Category: Business Day

The naira on Monday recorded a marginal loss against the dollar across foreign exchange (FX) markets, following a decline in weekly inflows.

Data from the Central Bank of Nigeria (CBN) showed that after trading, the naira closed at N1,470.26 per dollar, representing a 0.3 percent depreciation from N1,465.67 quoted on Friday at the Nigerian Foreign Exchange Market (NFEM).

At the parallel market, also known as the black market, the local currency weakened by N25, with the dollar quoted at N1,485 on Monday compared to N1,460 at the close of trading on Friday.

Activity levels also moderated slightly at the NFEM window, where total FX inflows stood at $835.60 million, lower than the $1.18 billion recorded in the previous week, according to a report by Coronation Merchant Bank.

By composition, foreign portfolio investors (FPIs) contributed the largest share of inflows at $259.11 million (31 percent), followed by exporters at 20.3 percent, foreign direct investments at 19.9 percent, non-bank corporates at 8.9 percent, the CBN at 14.89 percent, and other sources at 12.2 percent.

Despite the decline in inflows, Nigeria’s gross external reserves recorded a slight uptick, rising by 0.36 percent week-on-week, or $150.99 million, to $42.41 billion.

Analysts at Coronation Research said, ‘We expect the naira to maintain its positive trajectory across FX segments this week, underpinned by CBN support and foreign inflows, barring any external domestic or global shocks.’

Last week, the naira strengthened across both the official and parallel markets, supported by sustained CBN interventions and steady foreign inflows. At the NFEM window, the local currency appreciated by 1.02 percent week-on-week to close at N1,465.68 per dollar, while in the parallel market, it advanced by 2.75 percent to N1,455 per dollar.

Consequently, the gap between the two markets narrowed to -N10.68, representing a 0.73 percent premium on the official market rate, from N14.34 a week earlier, as speculative activities eased amid the typical seasonal demand surge associated with the start of a new academic year and the end of the summer holiday period.

Nigeria’s economy needs to grow between 7 to 10 percent to create 4.5 million annual formal jobs needed to keep unemployment in check, according to the Nigerian Economic Summit Group (NESG).

Wilson Erumebor, senior economist at NESG in a presentation said nine in 10 Nigerians are struggling to make ends meet, urging the government to ‘urgently’ create a job and productivity agenda or risk jobless growth soaring to 30 percent.

‘By 2030, Nigeria’s working age population is projected to rise to 168 million and to keep unemployment rate at current level, we estimated at the NESG that we have to create 27 million jobs in the next five years,’ Erumebor said at a session themed ‘From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria.’

‘And that’s 4.5 million jobs every single year and if we succeed, our young population will be the agent of economic transformation and prosperity. Our economy has to grow faster. It has to grow in the range of 7 to 10 percent annually.’

The country’s economy grew at its fastest pace in five years to 4.23 percent in Q2 2025 but it’s expected to close at 3.4 percent, projections by the International Monetary Fund show. That growth might not be enough to create jobs that would engage a population estimated to reach 275 million by 2030 and 428 million in the next 25 years.

Meanwhile, Nigeria’s unemployment rate as at the last time official data was published stood at 4.3 percent in the second quarter of 2024 with over 90 percent in the informal sector.

While the jobless rate seems low, Erumebor argued that many Nigerians are ‘overworked and underpaid’, thereby leaving the citizens trapped in vulnerable, low productivity jobs.

Data from the NESG report reveals that over 80 percent of Nigeria workers are in sectors and activities in low productivity. In other words, the least productive sectors employ the most workers in Nigeria.

According to the economist, the Information, Communication and Technology sector has high productivity but employs fewer people while trade and agriculture employs a larger part of the workforce but has very low productivity.

‘This means that the kind of jobs that’ll lift people out of poverty are not being created in large numbers. It then means that productivity across our economy is very low, holding back growth and shared prosperity.’

Limited depth of Nigeria’s private sector which should power economic growth stalls productivity and by extension, employment opportunities, Erumebor said.

According to the National Bureau of Statistics, many Nigerian states are the single largest employer of labour, a title that should be earned by the private sector.

NESG also points to skills mismatch as part of the root causes of low productivity, stressing that many Nigerians lack the technical and digital skills to access quality jobs.

