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Tag: Nigeria economy

Nigeria’s economy: What is to be done?
Using the phrase ‘What is to be done?’ in the headline to this analysis is deliberate. Vladimir Ilyich Lenin used the title in a brilliant 1902 treatise to outline the strategic methodology needed for a successful transformation of the state. It is a question that remains hauntingly relevant whenever a nation faces structural decay. ‘What is to be done?’ is important because out of it came solutions which, through their focus on organizational discipline and ideological clarity, continue to illuminate the path for any leadership seeking to dismantle a dysfunctional status quo.

We must now look ahead to what ought to be done in a Second Term for President Bola Ahmed Tinubu. Surely certainly, Tinubu will obtain a convincing victory in next year’s presidential election, but the question becomes how that victory will be turned into a consolidation of the gains of the First Term, as well as a decisive forward march towards building a new, enduring society for which history will be positively in his favour.

In a Second Term, Tinubu will have the political clout to finally face the real issue: the structural dysfunction inherent in the Nigerian state, whose genesis was the ill-advised, infantile suspension of the 1963 Republican Constitution. That Constitution was backed by the legitimacy of an era that saw a turnout of 82% of registered voters in its formative plebiscites – the highest in Nigeria’s history from 1923 to date. A Tinubu Second Term must speak to the tenor and ethos of the 1963 Constitution. The suspension of that document turned Nigeria from a country whose political economy was based on production into a consumptionist state, with predictably disastrous results. Nigeria succumbed to the tempting froth from the cup of easy oil rents, and that left a majority of its citizens outside the loop of opportunity. The data is heartbreaking!

On October 1, 1960, Nigeria was the 57th largest economy in the world. Sixty-five years later, by October 1, 2025, we had slipped to 59th. Had we maintained the 1963 Constitution, even under the most incompetent governments, Nigeria would not have been anything less than the world’s 25th largest economy. Had the country enjoyed competent leadership at all levels, there is no doubt that our dear fatherland would today be the 14th or 15th largest economy in the world. We truly lost our way, and a Tinubu Second Term must lead us back to it.

In 25 years’ time, India – whose federal model mirrors Nigeria’s 1963 structure – will likely have displaced the US as a global economic leader; and the heavens will not fall. The performance of India as a multi-ethnic, multi-racial, and religiously diverse entity should provide the blueprint for a Tinubu Second Term.

India since 1947 has faced much of the dysfunction affecting the Nigerian state, but it stayed the course with positive results because its constitution, unbroken since independence, has been anchored on production. This is why a Tinubu Second Term must focus on how political skills and modernization can be used to recreate a modern adaptation of the 1963 Constitution. Frankly, the country has no alternative.

For example, Nigeria must create at least 27 million new jobs by the year 2030. Whatever macro- and micro-economic policies are pursued by even the most competent government or an independent Central Bank, it is difficult to see how even half of this figure can be achieved without a return to the spirit of productive interface embedded in the 1963 Constitution. We ignore this path at our peril!

On January 27 this year, we had another national grid collapse – a perennial feature of our economic landscape. Sadly, no modern economy since the Industrial Revolution has been built without a cost-effective, regular supply of electricity. ‘Cost-effective’ is the key phrase!

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In the 1950s and the early 1960s, the power needs of the tin mines in Jos, Plateau State, were fully met; Jos was arguably the only place on the African continent where a 24-hour electricity supply was guaranteed. Had we stayed with a federalist constitution in which you ‘eat what you kill’, it is inconceivable that Nigeria would be generating, transmitting and distributing anything less than 70,000 megawatts of electricity, which, in truth, is still no great achievement for a population estimated at over 200 million people. For instance, Lagos State alone – if it is to be competitive against places like Hong Kong, Singapore and Johannesburg – cannot possibly be a viable economy while generating, transmitting, and distributing anything less than 25,000 megawatts. Without a constitutional revamp, no amount of ‘increased revenue’ can solve Nigeria’s problems, for that revenue will only go to fund the activities of a parasitic establishment while the citizens become more and more hapless.

In the context of the struggle for our national soul, Ayo Opadokun’s recently published book, The Gun Hegemony, is deeply relevant. It is one of the most important analyses of Nigeria in recent decades. The septuagenarian valiantly – and with patriotic vigour – debunks the self-serving deceit that the January 15, 1966, coup d’état was born of nationalistic fervour. It was not! It stood in stark contrast to the epoch-making Free Officers Coup in Egypt in 1952, led by Gamal Abdel Nasser, or the earlier reconstitution of Turkey out of the Ottoman ruins by Mustafa Kemal, whom a grateful nation venerated into immortality as Atatürk (The Father of the Turks). The 1966 putsch (was it actually a coup?) did not liberate; instead, it has hamstrung the Nigerian federation and debilitated its prospects for development.

Both Atatürk and the Free Officers in Egypt had clear programmes and an ideological vision. The vacuous postulations made by those who seized radio stations on January 15, 1966, cannot in any way be described as programmes of liberation, let alone development. If there was any ideological base, it can be traced back to the 1950 Constitution of the National Council of Nigeria and the Cameroons (NCNC), which called for the creation of a unitary state – a clear absurdity in a multi-ethnic entity. The NCNC manifesto of 1950 divided the Western wing of the party to the extent that notable figures like Mojeed Agbaje, A.M.A. Akinloye left to form the Ibadan People’s Party. The only person left standing was the brilliant Adegoke Adelabu (Penkelemesi).

Not surprisingly, the apeing of the NCNC fantasy about the constitution of a unitary state led to the military’s imposition of the destructive unification decree of 1966. Although later repealed, the damage had been done because the genie had fled from the bottle and has never been put back! For Nigeria, it has been downhill all the way – a gladiatorial clash between darkness and light, hypocrisy and truth. This decline reveals itself in underperformance, a lack of basic industries, and the inability to develop a productive, modern, and competitive economy.

Tinubu recently ended a state visit to Türkiye. Were it not for Atatürk, Türkiye would have remained a backward nation. Today, it is a modernized, advanced power. Beyond its status as a contemporary society, the country is built on real programmes. But what policies and programmes did Chukwuma Kaduna Nzeogwu and his colleagues actually have for Nigeria – those for which their adherents have been making noise all these years?

It is early days yet, but Opadokun should be a frontrunner for ‘Man of the Year 2026.’ His book will always be a key strategic intervention in redressing the lies, concoctions, and negative revisionist perspectives which continue to distort what has led to today’s painful reality.

Kudos to Ayo Opadokun!
- May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!
February 7, 2026
Movers and shakers of economy in 2024

In this year 2024 roundup, IBRAHIM APEKHADE YUSUF highlights some of the key players who not only bestrode the nation’s socioeconomic landscape like a colossus but whose trials and triumphs left indelible imprints in the major commanding heights of the economy in the last 12 months.

