Ndubuisi Francis in Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun revealed yesterday that the federal government has so far disbursed N330 billion to 8.5 million poor households, some of which received at least a tranche of N25,000 as conditional cash transfer  

through the National Social Safety Net Coordinating Office (NASSCO).

The social safety net programme for which the World Bank approved $800 million for the Bola Tinubu administration was designed for 15 million poor households at three instalments of N25, 000 each.

Edun, who spoke during a brief chat with journalists in Abuja, disclosed that

of the targeted 15 million households, 8.5 million had been paid N25,000 each, adding that while some received one tranche, some got two and others three payments.

The World Bank had in May this year picked holes in the conditional cash transfer programme, arguing that the initiative failed to reach millions of Nigerians in need of urgent economic relief arising from economic reforms, as only 37 per cent of the targeted households had as of then benefited from the scheme.

According to the global development institution, the programme only reached 5.6 million households out of the planned 15 million, two years after the Tinubu administration secured $800 million to run it.

However,  Edun explained yesterday that the initial challenges, particularly the linking of beneficiaries’ National Identity Numbers (NIN) to  their bank accounts and mobile wallets were being surmounted, adding that the remaining seven million households will be paid before the end of the year.

“So far, 8.5 million households have received at least one tranche of N25,000. Some have received two or three payments. The remaining seven million households will be paid before the end of the year,” the minister said.

Edun disclosed that the cash transfer intervention was part of President Tinubu’s strategy to cushion the effects of economic reforms occasioned by the removal of oil subsidy and exchange rate harmonisation on very vulnerable Nigerians.

The finance minister further explained that about 19.7 million poor and vulnerable households, representing over 70 million individuals were captured in the National Social Register.

Describing the programme as one that is anchored on a “robust and sustainable system,” with beneficiaries verified through their National Identity Number (NIN), and payments made digitally and directly through bank accounts or mobile wallets, he disclosed that the government was planning to incorporate it in annual appropriations in order to make it sustainable.

“We now have the basis for a modern social protection system that can provide targeted assistance to the poorest and most vulnerable on a long-term basis,” he said.

The National Coordinator of NASSCO, Mrs. Funmi Olotu, who gave further  insight on the programme, said the payments were staggered because President Tinubu insisted on linking disbursements to NIN in order to guarantee its integrity and transparency.

“No more traditional cash payments. All transfers are direct debit to bank accounts. That is why some households have received one, two, or three tranches already,” she said, adding that the National Social Register, developed in collaboration with the World Bank, was built on over 40 socioeconomic variables and is devoid of political interference.

Data made available by NASSCO indicated that 8.1 million households with a beneficiary coverage rate of 54 per cent was recorded as of August 2025.

A total of 2.2 million new households were added since the last reported cycle in June 2025, a development NASSCO attributed to a “successful BVN/NIN validation.”

Ndubuisi Francis in Abuja

In a bid to guarantee seamless inflow, lay a solid foundation for robust production, as well as the continuity of supply and stability across the country’s fertiliser value chain, the   Presidential Fertiliser Initiative (PFI) delivered 48 distinct vessels of critical raw materials for fertiliser blending across the country between 2022 and 2025.

In 2025 alone, 10 vessels had already discharged and more were expected to discharge cargoes, accounting for over 560,000 metric tonnes (MT) of input at Nigerian ports.

In a statement, Wednesday, Ministry of Finance Incorporated (MOFI) revealed that the strengthening of the value chain would ensure that blenders have access to as much material as their production capacity could support.

As of September 2025, more raw materials had already been supplied or ordered than the total supplied in 2024, even as additional arrangements were being concluded with fertiliser raw material manufacturers to stock warehouses nationwide. This strategic inflow, MOFI stated, had enabled consistent local production, with over 4.5 million metric tonnes of finished fertiliser produced between 2021 and 2024.

Cumulatively, since its inception, PFI had facilitated the production of over 128 million bags of fertiliser, delivered directly to farmers across the country. 

MOFI, which will fully take over the management of PFI from the Nigerian Sovereign Investment Authority NSIA) by November, stated that in line with President Bola Tinubu’s vision for food sovereignty, PFI, a cornerstone of Nigeria’s food security strategy, was advancing efforts to secure a resilient and uninterrupted supply of fertiliser to Nigerian farmers.   

MOFI stated, “As it enters a new phase, PFI 3.0 is laying the foundation for a stable supply of raw materials to blending plants, with the ultimate goal of making Nigeria self-sufficient in crop production for both food and industrial uses.

“ As of September 2025, more raw materials have already been supplied or ordered than the total supplied in 2024, and additional arrangements have been concluded with fertilizer raw material manufacturers to stock warehouses nationwide.

“Blenders will have access to as much material as their production capacity can support.”

The steady inflow of needed raw materials, the statement added, was laying the foundation for robust production and ensuring continuity of supply and stability across Nigeria’s fertiliser value chain.   

Managing Director and Chief Executive Officer of MOFI, Dr. Armstrong Takang, explained that the focus of PFI extended beyond mere volumes.

Takang stated, “We are meticulously building a system that can insulate farmers from global market shocks and instil the confidence needed for long-term agricultural planning. We see the PFI as a prime example of public–private collaboration that can solve complex national challenges, and its future is a testament to Nigeria’s capacity for strategic reform.”

Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN) confirmed that a growing network of blending plants was key to sustained output.

President of FEPSAN, Alhaji Sadiq Kassim, said, “We have witnessed significant improvement in productive capacity since the PFI’s inception.

“The number of operational blending plants has increased to over 90 across the country, giving us a total blending capacity of up to 13 million metric tonnes. This capacity is a critical asset in ensuring fertiliser is consistently available for our farmers, bringing it closer to their farms and reducing transportation costs.”

Despite robust supply, industry leaders acknowledge farmers’ concerns regarding rising prices in recent seasons. They said these pressures were a direct result of foreign exchange volatility and global raw material costs, not local scarcity.

To address the external pressures, PFI said it was preparing for its third phase, PFI 3.0, which was endorsed at the August 2025 Stakeholder Roundtable in Abuja. 

MOFI is set to take over operational management from the Nigeria Sovereign Investment Authority (NSIA) by November 2025.

MOFI said, “This transition is expected to strengthen governance and provide seamless continuity as the programme enters its next, more ambitious phase.

“The PFI’s central mission remains providing Nigerian farmers with timely, affordable, and reliable access to fertiliser, and the system is now more resilient and dependable, giving farmers confidence in consistent supply.”

•Explain commencement order must be issued, gazetted 

•Presidential tax c’ttee chair reveals only 60,000km of 200,000km of roads tarred

Ndubuisi Francis and Emmanuel Addeh in Abuja

The Minister of Finance and Coordinating Minister of the Economy,  Mr. Wale Edun and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, yesterday declared that there was no immediate plan to implement the contentious 5 per cent fuel tax now or on January 1, 2026. 

Given the already high cost of living and hardship in the land, the Trade Union Congress of Nigeria (TUC) had on Monday issued a 14 day ultimatum to the federal government to rescind any plan to introduce any tax surcharge or risk a total shut down of the economy.

