Tag: Nigeria

  • 10 cheapest states to live in Nigeria in 2025

    10 cheapest states to live in Nigeria in 2025

    As the cost of living rises in many parts of Nigeria, especially in big cities like Lagos and Abuja, some states remain surprisingly affordable. From lower rent to cheaper food prices, these places offer a better chance to manage your budget, whether you’re a young professional, a retiree, or just want a break from high expenses.

    Based on the latest report from the National Bureau of Statistics (NBS), here are the ten most affordable states in Nigeria right now. These states have lower inflation and better living conditions compared to others.

    Here’s a look at the 10 cheapest states, based on recent inflation numbers:

    1. Ondo State

    Ondo is the most affordable state in Nigeria this year. The overall inflation rate is just 13.4%, and food inflation is 20.6%. Prices even went down by 3.4% last month. Your money goes further here than anywhere else.

    2. Cross River State

    With 17.1% inflation, Cross River is another great option. Food prices are increasing slowly at 14.5% per year, and the monthly change is just 2.2%—better than many states.

    3. Kwara State

    Kwara combines city life and affordability. The state’s inflation is 17.3%, and food prices have only risen 15.8% this year. The 2.8% monthly rise is one of the most stable in Nigeria.

    4. Akwa Ibom State

    Even though it’s an oil-rich state, Akwa Ibom remains affordable. Inflation is 17.4%, and food prices have gone up just 16.4%. Uyo, the state capital, offers good infrastructure at fair prices.

    5. Katsina State

    In the North, Katsina stands out. Inflation is 17.6%, and food costs have gone up by 22.1%—still better than many other northern states. Monthly food price increases remain under control at 6.4%.

    6. Oyo State

    Ibadan shows you can enjoy city life without high prices. Inflation is 18.7%, and food prices actually went down by 7.0% last month—a rare and welcome change.

    7. Plateau State

    Jos, known for its cool weather, has 18.9% inflation. Food prices are higher here at 30.5%, but the monthly rise of 11.4% is still reasonable compared to many states.

    Read Also: The Nigeria/ Burkina Faso tango: Some historical notes

    8. Rivers State

    Though it’s a wealthy state, Rivers is not as pricey as expected. Inflation stands at 19.2%, and food prices are up 18%. Overall prices dropped by 0.7% last month.

    9. Taraba State

    Taraba has 19.9% inflation, and food prices are rising at 20.3% yearly. However, the month-on-month increase was only 1.4%, showing good signs for affordability.

    10. Ogun & Adamawa States

    Both states have 20.9% inflation. But food prices tell a better story—Ogun saw the biggest drop in food costs in the country, falling 7.06% in one month. Adamawa also saw food inflation stay low at 9.52%.

  • German targets Nigeria for hydrogen demands

    German targets Nigeria for hydrogen demands

    The German Ambassador to Nigeria, Annett Gunther, has said the abundant natural resources, location and forward thinking leadership has positioned Nigeria advantageously in the emerging global hydrogen economy.

    The administration of President Bola Ahmed Tinubu since assumption of office in 2023 has embarked on series of reforms all aimed at diversifying the economy and positioning it as an investment destination.

    Besides, Nigeria is rated among the countries with the largest deposit of gas to the tune of 309 trillion cubic gas reserves.

    Gunther noted that with the move to green energy, her country would not be able to meet its hydrogen needs and would be looking towards Nigeria.

    She spoke in Abuja yesterday at the opening of a two-day working group meeting on Nigeria’s hydrogen policy.

    The meeting is sponsored by a German agency, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) and it brings together key stakeholders in the hydrogen economy with the aim of reviewing the country’s draft policy, identify key strengths and gaps.

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    She stressed that Germany recognised Nigeria’s immense potential in renewable energy, essential for the production of green hydrogen.

    She said: “Germany recognises Nigeria’s immense potential in renewable energy, essential for the production of green hydrogen.

    “Your country’s abundant natural resources, strategic location, and forward-thinking leadership position Nigeria advantageously in the emerging global hydrogen economy.”

    She explained that for her country to reach its climate goals, including net-zero 2045, strong and reliable international partnerships like Nigeria  are essential.

    Speaking on Germany’s hydrogen economy, she said: “Recognising the pace of global innovation, this strategy has since been updated and expanded—most recently with the introduction of our hydrogen import strategy.

    “This reflects a clear understanding: Germany will not be able to meet its hydrogen needs through domestic production alone. To reach our climate goals, including net-zero 2045, strong and reliable international partnerships are essential. It is also in this context that we see pioneering countries like Nigeria as key partners—countries that combine renewable potential with ambition, technical expertise, and a shared vision for a climate-neutral future.”

    The envoy added: “Looking ahead, Germany envisions deepening our collaboration with Nigeria on green hydrogen across the entire value-chain from production, transportation, storage, and utilisation. We believe this partnership can create a model for sustainable development that balances economic growth with environmental responsibility.”

     “The policy framework you are further developing today will lay the groundwork for Nigeria to potentially become a leading green hydrogen producer in Africa, with Germany as a committed partner and potential market for your sustainable energy exports.”

    In his remarks, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, said hydrogen can become the country’s next major foreign income earner with strategic planning.

    Bagudu, who was represented by Mr. Auwal Mohammed, Director Economic Growth Department, said: “It is important to know distinguished stakeholders that Nigeria possesses the core assets to lead in the hydrogen economy space due to its abundant renewable energy sources ideal for hydrogen production. With strategic planning, hydrogen can become a cornerstone of our diversification agenda, reducing our overreliance on crude oil exports while unlocking new revenue streams, industrial development, regional trade, and exports to the international market.”

