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Nigerian consumers are rewriting the meaning of value as prolonged pressure on household incomes forces them to become more selective about what they buy, how much they spend, and what they are still willing to pay a premium for.

New research by McKinsey and Company shows that the country experienced the sharpest affordability pressure among the five African markets examined, with inflation peaking at 33 percent in 2024 while disposable income grew by only 4.5 percent.

But the pressure on purchasing power has not simply pushed Nigerians towards the cheapest products.

Instead, consumers are making calculated trade-offs, cutting back on some categories while protecting spending on products and services they perceive as healthier, safer, more reliable or worth the money.

‘Nigerian consumers are under significant pressure, but they are not making decisions on price alone,’ said Damian Hattingh, Partner and leader of McKinsey’s Consumer Practice in Africa.

‘They are becoming more selective about where they save, where they spend and what they believe is worth paying for.’

The shift is creating a more complicated consumer market for manufacturers, retailers, banks, fintechs and telecommunications companies, as affordability increasingly becomes a question of how much consumers can commit at a time, rather than simply the final price of a product.

McKinsey found that Nigerian consumers’ willingness to pay more for healthier choices increased by 44 percentage points, indicating that health and perceived quality are becoming important considerations even as disposable incomes remain constrained.

The report identifies the spread of ‘sachetisation’ beyond fast-moving consumer goods, with smaller and more flexible commitments increasingly appearing in financial services, insurance, investments, telecommunications and media.

For example, financial providers are breaking larger commitments into smaller payments through fractional investments and flexible insurance schedules, allowing consumers to align spending with irregular or fragmented cash flows.

The implication for companies is significant: lowering prices may no longer be enough. Businesses may need to redesign products, packaging, payment schedules and subscription models around the frequency and size of consumers’ incomes.

At the same time, Nigeria’s retail market remains overwhelmingly traditional despite these changes in consumer behaviour.

McKinsey estimates that 90 to 95 percent of grocery retail in Nigeria remains in traditional trade, the highest proportion among the five markets studied. High distribution costs and logistics challenges continue to reinforce the importance of neighbourhood shops and informal outlets.

This creates a market where consumers are simultaneously becoming more sophisticated in their spending decisions while continuing to rely heavily on familiar retail channels.

The digital transformation is, however, occurring rapidly around those traditional channels.

Cash’s share of Nigerian online transaction value fell from 32 percent in 2019 to 11 percent in 2024, while account-to-account transfers increased from 25 percent to 44 percent over the same period.

Nigeria is therefore not moving neatly from informal commerce to formal retail. Instead, traditional retail is remaining central while the financial infrastructure surrounding it becomes increasingly digital.

For consumer companies, McKinsey says this means growth will depend on understanding what consumers value, the size of the commitment they can afford, the channels they use and how they prefer to pay.

‘Nigeria’s consumer market is not moving neatly from traditional to modern,’ Hattingh said.

‘The opportunity is to meet consumers where they already are, while making products, payments and distribution work better around the way they live and spend.’

The findings are based on 5,013 Nigerian respondents as part of McKinsey’s State of Consumer Africa 2026 research covering 9,036 consumers across Nigeria, Egypt, Kenya, Morocco and South Africa.

For Nigerian businesses, the emerging consumer equation is therefore no longer simply cheap versus expensive. It is increasingly about affordable, flexible and valuable-with consumers deciding more carefully where each naira should go.

Brandleep Limited is expanding its digital Out-of-Home (OOH) advertising operations in Nigeria, using solar power, cloud technology and multi-sided LED structures to address some of the challenges affecting outdoor advertising.

The company’s approach was recognised at the EDGE Awards 2026, organised by Marketing Edge Magazine on September 25 at Ten Degrees Event Hall, Oregun, Lagos.

Brandleep received the Edge Outstanding Young OOH Agency of the Year award, while its Managing Director and Chief Executive Officer, Oluwafolajimi David Oluwole, received the Edge Outstanding OOH Technology Personality of the Year award 2026.

The recognition comes as Brandleep positions technology as part of its response to issues around power supply, access to outdoor advertising inventory and the cost of reaching audiences through traditional billboards.

In a statement following the awards, the company said its work had focused on ‘using technology to drive industry growth and reduce barriers to entry for SME businesses in the Out-Of-Home industry’.

The company’s technology-led approach is reflected in The Ornament Project, its digital OOH format built around three- and four-sided LED structures.

