Asianet Pakistan Private Limited

A framework for understanding how Nigeria’s economy works and why it doesn’t work

A stagnant economy, specifically the lack of innovation, is Nigeria’s disease, and its richest men are the most prosperous symptom. They profit not by solving problems, but by profiting from them. To continue our discussion on this lack of innovation, I would like to propose a framework to unpack this very paradox.

As a lowly accountant, not an academic, I offer this with the appropriate disclaimer: may I present, for your consideration, the Framework of Opportunity, Oligopoly, and Distortion? You can call it the F.O.O.D. framework – because if you follow the framework, you are guaranteed to eat well.

The framework unfolds something like this:

Someone somewhere outside of Nigeria comes up with an idea, innovation or invention.

That idea, innovation or invention turns out to be something that Nigerians find useful because it solves an existing problem for them.

Nigerians then begin to import a product that is the embodiment of that idea, innovation or invention, proving that there is a market for it in the country.

At this point, the well-connected Nigerian ‘entrepreneur’ spots an ‘opportunity’ and gets to work on ‘import substitution’.

The case is made that this thing that was invented elsewhere and has proven to be a solution to a problem Nigerians had is costing the nation ‘scarce foreign exchange’ and ‘exporting jobs’ while at the same time ‘importing poverty’ (to be fair to the entrepreneur, Nigerians also fall for this argument and even amplify it themselves).

The ‘opportunity’ is straightforward – since the thing being imported is already proven to have a market, the goal is to ban or tariff the imports while replacing it with your own ‘locally manufactured’ version.

If all goes well (especially if the product is not easy to smuggle), you will make a lot of money because the price of the imported product plus the high tariffs you’ve lobbied government to place on them will determine the price of the local version of the product, i.e., price of local version = price of foreign version + import tariffs and duties. In other words, Nigerians will see no benefit from the product being manufactured close to them at home, other than some nebulous ‘foreign exchange savings’ or local pride.

The problem lies not just in the disease but in the flawed cure. While import substitution is not itself a major crime, it becomes one when it is held up as the primary path to wealth. This creates a dangerous psychological signal: when the richest men profit from protectionism rather than innovation, they become the aspirational models for a generation. The result is a vicious cycle where this self-replicating behaviour stagnates the entire economy.

Case study for F.O.O.D.: BUA Foods Plc

A few weeks ago, Nigerian newspapers were awash with the news that BUA Foods Plc, owned by one of the nation’s richest men, Abdulsamad Rabiu, had become the most valuable listed company in the country by market capitalisation:

Market capitalisation of BUA Foods Plc, owned by Nigeria’s second richest man, Abdul Samad Rabiu, has soared to N10.3 trillion as of Friday, August 8, following an 8.7 percent rise in its share price to N574.9, making it the most valuable stock on the country’s bourse.

This historic feat came barely one week after the fast-moving consumer goods giant recorded the highest profit in six years, supported by a 36 percent rise in revenue to N913 billion and a stable naira that returned the manufacturer to FX gain after swimming in losses in the past year.

‘That is wonderful news,’ I hear you say, not least for the owner who pocketed an incredible N216 billion in dividends ($135 million) out of this performance (even though the company is ‘listed’ on the Nigerian Stock Exchange, Abdulsamad Rabiu owns 95% of its shares, a story for another day).

So what does this company actually do? Here, taken from the company’s own website, is a list of the products it sells:

This list is as much about what is on it as what is not on it. But let’s start with what is on there. Sugar – sits behind up to 70% duties, made up of 10% import duties (ID) and 60% Import Adjustment Tax (IAT) plus VAT. These tariffs apply to raw cane and refined sugar. Chapter 17 (PDF, page 71)

Flour – sits behind 70% duties (20% import duties plus 50% IAT) plus VAT. This applies to wheat and meslin flour and is an ‘improvement’ from the previous 100% tariff. Chapter 11 (PDF, page 55)

Pasta – Spaghetti and noodles are actually on the Nigerian Customs import prohibition list (number 7), i.e., they are banned. However, on the tariff list, pasta sits behind 20% import duties plus VAT. Chapter 19 (PDF, page 76)

Edible Oils – These are palm and vegetable oils, and they sit behind 10% import duties and 25% IAT for crude palm oil and other types of palm oils, i.e., a total of 35% tariffs. Refer to Chapter 15 (PDF, page 65). Refined vegetable oils are on the banned list above (number 4).

Rice – Semi-milled or wholly milled rice and broken rice sit behind 60% tariffs (10% import duties and 50% IAT), while brown rice sits behind 30% tariffs (10% import duties and 20% IAT). Chapter 9 (PDF, page 53).

This case study of BUA Foods perfectly illustrates the F.O.O.D. framework. The company has built a vast empire by only concerning itself with products shielded by heavy government tariffs. This strategy reveals everything: the real blueprint for their success is best understood by noting what is not on their product list – and why those unprotected goods will likely never be.

