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Tag: Nigeria

  • Nigeria prepares for common foodstuffs auction market

    Nigeria prepares for common foodstuffs auction market

    •Tubers, livestock, grains to meet new standards

    Nigeria is on the verge of launching its first standardised commodities auction market through which common foodstuffs and other items will be traded under a new regulatory framework.

    The pilot auction market, billed for Lagos State, will see traders of common foodstuffs such as yam, maize, beans, potatoes and other farm produce as well as livestock, including rams, cows and goats, being traded under a specialised trading platform.

    The private sector-led initiative is being driven by the Lagos Commodities and Futures Exchange (LCFE). LCFE, which started trading in gold in 2022, already trades on agricultural products such as soya beans, paddy rice, maize, sorghum, sesame seeds, palm oil and cassava.

    The new initiative aimed at mainstreaming the existing domestic markets into the international markets by standardising products’ quality, packaging, storage and pricing.

    As part of preliminary processes, the LCFE and the Amalgamated Traders Associations of Mile 12 International Market, Lagos, have signed a Memorandum of Understanding (MOU) to partner on the launch of the commodities auction market.

    Managing Director, Lagos Commodities and Futures Exchange (LCFE), Mr. Akin Akeredolu-Ale, said the auction market will co-exist with the traditional markets in a gradual move to enhance food standards and availability.

    According to him, the auctions market will help in reducing post-harvest losses by introducing cold storage solutions and establishing efficient buyer-seller connections.

    He said the initiative would foster financial inclusion, promote sustainability, and enhance market efficiency and transparency.

    “These traditional markets have functioned effectively for decades. Our role is to modernise and scale their operations by introducing templates for quality control, packaging, and access to broader markets. 

    “The auctions market will provide a dedicated trading day, every Wednesday, for structured transactions, ensuring high-quality products are available at competitive prices. The initiative will also preserve traditional market days while introducing a specialised platform for regulated trading, enabling participants to expand their reach to international markets,” Akeredolu-Ale said.

    Read Also: Cleric urges Nigerian leaders to embrace humility, honesty

    He described the launch of the Lagos auctions market as a significant move to align local trade with global standards.

    He noted that the initiative draws inspiration from Zimbabwe’s successful auctions market, which operates weekly and serves as a model for transparent price discovery, structured and regulated trading.

    According to him, the primary objective of the Lagos auctions market is to create a structured and regulated environment for trading, ensuring compliance with strict standards for sanitation, packaging, and overall produce quality.

    Akeredolu-Ale said that this initiative was consistent with the Lagos State’s vision of becoming a 21st-century city with goods and services that meet international benchmarks.

    “We aim to ensure that goods reaching consumers are of the highest quality. To achieve this, we have developed guidelines for packaging and quality control, providing producers with the necessary tools to meet these standards. This effort aligns with our broader strategy to transition local markets from a domestic focus to international trade readiness,” Akeredolu-Ale said.

    He noted that in preparation for the market launch, LCFE has engaged a wide range of stakeholders, including representatives from markets dealing in yams, livestock, and beans.

    Speaking at a signing ceremony between the market leaders and LCFE in Lagos, Akeredolu-Ale pointed out that the participation from market leaders and associations highlighted the readiness of traders to embrace structured trading practices.

    Chairman, Mile 12 International Market, Lagos, Alhaji Shehu Usman, described the MoU as a mutually beneficial partnership poised to revolutionise trade practices.

    He noted the importance of the initiative in addressing critical challenges such as food accessibility and post-harvest losses.

    “Our primary goal is to ensure food is readily available to everyone. With Lagos’ population projected to grow from the current 22 to 25 million  and increase from 30 to 35 million in a few years, this partnership will play a vital role in meeting demand and reducing food shortages,” Usman said.

    He expressed confidence in the collaboration of the traders’ association with LCFE and its potential to bring significant benefits to market members and the broader Lagos community.

    “This partnership is a win-win situation. The Lagos Commodities and Futures Exchange (LCFE) has a proven track record of excellence.  The Exchange is tested and trusted, so we have every reason to believe in the success of this initiative,” Usman said.

    He highlighted extensive efforts undertaken to educate market members about the advantages of the agreement.

    “We have explained the benefits of this partnership in multiple languages—English, Yoruba, Igbo, and Hausa—to ensure that everyone understands its value.  With the collaboration of the LCFE and the Lagos State Government, we are optimistic that this initiative will run smoothly and benefit everyone involved,” Usman said.

    He highlighted the necessity of continuous education to foster understanding and acceptance among stakeholders.

    He compared the process to the initial skepticism surrounding point-of-sale (POS) systems and the introduction of raffia baskets to reduce waste, both of which eventually gained widespread acceptance.

    “Not everyone will grasp the full scope of this initiative immediately, but with ongoing education and clear examples of its benefits, we’re confident it will be embraced. This partnership is not just about improving market practices but also about creating a sustainable framework for food distribution and trade efficiency. This understanding will lead to significant progress for our market and the entire Lagos State. With the right input and cooperation, the sky is the limit,” Usman said.