    He said the primary objective of the workshop is, therefore, “to present the Zero Draft Hydrogen Policy to this distinguished gathering of professionals, with the aim of gathering your expert feedback, constructive criticism, and valuable insights to further refine and strengthen the policy.”

    He also explained that “In partnership with key stakeholders, the ministry with support from the German-Nigerian Hydrogen Office has crafted a Zero Draft of the National Hydrogen Policy, designed to establish a comprehensive framework for Nigeria’s hydrogen economy.

    “This policy outlines the roles and responsibilities of government agencies, private sector entities, and research institutions, providing a roadmap for the development of hydrogen infrastructure, research and development initiatives, and stringent safety and regulatory standards.”

    Also, Country Director, GIZ Nigeria and ECOWAS, Dr. Marcus Wagner assured of his country’s readiness to continue to support Nigeria’s  path towards energy diversification and creating a sustainable hydrogen economy.

    He said: “Germany looks forward to continuing to support Nigeria on its path towards energy diversification and in creating a sustainable hydrogen economy.

    “We are convinced that today’s discussions will provide valuable insights that will contribute to the finalisation of the hydrogen policy.”

    He, therefore, pointed out the importance of the  process, saying that national hydrogen policy is to form the foundation upon which a future-oriented, sustainable hydrogen economy in Nigeria can be built.

    “A time of global transition towards sustainable energy systems, Nigeria is positioning itself as a pioneer on the African continent with this step,” Wagner added.

    He also explained that the working group meeting will provide a unique platform for inclusive dialogue among all relevant stakeholders.

  • Nigeria records ₦1.03trn agricultural trade deficit in 2023 – Expert

    Nigeria records ₦1.03trn agricultural trade deficit in 2023 – Expert

    A Nigerian agricultural expert and Managing Director of Davidorlah Farms, Segun Alabi, has raised concerns over Nigeria’s growing agricultural trade imbalance, revealing that the country recorded a ₦1.037 trillion deficit in 2023 alone.

    Speaking at a press conference at the National Assembly on Thursday, Alabi noted that this marks the fifth consecutive year Nigeria’s agricultural imports have surpassed its exports.

    He attributed the widening gap to the importation of processed and finished food products such as wheat, sugar, and concentrates—items that Nigeria can produce locally.

    “The continued reliance on imported food items undermines our economic diversification efforts. Agriculture remains the most viable path to achieving food security and increasing foreign exchange earnings, but we are not doing enough to realise its full potential,” Alabi said.

    He also emphasised the increasing role of private agricultural firms in driving sectoral growth, noting that Davidorlah Farms is currently leading Nigeria in pineapple production.

    Alabi called for stronger support for local producers and more strategic investment in the agricultural value chain to reverse the trend and strengthen the nation’s economic resilience.

    Alabi said, “We have made it our mission to contribute meaningfully to Nigeria’s food economy through large-scale pineapple production and the processing of pineapple concentrate for both local consumption and export, which opens doors for direct foreign investment.

    “Davidorlah Farms, as a private sector, plays a significant role in strengthening Nigeria’s economy through agriculture, particularly through its focus on pineapple cultivation and processing. By operating across the pineapple value chain from primary production to fruit supply and concentrate manufacturing, the firm contributes to both food security and agro-industrial development.

    He said while oil remains Nigeria’s top source of foreign income, agriculture is quietly rising as a powerful force, saying “with Nigeria ranking fourth in the world for exports like cocoa etc, there’s huge potential waiting to be unlocked. Yet, we still import a lot of food, a sign that our farms need more support and better infrastructure.

    “By boosting our agricultural exports, we can reduce our heavy dependence on oil and protect our economy from global price shocks. Plus, the foreign income from these exports can be reinvested into modern tools, better roads, and smarter farming, helping our farmers grow more and earn more.

    He said, “With our increasing population projected to exceed 250 million by 2050, food demand is rising sharply. Through structured farming programs and improved yield practices, Davidorlah is helping to reduce reliance on imported food, thereby promoting national food sovereignty.

    Read Also: Akpabio: NASRDA key to solving Nigeria’s security, economic challenges

    “Every hectare of land under Davidorlah’s model employs multiple hands — from farmers and managers to drivers, traders, and processors. Our commitment translates into thousands of direct and indirect jobs across rural Nigeria, especially among youth and women.

    “Through our Farm Ownership Program, Davidorlah provides Nigerians with opportunities for people to become farm owners through our model. We are not just growing pineapples, we are growing wealth for families, entrepreneurs, and communities across the country.

    “Nigeria loses billions annually importing food. Davidorlah’s export-focused production model aims to reverse this trend. By meeting global standards in pineapple quality and logistics, we open doors to international markets, thus earning foreign exchange and strengthening the naira.

  • Banjul flights to strengthen Nigeria, Gambia relations

    Banjul flights to strengthen Nigeria, Gambia relations

    The Managing Director of ValueJet Airlines, Capt Omololu Majekodunmi  has highlighted the economic benefits of the airline’s  recent inaugural flight to Banjul, The Gambian capital ,stressing that it  would further strengthen the trade relations between Nigeria and the West African country.

    Affirming the carrier’s commitment to safe and efficient operations, Majekodunmi said its  full  adherence  to all  prescribed regulations by authorities  on the route is guaranteed with the  deployment of its CRJ-900 aircraft.

