Category: Business Day

As Nigeria marks its 65th year of independence on October 1st, 2025, the prevailing narrative gravitates toward tribulation: inflation, currency volatility, security anxieties, and infrastructure deficits. Yet to obsess over trials alone is to miss the forest for the thorns. The Nigerian economy tells a story of resilience and latent potential that refuses to be extinguished. Here are compelling reasons for the measured celebration of Africa’s Giant.

The foundations of economic power

Nigeria’s economy stands as Africa’s largest, with GDP reaching N372.8 trillion in 2024. The economy expanded 3.84 percent in the fourth quarter of 2024, propelled by a services sector that grew 5.37 percent and contributed 57.38 percent to aggregate output. This reveals an economy gradually weaning itself from petroleum dependency, constructing robust alternative pillars for multi-generational prosperity. Non-oil exports reached $5.456 billion in 2024, a 20.79 percent increase, demonstrating that Nigerian products can compete internationally when afforded appropriate policy environments. The agricultural sector’s value surged to N4.44 trillion in 2024 from N1.24 trillion in 2023, creating millions of jobs while positioning Nigeria as a major agricultural exporter. From cocoa producers in the Southwest to sesame cultivators in the Middle Belt, farmers have transformed Nigeria into a competitive agricultural powerhouse. The Nigerian Exchange maintains market capitalisation exceeding N56 trillion with over 150 listed companies. The pension revolution has accumulated over N18 trillion in domestic savings channelled toward productive investment, while the banking consolidation of 2004 created robust financial institutions now operating across Africa.

Technology and innovation explosion

Lagos’s tech startup ecosystem hosted over 2,000 startups by October 2024, raising over $400 million during the year. The fintech revolution has democratised financial services spectacularly. Paystack processed N1 trillion worth of transactions in July 2024, while one major fintech claims over 50 million users with monthly transaction volumes surpassing $12 billion, fostering 400,000 job opportunities. Nigerian-founded companies like Flutterwave and Interswitch have achieved unicorn valuations, proving world-class technology companies can emerge from Lagos as readily as from Silicon Valley. Nigeria now functions as Africa’s undeniable digital finance leader and the continent’s largest tech talent hub with over 700,000 developers, attracting investments from Google, Meta, and Microsoft. The telecommunications revolution transformed Nigeria from fewer than 500,000 telephone lines in 1999 to over 180 million mobile subscriptions, enabling mobile banking, digital commerce, and countless economic activities. Over 100,000 kilometres of fibre optic cable now undergirds this dynamism.

‘From Guinness Nigeria’s successful localisation to Aba shoemakers’ indigenous entrepreneurship attracting international attention, Nigerian industrial capacity grows steadily.’

Infrastructure development and industrial capacity

The Dangote Refinery, commencing operations in September 2024 with the capacity to produce 650,000 barrels daily, fundamentally alters Nigeria’s petroleum economics. This monument to Nigerian industrial ambition, the world’s largest single-train refinery, transforms the nation from a crude exporter into a potential exporter of refined products. The cement industry achieved self-sufficiency and export capacity, transforming Nigeria from a major importer to a net exporter. The Second Niger Bridge completion, the Lagos-Ibadan Standard Gauge Railway, and the Lekki Deep Sea Port inauguration represent both symbolic and practical achievements. Over 100,000 kilometres of fibre-kilometres of optic infrastructure and 1.5 million new housing units in the past decade demonstrate sustained development momentum. Manufacturing continues to produce goods across numerous industries, with local manufacturers increasingly capturing domestic markets. From Guinness Nigeria’s successful localisation to Aba shoemakers’ indigenous entrepreneurship attracting international attention, Nigerian industrial capacity grows steadily.

Energy sector transformation

The Petroleum Industry Act passage in 2021, after two decades of paralysis, modernised the legal framework governing Nigeria’s most important industry. The transformation of NNPC into a commercial entity introduced accountability into previously opaque operations. Nigeria maintains its position as Africa’s top LNG exporter, while gas-to-power initiatives promise to transform previously flared resources into economic value. Renewables now contribute over 15 percent of rural electrification capacity as solar installations proliferate, reducing dependence on generators while enabling economic activities formerly impossible. The fuel subsidy removal in 2023, though politically risky, represented an economically necessary reform. Crude oil theft clampdown through improved surveillance has enhanced production volumes.

Human capital and creative industries

Diaspora remittances consistently exceed $22 billion annually, representing not merely financial flows but networks facilitating knowledge transfer and business partnerships. Over 60 percent of Nigerians are under 25, representing staggering demographic potential if properly harnessed. Nigerian universities, despite funding challenges, produce graduates competing successfully internationally, while over 120 now offer entrepreneurship studies. Nollywood has become a global cultural force and significant economic contributor. As the world’s second-largest film producer, it employs thousands while projecting Nigerian culture internationally. Nigerian music, led by Afrobeats, has achieved unprecedented global success, representing a multi-million dollar export industry. Nigerian literature continues its distinguished tradition, with authors winning major international prizes and achieving commercial success globally.

