Renowned economist, Dr Yemi Kale, says Nigeria must recalibrate its economy through disciplined reforms, forward-looking governance, and people-centred development.

Mr Kale, a former head of Nigeria’s statistics bureau and now Group Chief Economist at Africa Export-Import Bank ,Afreximbank, gave this advice at the 2025 Vanguard Economic Discourse, where he delivered a keynote address that examined Nigeria’s current economic hardship and offered a compelling and urgent roadmap toward sustainable recovery and shared prosperity.

According to the economist, Nigeria is grappling with both external shocks and internal structural fragilities: from global inflationary pressures to domestic policy missteps.

“Business as usual is no longer an option”, he quipped, warning that slowing growth, commodity volatility, rising protectionism, and geopolitical instability are compounding Nigeria’s vulnerabilities.

“From exchange rate volatility to eroding investor confidence, Nigeria finds itself navigating a storm with limited buffers”, he explained.

He critiqued the removal of fuel subsidies, FX rate unification, tax overhauls, and monetary tightening, leading to surging inflation, currency depreciation, contracting investment, and intensifying socioeconomic hardship, noting that while the reforms instituted by President Bola Tinubu were necessary steps toward a rules-based economy, they were poorly sequenced and lacked critical safeguards.

“Most of Nigeria’s economic hardship is not caused by unforeseen events but by policies introduced without adequate safeguards. Public trust is built not just by making policies but by implementing them with foresight, fairness, and firmness”, he submitted.

The economist then outlined a clear, actionable framework to transition Nigeria from macroeconomic fragility to resilient, inclusive growth revolving around three pillars: macroeconomic stability, economic diversification, and social investment and inclusive governance.

He noted that restoring confidence begins with fiscal discipline, transparent FX management, and tighter coordination between monetary and fiscal authorities.

“The first pillar is macroeconomic stability. Macroeconomic stability is not an outcome it is a prerequisite. Nigeria must rebuild investor and citizen confidence by addressing fiscal imbalances, taming inflation, and restoring exchange rate credibility”.

He noted that this can be done via enforcing tax reform, curb leakages, and ensure budget credibility, empowering the central bank with operational independence and clear mandates, tackling inflation through supply-side reforms particularly in agriculture and logistics, maintaining a transparent, market-reflective exchange rate supported by non-oil exports and reserve buffers, as well as creating a predictable investment climate that encourages long-term capital formation.

“The second pillar is economic diversification. Diversification is no longer optional. Nigeria’s dependence on oil exposes it to external volatility and fiscal instability. We must rapidly expand our productive base”, adding that core focus should be on agriculture, manufacturing, services and digital economy, small businesses, and infrastructure.

“The third and final pillar is social investment and governance. True growth is people-centered. It must deliver meaningful improvements in the lives of Nigerians across all demographics and regions”.

Dr Kale emphasised that key focus areas include the need to expand social safety nets to protect vulnerable populations from systemic shocks, improve access to basic services housing, healthcare, electricity, water, and strengthen education through curriculum reform, teacher training, and vocational pathways.

He also advocated fostering entrepreneurship and digital inclusion, particularly for youth and women, deepening institutional trust through anti-corruption enforcement and policy continuity, and usage of digital governance to increase transparency, reduce leakages, and improve service delivery.

“Inclusive growth is not just a social ideal it is a strategic economic necessity”, he said.

From Rotimi Asher,  Lagos 

Polaris Bank has reaffirmed its support for the National Drug Law Enforcement Agency ,NDLEA, in the fight against drug abuse, trafficking, and money laundering in Nigeria and beyond.

The pledge was made by the Bank’s Managing Director/Chief Executive Officer, Kayode Lawal, during a courtesy visit by a 15-member NDLEA management team to the Bank’s headquarters in Lagos.

Speaking during the visit, Lawal emphasized that the partnership is rooted in shared values and social responsibility, stating,

“The essence of Polaris Bank is not just profitability but fulfilling a moral obligation to society. Our collaboration with NDLEA underscores our commitment to combating crime and protecting our communities”.