Nigeria’s educational system also needs to improve to boost productivity. The NESG report found that while millions of students are out-of-school, those in school are not learning as they should as only 46 percent of children aged four to six years can name at least 10 letters.

According to Erumebor, sectors that drive economic growth does not drive jobs, revealing that the top five sectors that powered the country’s economic growth in 2023 only employ 1.5 percent of the workforce.

‘Meanwhile, you have manufacturing, construction and a few others that have the capacity to absorb labour and create high productivity are struggling,’ he said.

Adebayo Adelabu, minister of power has said that power sector revenue is expected to exceed N2 trillion, up from N1.7 trillion recorded in 2024.

This increase in revenue according to the Minister is driven by the tariff policy reform being implemented by the government.

The tariff policy reform was introduced in April 2024, when the Nigerian Electricity Regulatory Commission (NERC) approved the increase in the tariff payable by band A electricity customers, those who enjoy up to 20 hours of electricity a day, to N225/kWh.

The minister hinted on the expected revenue at the 31st edition of the Nigerian Economic Summit (NES31) in Abuja on Monday.

According to Adelabu, through tariff policy reforms which enabled cost-reflective tariffs for select consumers, electricity supply reliability has improved while reducing energy costs for industries.

He added that the industry revenue as a result of the tariff policy increased by 70 percent to N1.7 trillion in 2024 compared to previous year and the revenue is expected to exceed N2 trillion for 2025.

‘This marks the first comprehensive, sector-wide policy framework in nearly two decades, and we deeply appreciate the industry experts and development partners many of whom are here today for their invaluable contributions in achieving this milestone.

‘On sector commercialization, the government is deepening power sector commercialization to strengthen revenue, liquidity, and investor confidence.

‘Through tariff policy reforms which enabled cost-reflective tariffs for select consumers, supply reliability has improved while reducing energy costs for industries, and industry revenue has increased by 70 percent to N1.7 Trillion in 2024 compared to previous year and the revenue is expected to exceed N2 trillion for 2025,’ he said.

He explained that the Ministry has developed the Integrated National Electricity Policy, approved by the Federal Executive Council in February, with its accompanying Strategic Implementation Plan now being finalized to harmonize existing policies and provide a coherent roadmap for sustainable sector growth.

Adelabu speaking further, explained that to stabilize the Nigerian electricity market, President Bola Tinubu has approved a N4 trillion bond to clear verified GenCo and gas supply debts. Alongside this, he said a targeted subsidy framework is being developed to protect vulnerable households and ensure a sustainable path toward full commercialization and viable industry.

He also noted that in the area of infrastructure development, the Federal Government has introduced targeted national programs aimed at accelerating the viability, expansion, and modernization of the national grid.

Adelabu said that parallel to the grid expansion, generation capacity is being expanded through the rehabilitation of existing NIPP plants to unlock about 345MW, alongside the successful integration of the 700MW Zungeru Hydropower Plant into the grid.

‘Collectively, these interventions have helped sustain an average generation capacity of approximately 5,300MW in 2024 up from 4,200MW recorded in 2023.

‘Additionally, the Federal Government has operationalized the Presidential Metering Initiative (PMI) to close the national metering gap and improve sector viability. Already, N700 billion has been secured from FAAC to deploy 1.1 million meters by end of 2025, and 2 million annually over the next five years under the PMI.

‘This complements the 3.2 million meters being procured through the World Bank’s DISREP program, positioning Nigeria to close the metering gap within five years and strengthen transparency and revenue assurance across the value chain,’ he added.

The federal government, through the Ministry of Finance, is setting its sights on a crucial next phase of economic reforms: directly translating hard-won macroeconomic gains into tangible improvements for the lives of everyday Nigerians.

This was articulated by Wale Edun, minister of finance, represented by Sanyade Okolie, special adviser to the president on finance and economy, at the recent BusinessDay event themed ‘Reformed to Recovery.’

‘There is a sense of responsibility and recognition that the necessary reforms that have been implemented have made life in the short term more difficult for individuals. And we need to very rapidly ensure that the benefits of these reforms go down to the individual citizens,’ she said.

In 2023, the present administration implemented hard reforms such as the removal of fuel subsidy, liberalisation of the foreign exchange markets, and, more recently, the implementation of new Tax acts.

Most of these reforms have come with hard pains but macroeconomic gains; however, these gains are yet to be felt by many Nigerians.

