizenship. Seplat Energy is no longer just an oil and gas operator—it is evolving into a nation-builder, investing in human capital as deliberately as it drills for resources. It’s a powerful signal that in today’s world, long-term business success hinges on social relevance and systemic impact.

    Still, the task ahead remains formidable. Nine well-equipped labs are a strong start, but they represent just a sliver of the national need. To achieve meaningful scale, a more structured public-private partnership (PPP) framework is critical—one that offers tax incentives for educational investments, matching grants, and measurable impact metrics. As expansion continues, equity must stay front and centre. Girls remain underrepresented in STEAM fields. Future iterations of Seplat’s programme should prioritise gender inclusion—through mentorship, scholarships, and policies that ensure safe, supportive learning environments for all. That’s how to build not just a skilled workforce, but a just society.

    These STEAM labs are not the endgame—they are the prologue to a larger, transformative story. They challenge policymakers, corporate leaders, and educators to reimagine what is possible. More importantly, they ignite hope—not just among students in Edo and Delta States, but across the nation. In a country as complex and promising as Nigeria, true progress should not be measured by GDP figures or oil revenue. It should be seen in classrooms like these—where future scientists, architects, and innovators are nurtured.

    Nigeria has never lacked potential; what it has often lacked is the infrastructure to unleash it. Seplat’s STEAM labs offer a glimpse of that missing scaffolding—technologically advanced, locally grounded, and globally attuned. If this model is embraced and scaled, it could shift the national education narrative—from one burdened by outdated systems to one propelled by future-focused learning. In these quiet, humming rooms of discovery, Nigeria’s next great export may not come from beneath the ground, but from the minds of its youth. And that, perhaps, is the most powerful investment of all.

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    Operational milestones and strategic developments

    Seplat Energy Plc has announced a remarkable financial and operational performance for the first quarter ended March 31, 2025, posting a revenue of N1.228 trillion, a significant leap from N268.6 billion in the same period last year. The company’s gross profit surged to N535.4 billion, up from N63.8 billion year-on-year, reflecting robust margins and enhanced cost efficiency. Profit before tax (PBT) also rose impressively to N314.6 billion, compared to N103.5 billion in Q1 2024. Seplat’s cash generated from operations grew exponentially to N464.9 billion, up from N25.2 billion, underscoring its strengthened liquidity position.

    Seplat maintained solid production performance, averaging 131,561 barrels of oil equivalent per day (boepd), up 167 percent from 49,258 boepd in Q1 2024, exceeding the midpoint of its 2025 guidance range (120–140 kboepd). Onshore assets contributed 56,196 boepd, representing a 14 percent increase over the same period last year. This includes a 10 percent rise in liquids and a 21 percent jump in gas, driven by strong outputs from the Oben Gas Plant and initial production from the Sapele Gas Plant.

    SEPNU (formerly MPNU) contributed 75,365 boepd, consisting of 88 percent crude and condensates, 4 percent NGL, and 8 percent gas, all within guided expectations. Operational safety remained a priority, with the company recording over 7.3 million man hours without a Lost Time Injury (LTI)—including 2.5 million hours from Seplat’s onshore operations and 4.8 million hours from SEPNU. With strong cash flow, Seplat repaid $250 million of its Revolving Credit Facility, reducing it to $100 million, and raised its quarterly dividend to US 4.6 cents per share, reinforcing investor confidence and its commitment to long-term value delivery.

    Seplat Energy’s Q1 2025 performance was further bolstered by key operational milestones. The SEPNU idle well restoration programme added approximately 11,000 barrels of oil per day (kbopd) in gross JV production from the first 10 wells successfully brought back online. This initiative underscores the company’s focus on unlocking value from existing assets through operational excellence. In another strategic achievement, the Sapele Integrated Gas Plant (SIGP) was commissioned and achieved first commercial gas sales in February 2025. The plant is now delivering high-quality processed gas alongside condensate yields of around 2 kbopd, marking a significant step forward in Seplat’s midstream and gas monetisation strategy.

    During the quarter, the company announced changes to its Board of Directors. Bello Rabiu, Senior Independent Non-Executive Director, and Babs Omotowa, Independent Non-Executive Director, resigned following their appointments to the Board of NNPC Limited. In response, the Seplat Board unanimously appointed Bashirat Odunewu as the new Senior Independent Non-Executive Director, ensuring continued governance strength and leadership continuity.

    Chief Executive Officer, Seplat Energy, Roger Brown, said: “2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.”

    He added, “Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.”

  • ‘Why Tinubu is unstoppable ahead of 2027’

    ‘Why Tinubu is unstoppable ahead of 2027’

    As 2027 draws closer, conversations around Nigeria’s political future are heating up. In this incisive interview, lawyer and rights activist Emmanuel Umohinyang, Convener of the Coalition for Good Governance and Justice, makes a bold case for why President Bola Tinubu remains firmly positioned for re-election. Speaking with Associate Editor ADEKUNLE YUSUF, he defends the president’s bold economic reforms, calls out underperforming cabinet members, dismisses the opposition as fractured and directionless, and challenges critics to judge Tinubu by results, not rhetoric. From fuel subsidy removal to local government autonomy, Umohinyang argues that Nigeria is on a path to recovery—and that Tinubu’s steady hand will secure him another term with little resistance. His verdict: performance, not propaganda, will shape Nigeria’s future. Excerpts:

    Naturally, there will always be differing perspectives on President Bola Tinubu’s administration. Nigeria is not a banana republic; in any democracy, those dissatisfied will criticize the president, while others will praise him. Political opponents looking to replace him will try to discredit his efforts. But the truth is, you cannot easily dismiss a team that is delivering results, nor can you undermine a leader who has performed admirably over the past 24 months. That said, not all areas have been perfected—there are still sectors that need attention. The poverty level in the country remains troubling, and Mr. President himself cannot be comfortable with it. What’s ironic is that many of the loudest voices complaining today were part of past governments that created these very problems.

    Just recently, a former official from Rivers State—someone who has spent his entire career in government—claimed there is hunger in the land. This same individual, who left office only a few months ago, suddenly discovered the cost of diesel is high. One must ask: was he unaware of fuel prices during his time as minister? Or was he benefitting from free supplies from contractors? Now that he is no longer in office, and the privileges have dried up, he’s facing what ordinary Nigerians face daily. President Tinubu is not ignoring the hardship people are experiencing. That’s why he continues to engage with stakeholders and leaders across the country, urging them to assure their people that improvements are on the way.