Financial inclusion and governance reforms

Financial inclusion expanded dramatically, with over 70 million Nigerians now possessing formal financial access, up from fewer than 30 million in 2010. The Bank Verification Number system enhanced banking integrity, while the Treasury Single Account improved public financial management, curbing leakages and consolidating revenues. The Companies and Allied Matters Act of 2020 modernised business law, easing the process for small and medium enterprises. The survival of democracy since 1999, with power changing hands between parties, provides prerequisites for long-term economic planning. The foreign exchange market reform of 2023, unifying multiple exchange rates, improved transparency and investor confidence. The Nigeria Sovereign Investment Authority, managing over $2 billion in assets, represents forward-thinking resource management. The African Continental Free Trade Area ratification positions Nigeria’s large market as a potential hub for continental commerce.

Grassroots resilience and social progress

Millions of small and medium enterprises form the true economic backbone, employing the majority of Nigerians. The informal sector, from Alaba International Market to the Okada economy providing last-mile transportation, demonstrates entrepreneurial resilience, moving billions in commerce. Cooperative societies provide critical capital for the informally employed. The healthcare system has made remarkable progress in combating previously devastating diseases. Polio has been eliminated, HIV/AIDS treatment has become widely available, and life expectancy has increased substantially. The pharmaceutical industry produces medications domestically, reducing import dependence. Social protection systems have expanded, with conditional cash transfers and school feeding programmes reaching millions of beneficiaries.

Looking forward

At 65, Nigeria stands at an inflection point. The economic foundations laid over decades provide platforms for accelerated growth. The demographic dividend, if properly harnessed, could propel Nigeria to unprecedented prosperity. The diversity of Nigeria’s economy provides resilience against shocks. Challenges remain real and require honest acknowledgement. Infrastructure deficits constrain growth. Security challenges disrupt economic activity. Corruption wastes resources. Policy inconsistency creates uncertainty. These realities cannot be wished away.

Yet achievements documented here demonstrate that progress is possible. From the farmer in Benue to the software engineer in Lagos, from the banker in Abuja to the trader in Kano, Nigerians are building an economy that, while imperfect, provides opportunity and generates wealth. That journey, spanning 65 years, deserves recognition and celebration. The greatest reason for optimism is that the Nigerian economic story is still being written. Its final chapter has not been decreed. If Nigerians bring to future challenges the same resilience, creativity, and determination that have characterised the first 65 years, the economic future remains bright. Nigeria at 65 has much to celebrate and even more to anticipate.

Happy Independence Anniversary to Africa’s Giant.

Glovo, one of the leading tech platforms operating across Europe, Africa, and Central Asia, has reiterated its dedication to empowering Small and Medium Enterprises (SMEs) in Nigeria by providing training, digital tools, and access to opportunities designed to optimise business operations, enhance brand visibility, and boost online sales through its platform.

The company’s commitment was underscored at the latest edition of Glovo Academy in Abuja, an in-person learning and development initiative aimed at equipping local businesses with skills and tools to expand their operations and scale sustainably.

Reni Onafeko, Head of Growth at Glovo Nigeria, emphasised the company’s ongoing support for SMEs by offering advisory services and financial access. She revealed that since Glovo launched in Abuja in 2022, the platform has delivered over one million orders, creating more than N11 billion in value for its partners.

Onafeko further noted a 30% year-on-year increase in orders within Abuja and said Glovo now partners with over 1,000 local restaurants.

She stressed the importance of digital literacy, saying SMEs must embrace it ‘to enable their businesses to expand, formalise and scale sustainably.’

Speaking at a panel discussion, Ifeoma Williams, Special Adviser to the Minister of State for Industry, described MSMEs as the ‘backbone of any economy,’ pointing out that ‘current data from the National Bureau of Statistics (NBS) reveal that 40% of Nigeria’s Gross Domestic Product is derived from these small businesses.’

While acknowledging the challenges SMEs face in accessing government loans, she attributed this to a ‘lack of proper structure and the right business plan.’ Williams assured that the federal government is actively working to develop policies that will foster a more supportive business environment.

Tijani Mustapha, founder of Ahmad’s Sharwarma, spoke on operational challenges confronting SMEs, stressing that business owners need resilience to navigate issues with human resources and quality control.

He stressed the importance of technology, stating, ‘Any business we do today must embrace technology. Through technology, we can gather customer feedback, keep the business in check, and improve.’

Kayode Meyanbe, Head of ICT at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), outlined government initiatives aimed at supporting SMEs.

He revealed that SMEDAN, in partnership with the Corporate Affairs Commission, is offering free registration to 250,000 businesses and urged SMEs to seize this chance to formalise their operations. Meyanbe added, ‘As an agency, we have partnered with banks to provide loans at an interest rate below 10% to support their businesses. Not only that, state governments have also been helping us with funds for these SMEs to access our loan facilities.’

He also mentioned that capacity-building training is being provided through Kaduna Business School and Lagos Business School to equip SMEs with essential skills.

Kolawole Adeniyi, head of commercial at Glovo Nigeria, revealed that since the company entered Africa in 2021, it has invested 206 million euros across the continent. He noted that 90% of Glovo’s business partners are SMEs and that the platform has generated N55 billion in direct economic value for these partners.