The structures are installed at T-junctions and four-way junctions, allowing advertisers to reach traffic moving in different directions. The units use solar power and inverter systems instead of relying on diesel generators. They can also be controlled through cloud technology, allowing content to be scheduled and changed remotely.

Brandleep has identified locations across parts of Lagos, including Victoria Island, Ikoyi, Lekki Phase I, Ikeja GRA, Ogudu, Ketu, Chevron and Jakande. The company has said it plans to extend the format beyond Lagos as its operations grow.

The company has also used the project to challenge concerns about the relevance of outdoor advertising in an increasingly digital media market.

‘They said outdoor advertising is dead. They were half right,’ Brandleep wrote in an earlier campaign. ‘Bad outdoor advertising is dead.’

According to the company, its LED cubes were designed to generate about 16 million daily impressions across Lagos.

For David, the technology is part of a wider objective to contribute to the development of Nigeria’s OOH industry.

‘Our goal is to lead by example. We want to be a catalyst for innovation, inspiring others to think differently and push boundaries. The growth of the industry as a whole benefits everyone involved,’ he said.

David has also described Brandleep’s commercial proposition as ‘building brands that cannot be interrupted’.

The company’s next challenge will be expanding The Ornament Project while maintaining its technology and power systems across different locations.

For Brandleep, the EDGE Awards recognition marks another point in its effort to build an OOH model around technology, renewable power and wider access to advertising infrastructure.

Keji Giwa, Nigerian entrepreneur and tourism investor, has called for increased private-sector investment, infrastructure development and diaspora capital mobilisation to unlock Nigeria’s proposed $100 billion tourism economy.

Giwa, founder and CEO of Giwa Gardens Water Park and Digital Landlords, stated this recently while speaking on CNBC Africa’s Power Lunch West Africa on the topic, ‘Will Nigeria Unlock $100bn Tourism Economy?’

The conversation centred on the Ministry of Tourism’s backing of a 100-day tourism calendar designed to bring together festivals, concerts, cultural events and other experiences on a single digital platform.

With the Detty December season approaching, the Federal Government-backed initiative seeks to improve the visibility and coordination of tourism activities to drive visitor participation, private investment and economic growth.

Giwa said the opportunity extends beyond promoting events and attracting seasonal visitors. According to him, Nigeria must develop the physical infrastructure, investment structures and commercially sustainable destinations required to turn tourism demand into long-term economic value.

He said a coordinated calendar can help visitors discover destinations, plan trips and make bookings in advance, while for operators, greater visibility can support customer acquisition, improve demand forecasting and create opportunities to develop packages combining accommodation, entertainment and transportation.

However, he noted that the success of the calendar must be measured by its ability to support real businesses, encourage repeat visits, improve utilisation of existing facilities and attract investment into new destinations.

Giwa cited Giwa Gardens Water Park in Sangotedo, Lekki, as a practical example of both the potential and challenges facing Nigeria’s tourism industry.

The family recreational destination, which offers water attractions, swimming pools and entertainment facilities, represents a substantial private investment in the leisure and hospitality economy.

He said the ambition is to develop it into an integrated tourism destination with complementary hospitality, accommodation and recreational services.

The company’s expansion plans include additional resort facilities and increased operational capacity to position it as a year-round family tourism destination.

Giwa noted that developing major recreational destinations in Nigeria comes with significant infrastructure costs. Reliable electricity, water supply, access roads, drainage, security and transportation networks are often provided by private investors, raising operating costs and affecting pricing and profitability.

He said this underscores the need for collaboration between government and private investors to develop tourism corridors where public infrastructure and private investment reinforce each other.

On Detty December, Giwa said the season has become important for entertainment, hospitality and travel, attracting domestic visitors and Nigerians in the diaspora. But he argued that Nigeria must translate seasonal demand into long-term investment.

Rather than concentrating only on concerts and nightlife, he said the country can develop a broader visitor economy that includes family recreation, resorts, cultural tourism, wellness, sporting activities and conferences.

‘A sustainable tourism economy cannot depend entirely on one festive season,’ he said.

Giwa also highlighted the role of diaspora capital in financing the next generation of tourism destinations. Through Digital Landlords, he is working to create investment opportunities in real estate, hospitality and recreational infrastructure, with Giwa Gardens and The Carnelian as major components of the portfolio.

