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Tag: Nigeria

  • Nigeria earned N13.78tr from crude oil in Q4 2024

    Nigeria earned N13.78tr from crude oil in Q4 2024

    The National Bureau of Statistics (NBS) at the weekend said Nigeria earned N13.78 trillion from crude oil export in the fourth quarter of 2024.

    This was contained in its document titled: ” Foreign Trade Statistics Report 2024 Q4.”

    The document said in the period under review, the country also earned N2.8 trillion from non-oil and N6.2 trillion from non-oil crude oil.

    NBS said: “Nigeria’s exports trade continued to be dominated by crude oil in the fourth quarter of 2024, which was valued at ₦13.783.00 trillion 

    representing 68.87% of total exports while the value of non-crude oil exports 

    stood at ₦6.231.33 trillion accounting for 31.13% of total exports; of which non-oil products contributed ₦2.842.52 trillion or 14.20% of total exports.”

    NBS said Nigeria’s total trade was N36.60 

    trillion, stressing while import was N16.5 trillion, export was N20.01 trillion.

    It said: “Nigeria’s total merchandise trade stood at ₦36,604.83 billion in Q4, 2024.” NBS said this represents an increase of 68.32 per cent compared to the value (₦21.747.40) recorded in the corresponding period of 2023 and a rise of 2.20% over the value recorded  in the preceding quarter (₦35.818.35trillion). 

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    In the quarter under review, exports accounted for 54.68% of total trade with a value of ₦20.014.33 trillion, showing an increase of 57.67% rise over the value recorded in the fourth quarter of 2023 (₦12.693.62 trillion) and a decrease of 2.55% compared to the value recorded in Q32024 (₦20.537.17 trillion).”

    NBS said in the period under review, 

    Nigeria imported goods mainly from Asia, valued at ₦8.870.04 trillion  representing 53.46% of total imports. 

    It added that this was followed by imports from Europe with ₦5,295.68 trillion or 31.92%, America with ₦1.873.77 trillion or 11.29% while imports from Oceania stood at ₦30.06 trillion illion or 0.22% in the fourth quarter of 2024. 

    According to the document, imports to African countries stood at ₦514.96 billion or 3.10% of total imports; of which imports from ECOWAS countries amounted to ₦77.10 billion or 0.46% of total imports. 

  • Nigeria becomes 77th member of EBRD

    Nigeria becomes 77th member of EBRD

    Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD), becoming its 77th member.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, received the certificate of membership yesterday in Abuja from an EBRD delegation led by Heike Harmgart.

    A statement from the ministry said discussions were held on areas of future collaboration between Nigeria and the bank. The delegation also conducted an investment assessment to identify opportunities for financial support. As part of its commitment to Nigeria, the EBRD introduced Hamza Al-Assad as the first Country Director, who will be based in Lagos.

    Speaking at the event, Mr. Edun spoke on Nigeria’s ongoing economic reforms under President Bola Ahmed Tinubu’s administration. He pointed to policies such as the removal of fuel subsidies, efforts to reduce the fiscal deficit, stabilizing the exchange rate, and tax reforms aimed at creating a more attractive environment for investment.

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    The minister also expressed confidence in Nigeria’s ability to serve as a regional production hub, with ambitious growth targets of up to 7% annually.

    This development marks a significant milestone in Nigeria’s efforts to strengthen its economy and attract foreign investments. The EBRD, established in 1991, focuses on supporting economic development, private sector expansion, and infrastructure projects in emerging markets. It provides financing for sectors such as energy, financial institutions, small and medium-sized enterprises (SMEs), and infrastructure.

    With this new partnership, Nigeria is set to benefit from increased private sector investments and infrastructure development, further driving economic growth and positioning the country as a key player in the global economy.

  • Who owns the Schools?

    Who owns the Schools?

    Preamble

    Experiences of life keep informing us of what people and institutions really are against what they are presumed to be. It is quite unfortunate that Africans, especially Nigerians, whose livelihood still depends heavily on the imitation of the misconduct of European colonialists, without considering the implications of such imitation, are the ones proclaiming civilization in Nigeria’s contemporary times. The Yoruba elite of the South West of Nigeria are particularly guilty of this cultural bastardization.  They are the ones who believe that the ability to speak and write the colonial language called English is what constitutes civilization. With the foreign languages permanently on their tongues, they have bartered their African brains for European brains.

    Unlike the Igbo people of Eastern Nigeria and the Hausa people of the North, the Yoruba elite have become a serious embarrassment to their cultural pedigree through the relegation of their linguistic heritage. To them, the legacy of their ancestral lineage is a primordial shame not worth to be called a modern heritage. Thus, in their homes as well as in their public and private discussions, the language of communication is invariably English. And whoever is incapable of speaking Queen’s English or writing Shakespearean prose is considered primitive and unfit to live in cities and towns.

    It is, culturally, a laughable orientation attributable only to a tribe of black people who prefer to substitute their naturally endowed culture for that of the wild white people and thereby getting lost in the wilderness of cultural confusion. How can such people who are deeply engrossed in colonial mentality believe in the cultural emancipation of others? Today’s article is not meant for discussing the details of this fundamental aberration that chains a people to the apron of perpetual colonialism. Another day in the near future will do.

    Reactions to Appeal Court Ruling in Lagos    

    Reactions of various colours and hues have been trailing on the ruling of the Appeal court in Lagos State in respect of a litigation over Hijab wearing in public schools by Muslim female pupils in that State. But every reaction seems to be an exhibition of antecedent and level of civility on the part of those who have been reacting to it. The ruling was not the first to be pronounced by a Nigerian court of competent jurisdiction concerning Hijab wearing in public schools. It was preceded by a High Court ruling in the same State some years ago and we can still vividly remember the reactions that trailed it.