The event included presentations and training focused on operational excellence, marketing, customer complaint handling, and business and financial literacy, facilitated by the Enterprise Development Centre at Pan Atlantic University.

These efforts highlight Glovo’s ongoing commitment to fostering sustainable growth for SMEs within Nigeria’s digital economy.

Music has ceased to play in Nigeria, or so it seemed yesterday. The faces that were once brightened by the joy of independence have become dull.

Nigeria yesterday was as cold as iced fish and as quiet as a graveyard. Singers have hung their musical instruments as disappointment runs in their veins. A day that was supposed to be a joyous moment of freedom has suddenly become a day of lamentation. That was the situation yesterday. Who did this to us? How did we get here?

In many cities across Nigeria yesterday, there were conferences hosted by governments, corporate bodies, religious bodies and individuals.

Those gatherings featured nostalgic forays into what worked in yesteryears and what is not working now. The events featured speeches of regret about how Nigeria has not lived up to being a potentially great nation as envisioned by the colonial masters.

This has been the ritual. year after year. Chances are that by this time next year, such gatherings would reconvene. Those who presented papers this year would just dust up the files, change the year, and they would be good to go.less lamentation, you may say.

Yesterday was supposed to be a celebration day. It was supposed to be colourful with many activities to mark it. It was the 65th anniversary of Nigeria’s independence.

But it wore a sombre look by every standard of assessment when compared to what the day used to be shortly after Independence and in the 80s and 90s.

It is a significant date in the life of Nigeria as a country. After a hard fight and agitation for an independent sovereign nation, the colonial masters at the time saw the need to exit the power stool. They handed power to indigenous leaders.

At that time, what is now known as the dreams of the Founding Fathers were born. They dreamed of a nation where tribe and tongue may differ, but in ‘brotherhood we stand’. They dreamed of handing to ‘our children a banner without stain’. They dreamed of a nation ‘where no man is oppressed’.

But whether these have been realised as the country marked the 65th anniversary is open to debate.

Every citizen, irrespective of tribe, tongue and religion, bought into the dream, which accounted for the effusive expression of joy and gladness that greeted the day.

The colonial rule ended at midnight on September 30, 1960. Lagos, which was at the time the capital of the country, was electric with all sorts of celebrations.

A great gathering of people from all walks of life and guests from foreign lands poured in. All Nigerians were on the same page.

No bitter politics. No recrimination. Just celebration galore. Everyone waved the green, white, and green flag, and there were cultural displays representing various parts of the country and their rich cultures.

Schoolchildren staged a march past, and they nursed hope for a brighter future. Many years after the effusive joy and great gladness during the anniversary, the conviviality that used to greet the day has vanished. Increasingly, leaders have reduced the day to a mere nationwide broadcast.

While Nigeria marked the day yesterday, citizens were burdened by many challenges, and they did not see reason to celebrate an independence they believe is largely on paper.

While the country celebrated yesterday, the media space was awash with unpalatable news about killings in some parts of the country by bandits and robbers. The families of 15 vigilante operatives and hunters killed by bandits in Kwara State were in a mourning mood. The murder of a female journalist with Arise Television in Abuja, a few days ago, by armed robbers, was still fresh in the minds of citizens as Nigeria clocked 65.

There was lamentation across the country. While some were complaining about hunger and abject poverty, others were saying that they no longer feel safe. The government’s efforts have not been able to meet the needs of the people.

On the security front, Nigeria has moved from a nation where citizens moved freely in the past to one where any movement from one part of the country to another is fraught with enormous danger.

Killers in the name of bandits, kidnappers, organ harvesters, Boko Haram and other criminal gangs lay siege every inch of the way.

It is so much so that Nigerians now engage in days of prayer and fasting before they embark on interstate journeys. In those days, parents would hand over their children to complete strangers travelling with commercial buses or trains to another part of the country, several kilometres away. Those children arrived at their destinations safely and in peace. Such things no longer happen today. Only politicians with a heavy armada of security personnel and bodyguards can easily move around these days. Nigeria has degenerated to a level where communities are signing memoranda of understanding (MoU) with bandits to be allowed to live in peace in their own domain.

Citizens are slaughtered like chickens across the country. The security situation in Katsina, Kaduna, Sokoto, Zamfara, Borno and now Kwara has become worrisome. Non-state actors appear to be dictating the pace of things in the country.

This was never part of the dreams of the founding fathers. The most worrisome of it all is that we hear daily that those saddled with the onerous task of protecting the lives and property of citizens are being compromised. They are being corrupted to sell out, and the country is paying heavily for it. Life is, incrementally, becoming brutish and short in Nigeria.

Nigeria has come to a point where her citizens prefer living abroad to staying back home, with all the hazards they meet on their way while travelling. Today, if aircraft could be stationed at all the international airports in the country to freight people to Europe and America at no charge for them to go sweep the streets of those countries, not many people would be left behind.

That is the criticality of the situation, and that was never the dream of the forebears.

Unlike at independence, when Nigerians spoke with one voice and saw things from the same point of view, today, they are a divided lot. Nigeria has become a babel, and hatred has deepened.