  • This-And-That Nigeria Unlimited

    This-And-That Nigeria Unlimited

    Every week in Nigeria brings its own unique dose of drama, oscillating between the good, the bad, and the ugly. For content creators, especially those profiting millions from social media, the supply of material seem endless. As long as they keep an eye on the latest happenings in the country, inspiration flows in abundance. There’s never a shortage of events to fuel creativity — though, it must be noted, this often stems from the misfortunes of others. Whether it’s the bustling motor parks, the busy markets, the state houses, or the National Assembly; from the Presidency to the judiciary, and from the daily grind on the streets to the familiar scenes in our homes — Nigeria is constantly bursting with moments that are as unbelievable as they are confounding, all against the backdrop of a struggling economy.

    Yet, Nigerians have mastered the art of resilience. No matter the hardship, the people carry on, often with a surprising sense of equanimity. While many in other parts of the world would lose their composure in the face of such events, the average Nigerian tends to brush it off – moving on to the next day or issue, showing a rare ability to remain unshaken, unless pushed to the edge. Only then does the Nigerian steel truly show itself — when they are provoked beyond measure. Until that point, they seem calm, unruffled, and unfazed.

    Speaking of dramatic moments, one particularly memorable event unfolded in Edo State on Tuesday when Governor Monday Okpebholo presented the Edo State 2025 Appropriation Bill to the House of Assembly. In what seemed like a scene straight out of a political comedy, the governor struggled to read the budget figures in the bill, stumbling and stuttering until it became clear that he was on the verge of embarrassment. Eventually, after a few awkward moments, he declared that the figures were confusing, promising to try again. He did, eventually managing to read them out, but not before giving political opponents plenty of fodder to roast him on the social media. For a man who had been criticised for his refusal to engage with the media in the months leading up to the election, his performance that day didn’t come as a surprise.

    What was more baffling, however, was how his aides allowed such an avoidable fiasco to unfold. Despite all the political manoeuvring, it remains hard to understand why the figures weren’t written out in words, given the governor’s well-known limitations and the serious implications of such an embarrassing display for the credibility of the new government. What followed was even more perplexing: Jarrett Tenebe, the Chairman of the All Progressives Congress (APC) in Edo State, attempted to justify Okpebholo’s blunder with some outlandish explanations. First, he claimed the governor shared a trait with former South African President Jacob Zuma, who allegedly struggled with reading figures due to a health condition. Then, Tenebe added that only corrupt politicians, like the former Edo governor and Okpebholo’s opponent in the election, the respected Azue Ighodalo, could confidently read out such large numbers without flinching. To cap it all off, Tenebe made a rather shocking remark, telling anyone dissatisfied with the governor’s performance to “go to hell and burn to ashes.” Really?

    Now, don’t ask me if there will be any consequences for this kind of unrefined behaviour, because we all know the answer: none. In fact, it’s entirely possible that many Nigerians will dismiss the episode as just another source of comic relief. It wouldn’t be surprising if party loyalists and hangers-on were already flocking to the Edo State Government House to commend Okpebholo for his “brilliant” performance in presenting the 2025 Appropriation Bill, alongside congratulating Tenebe for his spirited defense of the governor. That, in essence, is how things operate here. Another drama is bound to unfold soon, and we’ll all move on, as usual.

    Amidst all this, who’s asking the important questions? Like, how can a man who struggles to read out figures running into billions of naira be expected to handle the manipulations of the contractors and officials who will undoubtedly try to pull the wool over his eyes? For Tenebe and those who rushed to crown Okpebholo the “best-performing governor” only weeks into his tenure, I suppose it’s enough to know that Okpebholo isn’t corrupt (what a tendentious excuse)— so the fact that he can’t handle large numbers is somehow acceptable. That’s the verdict from his fawning supporters. The same verdict that was given when former Governor Yahaya Bello was ruining Kogi State for eight arduous years of blind larceny. Naija!!!

    Speaking of comical drama, Edo people should brace themselves for much more in the coming years. For instance, less than 24 hours after the budget presentation fiasco, Okpebholo was back at the National Assembly for his valedictory sitting, marking the official end of his term as a Senator. During this event, his political godfather and campaign spokesperson, Senator Adams Oshiomhole, took the opportunity to lavish praise on Okpebholo, describing him as humble, diligent, committed, and intelligent. Oshiomhole even went so far as to predict that Okpebholo, who he claimed had already “distinguished himself” as the best thing to happen to Edo since the creation of the state, would make a grand return to the Senate after his eight-year tenure as governor. This from a man who, during his time in the Senate, never sponsored a bill or made a noteworthy contribution in plenary. But does any of this matter? After all, in Nigeria, no one expects a father, especially one whose biological son was the first to be appointed as commissioner in the new administration, to speak ill of a political son he helped into power. Isn’t it the unwritten rule too that you don’t bite the hand that feeds you? So, let’s all congratulate the Edo people for being blessed with such a “humble” and “intelligent” leader, whose only real challenge is reading out numbers with too many zeros. In the end, perhaps the important thing is that the jobs get done — and if the figures need to be adjusted later, so be it. Naija!!!