Edun, who addressed a press conference in Abuja, admitted that while the Tax Administration Act will become operational on January 1, 2026, the 5 per cent fuel surcharge, which is captured in the Act, will not automatically come into effect.

He explained the Tax Administration Act is among four legislative instruments enacted to boost transparency, simplify compliance for individuals and businesses, and modernise revenue collection.

Edun said: “But let me re-emphasise and underscore the following: The tax reform bills and the tax act will not become operational until January 1, 2026. And the 5 per cent fuel surcharge, which is mentioned therein, will not automatically come into effect.

“There is even a process before any such charge can come into effect. It requires a commencement order from the Honourable Minister of Finance, and this indeed must be published in a gazette.

“So it’s not automatic that we wake up on January 1 and there’s a new tax and it is  going to be levied. No, there’s a whole formal process involved. And as of today, no order has been issued, none is being prepared, and there is no plan, no immediate plan to implement any surcharge.”

According to him,  the surcharge is a long-standing provision initiated in 2007 under the Federal Road Maintenance Agency (FERMA) Act, and not a new tax measure created by the Tinubu administration, adding that its inclusion in the 2025 Act was part of efforts to consolidate and harmonise existing laws for clarity and ease of compliance.

The minister noted that the original purpose was that 40 per cent of the proceeds of that user charge would go to FERMA while 60 per cent would go to the states or the state equivalent of FERMA, otherwise known as the state road management agencies or whatever name or form.

“And we know how critical that is. Not just for safety of lives and property, for mobility, but of course for economic growth. As it is through the road network largely that goods are delivered,” he said.

The minister stressed that it was important to make the distinction, adding: “The inclusion of the surcharge in the 2025 Nigeria Tax Administration Act does not mean an automatic introduction of new tax. It doesn’t mean fresh taxation automatically.”

Explaining why the surcharge appeared in the new Act, he said the inclusion of the surcharge in the 2025 Nigeria Tax Administration Act did not mean an automatic introduction of a new tax.

“The government is fully aware of the economic pressures of the time and will not take decisions that will make things even more burdensome. We don’t worsen the burden on Nigerians.

“Our priority is to strengthen tax governance, block revenue leakages, improve efficiency, rather than just levy new taxes, charges, and costs. Our economic journey in 2025 is marked by renewed microeconomic stability. There is growing investor confidence.

“There is an affirmation that we are in the right direction from development partners, partners, international observers, international rating agencies, among others.

“And there is a continued momentum for structural reform that is taking this economy from the current levels of growth to higher and more inclusive levels of growth.

“So, it is our collective responsibility to translate the policies that are in place into better jobs, higher incomes, and improve public services and we need to ensure that the reforms that have been carefully defined and are evidence-based are responsibly implemented,” he said.

Also, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, yesterday maintained that the proposed 5 per cent fuel surcharge was critical to fixing Nigeria’s deteriorating road infrastructure, but maintained that no date has been fixed for the commencement of implementation.

Speaking on Channels Television, Oyedele dismissed speculations that the surcharge on fuel will take effect from January 2026, insisting that as long as it is not gazetted it cannot take off with the tax law.

He said: “The decision was made to put this in the new law and to put a commencement date that is going to be in the future, based on an order to be gazetted by the minister. So nobody will just spontaneously introduce the tax and create problems for the system.”

According to the chairman,  the proposed fuel surcharge is intended to generate a dedicated fund for Nigeria’s deteriorating roads, not to add extra strain on households in the country, explaining that initial plans by the Federal Road Maintenances Agency (FERMA) to collect the tax directly was rejected.

“So, actually, I can tell you that before these tax laws were enacted and shortly after it was signed, there was already an attempt by the agency (FERMA) to even collect the tax and we had to say to them you can’t collect it.

“This is because the new law says you’re not the one to collect and commencement will not happen till the minister says so. There is nothing that says this tax will start 1st January 2026. People need to get that right,” he pointed out.

But Oyedele faulted the union over its threat, arguing that the surcharge was introduced by a previous government and not the administration of President Bola Tinubu.

He said: “TUC, which is planning to go on strike to say it should be removed, I don’t know what they want the government to remove, because it hasn’t been imposed, and there is no regulation that says it would be imposed from January. The TUC should have complained and protested when this was introduced in 2007.”

Speaking on concerns about inflation, Oyedele noted that the real economic burden comes from poor road networks and illegal taxes imposed during transportation, stressing that Nigeria has about 200,000 kilometres of roads, with only 60,000 paved, making logistics costly, unsafe, and inefficient.

According to him, the surcharge will help the government with funds to maintain the roads, assuring Nigerians that the reform initiatives of the Tinubu administration will yield results, and asking for patience from Nigerians.

He admitted that although there are public worries that recent tax reforms could worsen inflation, improved road infrastructure remains essential to lowering the cost of moving goods and people.

“I know everybody is concerned about the impact on inflation, I’m concerned myself,” he admitted. But we also know that around the world, road infrastructure is very important. Nigeria has about 200,000 kilometres of road, and only about 60,000 are okay. This is the major reason why transporting anything in Nigeria, whether goods or people, is costly and unsafe,” Oyedele argued.

He added: “If you look at the rural inflation of food and compare it with the inflation of food in urban centres, sometimes the difference is as high as 5 per cent. In most countries, that gap would be under 1 per cent. The majority of the issues are to do with the state of the roads and the multiple taxes being collected whenever you move goods around.”

Besides, Oyedele argued that the removal of fuel subsidies has opened fiscal space, emphasising  that subsidy revenues alone are insufficient to close Nigeria’s infrastructure gap.

He stressed: “Even with the removal of fuel subsidy… the huge gap we still have in terms of infrastructural development is not going to be addressed by those revenues alone.”

According to him, the surcharge would be implemented with care to avoid stoking inflation or hurting vulnerable citizens, explaining that the implementation would be done at a time it is auspicious.

“Some of the strategies for this surcharge could be to time it at a period when there is an appreciation in the value of the currency. The naira gained 1 per cent yesterday alone; if the naira gains about 5 per cent and you put in this tax, nobody will notice the changes in the pump price.

“Or if the price of crude oil in the international market drops by about 5 per cent, you can also have it at that point,” he stated, maintaining that the funds from the surcharge would be ring-fenced and dedicated to fixing Nigeria’s failing roads.

“Then we can all focus this money to ensure that it is dedicated to fixing roads that can make all our lives better and bring down the prices of items,” he said, pointing to the success of the Road Infrastructure Tax Credit Scheme, which allows private companies to invest directly in road construction in exchange for tax credits.

Oyedele stressed: “We have the road infrastructure tax credit that is done with the private sector; we can see the advantage. People who live in Apapa cannot make any complaints at all, because based on that policy, the likes of Dangote, NLNG, Lafarge, and MTN are fixing roads.

“There’s nothing that says we can’t have a similar arrangement for the private sector to be involved in ensuring that this money is efficiently utilised.”

*Says 421 million people struggling on less than $3 per day in such economies

Ndubuisi Francis in Abuja

The World Bank has stated that extreme poverty is growing faster and taking a devastating toll on Nigeria and 38 other economies affected by conflict and instability, intensifying acute hunger, and pushing several key development goals farther out of reach.

