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FULL LIST: Nigeria, others not indebted to IMF

The International Monetary Fund (IMF) has removed Nigeria from its list of debtor-countries.

Established in 1944, IMF supports countries’ economic growth by providing financial aid and guidance on policies to enhance stability, productivity, and job opportunities.

Countries seek loans from the IMF to address economic crises, stabilise their currencies, implement structural reforms, and alleviate balance of payments difficulties.

Nigeria has joined Switzerland, Singapore, China and New Zealand on the list of the countries not indebted to the IMF.

The country cleared the $1.6 billion debt it owed the IMF.

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In a report, titled: “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025,” obtained on the multilateral institution’s website on Wednesday, Nigeria was not listed among the debtors, which had 91 developing and least developed countries owing the fund a total of $117,797,656,224 as at May 6, 2025.

Total IMF credit outstanding refers to the total amount of unpaid and outstanding principal due to the fund from its member countries. This includes both outstanding loans under current arrangements and those that have expired.

StatiSense, a data company, also confirmed on its X handle that Nigeria was no longer listed on the list of countries indebted to IMF, revealed that as at July 28, 2023, Nigeria owed the fund $1.61 billion.

StatiSense said the debt was reduced to $1.37 billion as at January 5, 2024; $933.03 million as at July 10, 2024; $472.06 million as at January 8, 2025, before it was finally settled this month.

According to Tolu Ogunlesi, a media aide to former President Muhammadu Buhari: “Nigeria got US$3.4 billion in “emergency financial assistance” from the IMF, under the “Rapid Financing Instrument”:

According to Minister @ZShamsuna:

– Interest Rate: 1%

– Repayment moratorium of 3.25 years

– Repayment period of 5 years

“This US$3.4 billion (equivalent to 2.454.5 billion SDR; amounting to 100% of our SDR quota) Covid-19 assistance from the IMF to @NigeriaGov, under the IMF’s Rapid Financing Instrument (RFI), has now been fully repaid, in line with the terms of the agreement.

“A repayment period of 5 years, meaning 2020 to 2025, and a moratorium of 3.25 years, meaning that we had a grace period until Q3 2023 before we had to start repaying.

“So, repayment schedule: 2023-2025

“PBAT has kept to the terms, and as of May 2025, the loan has been fully repaid. Naija no dey carry last, and we no dey default.

“This is what the repayment looks like, from the @IMFNews website:

“Outstanding as at June 30, 2023: 2,454,500,000

“Dec 31, 2023: 1,840,875,000

“June 30, 2024: 1,227,250,000

“March 31, 2025: 306,810,000

“May 07, 2025: 0

The top 10 countries most indebted to the IMF include:

·       Argentina

·       Egypt

·       Ukraine

·       Pakistan

·       Ecuador

·       Colombia

·       Angola

·       Kenya

·       Ghana

·       Ivory Coast

African indebted countries are as follows:

·       Tanzania

·       Cameroon

·       Chad

·       Comoros

·       Equatorial Guinea

·       Guinea

·       Ethiopia

·       Botswana

·       Democratic Republic of the Congo

May 9, 2025
Egypt 2025: Nigeria secure quarter final berth after four-goal battle with Kenya

Nigeria reached the quarter finals of the ongoing CAF U20 Championship in Egypt despite having to force Kenya’s Rising Stars to a 2-2 draw in the last match of group B on Wednesday.

In the event, the Flying Eagles finished second on the table with five points, two behind group leaders Morocco who drilled Tunisia 3-1 in the other match of the pool and will remain in Cairo for the quarter finals, against the second-placed team in group A. Group A is made up of hosts Egypt, South Africa, Sierra Leone, Zambia and Tanzania.

Seven-time champions Nigeria will now have to make the trip to Ismailia for their quarter-final game on Monday, against the second-placed team in group C. Group C is made up of title-holders Senegal, bitter-rivals Ghana, Central African Republic and the Democratic Republic of Congo.

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Kenya’s Rising Stars made the game difficult for the Flying Eagles, as the wards of Aliyu Zubairu had to come from behind twice to salvage the encounter.

Kevin Wangaya put the Rising Stars ahead after only five minutes, scoring from the penalty spot after a Nigerian defender stopped the ball with his hand in the box.

Nigeria restored parity seven minutes later, after Kparobo Arierhi waltzed his way through the defence to place the ball firmly beyond the reach of the opposition goal-tender.

The East Africans were back in front in the 68th minute, as the Flying Eagles’ rear-guard ball-watched a free kick from the left and allowed William to blast the ball past goalkeeper Ebenezer Harcourt from Lawrence’s in-swinger.

Five minutes later, Nigeria were level again, with captain Daniel Bameyi sending the goalkeeper the wrong way from the spot after substitute Mendos Rickson was upended in the box.

The Flying Eagles’ match on Monday will be the first quarter-final, starting at 3pm Egypt time (1pm Nigeria time) in Ismailia.

May 8, 2025
Nigeria First, a safety valve

THINK NIGERIA, BUY NIGERIA has for long been a slogan that the people are used to. It is employed by ministries, departments and agencies (MDAs), as well as private enterprises to woo customers to patronise locally manufactured goods. The slogan might have caught on, but the message did not.

Sloganeering is one thing, but making the message sink in, is another. It is the duty of the messenger to ensure that his message is understood and that the receiver buys into it. If the receiver does not key in, it means either one of two things. The message is not clear or the product being marketed is not good enough. Or it could be the medium or media used for the message was or were not wide enough.