He further noted that the Bank’s social responsibility efforts go beyond compliance, highlighting Polaris Bank’s resolve to deepen its partnership with the NDLEA in addressing pressing societal issues.

In appreciation, the NDLEA delegation decorated Lawal for his and the Bank’s contributions in supporting the agency’s objectives.

The Bank’s Chief Compliance Officer ,CCO, Charles Oso, was also honored for his leadership in maintaining strong compliance and anti-money laundering systems within the Bank.

The NDLEA team, led by the Director of Assets and Financial Investigation, representing the Chairman/CEO, Dr. Ibrahim Abdul, lauded Polaris Bank’s partnership and advocacy efforts, especially in supporting drug rehabilitation programs across Nigeria.

The agency acknowledged that under the leadership of Brigadier General Buba Marwa ,Retd, NDLEA has made significant progress through advocacy, enforcement, and support services, including the establishment of free toll lines for drug-related assistance.

The NDLEA representative lauded the enduring relationship with Polaris Bank, citing the Bank’s meaningful impact in boosting the agency’s operational effectiveness and strategic initiatives.

Polaris Bank’s efforts were recognized as pivotal in enhancing the national response to drug-related crimes, with the NDLEA noting that the Bank stands out as a committed private sector partner in tackling drug abuse and financial crimes.

Present at the reception were Polaris Bank’s Executive Directors: Chris Ofikulu, Abimbola Ozomah, and Sharafadeen Muhammed, who joined the MD in welcoming the NDLEA delegation.

By Yahaya Umar 

Shareholders of Nigerian Breweries Plc have approved the cancellation of 1.9 billion unissued ordinary shares following the company’s recently concluded ₦599.1bn rights issue.

The resolution was passed at the company’s 79th Annual General Meeting ,AGM, held in Lagos, marking a significant milestone in the restructuring of its share capital.

The cancelled shares, which were not taken up during the rights issue, were removed in compliance with Section 124 of the Companies and Allied Matters Act ,CAMA, 2020 and Regulation 13 of the Companies Regulations 2021.

With this action, the company’s issued share capital has been revised downward to ₦15.49bn, now divided into 30,983,026,920 ordinary shares of 50 kobo each.

Prior to the cancellation, the company had created 22.61 billion additional ordinary shares, raising the total share capital to ₦16.44bn as part of the capital restructuring strategy for the ₦599.1bn rights issue approved by shareholders at the AGM held on April 26, 2024.

In a resolution ratified at the 79th AGM, shareholders formally endorsed all actions taken by the Board of Directors under the authority granted at the previous AGM.

This included the creation of the new shares and subsequent cancellation of the 1.9 billion units not subscribed to.

The capital adjustment forms part of the company’s broader strategy to strengthen its balance sheet and support long-term financial sustainability.

The management noted that the rights issue and related changes are crucial for reducing debt, improving liquidity, and positioning Nigerian Breweries for future growth amid a challenging macroeconomic environment.

In addition to the capital restructuring, shareholders also approved amendments to Article 81 of the company’s Articles of Association, granting the Board of Directors greater flexibility in securing financing.

Under the amended provision, directors may borrow funds up to two and a half times the paid-up share capital and reserves, excluding temporary bank loans, without further shareholder approval.

The amendment, however, includes safeguards: any lender or third party dealing with the company is not required to confirm if the borrowing threshold is observed, although debts incurred beyond the limit would only be invalid if the lender had prior knowledge that the limit had been exceeded.

By Aliyu Galadima 

Manufacturers Association of Nigeria ,MAN, has revealed that real manufacturing output in the country increased modestly by 1.7% year-on-year to N7.78 trillion amid prevailing challenges.

The Director-General of MAN, Mr Segun Ajayi-Kadir, in a report titled MAN Economic Review- Second Half 2024, said the focus manufacturing indicators included capacity utilisation, production value, inventory, local raw materials utilisation levels, investment, expenditure on alternative energy sources among others.