The bank revealed this in its first comprehensive assessment of their plight in the aftermath of COVID-19.

The multilateral institution had earlier listed Nigeria as one of the 39 economies classified as being in Fragile and Conflict-affected Situations (FCS).
These situations included both active conflict and instability, and Nigeria’s challenges include insecurity such as banditry and kidnappings, particularly in the Northwest, and ongoing insurgency in the Northeast.

In the World Bank’s post-COVID survey, as conflicts have become more frequent and deadly since 2020s, the 39 economies were falling behind all others  in key development indicators.

According to the report, since 2020, their per capita GDP has shrunk by an average of 1.8 per cent per year, while  expanding by 2.9 per cent in other developing economies.

“This year, 421 million people are struggling on less than $3 a day in economies afflicted by conflict or instability—more than in the rest of the world combined. That number is projected to rise to 435 million, or nearly 60 percent of the world’s extreme poor, by 2030.  

“For the last three years, the world’s attention has been on the conflicts in Ukraine and the Middle East, and this focus has now intensified. 

“Yet, more than 70 percent of people suffering from conflict and instability are Africans. Untreated, these conditions become chronic. Half of the countries facing conflict or instability today have been in such conditions for 15 years or more.”

“Misery on this scale is inevitably contagious, ” said the World Bank Group’s Chief Economist, Indermit Gill
The new study underscores why the global goal of ending extreme poverty has been unattainable so far, adding that it is now concentrated in areas of the world where progress is hardest to achieve.

Of the 39 economies currently classified as facing conflict or instability, 21 are in active conflict.

In developing economies in general, the extreme-poverty rate has been whittled down to single digits—just 6 per cent.

In economies facing conflict or instability, however, the rate is nearly 40 per cent.

Their GDP-per-capita levels, currently about $1,500 a year, have barely budged since 2010—even as GDP per capita has more than doubled to an average of $6,900 in other developing economies. Moreover, unlike other developing economies, economies struggling with conflict or instability have been unable to create enough jobs on average to keep pace with population growth. In 2022, the latest year for which such data are available, more than 270 million people were of working age in these economies—but barely half of them were employed.  

“Economic stagnation—rather than growth—has been the norm in economies hit by conflict and instability over the past decade and a half.
“The global community must pay greater attention to the plight of these economies. Jumpstarting growth and development here will not be easy, but it can be done—and it has been done before.

“With targeted policies and stronger international support, policy makers can prevent conflict, strengthen governance, accelerate growth, and create jobs,” said the World Bank Group’s Deputy Chief Economist and Director of the Prospects Group, M. Ayhan Kose

Ndubuisi Francis in Abuja 

In a move to restructure Nigeria’s trade infrastructure and unlock export potential, the Federal Ministry of Industry, Trade and Investment and Nigeria (MITI) and the Nigeria Commodity Exchange (NCX) are collaborating with the Africa Trade and Distribution Company (ATDC) to set up Nigeria’s first national export trading company (NETC).

Discussions are said to be at an advanced stage for the proposed NETC, which is configured to be an operating entity of ATDC, earlier set up by Afreximbank through the Fund for Export Development in Africa (FEDA), Arise Integrated Industrial Platform (ARISE IIP) and Equitane, in partnership with the African Continental Free Trade Agreement (AfCFTA) Secretariat.

The ATDC was established as a continental trading company mandated to streamline regional trade and transform Africa’s productive capacity. 

The continental trading firm will provide market intelligence, logistics, finance and aggregation services to support micro, small, and medium-sized enterprises (MSMEs), smallholder farmers, informal cross-border traders and even larger corporates to participate in international trade under the AfCFTA and globally. 

Announced in the presence of President Bola Ahmed Tinubu at the inaugural West African Economic Summit Deal Room in Abuja, weekend, the NETC initiative represents a bold shift in enabling Nigerian MSMEs to participate more competitively in regional and global trade through access to modern infrastructure, working capital solutions, and structured market linkages. 

The NETC will be developed and operated through ATDC Nigeria, a new joint platform that merges NCX’s institutional role in commodity markets with ATDC’s trade execution and logistics capacity. 

The company will directly address long-standing gaps across Nigeria’s export ecosystem – particularly in warehousing, quality control, transport, market access, and financing for smallholder producers and agro-industrial SMEs. 

It will play a critical role in reducing post-harvest losses through modern aggregation and storage; structuring commodity exports with traceability and quality control.

It will also provide market intelligence and market access to certified regional and global buyers; facilitate innovative trade finance for SMEs; and revitalise NCX as a hub for structured commodity trade. 

The NETC initiative is a flagship achievement under the leadership of the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, reflecting her commitment to bold, market-aligned reforms that bridge Nigeria’s production potential with real, inclusive trade outcomes. 

Under her direction, the ministry has driven strategic reforms for investment facilitation, AfCFTA readiness, and trade logistics – all converging in the transformational platform. 

Commenting on the emerging NETC, Oduwole stated: “This is about changing the everyday reality for Nigerian producers – from losses to livelihoods, from being left behind to being export-ready. 

“We are creating a system that works for people, for markets, and for the future.”

ATDC reflects Afreximbank’s broader continental strategy to develop country-level platforms that enable intra-African trade, crowd in private capital, and improve the soft and hard infrastructure behind exports. 

With similar platforms being deployed across the continent, Nigeria’s Trading Company will stand out for its scale, its institutional depth, and its direct alignment with national food security, industrialisation, and trade goals. 

“ATDC Nigeria will not just be an ordinary company – it will be a trade enabler. We are building a trade ecosystem that will provide market intelligence to enable producers to manufacture the products that are required by the market. 

“The National ATDC will strengthen institutions like NCX, and help actualize the vision of the Honourable Minister and the Nigerian Government,” said Abdoul Aziz Ba, Chief Executive Officer, ATDC. 

Meanwhile, Oduwole had in a goodwill message at the maiden West Africa Economic Summit, revealed that her ministry very recently concluded the inaugural five-year review of Nigeria’s AfCFTA implementation, the first country to do so – demonstrating renewed national coordination and an unequivocal commitment to prioritising trade with sub-region and the entire continent. 

 She disclosed her ministry also took some policy directives and begun converting them into real economic wins.

According to her, over the last six months, Nigeria has made meaningful strides, including gazetting AfCFTA provisional schedules of tariff concessions – thus affirming the readiness to trade under a common African market. 

“We secured Nigeria’s designation as Africa’s Champion on Digital Trade, along with a personal commendation conferred on Mr. President for his pivotal role in the sector, evidenced by several initiatives of Mr. President, including the National Talent Export Programme – NATEP, Nigeria’s first national platform dedicated to exporting high-value services at scale. 

“NATEP is creating a structured pipeline that links Nigerian talent to global demand – with over 2,000 young Nigerians already placed in international remote jobs and earning hard currency.  

 “We opened a new Air Cargo trade corridor with 13 Eastern and Southern African countries, enabled with a market intelligence toolkit for their products, in collaboration with Uganda Air and the UNDP. 