    In other news, on Wednesday, Nigeria once again experienced a national grid failure, the 12th this year. As usual, most Nigerians barely batted an eyelash. The power sector’s decades-long failure has become so routine that people are more resigned to it than outraged. Even when there’s no total blackout, the power companies have mastered the art of generating “megawatts of darkness.” Worse still, their attempts to rationalise the blackouts by creating arbitrary bands of darkness only leave the public more confused. If a country suffers an average of one major power failure per month, isn’t it time to declare a national emergency in the sector, especially given the growing insecurity across the nation? Of course, in Nigeria, where leadership often prioritises personal interests over the general well-being of the people, the failure of the power sector is just another “baraku” — one of those quirks that make us different. We laugh off our own incompetence and move on. As usual, the Minister of Power will come out with the same tired excuses and indolent phrases, promising that “everything has been put in place” to prevent further grid collapse. But hasn’t this been the story since the days of the Electricity Corporation of Nigeria, which became NEPA, then PHCN, and now… who knows what? Naija!!!

    Read Also: Tax reform: Tinubu is bold, courageous leader Nigeria needs – Dogara

    And in yet another spectacle, this week saw an uproar over comments made by Kemi Badenoch, the Leader of the Conservative Party in the United Kingdom, regarding her preference for talking about her experiences in the UK rather than her birthplace, Nigeria. Nigerians were understandably offended by her remarks, especially since she had benefited from the privileges of being Nigerian, despite her disparaging comments. Similarly, Davido, the famous Afrobeat icon, equally faced a backlash for slamming Nigeria during a podcast interview with an American celebrity some weeks back. Many feel that both of them, having enjoyed some measure of success as Nigerian-born international figures, should not have so readily painted their country in such a negative light. I wholeheartedly agree with the Vice President, Kashim Shettima, who criticised Kemi for reducing her country of origin to a mere political prop in her quest for power in the UK. Shettima rightly pointed out that figures like Rishi Sunak, despite the challenges in his native India, have never publicly denigrated their homeland in pursuit of political gain. Unfortunately, wise words do not always benefit the person they are directly meant for. You are free to interpret this in anyway you wish. But that’s the truth.

    That said, it is also necessary for Nigerians to take a long, hard look in the mirror and reflect on whether Kemi’s criticisms are rooted in truth or merely the result of her own disillusionment. Kemi spoke of Nigeria as a land of broken dreams, of politicians lining their pockets, and of a system that stifles progress. She claimed she came to Britain seeking the freedom to be herself, away from a country plagued by corruption and poverty. While it is clear that her words have struck a nerve with many, perhaps it’s time for Nigerians to ask: Is there any truth to what she says, or is it just another case of someone airing their personal grievances?

    My take in all this is simple: There is a Yoruba proverb that says: “Ká pa’ nu po le kolokolo lo na ki a to wa fi abọ fún adie.” This proverb is germane to the discourse. Literally, it means “let’s come together to pursue the fox first before reverting back to the wandering hen.” Yes, it is difficult to chew what Kemi spewed about the country just like no one would like seeing a fox chasing their chickens for a meal. But, having chastised her for running her mouth like a bird with a broken beak, can we now sieve the truth from her rant? Can the elite class begin a process of purging themselves of this attitude of putting self above the collective and doing everything within their power to sabotage the will and expectations of the people? Can these foxes of doom allow the hens to breathe and blossom without any of those encumbrances of raw display of power and irritable greed? When will the deceit stop and when will Nigeria stop foisting round pegs on square holes? When will this narrative of gloom change so that the likes of Kemi would have no reason but to sing the praises of a country they have erroneously concluded was incapable of freeing itself from a harvest of self-inflicted maladies? When? Naija!!!

  • ‘Proper fiscal education can reduce Nigeria’s unbanked’

    ‘Proper fiscal education can reduce Nigeria’s unbanked’

    The rising unbanked population has been attributed to a number of factors, chief among which is digital divide, Collins Obafemi, has said.

     Obafemi, chief executive officer at Woven Finance, a fintech company, shared insight into how his organisation is providing financial intelligence vis-à-vis demand for efficient, secure, and innovative financial solutions by tech-savvy and discerning customers. According to him, Nigeria has a number of unbanked or underbanked individuals, and small and medium-sized enterprises (SMEs) struggle with access to financial services.

     “We believe that by providing easy-to-use payment solutions, we can close this gap. Our Virtual Accounts and Direct Debit services offer SMEs a cost-effective way to manage transactions, while our POS and QR Code payment systems give small merchants, even in rural areas, access to digital payment infrastructure.

    ‘‘By making our solutions accessible, we are empowering businesses that  might not have the resources to adopt sophisticated financial tools.

    ‘‘This promotes economic growth and broadens scope of financial inclusion in Nigeria.” On innovations that set his company apart, Obafemi said: “Woven Finance is a pioneer in introducing Virtual Accounts, a game-changer in simplifying payments.

    ‘‘Our platform integrates intuitive user experiences, cutting-edge security, and streamlined payment processes.

     ‘‘These innovations ensure we remain in the forefront of Nigeria’s fintech sector. Customer-centricity has been our core strategy. We focus on understanding and meeting the needs of our users.

     “Partnering key sectors as education, healthcare, and logistics, while leveraging technology to offer seamless solutions, has been pivotal to our growth. We also improve our interface with stakeholders.

    Our enhanced user interface ensures simplicity and ease of navigation. The streamlined payment processes save time, while the advanced security measures provide peace of mind by protecting users’ financial data. These upgrades make managing finances seamless, secure, and efficient. Scalability is a core aspect of our design.

    ‘‘We’ve built Woven Finance to grow seamlessly with the demands of our users, whether they’re SMEs or large-scale enterprises.

