Category: Business Day

President Bola Ahmed Tinubu has insisted that the painful economic reforms introduced under his administration are beginning to yield results, declaring in his Independence Day broadcast that ‘the worst is over.’

Speaking on Wednesday to mark the nation’s 65th anniversary of independence, the President said the government’s decision to scrap fuel subsidies and unify exchange rates had stabilised the economy, boosted revenue and created a pathway to sustainable growth.

‘Yesterday’s pains are giving way to relief,’ Tinubu told the nation in his third independence address since assuming office in May 2023. ‘I salute your endurance, support and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.’

According to him, Nigeria’s economy grew by 4.23 per cent in the second quarter of 2025 – its fastest pace in four years and above International Monetary Fund projections. Inflation has also eased to 20.12 per cent, the lowest level in three years. The President further cited a record surge in non-oil revenue, improved foreign reserves and a booming stock market as signs of renewed investor confidence.

While acknowledging the hardships many Nigerians have faced as a result of rising living costs, Tinubu argued that the reforms were unavoidable. ‘The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,’ he said.

He pledged that the gains from the reforms would increasingly be felt in households through improved public services, investment in infrastructure, and better support for vulnerable citizens.

‘The accurate measure of our success will not be limited to economic statistics alone,’ he noted, ‘but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities.’

The Nigerian economy has had its ups and downs. The nation got Independence in 1960 when its gross domestic product (GDP) was $4.20 billion and per capita income, $93.

The economy was largely undiversified at that time, with agriculture dominating. According to the Ominira Initiative, agriculture accounted for over 75 percent of foreign exchange (FX) earnings, 68 percent of GDP, and created employment opportunities for about 65 percent of the population.

By the late 1970s, the real job of diversification began. Oil sector contribution to the GDP moved from 3 percent to 30 percent of GDP, with oil exports accounting for 96 percent of total exports.

The nation’s entry into OPEC in 1971 marked the beginning of humongous transformation. In a World Bank report, Brian Pinto, an expert on economy, said the oil price shocks of 1973-74 and 1979 resulted in a large transfer of wealth to Nigeria, with public expenditure rising, as did the country’s access to international capital markets.

However, as oil revenues surged, agriculture declined.

‘Following the collapse of oil prices in 1982 and the rise in real interest rates, Nigeria experienced rising inflation, strict rationing of foreign exchange, and the possibility of debt rescheduling. This coincided with the rise of parallel markets, so that an illegal, floating-rate parallel market coexisted with an official, fixed-rate market,’ Pinto said.

Oil price collapse in the 1980s led to recession and debt crisis. The Ibrahim Babandia regime brought in the Structural Adjustment Programme (SAP). The programme, spearded by the International Monetary Fund (IMF), was characterised by currency devaluation, trade liberalisation, privatisation of state-owned firms, and removal of subsidies.

Some policy watchers believe that the era brought about Nigeria’s economic collapse, with import-led policies resulting in factory shutdowns and job losses.

The return of democracy in 1999 brought in Olusegun Obasanjo, who achieved debt rescheduling and repayment. A total debt of $30 billion was forgiven by the Paris Club (2005-2006). Banking sector consolidation (2004) strengthened financial institutions, and reforms were visible in insurance and telecoms.

The GDP growth averaged 6 percent-7 percent during the 2000s, driven by oil, telecoms, and banking.

Oil remained over 90 percent of export earnings.

Between 2007 and 2014, non-oil sectors such as telecoms, entertainment (Nollywood, music), and services grew.

Agriculture rebounded but not enough to end food imports. The economy was also rebased to reflect changes in various sectors.

From 2014 to 2016, oil prices crashed, leading to recession in 2016. There were FX shortages, rising inflation, and unemployment.

The COVID-19 pandemic came in 2020 and led to recession. However, there was a cacophony of controversial policies, led by border closure, import restriction, command and control pronouncements as well as FX rationing.

But the current Bola Tinubu administration cane in 2023 and liberalised the FX market, removing petrol subsidies. However, this has led to naira depreciation by over 60 percent. The citizens are struggling to make ends meet due to skyrocketing prices. The start of Dangote Petroleum Refinery has slashed petrol imports and ended an era of scarcity. Naira is now stable, thanks to the central bank’s set of policies.

Tinubu says economy has turned the corner

In his Independence Day speech on Wednesday, President Bola Tinubu said the economy has turned the corner.

‘I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.

‘Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. The second quarter 2025 Gross Domestic Product grew by

4.23 percent-Nigeria’s fastest pace in four years-and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to

20.12 percent in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.’

Tinubu said in the last two years of his administration, the government has achieved 12 remarkable economic milestones.