With the benefit of hindsight the last 12 months of the year is not one to forget in a hurry and the reason for this is not far to seek: the fact remains that the last 12 months witnessed deluge of events across all socioeconomic fronts such that their rapidity and sequence cannot be captured in one breath in a manner of speaking!

Cardoso

One man who featured as major dramatis personae in nation’s socioeconomic landscape in the course of the outgoing year was Dr. Olayemi Cardoso and the reason is as clear as the day: as one of those holding the levers of the economy it is just as well that he should play a major role in the scheme of things.

From January till date, Cardoso was one name on people’s lips. From the refloating of the naira, to announcement of new capital base, to the windfall tax and other policy decisions taken by the apex regulatory body of banks, Cardoso either stepped on toes, got some backlashes and some cheers all in good measures too!

Refloating of the naira

One of the major upsets was the refloating of the naira, a policy brief announced in June 2023 but barely few weeks in the life of the President Bola Ahmed Tinubu administration but whose effects began to bear its fangs in early January, a development which saw the local taking a serious hit and almost consigned to the intensive care unit.

Things took a turn for the worst as virtually anybody with any appreciable liquid assets wanted to convert their assets to dollars in order to maintain its store of value as the naira.

Apparently justifying the bad fortune of the naira, Cardoso had on February 6, 2024, during his appearance before members of the House of Representatives, attributed the currency depreciation to the rising demand for foreign goods and a simultaneous decline in the supply of US dollars.

He explained that imports requiring dollars amounted to $16.65 billion in 1980 but noted that by 2014, the annual import expenditure had significantly surged to $67.05 billion. However, it gradually decreased to $54.71 billion as of last year. Food imports also escalated from $2.63 billion in 1980 to $14.84 billion in 2019.

Also in March 2024, the CBN announced new minimum capital requirements for banks, including: Commercial banks: The minimum capital base for commercial banks with national authorisation is N200 billion, and N50 billion for those with regional authorisation. Merchant banks: The minimum capital requirement is N50 billion. Non-interest banks: The minimum capital requirement is N20 billion for national authorisation and N10 billion for regional authorisation with a deadline set for March 31, 2026.

2024 winners

Dangote

Alhaji Aliko Dangote literally made good this year judging by the great milestones he achieved in the last 12 months. The billionaire businessman and Africa’s richest person controls Dangote Industries, a closely held conglomerate including: Dangote Cement, and the continent’s largest oil refinery. It also has interests in sugar, salt, oil, fertilizer and packaged food. His biggest asset is the Dangote Oil Refinery, Africa’s largest refiner, which began operating in early 2024. He owns 92.3% stake of the project which is valued based on the amount it cost to build it: $20 billion. He also owns a fertilizer plant with capacity to produce up to 2.8 million tonnes of urea annually. Its value is based on a net present value calculation by an independent analyst that assumes a 50% utilisation rate.

Several of Dangote Group’s companies are listed on the Nigerian Stock Exchange. He owns 86% of the country’s biggest cement producer, Dangote Cement as well as stakes in Dangote Sugar, Nascon Allied Industries and United Bank for Africa. His stakes in the publicly traded companies are held directly and through Dangote Industries, a unit of Dangote Group. He also owns closely held businesses operating in food manufacturing, agriculture, packaging and other industries, which are valued based on their investment cost according to Dangote Group’s 2023 audited financial statements.

The billionaire owns six residential and commercial properties in Lagos. They are valued using the capitalisation method, using rental income provided by Dangote’s spokesman, Anthony Chiejina, and capitalisation rates from CBRE Broll Nigeria.

The value of his combined cash holdings in naira and dollars is based on information from Dangote in 2024.

From available information, Dangote Refinery is now operating at 85% capacity and is on course to deliver European-standard products by January next year, according to an executive of the company.

The 650,000-barrel-per-day Dangote oil refinery built by Nigerian billionaire Aliko Dangote in Lagos aims to compete with European refiners when operating at full capacity but has been struggling to secure sufficient crude locally.

“We have gone up to 550,000 bpd, that is 85% capacity in crude distillation,” Edwin Devakumar, head of the refinery.

The refinery was forced to source crude from international markets following a dispute with the Nigerian state-oil firm the NNPC over a crude supply deal under which Dangote had agreed to sell a 20% stake in the refinery to NNPC for $2.76 billion.

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“Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of five years through deductions on crude oil that they supply to us and from dividends due to them,” a Dangote spokesperson said.

“Unfortunately, NNPCL was later unable to supply the agreed 300,000 barrels a day of crude given that they had committed a greater part of their crude cargoes to financiers with the expectation of higher production which they were unable to achieve,” the spokesperson said in a statement on Wednesday.

Dangote Refinery began processing crude in January into products including diesel, naphtha and jet fuel, and started processing petrol in September.

Port Harcourt Refinery stages a comeback!

The Nigeria National Petroleum Company Limited (NNPCL) recorded a great feat with the restoration of the Port Harcourt Refinery 60,000 bdp capacity marked by the official commencement of petroleum product loading last November.

According to analysts, the good fortunes of the hitherto moribund refinery was no doubt a testament to the leadership of NNPC Limited’s Group Chief Executive Officer, Mele Kyari, whose unwavering dedication and commitment he said, were instrumental in overcoming challenges to achieve the milestone.

With the successful revival of the Port Harcourt refinery, analyst s further expressed optimism that the scheduled reactivation of both the second Port Harcourt refinery, Warri and Kaduna refineries, will help in no small measure to turn the tide positively for the nation’s quest for sustainable oil and gas sub-sector.

MTN Nigeria

MTN Nigeria, the country’s biggest telco, reported that its data revenue reached N804bn in the first nine months of 2024, surpassing voice revenue, as data demand surged across the company’s user base.

The milestone marks a shift in MTN’s revenue structure, with data now outpacing voice as the telecom giant’s leading revenue stream.

In its unaudited financial report for the nine months ended Sept. 30, 2024, the telco disclosed that the jump in data usage was driven by expanded 4G coverage, higher smartphone penetration, and increased demand for digital services.

The N804bn in data revenue reflects a 15 per cent increase from the N701bn earned during the same period in 2023.

MTN Nigeria’s overall revenue for the nine-month period climbed 34 per cent year-on-year to N2.37tr, with data and digital services serving as key contributors.

The Chief Executive Officer of MTN Nigeria, Karl Toriola, stated, “In the first nine months of 2024, we sustained the growth in our underlying operating performance—underpinned by our resilient business model and operational agility—despite challenging conditions.”