    ‘‘Our platform is cloud-based, meaning it can handle increased transaction volumes without compromising speed or reliability.

    “Additionally, we are expanding our network to support cross-border payments and partnerships, allowing Nigerian businesses to connect with new markets. Our goal is to ensure that Woven becomes not just a local solution but a regional powerhouse that enables financial connectivity and growth.” 

    Read Also: Tinubu focused on delivering campaign promises, not 2027 election — Bwala

    Woven Finance’s innovation has become an industry standard, driving efficiency and convenience. Our integrated services that goes beyond traditional payment processing sets us apart and offers us more propositions and enhances our brand equity. Our platform is designed to provide businesses with a one-stop solution for managing payments, liquidity, merchant services, and even e-commerce integration.

     “This comprehensive approach sets us apart, as most providers focus on isolated services. Our payment gateway supports payment channels, and we prioritise real-time data and analytics that help businesses make informed decisions. This platform is customisable, scalable, and comply with CBNregulations.”

     On challenges besetting the fintech ecosystem, Obafemi acknowledged that “scaling comes with challenges like adapting to regulatory changes, managing customer growth, and staying ahead in a competitive market. We’ve navigated these through partnerships, compliance, and continuous investment in technology and talent.

    ‘‘A big challenge is regulatory uncertainty. While CBN has been supportive of fintech innovation, regulatory framework is still evolving. Navigating these changes can be challenging for new entrants.

     ‘‘Another challenge is cybersecurity, ensuring consumers’ data is protected. Woven is well-positioned to address these. Our team keeps a eye on regulatory developments to ensure compliance…’’

    “Woven Finance offers an integrated suite of services that goes beyond traditional payment processing. Our platform is designed to provide businesses with a one-stop solution for managing payments, liquidity, merchant services, and even e-commerce integration.

    This comprehensive approach sets us apart, as most providers focus on isolated services. Our payment gateway supports various payment channels, and we prioritise real-time data and analytics that help businesses make informed decisions.

    This platform is highly customisable, scalable, and built to comply with Central Bank of Nigeria (CBN) regulations, making it secure and reliable.”

     Expatiating, he said, the firm recently underwent a brand reactivation so to speak, noting that this signifies growth and breathe of fresh air for the fledging financial firm.

     “The brand refresh is a reflection of our journey and a renewed commitment to our mission. It symbolises growth, adaptability, and a forward-thinking approach to serving our customers. For our stakeholders, it represents a promise of continued innovation and excellence in delivering financial solutions that empower lives and businesses.

    “The expo clearly defines us in terms of creativity and authenticity. We bring style to financial matters. The Woven Lifestyle Expo is integral to our broader market strategy.

    We see it as more than just an event; it’s a platform for us to showcase the versatility of our payment infrastructure. “By bringing together about 60 merchants from sectors like fashion, travel, food, art, and tourism, we are demonstrating how businesses from various industries can seamlessly integrate into our payment ecosystem. It’s also an opportunity for consumers to experience the convenience and security of using Woven in real time. Our goal is twofold: first, to onboard merchants and give them the tools they need to manage their payment processes efficiently, and second, to engage consumers, showing them how easy it is to transact in a digital economy using Woven’s infrastructure.”

     On the company’s long-term vision and goals for contributing to Nigeria’s financial transformation, he said the overarching vision is to be a catalyst for digital transformation in Nigeria’s financial sector.

     “As businesses increasingly adopt digital solutions, Woven Finance aims to provide the infrastructure that supports sustainable growth, financial transparency, and operational efficiency.

    We want to continue evolving our platform to incorporate the latest in financial technology, while staying aligned with regulatory standards and market demands.

    Ultimately, our long-term goal is to empower businesses and government agencies with the tools they need to thrive in an increasingly digital and interconnected economy.

    We are committed to shaping a financially inclusive future for Nigeria.”

  • Nigeria records 35 percent shortage of essential medicines in 2023

    Nigeria records 35 percent shortage of essential medicines in 2023

    Citing a National Health and Demographic Survey (NDHS) report, the National Bureau of Statistics (NBS) on Wednesday said there was 35% shortage of essential medicines in all the medical facilities nationwide in 2023.

    The report also said the challenges of infant mortality exists at 63 per 1000 live births.

    NBS’ Statistician General, Dr. Prince Adeyemi Adeniran disclosed this during the launch of the National Health Facility Survey (NHFS) Report 2023 in Abuja.

    He said: “Despite various reforms and investments by government and development partners, all aimed at improving the quality of healthcare delivery and outcomes, substantial challenges still exist such as infant mortality rates (63 per 1000 live births) according to the latest National Health and Demographic Survey (NDHS) and a severe shortage of essential medicines (35%) across all medical facilities nationwide.” 

    According to him, these persistent issues undermine our ability to provide equitable healthcare to all Nigerians, particularly in underserved and remote areas.

    He lamented that the migration of healthcare professionals is another critical issue that has impeded the functioning of the healthcare delivery system. 

    Adeniran said many Nigerian doctors, nurses, and other healthcare workers seek opportunities abroad for better salaries, improved working conditions, and career advancement.

    He added: “Common destinations include the United States, the United Kingdom, and other developed nations.

    “This trend has exacerbated the shortage of skilled healthcare workers in Nigeria which has put a further strain on our ability to meet the growing demand for healthcare services.”