The Carnelian is a 21-storey oceanfront residential and recreational development in Victoria Island, Lagos, located within the city’s expanding coastal corridor.

He said Nigerians abroad can play a significant role in financing tourism assets, but attracting such capital requires commercially viable opportunities, transparent structures, credible developers and clear investor protections.

Giwa said tourism growth requires coordination across destination development, public infrastructure, private investment, technology and marketing. While government initiatives like the 100-day calendar can improve visibility, private developers must invest in quality destinations and reliable visitor experiences.

He added that Nigeria’s $100 billion tourism ambition must be matched with improvements in accessibility, power supply, visitor services and investment confidence to translate increased interest into actual bookings, higher spending, repeat visits, new investment and jobs.

Greenwich Bank has commenced operations as a regional commercial bank following its transition from merchant banking, as the financial services group begins a new phase of expansion that could eventually take it nationwide.

Kayode Falowo, chairman of Greenwich Holdings Limited, said the transition was part of a deliberate strategy to expand the group’s banking operations after obtaining a merchant banking licence in 2020.

Falowo spoke on Thursday at the commissioning of the bank’s new branch on Awolowo Road, Ikoyi, Lagos, one of three branches commissioned by the bank.

‘Commercial banking was the natural step for us to follow after all that we have done,’ Falowo said, adding that the move would allow Greenwich to extend its financial services to a wider range of individuals and businesses.

According to him, Greenwich would build on more than three decades of experience in stockbroking, issuing house services, investment banking and other financial services as it expands into commercial banking.

‘Today, we will do everything that any other bank in Nigeria will do,’ Falowo said.

He added that the bank would leverage technology to serve customers beyond its physical branch locations.

‘I promise you and assure you that in a very few years, we will be coming again to celebrate a much bigger enterprise, which will be the national bank that is spread all over Nigeria,’ he said.

The Ikoyi branch will also house Greenwich Asset Management and Greenwich Securities, allowing customers to access banking, investment and wealth management services from the same location.

Speaking on behalf of Babajide Sanwo-Olu, governor of Lagos State, Abayomi Oluyomi, commissioner for finance, said the bank’s new regional mandate would create opportunities to support businesses and households across the state.

Sanwo-Olu, in a speech read by Oluyomi, said the bank could support small and growing businesses, established enterprises and individuals with greater access to financial services.

‘Government cannot build the economy alone. We need strong partnership with the financial sector and the private sector to mobilise capital, support enterprise, create jobs and expand opportunities,’ the governor said.

Umaru Kwairanga, chairman of Nigerian Exchange Group, said Greenwich’s experience in the capital market could support its expansion into commercial banking.

Segun Oloketuyi, chairman of Greenwich Bank, said the transition marked a new phase for the group, which began operations as Greenwich Trust Limited in 1994.

He said the move into commercial banking was intended to broaden the group’s reach to individuals, households, entrepreneurs and businesses.

‘Our commitment is to build a bank that understands that banking is ultimately about people, their aspirations, their businesses, their families and their future,’ Oloketuyi said.

He charged employees at the new branch to focus on exceptional service, professionalism, operational excellence and strong governance as the bank expands its commercial banking operations.

The Economic and Financial Crimes Commission (EFCC) has commenced efforts to monitor Federation Account Allocation Committee (FAAC) releases to state and local governments as part of a new strategy to prevent the diversion of public funds.

Ola Olukoyede, chairman of the EFCC, disclosed this on Thursday while speaking at the commissioning of the commission’s new Zonal Directorate in Awka, Anambra State.

Olukoyede said the commission’s approach to fighting financial crimes was shifting from predominantly investigating and recovering stolen funds to preventing the diversion of public resources in the first place.

He said President Bola Tinubu had approved the EFCC’s monitoring of FAAC releases to states and local governments.

‘Mr President has gracefully approved for us to also monitor FAAC releases to states and to local government,’ Olukoyede said.

He said the development was one of the reasons the commission was expanding its operational presence across the country.

‘So we are now in the business of preventing while we are still enforcing the one that fits us out. We no longer wait for money to be stolen before EFCC acts,’ he said.

According to the EFCC chairman, the commission established a Department of Fraud Risk Assessment and Control after determining that preventing financial crimes before they occurred was more effective than waiting for funds to be stolen and subsequently pursuing recovery.

He said the department had begun going into ministries, departments and agencies to examine financial releases and ‘follow the money’ to determine how public resources were being utilised.