Message, messaging and the messenger must go hand in hand for any product or policy to sell or work. The Federal Government seems to have realised this under its Nigeria First Policy (NFP), hereinafter referred to as Nigeria First, the Policy or NF, which was unveiled after the Federal Executive Council (FEC) meeting on Monday. The Policy talks about putting indigenous businesses first in everything.

Be it in contract bidding or provision of goods and services, Nigerian businesses will come first. They will be the contractors of first resort, according to the Minister of Information and National Orientation, Alhaji Mohammed Idris. One may be tempted to say there is nothing new about the policy on putting Nigeria first in every area of human endeavour. Even without a formal policy like NF, the government, industrialists and patriotic Nigerians have always spoken about the country, its people and businesses been the cornerstone of whatever we do.

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The government should be commended for formalising the process. It should, however, not end there. The Policy must be strictly implemented for it to work. There should be no room for any corporate entity or individual, no matter how powerful, to cut corners or attempt to find loopholes in the Policy so as to serve their selfish interests. Most times, the government comes up with good policies but the system prevents them from working. The government is the government and no one no matter how affluent and influential can be more powerful than it.

The government must go beyond having good policies to wield the big stick whenever a big man or a big firm takes it up by bypassing those policies meant for the good of the country. We should learn from other countries that are doing well across the world. They respect the rich and big companies, but they know what to do whenever such people and institutions cross the line. Policies can only be as good as their implementation. The failure of implementation is the beginning of the failure of any policy no matter how good it is.

The government cannot afford to allow NF to fail. All eyes are on it, with the unveiling of the policy. Its planned tinkering with the procurement process is good. For too long, the nation has lost trillions of naira through procurement fraud. The sanitisation of the unit is long overdue. It should not start and end with the staff of the unit, which may affect only those in the junior cadre. It needs overhauling so that the unit which is supposed to verify all transactions does not become the tool for fraud and corruption, which many believe it is today.

If the unit becomes ‘born again’ (read as clean), Nigeria First is on its way to achieve its aim of, among others, “putting Nigeria – not foreign companies, not imports – at the heart of national development”. Our economy can only come out of the woods in such a situation. With time too, the government should back the Policy up with law. An Executive Order does not carry the same force as the law. It has its limitations.

May 8, 2025
The bogey of one-party rule
- By Olabode Lucas
A one-party state has been defined as a country where a single political party controls the government either by law or practice. The system in which one party is decreed to be the only party to rule a country is not a new phenomenon in the world. Before and during the Second World War, it was practiced in Nazi Germany under Adolf Hitler, in Italy under Benito Mussolini and in Spain under the fascist General Franco. Presently, the Chinese Communist Party (CPP) is the only political party allowed to operate in the political space of Communist China and other one-party states in the world today include, North Korea, Vietnam, Cuba, Eritrea and Laos.

In many African countries, one-party rule was the norm in the sixties immediately after independence. Many leading and charismatic African leaders like Dr Kwame Nkrumah of Ghana, Julius Nyerere of Tanzania and Kenneth Kaunda were unfortunately the arrow heads of this undemocratic system in Africa. It was an article of faith in all the former Francophone African countries where France installed puppet leaders to do her biddings. France even helped the dictators in these countries to liquidate the opposition leaders in their countries, as we saw in Cameroon where the opposition leader, Felix Moumie, was poisoned by French agents in Switzerland. One-party rule in Africa in the sixties was nothing more than unbridled dictatorship and totalitarian rule.

One-party system of governance came to an inglorious end in Africa, at least on paper, after tremendous pressure from international organisations and the African Union. However, its replacement has been anything but democratic, although we have flourishing democratic dispensations now in some countries like Ghana, Senegal, and Republic of Benin.

Right from the time of Nigerian independence in 1960, and especially during the periods when the military allowed civilian rule to flourish, it has not been possible to have a one-party rule in the country. This situation may be due to our political heterogeneity. At independence, the country did not have a truly national party as the parties then were region-based, and even in their regional bases they lacked their absolute control.

Before and at the time of independence, the dominating Northern Peoples Congress (NPC) in the North had formidable opposition in Tarka’s United Middle Belt Congress (UMBC), Ibrahim Iman’s Bornu Youth Movement and Ilorin Talaka Parapo under Alhaji Sule Maito. In the West, the ruling Action Group had the populist NCNC party led for some time by the fiery Adegoke Adelabu to contend with, while in the East it was no smooth sailing for the ruling NCNC party because of the opposition from United National Independence Party (UNIP) of Ubani Ukoma and the Action Group. The configuration of the political parties after the army left the political scene and up till now, did not give room for absolute hold on political power by any single party.

Despite the above incontrovertible fact that shows clearly that it has not been possible to institutionalise one-party rule in the country, the spectre of one party has reared its ugly head in our political discourse in recent times. This is a sequel to the political earthquake that recently occurred in Delta State. In this state, which everybody knows to be a stronghold of the PDP, the main opposition party in the country, all the political office holders from Governor Sheriff Oborevwori to other elected officers and leaders had all left the party for the ruling APC. This unprecedented action, which a top journalist did not consider a defection but a ‘transplant,’ has left many political pundits bewildered.

The defectors, including Dr Okowa, the PDP vice-presidential candidate in the 2023 presidential election, told Nigerians that they took their actions so that their state could work harmoniously with the Tinubu government in Abuja. To me, this is an untenable excuse under the presidential system the country is presently running. Okowa was later quoted as saying that he regretted being the vice -presidential candidate of PDP in the last presidential election. He can as well tell that to the marines as everybody knows that he lobbied for the slot which was equally coveted by the now nemesis of PDP, Nyesom Wike, the current Minister of the Federal Capital Territory (FCT).