 “In each of these milestones, we went out as Nigeria – but we showed up as an ambassador for West Africa committed to Africa’s shared prosperity,” she said.

Ndubuisi Francis in Abuja

The Central Bank of Nigeria (CBN) has directed First Bank and other banks under regulatory forbearance to temporarily suspend dividend payments, defer bonuses for directors, as well as halt investments in foreign subsidiaries or offshore ventures.

Forbearance refers to the temporary reduction or postponement of payments, such as for loans or mortgages, usually introduced to give temporary relief to individuals, and corporations, including financial institutions encumbered by financial straits.

As at press time, First Bank and others have not been released from regulatory forbearance.

The Director of Banking Supervision, CBN, Olubukola Akinwunmi, said in a circular issued at the weekend that the directive seeks to strengthen capital buffers and promote prudent capital retention across the sector.

The banking sector regulator, which also directed the affected banks to halt new investments in foreign subsidiaries or offshore ventures, stated that the fresh move targets lenders benefiting from forbearance on credit exposures and single obligor limits (SOL) — part of a broader transitional arrangement by the apex bank to stabilise the banking industry following macroeconomic shocks and sector-wide restructuring.

According to the CBN circular, the suspension will remain until the apex bank can independently verify the capital adequacy of the banks.
“This temporary suspension is until such a time as the regulatory forbearance is fully exited and the banks’ capital adequacy and provisioning levels are independently verified to be fully compliant with prevailing standards.

“This supervisory measure is intended to ensure that internal resources are retained to meet existing and future obligations and to support the orderly restoration of sound prudential positions,” the circular said.

The apex bank explained that it would continue to monitor compliance and work closely with affected institutions, adding that the move was designed to ensure that internal capital is retained to meet obligations and support a return to sound prudential footing.

The affected Deposit Money Banks (DMBs) are expected to comply fully with the new directive and adopt prudent capital management practices during this period.

This is not the first time the CBN has issued a regulatory forbearance in the financial sector.

Following the outbreak of the COVID-19 pandemic, the CBN on May 27, 2020, issued a regulatory forbearance to All Other Financial Institutions (OFIs), directed all DMBs in the country to restructure loan terms and tenors to households and businesses affected by the coronavirus outbreak.

Also, in April 2022, the banking sector regulator extended interest rate forbearance on loans by another year, in a bid to ease pressure on borrowers during COVID-19 recovery.

The CBN had also in September 2023 issued a circular prohibiting banks from using gains from forex revaluation for dividends or other capital expenditures, directing that such revaluation profits should be warehoused in a “Special Regulatory Reserve” until further notice.

The apex bank followed up in March 2024, warning banks against paying dividends using forex gains, especially given the temporary and volatile nature of such windfalls. 

Ndubuisi Francis in Abuja

The Nigerian Exchange Group (NGX)  at the weekend disclosed that it is pursuing new listings in the public, oil and gas as well as other sectors of the economy, citing the state oil company–Nigerian National Company Limited (NNPCL) and Dangote Petrolchemicals as prime targets.

The NGX Group Chairman, Dr. Umaru Kwairanga made the disclosure 

at the FLOC 2025 Summit in Kano.

In an address he delivered at the summit themed, “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade,” Kwairanga disclosed that the NGX was confident of listing Dangote Petrolchemicals very soon.

He said, “We are pursuing new listings in the public sector, oil and gas and other sectors. The government has affirmed its commitment to sell a stake in NNPC Limited and we are confident of listing Dangote Petrolchemicals very soon. 

“These are transactions that will increase our market capitalisation geometrically and attract many local and foreign investors to invest in the market.”

According to him, over the decades, Nigeria’s economic trajectory has been shaped by global market shifts, domestic policy experiments, and most importantly, by the resilience of its people. 

“Today, we find ourselves at a critical juncture—recovering from periods of volatility, recalibrating our priorities, and setting our sights on transforming Nigeria into a $1 trillion economy.

“But as history has shown across the globe, no country has made the leap to economic prosperity without a vibrant and inclusive capital market at its core. When we examine successful economic transformations across markets such as South Korea, Singapore, and Rwanda, one consistent factor remains: the presence of deep, liquid, and accessible capital markets that serve as engines of sustained growth,” he noted.

The NGX Chairman stated that when he assumed office in October 2022, one of his targets was to deepen and broaden our market, and its a goal that we have been working towards assiduously. On that 5th day of October, 2022, the All Share Index (ASI) was 48,837 basis points with market capitalisation at N26.375 trillion. 

However, he observed that as at the end of May 2025, the ASI closed at 111,742 basis points while market capitalisation was N70.463 trillion. 

Kwairanga stated that some progress had been made by more than doubling the indices of the market over the last couple of years.

But he added that the current goal of the NGX is even more ambitious. 

“When President Tinubu revealed his vision for Nigeria to grow its GDP to at least one trillion dollars by 2030, we keyed into that vision and are determined that the capital market will be at the centre of that drive to a trillion-dollar economy and that our indices will grow in tandem with that vision.

“Why is a much bigger Nigerian capital market an imperative? A thriving capital market encourages the savings and investment that are key to rapid economic growth. It helps to finance much needed infrastructure as it matches long term funds with projects that need long term finance. 

“A bigger capital market will encourage formalisation and proper structuring of businesses which will in turn aid better performance and enable such businesses contribute in measurable ways to the Nigerian economy,” the NGX Chairman said.

He noted that above all, a nation’s capital market should mirror its economic potential, adding that that has not been the case in Nigeria where huge chunks of the economy are unrepresented or underrepresented in the capital market. 

He stressed that the capital market capitalisation is less than 20 per cent of Nigeria’s GDP, stressing that when compare to South Africa, the market capitalisation of the Johannesburg Stock Exchange exceeds the GDP of the southetn African country.

To expand Nigeria’s capital market, Kwairanga affirmed that the NGX was  working in conjunction with the regulators, especially the Securities and Exchange Commission (SEC), to make the market more efficient and transparent. 

“Such efforts are in the areas of dematerialisation of share certificates, clearing the unpaid dividend backlog and shortening time to market of primary issues. 

“Just this week, SEC announced a reduction in clearing days for secondary market transactions to a T+2, a move that will enhance efficiency and liquidity in the capital market,” he said.

Apart from pursuing new listings in the public sector, oil and gas and other sectors, he added that the NGX is introducing digital and technological innovations to attract the youth base who are used to doing everything on their mobile devices. 

“We took a huge step in this direction last year by launching our NGX Invest, a digital platform for primary market offers which has been very useful for the ongoing banking recapitalisation. We are enhancing the professionalism and skills of our trading licence holders through regular training courses at our X Academy and at the same time engaging in financial literacy outreaches to students, corpers and the younger generation,” he stated. 

The capital market community, he disclosed, is also making engagements with wholesale investors such as pension fund administrators and mutual funds to increase their stake in the market and at the same time engaging in product development to meet the needs of such sophisticated investors.