Olukoyede said the same preventive approach was now being extended to funds released to states and local governments through FAAC.

He explained that the commission’s intervention was designed to identify vulnerabilities in the management of public funds and strengthen controls before resources could be diverted.

The EFCC chairman said the commission’s experience showed that recovering stolen funds was both costly and incomplete.

He said that once money was stolen, the best that could be recovered might be about 60 percent of the amount lost, while the recovery process could consume between 20 percent and 25 percent of the amount eventually recovered.

‘Which one is the most effective or more effective way of fighting financial crimes? Prevention,’ he said.

Olukoyede said the strategy was part of broader institutional reforms aimed at making the EFCC more proactive in tackling economic and financial crimes.

He said the commission was no longer relying solely on petitions, investigations and prosecutions, but was increasingly seeking to identify weaknesses in government systems that could facilitate fraud.

The EFCC chairman said the commission had received 49,673 petitions between October 2023 and July 2026, investigated 39,615 cases and filed 14,476 cases in court during the period.

It also secured 10,872 convictions within the period, he said.

In the first half of 2026 alone, Olukoyede said the commission secured 1,370 convictions from 1,889 filings.

He added that the EFCC recorded recoveries of N1.2 trillion, $684 million, £373,000 and pound 9.3 million, alongside recoveries in other currencies.

Olukoyede said the expansion of the commission’s presence to Anambra and Imo states was also intended to strengthen its ability to monitor economic activities and work with government institutions to identify areas vulnerable to fraud.

He urged state governments to collaborate with the EFCC in areas including internally generated revenue and land registries, which he identified as potentially vulnerable areas.

‘We look at vulnerable areas, your IGR, land registry particularly, and areas that are vulnerable to fraud,’ he said.

He said the commission would work with governments to develop fraud-risk assessments and controls capable of improving revenue collection while reducing opportunities for financial crimes.

Olukoyede stressed that the EFCC’s expanded preventive role did not mean it was abandoning its enforcement responsibilities.

Rather, he said, the commission would continue to investigate and prosecute financial crimes while working to prevent them through stronger systems, regulations and controls.

He also called for greater involvement of citizens, civil society organisations, traditional rulers, professional bodies and communities in monitoring public projects and government spending.

According to him, citizens often notice signs of financial crimes, including abandoned public projects and unexplained diversion of public resources, before law enforcement agencies become aware of them.

He urged Nigerians to report credible information on economic and financial crimes through the channels provided by the commission.

The new Awka directorate, he said, would cover Anambra and Imo states and form part of the EFCC’s expansion aimed at bringing its operations closer to economic centres across the country.

Nigeria’s consumer market is forcing brands to rethink how they reach shoppers as tight household budgets, high distribution costs and fragmented shopping patterns keep traditional trade at the centre of retail.

New research by McKinsey shows that an estimated 90 percent to 95 percent of Nigeria’s grocery retail remains in traditional trade, giving the country the highest share of informal and traditional retail among the five African markets covered in its State of Consumer Africa 2026: Meeting the pragmatic shopper report.

The finding underscores a defining feature of Nigeria’s retail economy: while consumers are rapidly embracing digital payments and businesses are investing in modern commerce, the physical places where Nigerians buy everyday goods remain overwhelmingly neighbourhood-based.

For consumer-facing companies, the implication is increasingly clear-growth may depend less on replacing traditional retail with modern formats and more on building stronger routes into the neighbourhoods where consumers already shop.

McKinsey’s research, based on 5,013 Nigerian respondents within a five-country survey of 9,036 consumers, found that inflation, currency movements and cost-of-living pressures have significantly altered household spending behaviour. Nigeria experienced the sharpest affordability pressure highlighted in the study, with inflation peaking at 33 percent in 2024, while disposable income grew by only 4.5 percent.

Yet, the squeeze on purchasing power has not simply pushed consumers towards the cheapest products.

Instead, Nigerian shoppers are becoming more deliberate about what they buy, how frequently they shop and what they consider worth paying for.

Their behaviour reflects what McKinsey describes as the rise of the pragmatic consumer-a shopper making calculated trade-offs between price, quality, health, convenience and affordability. This is changing the economics of the route to market.