Many Nigerians, except those in government, agree that Nigeria is more divided today than it has ever been in its 65 years of existence.

The acclaimed social cohesion is non-existent, and the evidence is everywhere. What many Nigerians are seeing today is a nation that is being gradually driven to a precipice. People now talk about their ethnic leaning more than their Nigerianness.

People today are apprehensive about living outside their geopolitical zones; these are no signs of a progressive nation.

Apple and Google, two of the world’s biggest tech giants, have turned the spotlight on Maliyo Games, reaffirming the Lagos-based studio’s role as a global champion of African creativity through gaming.

‘This recognition from Apple, alongside our recent feature by Google, is another powerful validation of our vision. We are proving that African stories belong on the global stage,’ Hugo Obi, founder, Maliyo Games, said.

He said that behind every global spotlight is a growing ecosystem of African talent. According to him, GameUp Africa has become the talent pipeline powering Maliyo’s creativity since its launch in 2021. Now in its fifth year, the program has reached over 6,000 aspiring developers across 20 African countries, equipping young Africans with skills in programming, game art, and audio design.

Obi also disclosed that Apple’s Nigeria Independence Day editorial featured Maliyo’s standout titles; Safari City, Crazy Ludo, Whot King, and Secret Letter – each blending familiar gameplay mechanics with African-inspired narratives, art, and music.

Earlier this year, Google Play selected Maliyo for its #WeArePlay campaign, a global film series celebrating diverse developers shaping the future of gaming.

The feature tells the story of Hugo Obi, Maliyo’s founder, charting the studio’s journey from Lagos to the world. It highlights not only Maliyo’s portfolio of games but also its groundbreaking talent initiative, GameUp Africa, which is building the next generation of creators on the continent.

‘From the bustling city life of Safari City to the cultural tradition in Whot King, each title embodies authentic African storytelling packaged in mobile-first gameplay. Graduates of the program have gone on to work on acclaimed projects and start their own studios – proof that Maliyo’s commitment to empowering African storytellers through gaming is paying off.’

Obi also disclosed that Maliyo will host its first-ever developer-led gaming conference ‘MaliyoCON’ by December in Lagos, as a convergence for creators, investors, policymakers, and innovators to explore how African stories can drive the next phase of the global gaming industry.

‘By convening industry leaders, Maliyo aims to cement Africa’s role not just as a participant, but as a cultural powerhouse shaping the future of mobile entertainment,’ Obi said.

Nigeria is positioning itself as a global leader in the Artificial Intelligence (AI) revolution with a National AI Strategy, targeting $15 billion contribution to the nation’s GDP and equipping 70 percent of its youthful workforce with AI skills by 2030.

The announcement, highlighted by Oluwaseun Dania, managing director of Alpha-Geek Technologies, during the United Nations General Assembly’s Global Dialogue on AI Governance in New York, underscores Nigeria’s commitment to harnessing AI for economic growth and equitable innovation.

The National AI Strategy, spearheaded by president Bola Ahmed Tinubu’s administration through the minister of Communication and Digital Economy, Bosun Tijani, is a collaborative effort with the Nigerian Artificial Intelligence Research Scheme (NAIRS) and the National Centre for Artificial Intelligence and Robotics (NCAIR). The blueprint projects a 27 percent annual market expansion through 2030, positioning AI as a cornerstone of Nigeria’s digital economy. The strategy focuses on leveraging AI to bridge infrastructure gaps, drive fintech innovations, and foster stablecoin initiatives, while prioritizing ethical innovation and skills development.

Speaking at the UN, Dania, a prominent voice in African technology, emphasized that Nigeria’s approach is not just about economic gains but about uplifting lives. ‘The success of the AI revolution should be measured by lives uplifted, not merely GDP spikes,’ he said, highlighting Nigeria’s mobile-first AI adoption and its potential to empower the world’s youngest workforce.

With over 60 percent of Nigeria’s population under 25, the goal of equipping 70 percent of young Nigerians with AI capabilities by 2030 is a transformative step toward building a skilled, future-ready generation.The strategy addresses both opportunities and challenges.

Dania warned of AI’s risks, including deepfakes eroding trust, biased algorithms perpetuating inequality, and data monopolies exacerbating global divides.

To counter these, Nigeria’s plan incorporates African-led ethical standards, drawing on the communal value of ubuntu (humanity toward others), to ensure privacy-by-design and bias audits. It also emphasises resilient infrastructure, such as predictive analytics for pandemics and energy optimisation, while safeguarding against the misuse of AI.

Dania stressed that Nigeria’s vision aligns with broader African priorities for equitable AI access, ethical safeguards, and infrastructure investment, adding that, ‘Africa is ready to co-create, not merely comply,’ he declared, urging global stakeholders to include the continent’s 1.4 billion voices in shaping AI governance.

President Bola Ahmed Tinubu, on Wednesday, October 1st, during Nigeria’s 65th Independence anniversary national broadcast, said his administration has achieved 12 economic milestones in just over two years of sweeping reforms.