‘We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.

‘Our debt service-to-revenue ratio has been significantly reduced from 97 percent to below 50 percent. We have paid down the infamous Ways and Means advances that threatened our economic stability and triggered inflation. Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.’

He added, ‘We have a stronger foreign Reserve position than three years ago.Our external reserves increased to $42.03 billion this September-the highest since 2019.’

Africa’s fintech sector in 2025 is positioned to be a powerful force for economic growth, access to financial services, and global competitiveness. Its rapid expansion over the past decade has created a foundation for scaling operations, building trust with users, and extending influence beyond the continent. The coming years will be critical for solidifying gains and addressing persistent challenges.

In 2024, mobile money platforms in Africa processed over $1.1 trillion, representing almost three-quarters of the world’s mobile money transaction volume. This volume signals that digital financial services have moved from marginal to mainstream on the continent.

In parallel, cross-border payment initiatives, such as the Pan-African Payment and Settlement System, have reduced intra-African transaction costs by nearly 27 percent, a significant step towards regional economic integration and increased trade. Despite a tightening regulatory environment and more cautious investment climates, fintech companies in Africa secured equity funding amounting to $2.2 billion in 2024, indicating investor confidence in the sector’s resilience and future potential.

Strengthening scale through innovation

For African fintechs to expand their reach, innovation must remain a central focus. Embedded finance is becoming increasingly widespread, enabling non-financial platforms to offer integrated financial products. E-commerce, agritech, and gig-economy platforms increasingly embed loans, insurance, and payment services directly within their user experience, eliminating barriers and simplifying access for informal and small businesses. This seamless integration facilitates growth beyond traditional banking channels, creating new opportunities to serve underbanked segments reliably and efficiently.

Moreover, cross-border payment solutions have made strides in simplifying and reducing the cost of remittances and trade payments within Africa. Startups utilising blockchain and stablecoin technologies have introduced faster settlement processes across national boundaries, crucial for the African Continental Free Trade Area’s ambitions to expand intra-continental commerce. These developments foster a larger addressable market and reinforce the potential for scale.

Building trust through transparency and compliance

Trust is a cornerstone for fintech adoption and sustained usage. African consumers and businesses require confidence in the security and transparency of digital financial services. Firms that commit to stringent security protocols, clear transaction processes, and adherence to evolving regulatory standards position themselves as reliable partners. Transparency in operations combats financial fraud and builds credibility in markets where consumer scepticism can be high due to historical mistrust of financial institutions.

Furthermore, regulatory frameworks across Africa are maturing to formalise fintech operations. While compliance requirements present operational challenges, they also provide clarity and protection for consumers and service providers alike. Regulatory progress on cryptocurrencies, data protection, and open banking demonstrates efforts to establish a robust ecosystem where fintech can flourish sustainably.

Pursuing global relevance

African fintech’s global relevance depends on its ability to demonstrate competitive advantages and innovative solutions in a crowded international market. The capacity to profitably serve low-income and previously excluded populations through cost-efficient models presents a unique value proposition. Diversity across financial services such as mobile money, lending, payments, and insurance creates multiple pathways to growth and cross-border collaboration.

Additionally, attracting global investment and partnerships will be key. Leading fintech hubs like Lagos, Nairobi, Cairo, and Johannesburg continue to secure significant funding rounds, which facilitate product development and market expansion. The success of unicorns such as Flutterwave and OPay acts as proof points for Africa’s fintech capacity to meet global standards while addressing local needs.

Africa’s fintech at a crossroads

Despite promising trends, challenges remain. Customer acquisition costs in Africa are substantially higher compared to other regions, pressuring fintechs to balance growth with financial sustainability. Infrastructure gaps, digital literacy, and regulatory complexities also require ongoing attention. However, these issues also create high entry barriers, protecting market share for well-capitalised and locally knowledgeable players.

Africa’s fintech sector must continue to sharpen its focus on scalable innovation, trust-building, and regulatory cooperation. Collaboration between fintech companies, banks, regulators, and technology providers will be essential to cultivate a conducive environment for growth. By doing so, African fintech can reinforce its role as a critical driver of economic development, financial inclusion, and a competitive player on the global stage.

In summary, 2025 represents a crucial juncture for Africa’s fintech industry. With over $1.1 trillion in mobile money transactions processed in 2024 and institutional advances making cross-border payments simpler and cheaper, Africa is demonstrating its capacity to innovate and scale. The challenge now is to build lasting trust and sustain that growth to secure a position of global relevance. If met, these goals will mark a significant shift in the global financial landscape and provide millions of Africans with new economic opportunities.