MAN also said capacity utilisation improved marginally to 57.0% in the second half of 2024, up from 55.1% in the same period of 2023.

A half-on-half analysis showed a 1.2 percentage point increase in H2 2024 compared to H1 2024.

According to him, the development is buoyed by increased activity in motor vehicles and miscellaneous assembly, non-metallic mineral products, and electrical and electronics.

He, however, noted a half-on-half decline of 3.1% in real production reflected rising costs and weak consumer demand.

“Nominal manufacturing output rose sharply by 34.9% to N33.43 trillion, primarily due to inflationary pressures and rising domestic prices”, he said.

The MAN DG said the manufacturing sector’s local raw material sourcing increased to 57.1% in 2024, up from 52.0% in 2023.

This shift, he stated, was largely driven by foreign exchange scarcity, high import costs, and government incentives promoting local content.

Mr Ajayi-Kadir declared improvements observed in wood and wood products, textiles, apparel and footwear, and chemical and pharmaceuticals.

He said the electrical and electronics sector continued to lag due to dependency on imported components.

On the downside, the manufacturing expert noted that inventory of unsold finished goods surged by 87.5% to N2.14 trillion in 2024.

He attributed the drive to weakened consumer demand, escalating production costs, and declining purchasing power.

He, however, said that a half-on-half decrease of 27.9% in H2 2024 suggested improved clearance efforts and price adjustments.

He added that the country’s real manufacturing investment fell by 35.3% year-on-year to N658.81 billion in 2024, reflecting economic uncertainty and reduced expansion plans.

“However, H2 2024 witnessed a 19.4% increase compared to H1 2024, as manufacturers cautiously resumed capital expenditures.

“The employment situation in Nigeria’s manufacturing sector remained relatively stable in 2024, with 34,769 jobs added, a 1.8% increase from 34,163 jobs in 2023.

“However, the number of employees leaving manufacturing companies also increased from 17,364 in 2023 to 17,949 in 2024, indicating ongoing labour mobility due to economic uncertainties, skill migration, and company restructuring”, he said.

Mr Ajayi-Kadir also said that electricity supply situation for industries improved in 2024, with the average daily supply increasing to 13.3 hours per day, up from 10.6 hours in 2023.

He stated that on a half-on-half basis, electricity supply rose from 11.4 hours per day in H1 2024 to 15.2 hours in H2 2024.

The MAN DG, however, noted that electricity tariffs surged by over 200% for Band A consumers, significantly increasing manufacturing costs.

“In response to unreliable grid power and increases in prices of diesel and fuel manufacturers’ total expenditure on alternative energy sources surged to N1.11 trillion, a 42.3% increase from N781.68 billion in 2023.

“On a half-on-half basis, manufacturers spent N404.80 billion in H1 2024, which increased by 75.0% to N708.07 billion in H2 2024″, he said.

Mr Ajayi-Kadir added that rising interest rates posed a major financial burden, with commercial bank lending rates to manufacturers surging to 35.5% in 2024 from 28.06% in 2023.

“Consequently, manufacturers’ finance costs totalled N1.3 trillion, constraining investment and expansion plans”, he said.

Federal Government has launched the BisonFly Project, a groundbreaking initiative designed to optimize air travel costs for the Federal Civil Service. By harnessing the power of technology and collective bargaining, BisonFly aims to reduce expenditure and improve service delivery across Ministries, Departments, and Agencies ,MDAs.

With a centralized, technology-enabled system, BisonFly will integrate digital booking tools and platforms to ensure transparency and efficiency in official travel arrangements.

According to Minister of Finance, Wale Edun, “Project BisonFly directly supports our commitment to prudent financial management”.

This innovative project is a model for fiscal responsibility and a significant step towards achieving fiscal discipline and improving public sector efficiency in Nigeria.

As the government works to enhance efficiency and accountability, BisonFly is poised to make a positive impact on government operations and set a precedent for other initiatives.

With its expected launch in the coming months, BisonFly is set to revolutionize air travel for the Federal Government.