    When a Lagos High Court ruling that prompted an appeal by the litigants in Hijab case was pronounced in 2013, there were various reactions which have not lost on us. The affected Muslims, at that time, who got the wrong side of the judgment, did not bring fanaticism into it. They did not take the law into their hands by threatening fire and brimstone. Rather, they simply exhibited civility and adherence to the rule of law by appealing to a higher court. That is civilization in all its ramifications.

    Precedent   

    The unnecessary controversy over the right of wearing Hijab in public schools by Muslim female pupils in those schools is not peculiar to Lagos State. A similar court pronouncement was made in an Osun State High Court not long ago and we know the reactions that trailed it. So we cannot be alarmed by any inflammatory reaction to the court ruling from any quarter since we are familiar with its trend as far as such quarters are concerned. The original aim of writing on this topic today is neither to celebrate any victory nor to vilify any recalcitrance. But to congratulate the Lagos State Muslims on their civilized behaviour throughout the period of the case and to further encourage them to stick to the upholding of the rule of law in all circumstances including one of unwarranted provocation.

    Meanwhile, the outcome of that case has thrown open a fundamental question which had for long remained tacit. Who owns the public schools in Nigeria generally and in Lagos State in particular? This question becomes germane not because of last week’s ruling that was more about freedom of religion and dressing but because of the future of our children who may have cause to ask questions and may want to get the relevant and appropriate answers. The fundamental question of ‘who owns the schools’ deserves a fundamental answer that may become a reference point for our children in future. Luckily, yours sincerely needed not labouring much before answering that question. A foremost Nigerian educationist of Yoruba extraction (from Ilesa in Osun State) who incidentally happens to be a Christian has provided the right answer in his (unpublished) professorial book entitled  ‘DEFINING THE FUTURE OF NIGERIAN EDUCATION’ which he wrote about November 2012. In chapter 2 of that book, Pa Fagbulu traced thoroughly the history of schools take-over in Nigeria. The chapter was titled ‘THE OWNERSHIP OF SCHOOLS IN NIGERIA’.

    Excerpt rom the Book

    An excerpt from the book may be of useful reference to any intellectually   endowed Nigerian who may be in need of such a reference now or in future. It goes thus: 

    “Certain events in recent days make it imperative to clarify the issue of who owns schools in Nigeria. This search is complicated by the antecedents that define the history and development of Western education in the country. It is useful therefore to open the search with a brief digression into the history of that type of education with the view of gaining an understanding of the forces that shaped their development from their inception till today.

    It is pedestrian to repeat that Western-type education was an import of European missionaries and that the environment in which they propagated their type of education was entirely their personal or collective business, that is until government started meddling in the missionaries’ affairs. That movement started in England where some mainly rich do-gooders felt greatly concerned about the appalling conditions in which children of the poor worked and lived. Coupled with that was the horrendous imagery of the inhuman trade in slaves that filtered to these Christian countries to disturb the serenity of their conscience and awaken the humane elements in them that drove some to seek redemption in Christian deeds that included stopping the slave trade and making legal provisions to assist missionary schools at home and abroad. It must be acknowledged that saving the souls of those poor children was a professed and serious reason of those do-gooders who were so damn serious about that fixation that derived from the fervor of their religion.

    Historical Background

    Education in England was not planned. Ordinances and education codes that were enacted as when needed were the main sources for policy formulation over a period of about 130 years from about 1820 to the time of Nigerian self-government. Some years after they were established and applied in England. These bills, codes and ordinances found their way to the colonies where the colonial governments were obliged to adopt and apply them.

    Concerned and interested missionary and other groups took the initiative to establish schools and government’s concern was that the purpose for which they were established should be fulfilled. This development implied that sufficient assistance needed to be given to the schools to ensure that they survive to fulfill their dual role of harboring those freed from slavery along the West Coast and providing skills that would serve more the needs of the missionaries than the provision of life skills for those who were lured to go to, and who stayed long enough at school. The children in these institutions provided the fodder for missionaries to use in order to benefit from the fiscal intervention of governments in the form of badly needed grants”.

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    Source of Funds in Public Schools

    “Whichever face one puts on it, the bottom line was that governments became the major sources of funds without which the missionaries would have to go begging at home or abroad. They never adopted the option of closing schools; they persevered and made do with whatever they had. Under those conditions ‘schools’ could sink to any depth of badness. It was to obviate that possibility that governments at home and in the colonies accepted responsibility for ensuring that what was offered to the children especially of the poor in England and the converted in Africa would at least be of some benefit to them. That was how government got dragged into the business of assisting schools.

    The promise of grants-in-aid ensured that schools had reliable sources of funding if they attained defined standards.  So the giving of grants was a crucial factor in the rate at which new schools were opened and old ones expanded or improved qualitatively. The fact that schools did desperate things to get listed for grants speaks the obvious that grants have always been the lifeline of almost all missionary schools.

    We are lucky that the whole grants-in-aid saga is properly documented in the Phillipson Report. However, since that document is not widely available to the generality of people I have taken the liberty to use some segment of my writings (Chapter 2 of my unpublished book DEFINING THE FUTURE OF NIGERIAN EDUCATION, November, 2012) here.

    The Grants-in-aid Report

    “This brief highlight is about the financial assistance that government gave to schools across West Africa as an instrument for improving the quality of instruction being offered to the children in those areas. 

    The first purely Nigerian Education Ordinance was enacted in 1887. The Board of Education that assumed prominence at this time was empowered to use certain criteria to give grants to different levels from infant, through primary and secondary, to industrial schools. The Board even had the discretion to offer the sum of £10 to poor students to further their education at the secondary level. This and most of what follows come from the Phillipson Report,

    Phillipson Report

    As early as 1890 the familiar problems arising from the use of untrained ‘teachers’ in schools had become pronounced and problematic. Not only did demand outstrip supply, but many areas that also wanted schools could not be serviced. The consequence was that government had to step in to fill some gaps by establishing its own schools in areas where missionary influence was negligible. By so doing those schools became ‘models’ for the fund-strapped mission schools to copy.  (The Education Code of 1908)

    There were therefore generically three types of schools; the government, the mission, and the assisted schools.  Although the so-called government schools were government ‘owned’, the reality was that the local chiefs and Native Courts as appropriate were responsible for the buildings and their maintenance.  In fact, the recurrent cost for which government was supposedly responsible was covered in part by public funds.