Consider the humble Nigerian yam. This is a product and sector desperately in need of innovation, plagued by endemic problems from planting to harvest. The scale of these challenges is vividly captured in an NPR report from a few years ago:

But in the past few years, Nigeria’s yam yield has dropped to its lowest level in two decades, according to the United Nations, even though the area of land under cultivation is rapidly rising.

‘For a large number of farmers, seed yam is a big problem,’ said Robert Aseidu, West Africa research director for the International Institute of Tropical Agriculture (IITA), a nonprofit research organisation based in Nigeria. ‘It’s only now that we’re seeing how big a problem this could become.’

The trouble stems from the way yam is grown by Nigeria’s small farmers. New tubers grow directly from planted pieces of old ones, rather than from seed. Traditionally, farmers will set aside the smaller yams from each harvest to use as seed yams for the next season and take the bigger ones away to eat or sell. Having a big enough harvest to be able to keep your own seed yams is a mark of a farmer’s competence; buying them at the market is considered bad luck.

At the same time, yams are clonal, meaning that each tuber is genetically identical to its ‘parent’. So farmers are essentially planting the same yams over and over again, with none of the routine genetic mutation that typically occurs between generations to help ward off pests and diseases. And because farmers tend to set aside the worst yams as parents, they’re unintentionally practising a kind of anti-Darwinian ‘survival of the scrawniest’.

‘When you have this recycling over so many years, then they keep accumulating pests and diseases, and then productivity keeps reducing until you get to a stage where it’s no [longer] economical to plant anything,’ says Beatrice Aighewi, a yam specialist at IITA.

That cycle is reaching a crisis point, forcing a reconsideration of the longstanding stigma against buying seed yams. Adaikwu opened her business a few years ago to take advantage of the emerging market. She sources good seed yams from around the country and reproduces them in her field. One of her first big hits was a high-yielding, disease-resistant variety that earned the nickname ‘Mecca Approaches’ because of a reputation that it could help farmers earn enough money to make the pilgrimage to Islam’s most holy site.

Nigeria leads the world in both the production and consumption of yams. Yet it still struggles to meet its own demand, hampered by systemic issues throughout the supply chain, such as the ones listed above. It is therefore profoundly telling that one can build the country’s largest and most valuable food company without ever touching a product so central to the Nigerian experience.

Nowhere in BUA Foods Plc’s 2004 annual report is there a single mention of yams. The document similarly omits any dedicated research and development function or a clear RandD line item in its financial statements – a vague reference to ‘research funding’ on page 79, tied to education, is the most you’ll find. Under ‘Product Innovation’, the company describes adding premium pasta and semolina as its method of ‘staying ahead of industry trends’. Let me be clear: this is not merely Nigeria’s largest food company. It is the most valuable company in the country, full stop.

Should a foreign innovator ever solve yams’ production problems, the local ‘entrepreneur’ would swiftly leverage government connections to seize the opportunity. This is the very model of innovation outsourced and rent-seeking domesticated. The business model is to use tariffs to inflate the price of imports, then price their own local product at the same level (or even above) to secure outsized profits. We’ve seen this before. When China developed waste-heat innovation for cement, the benefits weren’t passed to Nigerians; they were captured by middlemen who charged rent for the privilege of access. The F.O.O.D. framework can be observed in the country’s palm oil industry, as the players make vast profits, while you can still see palm oil production in Nigeria that looks like something from the nineteenth century.

It is for this reason that someone can get very rich in Nigeria while the country remains very poor – a malnourished economy on a diet of outsize profits. The incentive structure within Nigeria’s nominal market economy is fundamentally broken. The psychological toll is immense, as a generation learns the demonstrated truth that improving lives is optional for acquiring wealth – the F.O.O.D. framework is all that is required. Even investors and fund managers, resigned to a lack of better options, validate this model in their pursuit of returns.

When this is an economy’s only sustenance, the nation is guaranteed to starve.

The Nigerian Railway Corporation says the online ticketing platform for the Abuja-Kaduna Train Service is now open for payment.

Callistus Unyimadu, Chief Public Relations Officer, NRC, said this in a statement on the corporation’s X handle on Tuesday

Umyimadu said that passengers were therefore encouraged to book their tickets online ahead of resumption on Wednesday, Oct. 1, via https://nrc.tps.ng or visit any of the designated stations to purchase their tickets.

According to him, in preparation for the resumption of services, the journey time has been reduced following a review of the Temporary Speed Restriction (TSR) to enhance operations. He added that the management of NRC appreciated the patience and understanding of its esteemed passengers during the suspension period.

He assured the public that safety, comfort, and customer satisfaction remained top priorities.