Some of these gains include the appreciation of the naira to N1455/$, the strongest since January 2025. Inflation has also been on a downward trajectory hitting 20.12 percent in September 2025.

The GDP also saw its highest growth in four years to 4.23 percent in the second quarter of 2025 driven by oil sector as oil production as also increased.

All these have seen the nations FX reserve grow to $42.32 billion as of September 29, the highest in highest in more than five years.

The special adviser highlighted that some of the signs of these gains are moderation in inflation, growth in FX reserves and many more.

‘Inflation is moderating, we did the rebasing, but even if you take out that effect, over the last few months, we see it trending down, and that’s what we expect for it to continue to do. And as the inflation stabilizes, then interest rates will begin to decline, which will just make it so much easier for businesses and essentially de-risk the operating environment here in Nigeria,’

‘We’ve seen the net reserves increase significantly. We are breaking the cycle of macroeconomic instability, and using it as a launch pad for inclusive growth,’ Okolie said.

She explained that the reforms needed to happen, ‘So whilst removing the fuel subsidy was a critical reform, difficult but critical, it had some immediate fiscal implications.’

‘And it also had the broader economic issues that we’ve spoken about. But remember that the fuel and FX subsidies were consuming about 5 percent of GDP. And only a tiny sliver of society was benefiting from these subsidies. It did have to, it had to go,’ she said.

She mentioned that some of the ways that this administration intends to make the reform gains inclusive are an increase in food production, an increase in oil production, efficient electricity, and many more.

‘On the agricultural side, a lot of the pain has to do with inflation, and a core part of inflation is food inflation. Working on the agricultural side, providing the inputs to farmers, and on a timely basis, so that we can increase the production of food,

‘On the energy security side, we’re taking a dual track. There’s oil and gas.

We intend to increase production. And we’re also looking at the electricity side, the power side, the liquidity challenges that we’re aware of, and there are plans in the immediate, mid to long term, to address some of the liquidity issues,’ Okoli said.

She mentioned that the M300 program, which is part of the World Bank AFDB partnership, aims to power 300 million more Africans, of which Nigerians are a huge chunk.

‘On the infrastructure side, we recorded a major milestone in the last week, and that’s private sector financing of phase one of the Lagos-Calabar coastal highway.

Which is already about 70 percent completed and opens that channel to things produced at the Lagos free zones to get across the country,’ Okolie mentioned.

On education, she said the administration is shifting towards a knowledge-driven economy with a focus on STEM, the science, technology, engineering, maths, and medical sciences. And then also to the technical and vocational educational training.

She also mentioned that on social protection, the administration is scaling up the direct cash transfers to the most vulnerable, using the NIN to make sure that the money gets to the people who need it on time.

This year, the Nigerian Economic Summit (NES) is themed with ‘Reform,’ to highlight how structural reforms can be accelerated to consolidate economic stability, foster inclusive growth, and position Nigeria to achieve its long-term development agenda.

For 31 years, the Nigerian Economic Summit Group, which organises the Summit, has brought private sector leaders and senior public sector officials to discuss and dialogue on the future of the Nigerian economy.

As Nigeria navigates an increasingly complex economic and geopolitical environment, the 31st Nigerian Economic Summit (NES #31) provides a timely platform for critical reflection, coordinated dialogue, and urgent collective action

The Nigerian Economic Summit as an annual event, brings together chief executives/top-level operators from the private sector and very senior government officials to discuss how best to develop the Nigerian economy and monitor the progress that is being made.

The Summit’s primary focus is the short to medium-term policy direction while giving priority to the national interest in the context of the evolving global economy, says NESG.

It also describes the annual Nigerian Economic Summits as a means for improving and generating better domestic policies via cooperation.

This year, starting today, it is convening national and global leaders in government, business, politics, civil society, and academia through a hybrid summit platform of in-person and virtual dialogues to deliberate on the theme ‘ Reform imperative: Building a prosperous andinclusive Nigeria by 2030.’

The five sub-themes: Driving Industrialisation-Led Growth; Unlocking Investments Amid Global Trade Shifts; Building Infrastructure for Competitiveness; Advancing Inclusion for Shared Growth; and Strengthening Institutions for Sustainable Impact, capture some of the most pressing concerns in Nigeria today, for the country’s survival now and to thrive and be relevant in the future.