    A major contributor to our current economic discomfort is the president’s decision to eliminate the corruption-ridden fuel subsidy regime and move towards a unified exchange rate. The trial of former CBN Governor Godwin Emefiele is a direct result of the foreign exchange manipulations under his watch—where dollars were recycled and sold on the black market for profit. These necessary reforms came at a cost, initially plunging many Nigerians into hardship. But there’s a turnaround. When subsidy was first removed, fuel prices spiked to as high as N1,800–N1,900 per litre. Today, with Dangote Oil entering the market, prices are beginning to drop due to competition. The NNPC is now responding to market pressure, which is how a real economy should work.

    Nigerians will soon begin to appreciate the wisdom behind these bold decisions. No Nigerian leader has shown the level of courage President Tinubu has—certainly not even the revered Muhammadu Buhari. Buhari was more concerned with public sentiment than with long-term solutions. Tinubu, on the other hand, believes that it’s better for a nation to go through pain early and enjoy sustained prosperity afterward. In the months ahead, as more infrastructure projects are completed and as economic stability returns, more Nigerians will recover from the impact of earlier reforms. Roads are being commissioned, and various forms of infrastructure are springing up across the country. Nigerians must remain patient and allow the president time to implement his vision fully. Some of us stood firmly behind Tinubu from the beginning, even when others pushed forward questionable alternatives. We believed in his Lagos legacy—a city that has become a benchmark for urban development—and we trust that he is replicating that success at the national level.

    Borrowing and the Supreme Court ruling on local governments

    Borrowing, in itself, is not a crime. It only becomes problematic when loans are taken for consumption rather than investment. Eliminating fuel subsidies doesn’t automatically solve all of Nigeria’s complex challenges. Strategic borrowing is still needed to fund critical sectors and prevent stagnation. It’s important to note that governance is not the sole responsibility of the Federal Government. States and local governments also play a crucial role. Unfortunately, many Nigerians overlook the accountability of state governors, even though they now receive up to four times more allocation than during the subsidy era. The poverty people complain about is not exclusively a federal issue. Nigerians should start holding their state governors accountable. What have the 36 governors achieved in the past 24 months with these increased resources? If we evaluate their performance, many would score poorly. Poverty reduction starts at the state and local levels. President Tinubu cannot personally visit every state to address local challenges. Some governors see higher allocations as an opportunity to loot, launching frivolous projects to enrich their inner circle. It’s time Nigerians shift some focus to the states and demand transparency and results from their governors.

    The Supreme Court’s ruling on local government autonomy is being implemented. Once a judgment is delivered by the apex court, it becomes law—no appeal is permitted. The Federal Government has started the process of detaching local governments from the joint account system by facilitating direct accounts with the Central Bank of Nigeria. With 774 local government areas, this is ongoing and systematic. Let’s not forget that it was President Tinubu, through the Attorney General of the Federation, who approached the court in the first place. The resistance from governors is understandable—they have long exploited the joint account system to siphon funds. Most governors, regardless of state, prioritize political ambition over the welfare of their people.

    Insecurity, opposition and the coalition movement

    If there’s any election that looks very easy to win, it’s the 2027 presidential election. There is no real coalition, just a gathering of political figures looking for relevance after losing out on appointments or elections. These are not serious contenders. They’ve accused the president of attempting to create a one-party state, but the real question is: who is to blame if that happens? The president isn’t stopping the opposition from organizing. Rather, it’s the failure of the opposition to offer viable alternatives that’s causing their collapse.

    Back in 2003, the entire South-West was lost to the PDP except Lagos. Tinubu stood alone and rebuilt that political base. He didn’t jump ship; instead, he worked hard over two decades to regain ground. Compare that to today’s opposition: disorganized, leaderless, and confused. Even within the PDP, no one can confidently say who their national chairman or secretary is. Peter Obi, if asked privately, probably doesn’t know who heads his own party. That’s how fractured they are. The so-called coalition is merely a group of disgruntled politicians who didn’t make the ministerial list, lost primaries, or failed in other pursuits. They’re not united by ideology or vision but by personal disappointments. That’s why the president will likely win the 2027 election with ease—they’re too busy fighting among themselves to offer serious opposition.

    No country in the world is free from security issues. In Nigeria, the situation is complex. As the government tackles kidnapping in one region, another region might be facing banditry or insurrection. Our military is stretched thin, operating in over 33 states, which isn’t ideal but shows their commitment. We must give credit to the armed forces—these men and women risk their lives so we can sleep. While security may not be perfect, it’s wrong to say nothing is being done. The president meets regularly with security chiefs, not just for show, but to evaluate strategies for different regions. Security is not one-size-fits-all. Each state has its unique challenges, and the government is responding accordingly.

    The president is also working beyond just kinetic solutions. Improving the people’s welfare is a form of security. Political thugs with access to weapons, often backed by powerful figures, are being targeted too. The weapons needed to fight these threats aren’t bought off the shelf—it takes time and money. A single bomb costs about $200,000. That’s money that could dig hundreds of boreholes. So the government must balance resources. President Tinubu is not resting. Despite being over 70, he stays up late into the night, constantly engaging with stakeholders. Some of us believe the number of visitors he receives should be reduced so he can focus more on governance. Yet, he listens to all advice, evaluates it, and considers its merit before making decisions.

    Endorsements don’t equate to votes. Some of those endorsing the president can’t even win elections in their own families. While some are genuine, others are simply looking for relevance. Tinubu doesn’t let such endorsements distract him. He’s focused on performance. Peter Obi received mass endorsements in 2023—even organized a “one million-man march.” Yet, we saw the result. Tinubu knows that performance, not praise, wins elections. In 2027, he’ll present a track record: infrastructure, reforms, policy impacts—concrete achievements, not mere promises. He may essentially run unopposed in 2027. Who’s challenging him? Parties that can’t name their own executives? A divided coalition with conflicting interests? If we’re honest, looking at where Nigeria was on May 29, 2023—subsidy removed, inflation rising—and where we are now, we can already see gradual improvement. The results may not yet be fully visible, but policy indicators suggest recovery.