    He said: “The launch of our Lagos to Banjul flight is yet another important milestone in ValueJets Airline’s vision to enhance regional connectivity and contribute to the economic growth of West Africa. Our commitment is to make travel within the continent more accessible and efficient with fares.”

    He further stated that the Lagos-Banjul connection is set to strengthen economic ties and foster tourism between Nigeria and The Gambia, two of West Africa’s most dynamic regions as the carrier is the only airline in West Africa that offers direct flight to Banjul.

    According to him, the route offers immense opportunities for trade, investment, and cultural exchange with The Gambia’s growing tourism sector and Nigeria’s bustling business landscape.

    The new service also supports businesses by providing quicker and more efficient travel options, bridging distances within the region.

    READ ALSO: Oloyede: Beyond the glitch

    The carrier’s inaugural flight to Banjul on May 15, 2025, was marked with fanfare and the cutting of the ribbon in front of the check-in counters at the Murtala Muhammed International Airport, Lagos, to signal the official opening of the route.

    The new route reflects ValueJet’s commitment to enhancing regional connectivity and expanding its footprint across West Africa.

    The airline commenced flights to link key cities across the continent and provide travellers with efficient travel options.

     In addition to the Lagos-Banjul flights, ValueJet will also connect travellers on its domestic network to Banjul, further broadening its services.

    The Gambian government expressed readiness to support the carrier and its passengers, acknowledging the airline’s plan to foster regional integration.

  • Nigeria among Africa’s top investment destinations – Speaker Abbas

    Nigeria among Africa’s top investment destinations – Speaker Abbas

    Speaker of the House of Representatives, Mr. Abbas Tajudeen, has described Nigeria as one of the most attractive and lucrative investment frontiers in Africa.

    Abbas made this known on Wednesday in Abuja at the maiden edition of the Nigeria-Italy Investment Summit 2025 (NIIS 2025), themed “Building Bridges: Unlocking Opportunities.”

    The summit, organised by Giant Gee Nigeria Limited and partners in collaboration with the Italian Embassy, aims to strengthen bilateral investment and trade ties.

    Represented by Mr Afuope Afolabi, Chairman of the Nigeria-Italy Parliamentary Friendship Group, Abbas said Nigeria’s large population and economic potential made it a prime destination for global investors.

    According to him, Nigeria-Italy relations have evolved into a dynamic partnership driven by trade, investment, and high-level political consultations.

    “Italian enterprises have found fertile ground in Nigeria, and we in turn have benefited from these investments, which have strengthened key sectors of our economy,” he said.

    He highlighted investment opportunities in agriculture, agro-processing, dairy farming, energy, oil and gas, and solid minerals.

    “This summit should serve as a springboard for both nations to reimagine bilateral economic cooperation,” Abbas added.

    Deputy Speaker of the House, Benjamin Kalu, represented by Rep. Uchenna Okonkwo, noted that Nigeria, with its population of more than 220 million and vast human and natural resources, remained Africa’s largest economy.

    He said Italy, the world’s eighth-largest economy, brought industrial sophistication and innovation to the table.

    “These are two nations with immense potential. This summit is not just about investment; it’s about aligning values and mutual economic ambition,” Kalu said.

    He emphasised the strategic importance of trust and collaboration, calling the summit a “blueprint for a bridge built not of bricks but of trust.”

    Mr Iacopo Foti, Deputy Ambassador of Italy to Nigeria, called the summit a celebration of shared values and a joint commitment to sustainable development.

    He lauded Nigeria’s dynamic population and growing domestic market, stating, “Italy’s cultural heritage and technological expertise make it a natural partner for Nigeria.”

    Foti noted that Italy had long contributed to Nigeria’s development, particularly in energy, construction, and infrastructure.

    Read Also: Nigeria to harness knowledge-based agriculture for national advancement – Speaker Abbas

    “Italy is renowned for its rich cultural heritage, technological expertise, and strong tradition of entrepreneurship.

    “Both countries have unique opportunities to harness their strengths and foster partnerships that will benefit them mutually.

    “Italy has contributed to Nigeria’s economic development in various sectors, including energy, construction, and infrastructure, since Nigeria gained independence.

    “In 2024, trade relations between both countries reached approximately 2.5 billion euros. In spite of the significance of this figure, there is still a need for initiatives like this summit to further promote business and investment.

    “I am convinced that we will engage in insightful discussions, explore potential investment opportunities, and share best practices.

    “I also believe that paving the way for meaningful investments has the power to transform our economies and improve the lives of our people,” he said.

    He expressed confidence that discussions from the summit would lead to meaningful investments that could transform both economies and improve lives.

    (NAN)

  • Nigeria can turn arts and culture into economic powerhouse — Rep Zock

    Nigeria can turn arts and culture into economic powerhouse — Rep Zock

    Chairman of the House of Representatives Committee on Art, Culture, Tourism and Creative Economy, Hon. Gabriel Zock, has said Nigeria can transform its rich cultural heritage into a thriving economic sector if properly harnessed.

    Speaking on Tuesday in Abuja during the 2025 International Museums Day celebration, themed “The Future of Museums in Rapidly Changing Communities”, Zock stressed that culture is a reflection of a people’s wealth and should not be neglected.

    “When you abandon your culture, you abandon your riches. Each state in Nigeria is blessed, but we’ve been distracted by Western influences. It’s time we rediscover our identity,” he said.

    Zock assured the National Commission for Museums and Monuments of the National Assembly’s full backing in revitalising museums across the country. He emphasised that promoting cultural assets requires deliberate investment and legislative support.