Neighbourhood retail remains the critical gateway

The dominance of traditional trade is closely linked to Nigeria’s geography, infrastructure and distribution economics. McKinsey says high distribution costs and logistics complexity continue to reinforce the role of neighbourhood and informal outlets. Rather than viewing these networks simply as a barrier to modern retail expansion, the report suggests companies can use them as a competitive advantage.

‘Growth will depend less on trying to replace these networks and more on finding better ways to work through them,’ the report said.

That means consumer goods companies are likely to have to rethink the conventional model of pushing products through large formal retail outlets and instead develop more granular distribution strategies that reach consumers through the fragmented network of neighbourhood stores, wholesalers and other traditional channels.

McKinsey recommends the use of digital B2B tools, wholesale channels and tailored price-pack strategies to help consumer companies extend their reach while working with existing trade structures.

The broader report reinforces this point, arguing that Nigeria’s distribution challenge requires companies to move from broad regional strategies towards local playbooks that match packaging, pricing, store formats, digital features and distribution to specific shopping missions.

Consumers are shopping more frequently and more selectively

The shift back towards neighbourhood retail is also being driven by the way consumers now manage their household budgets.

Across the five markets studied, nearly three in four shoppers, or 73 percent, make urgent grocery trips at least weekly, typically to replace products that have run out or meet immediate needs.

These top-up, urgent, and deal-led trips account for 44 percent of monthly grocery spending, while store-hopping increased from 34 percent in 2024 to 38 percent in 2025 as consumers searched for better prices or quality.

This pattern is particularly important for Nigeria, where daily cash-flow constraints, limited storage and fragmented retail infrastructure encourage consumers to make smaller and more frequent purchases.

The report noted that shopping missions differ according to income. Lower-income consumers allocate a larger share of their spending to frequent top-up purchases, reflecting the reality that many households cannot afford to buy large quantities at once.

That creates a structural advantage for neighbourhood outlets, where consumers can buy smaller quantities close to home rather than make larger purchases in distant supermarkets.

The traditional shop, therefore, is not simply surviving because modern retail has failed to expand. It is aligned with the way many consumers now manage money.

The return of the small pack

The changing economics of household spending are also driving what McKinsey describes as sachetization-the move towards smaller, more flexible commitments.

What began largely as a packaging strategy in fast-moving consumer goods is now spreading into financial services, telecommunications, insurance and media.

For FMCG companies, this means smaller pack sizes can become an important part of affordability strategy, allowing consumers to access trusted products without committing a large portion of their available cash at once.

The research suggests businesses need to look beyond simply cutting prices. They can instead reconsider pack sizes, payment schedules and product structures to match how consumers earn and manage their money.

This is particularly relevant in Nigeria, where consumers are protecting spending on products they perceive to offer clear value while reducing expenditure in less essential categories.

Across Africa, 46 percent of consumers say they actively research promotions, while 73 percent report stocking up during sales. At the same time, 37 percent say they are willing to pay extra for high-quality foods.

The implication is that affordability does not necessarily mean the lowest possible price. Consumers are increasingly looking for the right combination of price, quality, reliability, convenience and trust.

Quality still commands a premium

McKinsey’s research challenges the assumption that the current cost-of-living squeeze has turned African consumers into purely price-driven shoppers.

Across the five markets, 37 percent of consumers say they consistently pay extra for high-quality food, compared with 15 percent in Europe. Another 36 percent are willing to shop across multiple stores to find the best quality.

Health is also becoming an increasingly important part of the value equation.

Between 2024 and 2025, intent to purchase health-focused products across the surveyed African markets rose by 66 percentage points. In Nigeria specifically, willingness to pay more for healthier choices increased by 44 percentage points.

This suggests that brands operating through neighbourhood stores cannot rely solely on low prices. They also need to communicate freshness, safety, quality and health benefits in ways that consumers can immediately understand.

The report says consumers often judge healthiness through visible and practical signals-including freshness, product colour and clear ingredient lists, rather than relying solely on formal certifications.

For brands, the neighbourhood therefore becomes more than a distribution endpoint. It becomes a critical point of communication and trust.

Digital is not replacing traditional trade

Perhaps the most significant feature of Nigeria’s retail transformation is that digitalisation is occurring alongside, rather than instead of, traditional commerce.

Nigeria’s payment infrastructure is moving rapidly towards digital transactions even as most physical shopping remains informal.

The report says the share of cash in Nigeria’s online transaction value fell from 32 percent in 2019 to 11 percent in 2025, while account-to-account transfers increased from 25 percent to 44 percent.