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    While some ministers are performing excellently—like the Minister of Works and the FCT Minister—others are underwhelming. The Power Ministry needs urgent attention. The current minister does not seem up to the task, and the president is aware. Unlike the Buhari era, Tinubu won’t allow non-performers to remain for four or eight years. He monitors his cabinet closely and receives real-time reports. Take the Housing Ministry, for instance—completely absent in policy and visibility. Since inauguration, the only time the Minister made news was during a handover ceremony with the EFCC. Such appointees must be shown the door. The Aviation Minister, Festus Keyamo, speaks often but doesn’t follow through. Airline delays, passenger mistreatment, and fare issues persist. You don’t fix that with press statements—you need decisive action. In contrast, Tunji Ojo at the Interior Ministry is working day and night, delivering tangible results. Ministers like that must be encouraged. But those who have faded into the background—like the Minister of State for Petroleum—should be replaced. The Adiza Committee is profiling them, and we expect a cabinet shake-up soon. A non-performing minister is a liability: collecting salary, enjoying privileges, but offering nothing in return. The president must continue to evaluate performance and prioritize the people’s needs.

    Looking ahead to 2027

    Nigerians must pray for and support the president. Nation-building is not the president’s job alone—it’s a collective effort. Every citizen, from the family unit upward, must play a role. If the country fails, we all lose—not just the president. The opposition, frankly, is doing the president a favour by fighting among themselves. Let them continue. Tinubu was once in the opposition himself. He knows the value of structure and long-term planning. Let them build theirs too, not just sit and complain. Their so-called coalition is a joke. They can’t agree on anything, and they leak strategy meetings to the ruling party. How can such a group challenge a disciplined, strategic leader like Tinubu? As 2027 approaches, the president must continue focusing on key sectors—especially electricity and housing. He must ensure his cabinet reflects his vision. Nigerians don’t want excuses—they want results. And if the current momentum continues, Tinubu’s performance may very well win him the next election, with or without opposition.

  • Why Fed Govt suspended FRC Amendment Act 2023

    Why Fed Govt suspended FRC Amendment Act 2023

    The Federal Government has halted the enforcement of contentious provisions in the Financial Reporting Council (FRC) Amendment Act 2023 after concerns from private sector stakeholders. While the FRC defends the Act as duly passed through legislative processes, analysts are urging greater autonomy for the council to ensure its independence, in line with global best practices, reports Associate Editor ADEKUNLE YUSUF

    The Federal Government has suspended implementation of contentious provisions in the Financial Reporting Council (FRC) (Amendment) Act 2023, following extensive consultations with industry stakeholders. Meanwhile, fresh calls are emerging for the Council to be granted greater operational autonomy, enabling it to function independently in line with its counterparts in other leading economies.

    Under the leadership of Executive Secretary Dr. Rabiu Olowo, the FRC is tasked with developing, publishing, monitoring, and enforcing accounting, auditing, actuarial, valuation, corporate governance, and sustainability standards for Public Interest Entities (PIEs) in Nigeria through its seven specialised directorates. Minister of Industry, Trade, and Investment Dr. Jumoke Oduwole recently announced the suspension after high-level engagements with key industry groups, including the Nigeria Employers’ Consultative Association (NECA), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Oil Producers Trade Section (OPTS).

    Central to the controversy is the reclassification of large private companies as PIEs, requiring them to remit annual dues of between 0.02 and 0.05 per cent of turnover without a ceiling. Critics argue that this contrasts sharply with the N25 million cap applied to publicly listed companies, raising fears that such provisions could escalate compliance costs and dampen investor confidence. Oduwole stressed that the pause reflects President Bola Ahmed Tinubu’s pro-business stance under his administration’s 8-Point Agenda. She noted that a stakeholder consultation was held on March 26, 2025, leading to the administrative pause and the creation of a Technical Working Group to review the contentious provisions and propose workable reforms.

    Based on the findings, Oduwole said President Tinubu recommended the continuation of the pause pending legislative review. “To provide immediate relief, the Ministry has now directed the Financial Reporting Council to impose an interim cap of N25 million on annual dues for private sector PIEs, aligning them with the publicly quoted companies. This move will ensure regulatory equity, boost investor confidence, and allow for a broader review of the Act, with input from the Ministry of Justice where necessary,” she added.

    In defence of FRC Act 2023

    Analysts have defended the Financial Reporting Council (Amendment) Act 2023, stressing that it underwent the full legislative process before its passage. They note that the amendment did not occur during the tenure of the current Executive Secretary, Dr. Olowo. According to them, the provisions of Section 33 were carefully crafted to distinguish between listed and non-listed entities. Listed companies, they argue, are already subject to rigorous oversight by multiple sectoral regulators, including the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX). In contrast, non-listed entities, which operate with fewer external checks, require an additional layer of scrutiny to ensure transparency and accountability.

    “The practice is the same in other jurisdictions. The use of turnover is used in other jurisdictions. It is even higher in Kenya. The organised private sector has forced the government to go against the separation of powers, with a presidential directive being used to amend a law rather than going through the legislative process.  Now they want to go further to dictate how the presidential directive is to be enforced,” they said.

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    The stakeholders further explained that attempts are being made to push for selective amendments to the law without due recourse to the National Assembly. They cautioned that such moves send the wrong signal, especially as the international and business communities are closely observing developments. In their view, it is inappropriate to interfere with a legislative process or to direct and instruct a statutory agency on how to carry out its mandate.

    They added that true independence for regulators like the FRC is critical. In many jurisdictions, similar bodies operate with a high degree of autonomy, safeguarded by the very laws that establish them. Granting the FRC the same independence, they argue, would enhance its credibility, strengthen regulatory oversight, and align Nigeria with global best practices. “What are they telling the FRC to do? Change its laws by itself? Disobey the law of the land? It is a dangerous precedent that would give an agency of government the power to modify its laws at will. If the organised private sector has an issue with the law, let them go to the National Assembly. If they had done so since the beginning of this fight with FRC, the law may have been amended by now. Rather, they have resorted to ambush and arm-twisting the FRC. Changing laws at will is not to be encouraged,” experts said.

    Stakeholders insist that preventing regulatory capture and safeguarding oversight integrity are essential to maintaining the authority of regulatory bodies. “The government must remain vigilant in this regard. Agencies like the Financial Reporting Council (FRC), established through transparent legislative procedures, have their independence and mandates enshrined in law. Any move to subvert or dilute these legal powers—whether by private sector pressure or administrative overreach—risks rendering regulation ineffective. The experience from global counterparts such as FRC UK, FRC Mauritius, and the PCAOB demonstrates the value of strong, independent oversight for corporate accountability,” they said.

