Category: Business Day

Oyo State Governor, Seyi Makinde, has said that the most significant defection Nigerians should be concerned about is not between political parties, but the defection of hunger and poverty from their daily lives.

In his bi-monthly newsletter released on Thursday, the governor reflected on the recent wave of defections among politicians, particularly from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC). He noted that while such political moves often dominate headlines, they add little to the lives of ordinary Nigerians who continue to battle rising food prices, joblessness, and economic frustration.

Makinde argued that the true victory for Nigeria will not come from politicians changing parties but from citizens overcoming the crushing effects of inflation and poverty. He described hunger as the ‘defection that truly matters,’ pointing out that most Nigerians now struggle to meet their most basic needs: food, housing, and healthcare while politicians focus on personal ambitions.

‘The most important defection that must happen in Nigeria is the defection of hunger and poverty from our midst,’ Makinde said. ‘Until hunger defects from our homes, until poverty defects from our society, no political movement or alliance will bring real change.’

The governor’s remarks come at a time when economic hardship has deepened across the country. The removal of fuel subsidy and the floating of the naira have pushed the cost of living to record highs. Many families now survive on one meal a day, while small businesses are shutting down due to high operating costs. Makinde’s message reflects the growing frustration among Nigerians who feel disconnected from the political dramas unfolding in Abuja and state capitals.

He emphasised that political defections, while routine in Nigerian politics, do little to address the real issues affecting the people. ‘Let us not be distracted by the noise,’ he said. ‘The defections that dominate the news may be interesting to politicians, but they are meaningless to the market woman who cannot afford a bag of rice or the student who has to skip meals to pay school fees.’

According to Makinde, real change will come only when Nigerians themselves decide that enough is enough and demand better governance. He said the 2027 general elections would not be decided by defections or alliances but by the people’s will to hold leaders accountable. ‘Only the Nigerian people, not defections or political manoeuvres, will decide the outcome of 2027,’ he stated.

Makinde urged citizens not to lose hope despite the current economic challenges. He assured them that the situation is temporary if the nation remains committed to reforms that prioritize people’s welfare over politics. ‘We must not normalise hardship,’ he wrote. ‘We must not lose faith that things can get better. If we stay engaged, if we continue to demand accountability, the days of hunger and deprivation will not last forever.’

His comments have resonated with many Nigerians who see the endless cross-carpeting of politicians as a sign of opportunism rather than ideological conviction. For decades, political defections have been a feature of Nigeria’s democracy, often driven by personal interests or electoral calculations rather than the desire to improve governance. Yet, the average Nigerian has seen little improvement in living standards regardless of which party is in power.

Makinde’s statement subtly shifts attention from the political class to the real struggles of the people. It highlights a growing disconnect between Nigeria’s leaders and citizens who face daily hardship. The governor’s framing of ‘defection’ as a metaphor for economic transformation captures the frustration of a population that feels trapped in cycles of poverty and broken promises.

Across social media, some Nigerians have applauded Makinde’s comments, describing them as a ‘refreshing truth’ amid the political noise. Others, however, have challenged him to match words with action, noting that state governments also have a role in reducing hunger through policies that boost food production and support small businesses.

For many, the governor’s words speak to a deeper yearning for leadership that prioritizes human welfare over power struggles. As one trader in Ibadan put it, ‘All these defections don’t feed us. What we want is food on the table, jobs for our children, and peace in the country.’

Makinde’s message is a reminder that Nigeria’s political future will ultimately be shaped not by elite deals but by how effectively leaders can address the basic needs of the people. While political figures continue to move between parties in preparation for 2027, millions of Nigerians are more concerned about how to afford their next meal than who joins or leaves the APC or PDP.

As the governor concluded in his newsletter, ‘Real progress is not measured by who defects or who stays. It is measured by how many Nigerians can go to bed without hunger, how many children can go to school without fear, and how many families can live in dignity. That is the only defection that should matter.’

Have you ever wondered what sets successful brands apart from the rest? The answer lies in the interplay between brand identity and brand image.

While these terms are often used interchangeably, they hold distinct meanings that play crucial roles in brand perception and business success.

Defining Brand identity and brand image

Brand identity: This refers to the intentional and strategic elements that a company uses to present itself to its audience. It encompasses visual components like logos, colours, typography, and taglines, as well as deeper elements such as mission, values, and messaging tone. Essentially, brand identity is the company’s ‘self-portrait’ – a combination of elements that express how it wants to be perceived.

Brand Image: Brand image, on the other hand, refers to how consumers actually perceive the brand. It is the collective impression held by consumers based on their experiences, interactions, and associations with the brand. Unlike brand identity, brand image is dynamic and ever-evolving, influenced by consumer feedback, media coverage, and public sentiment.