The president, who assumed office in May 2023, said his government inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.

But he insisted that the ‘painful but necessary decisions’ of subsidy removal, foreign exchange unification, and fiscal tightening have begun to yield measurable gains.

‘Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,’ Tinubu said. ‘The worst is over, I say. Yesterday’s pains are giving way to relief.’

Here are the 12 economic milestones the president listed in his address.

Record-breaking non-oil revenue

Nigeria attained ‘A record-breaking increase in non-oil revenue, achieving the 2025 target by August, with over ?20 trillion. In September 2025 alone, we raised ?3.65 trillion, 411% higher than the amount raised in May 2023,’ Tinubu said.

Fiscal health restored

The president noted that the debt service-to-revenue ratio, once a staggering 97%, has now dropped ‘to below 50%. He also confirmed that the government has paid down the infamous ‘Ways and Means’ advances that threatened our economic stability and triggered inflation, while savings from subsidy removal have been channelled into education, healthcare, and infrastructure.

Stronger external reserves

‘Our external reserves increased to $42.03 billion this September-the highest since 2019,’ Tinubu announced, describing it as a buffer that has strengthened investor confidence.

Higher tax-to-GDP ratio

The country’s tax-to-GDP ratio rose from under 10% to 13.5%, with a new law expected in January 2026. ‘The tax law is not about increasing the burden on existing taxpayers but about expanding the base. and providing tax relief to low-income earners,’ the president clarified.

Trade surplus achieved

For the first time in years, Nigeria is consistently exporting more than it imports. ‘We have recorded a trade surplus for five consecutive quarters. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to N7.46 trillion ($4.74 billion), the largest in about three years,’ Tinubu stated. Non-oil exports now account for 48% of trade compared to oil’s 52%.

Oil sector recovery

Oil output has climbed back to 1.68 million barrels per day from barely 1 million in May 2023. Nigeria also refined petrol locally for the first time in four decades and became ‘the continent’s leading exporter of aviation fuel.’

Naira stability

After years of volatility, Tinubu said, ‘The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.’

Social investment for the poor

Under renewed social safety nets, ‘N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of N25,000 each,’ the president confirmed.

Solid minerals boom

Coal mining, which had declined by 22% in Q1, surged by 57.5% in Q2 2025, making solid minerals one of Nigeria’s fastest-growing sectors.

Infrastructure expansion

Tinubu said transport infrastructure is expanding rapidly: ‘Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Katsina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion, while the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway are progressing.’

Improved investor confidence

According to the president, Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. ‘Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2023 to 142,000 points as of September 26, 2025,’ he said.

Interest rate cut

Tinubu highlighted a monetary policy shift: ‘At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.’

Electricity consumers and power distribution companies have been at loggerheads for years over appropriate bills. What seems to separate this dispute is prepaid meters, but this has been scarce.

Now, the management of Holley Metering Nigeria Limited says members of the pubic especially electricity users can now heave a sigh of relief. The group says it has commenced the sales of prepaid meters for customers in Rivers, Bayelsa, Akwa Ibom and Cross Rivers States.

Holley Metering Nigeria Limited is said to be a global leader in the metering industry and licensed by the Federal Government through the Nigerian Electricity Regulatory Commission (NERC) as a Meter Asset Provider (MAP) to bridge the metering gap in Nigeria. According to a statement from its officials, the company said it has carved a niche in top quality smart prepayment meters, metering products and systems and has a long-standing Memorandum of Understanding (MOU) with the Port Harcourt Electricity Distribution Plc, (PHED).

Under the partnership arrangement, the statement further said, ‘Holley Metering has been providing/deploying different types to meter customers in PHED’s franchise area but not limited to installation as well.

‘Holley Meters comes with the benefit of meeting customer needs to control their electricity consumption, avoid estimated bills, unwarranted disconnection in addition to other ancillary advantages.’

The company gave the breakdown of costs of the meters which now range from N129, 454 to N216, 206 depending on the phase of the meter, with an installation period not exceeding 10 working days after payment.

Unlike previous prepaid meter schemes that had a lot of protocol and middlemen, the new scheme is said to be open to any interested person who are free to meet them at their headquarters in Port Harcourt.

‘Sweet Us’, the masterpiece song by a hitmaker Timaya, was popularised by former governor of Rivers State and current Minister of the Federal Capital Territory (FCT), Nyesom Wike.

While he was in Rivers and now in Abuja, he adopted the song as his signature tune and dances to its rhythm. In fact, he relishes the lyrics every time he commissions a project.

Is he living the music? Your guess is as good of mine!

For 65 years, Nigeria has had a combination of military and democratic regimes. In all of these years, one thing has remained constant- they against us!

The ruling class smiles while we frown. They laugh while we cry. They celebrate while we weep. They enjoy themselves to the fullest while we pine in abject poverty. They parrot patriotism while they are the most unpatriotic, and they preach belt-tightening but revel in all manner of extravagance.

The ruling class has always considered itself a special breed. They use the opportunity of office to better their lots. That is why ‘former this and former that.’ in Nigeria never know poverty again after holding public office no matter how short their exposure to power is. They use the opportunity of their office to make themselves stupendously rich.