    The 1916 Regulation abolished the ‘payment-by-result’ procedure of making grants to schools. That was replaced with a better one that took cognizance of the overall efficiency of schools. The immediate effect of this change was a rapid increase in the number of assisted schools. The carefully spelt-out conditions included visit(s) from inspectors. This in turn led to the increased and improved capability of the Department of Education to monitor the appalling and dubious quality of schools in the regions that the Governor-General had commented upon

    Important Information

    What is of importance in this narrative is that from as long ago as 1887 public fund had gone into the running costs of assisted schools. Second, government had actually transferred some of its own schools to the missions in the mid-fifties of the 19th century as contained at p.24 of that very authoritative report. This information has been ignored or denied by the missions when government had cause to reverse this trend more than 80 years later when the grant-in-aid system was being grossly exploited and abused mainly by private proprietors.

    After a thorough review of the grants-in-aid system which included one of the best documented and most authoritative writings on education for the period 1842 to 1946, Phillipson made his landmark and well received recommendations under the following heads (pp.93-98):

    1.         Division of the grants-in-aid vote

    2.         A national teaching profession

    3.         Separation scheme for non-Government certificated teachers

    4.         Staff and organization of the Education Department in relation to the new grant-in-aid proposals

    5.         Procedure in connection with the report: implementation.

    Documentation

     He (Phillipson) then went out specifically to make the following recommendations (p.99):

    1.         i.   That, in suitable areas and as an experiment, Native Administrations should be encouraged to introduce local education or school rates. (Paragraph 41 (b)).

    2.         ii.  That the Native Authority Ordinance, 1934, be amended so as to allow of local education or school rates being applied to the support of approved Voluntary Agency schools (Paragraph 41 (b)).

    3.         iii. That grants in aid of the recurrent recognized expenses of schools and teacher training institutions under regulations 1 to 32 and 34 of the grant-in-aid regulation be classified as Nigerian expenditure and that grant-in-aid of capital and “special purposes” expenditure under regulation 33 should be classified as regional expenditure. (Paragraph 41(f)).

    4.         iv.  That, subject to further consideration in connection with the first allocations of revenue to the Regions due to take place in July next, the special vote ( E150,000 in the 1948-49) Estimates) for Northern Educational Development should also be classified as Nigerian expenditure.

    5.         v.  That the provision in the Nigerian Estimates for grants in aid of recurrent recognized expenses of schools and teacher training institutions should constitute a division of the Nigeria Estimate under Head 32-Education, the arrangement being as proposed in Paragraph 48.

    6.         vi.  That the question of establishing national scales for certificated teachers, whether employed by the government, Native Administrations, Local Authorities or approved Voluntary Agencies, should be considered by the Director of Education in consultation with the authorities concerned.(paragraph 49)

    7.         vii. That the general procedure after the publication of this report should be as outlined in Paragraph 52

    8.         viii.   That for the better administration of the scheme proposed, the Senior Service establishment of the Education Department should be strengthened, particularly at the Provincial level. (Paragraph 51)

    9.         ix.  That the method of payment of grants in aid of primary schools should be as outlined in paragraph 45 (n) and that action should be concerted accordingly between the Education Department and the Accountant-General’s Department as part of the work preparatory to bringing the regulations into effect on 1st January,1949.

    10.       x. That the Government should definitely accept liability for the retiring benefit of non-Government teachers under the proposed superannuation scheme. (Paragraph 50)  

    “The most relevant part of the Phillipson Report for the 1960s was that the question of establishing national scales for certificated teachers, whether employed by the government, Native Administrations, Local Authorities or approved Voluntary Agencies, should be considered by the Director of Education in consultation with the authorities concerned. (Paragraph 49)

    Further details on the ownership of schools will be published in this column soon in sha’Allah.

  • Sacrificing education on the altar of faith

    Sacrificing education on the altar of faith

    Sir: What sounds like a dystopian movie plot is, unfortunately, a harsh reality unfolding in parts of Northern Nigeria.

    The decision by some state governments to shut down schools for the entire Ramadan period is not only baffling but also deeply troubling. Even more concerning is the outright ban on extramural classes in one (?) of the states during this time.

    One is forced to wonder what logic underpins this decision, and at what cost to the future of the affected children? Where else in the world is this sort of thing practiced?

    At a time when Nigeria, especially northern Nigeria, is grappling with one of the highest numbers of out-of-school children globally, one would expect a more aggressive push towards improving education. Instead, some states are further worsening an already dire situation by wilfully disrupting learning. Should any serious government, aware of the long-term consequences of illiteracy, make such a choice?

    For what it’s worth, the hypocrisy of this decision is glaring. How many of the enforcers of this directive have their children studying in Nigeria, let alone in these affected states? If education is so dispensable during Ramadan, why is it not dispensable for their children? Why must the children of the less privileged bear the brunt of policies that do not apply across board?

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    Religion is a deeply personal matter, and as former Lagos State Governor Babatunde Fashola aptly puts it, it should leave the public space and return to where it truly belongs—the home and places of worship. There is no justification for forcing educational institutions to conform to religious observances at the expense of children’s academic progress. If families choose to prioritize religious devotion over formal education, that should be a personal choice, not government imposed.

    How do we hope to compete in a world where knowledge is the new currency if we continuously stifle education for non-academic reasons? Will the future of these children not be compromised by such ill-advised interruptions?

    This decision sets a dangerous precedent. If education can be suspended for Ramadan, what stops future administrations from closing schools for other religious, cultural, or even political reasons? Where does the line get drawn?

    The government must urgently reverse this policy. We must resist any policy that sacrifices learning opportunities for our children on the altar of religious convenience.

    The world is moving forward, and we must decide whether we wish to progress with it or be left behind.