    He said the NHFS2023 builds on the groundwork laid by the previous surveys conducted in 2016 and 2019.

    He added that the latest iteration incorporates several enhancements, particularly to the tools used in the data collection from the selected health facilities across the country. 

    These enhanced tools, according to him, provide a robust framework for systematically assessing the service availability of these health facilities and for evaluating the level of preparedness to deliver essential services effectively. 

    He said this year’s report also incorporates Service Delivery Indicators (SDIs), a set of tools developed in collaboration with the World Bank and the African Economic Research Consortium (AERC).

    Adeniran said the SDIs focus on assessing primary healthcare service delivery, ensuring that the monitoring process promotes greater accountability, enhances governance, and facilitates more targeted interventions for improved healthcare outcomes.

    He said Nigeria just like any other developing country, faces challenges in its healthcare delivery system, with issues such as insufficient funding for healthcare facilities, outdated infrastructure, and a shortage of skilled personnel.

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    Adeniran said as a result, many Nigerians continue to struggle with accessing quality healthcare within their immediate communities, particularly in the rural areas of the country.

    The report, he said, plays an essential role in guiding efforts to address the challenges facing Nigeria’s healthcare system. 

    He said the data provided in this report offers a comprehensive and insightful analysis of the current state of health facilities across the country.

    He said it serves as a vital resource for policymakers, health administrators, and other stakeholders, offering evidence-based recommendations for informed decision-making.

    According to him, “By utilizing this information, we can implement targeted interventions to address the most urgent issues in healthcare delivery, particularly at the primary healthcare level, where the need for improvement is most pressing.” 

  • Book on Nigeria for presentation

    Book on Nigeria for presentation

    A book, No Nigerian Will Make Heaven? Tales From An Aspiring Failed Nation-State, by Peter Omuvwie, is to be released today.

    Omuvwie, a graduate of Covenant University, said the book is a scathing exploration of contemporary Nigeria.

    The unveiling will take place via zoom, to be sold on Amazon.co.uk after its release.

    Omuwvie dissected issues that had plagued Nigeria since creation.

    He employs the metaphorical “Mother Nigeria,” which devours its children—a poignant representation of its self-destructive tendencies—to pose the question: “Dear Mother Nigeria, why dost thou feed on thine seeds?”

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    Omuwvie argues that Nigeria suffers from a ‘curse’ manifesting as persistent exploitation, corruption, and underdevelopment despite its abundant resources, tracing the curse back to its inception.

    Through two theories—Acute Social Fission and Political Repression—Omuwvie invites readers into a courtroom where Nigeria is on trial. He uses this humorous framework to expose the nation’s flaws, from creation and amalgamation to the 2023 elections.

    In a statement, Omuwvie said his desire for change, his people and black race necessitated writing of the book.

    “I love my country, my people, my race, and desire to see change,” he said.

    However, with a blend of quotes, Omuwvie deepens his quest for answers and accountability hidden in the cracks of history and the formation of Mother Nigeria.

  • Building a stronger Nigeria through health, transparency, and human rights

    Building a stronger Nigeria through health, transparency, and human rights

    • By Ambassador Richard

    Sir: Every December, we mark three international observances that are at the heart of the U.S.-Nigeria partnership: World AIDS Day, International Anti-Corruption Day, and Human Rights Day.  While distinct, these commemorations underscore a simple truth – Nigeria’s path forward requires progress on health, good governance, and human rights.  The United States remains your steadfast partner on this journey.

    For two decades, the United States has stood with Nigeria in the fight against HIV/AIDS under the President’s Emergency Plan for AIDS Relief (PEPFAR).  The U.S. government has invested more than $8.3 billion in Nigeria’s health sector and provided life-saving anti-retroviral treatment to more than 1.5 million people.  These numbers represent improved life expectancy and quality of life for these Nigerians and their families. 

    In clinics across Nigeria, I’ve met dedicated healthcare workers who deliver HIV prevention, treatment, and care, supported by the resources of the American people.  This work has done more than save lives – using HIV as an entry point, Nigeria’s health system has also benefited.  As Nigeria’s health system is strengthened, this important work will be led by government and engagement with the private sector to sustain the gains. 

    This commitment was reinforced during Ambassador Nkengasong’s recent visit, where his discussions with Nigerian health officials focused on how the Government of Nigeria would sustain the HIV health programs with strengthened Nigerian leadership and local ownership.

     But positive health outcomes depend critically on good governance.  When medical supplies are diverted, when healthcare workers go unpaid, when facilities buy dangerous, counterfeit medications or lack resources due to mismanaged funds, it costs lives.  This is why the United States supports numerous initiatives, not only in the health sector, to enhance transparency and accountability in Nigeria.  Our programs work directly with government agencies and civil society organizations to strengthen fiscal responsibility with the goal of the state ensuring resources reach their intended beneficiaries.

    Read Also: We will tackle migration challenges, Shettima assures

     The success of these efforts rests on respect for human rights and civic engagement.  When members of marginalized communities face discrimination in accessing healthcare, when citizens fear reporting blatant corruption like the need to pay for appointments or ‘free’ healthcare, or when vulnerable populations cannot advocate for their needs, development falters.  Through our partnership with Nigeria, we promote the rights of every person to access essential services and enjoy fundamental freedoms without fear or discrimination.

