Category: Business Day

Nigeria has just attained the grand age of sixty-five.

If the nation were to be a person, he would be coming to the age of ‘Retirement’ in many countries of the world. Some people at that age feel that their most productive years are already behind them. They may suffer an existential Depression. Some others, freed from the tedious burden of a routine career, may see themselves released into a new lease of life, where the best is yet to come.

A ‘Nation’ is, of course, not the same as a person.

‘While politicians mouth platitudes in public, the reality is that every group has an agenda, and those agendas all too often dictate actions and alliances.’

This brings up the first issue in a close examination of the Nigeria project.

Is Nigeria a ‘Nation’ – yet?

A dictionary definition of the noun ‘Nation’ would read as follows:

‘A body of people united by common descent, history, culture or language, inhabiting a particular territory.’

It would be immediately obvious to any discerning eye that Nigeria at inception was not a ‘nation’ by this definition. It was an agglomeration of many nations – more than two hundred ethnic nationalities cobbled together in a ‘geographical expression’. Even the name ‘Nigeria’ was the product of a whimsical inspiration from the consort of a certain Lord Lugard, a servant King George V of Great Britain.

Sixty-five years ago, Nigeria took on the responsibility of self-government. It has struggled since to become a nation, despite the flag and other appurtenances of nationhood.

While some people agitated for the Independence that eventually arrived on 1st October 1960, it would be historical falsehood to deny the fact that some people fought against it. An early quote from Sir Alhaji Abubakar Tafawa Balewa is instructive here. On the floor of the Northern House of Assembly in 1952, he said

‘.Since the amalgamation in 1914, the British Government has been trying to make Nigeria into one country, but the Nigerian people are different in every way, including religion, custom, language and aspiration.the fact that we’re all Africans might have misguided the British.’

He was not being extreme, only frankly realistic. From the beginning, the self-views and aspirations of the different peoples were only in sync in a very superficial way. One group believed they ‘owned’ the nascent nation by virtue of an aborted ‘jihad’ that had swept through much of its territory and imposed hegemony in precolonial times. Another group believed that their people, known for energy and enterprise, were ‘superior’ to others, and it was their destiny to lead – not just Nigeria, but all of Africa. Yet another group wanted to build on their antecedents of a historical empire plagued with internecine warfare that wreaked carnage and left few monuments to construct a modern nation along the new ‘Western’ model, using the instrumentality of Western education. And then there was a huge block of others, the ‘Minorities’ – several nationalities strong, who felt their very future threatened by the overbearing presence of the ‘Big Three’ nationalities.

A lot of water has passed under the bridge in sixty-five years. Constitutions have come and gone. There has been a Civil War, and there have been long stretches of military rule. The country is in its fourth iteration of life as a ‘Federal Republic’ – an unhappy polyglot entity with a Unitary system of governance.

A lot has been said and written about how and why Nigeria has failed to achieve its great potential so far.

From the standpoint of Psychology, it seems odd that there has been no intentional effort to acknowledge and ‘work through’ the fundamental psychological incongruencies of the constituent parts of the nation, and harmonise, or at least modulate, them. These group mindsets have often determined the outcomes of major national issues. While politicians mouth platitudes in public, the reality is that every group has an agenda, and those agendas all too often dictate actions and alliances. There is a predatory ‘grabbing’ instinct in most inter-group interactions, and a paranoid mind-set in which everyone is suspicious of the intentions of the others. Lies, chicanery, betrayal, horse-trading – these have been the order of the day.

It may seem simplistic and reductionist, but the problems of Nigeria – including corruption, insurgency, kidnapping, economic woes, rampant poverty, the largest population of out-of-school children in the world – may be viewed, and possibly solved, through the prisms of the Moral and the Structural.

There is no agreed system of Values operational in the country. Right and wrong are not clearly demarcated. There is no consensus about doing right. Law-making as it is practised is substantially irrelevant to the daily realities of the people’s lives. Law enforcement is a joke. There is virtually no consequence to obvious wrongdoing, and impunity is rampant. This cannot continue, and there is a need for an intentional effort at national cleansing and reinvention of institutions.

