Category: Business Day

Lord Marland, the Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), has said that the current tariff war being unleashed by the United States of America against the rest of the world is a great opportunity for the Commonwealth trade, which has 56 member nations.

Lord Marland stated this during his recent visit to Nigeria for a meeting with CWEIC Nigeria strategic partners, top Nigerian businesses and government officials.

Marland noted that the tariff war is a great opportunity for Commonwealth trade because it was made up of 56 nations that speak a common language with a fairly similar trade outlook.

According to him, ‘Suddenly you have one of the biggest consumers in the world putting tariffs on that trade so that it is no longer free trade. ‘It gives a great opportunity for those who support free trade. And that is why people will turn and look to their friends, many of them in Commonwealth countries, for trading.’

Marland further pointed out that The Bahamas is currently keen for direct trade links with Nigeria and Ghana.

‘We will facilitate their introductions so that they can buy direct from Nigeria rather than going through the United States of America,’ he said. He added that Canada is looking for new markets and renewing friendships.

He also gave credit to African Governments for expanding free trade with the establishment of the African Continental Free Trade Area (AfCFTA).

‘The first thing that I say is the amazing speed AfCFTA was signed. It is a great credit to the African nations that they cooperated so quickly to sign that agreement. ‘AfCFTA is the way that trade has got to go. If you believe in free trade, you have to commit to it.

‘But it is for the members of AfCFTA to really make sure that happens because this is their opportunity now to build relationships with a whole lot of other countries flying the flag of free trades.

‘Free trade has shown through history that it has lifted people out of poverty. That it is a boost to the economies; that it has created and sustained a transparent society for business.

‘And that is why it can be very important for Africa to push hard to ensure that the barriers to trade are reduced and relationships are established very strongly with those that believe in that concept,’ Lord Marland said.

Small businesses in Nigeria, from bustling market stalls to family-run beauty salons, have long grappled with unreliable and costly internet access.

Airtel Nigeria’s new SmartConnect 5G router, launched this month, aims to address these challenges with a budget-friendly device designed to deliver faster, more stable connectivity for the country’s vital small and medium enterprises (SMEs).

Priced at N25,000, the SmartConnect package includes the router, a SIM card, and 30 days of unlimited data. Monthly plans start at N25,000 for 50 Mbps or N45,000 for 100 Mbps, offering speeds that rival more expensive fibre options often unavailable outside major cities. The device, an Outdoor Unit (ODU) mounted externally, captures stronger signals than traditional indoor routers, a critical feature in crowded urban areas or remote regions where walls and structures weaken reception.

Nigeria’s SMEs, which make up over 96 percent of businesses and contribute nearly half of the nation’s GDP, often face connectivity hurdles that disrupt digital payments, inventory management, and online marketing.

A 2025 survey by the Cherie Blair Foundation highlighted that 45 percent of women entrepreneurs in developing markets, including Nigeria, cite unreliable or unaffordable internet as a major barrier. Traders relying on WhatsApp or Instagram to reach customers are particularly vulnerable to network fluctuations.

The SmartConnect’s design addresses some of these pain points. Its ability to connect multiple devices simultaneously suits small shops, fintech startups, or hospitality businesses running point-of-sale systems, security cameras, and smartphones. A built-in battery pack provides five to six hours of power backup, a practical feature in a country plagued by frequent outages. The router also switches to 4G LTE when 5G signals are weak, ensuring usability even in areas with limited 5G coverage, which Airtel began rolling out in 2023.

While the pricing undercuts many broadband alternatives, the SmartConnect’s success hinges on Airtel’s ability to scale its 5G network, which remains patchy outside urban centers. Nigeria’s broadband penetration, at 48.01 percent as of July 2025, lags behind the government’s 70 percent target by 2030.

The router’s all-in-one approach, bundling hardware, installation, and data, marks a shift from traditional telecom models focused solely on data plans. For small businesses with limited technical expertise, this could simplify adoption.

The Federal Capital Territory (FCT) Command of the Nigeria Security and Civil Defence Corps (NSCDC) has deployed 4,500 personnel across Abuja to ensure a peaceful and hitch-free celebration of Nigeria’s 65th Independence anniversary.