Many political pundits in the country feel that the political action of Governor Oborevwori in Delta State which many people referred to as ‘Tinubu Tsunami’ would lead to one-party rule in the country because of the rumoured imminent defections of many PDP governors and their officials in other states of the federation. Some of the states fingered for the repeat of this so-called ‘Tinubu Tsunami’ are Enugu, Abia, Taraba, Adamawa, Osun, Akwa Ibom and Kaduna. It is frightening if this rumour becomes a reality as it will no doubt dent our democratic development.

However, if this unlikely situation happens, I still don’t think it will eventually lead to enthronement of one-party rule in our country. There was a time the PDP was controlling 28 states and the opposition parties were in disarray. At this time, the PDP was riding high; and in an unguarded expansive mood, the then secretary of the party enthused that PDP would rule Nigeria continuously for 60 years, but fortunately for Nigeria, the party could only rule for 16 years, a period which was marked by unbridled election rigging.

In Nigerian political dispensation, politics is not usually based on principles and ideology and this trend did not start with the presidential system of governance. It was the norm during the First Republic for parties in power to poach opposition members. Our politicians change their parties at the slightest opportunity for selfish reasons. This is not the situation in other developed democracies. In the USA, where the presidential system is practised, there is no doubt that many top Republican members like former President George Bush, his brother Jeb Bush, the former Vice President Dick Cheney and his daughter Liz Cheney are unhappy at the direction of the Republican Party under Donald Trump, but this has not made these American politicians to abandon the Republican Party to join the Democratic Party.

Read Also: We won’t allow one-party rule, says PDP BoT

Since our politicians change parties as they change their underwear, I think there is a need to stop this foolery through strong legislation. There should be a law that would compel any elective officer right from the president to the councillor at the local government level to lose their office upon decamping from the political party by which they attained office.

Nigeria needs a viable opposition for its democracy to thrive. At present, the PDP, the main opposition party, has to get itself out of the present political quagmire into which it has been pushed by its leaders. A first step in this direction is to squarely face the ‘Atiku Question’ in the party which started before the 2023 presidential election. Atiku’s insistence on contesting the 2023 presidential election splintered the party into irreconcilable parts and led to the defeat of the party at the election. There is no doubt that Atiku has invested part of his enormous wealth in the PDP in his bid to achieve his ambition of becoming the President of Nigeria. However, I think this is the time for him to sit back and let the party breathe, as he has no doubt been suffocating the party for his ambition, which he has not been able to achieve since 2007.
- Lucas writes from Old Bodija, Ibadan, Oyo State
May 7, 2025
Nigeria boosts defence capability with China ammunition deal

Nigeria is boosting its defence capabilities through a new partnership with a leading Chinese company for ammunition production and military equipment servicing.

Defence Minister (State) Bello Matawalle announced this on Monday during a meeting with a leading Chinese manufacturer in China.

Matawalle said the partnership will advance Nigeria’s security sector, which he said aligned with President Bola Ahmed Tinubu’s vision for comprehensive security reform.

The Minister, in a statement issued by Jeff Amaka Promise on behalf of the Director of Information and Public Relations, said the engagement’s primary focus was to formalise a partnership through a Memorandum of Understanding (MoU) between the Chinese firm and the Defence Industries Corporation of Nigeria (DICON).

According to him, under the terms of the MOU, the Chinese firm had agreed to “facilitate the transfer of cutting-edge defence technology to Nigeria, establishing local manufacturing capabilities for advanced military equipment and providing technical knowledge exchange to enhance the skills of Nigerian personnel.”

He said: “Other key areas of collaboration include the maintenance and upgrading of existing military hardware, servicing of battle tanks, and offering military engineering services.

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“Importantly, this partnership aims to extend its reach beyond Nigeria, providing military support services to neighbouring African countries and contributing to regional security and stability.”

The minister emphasised that the landmark partnership marks a significant step forward in Nigeria’s defence modernisation agenda, underscoring the government’s commitment to a self-reliant, technologically advanced military-industrial base.

“In addition to these initiatives, the agreement encompasses the construction of new production lines for various ammunition types, including: 7.62×51mm ball cartridges, 7.62×51mm blank cartridges, 9×19mm pistol cartridges, and Machine gun ammunition.

“Furthermore, new manufacturing workshops and facilities will be established in Kaduna and Kachia, Kaduna State, for the production of brass casings, bullet jackets, and other essential defence components,” he said.

May 6, 2025
Reps to FG: Strengthen security operations across Nigeria

The House of Representatives on Tuesday asked the federal Government to strengthen security operations across the country and take appropriate measures to protect military personnel and other civilians, given renewed attacks by terror groups across the country.

The House position came just as some members of the House alleged foreign involvement in recent attacks on communities in the north eastern part of the country by groups suspected to be members of Boko Haram insurgents.

Adopting a motion of urgent national importance sponsored by Ahmed Satomi (APC, Borno), the House asked the government to conduct a thorough review of security measures in military installations to prevent similar incidents.

The House resolved to investigate the cause of the recent fire incident at Giwa Barracks armoury, while also asking the government to provide support and compensation to the families of soldiers affected by these incidents.

Moving to the motion, Satomi expressed concern about the escalating attacks on military formations in Borno and Yobe states, adding that Boko Haram have escalated their attacks on several military formations within these two months, with several soldiers and civilians killed in the process.