Key differences between brand identity and brand image

To further understand the distinctions, let’s break down the key differences between brand identity and brand image.

Nature

Brand identity is stable, consistent, and intentionally crafted. It is established and controlled by the company through design, messaging, and strategy.

Brand image is fluid and dynamic. It evolves over time as a result of customer interactions, market trends, and external feedback.

Creation

Brand identity is created deliberately by the company. Branding guidelines are used to ensure consistency in visual design, tone, and messaging.

Brand image forms organically in the minds of consumers as they interact with the brand’s products, services, and marketing efforts.

Control

Brand identity is entirely within the company’s control. Businesses determine their identity through logos, colours, and messages.

Brand image is only partially controllable. While companies can influence image through marketing and customer service, it is ultimately shaped by consumers’ perceptions.

Components

Brand Identity includes tangible components like logos, colour schemes, taglines, and messaging. It also includes intangible elements like company values and mission statements.

Brand Image is intangible, comprising customer perceptions, word-of-mouth feedback, and the emotional associations people have with the brand.

Measurement

Brand Identity is measured by assessing brand consistency through audits of visual design, messaging, and tone of communication.

Brand Image is measured through customer surveys, social media sentiment analysis, and online reviews to gauge how customers perceive the brand.

How brand identity and brand image work together

Although brand identity and brand image are different, they are interdependent. A company’s brand identity shapes the initial perception of the brand, while brand image reflects how well the brand’s identity aligns with consumer expectations and experiences. When a brand’s image matches its intended identity, the result is brand trust, loyalty, and advocacy.

However, misalignment between brand identity and brand image can have serious repercussions.

Why understanding the difference matters

Understanding the difference between brand identity and brand image is critical for businesses aiming to establish a strong, consistent, and favorable brand. Here’s why it matters:

a. Consistent messaging: When a brand’s identity is clearly defined and consistently applied, it strengthens the brand’s image in the minds of consumers. Companies like Coca-Cola have maintained a consistent brand identity for decades, which has contributed to a globally recognised and positive brand image.

b. Enhanced customer trust: A well-defined brand identity provides clarity about what a company stands for. If this identity is communicated consistently, customers develop trust in the brand’s values and promises. Companies with a strong identity and positive image are often viewed as more authentic and trustworthy.

c. Improved customer loyalty: A positive brand image encourages repeat purchases and customer loyalty. Brands like Disney, known for their family-friendly brand identity, reinforce this image through positive storytelling, customer experiences, and brand touchpoints. Consumers continue to support the brand because it aligns with their expectations.

d. Crisis management: In the event of a crisis, a clear brand identity can help a company maintain a stable reputation.

e. Strategic brand positioning: Businesses that understand the difference between brand identity and brand image can position themselves more effectively in the marketplace. For instance, luxury brands like Louis Vuitton and Rolls Royce carefully craft a premium brand identity that justifies high prices, while ensuring that customer experiences (brand image) align with this luxury perception.

Practical Steps to Align Brand Identity and Brand Image

To ensure a brand’s image aligns with its intended identity, businesses can follow these practical steps:

a. Conduct a brand audit: Assess how well the brand’s identity is being communicated across all channels. Are the colours, logos, and messaging consistent with the brand’s guidelines?

b. Monitor customer perceptions: Use surveys, social media listening tools, and review platforms to track customer sentiment and understand how the brand is being perceived.

c. Engage in proactive branding: Invest in positive brand storytelling, customer experiences, and content that reinforce the brand’s core values.

d. Handle crises with transparency: In case of a crisis, companies should address issues transparently and communicate the steps being taken to resolve them. Prompt and clear communication helps maintain a positive brand image.

e. Revisit branding guidelines: Ensure that branding guidelines are clear, comprehensive, and up-to-date. Regularly train employees and partners on how to maintain brand consistency in marketing, customer service, and product design.

Last line

When companies take control of their brand identity and ensure that their actions align with their identity, they create a positive brand image that resonates with consumers. This alignment paves the way for market differentiation, brand loyalty, and long-term business success.

Dave Umahi, the Minister of Works, has dismissed the claims circulating round that the ongoing 86.43 kilometers expansion of the Ore-Ondo-Akure highway is being constructed with substantial materials and not in conformity with international specifications.

Umahi, who led the team from the Ministry to the ongoing road project last week Thursday, said; ‘the width of the road is a standard 7.3-meter main carriageway on each side, and we have 2.75 meters on the shoulder.’