    •Chiechefulam Ikebuiro,chiechefulamikebuiro@gmail.com

  • Ethnicity and religion as Nigeria’s albatrosses

    Ethnicity and religion as Nigeria’s albatrosses

    The place of ethnicity and religion in Nigerian society has hardly been fully examined in the Nigerian media, partly because they are complicated subjects and partly because they are considered too sensitive for discussion. Rather than pay due attention to them, the focus has been on weak leadership, poor governance, and corruption as the major factors responsible for Nigeria’s lack of development and progress. Yet, ethnicity and religion have been at the root of Nigeria’s problems since colonial times.

    Ethnicity was a critical factor in the delay of Nigeria’s independence till 1960. The Fulani-dominated North insisted that they were not ready for independence at an earlier date. Ethnicity also was at the root the crash of the first republic, which was aided by an Igbo-led military coup in January 1966 in which political leaders across the country were killed, except those from the coup plotters’ ethnicity. It also was at the root of the Fulani-led counter-coup by General Murtala Muhammed, which led to Aguiyi-Ironsi’s assassination. Today, ethnicity is in the forefront of the agitation for self-determination by several groups.

    This is not surprising, given the multiplicity and complex distribution of ethnic groups and religious practices across the vast land that the colonial government brought together as one. What is surprising is Nigerian leaders’ unwillingness to take necessary steps to limit ethnic and religious tensions and their effects, despite several suggested solutions, including various recommendations of national political conferences convoked by the government. 

    On the surface, it would appear that Islam predominates in the North, while Christianity predominates in the South. Below the surface, however, is a complex tapestry of ethnic and religious identities and interactions.

    In the North, for example, sizable groups of Christians are to be found largely in the Northeast and North-central, while the Northwest is the bastion of Islam, being the entry point of the religion into Northern Nigeria possibly as far back as the 11th century. But in that same Northwest, there are smatterings of Christians here and there, notably in the southern part of Kaduna state. In general, however, there are no states in the North in which Muslims and Christians do not coexist, although Muslims are a clear majority.

    By the same token, there are Muslims in the South, especially in the northern part of the South to which the jihadist influece spread in the precolonial period. Nevertheless, Christianity predominates in Southern Nigeria, because it was the region of entry for Christianity. While the Anglican and Protestant missions predominated in Southwest, the Catholic mission predominated in the Southeast and parts of the South-south, because Irish Catholic priests were in the majority in those areas during the missionary phase of colonisation.

    Neither Islam nor Christianity is monolithic in terms of beliefs and modes of worship. Each has various denominations or sects in Nigeria as elsewhere. However, the different sects within each religion often come together as one when confronted with the other religion. This was evident, for example, during the 2023 presidential election, when the Christians as a block opposed the Muslim-Muslim ticket of President Bola Ahmed Tinubu and Vice-President Kashim Shettima.

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    A major drag on progress in Nigeria is the commercialisation of religious worship and the belief by many Nigerians that Imams or pastors could provide solutions to their problems. This is especially true of Evangelical Christianity, which preaches prosperity  gospels, attracting many followers. Even politicians run to Muslim and Christian leaders for blessings and support. Perhaps no politician in Nigerian history has foregrounded both ethnicity and religion than former Governor Peter Obi, the candidate of the Labour Party in the 2023 presidential election.

    The various shades of religious sects are not as worrisome as the complex interplay of ethnic identities in the country. If we go by Ethnologue’s list of nearly 500 languages in Nigeria and assume that each language is spoken by a distinct ethnic group, then there are possibly 500 ethnic groups in the country. Even more challenging is the tapestry of dialects within particular ethnic groups, leading to subdivisions within each group. This is especially true of the Southwest, where each of the six states is composed of distinct dialect groups, except Ekiti state, which appears to be linguistically homogeneous.

    Two related formulas are employed in Nigeria to accommodate ethnic and religious factors in the distribution of political positions at federal, state, and local levels. One is the constitutional requirement of “federal character” (Section 14(3)) and the need  “to recognise the diversity of the people” within a state or local government (Section 14(4)).

    The other formula is the convention of zoning political positions at federal, state, and local levels. Nevertheless, it is sometimes difficult to accommodate the two factors of ethnicity and religion at the same time, without violating meritocracy or incurring some tension. For example, Christians across the country criticised President Tinubu for choosing a Muslim running mate, while other ethnic groups in the North wondered why he chose a Kanuri man and not Fulani, Hausa, or some other ethnic group from the region.

    What is even less discussed is the system of internal colonialism by the more powerful ethnic or sub-ethnic groups within each local government, state, zone, or region. Perhaps no where is this better demonstrated than in Northern Nigeria, where Hausa identity is masked by the adoption of Islamic religion and the adoption of their language by the Fulani, who conquered them and imposed Islamic religion. The situation is further complicated by the adoption of Hausa-Fulani as a single label for both groups.

    The truth, however, is that over the centuries, the Fulani have taken over Hausaland, while their cattle have been eating up Hausa crops in the little land they have left. This has been, and continues to be, a source of tension between the two groups. What is worse, the leading traditional rulers in the North are Fulani. So are the leading politicians. That’s why, today, there is not a single Hausa Governor, whereas there are at least 9 Fulani Governors. The remaining 10 Governors from the North are distributed across various minority ethnic groups: (2 for Kanuri and one each for Ebira, Jukun, Nupe, Marghi, and Mwaghavul).

    Secession or disintegration of the country is not a desirable solution to ethnic rivalries and religious tensions. Rather, a reorganisation of the country is necessary in which power is devolved to states and local governments in such a way that each group can attain self-fulfillment. The less the power of the central government and the less frequently the states and federal institutions go cap-in-hand to Abuja for bread, the more self-actualisation will be achieved across the country. The present administration has initiated measures on devolution of powers. There should be further action, rather than a pause.