Kwairanga further stated that in recent years, the NGX  had introduced exchange traded funds, derivatives, ethical funds, and more fixed income products, adding that there are sections of the capital market that offer commodities and currency forwards. “We are also part of an ongoing initiative to link African Exchanges across borders so that a Nigerian investor can buy shares of a company listed on the Ghana Stock Exchange from his broker in Nigeria and vice versa. 

“In this and many other ways, we are working to have a capital market that is broader, deeper, more liquid and more sophisticated and that meets the needs of Nigerian and global investors,” he explained.

Despite these strides, he admitted that 

there are challenges such as the decline in the disposable income of Nigerians, poor infrastructure that slows  technological innovations and the ripples to the global economy caused by the current United States administration. 

But he expressed confidence that these challenges can be overcome, paving the way to meet the goal of a much bigger capital market that Nigeria deserves before the decade runs out.

•Tijani says investment in digital economy grew ninefold in Q1 2024  

•Edun: Capital market strategic in drive for $1tn economy 

•Bagudu to World Bank: Nigeria’s economic reforms on track

Deji Elumoye, Ndubuisi Francis and James Emejo in Abuja

The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has disclosed that the rollout of the N3.3 trillion 90,000 kilometres of fibre lines, 7,000 Telecom Towers infrastructure nationwide will formally commence in Q4 2025.

Besides, he stated that the sector witnessed massive growth under President Bola Tinubu, attracting $191 million in Foreign Direct Investment (FDI) in Q1 2024—a ninefold increase from $22 million in Q1 2023.

This was as the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, underscored the strategic role of the capital market in driving the federal government’s vision of a $1 trillion economy by 2030.

Likewise, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday said the country’s economic reforms embarked upon by Tinubu’s administration remained on schedule, recording significant progress.

Also, yesterday, analysts predicted a hold on monetary policy tools as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unveils the outcome of its two-day meeting today.

Tijani made his remarks during an interview for an upcoming State House documentary to mark President Bola Tinubu’s second anniversary.

Tijani highlighted the sector’s robust workforce development, driven by the three Million Technical Talent (3MTT) programme, and revealed plans for a $2 billion initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, starting in Q4 2025.

According to him, “These foundational reforms, coupled with advancements in artificial intelligence (AI) and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy.”

Comparing FDI inflows, the statement from the Special Adviser to the President, (Information & Strategy), Bayo Onanuga said: “In Q1 2023, the sector had about $22 million; by Q1 2024, with this administration well underway, we reached $191 million. The trend continued in Q2, increasing from $25 million in 2023 to $114 million in 2024.”

The Minister stressed that the 3MTT programme, launched in October 2023, to create a tech-savvy workforce, has already trained over 117,000 Nigerians in digital skills, surpassing its initial target of 30,000.

“By last year, we had already moved that to over 117,000. With an additional 35,000 in training, the programme is nearing 10 percent of its three million goal. And in the rest of the time in office, we hope to reach the three million,” he said.

Regarding connectivity, Tijani announced that Project Bridge—focused on deploying 90,000 kilometres of fibre optic cable—will commence in the fourth quarter of this year.

“We are preparing a $2 billion investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location. Increasing connectivity hubs by just 10 percent could yield a 2.5 percent GDP growth,” he said.

Tijani celebrated Nigeria’s ranking among the world’s top 60 countries for AI readiness and developing a homegrown large language model (LLM).

He also highlighted the launch of the AI Collective platform, supported by leading partners including Pierre Omidyar, Google, and Microsoft, to foster collaboration and innovation in artificial intelligence.

For the first time in the country, the ministry has funded 55 academic researchers to explore technology applications in agriculture, healthcare, and education. In addition, N300 million was invested in 10 startups using AI and blockchain to enhance agricultural productivity.

On the Nigeria Startup House in San Francisco—an initiative targeting $5 billion in startup funding—Tijani said, “Our goal is to attract $5 billion in investments for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives, which will connect local tech firms to global opportunities and government procurement.”

He revealed that over 500 government technologists have been trained in AI and Digital Public Infrastructure (DPI), and the groundbreaking Digital Economy Bill has passed its first reading in the National Assembly.

To bridge rural connectivity gaps, the Minister projected that 7,000 telecom towers would be deployed, targeting 98 percent nationwide coverage, adding that the Federal Executive Council had already approved the project.

He described the progress on Right-of-Way issues as a game-changer for the country, revealing that 12 states in the federation have adopted zero-rated Right-of-Way policies.

According to him, these efforts will support the National Broadband Plan’s goal of achieving 90 percent penetration by 2025, up from 48 percent in 2024.

He projected the sector’s GDP contribution to rise from 16 per cent to 22 per cent, stating: “If a sector can increase its contribution by three to four per cent to the GDP, we’re about to see the economic growth—we’ve not seen it before. Technology allows us to bridge the gap between governments and the people.”

Tijani said the government was not chasing quick wins, adding: “The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come.”

Edun: Capital Market Strategic in Drive for $1tn Economy

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, underscored the strategic role of the capital market in driving the federal government’s vision of a $1 economy by 2030.

He, therefore, urged capital market operators in the country to deepen investor confidence, improve financial literacy, and prepare for the implementation of ISA 2025 and a new Capital Market Master Plan (CMMP 2030)

The minister spoke at the first 2025 Capital Market Committee (CMC) meeting hosted by the Securities and Exchange Commission (SEC) in Lagos, Monday.

Edun, who was represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, explained that the capital market must become the primary engine for mobilising long-term finance across critical sectors ranging from infrastructure, housing, manufacturing, technology, and energy.

He said, “This vision is overdue. Nigeria had the potential to reach this milestone 20 years ago. With the reforms we’ve undertaken, including fuel subsidy removal, FX harmonisation, and tightening of the fiscal framework, the foundation is now set for private capital to power growth.”

He commended the passage of the Investment and Securities Act (ISA 2025), describing it as a landmark reform that modernises Nigeria’s regulatory environment to reflect global best practices.

The passage of the new Act, he argued, modernises the legal and regulatory framework, streamlines enforcement mechanisms, and provides clarity on emerging areas such as digital assets and crowdfunding.

Appraising the challenges and opportunities inherent in the Act, the minister said it would help deepen market participation, as well as ensure that regulatory coordination remains tight.

He also noted that the implementation of the Capital Market Master Plan (2015-2025), has equally been instrumental in increasing the market’s contribution to the national economy, developing a sophisticated market structure, and improving competitiveness.

Edun said the revised plan prioritises digitalisation, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda.

He explained that with the Securities and Exchange Commission undertaking regulatory reforms, including joining the GBMC Network of IOSCO in promoting and implementing ISSB Standards among others, the domestic economy recorded the fastest GDP growth in about a decade in 2024, driven by a strong fourth quarter and improved fiscal position.

Highlighting the challenges of capital absorption and exit pathways, Edun stressed the need for robust frameworks to ensure that foreign and domestic capital can not only be attracted but also exited seamlessly.

“The real question we must ask is: If a billion-dollar investment enters this market, do we have the structure for it to exit smoothly? Until we can answer that, we can’t claim the market is truly ready,” he said.