BUA

The rivalry between Aliko Dangote, Chairman, Dangote Group, and Abdulsamad Rabiu, Group Chairman/CEO, BUA Group, has yielded another refinery being proposed for construction in Akwa Ibom State.

For years, the duo have fought fiercely to establish which, between Dangote Group and BUA Group, controls both the sugar and cement sectors of the Nigerian economy.

The two new refineries are being proposed for two locations in Eket and Onna local government areas in the South-South state of Akwa Ibom.

The construction of one of the refineries is an initiative of another Nigerian Billionaire and Chairman/CEO, BUA Group, Abdulsamad Rabiu.

The official said on completion, the BUA refinery would have the capacity to produce not only about 200,000 barrels per day of premium motor spirit (PMS), popularly called petrol, but also a variety of other petroleum products, including Euro-V fuels, automated gas oil (Ago), commonly called diesel, jet A1 fuel, liquefied petroleum gas (LPG), or cooking gas, and polypropylene for manufacturing of plastic materials for the domestic and regional markets.

The Chairman/CEO of BUA Group, Abdulsamad Rabiu, was quoted to have said that when completed the refinery would contribute significantly to the effort to reduce Nigeria’s dependence on imported petroleum and Petrochemicals products.

“The refinery and petrochemicals project is in line with BUA Group’s vision to develop local capacity in key sectors of the nation’s economy where we can add the most value and where the raw materials can be sourced locally.

“Once completed, this RFCC-based complex will produce high-quality gasoline, diesel, and jet fuel meeting Euro-V specifications for the Nigerian and larger regional markets,” he said.

Okonjo-Iweala

The General Council of the World Trade Organization (WTO) agreed on 29 November by consensus to reappoint Dr. Ngozi Okonjo-Iweala as Director-General for a second four-year term, set to begin on 1 September 2025. This decision reflects broad recognition of her exceptional leadership and strategic vision for the future of the WTO.

The reappointment process, initiated on 8 October 2024, was overseen by Ambassador Petter Ølberg of Norway, Chair of the General Council. With no additional nominations submitted by the 8 November deadline, Dr. Okonjo-Iweala stood as the sole candidate. The process was conducted in a fully open and transparent manner, adhering to the WTO’s “Procedures for the Appointment of Directors-General” (WT/L/509).

During a special General Council meeting on 28-29 November 2024, Dr. Okonjo-Iweala outlined her forward-looking vision for the WTO. Following her presentation and a Q&A session with members, the Council formally endorsed her reappointment by consensus.

“The General Council commends Dr. Ngozi Okonjo-Iweala for her outstanding leadership during her first term. Amid significant global economic challenges, she strengthened the WTO’s ability to support its members and set a forward-looking agenda for the organisation. Her leadership was instrumental in securing meaningful outcomes at pivotal moments, including the 12th and 13th Ministerial Conferences (MC12 and MC13), where major milestones were achieved.

“As we look ahead, the Council fully supports Dr. Okonjo-Iweala’s commitment to ensuring that the WTO remains responsive, inclusive, and results-driven. Her leadership will be critical as the organization continues to advance a resilient, rules-based, and equitable global trading system.”

Okonjo-Iweala first assumed office as Director-General on 1 March 2021, becoming the first woman and first African to lead the WTO. Her first term concludes on 31 August 2025. Her reappointment highlights the strong support for her efforts to enhance the WTO’s relevance and capacity in addressing the evolving challenges of global trade.

Otedola

After a seven years hiatus, billionaire businessman Femi Otedola in 2024 reclaimed his coveted position among the world’s billionaires on the Forbes list.

Otedola made the Forbes 38th Annual World’s Billionaires List, in a comeback described as unprecedented by economic watchers.

Renowned as the bossman of Geregu Power and a key figure in Nigeria’s financial sector through his holdings in First Bank of Nigeria Holdings Plc (FBN Holdings), Otedola has orchestrated a strategic reinvention of his investment portfolio. His decision to divest his shares in Forte Oil, a move that marked his pivot into the energy sector, proved to be a pivotal moment in his resurgence.

Fuelling Otedola’s ascent to billionaire status is his diverse asset portfolio, characterised by offshore cash reserves, extensive international real estate holdings, and strategic investments in Nigeria’s leading banks, including FBN Holdings and Zenith Bank. Furthermore, Otedola’s recent foray into Dangote Cement, Africa’s largest cement maker, evidences his commitment to maximising returns and expanding his wealth across diverse sectors.

With an estimated net worth of $1.7 billion, Otedola has rejoined the ranks of Africa’s richest individuals, solidifying his status as a formidable force in the global billionaire landscape. His resurgence also contributes to the continent’s growing cohort of billionaires, which now stands at 20 – a testament to Africa’s burgeoning economic potential and wealth creation. On a global scale, Otedola’s return to the billionaire ranks mirrors a broader trend of wealth expansion, with Forbes identifying an unprecedented 2,781 billionaires worldwide.

Major deals of 2024

Surely, this year was a year of mergers and acquisitions across all fronts not experienced since 2014. Expectedly, the nation’s oil and gas sector was top on the list.

For instance, in January 2024, a powerhouse team of five smaller upstream oil companies—ND Western, Aradel Holdings, Petrolin Group, First E&P, and Waltersmith Group—joined forces to strike a major deal: the acquisition of Shell Petroleum Development Company (SPDC). For context, SPDC was Shell’s onshore arm in Nigeria, acting as the engine behind the oil giant’s shallow-water operations in the region.

The deal, with a net book value of $2.8 billion, includes an initial payment of $1.3 billion alongside future cash payments totaling $1.1 billion to Shell.

The deal which initially stalled as a result of disagreement between Shell and the Renaissance consortium due to a lack of regulatory approval was however restored on December 18, when the Federal Government finally gave its nod to the deal which would be the largest single M&A deal in Nigeria in over a decade.

In July, Chappal Energies went after TotalEnergies’ stake in onshore oil and gas assets. Chappal, the “new kid on the block,” made a series of bold moves that quickly brought it into the spotlight in the oil and gas sector. However, the deal is yet to receive regulatory approval.

TotalEnergies EP Nigeria is putting up for sale its 10 percent stake in the SPDC JV, which operates 18 oil mining licenses in Nigeria. The JV’s equity owners include NNPC Limited with 55 percent, SPDC with 30 percent, and NAOC with 5 percent.

What’s intriguing is that SPDC is now under Renaissance’s ownership, while NAOC is controlled by Oando, transforming the JV into a fully Nigerian venture.