BusinessDay reports that the recent viral videos and comments on the ongoing road had raised alarm over the use of wire mesh on the road’s outer shoulders, with some alleging that reinforcement bars ought to have been used instead-just like on the main carriageway.

But, Umahi, who spoke through the Federal Controller of Works in Ondo State, Olajide Hussein explained that the distinction is a standard global engineering practice dictated by the different structural and functional demands of both sections.

He said, ‘We also saw the viral video and the complainant specifically mentioned the use of wire mesh on the outer shoulders, suggesting that the same heavy reinforcement used on the carriageway should be applied there as well. But that’s a misconception. The main carriageway and the outer shoulder perform different functions, and so they are designed differently.’

According to him, the main carriageway, which carries heavy and continuous traffic from trucks, trailers, and articulated vehicles, is subjected to high bending and flexural stresses, hence the need for heavy reinforcement bars.

‘To resist these forces and ensure long-term durability, 20mm longitudinal and 16mm transverse reinforcement bars are used on the main carriageway,’ he explained. ‘But the outer shoulder is designed to handle only occasional traffic, like breakdowns, short stops, or diversions. Therefore, it doesn’t require the same level of reinforcement.’

He further clarified that the A142 wire mesh used on the outer shoulders is a standard and approved material, in line with Nigerian Highway Design Standards and global practices for rigid pavement construction.

‘If you visit any of our single carriageway rigid pavement projects nationwide, you will find the same design pattern. It’s not peculiar to Ondo State or this particular project. The use of wire mesh on shoulders and reinforcement bars on carriageways is a universal highway design principle,’ Umahi affirmed.

Umahi disclosed that the Ore-Ondo-Akure Road spans 86.43 kilometers with a 7.3-meter main carriageway and 2.75-meter shoulders on each side. Contrary to some public assumptions, he clarified that the project is not a dualization effort, but rather the reconstruction of a single carriageway with improved features, including fully paved shoulders for safety and traffic management.

‘Before now, the road had no proper shoulders-only surface-dressed areas in a few spots. What we are doing now is building a modern, durable highway that meets global standards,’ he said.

He added that the project, awarded in 2024 with a four-year completion period, is on schedule and might even be completed ahead of time due to the contractor’s commitment and adequate supervision by the Federal Ministry of Works.

Nigeria’s population is projected to swell by about 130 million by 2050, firmly establishing the country as one of the most populous nations in the world, according to the World Bank Group.

Ajay Banga, President of the World Bank Group, disclosed this during the 2025 Annual Meetings Plenary held in Washington, D.C., where he described Africa as the epicentre of one of the greatest demographic shifts in human history.

He noted that the pace of population growth on the continent is staggering, with Africa expected to be home to one in four people in the world by 2050. The World Bank also highlighted that Zambia will add about 700,000 people every year, while Mozambique’s population will double within the same period.

Banga said, ‘We are living through one of the great demographic shifts in human history. By 2050, more than 85 percent of the world’s population will live in countries we call ‘developing’ today.’ He warned that in just the next 10 to 15 years, 1.2 billion young people will enter the global workforce, competing for only about 400 million available jobs, a situation he described as a widening gap with far-reaching implications.

‘Four young people will step into the global workforce every second over the next 10 years. So in the time it takes to deliver these remarks, tens of thousands will cross that threshold, full of ambition, impatient for opportunity,’ he said.

The World Bank President emphasised that these young people, with their energy and ideas, will define the next century. He stressed that with the right investments focused not on need but on opportunity, the world can unlock a powerful engine of global growth. However, without purposeful effort, he warned, youthful optimism could easily turn into despair, fueling instability, unrest, and mass migration with consequences for every region and economy.

‘This is why jobs must be at the centre of any development, economic, or national security strategy,’ he said, adding that a job represents more than a paycheck; it embodies purpose, dignity, and stability. ‘It’s the anchor that holds families steady and the glue that keeps societies together. It is the straightest line to stability and the hardest progress to reverse once achieved,’ he added.

Banga explained that the World Bank Group has restructured its operations to better address this reality, refocusing its approach to development around job creation. He said the institution has moved with greater speed, simplicity, and substance over the past two years.

Project approval times, he noted, have been reduced from 19 months to 12, with some projects now approved in less than 30 days. Leadership in 40 country offices has been consolidated, giving each client country a single point of contact, a structure expected to be extended to all countries by June next year. He also said the World Bank’s Knowledge Bank is being streamlined across the Group to replicate scalable solutions, while corporate services such as budgeting, human resources, procurement, and real estate have been unified.

According to him, 153 internal metrics have been replaced with a corporate scorecard containing 22 outcome indicators. Through financial optimisation and new instruments, the Bank’s lending capacity has been expanded by about $100 billion.