These conversations aim to mobilise multisectoral action, influence public policy, and strengthen Nigeria’s capacity to deliver on its development commitments, NESG said on its website.

Niyi Yusuf, chairman of the NESG, underscored the urgency of the theme, describing it as ‘a reflection of where we are as a nation, and a call to action on what must be done if Nigeria is to truly prosper.’

He explained that over the past three decades, the Nigerian Economic Summit has evolved through five defining phases of Nigeria’s economy-from the pre-reform crises of the 1980s and 1990s, to the reform push of the 2000s, the traction of Vision 20:2020, and the volatility of recent years marked by recession and a pandemic.

He added that at every turning point, whether in pensions, agriculture, or energy reforms, the Summit has remained Nigeria’s foremost dialogue platform for shaping national priorities and building consensus between government and the private sector.

On the country’s current reality, Yusuf emphasised the need for a second wave of structural reforms, building on the tough policy choices already undertaken in recent years.

The Summit seeks to:

· Forge consensus on Nigeria’s reform trajectory, balancing stability and inclusion

· Develop sector-specific reform strategies for sustainable growth;

· Galvanise stakeholder input into the National Medium-Term Development Plan (2026-2030);

· Scale subnational reform models for national adoption; and

· Strengthen public-private-development partnerships for reform delivery.

The Nigerian economy

Nigeria’s socio-economic indicators have not been impressive in the last few years. While it appears that the economy has improved, culminating in a 4.23 percent growth in the second quarter of 2025, most of it is elusive.

It is eluding a vast majority of Nigerians and has not been able to reduce poverty or lead to the creation of sufficient jobs.

Despite headline inflation slowing to 20.12 percent in August 2025 and food inflation to 21.87 percent, Nigeria still faces severe and increasing food insecurity, with 31 million people facing acute hunger, according to the World Food Programme.

Also, a November 2024 report by the NBS shows that two out of three Nigerian households are going hungry, with families skipping meals as they cannot afford enough food.

Notwithstanding the above, Nigeria as a country holds a bright prospect. Its ever-vibrant youthful population is seen as a great asset that, if well harnessed, should spur accelerated development.

It is also Africa’s most populous nation with an estimated 230 million people. The population has helped boost consumer spending and consolidated it as a strong consumer market.

The population growth rate at 2.1 percent per year could see it become the third most populous country in the world with 300 million people by 2050.

The people must be fed with staples such as rice, beans, yams, and medicines, among others, providing opportunities for food, pharmaceutical, and other companies.

However, Foreign Direct Investments to keep the population productive have been on the decline. On the bright side, portfolio investors are upbeat.

President Bola Tinubu’s recent reforms, including ending a decades-old petrol subsidy and unifying the exchange rate, which has been sluggish for about a decade, has made dollars available in the economy, exchanging for N1,475.34 per dollar, according to data from the Central Bank of Nigeria (CBN).

What happens after the summit?

After the 27th Nigerian Economic Summit, all the discussions from the Summit are curated into a compendium called – Green Book. The Green Book is presented to the Federal Executive Council for implementation via the Federal Ministry of Finance, Budget and National Planning, according to information on NESG’s website.

According to the organisation, the annual Nigerian Economic Summits have, over the years, contributed to improving domestic economic policymaking. The Nigerian Economic Summit remains a significant forum for sharing information. A substantial proportion of NES recommendations over the years have since become part of government policy, NESG says.

The naira’s real effective exchange rate is now arguably the most competitive in two decades, a development hailed as a major milestone for Nigeria’s economic policy.

Yemi Kale, group chief economist and managing director of Afreximbank, made this observation in his keynote address titled ‘Reform and Resilience: Strengthening Nigeria’s Economic Foundations’ at The Platform Nigeria event in Lagos.

Kale explained that, in practical terms, Nigeria is no longer compelled to sell scarce foreign exchange at subsidised rates. Exporters have also been freed from the penalties of an overvalued currency, creating a healthier environment for trade and investment.

The introduction of a more flexible exchange rate regime acts as a natural shock absorber, allowing the currency to adjust gradually to fluctuations in oil prices or global economic conditions, rather than triggering sudden crises in the balance of payments.

Investors have responded positively to these reforms, as reflected in rising foreign exchange reserves, which climbed from approximately $32.9 billion at the end of 2023 to over $38.8 billion by mid-October 2024. By mid-2025, verified foreign exchange backlogs had largely been cleared, and reserves had surpassed $42 billion, a three-year high, signaling renewed confidence in Nigeria’s economic outlook.