‘The new schedule is as follows: Abuja – Kaduna – Idu: 8:45 a.m., Kubwa, 9:10 a.m., Rigasa (Arrive), 11:47 a.m., Kaduna – Abuja: Rigasa, 2:30 p.m., Kubwa, 5:12 p.m., and Idu (Arrive), 5:32 p.m.

‘The NRC appreciates the patience and understanding of its esteemed passengers during the suspension period and assures the public that safety, comfort, and customer satisfaction remain our top priorities,’

Delta State Government says it has exceeded its revenue projection mid-year into the 2025 budget, by 150%, and has predicted brighter future for the state and it’s citizens ahead of the 2026 budget.

Sheriff Oborevwori, the State governor, made the revelation during the state stakeholders’ engagement on 2026 budget planning process, an event held in Asaba, at the weekend.

The governor, who was represented by Sonny Ekedayen, the Commissioner for Economic Planning, recalled that the 2025 budget size was N972.2 billion out of which N630.5 billion was earmarked for Capital Expenditure while the Recurrent Expenditure was pegged at N348.8 billion.

‘As at the mid-year, the total implementation came to about N778 billion by way of revenues we received. That is, we overshoot our revenue projection by 150^ within the same period and so deserve applause’, he said. Of this amount, he said the Internally-Generated Revenue (IGR) alone was N104 billion as against N134 billion budgeted for the whole year, attributing the success to the vision and direction the current administration is providing. Also, this performance is a function of the prudence and judicious use of tax-payers monies which is now boosting public confidence as the level of compliance has increased, he added.

On expenditure, he disclosed that out of the N630 billion that was earmarked for capital budget, mid-year, N301 billion had been spent, which is about 96 percent pro-rated performance. ‘The government is spending heavily on infrastructures as a lot of payments are made to contractors. This year, we are expecting that the figures would be sustained as we end the year’, he explained.

‘The performance on the recurrent expenditure side is also looking green with over N200 billion spent against the budget of N348.8 billion, when pro-rated, we have about 86^ performance.

That is also keeping a level with the performance of the capital budget.

In Nigeria, the condition of roads can be challenging for drivers during the rainy season, ranging from full drainage systems to potholes and traffic jams, making it difficult for car owners to navigate their way. Therefore, knowing how to take care of your vehicle is essential for safety and avoiding costly repairs.

Rainy seasons can cause rust and corrosion, especially on metal parts, while also damaging electrical components through moisture ingress, which can lead to short circuits and malfunctions in systems such as the engine, lights, and sensors.

Water entering the engine can cause damage, while persistent exposure to rainwater can promote mould and mildew growth inside the car. Other components, like brakes and batteries, can also fail due to increased usage and exposure to moisture.

Keeping your cars in good condition in all seasons not only preserves value but also keeps them safe on the road.

Regardless of these challenges, in no particular order, here are several car care tips every driver needs to know this rainy season.

Windshield wipers

Windshield wipers should be replaced either 6 months to a year or as soon as you notice some difficulties in driving visibility in the rain. Keep your wiper fluid filled to the brim

Replace wipers if they leave streaks or squeal. Squeaking, skipping, and smearing begin when your wiper no longer makes proper contact with your windshield. Clean, check, or change if needed.

Check your tyres

This is one of the basic car care tips you should know. Check the thread depth, maintain your tyre pressure; both over- and under-inflation can be risky in wet conditions.

Bald tyres increase the risk of hydroplaning (that’s when your tyres lose grip and your car feels like it’s ice-skating)

Hydroplaning is when water builds up between your tyres and the road, making you temporarily lose control. Brakes

Get your brakes checked (pads, discs, and fluid), avoid sudden braking in rain; pump brakes gently, and listen for any screeching or softness in the pedal. You need to have a good braking system.

Don’t be in a hurry while driving in the rain; slowing down will reduce the risks of being in an unexpected event, just relax.

Car battery

Check your car battery condition always, as heavy use of electrical components in the rain can strain it.

Keep the battery and its terminals clean to prevent corrosion, and check its terminals for any signs of damage or corrosion. If the battery gets wet, allow it to dry completely before use.

Car lights

Rain reduces visibility for everyone, so you need to check if your lights are functioning properly, both the headlights and brake lights.

Clean headlights to prevent cloudiness and check for cracks that could let water in. Good lighting is one of the simplest safety tips for rainy season driving. Use hazard lights while driving in the rain.

Rusting

Do not drive through deep water, as it can cause significant engine and electrical damage.

Apply an anti-rust coating to the undercarriage, use silicone-based lubricants on door hinges and locks, and clean your car regularly to avoid mud buildup.

Anti-rust coating is a spray or sealant that protects your car’s metal parts from rusting due to moisture.

The Senate Committee on the North Central Development Commission (NCDC) has approved the N140 billion budgetary provision for the commission in 2025, with a charge to ensure prudent and transparent utilisation of the funds once the Senate gives its final approval.