  • Nigeria urges fiscal discipline as ECOWAS pushes for eco-currency

    Nigeria urges fiscal discipline as ECOWAS pushes for eco-currency

    Nigeria has urged West African Ministers of Finance and Central Bank Governors to uphold fiscal and monetary discipline, revealing that security challenges, inflation and global economic disruptions have slowed progress toward monetary convergence in the region.

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this call while chairing the 11th ECOWAS Convergence Council meeting in Abuja on Monday. 

    The high-level session attracted financial leaders from across West Africa to discuss the planned launch of the Eco currency by 2027 and strategies for achieving regional economic stability.

    Edun spoke about Nigeria’s ongoing economic reforms, positioning them as a model for the region. 

    He pointed to key policy measures such as foreign exchange market reforms, improvements in tax policy and the removal of fuel subsidies. 

    These initiatives, he noted, have contributed to Nigeria’s GDP growth, which has reached 3.4 percent in 2024, while also enhancing fiscal sustainability.

    “As we take steps towards economic integration, Nigeria’s experience demonstrates that decisive reforms can yield tangible benefits,” Edun stated.

    Beyond domestic economic policies, the Minister pointed out the need for stronger regional coordination in financial and economic decision-making. 

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    He also stressed ECOWAS’ role in shaping global financial policies, citing ongoing engagements with South Africa’s G20 presidency as a vital opportunity to align West Africa’s economic priorities with broader African goals.

    “This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Edun remarked, urging regional cooperation to ensure the successful implementation of the Eco currency.

    The ECOWAS Convergence Council meeting reiterated the commitment of member states to launching the Eco currency by 2027. The introduction of a common currency is expected to enhance trade, economic cooperation, and financial stability within the region, positioning West Africa as a significant player in the global economy.

    The Economic Community of West African States (ECOWAS), a regional economic bloc comprising 16 West African nations, continues to push for greater economic integration to drive sustainable growth and development.

  • Nigeria to deepen diplomatic relations with UK – Tuggar

    Nigeria to deepen diplomatic relations with UK – Tuggar

    The Minister of Foreign Affairs, Amb. Yusuf Tuggar, has reiterated Nigeria’s commitment to deepening diplomatic relations with the United Kingdom (UK).

    Tuggar made this known in a statement on Tuesday in Abuja, on the sideline of his three-day high-level visit to the UK from March 3 to 5, for strategic cooperation across multiple sectors.

    In a statement by Kimiebi Ebienfa, Acting-Spokesperson of the ministry, Tuggar listed the the sectors to include, trade, investment, technology, media and academia to reflect Nigeria’s commitment in engaging global partners to drive economic growth, innovation and sustainable development.

    Tuggar said, “This visit marks a pivotal moment in Nigeria’s foreign policy under President Bola Tinubu’s leadership, reinforcing his administration’s economic diplomacy, strategic partnerships and regional security cooperation agenda.

    “Nigeria aims to consolidate its longstanding relationship with the UK, explore new frontiers for economic growth and reaffirm its commitment to regional peace and stability.

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    “As Nigeria continues to engage proactively on the global stage, this visit underscores the country’s dedication to ensuring that diplomatic efforts translate into tangible benefits, for national security, economic development and well-being of all Nigerians.

    According to him, the visit will bring about discussion at Chatham House on Nigeria’s evolving foreign policy and global aspirations, technology and trade at the House of Commons with focus on Nigeria’s economic diversification, investment climate and digital transformation.

    Others include engagement with key media stakeholders at the BBC House in London on Nigeria’s foreign policy priorities and its global positioning, meeting with JP Morgan and British International Investment (BII) to explore financial and economic cooperation.

    It is meant to also attract capital flows, promote investment opportunities, strengthen Nigeria’s financial sector, discuss with senior UK government officials, to foster cooperation on security and intelligence-sharing on counter extremism, and instability in West Africa.

    “This will expand business and investment opportunities to support Nigeria’s economic growth, and job creation, strengthen collaboration in education, research and technology between Nigerian and UK academic institutions,” he said.

    (NAN)

  • ‘Nigeria needs more investments for renewable energy’

    ‘Nigeria needs more investments for renewable energy’

    Nigeria must create a favourable business environment and attract the right mix of domestic and international investments to boost its renewable energy sector, experts have said.

    This was made known during  a legal and policy workshop organised by Natural Justice, the Renewable Energy Association of Nigeria (REANO), and Just Energy Transition Africa (JETA). Laptop Power Bank – Elvis Tech Limited.

    Speaking, Country Manager of Natural Justice Nigeria, Micheal Karikpo, emphasised the need for strong policies that support local manufacturing of renewable energy components for Nigeria and the broader West African region. Karikpo noted that with the right regulatory frameworks, functional institutions, and stable policies, Nigeria could naturally mobilise investments for renewable energy.

     He described the country as being at an “energy crossroads,” pointing out that decades of energy crises have stifled businesses.

    However, he highlighted recent policy reforms that, if well-implemented, could transform Nigeria’s energy security, drive economic growth, and expand access to electricity.

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    He also addressed the global shift in renewable energy commitments, mentioning that while OPEC has encouraged African nations to tap into their oil reserves, Nigeria must explore alternative economic pathways that generate comparable revenue without the environmental damage associated with fossil fuels.

    Karikpo further urged civil society organisations to engage more actively with the government.

    “There is a real possibility for positive collaboration between communities, civil society, and policymakers. My biggest takeaway from this meeting is that the government is open to dialogue, and civil society must seize the opportunity to engage on issues of sustainable energy,” he said.

    Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, highlighted Lagos’ investments in renewable energy across sectors, including street lighting, tertiary institutions, and hospitals.

     He added that the state is actively supporting grid-connected renewable infrastructure to enhance grid stability and lower electricity costs.

  • Nigeria, Saudi Arabia sign pact to on $7.7tr halal economy

    Nigeria, Saudi Arabia sign pact to on $7.7tr halal economy

    Nigeria has signed a strategic cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position itself as a major player in the global halal market, which is valued at $7.7 trillion.