The Multilateral Development Bank (MDB) co-financing platform has built a pipeline of 175 projects, of which 22 worth $23 billion have already been financed. The Bank also achieved full mutual reliance with the Asian Development Bank, reducing duplication for clients, and is working to expand this partnership to other MDBs. Banga added that the World Bank is developing an IFC2030 strategy aimed at strengthening private capital mobilisation.

‘The mission is jobs,’ Banga emphasised. ‘Most jobs, nearly 90 percent, ultimately come from the private sector, but they don’t all begin there. Early on, the public sector drives job creation, and over time, private capital and entrepreneurship take the lead. But the private sector, whether large or small, local or global, can’t do it alone. Entrepreneurs need the right conditions to start, grow, and hire, and those conditions don’t happen by accident.’

He explained that the World Bank Group’s three-pillar strategy is designed to help countries move from potential to paychecks. The first pillar focuses on governments leading with the support of the private sector to build critical infrastructure such as roads, ports, electricity, education, digitization, and healthcare.

These are financed by the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which also help countries use resources effectively and establish public-private partnerships. The second pillar is centred on creating a predictable business environment with clear rules, secure land rights, transparent institutions, and responsible economic management.

The third pillar focuses on helping the private sector scale through financing, equity, guarantees, and risk insurance provided by the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), supported by the International Centre for Settlement of Investment Disputes (ICSID).

Banga said the World Bank has identified five sectors with the greatest potential for job creation: infrastructure and energy, agribusiness, healthcare, tourism, and value-added manufacturing, including critical minerals. He emphasised that these sectors are not aid-dependent but are engines of growth capable of generating locally relevant jobs without displacing employment in developed economies. They also help to build the middle class that will drive future global demand, including for goods and services from developed markets.

He explained that several strategic initiatives have already been launched across these sectors. The Bank’s electricity strategy focuses on accessibility, affordability, and reliability, while managing emissions responsibly. Under ‘Mission 300,’ the World Bank aims to connect 300 million Africans to electricity by 2030. Countries will be free to choose energy sources that fit their context, ranging from grid upgrades to solar, wind, hydro, gas, and geothermal projects. The Bank is also working with the International Atomic Energy Agency (IAEA) to reintroduce nuclear power as an option for countries seeking to expand generation capacity.

In healthcare, the World Bank plans to help deliver primary healthcare for 1.5 billion people. A global summit in Tokyo this December will bring together governments, investors, and innovators to drive the agenda forward. Banga cited Indonesia’s example of providing every citizen with an annual primary care visit on their birthday as a model that could reshape healthcare access for 300 million people.

He further revealed that through the AgriConnect initiative, the Bank is helping smallholder farmers transition from subsistence to surplus by integrating financing, connecting producers to markets, and harnessing digital tools like artificial intelligence. This initiative is supported by a pledge to double annual financing for agriculture to $9 billion and mobilise an additional $5 billion in private investment.

Banga announced that the World Bank is finalising a minerals and mining strategy to help countries move beyond raw extraction into local processing and regional manufacturing, ensuring that more value and jobs remain within the continent. The strategy, expected to be unveiled in the coming months, will further support the World Bank’s broader goal of turning Africa’s demographic surge into an economic opportunity that benefits both the continent and the world.

France is strengthening its cultural, creative, and technological partnership with Nigeria, signalling a new chapter in Franco-African relations that blends art, innovation, and sustainable development.

The commitment was reaffirmed in Lagos over the weekend at the Forum Création Africa, the continent’s largest gathering dedicated to creative and cultural industries. The forum, organised by the French Ministry for Europe and Foreign Affairs in collaboration with MansA, drew over a thousand participants from 42 countries, including 80 Nigerian creators spanning film, gaming, design, and extended reality.

Jean-Noël Barrot, France’s minister for Europe and Foreign Affairs, told BusinessDay, at the sideline of the event that, the forum underscores a deepening bond between France and Nigeria across culture, economy, and technology.

‘France is at the forefront of creative and cultural industries in Europe, and Nigeria leads in Africa. There is a lot we can achieve together by bringing our talents, energies, and entrepreneurs into the same space, just as we are doing today in Lagos,’ Barrot said. This second edition of the forum, first held in France last year, fulfills a promise made by president Emmanuel Macron to president Bola Ahmed Tinubu during his visit to France. Barrot said the relocation of the forum to Lagos was a natural step, given Nigeria’s growing influence in film, music, design, and digital innovation.

‘When Macron met Tinubu in France last year, he promised that the second edition would be held in Lagos and today, that promise has been kept,’ Barrot said.