This creates an unusual retail structure: the physical retail network remains informal and fragmented, while the financial infrastructure surrounding it is becoming increasingly digital.

For retailers, FMCG companies, banks, fintechs and telecom operators, this opens the possibility of connecting neighbourhood commerce to increasingly sophisticated digital infrastructure.

Rather than forcing consumers to abandon familiar shops, companies can bring digital payments, credit, loyalty programmes, B2B ordering and inventory management into those existing networks.

The result could be a hybrid model in which the neighbourhood store remains physical but becomes increasingly digitally enabled.

The opportunity is in connecting the neighbourhood

The report points towards a retail system in which traditional trade, digital payments and technology increasingly work together.

Community-based purchasing is already emerging as another mechanism for improving affordability. In Nigeria, PricePally connects shoppers directly with suppliers, while digital savings platforms are formalising some of the resource-pooling behaviours that have traditionally existed within communities.

The broader report argues that consumer-facing companies can design offerings around community nodes rather than only individual shoppers. Aggregating demand can improve access, reduce distribution costs and potentially pass savings back to consumers.

For FMCG companies, this could mean aligning distribution with digital group-buying platforms. For banks, it could mean products designed around savings groups, while telecom operators could build shared connectivity packages.

The same principle can extend to neighbourhood retail, where wholesalers, distributors, agents, stores and consumers form interconnected local ecosystems.

The Edo State Governor, Monday Okpebholo, has said the state’s monthly wage bill has risen above N7.8 billion.

Okpebholo attributed the increase in the monthly salary bill, as well as the ongoing development projects in the state, to increased revenue from the Federation Account.

He noted that the payment of salaries would have been difficult without the increased revenue resulting from reforms by the Federal Government.

The governor disclosed this in Benin City during a one-million-youth march organised by the City Boy Movement in support of his administration and President Bola Tinubu’s re-election bid.

He said the practice of ‘one man, one vote’ would enable President Tinubu to secure 2.5 million votes from Edo State in the 2027 presidential election.

The governor said Edo residents were aware of what he described as the benefits of the Tinubu administration’s economic reforms to the state.

‘ We are paying so much on salaries and at the same time, development is ongoing, projects are ongoing. Look at our flyover; if not for the reforms of the president, where will we get money for all this?’ he said.

‘You can see how many primary healthcare centres we have built since we came into office, over a hundred and eight across the state.

‘Our administration has renovated more than 87 primary and secondary schools across the state and increased subvention to higher institutions from N41 million to more than N700 million.

‘How could we have gotten this money, if not the man, President Bola Tinubu, who is courageous enough to have removed the fuel subsidy?’ he queried.

Okpebholo also cited Tinubu’s tenure as governor of Lagos State, saying the president had introduced reforms there that, in his view, improved the administration of the state.

He, however, criticised unnamed political opponents whom he accused of being responsible for the past mismanagement of public resources and of promising to restore fuel subsidy for their own benefit.

‘Those people that believe they can steal Nigeria’s money are telling you they will restore subsidy, because it is from that subsidy they make their money from.

‘People that sold our assets in this country without proper accountability, are they the ones that want to rule Nigeria? Those with supermarkets, let them continue to do their commodity business,’ he added.

The Lagos State Government has charged Directors and Heads of Finance and Accounts across its Ministries, Departments and Agencies (MDAs) to strengthen collaboration, accountability and financial discipline to improve public-sector performance and service delivery.

The call was made at a two-day retreat organised by the State Treasury Office (STO) for finance and accounts officers across the state, with the theme, ‘Strengthening Public Finance in Lagos State – Compliance to Performance.’

Speaking at the retreat, Abayomi Oluyomi, Lagos State Commissioner for Finance, said the state could no longer afford fragmented financial operations, stressing that greater collaboration among finance officers was critical to achieving institutional and fiscal efficiency.

Oluyomi said Lagos had significant human capital across its public service, but that the full value of this capacity could only be realised when officers worked together rather than operating in silos.

‘In the past, there were many people working in parallel without synergy. This retreat is to open the eyes of our staff to collaboration, which is the most important thing, because without it, we will just be working at cross purposes,’ he said.

According to him, effective collaboration would not only improve productivity but also create a healthier work environment and strengthen employee motivation.

‘Working individually is no longer recognised in Lagos State. What we want is collaboration. When you collaborate, the work environment is better for it. Motivation is not only about money; it is also about the work environment,’ Oluyomi said.