    According to them, the notion that regulated entities should influence how they are monitored introduces a structural flaw into the governance system—one that could embolden corruption and trigger avoidable corporate failures. While the OPSN’s willingness to engage government on key economic issues is a welcome development, it must avoid actions that could be interpreted as undermining the law or pushing regulatory agencies to overstep their legal mandate. Instead, OPSN should champion lawful governance and encourage strict adherence to established procedures. “Relying on executive shortcuts to amend laws like the FRC Act may seem expedient, but it undermines democratic norms. When similar approaches are used in other areas, those who once supported administrative fiat may find themselves without moral leverage to object. We therefore encourage OPSN to seek redress through the National Assembly, working through the appropriate committees to build a solid legal foundation for reform. Civil society and conscientious citizens must also insist on the rule of law as the bedrock of effective regulation,” they stated.

    FRC Act 2023 milestones

    In its response to the Nigeria Employers’ Consultative Association (NECA) report, the Financial Reporting Council clarified that the 2023 amendment of its Act was designed to strengthen the Council’s capacity and regulatory effectiveness. Key objectives included reducing the size of the Board to minimise conflicts of interest, providing a clearer definition of Public Interest Entities (PIEs) to remove ambiguities, protecting significant private entities from potential failure, and expanding the enforcement powers necessary for the Council to fulfil its statutory mandates.

    The amendment process began on October 28, 2020, when the FRC Board established a six-member committee to review the Financial Reporting Council Act 2011. This was followed by oversight visits by the National Assembly committees on June 17–18, 2021, which identified gaps in the 2011 Act, especially in addressing emerging trends in financial and corporate reporting in Nigeria. The draft Bill progressed through legislative procedures, with readings held on October 7 and November 23, 2021, and a public hearing convened on February 1, 2022, for stakeholder engagement. The Senate passed the Bill on November 30, 2022, and the National Assembly gave final approval on January 31, 2023. It was transmitted to the President on April 5, 2023, signed into law on May 3, 2023, and gazetted on July 19, 2023.

    The FRC’s mandate is to promote trade and investment by ensuring high standards of financial reporting and corporate governance, protecting investors and stakeholders. Its vision is to serve as “the conscience of regulatory assurance in financial reporting and corporate governance in Nigeria,” while its mission focuses on building investor confidence, strengthening oversight, and ensuring quality in accounting, auditing, actuarial, valuation, corporate governance, and sustainability reporting.

    The Financial Reporting Council notes that the definition of Public Interest Entities (PIEs) differs globally but generally hinges on systemic importance, including accountability, economic impact, and market influence. Nigeria’s Section 77 of the FRC Act defines PIEs to include government bodies, listed and regulated entities, public limited companies, holding firms of regulated entities, concessionaires, privatised entities with government interest, and firms handling public works above ₦1 billion or with turnovers exceeding ₦30 billion. FRC says these provisions ensure oversight of entities with major economic and social footprints. Yet, the Council struggles with underfunding, manpower shortages, limited training, scaled-down inspections, and inadequate infrastructure, hindering its ability to fully meet its mandate.

    Transformative strides at the FRC

    In recent years, the Financial Reporting Council (FRC) has modernised its operations, notably through a sweeping digital transformation and creation of a national financial statements repository to boost transparency and oversight. Two new directorates—Actuarial and Valuation—have expanded its regulatory scope, supported by new rules like ICFR, Rule 13, and Rule 14, plus resumed audit firm inspections.

    The Council has championed actuarial education, issued a Corporate Governance Code for SMEs, and launched the Adoption Readiness Working Group for Sustainability Reporting. Other initiatives include industry-focused IFRS sustainability trainings, establishing an Islamic Financial Services Division, and running “Train the Trainers” programmes for MSME practitioners with UNCTAD ISAR. A structured capacity-building plan for staff and a globally competitive fee regime underscore the FRC’s drive to strengthen Nigeria’s financial reporting and corporate governance landscape.

    Position of NECA and other OPSN members

    In a joint statement, the Nigeria Employers’ Consultative Association (NECA) and other members of the Organised Private Sector of Nigeria (OPSN) commended President Tinubu and Dr. Oduwole for suspending contentious provisions of the Financial Reporting Council (FRC) (Amendment) Act 2023.

    Signed by the heads of MAN, NACCIMA, NECA, NASSI, NASME, and endorsed by ALTON, OPTS, and over 30 sectoral associations, the statement welcomed the cap on annual dues for private-sector Public Interest Entities (PIEs) at ₦25 million, matching the limit for listed companies. OPSN called it a clear signal of the administration’s pro-investment and Ease of Doing Business commitment. The decision followed months of technical reviews amid fears that the uncapped, turnover-based levy in Section 33 would disproportionately burden large, unlisted firms. OPSN also presented comparative data showing that peer regulators in the UK, US, South Africa, Kenya, Canada, Australia, France, Germany, and Egypt favour predictable, proportionate funding through capped fees, appropriations, and profession-linked charges—eschewing open-ended turnover-based levies.

  • Building brighter futures with renewable energy empowerment

    Building brighter futures with renewable energy empowerment

    Seplat Energy, the oil and gas giant, is stepping up its commitment to youth empowerment in Edo State through impactful project design and execution. The NEPL/Seplat Joint Venture (JV) has launched the inaugural edition of its Youth Entrepreneurship Programme (YEP), a skills-building initiative aimed at training Nigeria’s next generation of renewable energy leaders. For the first batch of beneficiaries, the programme marks the beginning of a productive journey toward a brighter, more sustainable future, reports Associate Editor ADEKUNLE YUSUF

    Tackling youth unemployment requires more than isolated interventions; it demands a comprehensive approach that combines quality education, robust vocational training, digital literacy, entrepreneurship, and policies that enable businesses to thrive. Equally vital are strong public–private partnerships, strategic infrastructure investment, and supportive government frameworks that create sustainable pathways for young people.

    Seplat Energy, through the Seplat JV Youth Entrepreneurship Programme (YEP), is demonstrating how these principles translate into impact. YEP, a skills-building initiative of the NNPC Exploration and Production Limited (NEPL)/Seplat Joint Venture, recently celebrated its maiden set of beneficiaries in Edo State. In Ologbo N’ugu, a quiet community in Orhionmwon Local Government Area, the winds of change are blowing — not heralded by fanfare, but by the hum of solar inverters and the spark of ambition. For years, many youths here have endured unemployment and underemployment, watching opportunities drift away like Harmattan haze. But on May 29, 2025, a new chapter began.