The minister noted that the relationship between both nations has never been as intense, with increased exchanges between their governments, companies, and civil societies. ‘Macron came to Nigeria in 2018. Tinubu was in France last year. Since then, both countries have built a partnership of equals, one that serves their strategic autonomy. We have had a huge amount of interaction, including hosting eight Nigerian governors in Paris and celebrating African talents like Davido at the Ministry of Foreign Affairs,’ he said.

Beyond cultural diplomacy, Barrot highlighted France’s investment in sustainable transport, education, and technology as part of its collaboration with Nigeria.

One major example is the Omi Eko Project, a pound 410 million initiative co-funded by France and the European Union to modernize water transportation in Lagos. The project will introduce 75 electric boats and open 15 new routes spanning 140 kilometres, designed to reduce travel time, improve affordability, and cut 41,000 tons of CO2 emissions annually. ‘This project will deliver decarbonised water transport for Lagos, helping the city resist rising sea levels while reducing its carbon footprint,’ Barrot said. The French minister also inaugurated the newly renovated French School of Lagos, which serves both French and Nigerian students, reflecting the shared educational and cultural values between the two nations.

France’s growing footprint in Nigeria’s creative economy extends beyond physical infrastructure. Barrot noted that the Création Africa Forum serves as a platform to connect African creators with European investors, digital innovators, and policymakers, a collaboration designed to empower local talent and promote fair participation in the global creative ecosystem.

During the forum, discussions explored how Artificial Intelligence (AI) is transforming the creative landscape in Africa. Artists and technologists from across the continent called for the ethical use of AI to enhance, not replace, human creativity, and for governments to invest in homegrown AI models that reflect African languages, values, and cultural realities.

‘Technology is another field ripe for collaboration. France, Nigeria, and Europe share a common vision for development, rooted in multilateralism and respect for international law. We want to innovate and develop our own tools to strengthen our autonomy while ensuring regulation protects citizens without stifling innovation,’ Barrot said. The minister also attended the opening of the Fela Kuti Exhibition in Lagos, the largest ever organized, which France previously hosted in Paris. The exhibition celebrates Fela’s global influence and marks another symbol of the growing cultural exchange between both nations.

From the rhythms of Afrobeat to the rise of African digital art, the Lagos forum showcased how creative collaboration can bridge continents. For France and Nigeria, the partnership now extends beyond music and cinema, as it is a shared bet on technology, sustainability, and the power of innovation to shape a fairer global economy.

‘From culture to economy to infrastructure, our cooperation is accelerating and delivering tangible results. This is the future of France-Nigeria relations – creative, digital, and collaborative,’ Barrot affirmed.

In an era where connections often shape careers as much as competence, the Lagos Business School (LBS), through its MBA Student Conference, empowered a new generation of young leaders to harness the power of strategic networking.

The conference, which brought together MBA students, alumni, business leaders, and industry experts for a full day of engaging discussions and knowledge sharing, was geared towards equipping emerging professionals with the tools to build meaningful relationships that drive both personal development and career advancement.

The MBA Student Conference organised by the Lagos Business School, Pan-Atlantic University, was themed ‘Execution as a Competitive Edge: Skills, Systems, and Partnerships’.

Olayinka David-West, dean of Lagos Business School, in his address, encouraged participants to take full advantage of the learning and networking opportunities and to set the stage for insightful conversation and collaborations.

‘This conference is not just an event but an expression of what LBS stands for. It demonstrates that excellence at LBS is not confined to the classroom.

‘It is actively lived out in how our students organise, collaborate, and engage with the world. By adding this conference to our student-led platforms, you enrich the leadership, innovation, and culture of excellence that define our school,’ he said.

Peter Obi, a former presidential candidate and distinguished business leader, in his keynote address, emphasised the critical role of execution in achieving real results.

Speaking on the gap between strategy and execution, the ex-governor of Anambra State stressed that while ideas create vision, execution is what delivers real results.

He also emphasised the importance of accountability, strong systems, and partnerships built on trust as essential for lasting success.

‘When it comes to delivering the result, execution is crucial, because without action and planning, failure is inevitable.

‘For instance, as a trader, you’re the CEO, the chief financial officer, and operating officer, and everything revolves around you; hence, you must be disciplined,’ he said.

Moreover, Obi emphasised that responsible leadership comes with a lot of discipline, which requires somebody competent, and has the capacity, compassion, and commitment, stressing that because that commitment drives responsible leadership.

‘It’s not something you can’t execute halfway. As a leader, you have a company or a country that does well for one year and the next year falls back; that’s not a good leadership model; it has to be consistent. It’s that consistency that makes all the difference,’ he noted.