He said further that Giwa Barrack was severely attacked by Boko Haram, and the surrounding civilian settlement continues to be at risk concern, saying “the recent surge in Boko Haram attacks on military formations is deeply alarming, and also the bravery and sacrifice of our military personnel are being tested by these relentless assaults.

Contributing to the debate on the Boko Haram resurgence in the North East and the killing of Nigerians, Zainab Gimba (APC, Borno) alleged that among members of the Boko Haram groups that invaded military formations in the North East were some white machineries.

Gimba also draw attention to the problem likely to be caused by the exit of Niger, Burkina Faso and Mali from, adding that this is likely to create a border crisis that may be detrimental to the whole nation.

Supporting the claim of Gimba of the presence of foreign machineries among the resulting Boko Haram group, Lawal Shettima Ali (APC, Yobe) draw attention to the high-calibre weapons being used, saying something urgent needs to be done.

Chairman of the House Committee on Navy, Yusuf Adamu Gagdi, lamented that despite the huge investment by the government in the purchase of military hardware for the security agencies, Boko Haram could invade the barracks and make away with equipment meant for the Army.

He said armoured tanks and other military weapons worth trillions of naira were taken away by enemies of the state and called for decisive action to address the situation.

He said President Bola Ahmed Tinubu should hold the heads of security agencies accountable for the taxpayers’ money used to purchase the arms for them, which has been “donated to the enemies of the state”.

Gagdi said such action is unacceptable given the fact that Nigerians are being killed daily across the country, adding that the National Assembly must rise to the occasion and call the security agencies to account for the funds they have been given.

He said, “We must find a way of bringing insecurity to check. Until we feel the government knows what we should tell them and they respond the way they are supposed to respond and not with press statements, we must continue to do the needful.”

Ahmed Jaha Babawo (APC, Borno) also expressed concern over the Boko Haram resurgence, saying they were using weapons such as drones and heavy artillery against the Nigerian military.

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Jaha said, “They are more armed than the Nigerian Army and use more sophisticated weapons. Boko Haram is gradually coming back and in a more dangerous way than we had before. We must act now before we get back to the era when we lost about 22 local government areas to them.

“The Nigerian military doesn’t have the personnel and weapons to face these people. We should do a proper oversight of the budget we pass for security and not be complacent.”

Babajimi Benson (APC, Lagos) said it is unfortunate that the huge investment by the present government in the security of the nation has not yielded positive results.

He said, “The Presidency has spent so much on security without commensurate results. On many occasions, the President has put on the front burner the issue of state Police, local government autonomy, among others. Unfortunately, this has not been achieved.

Minority Whip of the House, Ali Isa (PDP, Gombe) said the President should take serious action on the security and welfare of the Nigerian people, saying “let the government do the right thing and ensure that the lives of Nigerians are protected”.

May 6, 2025
Nigeria ranks 5th in 2024 global generosity index

Nigerians continue to demonstrate remarkable generosity, a reflection of a deeply ingrained culture of giving.

According to the 2024 Global Giving Index, shared by Nigerian data intelligence firm Statisense via its official X handle, Nigeria has been ranked the fifth most generous country in the world.

Statisense, known for transforming complex statistics into accessible insights, highlighted that Nigeria outperformed global heavyweights like the United States and Australia in the index.

The ranking is based on key indicators of kindness, including helping strangers, donating money, and volunteering time.

Only two African countries—Kenya (2nd) and The Gambia (4th)—ranked higher, underscoring the continent’s strong sense of community and mutual support.

The recognition cements Nigeria’s standing as a nation where generosity thrives even in tough times.

Here is the 2024 list of the world’s top 10 most generous countries:

1. Indonesia

2. Kenya

3. Singapore

4. Gambia

5. Nigeria

6. United States

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7. Ukraine

8. Australia

9. United Arab Emirates (UAE)

10. Malta

The latest index is based on surveys conducted globally by the Charities Aid Foundation (CAF), assessing people’s willingness to give and help in everyday situations.

Analysts say Nigeria’s ranking reflects a consistent pattern of informal giving, religious charity, and community-driven philanthropy, especially during times of economic hardship.

The recognition adds a bright spot to the nation’s global image, often weighed down by headlines on economic hardship and insecurity. It also underscores the country’s strong community spirit and culture of giving, particularly during crises and communal celebrations.

May 6, 2025
Nigeria has 10th largest WhatsApp’s global users

•51m active users with highest world’s penerttaion

WhatsApp, the free, cross-platform messaging and calling app owned by Meta has surpassed three billion unique users globally. Predictions indicate that this number will surpass 3.14 billion by the end of this year.

The platform, which has become the first platform of choice for making voice calls among smartphone users in Nigeria, also allows users to send text (chats), video messages, make voice and video calls, and share other media like photos and videos with other WhatsApp users globally. The app primarily operates on mobile devices but can also be accessed via web browsers.

According to Meta Artificial Intelligence (AI), Nigeria has a significant number of WhatsApp users, with 51 million active users as of April 2024, making it the 10th largest user base globally. This represented about two per cent of WhatsApp’s billions of monthly active users worldwide.

Some interesting statistics about WhatsApp usage in Nigeria include its penetration rate estimated to be used by 95.1per cent of Nigeria’s online population, making it the highest in the world.

Nigeria has the fifth-largest number of WhatsApp Business users, with estimated revenue of $382 million in 2023.

WhatsApp’s popularity in Nigeria can be attributed to its accessibility, low data usage, and widespread internet adoption in the country.