Beyond market raising, he called on market participants to position the market as a genuine tool for wealth creation and inclusive development, while advocating for the establishment of a market literacy fund committed to supporting the SEC’s open-door policy. 

He also challenged stakeholders to catalyse a transparent and predictable investment environment while encouraging stakeholders to rise to the occasion:

“We’ve done the reforms. The time has come to implement. Let us build a rule-based, resilient market that unlocks growth for all Nigerians,” he appealed.

Speaking earlier, the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, lauded the enactment of the ISA 2025 and outlined the Commission’s commitment to investor protection, digital innovation, and capital mobilisation. 

He highlighted a strong 2024 performance across asset classes, with the NGX All-Share Index gaining 37.65 per cent, market capitalisation surpassing N62 trillion, and debt markets recording N460.55 trillion in turnover 

Notably, he confirmed the SEC’s ongoing collaboration with other agencies to streamline recapitalisation, deepen SME access to markets, and enhance transparency through technology upgrades. 

Agama reiterated SEC’s readiness to implement the ISA 2025, unveil the 2030 CMMP, and support Nigeria’s exit from the Financial  Action Task Force (FATF) grey list through strengthened AML/CFT compliance and market integrity reforms.

The 2025 CMC Meeting brought together a wide array of stakeholders across the financial ecosystem, including representatives from NGX, NASD, FMDQ, AFEX, CSCS, LCFE, NG Clearing, PCX, and GCMX.

There were also public sector institutions such as the Central Bank of Nigeria (CBN), Debt Management Office (DMO), Federal Inland Revenue Service (FIRS) and the Ministry of Industry, Trade and Investment. 

The meeting also marked the official launch of the new SEC corporate website and the ISA 2025 Handbook.

 Bagudu to World Bank: Nigeria’s Economic Reforms on Track

 Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday said the country’s economic reforms embarked upon by the Tinubu’s administration remained on schedule, recording significant progress.

Bagudu, spoke when he received the World Bank’s new Country Director for Nigeria, Mr. Matthew Verghis, who paid him a courtesy visit in Abuja.

Bagudu told the World Bank country director that ongoing reforms have continued to yield positive results.

He pointed out that some of the reforms’ encouraging outcomes were the significant rise in revenues accruing to states and local governments and the substantial debt reduction.

The minister thanked the World Bank team for supporting the reforms and welcomed the Nigeria Development Update, which was unveiled last week, as documentary evidence of the country’s positive economic progress.

He said, “Our ambition is to grow the Nigerian economy to $1 trillion, and to achieve that, we need to develop a strategy for attaining double-digit growth.”

Bagudu noted that growth remained possible through mobilising public support from the political class, labour unions, and the private sector, who have indicated broad acceptance of the reforms.

In a statement by the ministry’s Director Information and Public Relations, Mrs. Osagie Jacobs,, the minister said, “We are confident that we will stay on course.”

Earlier, Verghis, noted that India followed a similar path in the early 90s, explaining that its tough economic decisions resulted in three decades of growth, significantly reducing poverty and leading to a general turnaround.

He expressed the World Bank team’s commitment to assist Nigeria in growing its economy by accelerating growth, encouraging job creation, promoting financial inclusion, and supporting agri-business, among other initiatives.

Before his posting to Nigeria, Verghis served as the South Asia Regional Director for Equitable Growth, Finance, and Institutions at the World Bank.

His previous assignments included Practice Manager for Macroeconomics, Trade, and Investment in East and Southern Africa and Practice Manager in East Asia, covering China, Vietnam, and the broader Southeast Asia region.

Meanwhile, the MPC will today announce the outcome of its meeting, the second in the year.

Despite the recent easing in prices, the country’s inflationary environment remained hostile, dashing hopes of a potential cut in the Monetary Policy Rate (MPR), the benchmark interest rate.

Speaking in separate interviews with ĚÇĐÄĘÓƵ, analysts projected that the apex bank was likely to retain policy instruments at their current levels.

During its last meeting in February, the central bank retained MPR) at 27.50 per cent with the asymmetric corridor of +500/-100 basis points around the MPR.

The apex bank, also left all monetary policy tools unchanged including the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 50 per cent, and that of Merchant Banks at 16 per cent as well as the Liquidity Ratio (LR) at 30 per cent.

Nigeria’s Professor of Capital Market, Prof. Uche Uwaleke, said, “I expect the MPC to hold policy rates against the backdrop of moderating Inflation and relative stability in exchange rate.”

Also, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, the easing in inflation was a positive trend that could “influence the decision of the MPC to probably hold rates as it seems the CBN policy is effective and further tightening might bring inflation further down.”

Ndubuisi Francis in Abuja 

In recognition of the increasing market demand for consistent and reliable sustainability reporting, the Securities and Exchange Commission (SEC), Nigeria is joining other jurisdictions on the Growth and Emerging Markets Committee Network on sustainability.
The GEMC Network was created to support the effective adoption and other uses of the International Sustainability Standards Board (ISSB) Standards across growth and emerging markets.
By joining the network, jurisdictions can enhance their access to suitable capacity building on supervisory and enforcement aspects of the ISSB Standards, advance their understanding on the relevant resources by the IFRS Foundation to support regulators, including the Jurisdictional Guide, Roadmap Development Tool and  educational materials can support adoption, and to help assess market readiness. Through the Network, GEMC members will receive support in building local capacity to implement the requirements of the Standards.
The Network also serves as a platform for advancing information sharing on a global and regional level, enabling members to exchange experiences and best practices as they implement the ISSB Standards.
In his remarks on the sidelines of the IOSCO Annual Meeting in Doha, Qatar, Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama said the GEMC plays a crucial role in promoting sustainable and resilient capitalmarkets in emerging economies adding that Nigeria’s membership in GEMC would be a significant step towards aligning the country’s capital markets with global sustainability standards.
Agama said Nigeria’s Membership in GEMC Network would enhance Nigeria’s credibility in the global capital markets, attracting foreign investors and promoting economic growth.
He said, “GEMC plays a crucial role in promoting sustainable and resilient capital markets in emerging economies. Nigeria’s membership in GEMC would be a significant step towards aligning the country’s capital markets with global sustainability standards. GEMC’s focus on sustainability would help Nigeria’s capital markets contribute to the country’s sustainable development goals, such as reducing carbon emissions and promoting environmental protection.
“Membership would provide Nigeria’s securities regulator with access to best practices and guidance on sustainable finance, enabling the development of a more effective regulatory framework.
“GEMC membership would also offer opportunities for capacity building and knowledge sharing, enhancing the skills and expertise of Nigeria’s securities regulator and market participants”.
According to the SEC DG, Nigeria’s membership in GEMC and IOSCO would be a significant step towards promoting sustainable and resilient capital markets, enhancing credibility, and contributing to the country’s sustainable development goals and also provide opportunities for capacity building, knowledge sharing, and international cooperation, ultimately benefiting Nigeria’s economy and investors.
Speaking on SEC Nigeria’s membership of IOSCO, Agama said IOSCO sets global standards for securities regulation, and membership would enable Nigeria to contribute to the development of these standards.
“IOSCO membership would facilitate international cooperation and information sharing, helping Nigeria’s securities regulator to stay abreast of global best practices.
“Also, IOSCO’s focus on market integrity would help Nigeria’s capital markets maintain high standards of transparency, fairness, and investor protection”.