The endorsement came after Tsenyil Yiltsen, the Managing Director of the Commission, appeared before Titus Zam-led Committee on Tuesday to defend the proposal.

Announcing the approval, Titus Zam, who chairs the Senate Committee, stated, ‘After a careful look at the issues contained in the budget and the eloquent presentation by the MD and his team, the committee has approved the budget of N140 billion as presented by the Commission.’

In his presentation, Yiltsen explained that the Federal Government allocated N140 billion to the commission for the fiscal year, with N100 billion set aside for capital expenditure across the six States of the North Central region and the Federal Capital Territory (FCT), while the remaining N40 billion will cover recurrent expenditure, including overhead and personnel costs.

He clarified that the N100 billion capital vote was intended for multiple projects across the states rather than a single project.

‘We have eight thematic areas in terms of infrastructure deployment, which are security, agriculture, mining, environmental degradation, education, health, road construction, etc,’ he said. Yiltsen assured lawmakers that the Commission would implement projects equitably across all the states in the zone and the FCT.

‘We will go out for proper needs assessment in all the states and will be fair in the distribution of these projects in all the six states and FCT,’ he added.

On the recurrent component, he disclosed that a large portion of the N40 billion would go towards the salaries of 200 new staff, pending approval of their recruitment by the Office of the Head of Service.

While commending the Commission’s presentation, the committee tasked the NCDC to ensure judicious application of the funds, particularly the N100 billion earmarked for capital projects.

It also called on State Governments in the North Central region and the FCT to provide office accommodations for branches of the commission in their respective States.

It is that time of the year where we mark yet another Independence Day. It is both a blessing and a burden to be alive and to live through another chapter in our national story. We gather in ceremony and celebration, with flags, parades and speeches across states and, of course, in Abuja. But beyond the festivity, it is truly a day we need to ask ourselves, what kind of independence have we truly gained?

Please, do not misconstrue this to be an attempt to diminish our sovereignty, but a necessary question for a people who must look honestly at their journey. At independence, our aspirations were simple and noble: that Nigerians would govern themselves, manage their own resources, and build institutions that served the people. Self-rule was supposed to mean more than flag-waving; it was meant to deliver education, health, security, food, justice and opportunity. But if we judge our progress by these standards, can we honestly say that independence has translated into meaningful freedom for the average Nigerian?

Indeed, we declared ourselves free from British colonial rule in 1960, and ever since, we have governed ourselves. Yet freedom in name is hollow if it is not matched by freedom in substance, freedom from poverty, from disease, from insecurity, from ignorance. Self-governance without progress is a cruel joke.

Take the Nigerian economy, for instance; one of the clearest measures of progress is per capita income, which divides national output by population. Over the last decade, Nigeria has witnessed a shocking reversal. According to a recent media report, between 2014 and now, average per capita income has fallen from about US$3,223 to roughly US$877, a decline of nearly 73 percent. This collapse means that even as nominal GDP may grow, the average Nigerian is getting poorer. The World Bank places Nigeria at 146th out of 191 countries in GDP per capita, while the IMF has ranked us among the 12 poorest nations in the world by the same measure.

Behind these numbers is human suffering. More than 40 percent of Nigerians live below the national poverty line, representing over 82 million people, while multidimensional poverty, which combines deprivation in education, health, and living standards, affects over 63 percent of the population. Oxfam estimates that more than 112 million Nigerians live in poverty. This is staggering for a country that is Africa’s largest oil producer and one of the continent’s biggest economies. Independence, in this sense, has not translated into liberation from want.

Inequality further distorts the picture. The richest Nigerians have grown obscenely wealthy while millions remain trapped in destitution. The Gini coefficient stands at about 0.35, but beneath that statistic lies a brutal reality: the top 10 percent of Nigerians earn 42 percent of national income, while the top one percent alone earn thirty-seven times more than the bottom half combined. Studies suggest that inequality, more than unemployment or inflation, has driven the rise of poverty in Nigeria. Independence was meant to end exploitation, yet our own structures have entrenched it.

Education and health are equally grim indicators. Nigeria today has the highest number of out-of-school children in the world, with more than 10 million children of school-going age excluded. Those who are in school often face poor learning outcomes, with many unable to read or do basic arithmetic at the end of primary education. The World Bank estimates that a child born in Nigeria today will be only 36 percent as productive as they could be with access to quality education and health, the seventh lowest figure globally.

In healthcare, the statistics are just as damning. Public health spending remains only about four percent of GDP. Life expectancy is among the lowest in the world, and preventable diseases continue to claim thousands of lives. Outbreaks like diphtheria, which recently caused more than 1,200 deaths, expose systemic vulnerabilities. Millions of Nigerians are pushed into deeper poverty each year because they must pay catastrophic medical bills out-of-pocket. These are not markers of a nation that has truly freed itself.