Olusola Odumosu, commandant of the FCT Command, announced the deployment in Abuja on Monday, explaining that the operation was designed to safeguard lives, property, and critical national assets before, during, and after the October 1 celebrations.

According to Odumosu, the deployment covers specialized units including the Female Strike Force, Arms Squad, Operation Adakasu, Critical National Assets and Infrastructure (CNAI), as well as the Chemical, Biological, Radiological, Nuclear and Explosives (CBRNE) unit.

He noted that personnel have been strategically stationed at vulnerable locations and soft targets such as shopping malls, recreational centres, prayer grounds, markets, motor parks, amusement parks, the City Gate, the Three Arms Zone, government buildings, and other sensitive areas housing national assets.

The commandant disclosed that undercover operatives have already been positioned across the city for covert operations and surveillance to forestall emergencies or unforeseen circumstances.

He added that ‘black spots’ like uncompleted buildings suspected to harbour criminal elements have also been placed under watch.

‘All hands must be on deck. I will not tolerate any form of security breach. Area Commanders and Divisional Officers must ensure their presence is felt in their respective jurisdictions,’ Odumosu directed.

While charging his officers to conduct themselves professionally and work in synergy with other security agencies, he warned against harassment, intimidation, or accidental discharge during operations.

He assured FCT residents of a secured environment throughout the festivities, emphasizing that their cooperation is equally important.

‘My personnel are ready to ensure a peaceful celebration, but you also have a part to play by being vigilant and reporting suspicious movements or individuals to security agencies,’ he said.

Odumosu further warned criminals and vandals to steer clear of critical infrastructure, stressing that covert operatives are spread across the capital city and would not hesitate to apprehend offenders.

The FCT NSCDC boss wished residents of the FCT a joyous 65th Independence Day, urging them to remain hopeful about Nigeria’s future while praying for the peace and prosperity of the nation.

In Nigeria, it is a legal requirement for employers to deduct and remit both Pay-As-You-Earn (PAYE) tax and pension contributions on behalf of their employees. However, a disturbing trend is emerging where some employers deduct these amounts from employees’ salaries but fail to forward them to the relevant authorities. This unethical and illegal practice not only violates the law but also jeopardises employees’ financial security and tarnishes the integrity of businesses.

By law, employers must deduct 8 percent of an employee’s salary as a pension contribution and add their own 10 percent, remitting a total of 18 percent to the Pension Fund Administrator (PFA) within seven working days of salary payment. Similarly, PAYE tax deductions must be remitted to the State Internal Revenue Service (SIRS) by the 10th day of the following month. These statutory obligations are clear and non-negotiable.

Yet, some employers either divert these funds for other purposes or simply neglect to remit them altogether. This malpractice is not only unethical but also criminal, with serious consequences for both employees and employers.

For employees, the failure to remit pension contributions can have devastating effects. Pension funds are meant to provide financial security after years of dedicated service. Discovering, often years later, that these contributions were never actually paid into their pension accounts can lead to severe financial hardship and emotional distress. It is a betrayal of trust that no worker should have to endure. Similarly, unremitted PAYE taxes prevent employees from obtaining their Tax Clearance Certificates (TCC), documents essential for loan applications, securing contracts, accessing grants, and even some travel visa processes. The ripple effects of this breach extend far beyond the pay cheque.

Employers who fail to remit these statutory deductions expose themselves to harsh penalties. For PAYE, they face a 10 percent penalty plus commercial interest rates on the amounts not remitted. The Pension Commission (PenCom) imposes a 2 percent monthly interest on outstanding pension contributions. Beyond the financial penalties, such practices damage an employer’s reputation and can trigger legal action, audits, and loss of business confidence.

To safeguard both employees and the company, transparency and accountability must be prioritised. Employers should ensure timely and complete remittance of all statutory deductions. Meanwhile, employees should be proactive by regularly checking their pension statements and requesting confirmation of tax remittance from their employers. Providing your employer with your correct PAYER ID and pension number is essential to facilitate accurate processing.

Accountants and HR professionals play a pivotal role in addressing this issue. It is their duty to advise management on the legal and ethical implications of non-remittance. They must ensure that the company complies fully with its obligations to avoid penalties and protect employee interests.