Also after more than 30 months of awaiting regulatory approval, Seplat finally received ministerial approval for its acquisition of Mobil Producing Nigeria, the controller of ExxonMobil’s onshore assets in Nigeria.

The deal valued at $800 million was finally completed in December 2024. In another development, Oando’s acquisition of Eni’s onshore assets, held in NAOC, broke ground as the first oil and gas deal to receive ministerial approval, setting the stage for a wave of other IOCs to exit Nigeria’s onshore terrain.

The $783 million deal received ministerial approval in July, and was completed by August. Unlike the above listed deals that involved a 100 percent takeover, this case is quite different. In June 2024, Diageo announced its decision to divest from Guinness Nigeria, disclosing plans to sell its 58 percent stake in the company to Tolaram Group.

This deal valued at around N104 billion saw Diageo exit from Guinness Nigeria, and inadvertently, from the Nigerian market.

Much like the oil and gas sector, this deal signaled a growing trend of international players exiting the Nigerian brewery scene, with Heineken also making its departure from Champion Breweries earlier in the year.

Nigeria’s agricultural scene also buzzed with action this year, as local firms step up in big ways. In March 2024, Oak and Saffron—a special purpose vehicle created by Saroafrica International—took over Presco Plc. By acquiring an 86.7 percent stake in SIAT Group, the majority shareholder in Presco, Oak and Saffron handed majority control of the company to Saroafrica.

Just as Saroafrica’s bold move was still making waves, Presco turned heads with a $125 million bid to acquire Ghana Oil Palm Development Company (GOPDC), one of Ghana’s largest oil palm producers.

In September, FBN Holdings disclosed the sale of its investment banking subsidiary, FBNQuest Merchant Bank, to a consortium known as EverQuest Acquisition LLP.

The consortium comprises Custodian Investment, Aion Investment, and Evercorp Industries, the new owners of Champion Breweries. The move by FBN Holdings was in tandem with a proposed move by some banking groups to raise new capital for their recapitalisation efforts.

Although the overall value of this deal is unknown, FBN Holdings in its 9M 2024 statement valued the “assets put up for sale” at around N465 billion.

Following the Central Bank of Nigeria’s recapitalisation mandate, Unity Bank and Providus Bank announced a strategic merger in August to bolster their financial strength. The merger which is Nigeria’s banking sector first in half a decade will receive a banking support of N700 billion from the CBN.

First Bank

According to Africa’s Top 100 Banks report of 2024, Nigeria’s top bank by Tier 1 ranking is FBN Holdings (First Bank of Nigeria), ranked at 15 (down one place), with a capital of $1.9billion. It was closely followed by Access Bank (16th) and Zenith Bank (17th, down from last year’s ranking as Nigeria’s top bank at 12th).

According to the report, African banks are taking a lead in drawing together the continent’s economies, and increasingly operate across borders.

Nigerian banks rank highly when it comes to Return on Equity (ROE), a key measure for investors. The top-ranked bank by this measure is Rawbank of the Democratic Republic of the Congo (DRC), a returning entrant at 88th in the table with net profit of $179million on Tier 1 capital of $286million, for a dramatic 62 percent ROE. HSBC Bank Egypt is close behind, with ROE of 61 percent for net profit of $397million on Tier 1 capital of $649million.

Nigeria’s giant Guaranty Trust achieved a very strong 57 percent ROE on Tier 1 capital of $1.1billion. Four Egyptian banks are among the continent’s best yielding for investors: Housing and Development Bank (ROE 57 percent), Credit Agricole Egypt (55 percent), Commercial International Bank (CIB) (49 percent), and Abu Dhabi Islamic Bank – Egypt (48 percent).

Ajaero

The demand for minimum wage increase reached a high crescendo with the leadership of the Nigeria Labour Congress, Joe Ajaero, proposing a whopping N615,000 as minimum wage.

Though considered somewhat outlandish and out-of-this-world, the call for minimum wage hike by the organised labour would later lead to a chain of events culminating in a new wage bill already being implemented across the states of the federation, including the organised private sector.

December 28, 2024
This upward swinging economy and the rest of us

If you ask a Nigerian government official to explain the state of the Nigerian economy in the simplest terms, you’re likely to hear that everything is on track and that Nigeria will soon emerge from the self-inflicted struggles it has faced since gaining independence from the British colonialists 64 years ago. Yet, the irony is that, during these 64 years, many other Third World nations that started their journey long after Nigeria’s graceless descent into economic hardship have surpassed all expectations, while Nigeria remains stuck in the dark, gasping for survival and uncertain about its future.

This situation would be somewhat understandable if Nigeria had not been blessed with abundant human, material, and natural resources stretching from the North to the South and East. With an impressive array of educated and technically skilled individuals who excel globally, Nigeria should be thriving. Instead, it remains an abused, impoverished, and drained nation—a painful reminder of what could have been if its leadership had not become its greatest burden. Yes, that judgment may sound harsh, but it’s our reality as we continue to search for answers to the poverty that has seized the people by the throat. Despite this grim reality, Nigerians have somehow mastered the art of smiling through a labyrinth of suffering. It’s one of the world’s unexplainable wonders—the Nigeria we dream of, and the Nigeria that confronts us every day.

In recent months, it’s been unsurprising to see top government officials aggressively countering public concerns about the economy’s persistent decline and its impact on millions of citizens who struggle daily to make ends meet. Many of those raising concerns believe that two key policy decisions by the current administration—the removal of fuel subsidies and the floating of the naira—are responsible for the fatal blow dealt to an economy that was already on life support years before May 29, 2023. To be frank, former President Muhammadu Buhari handed over a deeply troubled economy to Asiwaju Bola Ahmed Tinubu, burdened with significant debt. In fact, Buhari lacked the political will to tell the nation that he had effectively ended the fuel subsidy regime with his departure, as no budgetary provision was made for it beyond May 29, 2023. This left Tinubu with the unenviable task of navigating the consequences. Today, more than a year later, the shockwaves from the subsidy removal continue to affect Nigerians, many of whom are victims of the economic fallout.

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With inflation skyrocketing and food prices soaring in the days following the subsidy removal, policymakers faced the daunting challenge of justifying the necessity of the decision while finding strategies to alleviate the inevitable suffering it would cause. Government officials, while asking for patience, began touting the “huge gains” of these “painful but necessary” reforms. They argued that the aim was not only to revitalize the economy and ensure security but also to eliminate the petrol subsidy, unify foreign exchange markets, and alleviate inflation’s impact on vulnerable populations through temporary cash transfers to 15 million households. When hunger and poverty became too glaring to ignore, the government had to distribute grains and other palliatives. However, it remains unclear if these palliatives actually reached the vulnerable people they were intended for, given the peculiar way things are done here.