The commissioner’s position underscores the state’s broader shift from a predominantly compliance-driven public finance system towards one that links financial management to measurable performance and service outcomes.

Adetola John, Permanent Secretary, Lagos State Treasury Office, said finance and accounts officers had a critical role to play in improving the performance of their respective MDAs, particularly as the state seeks greater efficiency in the management of public resources.

‘What we need for us to get to the top is collaboration and teamwork. You should avoid being the weak link and ensure we move our respective offices forward so we can be a better team,’ John said.

He added that the focus should no longer be merely on completing routine financial processes, but on using public finance management to drive better institutional outcomes.

‘It’s not just for us to work in cycles but as a team. So much is expected of us because we all need ourselves. This time, we are moving from compliance to performance,’ he said.

Joshua Ademuwagun, the guest speaker at the retreat, said effective public-sector financial management requires trust, commitment, accountability and the ability of officers to leverage one another’s strengths.

‘Lack of teamwork can be the bane of getting good results. Your job individually is to help your team win. Collaboration must be the name of the game,’ Ademuwagun said.

He urged the finance officers to put aside differences and build stronger professional relationships, arguing that the quality of financial decisions and public-sector outcomes depends significantly on how effectively officials work across institutional boundaries.

The emphasis on collaboration and performance comes as governments face increasing pressure to ensure that public resources are deployed efficiently and translated into measurable improvements in infrastructure, social services and economic development.

For Lagos, the transition from ‘compliance to performance’ potentially places greater emphasis on how effectively financial controls, budgeting, accounting and reporting contribute to the state’s development priorities, rather than simply meeting procedural requirements.

This version gives the story a stronger business/economy angle by connecting the retreat to public-finance efficiency, resource allocation, accountability, productivity and measurable government performance, rather than presenting it mainly as an internal staff event.

Nigeria needs to shift its focus from simply accumulating capital and increasing investment to improving the efficiency with which capital is deployed to drive productivity and inclusive economic growth, Asad Alam, former World Bank director and adjunct professor at Georgetown University, has said.

The former World Bank director made the call at the Bank of Industry (BOI) 2026 Annual Public Lecture on Tuesday in Abuja, themed ‘Rethinking Capital for Inclusive Economic Transformation.’

He said while capital accumulation and investment remain important to economic development, their impact on growth depends largely on how efficiently they are deployed, noting that productivity becomes increasingly important as economies develop.

According to him, global evidence shows that as economies grow, the contribution of total factor productivity (TFP) becomes more significant, while capital tends to generate diminishing returns.

He noted that human capital also has significant untapped potential, particularly in countries such as Nigeria where gaps remain when compared with high-income economies.

Alam identified three key areas, incentives, institutions and inclusion, as critical to maximising the impact of capital on economic development.

‘There is more to capital than just capital accumulation and investment. Efficiency of capital is essential to drive impact on growth. As countries grow, total factor productivity becomes more important

‘Human capital contribution remains modest but has huge potential given existing gaps with high-income countries. Greater equity can support potential growth

‘Investments in technology and climate action have the potential to spur productivity and structural transformation. The 3 I’s for Maximizing the Impact of Capital,’ Alam said

He said incentives should promote trade and market openness, innovation, competition and sustainability, while strong institutions should ensure the rule of law, effective government, efficient service delivery, private enterprise and appropriate regulation.

On inclusion, he stressed the importance of equity, job creation and equitable distribution of public goods in ensuring that economic growth translates into broader development outcomes.

He also identified technology and climate-related investments as areas with the potential to improve productivity and support structural transformation.

The lecturer observed that Nigeria’s experience has been different from the pattern seen in many developing economies, with total factor productivity making a declining or negative contribution to growth during the pre-reform period.

He said addressing the productivity challenge would therefore require more than increasing the volume of capital available to the economy, but ensuring that investments are supported by the right policies, institutions and human capital.

Speaking earlier, Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, said the theme of the lecture reflected the need to examine how capital could be mobilised and deployed more effectively to achieve inclusive economic transformation.

He said Nigeria needs capital capable of supporting long-term industrial growth, reaching underserved businesses and attracting private investment into productive sectors.

According to him, BOI’s mandate is centred on promoting sustainable and inclusive industrial development, with the bank disbursing N645 billion in 2025, supporting more than 12,000 businesses and impacting 1.68 million jobs.