For businesses, the new foreign exchange system has been transformative. Companies no longer waste energy lobbying for scarce official foreign exchange allocations and can instead focus on improving productivity and competitiveness.

A more competitive naira has made Nigerian products more affordable on the international market, stimulated non-oil exports, discouraged wasteful imports, and encouraged local production.

Non-oil exporters and domestic companies reliant on imported inputs have reported stronger earnings, while Nigeria’s trade balance is reportedly improving.

The naira’s performance on the foreign exchange markets underscores these positive trends. On Thursday, October 2, 2025, the currency converged at N1,455 per dollar in both the official foreign exchange market and the parallel (black) market, effectively closing the long-standing exchange rate gap.

At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated by 1.4 percent, with the dollar quoted at N1,455.23, up from N1,475.34 at the end of September. Similarly, in the parallel market, the naira strengthened by 2.7 percent to close at N1,455, up from N1,495 just two days earlier.

Bala Moh’d Bello, a member of the Monetary Policy Committee (MPC), attributed the naira’s relative stability to tighter liquidity conditions, growing investor confidence, and recent reforms in foreign exchange management.

He noted that speculative activities in the foreign exchange market have declined significantly, enhancing transparency and supporting market-based price discovery. Bello added that this stability is expected to persist in the medium term, supported by rising reserves, which stood at $40.11 billion as of July 18, 2025, enough to cover about 9.5 months of imports.

Kale further emphasised that these reforms have strengthened macroeconomic management by providing the Central Bank of Nigeria (CBN) with clearer policy signals through a unified, more market-reflective, and rules-based exchange rate system. This shift has enhanced the effectiveness and credibility of monetary policy, laying firmer foundations for sustainable growth.

‘Reforms are not merely policy adjustments but deliberate, strategic decisions aimed at stabilizing the present and securing a prosperous future,’ Kale said. ‘They require patience, persistence, disciplined execution, and the capacity to follow through.’

However, these reforms have come with a painful short-term cost that was not sufficiently cushioned. Inflation, which had already accelerated after the removal of petrol subsidies, surged further following the naira float, as imported goods, central to family consumption and critical inputs for manufacturers became more expensive.

This experience is not unique to Nigeria. When Egypt floated its pound in 2016, inflation quickly exceeded 30 percent within months. However, Egypt managed to restore investor confidence and stimulate growth by allowing the currency to reach market-clearing levels, coupled with efficient and targeted social safety nets that cushioned vulnerable households from the initial cost shocks.

Unlike Nigeria, Egypt expanded food subsidy cards and rolled out cash allowances to low-income families, providing a valuable lesson: stabilising the currency market is fundamental to long-term economic health, even if it causes short-term price turbulence.

Strengthening Nigeria’s social protection systems will be critical to ensuring the long-term benefits of reform are more widely and equitably shared, he said.

Early evidence indicates that despite the initial hardships, Nigeria’s foreign exchange reforms are opening doors to a more diversified and export-oriented economy.

The transparent foreign exchange regime has attracted a surge of foreign portfolio inflows (FPIs), which help stabilise the naira in the short term.

Yet, foreign direct investment (FDI), essential for job creation and industrial capacity will take longer to rebound as investors continue to test the staying power of reforms, especially given Nigeria’s history of policy reversals.

Monetary policy adds another layer of complexity. The surge in portfolio inflows has been supported by the CBN’s decision to maintain policy rates above 20 percent. While this approach supports short-term liquidity and reserve accumulation, it also discourages long-term FDI.

Investors often prefer the almost guaranteed returns of government securities offering close to 20 percent over the risks associated with longer-term productive investments. This creates a trade-off between short-term liquidity stability and long-term capital formation.

As inflation gradually eases, Kale said the CBN is expected to shift its focus from attracting foreign portfolio inflows to encouraging FDI by carefully lowering interest rates in a sequenced manner.

Timing will be crucial: cutting rates too soon could reignite inflationary pressures, prolong reform-induced hardships, and undermine exchange rate stability; waiting too long risks crowding out domestic investment and critical FDI necessary for industrialization and job creation.

On the occasion of Nigeria’s 65th independence anniversary, Kale’s message is clear: hope grounded in action, resilience, and strategic reforms can unlock a prosperous future for the nation.