While these measures, with impressive statistics, seemed promising, they ultimately offered little relief. By February 2024, inflation had soared to a 24-year high of 31.7%, with growth rates plummeting and GDP per capita stagnating compared to 2015-2022 levels. Reports indicate that poverty reached 38.9% in 2023, with 87 million Nigerians living below the poverty line. It was so bad that an economist remarked, “Hunger is now a family member of many Nigerian households.” Though some might dismiss this as an exaggeration, those who feel the pinch know just how real it is. The middle class, if it still exists, has been stretched to its limit, while the poor are left to deal with fluctuating petrol prices and a naira that seems locked in a losing battle with the dollar. Despite the eventual complete removal of the petrol subsidy, the anguish remains palpable, even as the government insists the reforms are reshaping the economy.

So, where’s the disconnect between the government and the people it claims to serve? As they say, the devil is in the details. Economic growth that does not improve people’s lives cannot be considered true progress. For the government to genuinely claim success, the benefits of its policies must be felt in everyday life. When the Finance Minister said earlier this week that all the government’s actions are aimed at putting the economy on the right track, few would doubt the sincerity of that goal. However, what worries millions of Nigerians is how that translates into having enough food on the table and sufficient money to live well. With a national minimum wage rendered almost worthless by inflation, and rising petrol prices, people are struggling to see how the government’s “consistent strategic planning” has improved their daily lives.

In fact, market surveys suggest that food prices may skyrocket even further before Christmas. Barely two months to the holidays, a 50kg bag of rice is selling for over N120,000 in some areas, even higher in others. Some families have stopped buying eggs entirely. A recent viral video showed Nigerians in a market scrambling to buy cartons of severed fish heads—a stark illustration of how dire things have become. These small, everyday realities should matter to any government that claims to care about its citizens. The growing gap between the ruling elite’s lifestyle and that of the common people must be bridged. While making tough economic choices may be necessary for Nigeria to emerge as a top player in Africa, why must the poor always bear the brunt? What sacrifices have government officials made that would justify their demand for shared responsibility in this journey toward shaping Nigeria’s future?

The late British Prime Minister Margaret Thatcher once warned that adopting the wrong economic system would naturally stifle wealth creation, especially if the framework fails to empower the people. “Countries are not rich in proportion to their natural resources,” Thatcher said. “If they were, Russia would now be the richest country in the world. Angola would be very rich, and there are many other countries with a lot of natural resources but no enterprise economy to develop them.” She pointed to Japan, Sweden, and Taiwan—countries with little to no natural resources but with systems that enhance the enterprise of their people.

So, what exactly is the problem with Nigeria’s policymakers and the people who should be the primary beneficiaries of these policies? The contradiction is clear: while the World Bank, government officials, and private sector leaders speak of an “upward swing” in the economy, most Nigerians see only gloom. Ask them if their lives have improved since the reforms, and many will tell you that life has been hellish. That’s their reality, and no amount of impressive statistics can change it. That’s why it’s understandable that when the World Bank’s Senior Vice President, Mr. Indermit Gill, advised Nigerians to persevere for another 10 to 15 years for the reforms to have a meaningful impact, it was met with frustration. After enduring the past 18 months of economic hardship, many wonder why they should continue to suffer while the elite, both at home and abroad, seem to prosper. If Gill knew what they had gone through in the past 18 months, he wouldn’t have rambled about the people enduring more years of economic strangulation by the elite that he described as being the direct beneficiaries a N10 trillion loss “in fuel subsidies and multiple foreign exchange rates.” Why should the burden to persevere fall on the heads of the impoverished majority who have been bearing the brunt of the economic profligacy of the ruling elite and their crooked partners both at home and abroad for many decades?

Yes, Nigeria has the potential to be an engine of growth in sub-Saharan Africa. But should that progress come at the expense of the blood, sweat, and tears of the impoverished majority? No! On this one, the people deserve to breathe!

October 20, 2024
Economy in upward swing, very promising, says Cardoso

• Service sector is key driver

• Oil sector growth doubled

• Foreign reserves can take one year import

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso affirmed yesterday that the economy is on an upward swing despite the current difficulties.

According to him, all indices point to a fast-improving economy which will hit the $1 trillion Gross Domestic Product (GDP) target by 2030.

He spoke about how the service sector is driving the buoyancy and foreign reserves rising steadily to give room for confidence by foreign partners.

He spoke during his appearance before the House of Representatives Committee on Banking Regulations.

Cardoso explained the policy measures and strategies to address domestic macroeconomic challenges.

He said the recapitalisation policy is expected to result in a more robust and resilient banking sector by March 2026.

On the macroeconomic performance in 2024, he said projections indicate a growth rate of 3.2 per cent and 3.3 per cent for 2024 and 2025.

He added that Nigeria is projected to maintain a more robust 4.3 per cent growth rate.

Cardoso said the non-oil sector maintained strong performance, contributing 94.30 per cent to GDP with a steady 2.80 per cent growth rate.

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He added that the oil sector’s growth rate has almost doubled to 10.15 per cent in Q2, 2024 from 5.70 per cent in Q1, due mainly to improved security surveillance which resulted in increased production of crude oil and natural gas.

He said the Services sector continues to be the primary economic driver, contributing 58.76 per cent to GDP with a robust growth rate of 3.79 per cent.

Similarly, he said the Industrial sector has shown remarkable improvement, with its growth rate surging to 3.53 per cent from 0.31 per cent.

He pointed out that the contribution of agriculture to total GDP also increased.

The growth rate of the sector rose to 1.41 per cent from a negative territory of -0.90 per cent, indicating a substantial turnaround in productivity.

He also said the foreign exchange reserves have grown significantly, with remittance flows currently representing 9.4 per cent of total external reserves.

He said the reserves rose by 12.74 per cent to US$39.12 billion as of October 11, 2024, from US$34.70 billion in June, driven largely by foreign capital inflows and receipts from crude oil-related taxes.

In Q2 2024, the CBN maintained a current account surplus and saw remarkable improvements in trade balance, he said.

Cardoso said the current external reserve position can finance over 12 months of import of goods and services, or 15 months of goods only.

This is substantially higher than the prescribed international benchmark of 3.0 months, reflecting a robust buffer against external shocks, he said.

He said inflation trended upward, driven largely by high food prices, cost of energy and legacy infrastructural challenges, but it commenced deceleration from 34.19 per cent in June to 33.40 per cent in July.

He said the moderation in inflation became more pronounced in August, as headline inflation further eased to 32.15 per cent.

This, he said, was largely attributed to monetary policy measures taken by the Bank.