    “You can never reap what you haven’t sown. We must invest in our creative talents and cultural institutions to get meaningful returns,” he said, citing the global success of Nigerian musicians as an example of untapped potential.

    Zock promised to work closely with the Budget Office, the Ministry of Finance, and the Appropriations Committee to ensure that the Commission receives adequate funding. He also revealed that agencies under his oversight have been asked to submit proposals for legislative and financial support.

    “Our role is to make laws and provide funding to ensure agencies like this commission achieve their objectives. We are committed to making sure the cultural sector gets the resources it needs to thrive,” he added.

    “We have abandoned our culture. It’s time for us to go back to where we are. Check our artwork. See, they are the best in the world. But what is the problem? Because we did not preserve it well. We did not bring them to actually showcase them to the world.

    “We have the best of musicians like Burna Boy, Davido, Wizkid, Ashake, and all of them. Today, if the government has shown seriousness and brought these people together, each of these people has over 20 million followers on social media. Put it together, we will have over 1 billion views that will show our culture. This is why the House committee will collaborate with agencies and ministries to make sure that the policy works.

    “We will take action to make sure that we get the necessary funding that will push this country. By God’s grace, by 2030, this agency and the ministry will become one of the best ministries in the world. “

    In his earlier remark, the Director General, National Commission for Museums and Monuments, Olugbile Holloway, has lamented the paltry budget of the commission.

    He, however, said his team will work around it to turn the sector into a money-generating one.

    Holloway said, “The reality is this sector is much underfunded, and I think that we can all admit that we don’t receive the same attention as perhaps other agencies, other ministries. Because in this part of the world, unfortunately, culture and heritage and, you know, museums, it’s not something you regularly think of as money spinners or regularly generating money. But that couldn’t be further away from the truth. The reality is, while the other sectors may represent important areas like oil and gas, mining, the cultural sector only represents the reason why we are all here.”

    He reminded everyone of the importance of the art and culture sector, saying, “It reminds us of our past, it reminds us that we have great men and women that have lived before us, and it also encourages us to look at their lives as an example of what we want to achieve.”

     With the future of museums and rapidly changing economies, the Director General stressed the need to reimagine the museums and make them attractive to all. 

    He said, “I think the Commission has to play a pivotal role as far as reimagining the museum for the young and the old. Because after all is said and done, they’re the ones that are going to carry on whatever ideas and visions we come up with for the future.

    “I think the museum needs to be repositioned to be more user-friendly. The museum needs to be cooler. They need to see the museum as something that they can identify with.

    “And when I say this, it’s simply to say, how do we modernise the museum? How do we leverage social media? How do we leverage online influencers? How do we leverage technology? In such a way that our cultural heritage is not just this boring thing that is dusty and smells like a cupboard that hasn’t been opened in years. How do we reinvent the very idea of what it means to be Nigerian? And how do we start to tell these stories? 

    He also revealed that he has started a project on social media as part of the efforts to bring the country’s various cultures to the people.

    He said plans are ongoing to start playing some of the Commission’s content on culture on Lagos BRT buses. 

    He said, “I don’t know how many of you follow our social media pages online. We’ve tried to use AI to start telling stories of the past.

    “We’ve done so many things. We’ve done Queen Amina. 

    We’ve done too many to name. We try to drop a story every Friday. And we hope that these stories are being shared on social media.

    “And that young Nigerians can start talking about their culture. Because it’s from talking about the culture that they’re more inclined to want to come and see the objects. But in addition to using social media, we’re also trying to partner with advertising agencies, such as the BRT buses in Lagos to start playing some of the content that we’re creating on social media.

    “So the aim of this really is to demystify the concept of culture and heritage. Because of our colonial history, we have a very interesting relationship with some of our objects. People will describe the museum.

    “And so that’s where they keep working to do things. But we’re not completely removed from the realities and the impact that Christianity and Islam, perhaps, may have on the adoption of certain types of objects and the display of certain types of objects. But I think that it’s left to the museum to reframe how these objects are perceived.

    “And to educate Nigerians so that they begin to see their past, not as this dark thing to be shunned away. But something that should be embraced to give them a stronger sense of identity.”

    Also speaking, Cultural Counsellor and Director of the China Cultural Centre, Yang Jianxing, called for more funding for the museums so as to ensure that the sector evolves with time and season.

     He said: “In the face of a rapidly changing world, we must increase funding, cultivate talent, leverage advanced technologies, and strengthen international collaboration to ensure museums evolve with the times and the better the cultural and socio-economic development of our respective nations.”

    He stressed that China places high importance on the development of Museums.

    He quoted Chinese President Xi Jinping, who noted that “museums are vital institutions for preserving and transmitting human civilisation, serving as bridges connecting the past, present, and the future” 

    He also revealed that as at 2023, China is home to 6,565 museums out of over 10,000 worldwide, ranking among the highest in the world.

    “More than 90% of them offer free admission. And in 2022 alone, they received 578 million visitors,” he added. 

    He therefore said the theme of the 2025 International Museum Day celebration, “the future of museums in rapidly changing communities,” underscores the critical role museums must play in safeguarding, innovating, and redefining cultural identity and rapid societal transformations.

    He urged museums to “clarify their mission, embrace opportunities, tackle challenges, and resonate with the pulse of our times.”

    He added, “Today, the world is undergoing profound changes. The new wave of technological revolution and industrial transformation represented by AI is reshaping social structures, values, and lifestyles at an unprecedented pace.