By Our Correspondent 

Katsina State Government has paid over N3.1 billion as compensation to occupants whose land were acquired for development projects in the State.

The state’s Deputy Governor, Alhaji Faruq Lawal-Jobe stated this in Katsina yesterday, during a monthly press conference.

He said that the projects include road construction, building of new and expansion of existing schools, hospitals, markets and other infrastructural projects.

According to the deputy governor, additional N2 billion has been allocated in the 2025 budget for payment of compensation for projects underway.

“This administration of Gov. Dikko Radda has also invested more than N325 million to review the master plans of Funtua, Katsina, Daura Dutsin-Ma, Malumfashi, Mani and Kankia towns.

“The 2025-2040 masterplan is aimed towards returning the state to the culture of master planning as a guide for physical development..

“These masterplans were originally prepared by a British firm ,Max Lock, in the early 70s and became outdated 25 years ago”, Lawal-Jobe said.

He explained that the state government had made all arrangements to also review the remaining four plans to further prepare for infrastructural development of other cities going into 2026.

According to him, the government has also made significant investments to revive the state Urban and Regional Planning Board.

He added that about N725 million was expended to procure heavy machineries, Hilux vehicles, and motorbikes for monitoring activities to ensure developers strictly adhere to building regulations.

Lawal-Jobe noted that the rapid population growth presents the state with various challenges that must be addressed, so as to ensure a sustainable growth for a better future.

He stated that the state government had instituted land administration reforms through the establishment of the state’s Geographic Information Service ,KATGIS.

“This is necessary to move us away from the tedious manual process of land registration and documentation that is prone to manipulation and fraud, to a technology-driven one.

“The technology is transparent, faster and generally allows efficient land record keeping, thereby reducing conflict between land owners and enhancing revenue generation.

“A transparent land resource management system requires the digitisation of land ownership records to meet the demands of the 21st century”, the deputy governor emphasised.

He said that in this regard, the government had spent over N859 million to provide all necessary equipment and facilities for the KATGIS project, including the development of proprietary software and the purchase of hardware.

According to him, the government had initiated arrangements with the Nigerian Security, Printing and Minting Company ,NSPMC,  to produce highly secured Certificates of Occupancy ,C of O,

By Yahaya Umar 

Federal Government of Nigeria ,FGN, revenue underperformed expectations, down by more than 31% to settle at N1.94 trillion at the end of January 2025, according to a Central Bank ,CBN, report.

The provisional data released by the Apex Bank showed that fiscal operations of the federal government of Nigeria ,FGN, resulted in an expansion of fiscal deficit in January compared with the level in the preceding month.

Federally collected revenue declined by 31.35%, relative to the level in December 2024 on the back of weak income generated from oil and non-oil sources. The CBN reported that the retained revenue of the FGN decreased by 69.19% while its aggregate expenditure declined by 15.51%.

At N1.94 trillion, provisional gross federation account receipt was 31.35 and 35.22% below the level in the preceding month and the benchmark, respectively, the report stated.

Gross federally collected revenue underperformance was due, largely, to a reduction in receipts from Petroleum Profit Tax ,PPT, royalties, company income tax, and customs & excise duties.

Nevertheless, the composition of gross federation revenue showed that non-oil revenue remained dominant, accounting for 68.67%, while oil revenue constituted the balance.

Non-oil revenue, at N1.33 trillion, was 22.18% below the level in the preceding month, driven by low collections from federal government independent revenue, customs & excise duties, and corporate tax, according to the report.

However, it was 8.25% above the monthly target of N1.23 trillion. Oil revenue also declined by 45.45% to N0.61 trillion from the level in December 2024 on account of lower receipts from Petroleum Profit Tax ,PPT, and royalties.

It was 65.55% short of the monthly target, due, largely, to shut-ins arising from aging oil pipelines and installations. The report revealed that from the federally collected revenue of N1.94 trillion, a net balance of N1.42 trillion was distributed to the three tiers of government after accounting for additional revenue and statutory deductions and transfers.