Arrowhead Pharmaceuticals has unveiled a business-to-business e-commerce platform and supply chain tool aimed at cutting costs and reducing inefficiencies in Nigeria’s healthcare sector, as the company bets on digital transformation to improve access to medicines across Africa.

Launched on the country’s 65th Independence anniversary, the Arrowhead B2B e-commerce platform moves pharmaceutical procurement online, enabling hospitals, pharmacies, and health organizations to browse contract-specific catalogs, monitor real-time inventory, and place secure bulk orders.

The company says digitising these processes will help providers lower administrative costs and focus more on patient care.

‘Nigeria’s Independence Day is not only a celebration of our history, but a reminder of our ability to shape the future,’ Gerald Damasus, Arrowhead’s co-founder and chief operating officer, said at the launch in Lagos.

‘We are building a healthcare system that is independent of inefficiency, fragmentation, and barriers to access.’

The company also introduced Scepter360 Pharma, a logistics and data-driven platform designed to improve drug availability. Arrowhead projects it could deliver up to 50% savings in procurement costs while cutting medicine stockouts by 80%, helping health providers avoid shortages that frequently disrupt treatment.

The rollout marks the first phase of the broader Scepter360 Suite, which will eventually integrate patient records, telemedicine, pharmacy inventory, workforce management, and public health reporting.

Unlike conventional systems built for developed markets, Arrowhead says its solutions are tailored to Africa’s realities, including patchy internet connectivity, constrained budgets, and rising demand for care.

Nigeria, Africa’s most populous nation, struggles with uneven access to medicines and a fragmented supply chain that drives up costs for hospitals and patients.

Digital health adoption has been slow, but rising investment in e-health platforms suggests growing recognition of their role in addressing systemic gaps.

Arrowhead said its platforms are now open for healthcare providers across the country, with plans to scale regionally as it targets Africa’s $50 billion pharmaceutical market.

President Bola Ahmed Tinubu has declared that Nigeria’s armed forces are making decisive gains against insurgents, separatist groups and criminal gangs, insisting the country is ‘winning the war against terrorism, banditry and other violent crimes.’

In his Independence Day broadcast on Wednesday, the President praised the sacrifices of security personnel and said their efforts had brought peace back to swathes of the country that were once under threat.

‘They are winning the war against terrorism, banditry and other violent crimes,’ Tinubu told Nigerians. ‘We see their victories in their blood and sweat to stamp out Boko Haram terror in the North-East, IPOB/ESN terror in the South-East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation.’

According to him, peace has returned to ‘hundreds of liberated communities’ in the North-West and North-East, allowing thousands of displaced people to return home. He added that security improvements were already strengthening the economy by creating a safer environment for farming, investment and trade.

Tinubu’s comments come amid continuing concerns about sporadic attacks in rural areas and the resilience of armed groups, but the President maintained that the trend was moving firmly in Nigeria’s favour.

Umar Namadi, the Governor of Jigawa State, has congratulated the government and people of Nigeria on the occasion of the nation’s 65th Independence Anniversary, describing the day as a reminder of the unity, resilience, and sacrifices that built the country.

In his goodwill message, Governor Namadi said the anniversary is not only a time to reflect on the struggles of the nation’s founding fathers but also an opportunity to renew collective commitment to peace, progress, and prosperity. ‘Today, we celebrate Nigeria’s 65th Independence Anniversary with pride and gratitude. This day reminds us of the sacrifices of our heroes past, whose vision and courage laid the foundation of our beloved country. As a people, we must continue to uphold the ideals of unity, justice, and service to humanity,’ the governor said.

This is contained in a statement by Hamisu Mohammed Gumel, Chief Press Secretary to the Governor and made available to newsmen on Wednesday in Duste.

He noted that despite challenges, Nigeria continues to make progress under the leadership of President Bola Ahmed Tinubu, whose policies are geared towards strengthening the economy, improving security, and providing better opportunities for citizens. ‘Here in Jigawa, our administration is committed to complementing the efforts of the Federal Government by prioritising the welfare of our people, investing in agriculture, education, healthcare, infrastructure, and creating opportunities for our youth and women. Together, we will build a stronger state and contribute to the greatness of Nigeria,’ he added.

According to the statement, Governor Namadi urged Nigerians to remain united and hopeful, stressing that the diversity of the nation is a source of strength rather than division.

He called on citizens to continue supporting government policies and programmes for sustainable development. ‘As we hoist our green and white flag today, let us be reminded that the responsibility of building a prosperous Nigeria rests on all of us. With unity, faith, and determination, we shall overcome our challenges and fulfill the dream of a greater nation,’ he concluded.