    “In this era of rapid transformation, museums must seize opportunities, address challenges, and drive reforms to better safeguard humanity’s cultural heritage, meet the public’s spiritual and cultural needs, and promote the progress of human civilisation as well as global peace and development.”

  • Gulf of Guinea: Nigeria calls for stronger global cooperation to tackle rising maritime threats

    Gulf of Guinea: Nigeria calls for stronger global cooperation to tackle rising maritime threats

    As the Gulf of Guinea faces growing threats from terrorism, piracy, and transnational crimes, the Nigerian Immigration Service (NIS) has called for enhanced regional and international collaboration to secure Africa’s most vulnerable maritime corridor.

    Comptroller-General of Immigration, Kemi Nandap, made the appeal on Tuesday in Lagos at a three-day workshop themed, “Maritime Security in the Context of Counter-Terrorism in the Gulf of Guinea.” 

    She emphasised that isolated national efforts are inadequate to confront the complex and evolving security challenges plaguing West Africa’s coastline.

    “Our threats are transnational, and so must be our response. No agency or government involved in border security and migration management can operate independently,” Nandap stated.

    The high-level event, organised in collaboration with the United Nations Counter-Terrorism Centre (UNCCT), brought together security leaders, diplomats, and regional stakeholders from across West and Central Africa to strategise on joint maritime security efforts.

    Nandap outlined the NIS’s key role in maritime border protection—ranging from surveillance and document verification to the interception of terrorist operatives and organised crime networks. She stressed the importance of capacity building, advanced technology, and international partnerships to strengthen intelligence sharing and early response mechanisms.

    She said, “The Gulf of Guinea is known for piracy, especially near Nigeria. Maritime insecurity arising from illegal oil bunkering, fishing, armed robbery, and trafficking threatens the safety of vessels and crew and weakens national security.”

    “We aim to achieve this through sound policies, capacity building, community engagement, collaboration, and regional partnerships along West Africa’s Atlantic coast.

    “Let us conclude this workshop with clear action plans, stronger partnerships, and a renewed determination to secure the Gulf of Guinea for prosperity and peace.”

    The call comes at a time when global focus is turning to the region’s worsening maritime challenges. 

    A representative of the United Nations Office of Counter-Terrorism (UNOCT), Rocco Messina, told participants that the maritime space is increasingly being exploited by hybrid threats.

    “In the Gulf of Guinea and the broader West African region, terrorism, piracy, organised crime, and trafficking are becoming more intertwined,” Messina said. 

    “The sea, once seen primarily as a channel of commerce and economic opportunity, has become vulnerable to exploitation by terrorist networks and criminal syndicates alike.”

    He added that the United Nations Security Council is currently deliberating on the growing risks to maritime security, underscoring the global significance of the issues at stake.

    “These disruptions not only affect global trade but also threaten economic stability, food and energy security, and the safety of maritime infrastructure,” Messina explained. 

    “The Security Council emphasises the need for maritime domain awareness, enhanced risk management, and coordination among states and international actors.”

    Also in attendance were key Nigerian officials, including Minister of Interior Olubunmi Tunji-Ojo and Chairman of the Senate Committee on Interior, Comrade Adams Oshiomhole, as well as representatives of foreign governments and security institutions across Africa.

    The workshop aims to produce concrete strategies and foster lasting partnerships that would ensure a secure, navigable, and economically viable Gulf of Guinea — a region too vital to be left vulnerable.

  • How Ghana tamed fuel prices–and what Nigeria can learn

    How Ghana tamed fuel prices–and what Nigeria can learn

    By Adetoun Alamutu

    Accra hums with chaos: vendors weaving through traffic, taxis honking, and sometimes, you can catch the scent of grilling plantain in the nasal salad of vehicle exhaust. 

    Accra is like Lagos, but not quite—just a little tamer.

    However, in Ghana, despite not being immune to global oil shocks, you won’t find as many arguments over petrol prices as in Nigeria. 

    Still, its petrol prices seem to fluctuate within a more predictable band. 

    In Ghana, there are no overnight petrol price hikes, no rumours of backroom deals. This isn’t even magic. It is a system that is built on transparency and one that Nigeria, even as we might be teetering on the edge of pricing chaos, should study attentively. 

     *Ghana’s No Secrets, No Monopolies Model* 

    Ghana’s National Petroleum Authority (NPA) publishes a pricing formula that accounts for international crude prices, exchange rates, distribution margins and taxes. 

    Every two weeks, prices are published and open to everyone from drivers to petrol station owners and even competitors. 

    This openness helps achieve two things: first, it prevents any single player from hijacking the narrative. 

    As a consequence, whenever prices rise, the “why” is not a mystery. 

    Second, it allows the market to maintain its fragmentation. 

    No company can establish control of the supply chain. No system is perfect. 

    While this system does not entirely eliminate profiteering, it is harder to manipulate prices, especially when the math is public and the market is full of small and nimble competitors. 

    An Uber driver in West Legon put it bluntly, “If one station tries to cheat, we will drive to the next.” 

     *Nigeria’s Deregulation Dilemma: When Freedom Has No Map* 

    Nigeria, on the other hand, seems to be stumbling through a deregulation experiment that feels less like policy and more like the fat man falling and rolling and waiting for something to stop him. 

    After decades of subsidies, the government finally stepped back with the expectation that market forces would stabilise prices, and, to an extent, we have seen that. 

    But there is still market uncertainty. Petrol stations adjust rates daily and sometimes hourly. 

    Our Federal Competition & Consumer Protection Commission (FCCPC), tasked with policing anti-competitive action in the market, has been criticised as “toothless” as it seems unable or unwilling to rein in cartel-like behaviour. 