Whether it was in the military era or in the democratic era, former and present leaders are among the wealthiest citizens. They flaunt this wealth to the chagrin on many of their compatriots.

Since Independence in 1960, no past president or head of state of Nigeria has ever been officially probed over appropriation or misappropriation of funds, even when there are stark evidences pointing to their high level of maleficence.

In all of these years, Nigeria has been mercilessly milked and raped by so-called leaders.

While the nation’s public debt stock continues to rise dangerously, currently standing at N149.39trillion (about US$97billion, there are few individuals in Nigeria that can be said to be richer than the country with no known viable businesses other than their exposure to public till.

Nigeria’s borrowing binge became a serious concern recently that the Speaker of the House of Representatives, Tajudeen Abbas cried out, calling for urgent reforms in borrowing practices and oversight.

‘.Even more concerning is the debt to GDP ratio, which now stands at roughly 52 percent, well above the statutory ceiling of 40 percent set by our own laws. This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,’ Abbas said.

But the greater concern is in the outlandish lifestyle of those who should be cautious about the perilous and state of the country. They rather chose to live above their means and drive the costliest automobiles in town in a country with high multidimensional poverty with the 2022 National Multidimensional Poverty Index (MPI) indicating that 63 percent of the population (133 million people) are multi-dimensionally poor

Today, it is safe for leaders to reel out their efforts in steadying the economy, but at the same time they flaunt their lavish lifestyles before the traumatized citizens. Confucius, Chinese philosopher, said: ‘In a country well governed, poverty is something to be ashamed of; in a country badly governed, wealth is something to be ashamed of.’

What this means is that when a government is effective and provides for its people, the existence of poverty is a sign of a societal failure, reflecting a lack of capability in the populace. Conversely, in a poorly governed society, immense wealth (such as the one being exhibited by leaders) can be seen as a symptom of corruption or exploitation of others, making it a source of shame.

Security

On this front, Nigeria has moved from a nation where citizens moved freely in the past to a point where any movement from one part of the country to another is fraught with enormous danger. Killers in the name of bandits, kidnappers, organ harvesters, Boko Haram and other assorted criminals lay siege every inch of the way, so much so that Nigerians now engage in days of prayer and fasting before they embark on interstate journeys. In those days, parents would hand over their children to complete strangers travelling with commercial busses or train to another part of the country, several kilometers away. Those children arrived their destinations in peace. Such things no longer happen today. Only politicians with heavy armada of security personnel and body guards easily move around these days. Nigeria has descended to a level where communities are signing memorandum of understanding (MoU) with bandits to be allowed to live in peace in their own domain.

Housing

This is another serious challenge in the country. With housing deficit over 20 million, many citizens live in unhealthy environments. Thousands of citizens live and sleep under the bridges and in uncompleted buildings in cities whereas their leaders in government live in palatial homes provided for them with tax payers’ money. They also own multiple houses within and outside Nigeria. A good number of public office holders are said to hide stolen wealth in real estate. High rise buildings and estates are built in highbrow areas of the country and in undeveloped places in Abuja, Lagos and other places across the country.

These buildings are left uninhabited for many years because the owners did not make the money in clean ways. Such buildings serve as store of value, whereas people are homeless everywhere.

Education

The story of education in Nigeria has moved from one that was qualitative to being wishy-washy as a result of many years of neglect of the sector. In the early years after Independence, the nation’s universities attracted students from foreign countries, who deliberately proffered to school in Nigeria to other places. They admired the quality education in Nigeria and they got it.

In those days, there were scholarships to certain levels which enabled children from poor homes to go to school. Many of them, upon graduation, got good jobs through which they lifted their poor families. But as years rolled by, those who were responsible for making policies for the nation’s education watered down everything and scholarship became a matter of ‘who you know.’ Corruption also became entrenched in the system. Education budgets became food for the boys and government schools began to lose their charm. Then, those who used to come from other lands became discouraged and disinterested. Private schools began to spring up to the point that quality became compromised.

Public office holders and other wealthy Nigerians began to send their children abroad for studies. Although Nigeria today has about 276 registered universities (73 federal, 67 state and 136 private) according to the National Universities Commission (NUC), many of them are just existing by name. The growth of a nation’s education cannot be determined by the number of schools there are in a country. It is the quality that determines it. The most pathetic story is that over 70 percent of the graduates every year do not have a job. Many of them are forced to go into ‘menial jobs’ to eke out a living. There is the need, urgent need for that matter, to declare an emergency in the nation’s education sector.

Healthcare

Perhaps, no other sector captures the stunted growth of Nigeria than the health sector. There is no denying the fact that a lot is being done and has been done, but they all amounted to ‘too little too late’. In the past, many Nigerians believed so much in the health institutions in the country. The Lagos University Teaching Hospital (LUTH), University Teaching Hospital (UCH) Ibadan, University of Nigeria Teaching Hospital (UNTH) and a few others were go-to places and gave Nigerians hope, but today, they have become a shadow of their old selves. Apart from chronic dearth of qualified personnel because of the ‘japa’ syndrome occasioned by frustrating operating environment, the high cost of running the facilities has hampered quality service delivery. Today, such institutions are groaning under the weight of high electricity bill among others. The neglect of the nation’s healthcare sector became total when presidents and other public office holders began to jet out to London, France and India to treat throat and ear infections.