    On that day, 53 young men and women stood proudly, not to entertain an audience but to mark their graduation. They were the first cohort of YEP, trained to become leaders in Nigeria’s growing renewable energy sector. For these beneficiaries, graduation meant more than certificates; it marked a launchpad to self-reliance, employability, and the power to create jobs for others. By equipping youth with practical skills in solar technology and entrepreneurship, YEP embodies what’s possible when businesses invest in communities. Programmes like this prove that when the right training, resources, and support systems converge, young people can transform their lives and, by extension, their communities. Through initiatives like YEP, the vision of reducing youth unemployment becomes more than an aspiration — it becomes an unfolding reality.

    A programme rooted in purpose

    At its heart, the Youth Entrepreneurship Programme (YEP) is built on a simple yet transformative belief: equip young people with the right skills and knowledge, and they will, in turn, transform their communities. Delivered in partnership with EtinPower Limited, YEP combines hands-on technical training with flexible digital learning, preparing participants for rewarding careers in renewable energy — with a focus on solar installation and maintenance.

    Over several intensive weeks, beneficiaries navigated a blend of virtual modules and field-based sessions, covering energy efficiency, solar panel installation, maintenance, safety protocols, and the fundamentals of small business development. Beyond teaching how solar power works, the programme instils an entrepreneurial mindset, enabling participants to convert clean energy solutions into viable enterprises. By fostering technical competence and business acumen, YEP empowers a generation poised to drive sustainable development and economic renewal in their communities.

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    “This initiative is not just about providing training,” said Chioma Afe, Director of External Affairs & Social Performance at Seplat Energy. “This initiative is not just about power. It’s about empowering these young people to become self-sufficient, to drive innovation, and to serve as ambassadors of a cleaner, more sustainable Nigeria.” Afe described the 53 graduates as “torchbearers for a new era” — leaders not just for their community, but for the entire state and, indeed, the country’s evolving energy sector.

    Among the 53 graduates, six participants distinguished themselves — not merely through academic excellence, but with ingenuity, discipline, and a clear entrepreneurial vision. Recognised as the programme’s shining examples, they received empowerment grants during the graduation ceremony — seed funding designed to help them launch their own clean energy ventures. For these six, the Youth Entrepreneurship Programme (YEP) was far more than a training experience; it became a true springboard, equipping them with the confidence, resources, and support to transform their ideas into thriving businesses and create opportunities that will ripple across their communities.

    Strategic partnership for impact

    The Youth Entrepreneurship Programme (YEP) owes much of its strength to a strategic alliance with EtinPower, a Nigerian renewable energy firm that infused the initiative with vital layers of quality, structure, and technology. EtinPower contributed deep industry expertise, access to real-world equipment, and exposure to ongoing projects, while the NEPL/Seplat Joint Venture (JV) ensured an unwavering focus on creating sustainable development opportunities for the people of Ologbo N’ugu and beyond.

    Together, they developed a curriculum that is both locally relevant and globally competitive — an essential milestone for Nigeria, where over 85 million people still live without reliable electricity, according to the International Energy Agency (IEA). YEP’s mission dovetails with the United Nations’ Sustainable Development Goals (SDGs) 1, 4, 7, and 8, tackling youth unemployment and energy poverty simultaneously. By equipping young people with marketable skills in solar technology and entrepreneurial thinking, the programme empowers them to create businesses that meet urgent energy needs while generating sustainable livelihoods. It also advances Nigeria’s broader Energy Transition Plan (ETP), launched in 2022, which charts a path to achieving net-zero emissions by 2060.

    The programme’s early success has not gone unnoticed. At the graduation ceremony, Edo State Governor Senator Monday Okpebholo, represented by Hon. Saturday Egbadon, Director General of the Edo State Electrification Agency, lauded the YEP as a model for public–private collaboration in addressing critical social and economic challenges. “I am greatly thrilled by this development,” he said. “It fits perfectly into our developmental agenda — Operation Light Up Edo State. This initiative is critical in our effort to bring sustainable power to every part of the state, especially underserved and rural communities.”

    His sentiments were echoed by Barrister Felix Osewengie, Special Adviser to the Governor on Oil and Gas Matters, who underscored the value of community participation and local resources. He stressed that YEP reflects the administration’s commitment to inclusive development and local content — central pillars of Governor Okpebholo’s governance agenda.

    Views from stakeholders

    Local leaders, too, have recognised the ripple effect of the programme. Chief Gius Eheneden, the Ero of Umughuna, spoke on behalf of the Ologbo N’ugu autonomous community, expressing gratitude for the investment in local youth: “We are delighted at what has happened today,” he said. “We believe this is the beginning of a new dawn in the history of Ologbo N’ugu’s association with the oil and gas industry in Nigeria.” For Chief Eheneden, these youths are no longer passive recipients of aid; they are now active stakeholders in their own futures and, by extension, in the future of their communities.

    The success of the Youth Entrepreneurship Programme (YEP) in Ologbo N’ugu offers a compelling blueprint for other communities across Nigeria. With demand for clean energy rising and nearly half of Nigeria’s population under the age of 19, the potential for a youth-driven renewable energy revolution is immense. By harnessing this demographic dividend, YEP positions young people not merely as job seekers but as catalysts for sustainable development.

    Seplat Energy’s wider community investments — from scholarship schemes to vocational training across Edo, Delta, and Imo States — reinforce its enduring commitment to human capital development. For residents and businesses in Ologbo N’ugu, one reality stands out: the NEPL/Seplat Joint Venture is not only powering homes and enterprises; it is powering possibilities. Through a carefully crafted blend of strategy, partnership, and purpose, YEP is shaping a new narrative for Nigeria — one in which young people generate opportunities rather than wait for them, and where access to energy is created by the very hands it uplifts.

    For the 53 graduates of this maiden edition, the journey has only just begun. Equipped with practical skills, entrepreneurial insight, and the confidence to lead, they now stand at the forefront of a cleaner, more inclusive energy future. Their success is a testament to what becomes possible when vision meets action, and investment in youth becomes investment in the nation’s tomorrow.

    Seplat Energy Plc has announced its audited financial results for the first quarter ended March 31, 2025, showcasing significant year-on-year growth across all key performance metrics. The company reported revenue of N1.228 trillion, a remarkable surge from N268.6 billion in Q1 2024. Gross profit jumped to N535.4 billion, compared to N63.8 billion year-on-year. Cash generated from operations soared to N464.9 billion, up from N25.2 billion in the same period last year. Profit before tax (PBT) also climbed to N314.6 billion, a sharp increase from N103.5 billion year-on-year.