The Unitary structure of the country, where national life consists of a desperate rush to outdo others and grab the ‘national cake’, is calculated to bring out the worst in the psychology of all the ‘federating’ peoples of Nigeria. It is necessary to restructure and devolve power and responsibility to the base, and to create functional aggregations and collaborations between existing states to reduce waste and maximise efficiency.

Nationalistic slogans that have always exhorted Nigerians to be ‘brothers and sisters’ should be practicalised with conviction. Nobody should feel preyed upon by any other in terms of territory or anything else they hold dear. Everyone must formally renounce any notion of being ‘superior’ to anyone else. There needs to be a common version of History taught to the next generation. There are no out-and-out ‘Saints’ or ‘Sinners’ in the Nigerian story. Indoctrinating the next generation with hubris or victimology or imbuing them with the entitlement mentality of ‘ownership by conquest’ will not create citizens of a great nation.

Nigeria remains a tantalising possibility and a compelling lodestone for Nigerians to work towards. A determined ‘Retirement’ from old habits of mind is a necessary first step on the journey.

Nigerians mark the 65th independence anniversary of their beloved country this Wednesday; few will disagree that, amidst the myriad of unnerving socio-economic and security challenges facing the nation, Nigeria remains a great country still waiting to happen. October 1, therefore, signals another opportunity to ponder on the state of the nation and the failure of leadership that has largely defined the country’s misfortune. To that extent, no patriotic Nigerian can pretend to be satisfied with the development and progress of this country 65 years after independence. Yet, it is not misguided optimism to argue that the nation’s best days are still ahead.

Nigeria remains a country of diverse nationalities, cultures, religions and values and has defied all doomsday predictions to remain a united nation. This is enough reason for self-congratulation and hope of a better future. On balance, however, there is little to celebrate about Nigeria at 65. As the depressing indices show in areas such as security of life and property, food production, industrial output, quality of education and healthcare, economic diversification and productivity, there is indeed cause for worry. Not only do Nigerians eat the bread they do not produce, wear clothes they do not weave, and drink wine imported from other countries, but they now import almost everything, including toothpicks.

Nigerians today read books, quote facts and figures about their country from foreign sources and parrot models of development designed by outsiders with vested interests. Sixty-five years after independence, many are even wanting to blame the present parlous state of the country on British colonialists who left over six decades ago. At 65, Nigeria has much catch-up to do. And let no one be deluded that 65 years is a short time in the life of a country. The Nigerian economy is in dire straits, with the potential to get worse if sound political and economic judgement is not brought to bear on the affairs of state.

As the nation marks 65 years of self-government, it is not too late for Nigerian leaders to change and make democracy work for the people. Too much pain has been inflicted on Nigerians, and now is the time for Nigerian leaders to focus more on the Nigerian promise – notably what is standing in the way of realising that promise. At independence in 1960, there was a groundswell of euphoria and hope in the Nigerian project. It is sobering that, 65 years later, the anticipated gains of nationhood envisaged by the founding fathers are still being awaited. Not a few have marvelled at the exemplary character of Nigeria’s founding fathers: the simplicity of Tafawa Balewa, the selflessness of Ahmadu Bello, the nationalism of Nnamdi Azikiwe and the enduring vision of Obafemi Awolowo, all of which tower above their personal ambitions. Despite the sense of foreboding that the new multi-ethnic nation was unworkable, Nigerians envisioned a great and bountiful country.

Today, Nigeria is so greatly afflicted that some wonder at her prospects. The trouble with Nigeria, noted famed author and intellectual icon Chinua Achebe, is a failure of leadership. This failure has resulted in shattered hopes, broken promises, missed opportunities, and unfulfilled aspirations. A nation, it has been said, rises or falls on the quality of its leadership. Nigeria is a terrible victim of the poverty of good leadership, but most destructively, political leadership. Good leaders must show strength of conviction and character. What poor leadership in Nigeria has done is to create 200 to 250 million passive citizens who have no voice.