The Nigerian Economic Summit Group (NESG) has said that Nigeria must begin to act urgently to transform ongoing economic reforms into sustainable growth and shared prosperity for citizens, warning that failure to consolidate the current phase could erode the hard gains made so far.

The Economic group highlighted a seven-point focus area at the ongoing Economic Summit in Abuja, on Monday, that must underpin the next stage of reforms, which includes a renewed focus on industrialisation and enterprise growth, infrastructure development and unlocking investments.

The group also highlighted fiscal sustainability, inclusion, strengthened institutions and improved security as critical drivers for the next phase of the reforms.

According to NESG, these reforms will not only bring gains for Nigerians but can also unlock the ambitious $1 trillion economy.

Olaniyi Yusuf, chairman, NESG, in his opening remarks, commended the government for taking ‘courageous steps’ to remove fuel subsidies, unify the foreign exchange market, and initiate tax reforms, but acknowledged that Nigerians are currently in grief for these changes. He stressed that the real test now lies in converting reform gains into tangible improvements in productivity, competitiveness, and inclusion.

‘If we stop here, we risk losing the progress that has been so courageously won. The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion, while laying the foundations for long-term transformation that will secure prosperity for every Nigerian’, he said.

He framed Nigeria’s reform journey around three distinct phases: stabilisation, consolidation, and acceleration, and called for deliberate policy action to move from the first to the second phase.

‘For the mother wondering how to stretch her infant, for the young breadwinner searching for opportunity, and for the small business trying to stay afloat, reforms must not only stabilise our economy, they must also translate into opportunity and prosperity.’ Yusuf said.

The NESG chairman said the country’s economic recovery remained fragile despite signs of improvement, as growth averaged 3.7 per cent in the first half of 2025, up from 2.9 per cent in the same period last year, while oil production has risen to 1.6 million barrels per day amid improved security in the Niger Delta. Yet, inflation at 20.1 per cent, weak capital inflows, and rising living costs continue to squeeze households and businesses.

He also warned against a narrow focus on Internally Generated Revenue (IGR) at the expense of business growth, saying it will ‘will kill the goose that lays the golden egg’.

On industrialisation, he said, ‘We must build industries that will produce locally, anchor them to local value chains, output processing, renewable energy, and light manufacturing. SMEs that account for 96% of our businesses must have access to affordable finance, stable power, and technology.’

He said investment in infrastructure, especially transportation, renewable power, efficient logistics, and digital connectivity, will ensure competitiveness.

The NESG chairman said Nigeria must also ensure policy predictability, transparent regulations to attract and protect investment.

For fiscal sustainability. Nigeria must strengthen revenue generation, manage debt prudently, and align fiscal and monetary policies to foster growth while keeping inflation in check. Economic reforms must be felt through improved education, healthcare, food security, and jobs, especially for women and young people.

He urged Nigeria to strengthen its institutions, arguing that lasting reforms depend on systems, not personalities. Regulators, he added, must enable rather than stifle business growth.

Beyond consolidation, Yusuf said Nigeria must prepare for an ‘acceleration phase’ driven by structural transformation, human capital development, and global competitiveness. He stressed industrialisation, infrastructure, investment, inclusion, and institutions, the ‘five I’s’ – as the pillars that will anchor this long-term transformation.

He also urged collaboration between government and the private sector, describing the latter as a ‘co-driver of transformation, not merely a beneficiary.’

While acknowledging that vested interests, weak institutions, and governance gaps have slowed reform implementation, Yusuf reaffirmed the NESG’s commitment to act as a bridge between policy and execution.

Omoboyede Olusanya, Vice Chairman of NESG, speaking on the ambitious target for $1 trillion economy by 2030, said it is achievable but Nigeria ‘can’t continue to do the same thing and expect to have a different outcome’.

For him, one of the biggest things that must happen is industrialisation driven by agricultural production, noting that the yield is still low. In addition, he said Nigeria must build the infrastructure that would drive industrialisation.

According to him, attaining the target would mean moving a significant part of the citizens out of poverty.

He noted that Nigeria, currently at $225 billion, would need an additional $745 billion to the GDP in four years at 15% annual GDP growth. Thus, Olusanya said effort levels need to be unprecedented, urgent, immediate, and collaborative

‘If you think that China at its peak was doing 11%, that tells you the phenomenal work that needs to be done’, he said.