With aggressive monetary policy tightening coupled with robust monetary-fiscal policy coordination, inflation is expected to further trend downward in the near-to-medium term, Cardoso said.

To combat inflation, he said the CBN fully reverted to an orthodox monetary policy approach and implemented a comprehensive set of measures.

These include raising the policy rate by 850 basis points to 27.25 per cent, increasing cash reserve ratios and normalising open market operations as the primary liquidity management tool.

Cardoso added: “We have adopted an Inflation-Targeting (IT) monetary policy framework as part of the Bank’s Enterprise Strategy (2024 2028).

“The IT framework, widely adopted across various global economies, is renowned for its effectiveness in combating persistent inflation.

“These integrated measures are aimed at stabilising prices, optimising liquidity management, and engendering an effective monetary policy framework.

“Regarding the foreign exchange market, the Bank implemented various reforms including a unification strategy, which streamlined various exchange rate windows into a single model, adopting the ‘Willing Buyer, Willing Seller’ approach to enhance FX liquidity and financial market stability.

“This move was aimed at fostering transparency, reducing market distortions, and enhancing the efficiency of foreign exchange allocations.”

October 16, 2024
Cardoso confident of hitting $1tr economy by 2030

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, on Tuesday expressed confidence in realising a $1 trillion economy by 2030.

This, Cardoso said, is supported by the CBN’s recapitalisation policy that has prompted banks to strengthen their financial positions.

He said the process is expected to result in a more robust and resilient banking sector by March 2026.

He said these during a statutory briefing with the House of Representatives Committee on Banking Regulations on policy measures and strategies to address domestic macroeconomic challenges.

On the macroeconomic performance in 2024, he said projections indicate a growth rate of 3.2% and 3.3% for 2024 and 2025 respectively.

He added that Nigeria is projected to maintain a more robust 4.3% growth rate.

Cardoso said the non-oil sector maintained strong performance, contributing 94.30% to GDP with a steady 2.80% growth rate.

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He added that the oil sector’s growth rate has almost doubled to 10.15% in Q2, 2024 from 5.70% in Q1, 2024, due mainly to improved security surveillance which resulted in increased production of crude oil and natural gas.

He said the Services sector continues to be the primary economic driver, contributing 58.76% to GDP with a robust growth rate of 3.79%.

He also said the Industrial sector has shown remarkable improvement, with its growth rate surging to 3.53% from 0.31%.

He pointed out that the contribution of agriculture to total GDP also increased. In addition, the growth rate of the sector rose to 1.41%, from a negative territory of -0.90%, indicating a substantial turnaround in productivity.

He also said the foreign exchange reserves have grown significantly, with remittance flows currently representing 9.4 per cent of total external reserves.

He said the reserves rose by 12.74% to US$39.12 billion as of October 11, 2024, from US$34.70 billion at end-June 2024, driven largely by foreign capital inflows, receipts from crude oil related taxes and third-party.

In Q2 2024, the Bank maintained a current account surplus and saw remarkable improvements in our trade balance, he said.

Cardoso said the current external reserve position can finance over 12 months of import of goods and services, or 15 months of goods only.

This is substantially higher than the prescribed international benchmark of 3.0 months, reflecting a robust buffer against external shocks, he said.

He said inflation trended upward, driven largely by high food prices, cost of energy and legacy infrastructural challenges, but it commenced deceleration from 34.19% in June 2024 and to 33.40% in July 2024.

He said the moderation in inflation became more pronounced in August 2024, as headline inflation further eased to 32.15%.

This, he said, was largely attributed to monetary policy measures taken by the Bank.

With aggressive monetary policy tightening coupled with robust monetary- fiscal policy coordination, inflation is expected to further trend downward in the near-to-medium term, Cardoso said.

To combat inflation, he said they had fully reverted to orthodox monetary policy approach and implemented a comprehensive set of monetary policy measures.

On banking supervision, he said the CBN has taken decisive actions to ensure the safety, soundness, and resilience of the banking industry.

October 15, 2024
Nigeria projected to become world’s fifth largest economy by 2075

Nigeria is on track to become a global economic powerhouse, according to a new report by global investment bank Goldman Sachs.

The investment bank forecasted Nigeria’s promotion to the world’s fifth largest economy by 2075 with a Gross Domestic Product (GDP) of $13.1 trillion.

The projection builds upon recent positive economic trends in Nigeria and aligns with similar forecasts from other leading financial institutions.

The anticipated economic boom is attributed to the visionary leadership of President Bola Ahmed Tinubu.

The current administration’s focus on education, skills development, and infrastructure upgrades has laid a solid foundation for sustainable economic growth.

Policies aimed at attracting investment, establishing consumer credit, and implementing sound monetary and fiscal measures are also credited with propelling Nigeria towards a brighter economic future.

Goldman Sachs’ report, titled: 25 Largest Economies in the World by 2075, positions Nigeria ahead of established economic giants, like Germany, the United Kingdom (UK), Brazil, and Egypt.

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The report predicts a significant global power shift, with China surpassing the United States as the world’s leading economy by 2050, a position it is expected to maintain until 2075. India is projected to secure the second spot, followed closely by the United States and Indonesia in third and fourth places.

Nigeria’s projected economic rise is fueled by its young and vibrant population alongside the rapid growth of key sectors, like agriculture, energy, and technology.

But Goldman Sachs acknowledges potential challenges that could impede this trajectory if not meticulously addressed.

The report lauds President Tinubu’s proactive approach in tackling these issues and his commitment to prudent economic decision-making.

Reacting to the report, the CEO of Praefinium Partners, Alpesh Patel, highlighted the 2075 projection as a glimpse into a future with a more balanced global economic distribution where emerging economies play a more prominent role.

“This shift underscores the critical role of effective economic reforms, technological innovation, and demographic trends in shaping the future of the global economy,” Patel said.

“The ascension of countries, like India, Indonesia, and Nigeria, coupled with the continued influence of established powers, like the United States, China, and Germany, paints a picture of a diverse and dynamic global economic landscape in the latter half of the 21st century,” Patel said.

April 15, 2024
What Nigeria can do to save the economy

By Adewale Adeoye

SIR: Nigeria is facing extra-ordinary challenges. How can prices of foodstuff go up almost every week? This is dangerous. The government is facing serious criticisms.

No doubt the past years have been filled with explosives and dynamites planted to explode one after the other as soon as a new government emerged last year. The Buhari regime was extremely poor in managing the economy. The regime left thousands of non-state actors heavily armed and prowling in the forest of indigenous peoples, not to talk of billions of cash stolen by spineless officials.

Emefiele offered his conscience for sale and deliberately destroyed the already thin fabric of the economy. The regime left a car without engine, without tyres and without tools to even repair the car.