     These three areas – health, transparency, and human rights – reinforce each other.  Consider the results: U.S.-supported initiatives have helped strengthen pharmaceutical supply chains, reducing theft and ensuring safe medicines reach patients.  Our human rights programming has empowered civil society organizations to advocate for marginalized communities, leading to better access to health services.  Our health system investments have created platforms for transparency that benefit all sectors.  And, perhaps most importantly, according to a recent survey by the United Nations Office on Drugs and Crime, Nigerians are both more frequently refusing to pay bribes and reporting bribe seekers to investigative journalists and rule of law authorities.  A shift in norms is beginning to take root and must continue.   

    The U.S. Embassy stands ready to support Nigerian voices pressing the fight against corruption in Nigeria.  To Nigeria’s government officials, civil society leaders, healthcare workers, and citizens:  your dedication to building a stronger nation inspires us.  Together, we can continue to advance the interconnected goals of better health outcomes, good governance, and human rights for all Nigerians.  Challenges remain, but the work we’ve done together shows what could be possible on a larger scale across these crucial domains.

     As we mark these December observances, let us use this moment not just for reflection, but for renewed commitment and action.  The United States continues to stand with the Nigerian people as they carry out this essential work with their elected government.

    • Ambassador Richard C. Mills,

    U.S. Ambassador to Nigeria, Abuja.

  • Economic instability and Nigeria’s construction industry

    Economic instability and Nigeria’s construction industry

    • By Rasheed Olayinka Ajirotutu

    In recent years, Nigeria has experienced significant economic instability, which has disrupted various sectors, and the construction industry has not been immune to these challenges.

    As the country grapples with issues such as inflation, fluctuating exchange rates, fiscal deficits, and high unemployment, the construction sector, one of the critical drivers of economic growth, faces unique and multifaceted challenges.

    The construction sector contributes about 3-4 per cent to Nigeria’s Gross Domestic Product (GDP) and is a key player in infrastructure development, housing, transportation, and urbanization.

    It also provides employment to millions of Nigerians, both directly and indirectly. In a country like Nigeria, where rapid urbanisation and a growing population create a demand for infrastructure, the construction industry is fundamental to meeting these needs.

    Nigeria has long struggled with issues such as fluctuating oil prices, political instability, inadequate fiscal policies, and high levels of public debt. The Nigerian economy is highly dependent on oil exports, and fluctuations in global oil prices have a direct impact on government revenue and national economic performance.

    Additionally, inflation rates in Nigeria have been volatile, and the local currency, the Naira, has faced significant depreciation against the US dollar, making imports more expensive.

    These economic conditions, combined with poor infrastructure, inconsistent government policies, and insecurity in some regions, have created an unstable business environment, particularly for the construction industry.

    One of the most significant effects of economic instability on the construction industry in Nigeria is the impact of inflation on construction costs. Inflation in Nigeria has remained persistently high in recent years, driven by a combination of factors including rising food prices, energy costs, and global supply chain disruptions.

    For construction firms, inflation directly impacts the prices of construction materials such as cement, steel, and building aggregates, which are typically imported or subject to price fluctuations in the global market.

    As the cost of materials rises, construction companies are often forced to adjust their budgets or risk project delays. In some cases, contractors may face the challenge of absorbing the additional costs, which can lead to reduced profitability or even financial losses.

    Cost overruns are a common feature of many construction projects, and economic instability exacerbates this problem, making it more difficult for firms to stay within budget.

    This not only affects the financial stability of construction companies but also leads to delays in project completion, which can have a cascading effect on the broader economy.

    Read Also: We will tackle migration challenges, Shettima assures

    Another major challenge posed by economic instability is the volatility of the Nigerian Naira against major currencies, particularly the US dollar. Many construction projects in Nigeria require the importation of raw materials, equipment, and technology from overseas. Fluctuations in the exchange rate make it difficult for construction companies to predict the cost of these imports and manage their budgets effectively.

    When the Naira depreciates against the dollar, the cost of imported construction materials rises, leading to further inflationary pressures and budgetary constraints.

    Furthermore, financing for large construction projects in Nigeria is often secured through loans, foreign investments, or public-private partnerships (PPPs). The instability of the Naira affects the terms of these loans, increasing the debt burden for construction firms.

    For foreign investors, the uncertain exchange rate environment makes Nigeria a less attractive investment destination, leading to a reduction in the flow of foreign direct investment into the construction sector.

    This further limits the availability of funding for construction projects, making it more difficult to initiate new projects or complete ongoing ones.

    In an environment of economic instability, construction projects often face delays or are outright stalled due to various challenges. Delayed payments from government clients, difficulties in sourcing materials, and labour shortages are common issues that arise when the economy is unstable.

    For public infrastructure projects, the government’s fiscal constraints can result in the suspension of funding or delays in the release of funds, causing projects to stall indefinitely.

    Private developers are not immune to these challenges either. High inflation, combined with difficulties in securing loans, can delay the completion of real estate developments and residential housing projects.

    Many property developers have been forced to halt projects or scale back plans as they struggle to cope with the rising cost of materials and a lack of financial liquidity. These delays not only increase costs but also affect the overall pace of infrastructure development in the country.