Hannah Abraham, Business Development Manager and Growth Strategist at Dutun and Prime Edge Development, shared insights during an interview. She emphasised that execution serves as a competitive edge.

‘You can have all the plans in the world; you can have five-year, 10-year good plans, but if you do not have the right execution and the right leadership.

‘If you don’t have the right guts to push because if you don’t have the leadership to actually push the execution, you will not succeed,’ she said.

Chinedu Udeze, customer experience manager at Ecobank, provided valuable perspectives when he said, ‘I think there needs to be a system of learning.

‘There is a need to have a system of learning, and there is a need to have a system of failing fast. You need to fail fast, make accommodation for that, and then learn from that and begin to grow, that’s what I think organisations need to do.’

Udeze emphasised that companies also need to train their staff to ensure that they have the requisite capacity to deliver on the strategic objectives of the organisation.

In addition, he reiterated that execution requires discipline; hence, leaders should be able to follow execution religiously.

The conference highlighted the critical gap between strategy and execution, stressing that while ideas create vision, execution is what truly delivers results.

Discussions revolved around the necessity of accountability, strong systems, trust-based partnerships, continuous learning, and disciplined leadership for sustainable success in business and governance.

The conference was widely seen as a success, inspiring participants to view execution not just as a process, but as a true competitive advantage in leadership and business.

Nearly half of Nigeria’s informal businesses generate less than N20,000 daily in revenue, according to the Moniepoint Informal Economy Report 2025, shedding light on the thin margins and persistent struggles of small enterprises that power the nation’s economy.

The report revealed that ’44 percent of businesses in Nigeria’s informal economy make less than N20,000 ($12) daily,’ placing most operators at the lower end of the income spectrum despite their significant contribution to national growth.

It further revealed that ‘the median daily revenue range is between N20,000 and N50,000, while the median profit range is between N10,000 and N20,000, with 70 percent of them earning less than N50,000 per day.’

The data highlights a recurring challenge in Nigeria’s informal sector: thin profit margins that persist despite strong commercial activity. The report noted that high revenue values do not necessarily translate to significant profit, reflecting the rising cost of doing business across the country.

Inflationary pressures, supply chain disruptions, and a weakened naira have worsened the situation for small enterprises that form the backbone of Nigeria’s economy. ‘79% of businesses in the informal economy saw an increase in their cost of doing business in the past year,’ the report stated, citing increased prices from suppliers, an increase in transportation costs, and the depreciation of the naira as the primary factors.

This financial strain has contributed to what the report describes as a fragile ecosystem of survivalist businesses. While many entrepreneurs have seen an increase in revenue, their profits have failed to keep pace.

‘The majority of businesses in the informal economy (65 percent) have experienced some increase in their business revenue over the past year. However, the impact on profit is lower, with only about 47 percent of them reporting a corresponding increase in their profit,’ the report said.

Despite these challenges, the informal sector remains a key pillar of Nigeria’s economic landscape. According to the report, micro, small, and medium-sized enterprises (MSMEs), most of which operate informally, contribute around 65 percent of GDP and provide more than 80 percent of all jobs. The sector includes millions of small traders, artisans, and service providers who sustain daily economic activity across cities and rural communities.

The gender dimension of informal trade also reveals persistent inequalities. The report found that ’41 percent of women-owned businesses in the informal economy earn less than N10,000 per day in profit, compared to 34 percent of businesses owned by men. Furthermore, 10 percent of women-owned businesses earn above N50,000 daily, compared to 16 percent of men-owned businesses.’ This gap reflects the uneven access to resources and credit facilities between men and women entrepreneurs. The report also noted that women tend to operate smaller businesses and are more likely to depend on family support or informal savings systems to finance their operations.

Beyond income disparities, the Moniepoint Informal Economy Report 2025 sheds light on structural challenges such as limited formal employment, low access to credit, and a reliance on cash-based systems. ‘Informal businesses are becoming more averse to credit,’ it noted, with 51 percent of respondents reporting that they have never taken a loan and do not intend to.

The few who do access loans mostly use them to expand business operations, such as buying equipment, renovating, or opening new locations. However, only 6 percent of informal businesses have secured loans exceeding N1 million.

Record keeping remains another major constraint. ‘One in four informal business owners do not keep business records,’ the report found, adding that ‘of the share that do keep some sort of record (structured or unstructured), 38% say they keep track of their business mentally, without any written records.’

The structure of Nigeria’s informal economy also remains dominated by tiny, individually owned ventures. The report stated that 85 percent of businesses in the informal economy are sole proprietorships, while only 40 percent employ labour. Of those that do, 75 percent have between one and three employees.