But that was just the continuing agenda of an irresponsible ruling class that destroys everything including its own future.

Nigerians are not looking for excuses. They want results; they are desperate for transformation of a country left to rot, in the cesspool, for many years.

Nigerians have been making sacrifices for generations. They are exhausted and down. We want to see our leaders make just a little sacrifice to reenergise us again.

All the 36 state governors should announce and create personal farms. The deputy governors, speaker and all members of the state houses of assembly, commissioners, aides of governors should do the same.

The governors should direct all civil servants to take three-day off to set up farms or poultry in their villages. Majority of them have ancestral land. Even if it is one plot of land, let them farm. We want to see the governor of water-rich states like Bayelsa and Lagos own fisheries. We want to see Governor Babajide Sanwo-Olu create a small farm at Epe and build a cottage there.

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In each state, every public school should go into farming, poultry or fishing. Some secondary schools in this country once fed their students.

Traditional rulers should not just watch. They should create community farms, especially in rural areas. Those young men loitering around should be asked to go to the farms and work twice in a week. In one year, each community will be able to provide free lunch for pupils in community schools and for the elderly. The civil servants should work on Saturdays on their farms. Police should provide security on the farms where necessary through intensive patrol and monitoring.

Vegetables, onions, tomatoes, lettuce, pepper, maize, take between 30 to 100 days. Yam is five months. Fish can reach adult size in 12 weeks. Chicken can reach adult size in four to five months. Some can reach market size in eight weeks. So what are we talking?

If we do this, in six months, there will be food glut across Nigeria and prices will go down.

We cannot totally remove subsidy for all Nigerians. A few sector need subsidy and the impact will be felt by all. The transport owners in collaboration with Nigerian Union of Road Transport Services, NURTW and the NNPC should provide fuel subsidy for inter-state public transport owners. This will be a major intervention in cutting down cost of transportation across the country.

There should also be fuel ad diesel subsidy for strategic industries and manufacturers involved in the production of the essentials of life-those producing medicine, shoes, textile, food and beverages.

This way, transport costs for inter-state travels will go down. This will relief transporters of agricultural products and also alleviate the suffering of the masses.

Lennards Shoes came to Nigeria in 1953. Bata came to Nigeria in 1932 and established a factory in Kano in 1935. They manufacture world class shoes, but we still import shoes. Secondary schools, the military, police, immigration continue to import shoes that Lennards and Bata can produce locally. This is a shame. The government should immediately ban government parastatals from importing what they can buy locally like martial boots etc. It is time to empower the shoe makers of Aba. Give them loans and assist them to produce quality products.

Ministers should hold meetings with Manufacturers Association of Nigeria, MAN every week. Through this, the government will discover the solutions to the country’s industrial problems lay in the heart of many Nigerians on the streets; it lies with the captains of some industries who understand the challenges and are ready to share their experiences if the ministers can go to them and constructively engage them.

• Adewale Adeoye, Lagos.

February 22, 2024
Reps to Fed Govt: rescue economy from collapse

The House of Representatives yesterday urged the Federal Government to rescue the economy from imminent collapse and restore investor confidence in the country.

In a resolution during plenary, following a motion by Leke Abejide (ADP, Kogi), the House asked the Federal Ministry of Finance and the Central Bank of Nigeria (CBN) to provide adequate notice to Nigerians, especially stakeholders in the maritime industry, before altering Customs exchange rates.

The Green Chamber said taking such a step would ensure transparency and allow stakeholders to prepare for changes that may affect their operations.

It also asked the CBN to maintain a stable exchange rate for Customs and Excise duties at below N1,000/$1, preferably N951 or N941/$1, to encourage patronage of Nigerian ports and prevent galloping inflation to balance economic stability with global competitiveness.

The House said the Federal Ministry of Finance should ensure the international best practice by allowing a 90-day grace period for fiscal policy changes to facilitate the completion of ongoing transactions under existing policies.

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The Green Chamber directed its Committees on Customs and Excise, Finance and Banking Regulations to interface with the Federal Minister of Finance, the CBN governor and the Comptroller General of the Nigeria Customs Service (NCS) on how fixed exchange rate for Customs and Excise duties would work to boost exports and encourage patronage at the ports.

Leading the debate on his motion, Abejide argued that conventional fiscal policies require a minimum of 90 days to manifest, in contrast to the current trend in Nigeria where immediate enforcement is prevalent.

The lawmaker said this necessitates the need for a shift towards a collaborative approach which integrates fiscal and monetary policies with stakeholders’ engagement to prevent isolation and guarantee active stakeholders’ involvement in consequential decisions.

He said the CBN had raised Customs tariffs six times in the past six months, causing inflation and disrupting import and excise duty calculations, which businesses rely on for their planning.

Abejide said businesses and investors rely on a stable transactional exchange rate for import and excise duty calculations for at least two years to ensure effective business planning.

The lawmaker said the CBN experienced a series of exchange rate adjustments for Customs duties within six months: on June 24, 2023, the rate increased from N422.30/$1 to N589/$1, followed by N770.88/$1 on July 6, 2023; N783.174/$1 on November 14, 2023; N951.941/$1 on December 7, 2023; a double adjustment on February 2 and 3, 2024, reaching N1,356.833/$1 and NI,413.62/$1.

He said this illustrated excessive fluctuations and volatility in the currency market, raising significant concerns about business planning and economic stability.

According to him, due to the frequent Customs exchange rate hikes, Nigerian importers are shifting towards Tema port in Ghana; Lome ports in Togo; and Cotonou port Benin Republic.

Abejide noted that the development was causing a substantial 65 per cent decrease in cargo importation and business activities at Nigerian seaports with daily container examinations dropping from approximately 250 to just about 80.

The lawmaker expressed concern that the current system in Nigeria, which relies on a market-based exchange rate for calculating Customs duties, causes fluctuations based on market conditions and poses significant predictability and stability challenges for businesses.

He added that this necessitated alternative solutions for Customs duties by considering several options, like a fixed rate system or a hybrid system that combines market-based and fixed elements to enhance predictability and stability.

February 16, 2024
Pains of poverty hard to forget – Osinbajo

Acting President Yemi Osinbajo yesterday said the Social Investment Programmes (SIPs) being implemented by the Federal Government for the citizens are not favours but their right.

He spoke at an event showcasing the achievements of the National Social Investment Programmes (NSIP) of President Muhammadu Buhari’s administration at the second anniversary of the administration at the old Banquet Hall of the State House, Abuja.

It was tagged: “A smile for every Nigerian”.

Noting that the SIP is both a heart and a head programme, he said that it is heart because the pains of poverty cannot be ignored.

