Category: Business Day

Aniete Udoh, one of Nigeria’s most respected communications leaders, has stated that the future of branding will not be defined by the loudest voices but by the most authentic storytellers.

Udoh, who is the divisional director at Marketing Edge, argues that in a world where consumers are increasingly skeptical and quick to challenge brands, credibility and cultural grounding must sit at the heart of modern communications.

‘Your story is your brand. If you are not telling it, someone else is, or worse, nobody is hearing it at all. You don’t need to wait to become rich or famous before telling your story. Start now. Start where you are. With what you have,’ Udoh said.

With nearly two decades of experience across journalism, PR, brand strategy and marketing, Udoh has played a central role in elevating Nigerian creativity onto the global stage. Under his leadership, Marketing Edge evolved from a trade journal into one of Nigeria’s most influential communications platforms, becoming the first Nigerian media partner at global events such as Cannes Lions, the Loeries, and the New York Festivals.

His own expertise has also earned international recognition. In 2025 alone, Udoh was named to the PR Power List and appointed as juror for the Effie Awards South Africa, the AME Awards Grand Jury, and the Native Advertising Awards Global Panel. These appointments mark a shift in how Nigerian professionals are viewed on the world stage – as credible voices shaping, not just following, global trends.

Udoh has been a leading advocate for treating storytelling not as a marketing tactic but as a strategic foundation. He has pushed brands and agencies to recognise the value of micro and nano influencers, whose cultural fluency and grassroots credibility make them powerful communicators.

Data shows that Nigerian brands now dedicate up to 35 percent of their budgets to influencer campaigns, a development Udoh helped frame as an investment in authenticity rather than a passing trend.

Equally central to Udoh’s philosophy is ethics. He cautions against the temptation to chase short-term visibility at the expense of credibility. ‘The lesson is clear: long-term credibility trumps short-term visibility,’ he said.

In a country where public trust in institutions is fragile and social media backlash can be immediate, Udoh insists that campaigns must be rooted in cultural authenticity and social responsibility.

For young Nigerian professionals entering a N605 billion ($725 million) advertising industry still battling uneven growth and regulatory hurdles, Udoh’s career offers both a roadmap and a challenge. His rise shows that professionals can build platforms at home that meet global standards, gain recognition abroad without losing local grounding, and redefine branding through authentic, ethical storytelling.

As he puts it: ‘The future will not belong to the loudest people. It will belong to those who can tell their truth well.’

There is an African proverb that says, ‘The ruin of a nation begins in the homes of its people.’ At 65, Nigeria embodies that warning. It is a country that dazzles abroad but stumbles at home. Nigerians shine in Ivy League classrooms, Silicon Valley start-ups, Nollywood studios, and global laboratories. Yet, within its own borders, the so-called giant of Africa often lies prostrate, a giant in name but a dwarf in practice.

‘Governance treats Nigerians as obstacles to be managed, not citizens to be served. But governance rooted in care is not sentimentality; it is strategy. A government that guarantees education, health, and housing earns legitimacy.’

This contradiction encapsulates Nigeria’s narrative of independence: as a concept, the nation is significant; as an experiential reality, it falters. Every generation seems to know what must be done, but too many remain invested in doing what is wrong. Failure is inherited like family property, while decay is dressed up as progress. Each government leaves its citizens nostalgic for the very failures they once condemned. We idolise the past, mourn the present, and dread the future. What confronts us is not just a leadership crisis but a structural, cultural, and philosophical collapse.

Nigeria’s decline is no secret. It is etched in global rankings. In the 2024 UN Human Development Index, Nigeria sits at 161st of 193 countries, behind Ghana, Kenya, and even war-torn Syria. Poverty grips over 133 million people in a country blessed with oil and fertile land. The World Bank estimates youth unemployment at 33 percent, a ticking time bomb in a nation where 70 percent of the population is under 30.

Corruption remains the national operating system. Transparency International’s 2024 index ranks Nigeria 145th of 180 countries. Infrastructure is crumbling, and basic services, power, clean water, healthcare, have become luxuries. Instead of uniting citizens, the state institutionalises division by classifying them as ‘indigenes’ and ‘settlers’. Identity, not merit, determines access.