To accelerate progress, Olusanya urged sustained investment in technology, human capital development, and macroeconomic stability with favourable interest rates that would allow investment to thrive.

‘We cannot get pure macroeconomic stability in an environment where we keep seeing high interest rates. The interest rates today are to be tuned on to encourage investment’, he urged.

LASACO Assurance Plc has emphasised the importance of early investment in the future of Nigeria’s next generation and the stimulation of insurance right from the grassroots.

The insurance Company believes that grooming the next generation will require financial literacy and building the right culture through strategic investment in schoolchildren.

Sesan Oki, head, Internal Control and Compliance, at LASACO who represented the MD/CEO during the official commissioning of a state-of-the-art ‘Lasaco Smart Class’ in Agindigbi Junior grammar school, Ikeja emphasized that the project represents more than a donation; it is an investment in the future of Nigeria’s next generation and the stimulation of insurance right from the grassroots.

‘At Lasaco Assurance, we recognize that education and technology are the twin pillars of progress. The Lasaco Smart Class is not only a contribution to improved learning outcomes, but also a deliberate effort to nurture young minds with the values of foresight, security, and preparedness which insurance represents,’ he stated.

By integrating digital literacy with insurance consciousness, Lasaco Assurance is reaffirming its leadership as a forward-thinking organization that goes beyond business to positively impact lives a The launch of the Lasaco Smart Class marks the beginning of a broader CSR agenda focused on education, innovation, and community empowerment.

The Smart Class initiative underscores Lasaco Assurance Plc’s drive to enhance digital literacy, bridge educational gaps, and promote technology-driven learning environments in underserved institutions.

Fully equipped with modern digital tools, the facility is designed to empower students with 21st-century skills, preparing them to thrive in a rapidly evolving, technology-first world.

In addition to providing digital resources, the Lasaco Smart Class is also strategically positioned to instil the culture of insurance awareness in young learners, fostering early understanding of the role of insurance in financial security, risk management, and sustainable growth.

Jerry Adams, the executive chairman, Kaduna State Internal Revenue Services (KADIRS) has said that the remarkable increase in tax compliance is the direct result of the leadership style of Governor Uba Sani.

He disclosed this on Monday at the KADIRS headquarters in Kaduna while hosting a delegation from the Fiscal Responsibility Commission on a collaborative visit aimed at strengthening institutional ties and promoting synergy between both agencies.

Adams acknowledged KADIRS’ critical role in monitoring revenue growth in Kaduna.

In his remarks, Sani Rabiu Bako, Executive Chairman of the Kaduna State Fiscal Responsibility Commission, commended KADIRS as a key revenue-generating institution, highlighting its strong performance.

Bako, who commended KADIRS for its role in advancing the Governor’s agenda, requested the submission of regular monthly allocation reports to strengthen compliance monitoring across MDAs. He also offered condolences over the recent passing of a KADIRS staff member.

Notable attendees included Muhammad Lawal, Executive Director of Revenue Operations; Ishaku Hakimi Mazangona, Director of Area Revenue Office Coordination; unit heads; and representatives from the Kaduna State Fiscal Responsibility Commission.

President Bola Tinubu has defended his administration’s sweeping economic reforms, insisting that every policy decision has been guided by ‘a pursuit of balance between economic logic and public expectation,’ even as he acknowledged the pain Nigerians continue to face in the transition period.

Speaking through Vice President Kashim Shettima on Monday at the opening of the 31st Nigerian Economic Summit (NESG) in Abuja, the President said the government’s tough choices were beginning to yield tangible results across key sectors – including improved revenue generation, debt management, and macroeconomic stability.

Tinubu said, ‘There is no single decision we have taken that is not guided by the pursuit of balance between economic logic and public expectation. Every reform we have introduced has emerged from deep reflection, difficult conversations, and the courage to act in the national interest.’

He noted that Nigeria’s economy expanded to $372.8 billion in 2024, up from $309.5 billion in 2023, while total revenue rose from $19.9 billion to $25.2 billion within the same period. The country’s debt-to-GDP ratio, he added, stood at 38.8 per cent, well below the 60 per cent limit prescribed by both the Fiscal Responsibility Act and the ECOWAS threshold.