Every citizen must therefore share the blame, one way or the other, for the Nigerian condition. There has never been a shortage of speeches by Nigerian leaders in favour of good intentions to govern in the best interest of the country and its people. Over the years, Nigerians have heard, to the point of being deafened, that the government is committed to promoting good governance. The inaugural addresses of elected leaders and military coup plotters reveal uncanny similarities in promises. Yet, as the quality of successive leadership deteriorated, Nigeria has regressed in terms of the truly important yardsticks for measuring the progress of nations. All these notwithstanding, it is pointless to look back with regret and anger at lost opportunities.

Since the return to democracy in 1999, the political class has shown impetuous and irresponsible behaviour at the expense of the people. The looting and the waste going on in Nigeria in the name of governance have no parallel anywhere else and are responsible for breeding an angry and alienated citizenry that sees no dividend in this democracy. On all accounts, Nigeria at 65 is yet to fulfil her destiny. The current structure of Nigeria today, which is anything but federal, holds down the country, stunts its growth, truncates its progress and actually threatens its unity.

Indeed, Nigeria is positioned as a leader on the continent due to its great range of cultures, languages, and customs. Its abundant natural resources-crude oil in particular-have supported the economy and brought in large sums of money. Nigeria has become increasingly influential on the international scene as a result of its cultural exports, such as Nollywood and Afrobeats, which have gained widespread acclaim.

The giant is still mostly inactive in terms of development despite these advantages. Significant segments of the populace are still beset by unemployment, poverty, and economic inequality, and daily worries about infrastructure and security get worse. The 1960s independence held us the prospect of wealth, but it hasn’t materialised completely.

At 65, insecurity continues to be one of Nigeria’s biggest problems. While banditry, kidnapping, and inter-communal violence have expanded throughout the nation, the Northeast area is still struggling with insurgency, mostly from Boko Haram and ISWAP. In addition to resulting in fatalities, these security problems have also hampered business operations, uprooted thousands of people, and fostered terror.

The nation’s complicated security environment is made more tense by the escalating separatist movements in the South-East. Nigeria’s social and economic progress has been hampered by the incapacity to address these issues successfully.

As the nation celebrates its 65th independence anniversary, questions and more questions have cropped up. Has the country come of age? Is there a need for celebration? Are there hopes of a better tomorrow? So as the 65th anniversary continues, Nigerians look forward to the actualisation of the dreams and visions packaged by the founding fathers of this country. They also look forward to seeing a realistic improvement on the inherent inadequacies that have stood in the way of attaining peace, harmony, tranquillity, progress and unity, in the first instance, and the accomplishments of all the tasks that will make room for true attainment of a Nigerian nation.

QNET, a global leader in lifestyle and wellness direct selling, celebrated its 27th anniversary with the transformative V-Malaysia 2025 convention in Penang, a five-day event that inspired over 10,000 independent distributors from more than 30 countries.

Partnered with Tourism Malaysia and held at the SPICE Arena, the convention became a vibrant hub of empowerment, sparking dreams and equipping entrepreneurs with the tools to shape their futures.The event embodied QNET’s mission of RYTHM – Raise Yourself To Help Mankind – offering a global stage for individuals from Sub-Saharan Africa, the Middle East, Central Asia, and Southeast Asia to connect, share stories of personal triumph, and embrace their potential.

It was a powerful reminder of QNET’s role in transforming lives through entrepreneurship, fostering resilience, and building a supportive community that uplifts dreamers worldwide.

A defining moment came through the keynote address by Sparsh Shah, a global youth icon and motivational speaker who has overcome Osteogenesis Imperfecta (Brittle Bone Disease). Blending his original music with a heartfelt narrative, Sparsh captivated the audience, urging them to redefine their limitations through mindset and determination. His message resonated deeply, inspiring entrepreneurs to pursue their ambitions with unwavering resolve.

Trevor Kuna, chief marketing officer at QNET said, ‘Having Sparsh Shah share his incredible story was a deeply moving experience for our global community. He embodies the very essence of RYTHM, rising above circumstances to inspire others. His presence reminded us all that entrepreneurship is not just about business success, but about the power of the human spirit to overcome any obstacle.’