Deepening fault lines

Many Nigerians, except those in government, speak in tandem that Nigeria is perhaps, more divided today than it has ever been in its 65 years. The acclaimed social cohesion is non-existent, and the evidence is everywhere. What many Nigerians are seeing today is a nation that is being gradually driven to a precipice. People now talk about their ethnic leaning more than their Nigerianness. People today are apprehensive living outside their geo-political zones. These are no signs of a progressive country. And as e dey sweet the powers that be, e dey pain the people!

While the leaders revel in endless enjoyment and claim of a burgeoning nation, the masses are gnashing their teeth and the nation continues to totter.

One thing that has so much affected the country is the increasing trust deficit. Until the ruling class begins to win back the trust of the people, the expected growth may continue to be in the realm of aspiration.

ýTo mark Nigeria’s 65th Independence anniversary, Ademola Adeleke the governor of Osun State has granted amnesty to 36 convicts currently serving sentences at the Nigerian Correctional Service facilities in Ilesa and Ile-Ife.

ýThe gesture, according to a statement by Mallam Olawale Rasheed, the governor’s spokesperson, was made in line with the powers conferred on the Governor under Section 212 of the Constitution of the Federal Republic of Nigeria (1999 as amended), follows the recommendations of the State Advisory Council on Prerogative of Mercy.

ýAdeleke, in a proclamation issued under his hand and the Public Seal of Osun State, dated September 24, 2025, declared that: ý’WHEREAS, the Governor of Osun State of Nigeria has granted amnesty to the convicted persons listed and attached hereto, who are subject to the jurisdiction of Osun State; NOW KNOW YE THAT I, Senator (Dr.) Ademola Jackson Nurudeen Adeleke, the Governor of Osun State of Nigeria, in exercise of the powers conferred upon me by Paragraph (a) Subsection (1) of Section 212 of the Constitution of the Federal Republic of Nigeria 1999 (as amended), and acting in accordance with the Advisory Council of State designated under Subsection (2) of the said Section, am graciously pleased to extend my mercy to the said thirty-six (36) convicts.

ýý’By this act, I remit and release unto them all pains, penalties, and punishments whatsoever that may have accrued from their convictions, and I hereby require all to whom it may concern to take due notice thereof. AND FOR SO DOING, this shall be a sufficient warrant. Given under my hand and the Public Seal of Osun State, Nigeria, this 24th day of September, 2025.’

ýOlawale further revealed that the beneficiaries include men and women convicted mostly of minor offences such as stealing and conspiracy, many of whom had served substantial portions of their sentences. ýFrom the Ilesa facility, those pardoned include Kehinde Ganiyu, Isiaka Mohammed, Oluwatosin Femi, Adebisi Adeniyi, Rotimi Paul, Oyewole Sunday, Ojo Adewale, Tajudeen Ridwan, and Jokotola Quadri, Akinola Taofeek, Onibukun Adebisi, Azeez Afeez, Abdulgafar Quadri, Udoh Monday O., Babawale Saheed, Olasunkanmi Wasiu, Adetoro Toheeb, Mudashiru Lawal, and Ismaila Wahab, as well as Yinka Oyeniyi, Olaniyan Taofeek, Sheu Mumini, Ololade Bashit, Musibau Abdulkareem, Jamiu Sulaeeb, Jeremiah Ayuba, Abimbola Samad, Oladeji Tosin, and Mathew Samuel.

ýFrom the Ile-Ife centre, the amnesty covers Yusuf Ola, Oyedeji Sunday, Ojo Olaoluwa, Ogunola Rafiu, Ayomide Amos, Usman Adefisan, and Adedigba Abiodun.

ýThe governor emphasised that the decision reflects the spirit of compassion, justice, and renewal which Nigeria’s Independence Day represents.ý

ýHe added, ‘As a government of the people, we remain committed to upholding justice while extending mercy to deserving citizens. This amnesty is not only a gesture of freedom but also a call for true rehabilitation, reintegration, and a fresh start for these individuals.’

The travel and tourism industry plays a major role in Nigeria’s economic development. In this interview with BusinessDay, IFEANYI EZEOKOLI, the MD/CEO, Incel Holidays and Tourism Limited, highlights the innovative ways Incel Holidays is redefining the tourism industry in Nigeria. Excerpts:

The tourism sector, to a very large extent, gives the state of health of the country. How has your experience been in Nigeria’s tourism sector, especially in the last 2 years?

The last two years have been both challenging and inspiring. On the challenging side, we have had to deal with rising costs in the industry from flights, visas, and even processing our local passports due to the exchange rates. I would also add that there are also infrastructure gaps and global travel restrictions that have reshaped customer expectations. Some years ago, you could travel to Dubai with N500,000 with flight, hotel, and visa inclusive; now N500,000 can barely cover return flights even to neighbouring Ghana.