The ISSB Standards, issued in June 2023, aims to address the growing demand from investors for decision-useful, comparable, and reliable sustainability-related information. These standards support globally consistent and transparent sustainability disclosures to meet the information needs of investors and other market participants. Following an independent and comprehensive review, IOSCO endorsed the ISSB Standards for capital market use in July 2023 and called on its members to consider ways in which they might adopt, apply, or otherwise be informed by the ISSB Standards within their jurisdictions.

Recognizing the increasing market demand for consistent and reliable sustainability reporting, IOSCO established the Sustainable Finance Task Force (STF) in 2020. The STF focused on addressing gaps in corporate sustainability disclosures.

Following the ISSB’s publication of its draft sustainability standards in 2022, IOSCO reviewed these drafts and provided extensive feedback to ensure alignment with its criteria. This process demonstrated IOSCO’s commitment to fostering effective and transparent sustainability reporting across global markets. IOSCO officially endorsed the ISSB’s sustainability-related financial disclosures on July 25, 2023, which includes IFRS S1 and IFRS S2. In line with this, IOSCO launched its Growth and Emerging Markets (GEM) Committee Network for the Adoption or Other Use of ISSB Standards.

The GEMC Sustainability Network serves as a collaborative platform where members can coordinate efforts, share knowledge, and build capacity related to sustainability disclosure requirements. The network aims to offer cost-effective mechanisms for capacity building and technical assistance. It enables members to identify emerging needs, share experiences, and receive mutual support throughout the implementation process. Regular meetings, both virtual and in-person, are held to maintain momentum, with key gatherings coinciding with major IOSCO events such as the GEMC Annual Meeting and the IOSCO Annual Meeting. In addition, the Network benefits from contributions by the four IOSCO Regional Committees, ensuring broad regional engagement and representation in discussions around the adoption of the ISSB Standards.

IOSCO also provides technical assistance to members in the form of educational materials, jurisdictional guides, and other resources to help them understand and implement the ISSB Standards. The network encourages regional engagement by involving IOSCO’s Regional Committees, ensuring that the perspectives and needs of different regions are taken into account. This collaborative approach helps jurisdictions tackle emerging challenges and respond to evolving demands for sustainability that is more robust reporting. Ultimately, the goal of the GEMC Network is to help create a consistent and reliable framework for sustainability disclosures, ensuring that they meet the needs of investors and the broader global capital markets.

•Says 2025 budget has overly ambitious revenue assumptions

•$1tn economy only possible if economy grows five times faster

•Calls for sustenance of reforms 

•Edun, Cardoso, Bagudu upbeat about economic trajectory

Ndubuisi Francis in Abuja and Nume Ekeghe in Lagos

The World Bank has called for the complete transfer of revenue gains from the total removal of fuel subsidy into the Federation Account. It said despite the full subsidy removal in October 2024, Nigerian National Petroleum Company Limited (NNPCL) started transferring the revenue gains to the federation only in January 2025.

The bank also stated that resolving any remaining net arrears and channelling the full benefits of subsidy reform to the Federation Account was critical for sound fiscal management.

The recommendations were contained in the World Bank Nigeria Development Update (NDU), which was launched in Abuja yesterday.

On NNPCL, the report titled, “Building Momentum for Inclusive Growth,” said, “First, it is essential to ensure that the full revenue gains from the removal of the PMS subsidy— estimated at about 2.6 per cent of GDP in 2024 – are transferred to the Federation.

“Despite the subsidy being fully removed in October 2024, NNPCL started transferring the revenue gains to the Federation only in January 2025. Since then, it has been remitting only 50 per cent of these gains, using the rest to offset past arrears.

“Resolving any remaining net arrears and channelling the full benefits of subsidy reform to the Federation is critical for sound fiscal management.”

The report also called for close monitoring of the 2025 budget implementation, owing to what it described as “overly ambitious revenue assumptions”, which might lead to a larger-than-anticipated fiscal deficit.

The NDU report said, “The budget aims to boost capital spending, and this must be done sustainably, within the broader objective of fiscal consolidation to complement monetary policy and achieve an overall policy mix that maintains fiscal discipline and brings down inflation.

“Third, sustained efforts to enhance expenditure efficiency and transparency are crucial to maximising development outcomes.”

The report added that inflation remained high and sticky, but it was expected to fall to an annual average of 22.1 per cent in 2025, as a sustained tight stance firmly established monetary policy credibility and dampened inflationary expectations.

It said, “Now, the challenge is to consolidate macroeconomic stability and ignite inclusive growth through deeper, wider structural reforms. There is a need for the economy to generate more and better jobs at scale and reduce poverty.”

The report also pointed out that Nigeria’s quest to attain a $1trillion economy could only be possible with an annual growth rate five times faster than its current rate of 3.8 per cent.

In his remarks, Acting World Bank Country Director for Nigeria, Taimur Samar, said, “Nigeria has made impressive strides to restore macroeconomic stability. With the improvement in the fiscal situation, Nigeria now has a historic opportunity to improve the quantity and quality of development spending, investing more in human capital, social protection, and infrastructure.

“The allocation of public resources can begin to shift away from the past unsustainable pattern and rather towards meeting Nigeria’s large development needs, including the government playing its essential role of providing basic public services and serving as an enabler of the private sector–led growth.”

Unveiling the report, the World Bank Lead Economist for Nigeria, Alex Sienaert, applauded the macroeconomic reforms initiated by the federal government, explaining that they have stabilised the economy and set it on a growth trajectory.

But Sienaert stated that a lot needed to be done to deepen growth and make it inclusive.

He stated that international experience suggested that the public sector could not sustainably generate growth and jobs by itself.

He explained, “Nigeria is no exception, particularly since public resources remain constrained. A useful strategy is to position the public sector to play a dual role as a provider of essential public services, especially to build human capital and infrastructure, and as an enabler for the private sector to invest, innovate, and grow the economy.”

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who was one of the many top government functionaries at the event, said the economy had moved from a period of crisis to a period of macroeconomic stability, which needed to be safeguarded.

According to Edun, the government needs to push for transparency of fiscal data and transparency in the oil and gas sector, explaining that this is critical to what the government is trying to achieve.

He said, “In terms of where we go next, the key is investment. It is investments that allow increases in productivity that grows the economy and creates jobs.”

Edun disclosed that the government was conducting a forensic audit of NNPCL, promising that all monies due to the Federation Account from the state-owned oil company would be recovered.

He applauded the tremendous partnership between Nigeria and the World Bank, the major development partner.

However, Edun’s Budget and Economic Planning counterpart, Abubakar Bagudu, who reacted to NDU’s suggestion that the parameters of the 2025 budget were overly ambitious, disagreed.

Bagudu said the parameters were based on the country’s potential.