    Economic instability also has a significant impact on the labour market within the construction industry. The construction sector is a major source of employment in Nigeria, particularly for unskilled and semi-skilled workers. However, the instability of the economy leads to job insecurity for construction workers. As construction projects are delayed or cancelled, workers are left without consistent employment, contributing to rising unemployment rates in the country. Skilled labour, such as engineers, architects, and project managers, also faces challenges as construction firms struggle to retain talent amid financial constraints. With reduced budgets and fewer projects, some construction firms may choose to downsize or freeze hiring, further exacerbating the unemployment situation.

    Nigeria’s construction industry is critical to the country’s infrastructure development. Roads, bridges, railways, and housing are necessary to support urbanization and foster economic growth. However, economic instability has hindered the completion of major infrastructure projects across the country.

    Urbanisation in Nigeria is occurring at an unprecedented rate, with millions moving to cities in search of better opportunities. As urban populations swell, the demand for infrastructure and housing increases. However, the economic instability that Nigeria faces makes it difficult for both the public and private sectors to meet these demands.

    Government policies play a crucial role in shaping the construction industry, and in Nigeria, the impact of economic instability is compounded by regulatory challenges.

    For example, inconsistent policy implementation, delays in securing permits, and bureaucratic inefficiencies often plague construction projects in Nigeria.

    In times of economic instability, government policy shifts can create uncertainty for construction firms. Changes in tax rates, tariffs, or building regulations can significantly affect the cost of doing business.

    Additionally, the lack of effective infrastructure planning and investment from the government has left the construction industry grappling with unreliable utility services, such as water and electricity, which are essential for construction work.

    While the Nigerian government has launched initiatives to promote infrastructure development, including the National Infrastructure Master Plan, the execution of these plans is often slow and affected by fiscal constraints.

    Without a stable regulatory and policy environment, the construction sector remains vulnerable to both domestic and global economic shocks.

    The construction industry in Nigeria plays a pivotal role in the country’s economic development, but it is highly susceptible to the challenges posed by economic instability.

    Inflation, exchange rate volatility, delays in project financing, labour issues, and inconsistent government policies have all disrupted the sector, making it harder for construction companies to operate efficiently.

    To mitigate the negative impacts of economic instability, the Nigerian government and industry stakeholders must work together to create a more stable and predictable environment for the construction sector.

    This could include introducing measures to stabilize inflation, improve access to financing, address regulatory inefficiencies, and foster greater collaboration between the public and private sectors.

    Moreover, the construction industry needs to adopt innovative technologies and project management practices that can help mitigate the impact of cost overruns, improve efficiency, and reduce project delays.

    By strengthening the resilience of the construction sector, Nigeria can ensure that it continues to play its essential role in the country’s development, even in the face of economic uncertainty.

    In conclusion, while economic instability poses significant challenges to the construction industry in Nigeria, it also presents an opportunity for the sector to innovate, adapt, and transform.

    With the right policies and strategic interventions, Nigeria’s construction industry can overcome these challenges and continue to contribute to the nation’s growth and development.

    •Ajirotutu is a lean construction expert.

  • German President to visit Nigeria tomorrow

    German President to visit Nigeria tomorrow

    German President Dr. Frank-Walter Steinmeier is expected to visit Nigeria on a three-day official visit.

    Steinmeier, according to a statement by the German Embassy in Abuja, will be in Nigeria between December 10 and 12.

    The visit will be the third exchange between both countries on the level of head of state or government since President Bola Ahmed Tinubu’s inauguration.

    The German president will be accompanied to Nigeria by industries captains and other top ranking board members of most successful companies in the fields of IT, high tech and energy.

    Read Also: Nigeria’s telecom industry at critical point, say operators

    While in Nigeria, he will be meeting with President Tinubu, President of the Commission of Economic Community of West African States (ECOWAS), Dr. Alieu Omar Touray.

    The German President, the statement added, will further meet with Dr. Nike Okundaye, popularly known as Mama Nike of the Nike Art Gallery, and Nobel Laureate for Literature, Prof. Wole Soyinka, when in Lagos.

  • Start-up funding for Nigeria, others may miss $2.9b

    Start-up funding for Nigeria, others may miss $2.9b

    So far, this year, start-ups on the continent have now raised $1.86 billion in funding (except exits) spread between equity ($1.2billion, 64per cent), debt ($635million, 34 per cent) and grants ($33million, two per cent).

    While it is hoped the $2 billion mark will get crossed by the end of December, it is now pretty clear that the year may likely end significantly below the $2.9billion cash raised last year.

    The largest announcement by far (44per cent of the total) was International Finance Corporation (IFC’s) backing of Sun King in Nigeria to the tune of $80million in debt. There were three other eight-digit deals in November, including Kenya-based Internet Service Provider (ISP) Mawingu, which raised $15million in debt and equity to finance its expansion into East Africa; and Ivorien fintech Djamo which raised a $13million Series B (only the seventh Series B to be announced this year, vs. 14 last year). Combined, the four deals represent two thirds of the funding raised on the continent last month. 76per cent of all the funding went to Kenya and Nigeria alone, according to stats compiled by The Big Deal.

    Two ‘exits’ were also announced in November: Egyptian ‘contech’ Elmawkaa was acquired by Saudi proptech Ayen; while SteamaCo and Shyft Power Solutions merged.

    According to the report of the first half of this year (H1), though the second most attractive market in terms of start-up fund raising, Nigeria, with $172million raised at 23per cent of the total, saw its share bounce back significantly compared to 2023 (14per cent) as it climbed from the fourth to the second spot (not quite all the way to the first spot it had held in 2021 and 2022 though).