He said: “I want to say to all of you that we do not consider the programme as a favour done to you. It is not. You deserve this programme because you are citizens of this country.

“This country can provide and should provide all that is in need of help and we will do our very best to provide.”

He noted that the President during the campaigns had kept on saying that everything must be done to get Nigerians out of poverty.

Osinbajo said: “The programme is also a head or logical common sense issue. A country’s economic development is a function of the number living above poverty level, our levels of poverty are so alarming that clearly some fundamental interventions by government are necessary.

“Often, our economic development plans and budgets assume a trickle down approach, namely that, if we put resources in promoting industry and commerce, jobs would eventually be created and the poorest will be reached.

“The other premise is that GDP growth should translate to jobs. Both premises are flawed. First the trickle down model has proved far too slow to stem the tide of poverty in one of the fastest growing populations in the world.

“Secondly, most of the growth was on account of the oil sector, which is capital intensive but not labour intensive. So, while we were recording growth levels of seven per cent because of the high oil prices, unemployment figures grew.

“In developing the APC manifesto and later our economic development plans, we knew that government had to directly intervene with a massive social investment programme that would tackle poverty and exclusion across the various spectra.”

He added: “We have heard a lot about the programmes already, but I would like to emphasise some of what I am particularly proud of. First, is that we have shown that a massive programme can be initiated and managed on-line. The N-Power programme is the largest post-tertiary jobs programme in Africa. We now know that we can train large numbers electronically.

“Secondly, we have demonstrated that a transparent process of employment is possible. All of these young men and women have testified that they knew nobody and paid nobody to get the jobs they now have.

“Thirdly, we have achieved great success in our financial inclusion efforts by bringing in many, especially the extremely poor in the hinterlands into the formal banking system. Beneficiaries of the Conditional cash Transfer programme, home grown school feeding vendors and cooks, now have BVNs and bank accounts.

“We have also demonstrated that electronic payment on such a huge scale, across the nation is possible. Most importantly, we have ensured that our programmes are in all states not just APC states, so much so that some of the governors in non-APC states even take credit for these Federal Government programmes.”

“We know that our children in public schools many from poor homes do not really care about whether the food is from one political party or the other. Most of the testimonies you have heard today, it is clear that our programmes have just simply gone,” he said.

He added that the N100 billion set aside for the Family Home Fund, a Social Housing Project under the SIPs, is a yearly contribution to the N1 trillion Social Housing fund.

Osinbajo said “The largest in the history of the country. The World Bank and Africa Development Bank (AfDB) are contributors to the fund. The same fund will enable us to provide inexpensive mortgages for hundreds of thousands across the country. Already the project has started in 11 states.”

The National Chairman of the All Progressives Congress, John Odigie-Oyegun, noted that the APC has contributed majorly in solidifying democracy in Nigeria in comparison with all administrations since 1999.

Also speaking at the occasion, the Senate Minority Leader and former Akwa Ibom State Governor, Senator Goodwill Akpabio, endorsed the programme and hailed the Federal Government for achievements recorded so far.

May 30, 2017
Why Nigerian economy is in trouble – Buhari

President Muhammadu Buhari has explained to Nigerian professionals in America how and why the Nigeria economy got into trouble.

The professionals, including top flight aeronautics engineers, physicians, I.T experts, a Judge, a top policewoman, entrepreneurs, an Import Specialist at Customs and Border Protection, professors, two straight A students, and many others, had converged from different parts of the United States of America.

President Buhari had the assurance that with all hands on deck, including the best brains in the Diaspora, the country would bounce back in the shortest possible time.

In a statement by the Special Adviser on Media and Publicity, Femi Adesina, Buhari said: “I am very pleased with this meeting. Wherever you go in the world, you find highly competent and outstanding Nigerians.

“They not only make great impact on their host countries and communities, their financial remittances back home also help our economy, particularly at a time like this, when things are down.

“We got into trouble as a country, because we did not save for the rainy day. For example, between 1999 and 2015, when we produced an average of 2.1 million barrels of oil per day, and oil prices stood at an average of $100 per barrel, we did not save, neither did we develop infrastructure.

“Suddenly, when we came in 2015, oil prices fell to about 30 dollars per barrel. I asked; where are the savings? There were none. Where are the railways? The roads? Power? None. I further asked; what did we do with billions of dollars that we made over the years? They said we bought food. Food with billions of dollars?

“I did not believe, and still do not believe. In most parts of Nigeria, we eat what we grow. People in the South eat tubers, those in the North eat grains, which they plant, and those constitute over 60 per cent of what we eat. So, where did the billions of dollars go?

“We did a lot of damage to ourselves by not developing infrastructure when we had the money.

“Talking of our military, they earned respect serving in places like Burma, Zaire, Sudan, Liberia, Sierra-Leone, and then, suddenly, that same military could no longer secure 14 out of 774 local governments in the country. Insurgents had seized them, calling them some sort of caliphate, and planting their flags there; till we came, and scattered them.

“We raised the morale of our military, changed the leadership, re-equipped and retrained them; USA, Britain, and some other countries helped us, and today, the pride of our military is restored.

“Boko Haram ran riot, killing innocent people in churches, mosques, markets, schools, motor parks, and so on. And they would then shout Allahu Akbar. But if they truly knew Allah, they would not do such evil. Neither Islam, nor any other religion I know of, advocates hurting the innocent. But they shed innocent blood, killed people in their thousands.
“Now, we have dealt with that insurgency, and subverted their recruitment base.” He said

Buhari continued: “Those who stole Nigeria dry are not happy. They recruited the militants against us in the Niger Delta, and began to sabotage oil infrastructure. We lose millions of barrels per day, at a time when every dollar we can earn, counts. It is a disgrace that a minimum of 27 states, out of 36 that we have in Nigeria, can’t pay salaries.

“But I prayed so hard for God to make me President. I ran in 2003, 2007, 2011, and in 2015, He did. And see what I met on ground. But I can’t complain, since I prayed for the job. In the military, I rose from 2nd Lieutenant to Major-General. I was military governor in 1975 over a state that is now six states. I was head of state, got detained for three years, and headed the Petroleum Trust Fund (PTF), which had N53 billion of that time in Nigerian banks.

“God has been very good to me, so I can’t complain. If I feel hurt by anybody, I ask God to help me forgive. He has done so much for me.

“After 16 years of a different party in government, no party will come and have things easy. It’s human. We need quality hands to run Nigeria, and we will utilize them. I will like to welcome you home when it’s time. But I’ll like you to be ready.” He added

All the Nigerian professionals pledged to contribute their quota towards re-launching their fatherland to a new dawn.

September 23, 2016