Finally, employers owe more than just salaries; they owe integrity and a commitment to their employees’ financial futures. When employers deduct but fail to remit, it is a breach of trust with far-reaching consequences. Employees must remain vigilant, and professionals must advocate for compliance. Only through collective responsibility can we uphold fairness, transparency, and financial security within Nigeria’s workforce.

Nigeria’s payments revenues are projected to surge from $1.3 billion in 2024 to $4.7 billion in 2029, according to Boston Consulting Group’s (BCG) newly released 23rd Global Payments Report.

The growth, driven largely by transaction-related revenues, positions Nigeria as a key engine in Africa’s fast-expanding payments sector.

The report titled ‘The Future Is (Anything but) Stable’ projects that Africa’s overall payments revenues will nearly double within the same period, rising from $9 billion in 2024 to $19 billion by 2029.

‘With a compound annual growth rate (CAGR) of about 10 percent, the continent is expanding almost three times faster than the global payments sector, which is expected to moderate to 4 percent growth over the next five years,’ it said.

BCG’s analysis shows that transaction revenues in Nigeria are set to grow at a CAGR of 23 percent, while non-transaction revenues such as account services and ancillary fees will expand even faster, at 26 percent.

This trajectory, the report said, reflects the country’s rapid digital adoption, powered by fintech-led innovations in mobile onboarding, QR code payments, and point-of-sale expansion.

‘Nigeria is driving innovation and digital adoption at scale,’ said Tolu Oyekan, Managing Director and Partner at BCG Lagos.

‘With the Central Bank’s Vision 2025 and fintech-led advances like mobile onboarding and QR adoption, Nigeria’s payments revenues are set to grow rapidly, fuelled by the shift from cash to cards and real-time transfers. This progress is not only boosting financial inclusion and opportunity within Nigeria but also underscores the continent’s emergence as a global payments innovation leader.’

Globally, BCG forecasts payments revenues to reach $2.4 trillion by 2029, up from $1.9 trillion in 2024.

The report identifies five structural forces reshaping the industry: the rise of agentic AI, digital currencies such as stablecoins, fintech disruption, real-time account-to-account (A2A) systems, and cost transformation.

While traditional growth drivers, such as deposit margins, are losing momentum, new forces are emerging. Agentic AI is projected to influence more than $1 trillion in e-commerce spending, while stablecoins processed $26 trillion in transactions in 2024, albeit with just 1 percent linked to real-world payments.

Meanwhile, the report disclosed that real-time A2A systems now account for around a quarter of digital retail payments worldwide and are expected to exceed 50 percent in regions like Africa by 2030. Nigeria’s NIBSS instant payment system is central to this transition.

‘Payments-focused fintechs are also reshaping the market, generating $176 billion in revenue globally in 2024 and growing at 23 percent annually. They now account for 45 percent of total fintech revenues, attracting over $135 billion in equity funding over the past 25 years,’ the global payment report noted.

Inderpreet Batra, BCG’s global head of payments and fintech, said this is a turning point for the industry.

‘Traditional growth levers are losing force, but new drivers, including agentic systems, programmable money, and fintech innovation, are rapidly coming into focus. The players that align with these shifts now will lead the next decade.’

Twenty-six years after Nigeria introduced the Universal Basic Education (UBE) programme in 1999, the dream of ensuring every Nigerian child receives free, compulsory and quality education for at least nine years remains deeply compromised. At the core of this failure lies a critical but often overlooked issue: the weak and politically stifled state of local governments in Nigeria.

Today, the education crisis in Nigeria is not only about inadequate infrastructure or a shortage of teachers. It is also about the political structure that sidelines local governments, the very tier of government closest to the people and best positioned to drive early childhood education (ECE) and grassroots implementation of UBE policies.

‘UBEC must work more closely with community-based organisations and parent-teacher associations to bypass bureaucratic bottlenecks and deliver intervention programmes directly to schools where they are most needed.’