    Western Africa as a region was a close second to its Eastern counterpart ($270million, 35.5per cent), though the big difference with Eastern Africa was the relatively low share of Nigeria (64per cent, even lower than in 2023 (68per cent)), the lowest across all four key regions. Three markets in the region attracted over $10million in funding: Benin ($50million, through one deal though: spiro), Ghana ($29million), and Senegal ($11million), according to a report entitled: Africa: The Big Deal, released yesterday.

    Unsurprisingly, the vast majority (79per cent) of it went to start-ups with their headquarters in one of the Big Four. This is slightly below the five-year average (83per cent), and not nearly as high as a year ago in H1 2023; that semester still holds the record – at least since we’ve started collecting the data in 2019 -, as the Big Four made a clean sweep and attracted 92per cent of the region’s funding then.

    Kenya – with $244million raised – took the lead for the third consecutive semester, attracting almost a third (32per cent) of all funding raised by start-ups on the continent in H1 2024. Its share of the total funding even grew by 5pp compared to 2023. 86per cent of all the funding raised in Eastern Africa went to Kenya (vs. 89per cent in 2023). The region also ranked first, attracting 37.5per cent ($285million) of the funding on the continent. Only one other country in the region claimed more than $10million in H1 – Uganda ($19million) – though Tanzania ($9million) narrowly missed the mark. All other markets that did attract funding – Sudan, Ethiopia, and Rwanda – raised less than $5million each.

    Read Also: Akpabio, a patriotic Nigerian par excellence at 62, says Barau

    Next came Egypt’s ($101million), whose share dropped significantly compared to last year (13per cent in H1 2024 vs. 22per cent in 2023). The country attracted 87per cent of the funding in Northern Africa, a share comparable to last year’s. Only Morocco registered over $10million in start-up investments ($14million). After a relatively good performance in 2021 and 2022 (carried mostly by Yassir in Algeria’s case), activity in both Tunisia and Algeria has been very limited since 2023.

    Finally South Africa fell to the fourth spot with less than $100million raised ($85million) and 11per cent of the continent’s total start-up funding in H1 (vs. 21per cent in 2023). The country continued to claim almost all the funding invested in the region (98per cent in H1 2024, up from 96per cent in 2023), which overall claimed 11.5per cent of all the funding.

    As 22 countries registered at least one $100k+ deal in H1 2024, it also means that the majority of countries – 32, that is, almost 60per cent of all markets – registered no significant start-up funding activity during the period.

  • Nigeria records N5.81tr trade surplus in Q3 2024

    Nigeria records N5.81tr trade surplus in Q3 2024

    The National Bureau of Statistics (NBS) on Friday said Nigeria recorded N5.81trillion trade surplus in the third quarter of 2024 (Q3 2024).

    The country’s total merchandise trade stood at ₦35,160.44 billion in the period under review. 

    This was contained in its document titled:”Trade in Goods Statistics Q3 2024.”

    According to the document, Nigeria exported goods of N20.48 trillion and imported goods worth NN14.67trillion in the period under review.

    The document said Nigeria earned N13.40 trillion from crude oil and N7.08trillion.

    NBS said Nigeria’s total merchandise trade of  ₦35.16 trillion in Q3, 2024,

    represents an increase of 81.35% compared to the value recorded in the 

    corresponding period of 2023 and a rise of 13.26% over the value recorded in 

    the preceding quarter.

    In the quarter under review, NBS said “exports accounted for 58.27% of total trade with a value of ₦20.486.39 trillion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (₦10.346.60 trillion) and 16.76% compared to the value recorded in Q2 2024 (₦17.545.62 trillion). 

    Read Also: Nigeria, others get $29.2b investment interests

    “Nigeria’s exports trade continued to be dominated by crude oil exports, in the third quarter of 2024, crude oil export was valued at ₦13.406.37 trillion representing 65.44% of total exports while the value of non-crude oil exports stood at ₦7. 080.02 trillion accounting for 34.56% of total exports; of which non-oil products contributed ₦2.501.85 trillion or 12.21% of total exports.”

    On import, NBS said “During the third quarter of 2024, total imports were valued at ₦14.674.05 trillion 

    accounting for 41.73% of total trade. Using the Standard International Trade 

    Classification, the top-ranked group import was “mineral fuels” with ₦5.140.10 trillion representing 35.03% of total imports, this was followed by “machinery and transport equipment” with ₦3.782.19 trillion (25.77% of total imports) and “Chemicals & related products” with ₦1.73.01 trillion (13.45% of total imports).”

    The document said Nigeria imported goods mainly from Asia, valued at ₦7.290.86trillion representing 49.69% of total imports.

    It said this was followed by imports from Europe with ₦5.355.92 trillion or 36.50%, America with ₦1.440.79 trillion or 9.82%, while imports from Oceania stood at with ₦73.91 trillion or 0.50% in the third quarter of 2024.

    NBS said  trade with African countries stood at ₦512.56 billion or 3.49% of total imports; of which imports from ECOWAS countries amounted to ₦72.71 billion or 

    0.50% of total imports. 

    The  NBS said analysis by trading partners reveals that imports from China were valued at ₦3.574.79 trillion, representing 24.36% of total imports.