The Nigerian Communications Commission (NCC) posted a broadband penetration rate of 45.61per cent in January 2025.

This indicates that over 98.88 million of the 141.67 million mobile internet subscribers are using broadband services.

While this represents a significant milestone from 39.54per cent in April 2020, it’s still below the 70per cent target set by the National Broadband Plan (NBP 2020-2025).

In comparison with other parts of the world where WhatsApp has established a firm footing, India sends the greatest number of WhatsApp messages, with a staggering 535.8 million active users. This is no surprise. WhatsApp has over 5 billion downloads across Android and iOS devices.

Other countries with significant WhatsApp usage include Brazil with 139.3 million active users; United States with 91.3 million active users; Indonesia with 86.9 million active users; and Mexico with 69.7 million active users.

Meta CEO Mark Zuckerberg noted during the company’s first quarter results conference call that the users had crossed the 3 billion mark.

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Founded in 2009 and acquired by Facebook for $19 billion in 2014, WhatsApp remains free to use and doesn’t serve any ads. The app reached the 2.0 billion monthly active user mark back in 2020, but with the latest milestone, it’s now one of the few apps to cross the 3 billion user mark, besides Facebook.

That humongous user base makes WhatsApp a key business for Meta, especially now as the company has bet the farm on its AI strategy. The company has previously said that the app is one of its biggest distribution platforms for AI services.

“We see people engage with Meta AI from several different entry points. WhatsApp continues to see the strongest Meta AI usage across our family of apps,” Meta’s Chief Finance Officer (CFO), Susan Li, said during the conference call. She also noted that most WhatsApp users engage with Meta AI in one-on-one chats.

Zuckerberg said that while WhatsApp provides easy access to AI features, Meta has had to take a different approach to spur adoption of its AI products in markets like the U.S., where the majority of people still prefer to use their phones’ stock messaging apps to text each other. That’s where the company’s newly released Meta AI app comes in.

“We hope to become the leader over time [in the U.S. messaging market], but we’re in a different position there than we are in most of the rest of the world on WhatsApp. So I think that the Meta AI app as a stand-alone is going to be particularly important in the United States to establish leadership in — as the main personal AI that people use. But we’re going to keep on advancing the experiences across the board in all of these different areas,” he said.

The company said the chat app’s business platform, WhatsApp Business, is growing, and accounted for a large portion of the $510 million in revenue brought in by its family of apps.

Meta has been testing AI tools for WhatsApp Business, and Li said on Wednesday that the company is building a new AI agent management interface and dashboard that would let businesses train Meta’s AI on their information. That information could include a business’ website, WhatsApp profile, or their Instagram and Facebook page. It’s also testing letting businesses activate Meta’s AI chatbot in chats with customers.

According to an online resource, valoop.oi with the over three billion global users, businesses can effectively leverage the platform to engage with a large pool of unique customers.

“Whenever someone joins WhatsApp, anyone wishing to message them also joins this increases the value of being on WhatsApp. Due to its enormous user base, WhatsApp has ingrained itself into daily lives and is frequently used for personal and business communication. It would be detrimental for businesses not to be on an app commanding such a massive base of smartphone users. As per the latest studies, 84per cent of the small and medium businesses (SMBs) and medium businesses find it WhatsApp chatbot essential for scaling their businesses,” it said.

On popularity, it wrote: “We’ve already seen how popular WhatsApp is as a messaging application, but what’s even more impressive is the growing popularity of WhatsApp chatbot features. For example, according to an analysis by Meta on WhatsApp Catalogue, 83per cent of potential customers are likely to engage with catalogues, and of those, 75per cent are likely to complete a purchase.

“The popularity of WhatsApp API for businesses can be ascribed to its ease of use, simplicity and mobile notification. The app’s intuitive user interface is a hit among users of various ages and backgrounds. As per a study, 65per cent of consumers prefer messaging businesses on the application WhatsApp as compared to sending an email for product enquiry or getting any other query resolved.”

A study showed that WhatsApp users texted the most, followed by sending pictures, videos, gifs and links, which shows that your customers love media messages. Users don’t have to switch channels to send different message types like documents. This allows businesses to use these features in their communication with customers. Over 40 million users use WhatsApp business catalogues monthly to shop for products from their favourite brands.

WhatsApp amassed almost 5 billion downloads from the Google Play Store, alone, making it the most popular chat and messaging app globally, making it idle for businesses to use WhatsApp Business API for engaging customers.

Around 11 million people downloaded the WhatsApp Messenger app for iOS in August of 2022. Facebook Messenger and Telegram, which each had 7 million downloads in the same month, are among WhatsApp’s main competitors in terms of the volume of app downloads (Oberlo). As per the latest WhatsApp business reports, over 1.26 billion enterprises and customers are using WhatsApp chatbots for sales, support or marketing use cases.

Another popular use case for WhatsApp AI chatbots is customer retargeting. Studies have shown that when a brand sends a campaign to a customer who has abandoned their cart, there is a 45per cent-60per cent higher chance of recovering the customer and converting them.

In addition to its widespread use for communication, WhatsApp has become an essential tool for businesses to engage with customers. Many users now rely on online platforms not only for chatting but also for making purchases and placing orders. The convenience of ordering products online has transformed consumer habits, allowing people to easily access a wide range of goods and services. Among the most commonly sought-after products online are medications, with many individuals choosing to buy generic 100mg Viagra online for both affordability and convenience. The rise of e-commerce has made it simpler than ever to find reliable sources for medications, ensuring that customers can quickly and discreetly purchase what they need without leaving the comfort of their homes.