According to the latest data from the National Bureau of Statistics (NBS) and the Universal Basic Education Commission (UBEC), total enrolment in primary schools across Nigeria was about 29.2 million in 2024, the highest since the inception of the UBE scheme. However, this figure covers troubling disparities. In many rural communities, particularly in states like Zamfara, Gombe, and Ebonyi, thousands of school-aged children remain out of school. Net enrolment for basic education nationally stands at 68.1 per cent, far below the 90 per cent target set by the Sustainable Development Goals (SDGs) for 2030.

Yet, these challenges are not insurmountable if local governments are allowed to function as autonomous administrative units rather than political appendages of state governors. Although the declaration of the present administration and court cases about local government autonomy are positive, their work is still not autonomous. Under Nigeria’s 1999 Constitution, local governments are supposed to be the third tier of governance, responsible for basic services, including primary education. In practice, they are tightly controlled by state governors, who dissolve elected councils at will and appoint caretaker committees that serve only political interests.

This subversion of local democracy has had devastating consequences for education. The Constitution and the UBE Act delegate key implementation responsibilities to local stakeholders, including school-based management committees, community leaders, local education authorities, and parents. But in many cases, these structures exist in name only. Budget allocations rarely reach them, capacity building is minimal, and accountability is virtually non-existent.

This lack of functionality directly impacts the running of early childhood care and education (ECCE) centres, primary schools, and junior secondary institutions, particularly in rural areas. Where local governments are active, there is community monitoring, improved school attendance, and better maintenance of infrastructure. Where they are dormant or politicised, schools are ghost facilities and teachers are unpaid.

Take, for instance, Benue State, known for its educational heritage. In 2023, only N1.2 billion out of a possible N3.8 billion UBE intervention fund was accessed by the state, according to UBEC. This was partly due to the state government’s inability or unwillingness to provide the matching grant, a problem that plagues many states. As of June 2025, UBEC confirmed that N54.8 billion in intervention funds remained unaccessed by several states, funds that could have transformed hundreds of local schools.

Meanwhile, Kano State, despite facing its own educational challenges, has begun devolving certain education responsibilities to local councils. Through targeted UBE implementation, over 320 new classrooms were built between 2022 and 2024, increasing enrolment by nearly 15 percent. The difference lies in political will and decentralised action.

Globally, nations that have succeeded in universalising basic education have done so by empowering local authorities. In Rwanda and Kenya, for example, decentralisation has allowed districts and counties to take ownership of school construction, teacher recruitment, and community sensitisation. The impact is measurable and consistent.

In Nigeria, decentralisation is held hostage by state politics. During the 2023 elections, multiple states, including Rivers, Oyo, and Ogun, ignored UBEC funds altogether, prioritising campaign spending over education. Some states, like Imo and Taraba, have not accessed their full UBE allocations for over five years.

This systemic neglect partly explains why Nigeria still ranks low on global education indices. According to UNESCO’s 2024 Education Progress Report, Nigeria is ranked 128 out of 143 nations in terms of basic education quality and access. This is unacceptable for Africa’s most populous country.

Importantly, therefore, constitutional reform is needed to guarantee true autonomy for local governments. This includes ensuring democratically elected councils with budgetary control and administrative freedom, especially in education delivery.

The Joint Allocation Account (JAAC) system, where states manage local government funds, must be restructured or scrapped altogether. Local governments must receive their federal allocations directly and transparently, with strict reporting standards tied to development outcomes.

UBEC must work more closely with community-based organisations and parent-teacher associations to bypass bureaucratic bottlenecks and deliver intervention programmes directly to schools where they are most needed.

Also, there must be an urgent audit of all unaccessed UBE funds, with penalties for defaulting states. This should be coupled with incentives for states and LGAs that meet performance targets in enrolment, infrastructure, teacher training, and gender parity.

Above all, Nigerians, especially at the grassroots, must begin to demand educational accountability from their local governments. Where education fails, every other development goal collapses. The fight to deliver universal basic education must therefore be fought from the bottom up.

Nigeria cannot afford to fail another generation of children. The future of the nation rests on its classrooms, not in Abuja or the state capitals, but in the local schools in Doma, Iseyin, Gwoza, and Eket. For UBE to succeed, Nigeria must fix local governance.

The Central Bank of Nigeria (CBN) will inaugurate the Governor’s Annual Lecture Series on Friday, October 3, 2025, at the Honeywell Auditorium, Lagos Business School, Pan-Atlantic University.