    Seplat Energy delivered robust production and cost performance during the quarter, positioning the company strongly to meet its full-year 2025 guidance. The firm’s healthy cash flow supported an early repayment of $250 million on its Revolving Credit Facility (RCF), reducing it to $100 million. The company also announced an increase in its quarterly dividend to US 4.6 cents per share. Average production stood at 131,561 barrels of oil equivalent per day (boepd), a 167 percent increase from Q1 2024 (49,258 boepd), and comfortably within the company’s 2025 guidance range of 120,000 to 140,000 boepd.

    Operational safety remained a key highlight, with Seplat Energy recording over 7.3 million man-hours without a Lost Time Injury (LTI). This included 2.5 million hours on Seplat’s onshore-operated assets and 4.8 million hours on assets operated by Seplat Energy Producing Nigeria Unlimited (formerly MPNU). Notably, onshore production averaged 56,196 boepd — 14 percent higher than Q1 2024 — driven by a 10 percent rise in liquids and a 21 percent increase in gas output, following strong performance at the Oben Gas Plant and initial contributions from the newly operational Sapele Gas Plant.

    SEPNU delivered a production contribution of 75,365 boepd, in line with guidance, comprising 88% crude and condensate, 4% NGL, and 8% gas. The idle well restoration programme added approximately 11 kbopd gross JV production from the first ten wells brought back onstream. The Sapele Integrated Gas Plant (SIGP) was successfully commissioned, achieving its first commercial gas sales in February 2025. The plant is currently delivering high-quality processed gas with condensate yields of around 2 kbopd.

    In governance updates, Bello Rabiu, Senior Independent Non-Executive Director, and Babs Omotowa, Independent Non-Executive Director, resigned from the Board following their appointment to the NNPC Limited Board. The Board has unanimously appointed Bashirat Odunewu as the new Senior Independent Non-Executive Director.

    Chief Executive Officer, Seplat Energy, Roger Brown, said: “2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.”

    He added, “Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.

    “We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $ 4.6c/share, an 28 per cent increase in our quarterly dividend versus 4Q 2024.”

  • How communities are battling plastic pollution, turning trash to cash

    How communities are battling plastic pollution, turning trash to cash

    Though a global crisis, communities across Nigeria are rising to the existential threat of plastic pollution. From door-to-door plastic collection programmes to innovative community-led clean-ups and recycling centres, as well as strategic partnerships with businesses, governments and Non-governmental Organisations (NGOs), grassroots efforts are yielding fruit. CHIKODI OKEREOCHA, JULIANA AGBO, TOBA ADEDEJI and ONIMISI ALAO examine how communities, entrepreneurs and environmental advocates are combating the menace of plastic pollution, transforming it into a tool for empowerment and job creation.

    Doubeli is a community around central Jimeta in Yola North Local Government Area (LGA) of Adamawa State, Northeast Nigeria. Doubeli is known for its famous divisional police headquarters and exit point from an equally famous bridge which, crossing the River Benue at that axis, admits travellers into Yola, the state capital, from the northern part of the state.

    Contrastingly, Doubeli also has an infamous feature: a notoriously huge garbage dump which tells an ugly story of environmental untidiness. While the dump remains in place at least, as at last weekend, much of the waste, particularly its plastic elements, was gone.

    The Nation learnt that it took the intervention of the Yola Renewal Foundation, a Non-Governmental Organisation (NGO) that has, for many years, been leading the charge for a cleaner Yola, to change the story of the dump that has blighted the Doubeli Community and its environs.

    Narrating how the change in the dump began, the Foundation’s Programme and Partnership Lead, Mr. Jimmy Lot said: “When we carried out a research, we noticed that the eyesore you always notice along the Doubeli section of the Jimeta By-pass, the extensive waste dump, has a linkage with the River Benue at the Jimeta axis. When it rains, flood carries the waste, including the plastic materials, into the river.”

    But it wasn’t just the eyesore that the monstrous waste dump became that roused the Foundation into taking immediate and sustained action to remedy the situation. The health hazard it posed was also particularly unacceptable to the Foundation.

    Lot explained it thus: “Over time, the plastic degrades and fish feed on it. When the fish eats, it doesn’t digest in their system. The fish eventually ends up in the market, and people buy and eat it. This makes us prone to cancer.” He described the situation as “particularly far-reaching because the River Benue is a long river.”

    Lot did not stop there. “When we throw out or let our plastic waste get into the river, we are harming not only ourselves but also people a long way off in communities along the river,” he added, noting that this was why the notorious Doubeli garbage dump was tamed and four other communities similarly saved.

    He said after research uncovered that Yola is a huge contributor of plastic waste, particularly in Doubeli, Borongi, Rumde, Angwan Tana, and Jambutu communities, the Foundation picked those five communities and concentrated efforts in removing the waste.

    But in doing so, the NGO literally killed two beds with a stone. Its plastic waste disposal campaign turned into a tool for wealth creation. “We engaged youths we called Eco-champions who were stationed in those communities. Their responsibility was collecting plastic waste from households,” Lot said.

    According to him, the Foundation began paying N30 per kilogram (kg) of plastic waste to the Eco-champions and raised it gradually to N100. He pointed out that between 2021 and 2023, the project collected more than 350 tons of plastic waste, inclusive of sachet polythene bags.

    Lot further revealed that the project, which empowered thousands of youths, became a strong justification for the building of a plastic recycling hub by the Foundation in Sangere, Numan Road, Yola.

    The recycling hub, inaugurated in 2023, was designed to convert plastic waste into flex and pellets by collecting plastics, sorting them into different colours and qualities, shredding them, and transporting them to plastic manufacturers, mostly in Abuja and Lagos.

    The hub came three years after the Foundation had been collecting waste and needed a facility to process it for further use.

    However, Doubeli Community in Yola is not the only community in Nigeria that now boasts a trash-to-wealth story, galvanised by the fight against plastic pollution. In Abuja, Nigeria’s Federal Capital Territory (FCT), Chanja Datti is the home of waste recycling and a leader in the green revolution.

    Checks by The Nation reveal that Chanja Datti has leveraged community-led initiatives and partnerships to change the narrative in the plastic waste space.

    For instance, partnering with United Nations Development Programme (UNDP), GIZ, Transcorp, Coca-Cola and other private entities, Chanja Datti focuses on the collection of recyclables such as Polyethylene Terephthalate (PET) plastics, aluminium cans, papers and old newspapers, cardboard, cartons, tires and glass bottles.