Brands that offer WhatsApp business API have observed that 54per cent of their customers preferred to opt-in to use customer support services on WhatsApp.

Global users of the well-known app were logging in for more than 17.3 hours a month in 2024. Most users open WhatsApp 24-25 times daily, which ensures brands connect with customers and display their updates,and offers, resulting as seen before a higher conversion rate.

Businesses can significantly reduce the time required to provide 24/7 customer support. According to a report by Juniper, in 2023 alone, WhatsApp chatbots saved over 2.5 billion hours by resolving repetitive queries without the need for technical expertise, resulting in a cost-saving of $11 billion.

The WhatsApp platform, as per the latest reports, facilitates 100 billion messages daily.

These messages include texts, images, videos, links, contacts, etc. The significant support from users for different formats has been one of the reasons for WhatsApp’s steady growth since it was founded.

A study showed that, on average, WhatsApp users reply in less than a minute. This study also found insights into the distribution of messages per time of the day. Most users are active post noon until midnight, which businesses can leverage to time their WhatsApp outreach campaigns to ensure a better open rate.

As of 2024, Indian users were the ones who downloaded WhatsApp Business the most.

Around 316 million WhatsApp Business downloads were made by users worldwide in 2023, up by nine per cent from the prior year. It is hardly shocking that downloads only rose in 2022.

The app is available for both Android and iPhone devices. It enabled businesses to reach where their customers are. Various businesses have also started Live Chat support services on WhatsApp, enhancing customer experience and, thus, engagement.

Around 175 million people send messages to WhatsApp business accounts daily. This shows how people are already responding positively to this new initiative.

They can resolve their queries and browse through products and services offered by a business. WhatsApp Business Catalogue allows businesses to showcase such details.

Though reliable stats are hard to come by in Nigeria for obvious reasons, WhatsApp is used by 81per cent of Germans, many of them regularly. Users between the ages of 26-35 have a platform penetration rate of 27 per cent, while users over 56 have a penetration rate of 13per cent, according to Verloop.io.

In the US, close to one in every four US adults uses WhatsApp. An online poll in the United States in May 2022 revealed that almost three out of ten participants between 18 and 34 have a WhatsApp account. The famous mobile texting app was also registered by 27per cent of respondents between the ages of 35 and 44. With just 20per cent of respondents between the ages of 45 and 64 and 11 per cent of respondents 65 and above reporting having a WhatsApp account, registered users looked to be declining among older age groups.

This shows that WhatsApp has significant users among all age groups. Each day, more than 175 million customers rely on WhatsApp to connect with businesses. So, be it any age group you intend to serve, you are sure to find lots and lots of them on WhatsApp.

On gender demographics, while WhatsApp seems to be almost used equally by men and women alike, 53.9per cent of WhatsApp users are male. On the other hand, WhatsApp is used by 46.1per cent of female users.

Moreover, an exploratory study also suggests that WhatsApp’s female users are more active on the platform and use its features more extensively than its male users. This includes time spent on changing profile pictures, putting up statuses, being active in groups etc.

With so many people already on WhatsApp, automation is on its way to becoming a game-changer for businesses today, according to Verloop.io. They have plenty of chances to interact with customers on the platform, and using the same platform to sell your goods and services makes it likelier for users to make quick purchases with less effort.

May 5, 2025
Nigeria: A nation unto itself?

One reason many Nigerians voted for the All Progressives Congress (APC) was its manifesto commitment to laying the foundation for a Nordic-Scandinavian and German-style social market economy. This is a model that promises a blend of economic efficiency and social welfare that appeals to the aspirations of a more equitable society.

A social market economy is grounded in achieving macroeconomic stability to foster sustainable development and safeguard living standards. However, this core principle appears to have been overshadowed by the severity of economic challenges faced upon taking office.

Countries that have recently overcome poverty, underdevelopment and stagnation have typically identified and focused on a unifying theme or vision. Nations like South Korea, Singapore, Indonesia and India, even the neighbouring Ghana, each in their own way, have discovered a philosophical anchor that has driven their pursuit of sustainable development. For Nigeria, finding such a guiding principle is even more crucial, given the absence of a unifying national religion, unlike India’s Hinduism or South Korea’s largely homogeneous cultural identity, which can serve as a societal compass.

The fragility of human destiny is that Nigeria is currently a nation in search of itself. It’s story is one of contrasts – of rich cultural heritage and colonial legacy, of abundant natural resources and persistent poverty, of vibrant diversity and fractious divisions. From its colonial past (1914-1960) to its independence (October 1, 1960), and through its tumultuous history, including the Nigerian Civil War (1967-1970), Nigeria has traversed its own uncertain path, searching for a sense of purpose and direction.

It’s disheartening that Nigeria has become a testing ground for failed policies, where poverty and deprivation severely impact citizens’ lives. In the depths of its struggles, we find a haunting reflection of humanity’s capacity for endurance, with many families surviving on less than 5,000 naira a week. The complexity of our situation is that, even the approved N70,000 per month minimum wage is insufficient to cover basic needs, such as buying a bag of rice, amidst soaring fuel costs.

At a time like this, the Israelites’ journey offers a powerful lens through which to examine our own experiences and challenges. In this context, the notion of a ‘promised land’ resonates deeply, inviting us to consider what kind of nation Nigeria aspires to be. Is it a land of prosperity and opportunity, where all citizens can thrive? Or is it a land of conflict and division, where particular interests prevail over the common good? To move forward, Nigeria must define an operational ethos that serves as a roadmap for sustainable development, guiding the nation’s economic policies and decisions.