While the majority of these businesses struggle to scale, some have demonstrated resilience and potential for growth when provided with the right support. The report observed that informal businesses that have been around for longer are more likely to hire employees, suggesting that access to financial tools, capacity-building, and formalisation opportunities could help improve their sustainability.

The Moniepoint Informal Economy Report 2025 also underscored the need for sustained policy attention. It noted that ‘Under the radar, the cost of doing business has increased for 80 percent of informal businesses, a trend that threatens livelihoods and limits the sector’s contribution to inclusive growth.’

Moniepoint, which developed the report in partnership with the International Finance Corporation (IFC) and other stakeholders, said the findings are aimed at helping policymakers, regulators, and the private sector better understand the informal economy’s realities.

While the report underscores the challenges, it also presents opportunities for reform. It added that ‘Nigeria’s informal economy remains central to the country’s story of resilience and enterprise, with growth potential when supported and given access to the tools they need to grow.’

The Federal High Court in Abuja has turned down the Nigeria Police Force’s attempt to prevent the ‘Free Nnamdi Kanu Now’ protest, clearing the way for the demonstration to take place as planned on Monday, October 20, 2025.

In an effort to stop the rally, which is expected to take place near the Presidential Villa, Kayode Egbetokun, Inspector General of Police, instructed police legal representatives to file an ex-parte motion against activist and protest leader Omoyele Sowore.

The move was intended to stop the protest before it could begin.

Justice Umar, however, refused to grant the order without hearing from the opposing side.

Rather than approve the police’s request immediately, the judge directed them to formally serve Sowore with notice of the application and postponed the matter to Tuesday for a full hearing.

Following the ruling, Sowore welcomed the court’s decision, describing it as a win for civil rights and reaffirming that the protest would go ahead as scheduled.

Taking to his X (formerly Twitter) account on Friday, Sowore stated: ‘IG of @PoliceNG, Kayode Egbetokun, sent police lawyers to file a lawsuit against me in an effort to stop the #FreeNnamdiKanuNow protest scheduled for Aso Rock Villa on Monday.

‘But Justice Umar declined to grant their ex parte request, instructing them to serve me properly and setting the hearing for Tuesday.’ The police’s legal approach was widely seen as an attempt to use the judiciary to block a potentially contentious protest near the heart of government. Since the judge adjourned the hearing, no injunction is currently in place to prevent the protest from going ahead on Monday. This development raises the possibility of a public standoff between demonstrators and law enforcement around the Presidential Villa.

The court’s decision on Tuesday will determine the legal future of the protest.

It would be recalled that Sowore had announced the October 20 protest date on his X handle. He called it a ‘historic’ march toward Aso Rock Villa aimed at pressing for the release of Nnamdi Kanu, the detained leader of the proscribed Indigenous People of Biafra (IPOB).

Sowore emphasised that the protest would be peaceful and conducted within the bounds of the law.

Okomu Oil Palm Plc more than doubled its nine-month profit as higher palm oil prices and production volumes lifted revenue, offsetting cost pressures and macroeconomic headwinds in Nigeria.

Net income jumped 113 percent year-on-year to N60.33 billion in the first nine months of 2025, up from N28.34 billion a year earlier, the Benin City-based agribusiness said in a filing to the Nigerian Exchange. Pretax profit also surged 107 percent to N84.1 billion, driven by stronger turnover and improved operating efficiency.

Revenue rose 67 percent to N173.95 billion for the nine months through September 2025, compared with N103.95 billion a year earlier. The increase was fueled by robust demand for crude palm oil and rubber, alongside higher selling prices in both domestic and export markets.

Okomu’s third-quarter performance reflected similar momentum, with turnover up 52 percent year-on-year to N44.12 billion, while after-tax profit grew 57 percent to N12.8 billion. The strong quarterly showing highlights the company’s ability to sustain growth despite the typical lean season charaterised by the penultimate quarter to the end of the year.

Cost of sales climbed 39 percent to N61.87 billion, slower than the pace of revenue growth, helping gross profit to expand by 89 percent to N112.08 billion. The company’s gross margin widened to 64.4 percent, from 57.1 percent a year earlier, reflecting efficiency gains from ongoing plantation optimisation and favourable pricing dynamics.

Operating expenses rose 43 percent to N25.97 billion, largely due to inflationary pressures and higher logistics costs, even though prices have begun to taper with inflation slowing to 18 percent in September 2025 – cooling for the sixth straight month. Still, the firm’s cost discipline and lean financing profile supported margin expansion. Finance costs fell sharply by 73 percent to N2.32 billion from N8.75 billion in the prior year, underscoring improved debt management and reduced exposure to costly short-term borrowings.