Food security is another test of sovereignty, and here again we fail. Despite vast arable land and a favourable climate, nearly 31 million Nigerians are experiencing acute food insecurity this year, according to the United Nations. Agriculture contributes about 23 percent of our GDP, but productivity per hectare is low, post-harvest losses are enormous, and insecurity continues to drive farmers off their land. Inflation, currency instability, and poor infrastructure compound the crisis. In a land where the soil could feed the continent, hunger has become widespread.

And then there is insecurity. No measure of freedom is meaningful if citizens live in fear of violence. From insurgency in the northeast to banditry in the northwest, herder-farmer clashes in the middle belt, kidnappings in the south, and robberies everywhere in between, insecurity is a national plague. Millions have been displaced, livelihoods destroyed, and communities left at the mercy of armed groups. This is not the freedom our founding fathers envisioned.

Governance and corruption remain the greatest betrayals of independence. At independence, the promise was leadership with integrity. But for decades, our leaders have squandered resources and mortgaged the future. Oil revenues that should have transformed our infrastructure, schools, and hospitals have too often been stolen or mismanaged. Institutions meant to safeguard accountability are weak, and political office has too often become a vehicle for private enrichment rather than public service. We claim the privilege of making our own decisions, but too often those decisions benefit the few at the expense of the many.

Taken together, these failures reveal a sobering truth: we are independent in name, but in substance we remain shackled. No colonial governor rules us today, but poverty, ill health, hunger, violence, and corruption bind millions in chains as real as those of the past. The tragedy of our independence is that while the Union Jack no longer flies over our soil, too many Nigerians live lives as limited and precarious as they did under foreign rule.

Yet this need not be the final word. If independence is to mean anything, we must act to redeem it. That means reorienting the economy to deliver inclusive growth, investing in value-added industries rather than exporting raw materials, supporting small and medium enterprises, and stabilising our macroeconomic environment. It means deep reforms in education and health: making learning outcomes, not just enrollment, the priority; expanding universal health coverage; and investing in early childhood nutrition and care. It means strengthening social safety nets and redistributive mechanisms so that inequality does not hollow out society. Above all, it means confronting corruption and insecurity with seriousness, rebuilding trust in public institutions, and enforcing the rule of law.

Independence is not merely for leaders. Citizens, too, must demand accountability, resist the lure of ethnic and religious politics, and engage actively in civic life. Independence without responsibility is a betrayal of our own destiny. Our media, civil society, and institutions must act not as cheerleaders for power but as watchdogs for the people.

As we raise our flags and sing our anthems, let us not deceive ourselves. We cannot keep celebrating rituals while the substance of independence remains elusive. This day should be a call to conscience, not a comfort for complacency. If we want the next 65 years to be different from the last, we must build a Nigeria where independence is felt in the classroom, the hospital, the farm, the market, and the home. We must build a country where freedom is not just the absence of colonial rulers, but the presence of justice, dignity, opportunity, and prosperity for all.

So, fellow Nigerians, I ask again: what kind of independence did we truly gain? If the answer is only symbolic, then our task is to make it substantive. The flag will mean little until every Nigerian child can dream and every Nigerian adult can live with dignity. May God bless the Federal Republic of Nigeria, and may our independence one day be as real as we proclaim. Happy 65th Independence Anniversary.

Chukwuemeka Ezike is a public affairs commentator and analyst. A passionate Nigerian, he is committed to using his voice to challenge national complacency and inspire conversations that lead to accountability and progress

Achu Ochu retired from the public service at the age of 65. However, he could not invest nor manage his income well, which resulted in his children being left without hope and future.

The once promising youngsters were forced out of school into streets because at 65, their father had no plans them.

Ochu’s predicament depicts Nigeria’s situation, and the fate of youngsters across the federation.

As Nigeria marks 65 years of independence, a silent crisis deepens across its cities and rural communities as about 20 million children roam the streets, denied access to education, opportunity, and a future, according to UNICEF report.

Jessica Osuere, chief executive officer at RubiesHub Educational Services, described Nigeria’s education narratives at 65 as one of lost chances. ‘After independence, there was hope for growth, but poor planning, poor funding, corruption, and insecurity slowed things down. Sadly, today, we have one of the highest numbers of out-of-school children in the world.

‘It’s a pointer that education has not been given the attention it deserves. Our children learn under the most inhumane circumstances,’ she emphasised.

Osuere said Nigeria’s progress has been uneven, and the system has failed to keep up with the needs of the people.

However, she warned that no nation rises above the level of its education system.

‘The premium put on education determines the rate of growth or level of development of any country,’ she said.

Isaiah Ogundele, an administrator, emphasised that Nigeria has a long way to go because the governments are not helping issues.

Ogundele said that Nigerian governments must give priority to education via budget allocation, and ensure the funds are judiciously utilised.

‘Nigeria’s education is still below standard. I will score it 55 percent, because of the private sector, and this is appalling.