Themed ‘Next Generation Leadership in Monetary Policy and Nation Building,’ the lecture marks the launch of a flagship platform under the CBN Governor’s Knowledge Acceleration and Thought Leadership Initiative. The series is designed to strengthen dialogue between the Bank and thought leaders across academia, business, policy, and civil society.

This inaugural edition coincides with the second anniversary of Team Cardoso’s leadership at the CBN, a milestone reflecting reforms that have stabilised the naira, improved key economic indicators, and restored international investor confidence in Nigeria’s economy.

The platform will convene policymakers, industry leaders, academics, and students from leading tertiary institutions, highlighting the central role of monetary policy in driving stability, growth, and nation-building.

The choice of Lagos Business School as the inaugural host reflects its reputation as a hub for leadership and policy innovation, offering an environment that bridges theory and practice and encourages rigorous debate.

Through this initiative, the CBN underscores its commitment not only to safeguarding Nigeria’s macroeconomic stability but also to investing in the next generation of leaders who will sustain and build on today’s progress.

On a quiet street corner in Kano, a woman named Amina sits under a faded umbrella, shaping crunchy, golden spirals of kuli-kuli from freshly roasted groundnuts. It’s a craft she learned from her grandmother, who sold the same snack at the local market half a century ago.

The recipe hasn’t changed – just groundnuts, salt, and fire – yet the context around it has. Where once her small batch-fed neighbours and passersby, today it’s part of a growing wave of consumer demand for healthy, natural, locally made snacks.

From Lagos to Jos, Nsukka to Maiduguri, the same scene plays out with small differences: plantain chips sizzling in palm oil, spiced coconut flakes drying in the sun, or cassava crisps bagged by hand for sale on dusty shelves.

These are Nigeria’s indigenous snacks – a rich, flavourful part of our culinary story – but they have long been dismissed as ‘low-end,’ ‘informal,’ or ‘too local’ to matter in a modern economy.

That mindset is changing. And in that change lies one of the most overlooked growth stories in Nigeria’s food economy. From Street Corners to Supermarkets: The Rise of Local Snacking

Snacking is no longer just about convenience – it’s about health, identity, and experience. Across the world, consumers are rejecting ultra-processed, imported snacks in favour of options that are more nutritious, traceable, and culturally authentic. Global demand for healthy snacks is expected to reach $152 billion by 2030, growing at a compound annual growth rate (CAGR) of over 6.6%.

Nigeria, with its youthful population (over 60% under the age of 25) and rising urban middle class, is part of that trend. The country’s snacks market is already estimated to be worth over ?500 billion ($320 million) and growing rapidly. Yet, most of that value is captured by imported brands – from potato chips to candy bars – even though local alternatives often outperform them on nutrition, sustainability, and flavour.

‘We’ve underestimated the snack economy because we’ve underestimated ourselves,’ says Ifeoma Eze, a food systems economist. ‘Our local snacks are not just food; they’re vehicles for nutrition security, rural income, and cultural storytelling.’

The Forgotten Power of Traditional Snacks

The irony is that many Nigerian snacks – once seen as ‘poor man’s food’ – are exactly what global health trends are demanding.

Kuli-kuli, made from groundnuts, is rich in plant-based protein and healthy fats.

Coconut chips and tigernut snacks are gluten-free, high in fibre, and appeal to paleo and keto consumers.

Plantain chips are a low-sugar, potassium-rich alternative to conventional potato crisps.

Cassava-based snacks cater to the growing demand for gluten-free, indigenous grains.

These are not just nostalgic street foods – they’re functional snacks with real nutritional value, capable of competing with, or even outperforming, imported products on global shelves.

But while the world is ready, most of Nigeria’s snack makers are not. They remain informal, undercapitalised, and disconnected from the infrastructure that could help them scale. Packaging, shelf-life extension, food safety standards, and brand storytelling – these are often the missing links preventing a local favourite from becoming a global export.

The Manufacturers Association of Nigeria (MAN) has said that the success of the ‘Nigeria First Policy’ hinges on its deliberate and inclusive implementation to ensure equitable benefits for all stakeholders.