Governance at every level reflects disorientation. We build institutions without blueprints, spend without investment, and generate outputs without meaningful outcomes. Elections change faces but rarely systems. Without a revolution in thinking, victories at the ballot will only recycle dysfunction in new costumes.

Politics is not foreign to culture; it is culture made visible. In Nigeria, governance reflects the culture of short-term survival, not long-term planning. From elites who loot budgets to ordinary citizens who sell votes, complicity is widespread. The obsession with public office as the only route to success chokes innovation in business, arts, and science. Activism too often mistakes noise for impact, while social media becomes a substitute for strategy.

Yet the dysfunction is not total. There are flickers of progress: Edo’s digital education reforms, Lagos’ improvements in tax collection, and Enugu’s expansion of health insurance. These show that change is possible when leadership aligns with vision. But such examples remain exceptions rather than norms.

At 65, Nigeria can no longer afford cosmetic reforms. The rebirth must be intentional, designed around systems that reward excellence, build trust, and channel human potential into collective progress. reformEconomic productivity: Oil dependency has trapped Nigeria in volatility. Investment must shift to manufacturing, digital innovation, and agriculture value chains to absorb its restless youth.

Decentralization: A country of 200 million cannot be micromanaged from Abuja. True federalism, where states control resources and citizens hold governors accountable, is a more pragmatic route than endless centralisation.

Citizen responsibility: Leaders emerge from the culture that produces them. Nigerians must refuse to sell votes, glorify stolen wealth, or excuse mediocrity. Change cannot be outsourced solely to the political class.

Rebuilding Nigeria requires more than policy; it requires trust. Today, citizens pay bribes for birth certificates, healthcare, passports, and jobs. Governance treats Nigerians as obstacles to be managed, not citizens to be served. But governance rooted in care is not sentimentality; it is strategy. A government that guarantees education, health, and housing earns legitimacy.

Public servants trained in empathy as much as administration can restore dignity in everyday encounters.

Trust cannot be manufactured by propaganda. Nigerians are exhausted by slogans. What they demand is meaning, not marketing; results, not rhetoric. Leadership must be judged by integrity and delivery, not by propaganda machinery or personality cults.

Nigeria at 65 is not a failed state, but a fighting one. The problems are real, but so is the potential for rebirth. The same nation that exports talent across the globe can channel that brilliance inward. But this will not happen by accident. It must be demanded, designed, and delivered.

South Korea, also 65 years past its Korean War devastation, is now a global economic power. Rwanda, despite its dark history, has rebuilt its institutions with discipline and vision. Nigeria has no excuse. Age must come with wisdom, not perpetual folly.

If independence anniversaries mean anything, Nigeria’s 65th should not be a ritual of empty speeches but a moment of reckoning. It must call leaders and citizens alike to rebuild a nation that reflects the greatness of its people. The choice is stark: remain trapped in dysfunction or design a future worthy of the name ‘giant of Africa’.

At 65, Nigeria is too old to be this broken.

Commercial banks’ deposits with the Central Bank of Nigeria (CBN), through the Standing Deposit Facility (SDF), climbed to a record N5.5 trillion on Tuesday, following the repayment of Open Market Operation (OMO) bills

OMO refers to the buying and selling of government securities in the open market as a tool used to regulate liquidity, control inflation, stabilise interest rates, and maintain overall monetary stability. It is operated by the CBN.

The CBN repaid N731.13 billion to investors on Tuesday, pushing banks’ deposits with their regulator to an all-time high of N5.5 trillion, according to data. The surge followed an earlier increase on Monday, when the SDF reached N5.38 trillion, boosted by excess liquidity from the Federation Account Allocation Committee (FAAC) disbursements and OMO repayments.

In September 2025 alone, the CBN conducted OMO repayments worth N1.2 trillion. These included N731.13 billion on September 30, N254.9 billion on September 23, and N204.9 billion on September 16.