‘The value of education has been eroded because of the youth’s get-rich- quick attitude,’ he said.

Yinka Bolarinwa, a public affairs analyst, said Nigeria’s education tells a tale of promise undermined by inconsistency.

‘While the nation has recorded significant expansion in access to education since Independence, the sheer weight of unmet needs continues to overshadow these gains,’ he noted.

Bolarinwa said in reality, the sector is constrained by chronic underfunding, insecurity in large parts of the North, decaying infrastructure, poor teacher welfare, and widespread poverty that pushes children out of classrooms and into the labour force.

‘The contrast with Nigeria’s peers is striking. Countries such as Malaysia and Singapore, which gained independence around the same time, invested deliberately in human capital and have since built innovation-driven economies anchored on strong education systems. Nigeria, by contrast, is still battling foundational literacy challenges.

‘A swelling population of uneducated youth fuels unemployment, crime, and instability issues already weighing heavily on the country’s social and economic fabric.

‘In essence, Nigeria’s education gap is not merely a developmental issue but a national security concern,’ he said.

However, Friday Erhabor, director of media and strategies at Marklenez Limited, believes Nigeria has done fairlywell education-wise. ‘I will rate Nigeria 65 percent. The country has done creditably. People may argue, but the best way to know the impact of Nigeria’s education is to look at how well Nigerians that schooled in the country do when they travel out.

‘Nigerians are globally competitive, I am not talking of those schooled abroad, but those that received their full education here,’ he said. Infrastructure, teacher shortage challenges

Experts say that despite various initiatives by the governments, lack of infrastructure and quality teachers is a clog to the goals.

Gift Osikoya, a teacher, said though Nigeria has made progress, it still falls short of its potential education-wise.

‘Infrastructure in many schools is poor; classrooms, libraries, and laboratories are lacking. Quality of teaching is uneven due to inadequate teacher training and welfare.

‘Private schools are filling gaps, but they are not affordable for many families. Digital learning and technology are slowly being embraced, but internet and power challenges hinder wider adoption,’ she said.

The UBE report estimates that Nigeria has a shortfall of over 277,537 teachers across public primary and junior secondary schools.

Besides, unqualified teachers are being recruited to bridge the gap. Poor teacher quality contributes to Nigeria’s poor learning standards by undermining the curriculum, limiting students’ engagement and critical thinking skills.

However, it is not all doom and gloom as Nigeria has also achieved some education reforms.

Key achievements and developments

Nigeria has recorded some expansion in the number of its institutions of higher learning. At independence, degree-awarding institutions were very few, such as the University of Ibadan, and the University of Nigeria, Nsukka.

As of early 2025, there are about 278 universities in Nigeria besides polytechnics, and others.

Daniel Emenahor, head of higher education at the British Council, said that about two million students graduate from Nigerian secondary schools annually.

This depicts improvement in education enrolment, and literacy compared to 1960.

However, growth in numbers has not always matched improvements in quality, equity, or completion rates. The way forward

Bolarinwa said Nigeria needs a sustained political will, consistent investment, and strict accountability.

Osikoya urged the government to prioritise education funding, monitoring, and teacher-training, and motivation.

Erhabor advocated introduction of incentives at primary schools such as school feeding.

Nigerians who are abroad, working remotely in the country, or who serve as influencers, are going to be taxed as part of a broader measure to ensure all and sundry are brought into the tax net, according to Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

‘If you are a remote worker, you are a worker. You work for a company, which may be American or European, and you earn a salary; you will self-declare it because if that company were to be in Nigeria, it would deduct and pay on your behalf. The obligation falls on you to self-declare,’ Oyedele said at an event.

‘If you now refuse to declare, the government will see the movement of the money, and they will deem it as your income, charge you tax on it, add a penalty, and interest for the late payment. The same thing applies to influencers.’ Nigeria has embarked on an overhaul of its many tax laws and harmonised them into four in a move to widen its revenue base, increase its share as a percentage of gross domestic product to 18 percent within three years, and provide succor for low-income households whose spending power has been eroded.

In less than four months to the kick-off of the tax laws, clarity on how the new rules will impact the citizens and corporates has led to widespread controversies, which the Oyedele-led committee is making efforts to broaden public enlightenment ahead of January 1. According to the tax boss, dual citizens who are living abroad are taxable if they spend six months in Nigeria, adding that the new laws make provisions for unilateral tax credits to avoid diasporans being double-taxed. ‘If you spend 183 days here in Nigeria, that’s about six months in a year in Nigeria, physically, our laws say you’re tax resident here. You must pay tax on the income you earn from anywhere in the world in Nigeria. When you get back to the other country and they want to collect tax, ask them to give you a credit for the tax you paid in Nigeria,’ Oyede said.