V-Malaysia 2025 also introduced innovative wellness and lifestyle products designed to empower entrepreneurs and enhance lives. These launches, which include Harmoniq-Snooze, an adhesive bio-signaling patch designed to promote deeper, restorative sleep and Qwik-Vibe, a clean, fast-acting oral strip for instant energy and mental focus, provided practical tools for attendees to improve their health and financial independence while offering solutions to their customers.

‘For 27 years, QNET has given people the means to dream bigger. This convention is where those dreams take flight,’ Kuna said.

Looking ahead, QNET announced its next major convention, V-Africa 2026, set for early 2026 in Ghana. This move underscores QNET’s commitment to empowering entrepreneurs in Africa, where direct selling is creating pathways to economic independence.

‘Our conventions are more than just meetings; they are economic partnerships with host nations. The success of V-Malaysia demonstrates how business tourism creates a positive ripple effect. We are thrilled to build on this legacy and bring the same energy and opportunity to Ghana with V-Africa 2026, further solidifying our commitment to empowering entrepreneurs across the African continent,’ Kuna added.

The latest in the line of foreign shipping companies to sail vessels powered by alternative energy into Nigeria’s seaports is Gold Star Line, which berths its first liquefied natural gas (LNG)-powered containership, the MV Sapphire, at APM Terminals in Apapa, Lagos.

The vessel, built in 2024, sails under the flag of Singapore, with a capacity of 7,800 twenty-foot equivalent units (TEUs).

Todd Rives, managing director of Lagos and Niger Shipping Agency Limited (LANSAL), which represents Gold Star Line in Nigeria, said the arrival of the MV Sapphire is part of efforts to reduce voyage costs, promote operational efficiency, and reinforce environmental sustainability.

The Gold Star Line, incorporated in 1958, is one of the oldest shipping agencies operating in Nigeria. Rives said the vessel starts off a new era in Nigerian maritime trade, with an expectation that sister ships would also call at the port in the near future.

Kayode Daniel, commercial manager of APM Terminals Apapa, explained that shipping lines globally are working together to reduce emissions, in line with international sustainability targets, appreciating LANSAL for deploying LNG-powered vessels in support of the United Nations Sustainable Development Goals.

Adebowale Lawal, the port manager of the Lagos Port Complex Apapa, said that LNG vessels are critical in addressing the challenges of climate change, while at the same time reducing costs and driving economies of scale. He assured stakeholders that of the Nigerian Ports Authority’s full involvement in the development.

The arrival of the MV Sapphire comes just months after Apapa welcomed its first LNG-powered vessel, the Kota Oasis, a 260-metre containership with a gross tonnage of 77,850.

JAC Motors International has moved to deepen its partnership with Elizade Autoland Limited, as both firms reviewed strategies to expand market share and improve after-sales service in the country’s auto market.

Speaking during a visit to Elizade JAC Autoland Limited, which is also the sole distributor of JAC’s passenger, commercial and light-duty vehicles in Nigeria, Oscar Yu, general manager JAC Motors International, expressed the company’s strong confidence in Nigeria’s automotive potential

‘Nigeria is one of our most important markets in Africa. We are here to reaffirm our long-term commitment, strengthen our partnership with Elizade JAC Autoland, and ensure that Nigerian customers enjoy cutting-edge mobility solutions that combine durability, affordability, and modern technology,’ Yu said.

The visit highlighted the deepening collaboration between both organisations and their shared vision of delivering world-class vehicles tailored to the Nigerian market.

The visit also provided an opportunity to review strategies for expanding market share, enhancing after-sales service, and introducing more innovative models that suit the needs of Nigerian customers.

Demola Ade-Ojo, managing director/CEO of Elizade JAC Autoland Limited, described the visit as a significant boost to the brand’s growth in Nigeria

‘This visit from JAC Motors International is a powerful testament to their trust in us and the Nigerian market. Together, we are committed to not only providing Nigerians with high-quality vehicles but also ensuring excellent after-sales service, spare parts availability, and customer satisfaction at every touchpoint,’ Ade-Ojo said.