In the OMO bills secondary market on Tuesday, the overall average yield across the curve fell by 44 basis points to 21.00 percent, down from 21.44 percent the previous day, according to FSDH Research. Average yields across short-term, medium-term, and long-term maturities declined by six basis points, 80 basis points, and 48 basis points, respectively. The January 6, 2026 OMO bill saw strong investor demand, with yields dropping by 180 basis points.

Despite the rise in deposits, banks’ opening balance dropped to N2.297.63 trillion on Tuesday, representing a 12.19 percent decline compared to N2.338.97 trillion recorded on Monday.

Nigeria’s broad money supply (M3) surged to an all-time high of N199.5 trillion in August 2025, reflecting the CBN’s tight monetary policy stance aimed at curbing inflation and stabilising the economy.

CBN data further show that money supply increased by 11.5 percent year-on-year, reaching N119.52 trillion in August 2025, compared to N107.19 trillion in August 2024. On a monthly basis, it grew by 1.7 percent from N117.49 trillion in June 2025, though the data for July 2025 was not provided.

Currency in circulation recorded a significant decline of 18.84 percent, falling to N4.92 trillion in August 2025 from N4.14 trillion in August 2024. On a month-on-month basis, it declined marginally by 1.6 percent from N5.00 trillion in June 2025, according to the latest CBN data.

Credit to the private sector also contracted, dropping to N73.83 trillion in August 2025, a decline of 1.2 percent compared to N74.73 trillion in August 2024. On a monthly basis, private sector credit fell by three percent from N76.14 trillion in June 2025.

Similarly, credit to the government by banks fell sharply, plummeting by 25.75 percent year-on-year to N23.13 trillion in August 2025 from N31.15 trillion in the same period of 2024. On a month-to-month basis, lenders’ credit to the government declined by 2.48 percent from N23.72 trillion recorded in June 2025.

Commenting on these developments, Aloysius Uche Ordu, a member of the Monetary Policy Committee (MPC), noted in his personal statement of July 2025 that the monetary base continued to reflect the CBN’s tightening stance, with a moderation in currency in circulation. He added that capital market activities suggested improved transmission of monetary policy, while investor appetite for Nigerian treasury bills remained firm.

Also in her statement at the July 2025 MPC meeting, Lydia Shehu Jafiya, another committee member, observed that monetary aggregates rose, with Broad Money (M3) increasing by 43.65 percent year-to-date in June 2025, largely due to the growth in Net Foreign Assets (NFA). She explained, however, that this factor had minimal impact on inflationary pressures when compared with growth in Net Domestic Assets (NDA), which plays a more direct role in driving inflation.

Kenyon International, an indigenous oil and gas servicing company, has celebrated its 10th anniversary with a pledge to push Nigeria’s crude oil production beyond three million barrels per day, building on its track record of reviving idle and abandoned wells.

At the anniversary event held in Lagos, Victor Ekpenyong, the company’s Chief Executive Officer, said Kenyon had grown from its establishment in 2015 into a trusted partner in the energy industry by focusing on brownfield development and deploying advanced technologies to restore output.

‘Today, Nigeria produces over 1.5 million barrels of oil per day, and that continues to grow. We are proud that Kenyon has been part of this progress. Our mission is to continue reviving idle and ‘dead’ wells, introduce flexible evacuation technologies, and ultimately help Nigeria surpass 3 million barrels per day,’ Ekpenyong stated.

‘I believe that Nigeria’s hydrocarbons are the backbone of our industrial growth’, he added. ‘Our vision at Kenyon is to harness these resources responsibly by investing in technologies that allow us to process them locally, reduce dependence on exports, and create real opportunities for our people. This is how we intend to build energy security today while preparing for the cleaner alternatives of tomorrow’.

Looking ahead, he emphasised that Kenyon’s focus for the next decade will be innovation and collaboration, particularly in addressing production and evacuation challenges. He spotlighted the company’s deployment of Interwell MSAS technology, which restored more than 7,000 barrels per day without production disruption, delivering over 2 million barrels to date.

Kenyon International is an indigenous oilfield service company established in 2012, specialising in well intervention, completion, and control solutions. Providing services such as drilling completion support, wellhead maintenance, idle well management, and emergency blowout response, Kenyon has a proven track record in restoring production, including stabilising collapsing wells.