‘If you spend four months in Nigeria and the remaining eight months you’re in America, you’re not tax resident here. But if you have a house here and you rent it out, we’ll collect tax on that house,’ he added. The tax chief also stated that anyone rendering a service, including sex workers, will be taxed from January 2026 as long as an income is received, emphasising that the new tax laws don’t differentiate between what’s legitimate or not.

On capital gains, Oyedele said if what an individual sells at the capital market in a year is not more than N150 million and the gain is not more than N10 million, no tax will be paid, stressing that the new rules were intentionally designed to be progressive in all manners.

‘The current system of capital gains will charge you at 10 percent. Those gains are isolated regardless of your losses. Under the new regime, we net off first, so gains less losses. When you end up with a net gain, we then have a conversation about whether you should pay tax. If those gains still make you a low-income earner, you will not pay anything – zero percent,’ he said.

‘We have a very robust new law on crypto. The old law says when you make gains on crypto, you pay tax on it, but people also make losses on crypto, and the law totally ignores it, and that’s not fair. Under the new regime, we take your net, gain minus losses, so you pay tax like anybody will pay tax on their income. But you have to self-declare to the authorities.’

Headline fighters Brandon Glanton and Marcus Browne have promised fireworks when they clash in the cruiserweight main event of the ‘Chaos in the Ring’ card on October 1, Nigeria’s Independence Day, at the Mobolaji Johnson Arena, Lagos.

The blockbuster event, organised Dr. Ezekiel Adamu, CEO of Balmoral Group, in conjunction with Amir Khan, British boxing legend, is being billed as Nigeria’s biggest boxing spectacle since the historic ‘Rumble in the Jungle’ in 1974. Marcus Browne (25-2, 16 KOs), a 2012 Olympian and former WBA interim light heavyweight champion, said the fight is another step in his mission to become a two-division titleholder.

‘I’m fully loaded and I’m ready to press the trigger,’ Browne declared at the Lagos press conference.

‘Fans should expect power boxing, fireworks, and a statement for the cruiserweight division. This fight is sentimental for me, being Liberian, I feel at home in West Africa. I’m grateful for the opportunity, and I want to put on a show for Nigeria.’ His opponent, Brandon Glanton, a heavy-handed American with a reputation for knockout power, dismissed Browne’s comments, insisting he is ready to impose himself in Lagos.

‘I’m fully prepared. I’ve got great opposition in front of me, but I’m here to show myself,’ Glanton said. ‘People know I don’t come to dance around the ring. Expect an explosive fight-I’m coming to show exactly who I am.’

Event organiser Dr. Adamu, described ‘Chaos in the Ring’ as the biggest boxing showcase in Africa since Ali vs. Foreman.

‘Our ambition is to stage a boxing spectacle that rivals Saudi Arabia’s recent mega-events while highlighting Nigeria’s unique energy and passion,’ Adamu said.

The undercard features a strong mix of local and international bouts, including Basit Adebayo vs. Tony Rashid for the WBO Africa Title, Emanuel Odiase vs. Idris Afini for the WBA Africa heavyweight crown, Dan Azeez vs. Sulaimon Adeosun in light heavyweight action, Yusuf Adeniji vs. Akimos Annang Ampiah in a featherweight clash, and Samuel Takyi vs. Fatiu Ijomoni for the WBO World Youth lightweight belt.

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) held its 302nd meeting on Monday and Tuesday, September 22 and 23, 2025, to deliberate on recent global and domestic developments and the risks they pose to the country’s economic outlook. The MPC, which is the apex decision-making body of the CBN on monetary policy matters, consists of 12 members, including the governor of the Bank. Its meetings are held every two months, leaving just one more for the year.

At the end of the two-day session, the Committee voted unanimously reduced its benchmark interest rate, the Monetary Policy Rate (MPR), by 50 basis points to 27 percent from 27.50 percent. The move was aimed at boosting growth while sustaining the interest of foreign portfolio investors in the country.

The policy move marked the first interest rate cut in five years and signals a shift in the Bank’s approach toward stimulating economic activity. Announcing the decision at the end of the two-day meeting in Abuja, Olayemi Cardoso, the CBN governor explained that the committee’s choice to lower the MPR was influenced by five consecutive months of disinflation, projections of further moderation in inflation through the rest of 2025, and the need to sustain recovery momentum in the economy.

The committee, attended by 12 members, also delivered a set of complementary measures that balanced monetary easing with targeted liquidity controls. To support credit to the private sector, it reduced the Cash Reserve Requirement (CRR) for commercial banks to 45 percent from 50 percent, while retaining the CRR for merchant banks at 16 percent. At the same time, however, it introduced a 75 percent CRR on non-Treasury Single Account (TSA) public sector deposits to absorb excess liquidity from fiscal injections.