The stronger financial performance comes amid renewed global demand for vegetable oils, with palm oil prices staying elevated on the back of tight global supply and geopolitical uncertainties affecting trade routes. Locally, Okomu has benefited from Nigeria’s push for import substitution and agro-industrial investment incentives.

The company paid N53.42 billion in dividends earlier this year, following a strong 2024 performance, and retained N60.33 billion in earnings during the review period to bolster reserves and fund ongoing expansion projects.

Tax expenses nearly doubled to N23.77 billion in the nine months, consistent with the earnings surge, as the effective tax rate stood at about 28 percent. Total comprehensive income rose in line with net profit, boosting shareholders’ equity to about N62.4 billion at the end of September.

Analysts say Okomu’s earnings resilience underscores the defensive strength of Nigeria’s agricultural exports, even as manufacturers contend with volatile exchange rates and rising input costs. The company’s sustained investments in mechanisation and replanting are expected to further enhance yields and sustain margins in the coming quarters.

Shares of Okomu Oil have gained 130 percent year-to-date on the Nigerian Exchange, outperforming the All-Share Index, as investors price in the firm’s strong earnings momentum and dividend prospects.

Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), said on friday that the country’s economic reform agenda is delivering tangible results, with inflation easing, the naira stabilising, and investor confidence gradually returning.

Speaking to Nigerian journalists at the end of the IMF and World Bank Annual Meetings in Washington D.C., Cardoso also revealed that the CBN is leveraging artificial intelligence and advanced analytics to modernise monetary policy and strengthen decision-making.

‘There is broad recognition that Nigeria’s reforms are delivering results,’ Cardoso said. ‘Inflation is moderating, the exchange rate has stabilised, and investor confidence is returning.’ He added that the recent decline in headline inflation to 18.02% in September, down from 20.12% in August, marked the sixth consecutive monthly drop and the lowest level in three years.

The governor attributed this trend to tighter monetary conditions, improved exchange rate management, and greater market transparency.

He said the naira has continued to appreciate, with the gap between the official and parallel market rates narrowing to less than 2%. Nigeria’s foreign reserves, meanwhile, have risen to over $43 billion, covering more than 11 months of imports, boosted by rising inflows and renewed investor participation across multiple asset classes.

Cardoso emphasised the restoration of monetary policy orthodoxy at the central bank, relying on traditional tools such as the monetary policy rate, cash reserve requirements, and liquidity ratios to anchor inflation expectations and manage liquidity.

He said those measures, in combination with improved coordination with fiscal authorities, are helping to deliver ‘tangible outcomes.’

As part of its evolving policy framework, the CBN is adopting new technologies to enhance macroeconomic forecasting and decision-making. ‘Advanced analytics and AI are being leveraged to strengthen monetary operations, enhance forecasting, and improve policy transmission, ensuring decisions are data-driven and forward-looking,’ he said.

The broader economic reform drive has included the removal of fuel subsidies, increased revenue mobilisation, and efforts to trim government spending while directing resources toward priority areas like infrastructure, education, and healthcare.

Cardoso noted that public finances are improving, supported by non-oil revenue growth and a rebound in oil production in previously insecure areas. He said over $8 billion in new energy investments have been attracted in the last year.

Nigeria’s financial system, he added, is on a firmer footing. The bank recapitalisation program is advancing, with the aim of creating a stronger and more globally competitive banking sector. In the foreign exchange market, recent reforms have improved efficiency and supported disinflation, while food supply conditions and petroleum product prices continue to stabilise.

Cardoso also pointed to Nigeria’s growing leadership in global economic forums.

Nigeria will formally assume the chairmanship of the Intergovernmental Group of 24 on November 1, succeeding Argentina. The G-24 represents the interests of developing countries within the Bretton Woods system. ‘This milestone underscores international confidence in Nigeria’s leadership and our growing influence in shaping the global financial architecture,’ Cardoso said.

Beyond high-level meetings, Nigeria also held investor engagements in Washington, including a dedicated forum that brought together global financial institutions and private sector leaders. Discussions with ratings agencies, the IMF, World Bank, and other central banks reinforced investor trust in the country’s policy direction and reform trajectory.

The CBN also met with Nigerian fintech leaders during the week to explore the future of digital finance. ‘We believe that innovation and regulation must progress together, anchored in trust and responsible growth,’ Cardoso said, describing fintech firms as ‘ambassadors of our nation’s creativity and resilience.’

Nigeria, he said, remains committed to strengthening macroeconomic fundamentals, advancing reform, and building an inclusive and innovative economy.

‘Our story is one of resilience, of a nation aligning courage with conviction to build a more competitive, innovative, and inclusive economy.’