Meanwhile, Francis Nwaochei, Chairman of the Society of Petroleum Engineers (SPE) Nigeria Council, applauded Kenyon as a top supporter of SPE’s vision, particularly in advancing technology dissemination and youth development.

‘Kenyon has truly distinguished itself, not just through technical excellence but through a genuine commitment to people and industry growth.

‘Their support has helped us empower students, professionals, and the wider community, and I am confident that they will keep raising the bar for innovation and excellence in Nigeria’s oil and gas industry,’ he said.

As part of its anniversary initiatives, Kenyon International awarded scholarships to outstanding university students, reinforcing its commitment to youth empowerment and capacity building in the Nigerian oil and gas industry.

Siminalayi Fubara, governor of Rivers, has relieved commissioners and other public officers affected by the recent Supreme Court judgement of their appointments.

Fubara announced the decision in Port Harcourt on Wednesday during a valedictory session with his cabinet, held as part of activities to mark Nigeria’s 65th independence anniversary.

The governor said independence remains a milestone in Nigeria’s history and urged citizens to support President Bola Tinubu’s administration.

‘Furthermore, the governor has relieved all commissioners and other public officers affected by the recent Supreme Court judgement of their appointments with immediate effect,’ Nelson Chukwudi, Fubara’s spokesperson, said in a statement.

Fubara then thanked members of his cabinet for their services and pledged to continue leading the state ‘with renewed vigour.’

In February, the Supreme Court recognised the Martins Amaewhule-led faction of the Rivers State House of Assembly as the authentic legislature. The rival Victor Oko-Jumbo-led faction – loyal to Fubara – was not recognised, nullifying its approvals of commissioner nominees and other appointments.

The Amaewhule faction is allied with Nyesom Wike, minister of the Federal Capital Territory, and Fubara’s estranged political benefactor.

The tussle between both camps had triggered a six-month state of emergency declared by President Tinubu in March. The measure was lifted on September 17, with Tinubu directing Fubara, his deputy Ngozi Odu, and the assembly to resume duties.

After his return, Fubara said he had reconciled with Wike and called on Rivers residents to embrace peace, stressing that ‘the costliest peace is cheaper than the cheapest war.’

A new report has delivered a damning verdict on the state of transparency in Nigeria’s public sector, showing that only six out of 517 Ministries, Departments and Agencies (MDAs) met the minimum benchmark for accountability in 2025. The shocking figure leaves 511 agencies nearly 99 percent stuck in what the report describes as the ‘red zone,’ where lack of transparency, poor integrity measures, and weak compliance systems dominate.

The findings, contained in the 2025 Transparency and Integrity Index (TII), paint a bleak picture of governance and raise fresh questions about how public institutions handle taxpayers’ money, implement projects, and interact with citizens. For ordinary Nigerians, the figures are more than just statistics. They point to a broken system that directly affects livelihoods, service delivery, and public trust.

‘I am not surprised at all,’ Maryam Yusuf, a secondary school teacher in Kaduna who has struggled for over a year to get her pension processed told BusinessDay. ‘When you go to these offices, it feels like you’re begging for what belongs to you. Files disappear, people hint at bribes, and there’s no one to hold accountable. This report only confirms what Nigerians already know.’

Her story mirrors the frustrations of millions who encounter inefficiency and corruption in everyday dealings with government agencies from passport applications and driver’s licenses to healthcare and education services. The 2025 TII ranked MDAs on key indicators such as transparency in budgeting, adherence to ethical codes, disclosure of information, implementation of anti-corruption policies, and public accessibility of data. Out of 517 agencies assessed, only six crossed the minimum benchmark required to be considered ‘transparent and accountable.’ The remaining 511 were classified in the ‘red zone,’ a category that highlights severe gaps in integrity practices. Experts say this is not just a governance issue but also a drain on Nigeria’s economic potential.

‘An institution in the red zone is one that cannot give citizens confidence about how resources are managed,’ explained Michael Daramola, a governance analyst based in Abuja. ‘When you have 99 percent of agencies in this state, it means wastage, corruption, and inefficiency are almost systemic. The effect is poor service delivery, stalled development projects, and public distrust.’