    The agreement, signed at the Makkah Halal Forum in Saudi Arabia would promote investment, technical collaboration, and market access across key sectors such as food production, pharmaceuticals, finance, and livestock.

    Vice President Kashim Shettima, represented at the event by Deputy Chief of Staff to the President, Office of the Vice President, Senator Ibrahim Hassan Hadejia, described the deal as a transformative step for Nigeria’s economy.

    According to a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said “this collaboration is an important step in our ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player.

    “We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.”

    The agreement was executed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Fahad Alnuhait, in the presence of Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organizing Committee, His Excellency Mr. Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry, His Excellency Mr. Abdullah bin Saleh Kamel.

    Also speaking, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, said the partnership builds on Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.

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    Sheriff explained that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will support the initiative through capacity building, regulatory framework development, and financing opportunities.

    “This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.

    “The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth,” he said.

    The Nigerian delegation also included the  Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; Chairman of the Board of Directors, Bank of Industry, Dr. Mansur Muhtar; Minister of Trade and Investment, Dr. Jumoke Oduwole who was represented by Ambassador Nura Rimi; Minister of Foreign Affairs, Ambassador Yusuf Tuggar, represented by Ambassador Mahmoud Lele, and R’representative of the Standard Organization of Nigeria, Hajiya Amina.

    Others are the Chairman, Nigeria-Saudi Chamber of Commerce, Engr. Ibrahim Usman; Minister of Finance, Mr. Wale Edun, represented by Nur Muftau Baba Ahmed; CEO of Nigeria Export Promotion Council, Mrs. Nonye Aneyi, represented by Mustapha Aminu; Deputy President of NACCIMA, Alhaji Jani Ibrahim, and Managing Director of Bank of Industry, Mr. Olasupo Olusi, represented by Mrs. Jelilat Ismaila-Ayinde.

    VP Shettima had during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja, in September last year emphasized the economic potential of the sector, noting that “increasing Nigeria’s halal exports to OIC markets from 2% to 6% could boost the country’s GDP by $540 million, while strategic import substitution could add nearly $1 billion by 2027.

  • Nigeria’s push to lead Africa’s $180b digital trade revolution

    Nigeria’s push to lead Africa’s $180b digital trade revolution

    From a continent of long reputed potential, Africa is transforming to a continent buzzing with economic prosperity. Her digital economy is projected to reach $180 billion in 2025, thus, contributing significantly to her Gross Domestic Product (GDP), creating new job opportunities, and expanding regional trade. But, Nigeria—Africa’s largest economy—is poised to lead this evolving digital trade revolution, encouraged by her sheer market size, entrepreneurial drive and rapidly expanding digital infrastructure. Assistant Editor CHIKODI OKEREOCHA looks at some of the strategic actions taken by the President Bola Tinubu administration to solidify Nigeria’s position as Africa’s digital trade leader.

    The landscape of Africa’s digital trade and trade in services has witnessed significant growth in recent years, drawing sufficient strength from the African Continental Free Trade Area (AfCFTA) Agreement and its Protocols, particularly the Protocol on Digital Trade, the first of its kind in the world, and the Protocol on Trade in Services.

    Digital trade and trade in services, which are widely acknowledged as game-changers and key drivers of Africa’s economic transformation, are already helping to diversify economies, increase competitiveness, and improve productivity.

    This is hardly surprising, considering that the Continent’s digital economy is projected by the United Nations Conference on Trade and Development (UNCTAD) to reach $180 billion in 2025, up from $115 billion in 2020; thus, contributing significantly to Gross Domestic Product (GDP), creating new jobs, and expanding regional trade.

    For instance, while the World Bank estimates that digital technologies can create over 10 million new jobs in Africa by 2025, primarily in the services sector, the AfCFTA is expected to increase intra-African trade to 50 per cent by 2030, with digital trade as key driver.

    Adopted by the 18th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) in Addis Ababa, Ethiopia, in January 2012, the AfCFTA is arguably, the most ambitious and strategic push to build an integrated, diversified and industrialised continent capable of holding its own in the global economy.

    With its promise of creating a continental trade bloc of 1.3 billion people across Africa, with a combined GDP of about $3.4 trillion, the AfCFTA, which implementation kicked off on January 1, 2021, is easily the world’s largest trade agreement since the creation of the World Trade Organisation (WTO) in 1994.

    However, the AfCFTA Agreement and its Protocols on Digital Trade and Trade in Services present new hope that captures Africa’s audacious step in driving accelerated trade across borders using home-grown Africa-focused tools and solutions. But the AfCFTA Protocol on Digital Trade is particularly ground-breaking.

    The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole explained that it is the first ever continental digital framework and it covers modern technology, new economic opportunities, data protection and cross-border digital connectivity in an innovative manner, different from the traditional protocols.

    The minister, in a statement, which was made available to The Nation, said Nigeria is currently solidifying its position as Africa’s digital trade leader, by working towards the ratification of the Protocol on Digital Trade to the AfCFTA Agreement.

    She said beyond this, the Federal Government under President Tinubu’s administration is also working to strengthen policy harmonization by aligning national regulations with AfCFTA frameworks.

    Nigeria, Dr Oduwole added, is also enhancing trade facilitation through digital customs processes and e-commerce policies, and expanding digital infrastructure by increasing broadband penetration and fostering public-private investments in connectivity.

    The minister noted that with over 109 million internet users and a thriving mobile economy, Nigeria has the foundation to lead Africa’s digital commerce evolution. She described the country’s approach to digital trade facilitation as decisive.

    Dr. Oduwole, however, said expanding broadband access, modernising Customs procedures for e-commerce, and ensuring interoperability of payment systems will be essential for driving inclusive growth.

    She added that by deepening engagement with regional trade frameworks and harmonising digital regulations, Nigeria is positioning itself as a continental hub for digital services exports, facilitating cross border transactions, fostering innovation and attracting global investment.