But on the positive side, there has been a strong shift in interest towards other international destinations, including our very own domestic tourism. More Nigerians are realising that they don’t always have to go abroad to enjoy rich culture, scenery, and relaxation. Taking a cue from the last ‘Detty December’ in Lagos, seeing how Nigerians and foreigners trooped into Lagos to enjoy the excitement Lagos has to offer. That shift has kept the sector alive and given us hope for bigger opportunities ahead. Besides Lagos, we should remember Calabar Carnival, Obudu Resort, Ikogosi, and other interesting places within Nigeria.

More Nigerians are realising they don’t always have to go abroad to enjoy rich culture, scenery, and relaxation-Ezeokoli

What unique features stand your firm out in the nation’s holiday and tourism sector?

At Incel Holidays and Tourism Limited, we offer more than just travel planning. We provide complete solutions for our clients – end-to-end travel service, which includes affordable flights, smooth visa processing, hotel bookings, transfers, corporate travels, airport protocols, and guided tours. We have holiday packages designed to be fun-filled and convenient. Also, on request, we create bespoke holiday packages so our customers can focus on enjoying their trip while we take care of everything else. This ability to simplify travel for individuals, families, and corporate clients has helped us gain the trust of our customers over the years.

There are so many players in Nigeria’s tourism industry. How does your firm handle competition and disruptions in the industry?

Travel and tourism in Nigeria is a highly competitive space. However, we don’t approach it with fear. Instead, it pushes us to be innovative, go the extra mile to satisfy our customers while staying flexible.

When challenges come up-like changes in exchange rates, flight cancellations, or new rules-we adjust quickly. We negotiate new deals, look for new destinations, and keep open communication with our clients. This ability to adapt, along with our personal touch, helps us succeed in a very competitive industry.

The new government policies concerning exchange rates and subsidy removal created opportunities and new challenges. Could you please share your experience on how your firm tapped the opportunities and addressed the new challenges?

The policies definitely raised travel costs, but they also pushed us to think smarter. We leveraged stronger partnerships with airlines, other agencies, travel vendors, and hotel groups to secure discounted deals. We also expanded our domestic travel options, encouraging Nigerians to visit and see places in Nigeria. We have invested in reaching more customers around the world, using our Dubai branch as a key example. We are also using digital tools to provide our clients with more flexible payment options. While we faced challenges, these also gave us the opportunity to diversify and innovate. Nigeria will be 65 years old on October 1st. What message do you have for the country’s leaders at the federal and state levels?

At 65, Nigeria has much to celebrate, but we also need to look forward. I want our leaders to understand that tourism can be an integral part of our economy if we focus on it. Investing in infrastructure, safety, and promoting our destinations will attract foreign visitors and encourage Nigerians to explore their own country. If the government and private sector collaborate effectively, tourism can create as many jobs and contribute to the nations GDP as much as the oil and gas industry in the next ten years.

The Yuletide season is almost here and it is the time of the year customers expect a unique experience. Any special packages in the pipeline for your current and prospective clients?

Yes, this Christmas we have put together packages that give our clients something truly memorable. For those who want to explore closer to home, we are running a 7-DAY CHRISTMAS ADVENTURE ACROSS FOUR WEST AFRICAN CITIES, COTONOU, OUIDAH, LOMÉ, AND ACCRA.

It is a mix of history, culture, and fun, with stops at places like the Amazon Statue in the Republic of Benin, Casa del Papa resort, a Lomé boat cruise, and Accra’s Kwame Nkrumah Park. It promises to be a thrilling and relaxed road trip in a comfortable air-conditioned bus. The tour runs from 22nd – 28th December, 2025. This special offer allows clients to deposit only 30% by 15th October, and the balance due by 25th November, 2025.

For travellers looking further abroad, we have created a Singapore package that covers four nights of sightseeing, including Merlion Park, the famous Cable Car ride, and a guided tour of Scentopia. Everything from the visa to airport transfers and hotels will be handled by us thus making the trip stress-free. This valid from 1st September 2025 to 20th January 2026.

And for sports fans, December is extra special because of the AFCON 2025 in Morocco from Dec 21 to 31, 2025. Our Package takes you to three live Super Eagles matches, with 10 nights’ accommodation, tours, visa support with flights included.

Our Christmas package this year is different from the norm, as there are options that fit different target markets in the travel space. For those looking for a ONE-STOP travel partner this Yuletide season, Incel Tourism offers you everything from visa assistance and processing to flight tickets, hotel bookings and airport transfers. Our end-to-end solutions make your travel easy and stress-free. For bookings and further enquiries Call/WhatsApp 09113218885, 09113218886 or mail [email protected]

What is the outlook for the holiday and tourism sector in Nigeria?

The future is definitely bright for Nigeria’s tourism industry. Nigerians love to travel and experience new things. Aside from wanting to ‘JAPA’, more people are looking to build their travel history for either tourism or relocation to study or work. The Nigeria travel space has better online booking options and greater awareness of local attractions; the tourism sector is growing. If the government invests in the travel and tour industry and collaborates with private businesses, Nigeria’s tourism industry can become one of the strongest in Africa in the coming years.