The timing of the report is particularly striking. Nigeria is facing rising unemployment, mounting debt, and growing pressure to deliver on basic services such as healthcare, education, and security. Yet, public institutions remain bogged down by opacity. Citizens in rural communities often lament abandoned projects. A farmer in Ogun State, James Olaleye, recalled how his community was promised irrigation support under a federal program launched three years ago. ‘They came, took pictures, made announcements, but nothing followed,’ he said. ‘We never knew what happened to the funds. Reports like this show why projects vanish and the system itself hides the truth.’

The poor performance of MDAs also feeds into the broader problem of declining trust between citizens and the government. According to surveys, fewer Nigerians believe that government institutions work in their interest. Transparency experts warn that this growing distrust could weaken democracy. ‘When citizens cannot access information or demand accountability, the gap between the government and the governed widens,’ said Prof. Amaka Nwosu, a political scientist. ‘This report underscores that reforms are not optional, they are urgent.’

The six agencies that managed to scale the benchmark were not named in the initial summary, but analysts note that these institutions tend to have stronger leadership commitment to transparency, greater use of technology, and external pressure from civil society. Their performance shows that improvement is possible if deliberate steps are taken. Civil society groups have been quick to highlight this. ‘We cannot just dwell on the failure of the 511,’ said Hassan Bello, director of a Lagos-based accountability NGO. ‘The success of the six agencies should be studied and replicated. It means transparency is not impossible in Nigeria. It only requires willpower and systems that are open to scrutiny.’

The TII recommends reforms such as digitizing service delivery, enforcing compliance with existing transparency laws, strengthening whistleblower protections, and making budget and procurement information easily accessible to the public. For citizens, however, the call is simple: they want institutions that work. ‘We don’t want to read about billions allocated every year while hospitals have no drugs and schools have no chairs,’ said Yusuf, the teacher. ‘Let government agencies be open. Let them show us where the money goes.’

Observers say that unless urgent action is taken, the cycle of corruption and inefficiency will continue. Beyond publishing reports, they argue, there must be consequences for agencies that consistently fail to meet standards. ‘Transparency is not a luxury; it is the foundation of development,’ said . Daramola. ‘If Nigeria wants to reduce poverty, attract investment, and rebuild public trust, then integrity in MDAs must become non-negotiable.’

Ground Handling Companies or Agents (GHAs) are said to be overwhelmed with needless high staff numbers who are just managing inefficiencies across Nigerian Airports.

Concerns have been raised on the need to engage permanent staff to handle each airline’s own system because the tech solutions are either inappropriate, not properly framed and many have now resulted to only perfecting Flight Manifest Message and jettisoning the other needed information such as Notification for Delivery, Received from Flight, Document Identifier without working hard to get these needed information services to the airlines.

Also, old technologies have not been harnessed as at present, although there are attempts to upgrade, upscale, and new technologies with improved solutions (such as user friendliness and more control).

These concerns were raised by Seyi Adewale, chief executive officer, Mainstream Cargo Limited, at the 5th CHINET Aviacargo Conference at the 21st Akwaaba African Travel Market in Lagos.

During his presentation, he disclosed that different airlines have different tech solutions used by GHAs that negatively impact on costs, manpower utilisation, and overall efficiency in the air-cargo process.

According to Adewale, there is inadequate tech communication between primary segments in the air-cargo business (airline to customs, GHA to airlines, GHA to consignee) and resultant higher charges to consignee (demurrage, pass on running costs, etc).

He further noted that there are higher running costs on airlines that need to have a retinue of ground staff to operate and manage some aspects of the ground handling process, or the inefficiencies.

‘GHAs need to employ a higher number of staff to manage different processes evoked by the airlines because of technological lapses or inadequate or improper communication.

‘Customs’ slower process of clearing or managing their tech platforms (what is the effective resumption time of a Customs officer in the CPC Unit). I dare say from 10 a.m.!’ he said.

He mentioned that there are downtimes due to poor tech infrastructure support (electricity, backups, etc) and last-mile user frustration.

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.