As the policy aims to strengthen local industries and promote economic growth, MAN’s input highlights the importance of careful planning and execution to achieve its objectives.

Francis Meshioye, president of the Manufacturers Association of Nigeria (MAN), who made this known on Tuesday at a press briefing on the association’s upcoming 53rd Annual General Meeting in Lagos, said the Nigeria First Policy is a turning point for the nation as it seeks to foster economic self-reliance, industrialisation, and national pride.

According to him, by mandating all Ministries, Departments, and Agencies (MDAs) to patronize made-in-Nigeria goods and services that can be sourced locally, the federal government has signalled its resolve to place local industries at the heart of economic transformation.

He noted that the country’s economic environment has remained challenging, but it is marked by renewed hope, as bold policy steps are being taken to reposition the economy for growth.

‘The Nigeria First Policy is more than a policy directive; it is a call to action to strengthen our industries, deepen local value chains and reposition Nigeria from being a consumer-driven economy to a productive economy,’ Meshioye said.

‘We must, however, emphasize that while the policy holds immense promise, its success depends on inclusive and deliberate implementation,’ he added, while calling on manufacturers, SMEs, policy makers and Nigerians to play their part. He noted that the task ahead requires addressing long-standing structural challenges, infrastructure, regulations, financing gaps, and capacity building, saying that only through coordinated action, sustained investment and accountability can Nigeria unlock the policy potential.

Speaking on MAN’s upcoming AGM, the president said that the event provides an excellent platform to deepen conversation on the Nigeria First Policy.

He said the theme for this year’s AGM is ‘Nigeria First: Prioritizing Patronage of Made in Nigeria,’ explaining that it underscores Nigeria’s unwavering belief that prioritizing local production is the surest path to sustainable growth, employment generation and national development.

He announced Aliko Dangote, Africa’s renowned industrialist, as the distinguished guest for the event, describing his entrepreneurial story as an epitome of the Nigeria first spirit.

‘He has built one of Africa’s largest Conglomerates, spanning cement, sugar, salt, fertilizers and oil refinery. His investment has redefined Nigeria’s industrial landscape, created thousands of jobs and reduced dependence on imports.’

‘His business decisions, over the past decades, capture the very essence of our theme and his presence will inspire our discussions as we navigate the next phase of Nigeria’s Industrial growth.’

Meshioye said the three-day event, scheduled to hold from Tuesday, 14th to Thursday, 16th, at the Lagos Oriental Hotel, Victoria Island, Lagos, features a line-up of activities that is rich and impactful.

The Nigeria Immigration Service (NIS) has announced the commencement of nationwide enforcement against foreigners who have overstayed their visas or violated immigration laws, following the expiration of the Federal Government’s visa amnesty initiative.

The amnesty programme, introduced on July 5, 2025, granted a window of opportunity for foreign nationals with expired visas or residence permits to regularize their stay in Nigeria without facing penalties.

That grace period officially closed at midnight on September 30, 2025.

Effective from October 1, the NIS said its officers will begin enforcement operations targeting categories of foreigners including holders of expired Visa on Arrival (VoA), expired single and multiple-entry short visit or business visas, as well as individuals with expired Comprehensive Expatriate Residence Permits and Automated Cards (CERPAC).

Foreign nationals found in breach of Nigeria’s immigration laws will face stiff sanctions, the NIS warned.

‘These include mandatory payment of overstay penalties, removal from the country, and in some cases, restrictions on future entry into Nigeria’, it added. The Service outlined penalties as follows: foreigners overstaying less than three months will pay $15 per day for each day overstayed and may face either removal or a two-year entry ban.

‘Those who overstay between three months and one year face the same daily fine but risk a five-year entry ban.

‘For overstays beyond one year, violators face removal and a minimum 10-year or permanent entry ban’, the Service stated.

A statement signed by Akinsola Akinlabi, Public Relations Officer of the NIS, stressed that the Service remains committed to lawful migration management.

‘The Nigeria Immigration Service is determined to safeguard national security, while ensuring transparency and efficiency in all immigration processes,’ it noted.

The Service called on all foreign nationals resident in Nigeria to comply with immigration rules and warned that enforcement will be comprehensive and uncompromising across the country.