According to the company, the partnership has introduced models such as the JAC T9 Pickup, JS8 Pro, and the 1.5 Ton CNG truck.

The company added that the visit sets the stage for even greater innovation, investment, and customer-focused initiatives aimed at solidifying JAC’s position as one of Nigeria’s most reliable automobile brands.

Dr. Ezekiel Adamu, CEO of Balmoral Group Promotions, has revealed plans to host a major heavyweight title fight in December 2025.

Dr Adamu disclosed after the successful staging of Africa’s biggest boxing spectacle, ‘Chaos in the Ring’, at the Mobolaji Johnson Arena in Lagos on October 1,

The historic Independence Day boxing night, organised by Balmoral Group Promotions in partnership with Amir Khan’s AK Promotions, showcased world-class action and positioned Nigeria as a growing hub for elite boxing.

In the main event, American cruiserweight Brandon Glanton stunned fans with a brutal sixth-round knockout of 2012 Olympian Marcus Browne in one of the evening’s most gripping contests.

There was also a special homecoming for Nigerian-born British boxer and former Commonwealth champion Dan Azeez, who delighted supporters with a fourth-round TKO win over Sulaimon Adeosun in his first-ever fight on Nigerian soil.

Speaking after the event, Dr. Adamu hailed the night as a milestone for African boxing and hinted at even bigger plans ahead. ‘Nigeria is the home of heavyweights. I know they say Queensbury is the home of heavyweights, but really, Nigeria is the true home,’ an elated Adamu declared.

He pointed to the country’s rich ties to the division like Moses Itauma, David Adeleye, Lawrence Okolie, Anthony Joshua, and even Deontay Wilder, who has Nigerian roots, as proof that Nigeria has long been central to heavyweight boxing.

‘You have just seen what Taiwo Agbaje has achieved. It shows we have another champion ready to rise, and we are going to make it happen,’ Adamu said after the fight night.

The Balmoral Promotions boss went further, directly challenging top Nigerian-bred heavyweights to headline a landmark fight on home soil.

‘I’m challenging these guys, whether it’s Moses Itauma, David Adeleye, or Lawrence Okolie, we must have a proper heavyweight fight here in Nigeria. And we are going to make it happen.’

Adamu confirmed that the company’s next show is scheduled for December 19, with the fight card to be announced in the coming weeks.

Daniel Ek stepped down as Spotify’s CEO because of the strong work by his top executives, not due to any outside issues. Ek said the move recognises how well co-presidents Gustav Söderström and Alex Norström have handled daily operations since 2023. ‘It’s less a function of really anything except the fact that Alex and Gustav are truly delivering exceptionally well already,’ Ek said. ‘And I feel like this is a natural evolution of what we already do as a leadership team.’

Spotify announced on Tuesday. Ek, who founded the company, will shift to Executive Chairman on January 1, 2026. In that role, he will focus on setting the company’s long-term direction, deciding how to spend its money, and guiding the senior team. This setup matches how chairs often work in Europe.

Söderström and Norström will become co-CEOs. They already serve as co-presidents, with Söderström handling product and technology, and Norström overseeing business operations. Both will report to Ek and join Spotify’s board of directors, pending approval from shareholders.

The change builds on how Spotify has run things for the past two years. The co-presidents have led strategy and day-to-day tasks, the company said. Ek described his shift as moving from hands-on manager to advisor. ‘Since taking over as co-Presidents in 2023, the two executives have really stepped up in a material way, taking much of the day-to-day responsibilities,’ Ek noted. He added that he will team up with them on major strategic choices that shape Spotify’s future.

Ek started Spotify in 2006. He has led it through growth into a global streaming service with over 600 million users. Under his watch, the company went public in 2018 and expanded into podcasts and audiobooks. Now, at age 42, Ek wants to step back from the CEO spot to let others take the lead.