Newcastle United bounced back in emphatic style with a dominant 4-0 victory over Union Saint-Gilloise, marking Eddie Howe’s first-ever win in the Champions League.

Just days after a gut-wrenching defeat to Arsenal, Howe’s side looked every bit the European contenders in Brussels as they secured their first away win in the competition since 2003.

There was no sign of a hangover at Lotto Park. Newcastle opened the scoring in the 17th minute when Sandro Tonali’s sweetly struck volley deflected off Nick Woltemade, leaving Union goalkeeper Kjell Scherpen wrongfooted.

Union Saint-Gilloise-making their Champions League debut-responded positively, and Nick Pope was called into action to deny Adem Zorgane midway through the first half. But Newcastle doubled their lead just before the break. Anthony Elanga was brought down in the box by Fedde Leysen, and Anthony Gordon confidently converted from the spot, sending Scherpen the wrong way.

The Belgian champions pushed forward after the interval, with Anan Khalaili firing wide and Pope producing key saves to keep out Niang and Zorgane.

Newcastle’s control was cemented after a VAR check awarded them a second penalty when Leysen was penalised for handball. Gordon stepped up once more and buried his second of the night.

Substitute Harvey Barnes rounded off the rout with a composed finish from inside the area late on, sealing a vital three points in Group F. Following their opening loss to Barcelona, Newcastle’s European campaign is now truly up and running.

Thousands of women across Warri and neighbouring communities in Delta State trooped to Urhobo College last weekend to receive food packs from Glo Foundation under its ‘Giving Back Together’ initiative.

The outreach formed part of Globacom’s ongoing intervention programme aimed at easing economic hardship by supporting the most vulnerable segment of the society with essential food and other household items.

Saturday’s food distribution attracted women of all ages, including widows, from Warri North, Warri South, Aladja, Ughelli South, Udu, and Uvwie local government areas. They assembled shortly after the state’s monthly environmental sanitation exercise in order to benefit from the scheme.

Globacom’s Head of Corporate Social Responsibility, Jumobi Mofe-Damijo, noted that Delta was the latest stop for the initiative after similar exercises in other states. She explained that the food drive was designed to reach the female population, who often bear the heaviest burden in difficult times. ‘Our Food Drive is not just for anyone. It is targeted at the most vulnerable segment of the Nigerian society, that is women and children. When we help them, we are helping the society at large,’ she said.

Each package contained 5kg of rice, 5kg of gaari, semovita, spaghetti, vegetable oil, tomato paste, sardines, seasoning cubes, noodles, and other essentials.

The gesture sparked joy, with beneficiaries breaking into songs and dances. Princess Omo-Udoyo of Ughelli North said, ‘I have not seen this before. I thank God and Glo Foundation for this gift.’

For Esther Okoro from Otu Jeremi, Ughelli South, gratitude came in form of prayers. ‘God will lift the company and people who have done this. He will lift them higher and higher. They will never lack anything. For doing this for us today, I say may God protect them. You will always go higher.’

The initiative will extend to more cities across the country in the coming months, with thousands of women expected to benefit.

On Saturday 13th September, 2025 The Star NetworkPodcast (‘TSNP’) launched the first edition of its Business Meet and Greet series. The platform, Founded and Hosted by Zephia

Ovia-Ikem, is a Podcast and Business community thatshowcases the Entrepreneurial Journey of African Founders.From industry experts to startups and creatives, the platformshares what the African blueprint to business looks like.

Beyond story-telling, The Star Network Podcast is expanding its offerings to focused group engagements between industryexperts with over 30 years of corporate experience and young African Founders.

The first edition of the Business Meet and Greet series featured Mrs Munira Shonibare (CEO and Founder IO Furniture) Nigeria’s leading Furniture manufacturing company and interior design service. As the Business expert of the day, she shared valuablelessons with 16 young founders from The Star Network Podcast community, sharing on how to problem solve in various startup scenarios. The audience left the session enriched on amasterclass on leadership and business tools as well as connecting with other Founders

‘My vision is to support the next generation of Founders in theirentrepreneurial journey through direct access to expert-led communities, mentorship, startup tools, and avenues for funding by providing access to seasoned business leaders.Given this is the first edition, I’m excited to see how the initiative grows into different dimensions while maintaining the core goal – access for young entrepreneurs ‘ says Zephia Ovia-Ikem.

The Star Network Podcast currently has 6,000k+ subscribers onYouTube and is available on all major platforms such as Spotify, Apple Podcasts, Instagram, LinkedIn etc

Nigeria’s maritime sector, a critical pillar of its economic blueprint, is currently being stifled not by a lack of vision but by a widening gap between policy and practice.