    These recyclables are transferred as raw materials in flakes/baled form to manufacturers or Chanja Datti’s clients for complete recycling into other finished products. Similar to the Yola Renewal Foundation’s waste-to-wealth template, Chanja Datti offers competitive prices for its collection and disposal services.

    Residents earn points based on the volume of recyclables they contribute, redeemable for household items or cash. For many low-income families, this has been a lifeline.

    “I used to throw everything away; now, we keep our plastics for the Chanja Datti. The money we earn helps with school supplies, Hauwa Musa, a mother of three, said.

    Students, youths in Osun dig in

    In Osun State, Southwest Nigeria, students and youths on campuses across the state are also at the forefront of turning waste, especially plastic waste, into a fortune. This, The Nation gathered, was a sequel to the commencement of advocacy by the Osun State Government, through the Ministry of Environment and Renewable Energy, to campuses in the state to educate students on plastic waste.

    Khadijat, a student of Obafemi Awolowo University (OAU), Ile-Ife, said students normally dispose of plastic indiscriminately until last year when the advocacy began.

    According to her, we used to dump the plastic alongside other waste, but I think a government official came to our campus last year and spoke with student union leaders and the school management. They later gave them a place where we dump our plastic waste and collect money.

    A student of Osun State Polytechnic, who identified herself as Fisayo, also said: “Since they created a special dump site for plastic waste, we always compete among ourselves to gather used plastic both in school and outside the school. We are given money according to the weight of what we gather. The money we get from this is used to cater for our personal needs.”

    Oluwashina Odebode, another youth, who just concluded the one-year mandatory National Youth Service Corps (NYSC), said that about two months ago, she attended a climate change programme organised by the Osun State Government, which was held in Ede. She said it was from the programme that she picked personal interest in having her own dump, which she began last month at Agunbelewo, Osogbo.

    While students and youth in the state appear to have struck gold, literally, by gathering used plastic waste for cash, the Osun State Government said it has concluded plans to build the largest plastic waste recycling plant to tackle pollution in the state.

    The Senior Special Assistant to Governor Ademola Adeleke on Renewable Energy, Ministry of Environment, Funmiso Babarinde, explained that the state has been deliberate about pollution in the past two years, and has, through the Office of Climate Change, Renewable Energy and Circular Economy, been educating the people that “no waste is a waste until you waste it.”

    Babarinde’s words: “Everything we use now can be recycled for another product. We now have vehicles across the state that pick up plastic and other waste to our major dump sites in Osogbo, Iwo, Ife and Ilesa, among other small dump sites scattered across the state. We have stepped up collection process of these wastes individually and collectively.”

    The foregoing tales of local partnerships—with businesses, governments and environmental organisations to battle the scourge of plastic pollution—mirror the situation across the country where community-led efforts to reduce plastic waste, promote recycling and encourage sustainable practices have taken centre stage in a bid to combat the existential threat posed by plastic pollution.

    An escalating global crisis of unimaginable scale, about 23 million tons of plastic waste leak into aquatic ecosystems annually, contaminating lakes, rivers and seas, according to the United Nations Environment Programme (UNEP). This pollution disrupts natural habitats, accelerates climate change and undermines sustainable development.

    As if this is not scary enough, global plastic consumption is projected to reach 516 million tons this year, with fears that if current consumption patterns continue, it will rise to over 1.2 billion tons annually by 2060.

    Although plastics have benefits, including energy savings and resource conservation, the snag is that the rising plastic pollution poses a significant threat to the planet and health. For instance, across the globe, plastic pollution is contaminating water supplies, food sources and the air people breathe.

    The thing is that as plastics break down, they enter the food chain. Micro-plastics have been detected in human arteries, lungs, brains and breast milk.

    According to experts, environmental factors contribute to the deaths of about 13 million people worldwide yearly. Almost half of these fatalities are attributed to air pollution, with the health and economic costs of unhealthy air pollution currently put at $2.9 trillion.

    Nigeria badly hit

    Nearer home, Nigeria, Africa’s largest and most populous country boasts an unenviable record as world’s second-largest producer of plastic waste, producing between 3-3.5 million tons of plastic waste annually.

    A significant portion of this huge plastic waste ends up in waterways, blocking drainage systems across the country, increasing the risk of urban flooding and polluting the Atlantic coastline.

    Indeed, Nigeria’s marine biodiversity and public health have never been this threatened. Lagos State, the country’s commercial nerve centre, alone generates about 2,250 tons of plastic waste, making it the city with the highest emitter of plastic pollution in the world. Some of the plastics find their way into water bodies where they disrupt marine ecosystems.

    Some of the plastic wastes also settle on the seabed or drift onto beaches in many coastal areas across the country, especially in the Niger Delta region, where inhabitants daily inundate the authorities with complaints that the plastics alter natural habitats, especially for species such as seabirds and turtles that rely on these areas for nesting and feeding.

    It is easy to see how this is so. Experts say that when plastics break down under heat and saltwater, they release toxic chemicals such as bisphenol A (BPA) and phthalates—synthetic chemicals used in making polycarbonate plastic—polluting freshwater sources and marine life. These chemicals are not just harmful to aquatic organisms; they also make their way into the food chain, eventually reaching humans.

    An environmental advocate and former presidential candidate, Dr. Gbenga Olawepo-Hashim lamented that “plastic waste has become a silent invader in our homes, rivers, oceans and even our food chain.”

    According to him, plastic waste threatens wildlife, undermines public health and disrupts ecosystems in ways that demand immediate and sustained action.

    “From clogged drainage systems in our cities to polluted waterways in our rural communities, the evidence of plastic pollution is everywhere,” Olawepo-Hashim said, warning that “Nigeria, like many other countries, is not immune to these dangers.”

    The occasion was this year’s “World Environment Day,” which focused on tackling plastic pollution by urging countries, organisations and individuals to act together to protect the planet.

    Observed on June 5, Olawepo-Hashim seized the platform of the 2025 World Environment Day whose theme was “Ending Plastic Pollution” to insist that “Nigerians must rethink our relationship with plastic.”

    Lagos State bans single-use plastics

    However, in a bid to contain the health and environmental hazards of plastic pollution, the Lagos State Government, in January 2024, banned the use of Styrofoam and single-use plastics, enforceable from July 1, 2025. The Commissioner for Environment and Water Resources, Tokunbo Wahab cited clogged drainage, rampant littering and increased flooding as reasons for the ban.