Söderström brings a background in tech and startups. He joined Spotify in 2009 after working as director of product and business development at Yahoo! Mobile from 2006 to 2009. Before that, he founded Kenet Works in 2003, a firm that built community software for mobile phones. He ran it as CEO until Yahoo bought it in 2006. Söderström also invests in early-stage companies and started 13th Lab, which Facebook’s Oculus acquired. Norström came to Spotify in 2011 from King.com Ltd, where he was Chief New Business Officer. He has held several roles at the company, including Chief Freemium Business Officer, Chief Premium Business Officer, Vice President of Growth, and Vice President of Subscriptions. From 2016 to December 2019, he sat on the board of directors at Circle, a financial services firm.

Woody Marshall, Spotify’s Lead Independent Director, backed the plan. ‘The Board has been working closely with Daniel on the evolution of Spotify’s leadership structure for several years,’ Marshall said. ‘We have tremendous confidence in Alex and Gustav as they step into these roles. They each have more than 15 years with the company and have been instrumental in driving our success and enabling Spotify to lead our industry. We are also thrilled that Daniel will be actively involved, giving Spotify both founder-led strategic stewardship and mentorship to the co-CEOs as the company continues to innovate and scale.’

The transition comes at a steady time for Spotify. The company reported strong results in its latest quarter, with monthly active users up 11 percent to 696 million and premium subscribers rising 12 percent to 276 million. Revenue grew 10 percent year-on-year to pound 4.2 billion euros. Spotify faces competition from Apple Music, YouTube Music with the latter already testing AI music host features to challenge Spotify’s AI DJ.

As co-CEOs, Söderström and Norström will split duties. Söderström will push product improvements, like better recommendations and audio features. Norström will handle business growth, including ads and partnerships.

Ek said the decision feels right. ‘I will work with Gustav and Alex on the big strategic decisions that we face in the long arc of the company,’ he explained. In the end, Ek’s step back honors his team’s progress. It positions Spotify to tackle future challenges, from AI tools to new markets.

Hotels across Jos, the Plateau State capital, have been fully booked following an influx of guests arriving for the burial of Mama Lydia Yilwatda, mother of Nentawe Yilwatda, the All Progressives Congress (APC) National Chairman.

The burial, scheduled for Saturday, October 4, 2025, will take place in Kanke Local Government Area, the hometown of the bereaved family. The ceremony is drawing top politicians, dignitaries, and sympathizers from across Nigeria.

A survey of several hotels in the Rayfield area of Jos on Friday by BusinessDay revealed that rooms have been unavailable since midweek. Among the fully booked facilities are CRISPAN Hotels, Silk Hotel along Zaramangada Rayfield Road, and ELIM Hotels. A hotel staff, who spoke to BusinessDay on the condition of anonymity, confirmed that most of the guests checked-in as early as Wednesday. ‘Almost everyone here is attending the burial,’ said a staff member at Elim hotels. The high turnout underscores Nentawe’s rising political influence since his appointment as APC National Chairman months ago. Many of those in attendance are said to be party stalwarts, public office holders, and community leaders.

Heightened Security Presence in Jos

Security has been visibly beefed up across Jos and its environs, particularly around hotels. Traffic congestion has increased in parts of the city, prompting officials to deploy additional personnel to manage movement and ensure safety throughout the weekend.

The deceased, is remembered as a respected matriarch and community leader. She is survived by her children, grandchildren, and great-grandchildren. Guests are expected to begin traveling in Kanke early Saturday for the final rites.

Yemi Kale, the group chief economist and managing director, Afreximbank has said that if Nigeria stay the course of its ongoing reforms, inflation could fall to around 14 percent by end of 2026.

Meanwhile, the National Bureau of Statistics report showed that Nigeria’s inflation eased to 20.12 percent in August from 21.88 per cent in July.

Kale who stated this while delivering a keynote address at the ‘Platform Nigeria’, said that however, between now and then the hardship on households will continue.

According to him, much of the previous decade, monetary policy oscillated between tightening to fight inflation and loosening to spur growth, often undermined by large quasi-fiscal interventions. However, CBN has now reasserted price stability which is its core mandate. The Monetary Policy Rate was initially raised to 27.5 percent-one of the steepest tightening on record-while open-market operations were streamlined to mop up excess liquidity.