This was the consensus at BusinessDay’s 2025 Maritime Conference on Tuesday in Lagos, where experienced stakeholders gathered under a single roof to proffer solutions to the maritime industry problems.

Many stressed that the nation’s aspiration to become a global maritime hub is being undermined by three systemic failures: weak implementation of progressive policies, crippling infrastructure deficits and a persistent lack of technological synergy.

Recently, the Ministry of Marine and Blue Economy, led by Adegboyega Oyetola, introduced an ambitious 10-year policy aimed at moving the economy towards global competitiveness, targeting an annual growth target of seven percent and 100,000 new jobs each year.

Experts say that is only the first step and must be supported by action.

Technology and synergy

Nigeria’s ports are suffering from decades-old problems primarily due to old facilities and infrastructure that cannot accommodate present demand or meet current global standards.

One of the goals of the marine policy is to change this narrative. Experts say though the modernisation of port operations hinges on digitalisation, its deployment is constrained by internal friction.

Gbotolorun Ayodele, general manager, ICT at the Nigerian Ports Authority (NPA), noted that for this to work, there must be synergy.

‘Ports need synergy to achieve the required deployment of technology,’ he said, naming the National Single Window (NSW) and the Port Community System (PCS) as the two primary drivers.

The PCS, a digital platform that connects the various public and private stakeholders within the port ecosystem, serves as a foundational component that feeds into the broader NSW, an initiative that creates a single electronic point of entry for all regulatory and trade-related information for imports, exports, and transit goods

Ayodele noted that while initial emphasis was on revenue, ‘the real game changer is if we’re able to implement the port community system and NSW.’ He listed ‘synergy, information sharing, integration and resistance’ as primary challenges that ‘need to be broken,’ alongside ‘monetary and budgetary constraints.’

Congestion, need for rail

Experts warned that without fixing the evacuation infrastructure, digital gains would be meaningless.

Uche Increase, managing Director, NOKIP NIG LTD, cautioned that while Nigeria has progressive policies, the poor infrastructure and a weak policy implementation continue to undermine progress. He noted that without an efficient inland transport system, particularly rail and road connectivity, the country’s ports will remain congested.

‘Infrastructures like rail connectivity are very essential, because for any port to operate optimally, a rail system is critical.’ He urged the federal government to become involved in logistics planning as much as it prioritises urban development.

‘Let us stay away from overconcentration on river ports. Let’s look at the moribund and deep seaports.’ He advised the federal government to open up deep seaports at Abi and Ogun State.

Echefu Ukattah, head, Maritime Practice, Olaniwun Ajayi LP, represented by Oluwafikayo Ogunrinde, also said that infrastructure development must integrate local populations.

‘When local communities are integrated into policy frameworks, it ensures smoother operation of ports,’ he said.

Standardisation, cost predictability

The current state of fragmented practices severely impacts the cost and ease of doing business, stakeholders said.

Kingsley Igwe, registrar, Council for Regulation of Freight Forwarding in Nigeria (CRFFN), pointed out that anything in the supply chain ‘directly affects the cost of things in the market.’

He flagged lack of standardisation, stating that customs services are not uniform across the country.

‘The procedure in the Apapa is not the same at PTML and TinCan,’ he said ‘There is a need to adopt a uniform pricing mechanism that will determine how much would be needed to clear cargo and other logistics costs.’

Igwe advocated for a system that provides predictability. ‘If I am to import 10 container cargoes, I should be able to predict ahead of time how much it will cost, as it is practised in other places of the world.’

Sustainability, safety

Industry players at the conference called for a review of outdated laws to address modern issues such as environmental sustainability and security.

Felicia Mogo, president of the African Marine Environment Sustainability Initiative, noted that Nigeria ‘needs to review maritime policies to meet the current market needs of the sector’ and in alignment with the goals of the International Maritime Organisation (IMO).

She noted decarbonisation as a key sustainability strategy, urging that outdated policies ‘should be modernised to include frameworks that ensure sustainability.’

On security and safety, Sunday Umoren, secretary general, Abuja MoU on Port State Control, disclosed that the major problem of security is ‘raising freight rates.’

Partnerships

The unanimous agreement was that nothing would be possible without collaborative efforts from all stakeholders.

Patricia Igwebuike, commissioner for Transport in Anambra State, stated that her office is also contributing to this effort. ‘Most of the imports into the eastern parts of Nigeria come through Anambra State. We recognise the poor condition of our roads. Everyone must work together to ensure that Onitsha River complements the other ports in Nigeria,’ she explained.