    The irony is that market deregulation was supposed to invite competition. 

    But, without guardrails, Nigeria is tending towards a Wild West where the strongest bully might dominate. 

    Read Also: NMDPRA reaffirms FG’s commitment to steady fuel supply, distribution

    Deregulated market competition is to allow petrol to flow into Nigeria at market-competitive prices. 

    But a pending court case could revoke the import licenses instead, arguing that Nigeria’s mega-refinery–the world’s largest single train facility–makes those imports obsolete. On paper, this is great. 

    A homegrown goliath can meet domestic demand. But in reality, this is a gamble. 

     *One Refinery Will Never Be Enough* 

    First, I must explain. I am not anti-local refinery. Domestic production is extremely important. But, Nigeria can not build its house on one pillar by pinning its petrol supply to a single entity. 

    If we lived in a Nigeria with several refineries of this scale, this op-ed would never have existed. 

    What if maintenance shuts down the refinery? What if global crude prices swing? What if–and let us remember we are in Nigeria–logistics have a hiccup or debt delays deliveries? 

    Ghana’s model works because it acknowledges a messy truth we are too proud to consider: redundancy is safety. 

    When there are multiple importers, supply chains stay flexible. Players in the market compete not only on price but reliability. Nigeria’s refinery could be a crown jewel, but it should not be the only jewel. 

    Everybody must compete on merit and not mandate. 

     *The Ghost of Subsidies Past* 

    Nigeria’s regulators seem to be trapped between old habits and new ideals. 

    In the previous pricing regime, the culture of dependency for consumers and also the government, controlling prices through back channels, was born. 

    But now, that muscle memory seems to linger. The FCCPC’s reluctance to act on allegations of price fixing feels less like corruption and more like confusion. 

    Ghana’s NPA is not flawless. Market players and critics complain about bureaucratic delays. But, its commitment to transparency has put an end to any perceptions and insinuations of favouritism. 

    There are no whispers of special deals. Everything is public. 

     *Moving Forward?* Revoking licenses would betray the spirit of deregulation and unwittingly hand a monopoly to the refinery. True market freedom means that consumers and not the courts or people in government, decide winners. 

    Even as the refinery asserts that it offers a reliable supply and fair prices, let importers keep testing those terms. This is not hypothetical. 

    In Ghana, oil marketing companies are unable to gouge prices because competitors can notice discrepancies and alert regulators. 

    The NMDPRA and FCCPC should borrow this playbook: publish a clear pricing framework, demand real-time price reporting, encourage whistleblowing, and most importantly, keep the gates open. 

    Every importer is a check against complacency. Human “Efficiency” I need to admit that I sympathise and understand the argument the refinery makes. 

    One massive operation can streamline costs and boost exports. Consolidation is efficient. 

    But where there’s centralised efficiency, there is also fragility; centralised systems break, and that could be catastrophic. 

    Nigeria’s COVID-19 lockdowns showed us how dire shortages could be when our borders were closed. 

    After efficiency, we need to have equity, too. When a single player controls a market, wages will stagnate, innovation will slow down, and the regions outside the supply chain will get neglected. 

    Just like Nigeria, Ghana’s fragmented and decentralised market employs thousands, not just in Accra, but in villages where small stations often double as community hubs. 

     *A Closing Half Thought* 

    Transparency is not the ultimate-everything fix. Nigeria’s petrol problems are rooted in much deeper issues. 

    But Ghana shows that sunlight is a decent disinfectant. Let’s have public prices. Let importers keep the market honest. 

    Maybe, when we give Nigerians the tools to compare, we can trust them to choose better. 

    The court ruling looms. I read another Nigerian write about how regulators and not courts should decide regulatory matters like import licences, and I agree wholeheartedly. 

    If import licences disappear, that is also the end of the last lever in ensuring market choice. 

    Nigeria’s leaders promised that deregulation would be the end of an era of artificial scarcity. 

    They will soon have to decide if that promise includes freedom or a different kind of control. 

    •Adetoun Alamutu, a multidisciplinary storyteller and Head of Story for Culture Custodian, writes from Lagos.

  • Economic progress in Nigeria, Delta

    Economic progress in Nigeria, Delta

    • By Godfrey Money

    For the average Nigerian, or what some others may refer to as the commoner, economic development or progress is measured by the prices of foodstuffs in the market vis-à-vis their financial resources. Hence food inflation is the single, most determinant economic factor for the common man. Even though transportation fares or the prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) go up, the impact is measured by the prices of food items in the market. And when farmers are driven out of the farms by insecurity, there will be a dearth of food supply in the market, hence rise in food prices; the standard of living, viewed from food prism, plummets or nose-dives.

    The foregoing is an acknowledgement of the current hardship, especially the food crisis being faced by many Nigerians. The hardship, in different degrees, had always been there since the 1980s but took a turn for the worse under the immediate past administration due to its economic inertia and self-inflicted policy choices that condoned the menace of herdsmen, who ravaged with impunity the entire country and drove away from the farms the largely agrarian population of Nigeria. Kidnapping, maiming and killings by herdsmen and bandits became the order of the day. The economic effects now stare us in the face.

    Before the current government was inaugurated on May 29, 2023, ginormous sums of naira that could have been deployed to open the rural areas and revolutionise agriculture through massive road networks and agro-allied industries, to improve healthcare and education, were expended on fuel subsidy, which was a scam of monumental proportions, and the fight against insecurity, which was exacerbated by the nonchalant attitude of the then central government. The fuel subsidy regime was a complete scam; it was a cesspool of corruption by a few elites.