‘And importantly, these actions were accompanied by clearer communication with regular policy reports, forward guidance, and transparent explanations of the inflation outlook.’

According to him, the results are now visible, as headline inflation, which averaged above 25-30 percent in 2023-24, has begun to ease toward the low 20s, and food inflation, while still elevated, is slowing. He streesed that the gains are not merely statistical, adding that every percentage point of disinflation protects the real value of salaries, pensions, and savings, and reduces uncertainty for investors who must plan projects years in advance

‘And I believe that if we stay the course, inflation could fall to around 14 percent by end of 2026, all things remaining constant, as the effects of the currency float and fuel price jump are absorbed,’ he said.

According to Kale, Nigeria missed a similar opportunity to soften the immediate shock of reform, relying on ad-hoc and often poorly implemented palliatives rather than a comprehensive, well-communicated and targeted social-protection plan.

‘But the lesson here is, again, clear Reform is like curing a fever-you must endure some discomfort as the medicine takes effect, but the alternative of letting the fever rage because the pill is bitter or injection too painful is far worse.

‘A second, equally important lesson here is for government itself, which I have highlighted many times already. Many peer countries have matched reforms with targeted and effective social cushions to protect their most vulnerable citizens.

‘I mentioned Egypt earlier. Ghana is another. Ghana combined its 2022 debt-restructuring and currency reforms with a comprehensive and well targeted, scaled-up cash-transfer and school-feeding program to absorb some of the shock. But in this regard, Nigeria missed a similar opportunity to soften the immediate shock of reform, relying on ad-hoc and often poorly implemented palliatives rather than a comprehensive, well-communicated and targeted social-protection plan,’ Kale said. He emphasised that the key is not just introducing necessary reforms or even the important political will to see them through, but reforms must also be carefully planned, and thoughtfully implemented, so that structural change is matched by social protection and long-term public confidence.

The Nigerian private sector closed the third quarter of 2025 on a strong note, with business activity expanding for the tenth consecutive month, even as the pace of expansion slowed from the previous month.

According to the latest Stanbic IBTC Bank Purchasing Managers’ Index (PMI), the headline PMI posted 53.4 in September, slightly below August’s 54.2, but still firmly above the 50.0 benchmark that signals expansion.

‘Growth was supported by a surge in new orders, driven by improved customer demand and the launch of new products. Although the rate of expansion eased to a three-month low, business activity recorded a sharp increase across all four broad sectors. Firms responded by raising output, expanding operating capacity, and boosting purchasing activity,’ the report disclosed.

Muyiwa Oni, head of equity research, West Africa at Stanbic IBTC Bank, said Nigeria’s business conditions ended the quarter on a strong note, although the pace of strengthening moderated relative to August. Specifically, the headline PMI settled at 53.4 points in September from 54.2 in August, buoyed by improvement in output and new orders, while inflationary pressures also continued to soften.

‘The rate of expansion in output, at 56.1 points compared with 56.8 in August, remained strong despite easing slightly, supported by better material availability and rising customer demand. New orders, at 55.4 points, stayed well above the growth threshold for the 11th consecutive month, though at a slower pace than August’s 58.3 points,’ he added. The PMI figures align with the broader economy, which grew by 4.23 per cent year-on-year in Q2 2025, compared with 3.13 per cent in Q1, bringing first-half growth to 3.69 per cent. Oni said.

He added that ‘Agriculture and oil were the strongest drivers, expanding by 2.82 percent and 20.46 percent, respectively, and jointly contributing 35.6 percent of real GDP growth. Non-oil sectors such as ICT, finance and insurance, real estate, and trade also recorded positive gains.’

The PMI report hinted that Stanbic IBTC projects sustained growth into 2026, supported by a likely reduction in interest rates, lower inflation, and reduced exchange rate volatility.

The bank expects oil and non-oil sectors to grow by 14.3 per cent and 4.4 per cent year-on-year, respectively, in Q3 2025, translating into overall GDP growth of 4.5 per cent.