The federal, state, and local governments received N0.45 trillion, N0.50 trillion, and N0.36 trillion, respectively, while the balance of N0.11 trillion was allocated to the 13% Derivation Fund for oil-producing states.

Net disbursement was 17.52% below the level in the preceding month and 38.30% short of the monthly target. FGN retained revenue declined in the review period, owing, largely, to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.

At N0.48 trillion, provisional FGN retained revenue was 69.19 and 70.40% below the levels recorded in the preceding period and monthly target, respectively.

Nigeria’s FX Reserves Drop By $3bn, Hit 6-Month Low

By Dickson Pat 

Tracking below $38 billion, Nigeria’s foreign reserves declined by $3 billion in less than four full months amidst fluctuation in FX inflows and aggressive interventions in the currency markets. Latest data from the Central Bank of Nigeria ,CBN, showed that foreign reserves fell below $37.888 billion, the lowest level seen in six months.

The authority said the nation’s net foreign exchange position has inched higher to $23 billion, accounting for 60% of the aggregate amount. This suggests that there is only a 40% claim against the balance in the nation’s foreign reserves.  

Slowdown in oil output and fluctuating market prices of exported crude have negatively impacted government earnings. Some analysts said government revenues have been underperforming expectations in 2025 due to macro and external uncertainties.

It is noted the foreign portfolio investors bolstered FX inflows strongly in the first quarter until the recent shift in global investment sentiments. Offshore investors have been exiting positions in naira assets. The authority had lured hot monies into the country with mouthwatering rates on Treasury and OMO bills.

This triggered a successive rally on the naira assets, and yield began to taper until the latest offshore investors’ riskoff sentiment caused yield repricing. Analysts noted that the CBN has also scaled back on OMO bills offerings.

Foreign investors and banks played strongly in driving forex inflows through the CBN OMO bills auction, but supply has dropped sharply to one auction sale per month since February as the authority looks to cut balance sheet costs.  

Hence, the FX market has come under renewed pressure in the recent weeks, driven primarily by offshore dollar demand amidst global headwinds. With negative effects of US dollar inflows, crude oil prices, which currently trade below $70 per barrel, are negative for Nigeria’s fiscal and current account positions.

By Rotimi Asher,  Lagos 

App-based transport drivers in Lagos, including those operating under platforms such as Bolt, Uber, Lagride, inDrive, and Rida, will suspend services on May 1, 2025, in a 24-hour strike to protest against what they describe as exploitative working conditions and anti-labour practices.

The planned industrial action, coinciding with International Workers’ Day, was announced by the Lagos chapter of the Amalgamated Union of App-Based Transporters of Nigeria ,AUATON.

According to a notice signed by the union’s Public Relations Officer, Steven Iwindoye, drivers will stay off ride-hailing platforms to demand fair compensation, improved safety standards, and respect for workers’ rights.

“This action is a necessary step in drawing attention to the persistent challenges faced by app-based transport workers in Lagos.

“These include poor remuneration, sudden and unjust deactivations, unsafe working environments, and high commission charges levied by app companies”.

Iwindoye also cited a lack of proper rider identification protocols, the imposition of mandatory facial recognition systems, and general disregard for drivers’ welfare as further reasons behind the protest.

He emphasized that previous efforts at dialogue with app-based companies had been unproductive, leaving the union with no choice but to apply “economic pressure”.

The union said the protest is not just a withdrawal of service, but a broader campaign for dignity and justice within the industry.

A formal list of demands will follow the strike, alongside a structured framework for negotiations with app-based companies. AUATON indicated that the action is supported by labour groups, civil society organizations, and media partners.

Commuters in Lagos who rely on ride-hailing apps for daily mobility are likely to experience significant disruptions during the May Day protest.

The union has urged the public to understand the drivers’ grievances, calling the action a “global call to action” for workers.

AUATON stressed that its members are not merely individual contractors, but a collective force seeking to reclaim their rights in a system that has long prioritized profit over people.