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The World Bank’s Nigeria Development Update highlights the country’s economic challenges, marked by instability and poverty, due to distortionary policies. Despite projected 3.5% annual growth from 2023 to 2026, poverty is expected to rise, potentially reaching 56-57% by 2027. This concerning trend is driven by factors such as dependence on oil revenues, sluggish economic growth, weak governance and corruption.

Given that governance is both an art and a science, it is crucial to explore alternative approaches. Again, a time like this behooves the Bola Tinubu-led administration to reformat and reinvent itself by setting specific directives to streamline governance costs.

In the era of President Tinubu, who deserves commendation for his efforts amid daunting challenges, Nigeria must give precedence to tackling the root causes of its malaise and reinventing the social market economy concept to suit its context. A social market thrust will move beyond temporary relief measures, also known as palliatives, and instead shift gear towards the rebuilding of institutions to spur sustainable development. To achieve this, Nigeria must create the necessary physical and social infrastructure and redirect resources from ineffective Ministries, Departments and Agencies to sustainable development initiatives. This reallocation should include reviving ‘dead capital’ – dormant investments and underutilized resources that could be leveraged for growth.

Nigeria is dotted with abandoned projects that should be repurposed. A promising approach is the model used to revitalize the National Theatre in Lagos, which not only spawned new commercial enterprises but also created numerous jobs. Adopting this strategy could be a game-changer. By resuscitating and repurposing hundreds of stalled projects, Nigeria can transform them into thriving economic zones. The invigorating effects of such a move will have a multiple effect across the country and trigger-off a ‘feel-good’ sense of optimism and purpose.

Many abandoned initiatives, or ‘dead capital’, still hold value and deserve reconsideration. Obviously, not all were founded on flawed assumptions, and they can contribute significantly to the country’s economic resilience. These projects were often conceived during a period of more structured policy-making and thoughtful consultation, which contrasts sharply with the frequently hasty and ill-conceived initiatives of today. Nigeria would benefit from revisiting the era of meticulous planning and strategic development.

To break free from stagnation, Nigeria needs a broad-based partnership encompassing all political parties and civil society to craft a long-term political economy strategy spanning the next 20-25 years. This forward-thinking approach is crucial as the country will need to revamp its educational curriculum to remain competitive in an era dominated by artificial intelligence. By 2035-2040, the nature of work, careers, and productivity will likely undergo a profound transformation, making it imperative for Nigeria to prepare for this new landscape. Therefore, embracing this challenge will require a proactive and adaptable approach. As we step into “this brave new world”, Nigeria’s readiness will depend on its ability to innovate, adapt and evolve.

Nigeria’s development trajectory raises important questions about the human cost of economic reform. With rising poverty levels, it’s clear that employment alone cannot lift people out of poverty without productive jobs, which require macro-fiscal stability, growth and private sector development. Policies targeting women and youth can boost the labour market’s impact on poverty reduction. Nigeria’s development ultimately hinges on balancing economic stability with social welfare. It requires a nuanced approach that prioritizes both growth and human well-being.

To address poverty, potential solutions include promoting inclusive economic growth and strengthening public financial management. Effective approaches for vulnerable populations involve establishing robust social protection frameworks, such as unemployment benefits and healthcare access. Additionally, targeted investments in agriculture and vocational skills training programs can enhance employability, food security, and sustainable livelihoods, ultimately contributing to poverty reduction efforts.

We have lost out in the past because Nigeria as a rent-seeking state has never been prepared. For instance, two decades ago, Nigeria could have positioned itself, like Vietnam and South Africa, to capture jobs and industries that China would shed as it ascends the manufacturing value chain. Had Nigeria done so, it might have attracted relocated processes, creating approximately 400,000 direct and 500,000 indirect jobs, mostly export-oriented, which would have significantly improved the country’s balance of payments.

To prosper, Nigeria must shift its focus towards competitiveness. The rent-seeking state model has become counterproductive and needs to be reformed. With Nigeria’s population growth outpacing economic growth, the country faces an impending crisis. Forging a broad consensus among various interest groups on transitioning into a productive state requires achieving and sustaining a growth rate of around 7% over the next 20-25 years by leveraging human capital and resources effectively. Moreover, the focus should shift from short-term growth metrics to fostering genuine sustainable development that yields lasting benefits.

As the world rapidly changes, there’s an urgent need for Tinubu’s government to demonstrate a clear departure from the past, especially with visible implementation of programmes, policies and projects that have direct impact on the citizenry. There’s no alternative! With the Jagaban Borgu in office and in power, Nigeria should be able to bid phony projects a final goodbye. After all, politics is about what to give, not what to get!

May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!

May 3, 2025
From headwinds to tailwinds – under Tinubu, Nigeria propels forward

By Sunday Dare

Two years into President Bola Ahmed Tinubu’s administration, Nigeria is undergoing a bold recalibration. A country once caught in the inertia of subsidy politics and policy hesitancy is now charting a new course, marked by structural reforms, fiscal reengineering, and renewed international engagement.

From the outset, President Tinubu signalled an intent to stabilize Nigeria’s economy and fundamentally reset it. As Nigeria arrives at the halfway mark of this administration’s tenure, early evidence suggests that this pivot is not only well underway – it is beginning to deliver.

The conversation is shifting: from managing crisis to managing opportunities; from firefighting to future-proofing; from legacy burdens to long-term strategy.