    Seizing the opportunities in services sector

    With services sector contributing over 50 per cent to GDP, Nigeria is already a regional leader in Financial Technology (Fintech), creative industries, professional services, and digital platforms.

    For instance, Nigeria’s fintech industry, which is home to five of Africa’s nine unicorns, including Flutterwave, Interswitch, Moniepoint, and OPay, has driven cross-border payments, mobile money adoption, and financial inclusion, powering digital transactions across the continent.

    Indeed, fintech is one of Africa’s strongest services-driven industries, with the market projected to reach $3.3 billion by 2025. The growth of fintech in Africa is driven by the increasing adoption of mobile payments, online banking, and other digital financial services.

    Companies such as Chipper Cash, valued at over $2 billion, OPay, valued at over $2 billion, and Flutterwave valued at $1 billion, are leading examples of this growth, providing innovative payment solutions and financial services to millions of users across the continent.

    Similarly, the creative economy, which is home to Nollywood, Afrobeats, a growing gaming industry and digital content exports, highlights the strength of Nigeria’s creative talents. The creative economy also demonstrates first-hand how digital platforms can turn cultural assets into globally exportable services, shaping and redefining pre-conceived perceptions about the continent.

    Information Technology (IT) outsourcing firms are also expanding into new markets, strengthening Nigeria’s position in Africa’s knowledge economy. Initiatives such as the Ministry of Industry, Trade and Investment’s National Talent Export Programme (NATEP) launched in September 2023, and the Outsource to Nigeria Initiative (OTNI) backed by the Office of the Vice President are enabling this growth.

    The Three Million Technology Talents Program (3MTT) of the Ministry of Communications, Innovation and Digital Economy is also enabling this growth and opening up opportunities for access to high quality Nigerian talent at a global scale.

    The 3MTT programme, according to the Minister of Communications and Digital Economy, Bosun Tijani is a critical part of the Renewed Hope Agenda, and is aimed at building Nigeria’s technical talent backbone to power her digital economy and position Nigeria as a net talent exporter.

    Launched in 2022, the 3MTT initiative aims to produce three million technically proficient individuals over four years in fields such as Artificial Intelligence (AI), data science, cybersecurity, cloud computing, and other emerging technologies.

    In professional services, Nigerian legal, consulting, and accounting services, as well as the rise of e-health and e-learning solutions further underscores the country’s role in providing technology-driven services that address continental gaps in healthcare and education.

    The creative economy and e-commerce are significant services-driven industries in Africa, with the continent’s music industry alone expected to generate $1.3 billion in revenue by 2025, driven by increasing demand for African music, film, and other creative content.

    Africa’s e-commerce market is growing rapidly, and is projected to reach $75 billion by 2025, according to multinational strategy and management consulting firm McKinsey. Companies such as Jumia, valued at over $1 billion, are tapping into this growth, offering music and video streaming services, as well as a wide range of products, including electronics, fashion, and home goods.

    Other leading e-commerce players in Africa include Konga.com, valued at over $200 million and PayPorte valued at over $100 million, according to Forbes 2024 report.

    Digital finance, e-health and e-learning are also growing rapidly in Africa, driven by the increasing adoption of digital technologies and the need for innovative solutions to address the Continent’s development challenges.

    Companies such as Andela, valued at $1.5 billion, which provides remote work opportunities for African software developers and Esusu, valued at $1 billion, which offers credit building services for tenants, are examples of this growth.

    Furthermore, the rise of African unicorns such as Interswitch, valued at over $1 billion, Wave, valued at over $1.7 billion, and MNT-Halan, valued at over $1 billion, demonstrates the continent’s potential for creating successful and scalable businesses in services-driven industries.

    In all of these, Nigeria has never wavered in her resolve to lead the charge in Africa’s $180 billion digital trade revolution, propelled by the AfCFTA Protocol on Digital Trade and the Protocol on Trade in Services. The country has taken steps to reinforce her leadership in innovation is digital public infrastructure, for instance.

    One of the steps was the introduction of the Contactless Passport Application System (CONPAS) by the Nigeria Immigration Service (NIS), streamlining passport processing for citizens and enhancing ease of travel, in line with President Tinubu’s Renewed Hope Agenda.

    According to the Minister of Interior, Olubunmi Tunji-Ojo, the initiative showed the Federal Government’s dedication to allowing passport renewals to be conducted without physical presence, cutting down processing times significantly.

    While noting that it also reinforces modernisation as Nigeria embraces technology to meet the contemporary needs of her citizens, Tunji-Ojo, added that the initiative is in line with the administration’s pledge to digital transformation of the country as Nigeria races towards achieving the $1 trillion-dollar economy ambition.

    The Nation learnt that this initiative, alongside other digital trade advancements, including investments in port modernisation and the on-going implementation of its National Single Window Project are streamlining trade corridors and reducing Customs clearance times.

    These reforms enhance Nigeria’s role in handling a major share of West Africa’s cargo and passenger traffic, and reflects the current administration’s broader commitment to harnessing technology for efficiency and transparency through ease of doing business.

    Dr Oduwole emphasised that with Nigeria’s sheer market size, entrepreneurial drive, and rapidly expanding digital infrastructure, she has all the right ingredients to be at the forefront of Africa’s transformation.

    “The country has made significant progress in liberalising key AfCFTA priority sectors—agribusiness, pharmaceuticals, transport and logistics and automotives—aligning with regional trade integration efforts,” she stated, pointing out, for instance, that with agriculture contributing over 23 per cent to GDP, Nigeria is expanding agro-processing and export capacity to enhance competitiveness and access to global markets.

    The pharmaceutical sector, forecast by the Goldstein Market Intelligence to grow at a Compound Annual Growth Rate (CAGR) of 9.1 per cent from 2017 to 2030, is also strengthening local production to reduce dependence on imports and improving health security.

    Similarly, Nigeria’s automotive industry is also advancing rapidly, fueled by government-led projects promoting Compressed Natural Gas (CNG) and electric vehicles (EVs). This followed President Tinubu’s September 2023 launch of the Presidential Compressed Natural Gas Initiative (PCNGI), with a target to convert one million vehicles to CNG by 2027.