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    By the time Tinubu assumed office as president, the country was in dire financial straits. The Nigerian National Petroleum Company Limited was no longer remitting revenue to the Federation Account, indeed was in debt and could not meet its Joint Venture commitments. The debt service-to-revenue ratio was about 97% with a FOREX backlog in the neighbourhood of $7billion, which is a disincentive to foreign investments in the country. Many state governments were drowning in debt, owing a backlog of salaries and failing to meet financial obligations to contractors. In short, the economy was in a state of comatose and in need of radical reforms.

    On February 12, 2024, a former CBN Governor, Emir Sanusi Lamido Sanusi, underscored the parlous state of the economy inherited by the Tinubu government in the following words:

    “I have been, over the years, talking about the pending crisis ahead of the current economic hardship. Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation. The difficult situation Nigerians are facing is just the beginning (if the right decision is not put in place) because Nigeria is not exceptional; such situations happened in Germany, Zimbabwe, Uganda, and Venezuela.

    “The previous administration turned adamant about our appeal for corrective measures (on the economic policy). For eight years, we were living a fake lifestyle with huge debt from foreign and domestic debts. The Central Bank of Nigeria owes over N30 trillion, which resulted in debt service surpassing 100 per cent.

    “It’s injustice for anyone to blame the Tinubu administration for the current economic hardship because there is no other alternative than the removal of the fuel subsidy. After all, Nigeria cannot even afford to pay the subsidy. In the last eight years, the Central Bank continued to print more money, and the naira continued to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint. The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done.”

    During his inaugural speech on May 29, 2023, Tinubu announced the removal of fuel subsidy, and shortly after floated the naira in order to stop arbitrage, which threw up overnight millionaires under the last administration.

    The Federal Government has since cleared the inherited FOREX backlog of $7 billion and commenced the implementation of a N70,000 National Minimum Wage. The debt service-to-revenue ratio is now around 65 per cent with about $30 billion Foreign Direct Investments in the country. What is more, Nigeria’s foreign reserves have risen to $40.4 billion while trade surplus increased by 209 percent by the end of 2024. The GDP grew by 3.85 percent in less than two years of the current government, with a projection of an annual growth of seven percent.

    All indigent students of federal higher institutions of learning now have access to loans through the Nigerian Education Loan Fund (NELFUND) to further their education, the first of its kind on that scale in this country. Insecurity levels have dropped; hence food inflation is gradually easing off.

    However, the sudden resurgence of killings in Benue and Plateau States in recent weeks is concerning, especially in the light of the charge that it is connected to the next general elections. Without security, there can be no significant economic development. Hence the government must act fast and decisively to contain the situation in order to sustain the economic gains.

    As a result of removal of fuel subsidy, the state governments now receive more funds from the Federation Account, not just to pay salaries but embark on massive economic development projects. Among the 36 federating states, Delta is showing a good example. In such a short time of less than two years in office, the Governor Sheriff Oborevwori administration has repaid over 50 percent of the humongous debt he inherited from the previous government. This is unprecedented in the annals of the state. The state also exceeded its revenue target by nearly 200 percent.

    In order to foster economic development, the state government is investing massively in education, vocational training, agriculture and small-scale businesses. Delta State can be described as one huge construction site. For the first time in the history of the state, Julius Berger is building roads and bridges. The ripple effects of such massive projects are trickling down to the grassroots in terms of thousands of jobs created and economic activities stimulated. Expectedly, this will lead to economic expansion, social mobility and rise in the standard of living.

    With insecurity contained, rise in oil production expected to hit two million barrels per day, complemented by the continuous rise in non-oil revenues, and the just-introduced “Nigeria First” policy, designed to prioritise locally manufactured goods in all government procurement processes, there is no doubt that the economy will soon turn a new page for the betterment of Nigerians.

    •Money writes from Ughelli, Delta State

  • Nigeria’s governors: Halfway to where? (1)

    Nigeria’s governors: Halfway to where? (1)

    To begin with, any assessment of the subnational level must acknowledge that Nigeria’s federal system is defective and quasi-federalist in nature. Put bluntly, it operates with the ethos of a tightly centralized “Bonapartist state”.

    This is the truth of the matter: no matter how well a subnational governor performs, the operating framework handicaps him. It’s like a boxer fighting with one hand behind his back. In other words, there’s a debilitating limit to what a governor can achieve. For instance, governors of states like Benue, Plateau and Zamfara have discovered that the title of Chief Security Officer is more in humour than in reality. To drive meaningful development, subnational governors need full operational command of internal security forces in their states, similar to their counterparts in countries like the USA, Australia, Brazil and Canada.

    “Natio quae suos alit, prosperitatem colit” (A nation that nurtures its people, cultivates prosperity).  What scorecard can you give the governor of Benue State in agricultural development when the ecosystem is perennially disrupted, hindering short-, medium-, and long-term planning for farmers, government and logistics alike? How can a governor in that situation create an enabling environment to attract the much-needed investments into the agricultural value chain, with a view to generating hundreds of direct jobs and thousands of indirect ones?

    Today, it is challenging for governors to perform optimally, unlike past leaders like Lateef Kayode Jakande in Lagos, Michael Adekunle Ajasin in Ondo, the outstanding Sam Onunaka Mbakwe in Imo, and Muhammadu Abubakar Rimi in Kano. While some contemporary governors, such as Biodun Abayomi Oyebanji (BAO) in Ekiti, Babajide Olusola Sanwo-Olu (BOS) in Lagos, and Oluseyi Abiodun Makinde (GSM) in Oyo, exhibit flashes of good performance, they are swimming against a stultifying tide.