To help the public understand the implications of the MPC’s decisions, Ayodeji Ebo, managing director and chief business officer at Optimus by Afrinvest, explained some key monetary policy terms during his business and investment tips programme. According to him, the Monetary Policy Rate (MPR) is the benchmark interest rate at which the CBN lends to commercial banks and serves as the anchor for all other rates in the economy, making it a vital tool for managing inflation. The Cash Reserve Ratio (CRR) refers to the share of deposits that banks are required to keep with the CBN. With the CRR now set at 45 percent, for every N1,000 deposited in the bank, N450 must be retained with the CBN, leaving only N550 available for lending. The Liquidity Ratio (LR), maintained at 30 percent, is the proportion of liquid assets such as cash and government securities that banks must hold relative to their deposits, ensuring that they can meet withdrawal demands.

He further explained that the symmetric corridor defines the range around the MPR that determines the rates for the Standing Lending Facility (SLF) and the Standing Deposit Facility (SDF). With the corridor now fixed at +250/-250 basis points, banks can borrow from the CBN at 29.5 percent through the SLF or place their excess funds with the CBN at 24.5 percent via the SDF. This corridor affects overnight market rates, liquidity in the system, and short-term borrowing costs. Another measure introduced by the MPC was a 75 percent CRR on non-TSA public-sector deposits, which are funds held by government agencies outside the Treasury Single Account framework. By imposing such a high ratio, the CBN has ensured that banks cannot fully rely on these idle public funds for liquidity, thereby tightening money supply and discouraging speculative use of government deposits. The big question, however, is: what do these measures mean for different players in the economy such as savers, borrowers, and investors?

For savers, the most immediate effect is on the interest rate paid on savings deposits. By regulation, banks are required to pay at least 30 percent of the MPR on naira savings accounts. With the MPR now reduced to 27 percent, the minimum savings rate also falls slightly to 8.1 percent, down from 8.25 percent. Although this looks marginal, it means lower income for households relying on savings deposits as a source of interest earnings. The actual benefit, however, depends on the conditions set by individual banks, such as limits on the number of withdrawals allowed in a month to qualify for interest. Savers who want to earn more from their funds may now have to consider alternatives such as fixed deposits, money-market funds, or fixed-income securities, while still keeping a portion in liquid savings for emergencies.

For fixed-income investors, the MPR cut reinforces the downward trend in yields already witnessed in recent auctions. Benchmark rates tend to guide returns on government securities, and with this cut, yields on instruments such as treasury bills and bonds are expected to decline further. This development makes fixed-income assets less attractive to risk-averse investors. Pension funds and institutional investors, in particular, may face compressed returns and will likely be prompted to diversify their portfolios into equities, infrastructure funds, or real assets. For retail investors, lower yields could mean that investment products offering higher risks but also potentially higher rewards may start to look more appealing.

Borrowers stand to benefit from the cut, though the effect will not be immediate. Loan rates are expected to reprice lower over time, although tight liquidity conditions arising from the high CRR could slow this process. As of July 2025, the maximum lending rate in Nigeria averaged 29.84 percent, while the prime lending rate was around 18.01 percent. The cut should gradually ease the debt-service burden of existing borrowers and lower the cost of new loans. By reducing default risks, the policy could also improve the overall quality of banks’ loan books. For the banks themselves, narrower lending margins may initially weigh on profitability, but this can be balanced out through stronger loan growth, reduced non-performing loans, and higher income from fees and other non-interest sources. The stock market is another potential beneficiary of the rate cut. Lower borrowing costs enhance the profitability of non-financial companies by reducing interest expenses, while the relatively weaker returns on fixed-income investments may shift investor appetite toward equities. For listed companies, particularly those outside the financial sector, this provides an opportunity to attract new capital and enjoy better valuations. For banks, the effect is more nuanced. While lower interest rates may pressure net interest income, higher loan volumes, improved asset quality, and increased opportunities in fee-based businesses could support their earnings. Dividend yields from equities may also become more attractive relative to fixed-income instruments in a low-rate environment, offering an additional incentive for investors.

The adjustment to the SLF and SDF rates ensures that interbank market rates remain aligned with the new MPR, enhancing the smooth transmission of monetary policy. By lowering the SLF rate to 29.5 percent from 30 percent and reducing the SDF rate to 24.5 percent from 25 percent, banks will now pay slightly less when borrowing liquidity from the CBN and earn marginally less when depositing their excess funds. This balance is intended to stabilise short-term market rates and improve monetary transmission.

One of the more significant measures is the imposition of the 75 percent CRR on non-TSA deposits. By effectively locking up three-quarters of such public-sector funds with the CBN, the Bank has curtailed banks’ ability to use these deposits for lending. For every N1,000 received in such deposits, only N250 is deployable. While this step is meant to strengthen monetary control, discourage speculative activities, and reduce banks’ over-reliance on government deposits, it also has the effect of tightening system liquidity further. This could blunt the speed with which the benefits of the rate cut are transmitted across the economy.