He said the scale of the opportunity required the country to mobilise more long-term capital, extend financing to underserved businesses and sectors, and use development finance to unlock greater private-sector investment.

The BOI chief executive added that financing must ultimately translate into measurable economic impact, stressing the importance of partnerships among government, development institutions, private-sector operators and other stakeholders in achieving the country’s development objectives.

‘Nigeria needs capital that can support long-term industrial growth, reach underserved businesses, and attract private investment into productive sectors. This requires us to think carefully about how capital is mobilized, structured and deployed, and the development outcomes it ultimately delivers.

‘These issues are central to BOI’s mandate to spearhead Nigeria’s sustainable and inclusive industrial development. In 2025, the Bank disbursed N645 billion, supported over 12,000 businesses, and impacted 1.68 million jobs scale of the opportunity ahead is significant. We need to mobilize more long-term capital, extend financing to businesses and sectors that remain underserved, use development finance to unlock greater private investment, and ensure that financing translates into measurable economic impact,’ he stated

Ethnicity and religion will outweigh economic considerations in determining the outcome of Nigeria’s presidential and other elections scheduled to hold in January 2027, according to the Political Intelligence Group (PIG) of Politico.ng.

PIG, an analytical unit led by Lai Omotola, publisher of Politico.ng, made the assessment in its October electoral map, while stressing that the projection should not be interpreted as a prediction of the final election result.

The group said its monthly electoral map was designed to provide political parties and stakeholders with an assessment of their areas of strength and weakness, based on prevailing political developments.

According to PIG, the October projection reflected major political events and realignments recorded across the country in September, as well as the increasing mobilisation by political parties ahead of the 2027 poll.

Among the developments it identified were the denial of entry into Benue State to Peter Obi, former Anambra State governor and Labour Party presidential candidate; controversy surrounding President Bola Tinubu’s working vacation and allegations of presidential absenteeism; former Vice President Atiku Abubakar’s renewed campaign on fuel subsidy; and growing party mobilisation through rallies and other political activities.

‘APC seems to be mobilising more, followed by NDC, but the NDC has been unable to form a Presidential Campaign Council, while ADC has formed a Presidential Campaign Council but major campaigns are yet to be seen from the party,’ the group said.

PIG also identified the emerging confrontation between APC governors and Nyesom Wike, Minister of the Federal Capital Territory, as a development that could have implications for the 2027 presidential contest.

APC leads October electoral map

In its October projection, PIG placed the All Progressives Congress (APC) ahead with 19 states, down from 20 states in its September assessment.

The group said the APC lost Rivers State but gained Adamawa State, resulting in a net loss of one state. The African Democratic Congress (ADC), which was projected to control nine states in September, lost Adamawa to the APC, reducing its October tally to eight states.

The New Nigeria Democratic Party (NDC), meanwhile, increased its projected states from eight in September to 10 in October.

The October map, therefore, places the APC on 19 states, NDC on 10 and ADC on eight.

PIG emphasised that the figures represent a snapshot of the political landscape rather than a forecast of the eventual election result. It also said the projection was based on the assumption that the 2027 election would be free and fair.

Religion, ethnicity could shape voter behaviour

Beyond the electoral map, PIG identified religion and ethnicity as potentially more influential factors in determining voter behaviour than economic conditions and other campaign issues.

The group said candidates and political parties seeking victory in 2027 would need to understand how religious and ethnic considerations influence voting patterns across Nigeria’s diverse geopolitical landscape.

The assessment places particular emphasis on identity-based political mobilisation, even as the economy, fuel prices, employment, inflation, security and other issues remain central concerns for voters.

PIG also assessed the potential impact of the Supreme Court’s recent judgment concerning the amended Electoral Act, saying the decision would have limited implications for the 2027 presidential contest.

PIG challenges subsidy promises

The group also challenged presidential candidates advocating a return to fuel subsidy to provide clear details on how such a policy would be financed and implemented.

It said promises to restore subsidy should go beyond campaign rhetoric, with candidates explaining how the government would fund the policy without weakening public revenue or further worsening Nigeria’s fiscal position.

PIG said candidates proposing a return to subsidy should show how they intend to fund and sustain their subsidy regime.

With political parties stepping up mobilisation ahead of 2027, the group said the evolving electoral map should be viewed as an assessment of the current political landscape rather than a definitive indication of the eventual winner.