    Makinde, for example, even before Donald Trump’s disruption, had a commendable foresight to aspire for an Oyo State that’d evolve into an export-oriented economy. He deserves kudos for this; for, with Nigeria’s balance of payments crisis, it is a very good route to responsible growth. A school of thought even opines that GSM is a progressive who, unfortunately, has found himself in the wrong political party.

    We recall that, in the 1950s and the 1960s, the economies of Nigeria’s Western Region were, to a considerable extent, export-oriented, leading to the export of commodities to build social and physical infrastructure. Makinde here is trying to recreate a more productive time, and he is on his way to proving so with initiatives such as the Fashola project – an agro-industrial landmark. He, of course, in his endeavour, must confront the painful reality of underperforming Federal agencies such as the Standards Organization of Nigeria (SON), numerous tolls on the highways, as well as the grotesquely underperforming ports. This is why only institutional reforms can make Nigeria a competitive economy.

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    Oyebanji too has shown imaginative thinking in his two years in the saddle. A man of wisdom, foresight and simplicity, he has broken the mindset and breathed fresh perspectives into the development process, critically trying to break away from the ‘growth-without-development’ mindset. This break from the past has led to remarkable achievements in good governance, economic development, infrastructure, agriculture and social welfare.

    BAO’s leadership has also shown accountability, transparency and responsiveness. It has promoted social justice, equality and human well-being. Most importantly, the governor’s policies and actions have demonstrated a commitment to democratic principles, improvement in the quality of life and a sense of unity among Ekiti people. I will come back to that later!

    In Lagos State, Sanwo-Olu has made significant strides in establishing a solid internal security framework, which has made the state arguably the safest in the country. Leveraging this stability, BOS has created an environment conducive to attracting local and foreign direct investments.

    Once upon a time, Lagosians were of the view that BOS was wanting in performance because the Big Boss was around and watching from Bourdillion. But now that the Big Boss has landed a bigger job in Abuja, BOS is condemned to delivering the real dividends of democracy to the good people of the ‘Centre of Excellence’. 

    There are also flashes of performance here and there. Nevertheless, we must muster the political will to define development, particularly sustainable development, within today’s context. India’s founding post-independence Prime Minister, Pandit Nehru, aptly noted that sustainable development begins with constructing water systems, followed by dispensaries (now known as Primary Health Care centers), then nursery and primary schools, and finally, establishing bank branches to mobilize credit. These fundamental tools drive development, unlike highfalutin vanity projects.

    As I’ve argued elsewhere, development isn’t just about “projects”, but about the fundamental effects of proper linkages for sustainability. This raises a crucial question: what comes first – issuing Certificates of Occupancy (C of O) or building flyovers? Frankly, the development process should start with issuing title deeds, as it will empower citizens economically through credit worthiness, which would then attract meaningful projects.

    It might seem silly to fuss over a governor’s image or appearance. A governor’s first and major responsibility is serving the people and managing state affairs; it’s about prioritizing citizens’ welfare and well-being. This includes developing policies, managing resources, and delivering public services, not searching for the fleeting spark of power. It is about being accountable to citizens, not strutting the catwalk.

    A governor’s duty is not about letting his robe and ring become idols that overshadow the priorities of the office. Instead, it’s about getting plugged into the pulse of the people, attuned to the rhythms of their struggles and aspirations, and harnessing the power of collective wisdom to drive meaningful change.

    For Oyebanji, it’s past midterm already. His government clocked midterm last October, which means he has already put in 30 months as the governor of Ekiti State. Now, he should be counting down to the governorship election while others are still battling with midterm and its concomitant issues. Given this timeline, the next election in the state is most likely to take place between June and August next year.

    I’ve visited Ekiti State and seen things firsthand. “From the bustling streets of Ado-Ekiti to the quaint towns of Ikere-Ekiti, Ikole-Ekiti and Oke Ako-Ekiti, Oyebanji’s transformative initiatives have inspired optimism among residents, who appreciate his people-first leadership.”

    Chief Wole Olanipekun is respected both locally, nationally and internationally, and his views have always counted in Nigeria’s elections, post-1999. Though not a politician, Olanipekun’s life and work are deeply intertwined with the complex social, political and economic landscape of Nigeria. Here’s what the Senior Advocate of Nigeria (SAN) and the Asiwaju of Ikereland said about Oyebanji, recently: “The Ekiti scenario is unique, largely due to the governor’s distinctive approach. While any hypothesis about the lack of cohesive opposition is compelling, assuming such an opposition exists in Ekiti, I doubt whether the governor can be upstaged, given his strong connection with the people.”

    According to the foremost nationalist, BAO’s “warmth, humility and effective management of the state’s meager resources have endeared him to the populace.” While fearing for “the sustainability of our democracy without a viable opposition” the legal luminary maintained that, “even with a strong opposition, which is highly desirable”, Oyebanji “may still maintain his popularity due to several factors, including his rapport with the people.”

    Former Governor Ayo Fayose of Ekiti State believes Oyebanji is unbeatable, citing his personal qualities and widespread support. Fayose predicts he will win in all 177 wards, claiming that his own records show wins in 158 wards. He asserts four former governors, including himself, support Oyebanji’s administration, challenging anyone to dispute this claim.

    Perhaps these perspectives come from the elites, but they align with the views of the masses regarding BAO.

    • To be concluded.