    But the ban, which aimed at reducing plastic waste and promoting sustainability, did not go down well with some stakeholders, particularly those in the plastics manufacturing sector.

    For instance, the Manufacturers’ Association of Nigeria (MAN) expressed concern that the proposed nationwide ban on single-use plastics would lead to closures of many small and medium manufacturing enterprises and undoubtedly have a telling impact on the operational landscape for businesses across diverse sectors.

    MAN said Small and Medium Enterprises (SMEs) within the plastics industry are particularly vulnerable to the negative impact of the ban, as these businesses often have limited resources to invest in new technologies or retool their operations.

    “Consequently, they may face significant challenges in adapting to the new regulatory environment. The closure of SMEs can have far-reaching consequences for local economies, as they contribute to job creation, tax revenue and supply chain stability,” MAN stated.

    On his part, the CEO of Printrite Foundation for Sustainable Environment and Education, a non-profit organisation, Austin Igwe said it’s not just about asking the government to ban single-use plastics; it’s about providing practical, eco-friendly substitutes that people can adopt easily.

    The Foundation launched an initiative aimed at reducing the environmental impact of single-use plastics in 2024. The initiative, called the Plastic Alternative Container (PAC) Project, introduced a range of practical and sustainable containers as substitutes for conventional single-use plastics.

    Igwe said the PAC Project features biodegradable and 100 per cent recyclable materials designed to replace non-degradable plastics commonly used in markets and other commercial spaces.

    The goal, he said, is to provide a practical solution that not only reduces plastic waste but also minimises health risks associated with plastic usage.

    According to him, the initiative goes beyond merely advocating for policy changes. “While advocacy is important, we felt the need to take a step further by offering a viable alternative. It’s not just about asking the government to ban single-use plastics; it’s about providing practical, eco-friendly substitutes that people can adopt easily,” Igwe emphasised.

    Communities turn trash to cash, create jobs

    Faced with the formidable existential threat foisted on them by plastic pollution, a coalition of communities, entrepreneurs and environmental advocates refused to succumb to the threat.

    Accordingly, across communities affected by the menace, local innovation and partnerships with businesses, governments and NGOs, exemplified by the Doubeli Community in Yola, Chanja Datti in Abuja, students and youths on campuses across Osun State, and even foundations aimed at reclaiming the environment are showing promise.

    However, while grassroots efforts sow seeds of change, environmental experts insist that sustainable transformation requires systemic support. An environmentalist, Jude Ozo said despite these successes, challenges persist. He said, for instance, that in many rural areas, there is no formal waste collection system.

    He said even where infrastructure exists, poor maintenance and lack of community buy-in slow progress. Also, public education around waste sorting remains low, and in several states, environmental policies exist only in name.

    “People see plastic waste as dirty or worthless. Changing perception is just as important as building bins and trucks,” Ozo told The Nation.

    Another challenge, he said, lay in the cultural shift needed to change people’s attitudes toward waste. Despite the growing awareness of the environmental crisis, many Nigerians still view waste management as the responsibility of the government, rather than as a shared community effort.

    Read Also: Professionalisation of youth work practice in Nigeria

    Other challenges

     Two years after the Yola Renewal Foundation inaugurated its plastic recycling hub in Sangere, Numan Road, Yola, Mr Lot said the hub is confronting the rising cost of production owing to the ever-growing cost of obtaining plastic waste.

    His words: “The plastic recycling hub remains open, but we are facing the challenge of obtaining sufficient plastic waste. The competition for it has become stiffer. Currently, we have many people participating in it. Even the Chinese are coming to Yola to buy these used plastic items.

    “We find now that when you put the expenditure into consideration, if not because we are an organisation with donor funding, the business (of waste recycling) is not sustainable. The cost of plastic items has risen sharply. One kg of plastic waste now is more than N200. We are talking about 50kg, 100kg, a ton that we need at a time. You have members of staff to pay, and you have a machine to service.

    “The challenge is in the area of getting raw material. It is available, but the cost is the issue. Suppliers have more people to sell to and are raising the cost. These Chinese, in particular, their coming pushed the price up. By implication, it’s more profitable for plastic waste pickers now than the average local recycling person.”

    The Yola Renewal Foundation, according to Lot, got funding from the Norwegian Agency for Development Cooperation (NORAD) for a Trash-to-Cash project in 2021, aimed at turning plastic pollution into environmental cleanliness.

    “One of the objectives of that was to build the capacity of youths and empower them to get plastic waste out of the environment,” he explained, adding that another objective was to build a factory that could recycle waste mopped from communities selected for the project.

    A third objective, he revealed, was to liaise with big waste handlers called aggregators who buy from waste pickers and get them to be responsible for their waste pickers by rewarding them more adequately and guiding them against crime.

    But with the challenge of sustainability, particularly around the high cost of getting raw materials, the Foundation appears to be at a loss on how to continue with its Trash-to-Cash project.

    That’s not all. The campaign to get plastic waste out of the way suffered a setback in August 2024 when Governor Ahmadu Fintiri banned scavenging throughout the state, citing scavengers who were stealing valuable properties, among other crimes, in addition to waste picking.

    For a plastic pollution-free Nigeria

    An environmental economist, Dr Andy Obinna, did not mince words that without nationwide waste infrastructure and tighter monitoring, grassroots efforts risk being overwhelmed.

    “Policies look great on paper, but enforcement is weak, especially outside Lagos and Abuja,” he said.

    Ogbemudia stressed the importance of involving citizens and diverse stakeholders in the environmental policy-making process, noting that public participation provides valuable insights that help government officials better understand community needs and priorities.

    He added that engaging stakeholders also fosters ownership of policies, making implementation smoother and more effective.

    Experts also recommend that communities see waste as a resource not a curse, noting that the environmental benefits are real.

    “In northern Nigeria, where desertification threatens livelihoods, local NGOs use plastic mulch to conserve water in arid farms showing that recycling isn’t just urban, it’s agriculturally strategic,” a consultant with UNDP, who spoke anonymously, said.

    “Plastic pollution is a development issue but also an untapped opportunity,” CEO of Sterling One Foundation, Mrs Olapeju Ibekwe, stated, noting that “if we do not treat it as urgent and systemic, it will keep undermining livelihoods, health and climate goals.”

    She spoke recently when Sterling One Foundation, as part of activities marking World Environment Day, took concrete steps to confront the plastic pollution crisis through community-led cleanups, strategic partnerships and ongoing policy engagement.

    •This special report is on the behest of The Nation Journalism Foundation (tNJF)