With a deliberate macroeconomic overhaul unfolding, Nigeria is positioning itself— not only as Africa’s largest economy by GDP—but also as one of its most reform-minded jurisdictions, willing to tackle its most entrenched distortions head-on.

Macroeconomic Reset: A Realignment with Market Reality

When the Tinubu administration took office in 2023, it inherited an economy under siege—one heavily reliant on fuel subsidies, riddled with dual exchange rate inefficiencies, weighed down by debt service pressures, and struggling with dwindling investor confidence.

In response, two politically risky but economically necessary reforms were immediately enacted: the removal of fuel subsidy, which had consumed up to $10 billion annually, and the liberalization of the naira, ending a system that long distorted trade flows and incentivized arbitrage.

The results are starting to crystalize:

•GDP growth currently stands at 3.46% year-on-year, a significant rebound from contractionary trends and a sign that reform headwinds are giving way to recovery momentum.

•Net foreign reserves have increased to $40.1 billion, bolstering Nigeria’s external buffers and increasing its ability to defend currency stability in the near term.

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•The debt service-to-revenue ratio has fallen sharply, from 97% in 2023 to 65%, easing fiscal pressure and allowing for more capital investment in growth sectors.

•As of December 31, 2023, the total public debt was $108.23 billion. However, as of December 31, 2024, the total public debt was reported as $94.23 billion. This indicates a decrease of approximately $14 billion over the one year—a signal that prudent debt management amidst a strong dollar environment is now in place.

•Domestic debt of Nigeria’s 36 states decreased by 32%, while their external debt grew by only 4%, reflecting improved subnational fiscal discipline and better debt structuring.

Currency markets are beginning to respond positively. After months of volatility, the naira has shown signs of stabilization, aided by robust monetary interventions from the Central Bank of Nigeria (CBN). The apex bank has adopted tighter monetary policies, improved liquidity controls, and recalibrated its intervention posture—moves that have enhanced credibility in the eyes of market participants.

Investor Confidence: Measurable Signals, Not Rhetoric

What distinguishes this phase of Nigeria’s economic reform is the data-backed credibility it brings. For years, international investors and multilaterals were told reform was coming.

Under Tinubu, it has arrived – and it is quantifiable.

•The Nigerian Stock Exchange has posted strong returns over the last year, with market capitalization expanding and foreign participation gradually recovering.

• Foreign Direct Investment (FDI), long stymied by policy inconsistencies, is showing encouraging signs of a turnaround. Nigeria is streamlining business registration, simplifying tax codes, and reducing bureaucratic friction – factors that directly influence capital allocation.

•Oil production has risen to 1.7 million barrels per day, with operational improvements in the Niger Delta, and upstream investments resuming in marginal fields.

•Non-oil exports are growing through enhanced trade facilitation, duty incentives, and export financing schemes, driven in part by the African Continental Free Trade Area (AfCFTA) opportunity.

Nigeria posted a $6.83 billion Balance of Payments Surplus in 2024, signalling economic Resurgence. According to the CBN, a Balance of Payments surplus of $6.83bn is expected for 2024, marking a sharp turnaround from deficits in 2023 and 2022.

Corporate profits and revenues for giant companies operating in Nigeria are on the increase. Examples: MTN Nigeria’s Revenue hits N1 Trillion, Nestle posts N295 billion in Record Revenues, Zenith Bank’s quarterly income of N837.6 billion. Seplat’s threefold surge in pre-tax profit by 203.97 per cent (314.646 billion). There are many more similar stories of profitability.

Inflation remains high at 24.43% as of February 2025, yet forward indicators suggest a decline as food supply chains improve and monetary tools take effect. Investors are monitoring not only the headline inflation figure but also the central bank’s policy coherence and ability to guide disinflation.

New institutions like CreditCorp and NELFUND are laying the groundwork for expanded access to finance – particularly for micro, small, and medium enterprises (MSMEs) and students. These are long-term bets on inclusive growth, digital literacy, and workforce productivity—essentials for a modern, innovation-ready economy.

Security, Stability, and

Institutional Credibility

Security reform—often underestimated in economic forecasts—has also gained traction. According to official data, Nigeria has recorded a 30% reduction in violent crimes nationwide over the past year, thanks to improved intelligence coordination, better equipment for security agencies, and community-based peacebuilding initiatives.

Infrastructure upgrades are reinforcing this progress: road and rail networks are being expanded, energy access is improving, and digital infrastructure is enabling fintech and e-commerce growth, particularly in underserved regions.

Regulatory reform is also part of the story. The Tinubu administration has prioritized commercial court efficiency, contract enforcement, and investor protections. Nigeria’s arbitration environment is being strengthened in line with international best practices, enhancing the country’s attractiveness to institutional and sovereign capital.

Nigeria remains a market of extraordinary scale—over 200 million people, a median age of 18, and one of the most vibrant tech and fintech ecosystems on the continent. But scale alone is not strategy.

What’s new and globally relevant is execution.

President Tinubu’s administration demonstrates that difficult reforms can be implemented with discipline and followed up with measurable outcomes. This is not reform as a slogan; this is reform as operational clarity. There is a clear direction of travel – toward market openness, fiscal consolidation, and private-sector partnership.

To global investors, sovereign wealth funds, multilateral lenders, and institutional capital allocators: this is a market where the risks are better understood—and the rewards are increasingly aligned with reform outcomes.

Nigeria is not asking the world to take a chance. It is showing that it has taken one on itself, and it is beginning to pay off.

•Dare. is SA. Media and Public Comms. To Mr. President

May 2, 2025