‘Our tax-to-GDP ratio has now nudged towards 13.5 percent, up from barely 7 percent a few years ago,’ he said.

‘These are not mere statistics; they tell the story of a nation committed to reform and renewal. It shows that our decisions, though tough, are restoring fiscal confidence and investor trust.’

He further disclosed that Nigeria’s fiscal deficit had dropped sharply, with the debt service-to-revenue ratio declining to less than 50 per cent, compared to 97 per cent before the administration came into office.

Despite the improvements, Shettima admitted that the benefits of these reforms had not yet fully translated into jobs or relief for citizens.

‘I admit that this growth has not yet fully translated into enough jobs for our people, but we are closing that gap,’ he said, noting that the administration was prioritising agriculture, solid minerals, and small business financing to create sustainable employment.

Among other initiatives, the government has established a ?200 billion integration fund to support small and medium-scale enterprises (SMEs) and launched the New Hope Local Economy Programme, targeting all 8,809 wards across Nigeria’s 774 local government areas.

Tinubu, through the Minister of Finance and Coordinating Minister of the Economy, also highlighted tax reforms as key to boosting domestic revenue and reducing dependence on oil. He cited the recently enacted Tax Reform Act and new revenue administration laws as major steps in this direction.

‘These reforms will take low-income earners off the tax bracket, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration,’ he said.

‘We are simplifying processes, blocking leakages, and ensuring that every kobo counts.’

On infrastructure, the President said the government was currently constructing over 2,700 kilometres of superhighways and 440 road projects nationwide, alongside new rail lines and bridges.

He described such investments as ‘the axis of national prosperity and a pathway to long-term productivity.’

As he declared the summit open on behalf of the President, Shettima reaffirmed Tinubu’s commitment to an economy that is ‘stable, industrialised, and humanised.’

‘We will stabilise prices and the naira, industrialise our economy, humanise governance, and ensure that every citizen feels respected and served,’ he concluded.

He added, ‘The government is ready to receive and implement recommendations that will align with our deliberations through the relevant ministries, departments, and agencies.

‘My fellow Nigerians, we are not condemned to low growth, high cost, and low cost. We’ll stabilise.

‘We’ll industrialise. We’ll humanise our economy. We’ll stabilise prices and prices.

‘And we will industrialise food, power, logistics, and technology.

‘We’ll humanise governance so that every citizen feels respected and served.

‘On this note, I want to dwell on something that is very dear, a topical issue that is very dear to the hearts of every Nigerian.’

Turning to the ongoing tension between organised labour and the private sector, Tinubu made an emotional appeal for restraint and cooperation.

He also addressed the Dangote Refinery dispute, urging all stakeholders to avoid actions that could jeopardise the country’s economic recovery and investor confidence.

‘If we had invested $10 billion in Microsoft, Amazon, or Google, it would probably be worth $80 billion today. But we chose to invest in this country, and we owe it to future generations to protect that investment from harm,’ he said.

Calling for ‘caution, retrospection, and a deeper sense of reality’ from both labour and the private sector, the President warned that the refinery issue must not be allowed to escalate into a national economic setback.

‘Aliko Dangote is not an individual; he is an institution,’ Tinubu said firmly. ‘How we treat him will determine how outside investors will see us. Nigeria is greater than PENGASSAN.

‘We must protect investments and safeguard our economic stability. The government will not shy away from addressing labour concerns, but we must do so responsibly.’

He confirmed that the Federal Government was engaging the Nigerian Economic Summit Group (NESG) to pilot solutions that promote industrial harmony and protect strategic national investments such as the Dangote Refinery, which he described as a ‘critical national asset.’

‘We cannot call the whole nation to answer because of issues that we can resolve through constructive dialogue,’ he said.

‘The Nigerian Economic Summit Group is taking more than a person’s interest in the matter. The government will expect piloting recommendations from the NESG.

‘In addressing this issue, the government is also taking steps to protect the industry and ensure industrial harmony for the good of the nation.

‘This is a refinery that was financed through a combination of equity investment, debt finance, and loans from local and foreign banks.

‘The refinery has to function. And we cannot call the whole nation to answer because of issues that we can advocate in a certain approach later.’

The 31st Nigerian Economic Summit, themed ‘Building a Prosperous and Inclusive Nigeria by 2030,’ gathered top government officials, diplomats, business leaders, and policymakers to deliberate on strategies for inclusive national growth.