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    The essence of the Initiative is to reduce the country’s reliance on petrol. And reinforcing its commitment to clean energy, the government has also supported locally produced Electric Vehicles (EVs) by leading indigenous manufacturers such as Innoson Vehicle Manufacturing (IVM) and JET Motor Company, marking a bold step toward sustainable mobility and industrial expansion.

    That’s not all. Nigeria is also strengthening local vehicle production and industrial growth under the National Automotive Industry Development Plan (NAIDP), as indigenous companies like IVM lead the charge by manufacturing vehicles with 70 per cent locally sourced parts, bolstering domestic manufacturing capabilities.

    Despite these significant milestones, Dr. Oduwole said given the evolving digital space, there is a sense of urgency for Nigeria and Africa in general to keep ahead of the curve and work collaboratively to strengthen the digital trade potential across the continent.

    According to her, the sad reality is that some African countries are still at the start-line of this digital race, even as the rest of the world is already adapting to various levels of Artificial Intelligence (AI).

    “There is, therefore, an imperative for the on-going 38th Ordinary Session of the African Union Assembly of the Heads of State and Government to establish a coordinated framework for championing the entrenchment and advancement of digital trade under the AfCFTA and supporting member states to strengthen their capacities to embrace and expand digital trade across the continent,” the minister stated.

    President Tinubu was in Addis Ababa, the Ethiopian capital, where he participated in the 38th Ordinary Session of the Assembly of the African Union Heads of State and Government which held from February 14 to 18, 2025.

    Dr. Oduwole said the designation of a Continental Champion for the implementation of the Protocol on Digital Trade, at the Session, will go a long way in advocating for and ensuring support for African States and the private sector for increased digital trade.

    “The vision and promise that the Protocol on Digital Trade holds can only be realised through coordinated multi-stakeholder collaboration. To that end, my call to action for Governments is the prioritisation of ratification and domestication of the Protocol as well as alignment of legal frameworks to support digital trade,” she stated.

    The hurdles

    Despite the significant growth potential of Africa’s digital economy and trade in services, several challenges have hindered their development. For instance, regulatory fragmentation and inconsistent standards across borders are major obstacles, making it difficult for digital service providers to operate seamlessly across different countries.

    Also, limited access to financing for digital service providers, lack of digital inclusion, infrastructure and connectivity deficits, and a digital skills gap contribute to the challenges facing digital trade and trade in services in Africa.

    Furthermore, cyber security concerns, including increasing threats and data breaches compromise the integrity of digital trade transactions and erode trust in digital services.

    However, the AfCFTA is not folding its arms. It is currently harmonizing regulations and standards across the continent and facilitating the growth of digital trade. Moreover, initiatives such as Afreximbank’s Pan-African Payment and Settlement System, the AfDB’s Digital Africa initiative and the World Bank’s Digital Economy for Africa initiative are working to improve digital infrastructure, enhance digital skills, and promote digital inclusion.

    Additionally, cyber-security measures, such as the African Union’s Cyber-security Convention, are being implemented to protect digital trade transactions and build trust in digital services.

    Dr. Oduwole, however, stressed the need for African States to prioritise the ratification and domestication of the Protocol on Digital Trade after the adoption of its eight annexes at the 38th Ordinary Session of the Summit of the Heads of State and Government.

    Beyond that, she said decisive steps must be taken to ensure vertical regulatory and statutory alignment as well as harmonization at the national and regional levels. According to her, “This ameliorates the frustrations in dealing with the ‘spaghetti bowl’ of fragmented frameworks from country to country.”

    Closely related is the establishment of horizontal coherence between the national strategies and the AfCFTA Protocol on Digital Trade to essentially ensure that government initiatives are drawn from the same proverbial hymnbook as the strategies for implementing the Protocol.

    This, according to the minister, will include paying deliberate attention to initiatives that advance the provision of public digital infrastructure, development of tools for a digital marketplace, digital inclusion for MSMEs and other underrepresented groups, as well as providing the enabling environment for digital innovation to thrive.

    As with other key aspects of the AfCFTA multi-faceted mandate, Dr. Oduwole said there is need for multi-stakeholder collaboration in the implementation of both the Protocols on Digital Trade and Trade in Services.

    “This entails leveraging strategic partnerships including with the private sector, the AfCFTA Secretariat, regional organisations, development partners, Development Finance Institutions (DFIs) and other transformational alliances,” she said.

    The minister pointed out that honing these high impact collaborations will help with mobilization of resources, policy harmonisation and access to finance in addition to enhancing e-commerce/digital trade platforms and generally make cross-border trade more efficient.

    She also said capacity building is a critical requirement, given the fast evolving and changing dynamics of the digital trade and trade in services ecosystem. She said trained negotiators and regulatory bodies are required to design and implement AfCFTA-aligned policies as well as harmonize trade standards and support efficient customs procedures.

    In the same vein, awareness creation among African businesses, (as well as investors globally), sensitizing them about the benefits of the AfCFTA Protocols on Digital Trade and Trade in Services, will enhance their capacity to leverage opportunities in those sectors.

    “Scaling digital skills programmes to equip African youth for high-demand service job, strengthening innovation ecosystems to enhance service sector competitiveness and expanding regional digital marketplaces for seamless trade in services, are a few examples of what is possible when capacity building is embraced,” Dr. Oduwole stated.

    While admitting that the road ahead demands deliberate action, the Minister, however, said it requires bold, forward-looking strategies that bridge gaps and transform challenges into opportunities.

    While insisting that Nigeria has the digital momentum to lead Africa’s digital trade revolution, the minister, however, said leadership is not just about potential—it is about deliberate, strategic action.

    “By aligning policy, infrastructure, and collaboration efforts, Nigeria can move from being a key player to become the undisputed digital trade leader of and for Africa,” she emphasised.