He said, “Are the projections in the 2025 budget ambitious? No, they are not, in all modesty. This is because even in the presentation, two things were said: the oil price, which is now $60 per barrel, but the average for Nigeria is $73 because of our premium grades. And then 1.6 million barrels per day production, though disappointing, but we have produced 2.2mbpd and the Ministry of Petroleum has said we have technical and physical capacity to produce these volumes in terms of acreages and technology.”

In his remarks, Governor of Central Bank of Nigeria (CBN), Yemi Cardoso, said the economy required a period of sustained stability to grow, adding that this is what the apex bank has been doing.

Cardoso stated, “We recognise our role as the custodian of stability and we recognise what we have to do to ensure that we accomplish and attain stability. We continue not just in attaining but we continue to protect. With that comes the need to be proactive to be able to understand risk and to be able to move before the risk overwhelms us.”

He said actions taken by CBN had moderated the volatility in the foreign exchange sector, from about four per cent a year ago to less than half per cent currently.

•Investors in Sharia-compliant instrument to earn 19.75% per annum

Ndubuisi Francis in Abuja

The Debt Management Office (DMO) yesterday opened subscriptions for a N300 billion Series V11 Ijarah Sukuk with a seven-year tenor and annual rental rate (interest) of 19.75 per cent as part of federal government’s domestic funding sources for the 2025 budget.

The offer – the seventh in the series of Sukuk issuance, and the highest since the Islamic investment instrument made its debut in Nigeria in September 2017, would bring total subscriptions so far to about N1.09 trillion.

Speaking at an investors’ meeting in Abuja, yesterday, the Director-General of the DMO, Ms. Patience Oniha, recalled the entry of  Sukuk in Nigeria’s financial sector in 2017 and its positive impact in Nigeria’s road infrastructure nationwide.

She also pointed to recent macroeconomic improvements, including the upgrade of Nigeria’s credit outlook by global ratings agency, Fitch, adding that such developments were indicative of the progress made in both fiscal and monetary management.

According to her, sustainable development is a journey and not, something that happens in one day, adding that, “current policies are steering the country in the right direction.”

She attributed the progress partly to recent reforms by the Central Bank of Nigeria (CBN), particularly those targeting the forex market.

The volatility that previously plagued the naira, she stated, has eased significantly since the fourth quarter of 2024

“There’s more transparency now. FX supply has improved, and the rates have become more stable. Some of the measures were difficult at first, but the benefits are beginning to show,” she said.

Oniha also expressed optimism that recent presidential initiatives would further strengthen revenue from oil and gas, which remain a significant component of national income.

The DMO boss, who also commented on the nation’s public debt, said the total debt stock stood at N144.67 trillion as of December 2023, almost evenly split between external and domestic components.

She explained that the major factor in the growth of the debt stock was the devaluation of the naira, which culminated the rise in the value of dollar-denominated debts riding when converted to local currency

“The external debt has remained around $42.5 billion, only rising slightly after a $2.2 billion Eurobond in December. But due to the weaker Naira, the debt stock in local terms appears higher,” Oniha said.

Oniha also disclosed that the inclusion of Ways and Means Advances — amounting to about N30 trillion contributed significantly to the total debt figures.

On the N300 billion Series VII Sukuk, Oniha said it was part of approved borrowings by the government to cover budgetary shortfalls and officially encapsulated in the debt records.

She reassured investors about the structure and sustainability of Nigeria’s debt, noting that the country’s external borrowing was sourced from a diversified pool including multilateral institutions like the World Bank and African Development Bank, bilateral partners such as China, India, and Germany, and commercial markets such as the Eurobond space.

“Over 60 per cent of our external debt is from multilaterals and bilaterals, which offer more favourable terms than commercial debt. This diversification reduces our exposure to market shocks and provides stability,” she stated.

Oniha described the government’s bond market as very active, with a range of instruments like Treasury bills, Federal Government Bonds, Savings Bonds, and Sukuk issued regularly.

The DMO DG, who sounded upbeat about the success of the N300 billion Sukuk following the success trajectory of the previous ones, said: “There’s something for everyone. Whether you are a large institutional investor or a salary earner, there’s an appropriate investment product available. And this variety also means the government is not dependent on one single funding source.”

The domestic debt instruments, she stated, have long tenors — some spanning up to 30 years—and are a key component of the country’s funding strategy.

She disclosed that over 70 per cent of Nigeria’s domestic debt was issued by the federal government.

Commenting on Nigeria’s debt profile, Oniha stated that while the debt-to-GDP ratio has crossed 50 per cent, it still remains within acceptable limits prescribed by international benchmarks, including those of the IMF, World Bank, and ECOWAS.

“Public debt sustainability is not just about the size of the debt. It’s about growing revenues and expanding the GDP. As the economy grows and tax revenues increase, our ability to service debt also improves,” she said.

She also applauded the National Assembly for the recent passage of the Tax Bills, which are expected to enhance revenue collection and reduce pressure on borrowing.

The issuance of the new N300 billion Series VII Sukuk is part of the federal government’s broader infrastructure financing strategy.

Proceeds will be used to fund critical road projects across the country.

So far, over 4,000 kilometers of roads across the country have been financed through Sukuk.

The DMO DG assured of its commitment to investor engagement and transparency, stressing that future Sukuk issuances would maintain the same principles of Islamic finance that prohibit interest and ensure asset-backed, ethical investing.

She disclosed that the interest and principal of the premier N100 billion Sukuk issued in 2017 had been fully and successfully repaid in 2024.

Subscriptions for the Series VII Sukuk N300 billion Sukuk with a seven-year tenor (2032), which opened yesterday, runs through next Tuesday.

Minimum subscription has been set at N10,000 and in multiples of N1,000 per unit, thereby promoting inclusivity.

•Says apex bank has demonstrated clarity, transparency 

•Finance Ministry denies awarding N13bn contracts without due process

Ndubuisi Francis in Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has applauded the Central Bank of Nigeria (CBN) for its pivotal role in restoring confidence in the external sector, underscoring the positive impact of a more transparent exchange rate regime and rising foreign reserves.

Edun alluded to the posting of a net foreign exchange reserve of $23 billion in 2024, and closing the exchange premium from 65 per cent in 2023 to one per cent in 2024.

The minister, who made the remarks while chairing a strategic session of the Economic Management Team (EMT) in his office in Abuja, yesterday, extended commendation to the CBN — not just for the results, but for what he described as the clarity and transparency of their actions.

A statement issued by the Director, Information and Public Relations, Mohammed Manga, noted that in a strategic move to propel Nigeria’s economic resurgence, the EMT set its sights on achieving rapid and sustained growth, building on recent stabilisation successes, while also focusing on the country’s path towards accelerated and inclusive economic development for the benefit of the citizenry.

According to the statement, at the meeting, the minister highlighted emerging signs of macroeconomic stabilisation — including a narrowing budget deficit and improved fiscal revenues.

He also noted Nigeria’s recent credit rating upgrade as a clear sign of international confidence in the reform agenda, adding: “That is a clear, objective indication that things are moving in the right direction.”

“The minister praised the CBN for its pivotal role in restoring confidence in the external sector, noting further, the positive impact of a more transparent exchange rate regime and rising foreign reserves, recording a net foreign exchange reserve of $23 billion in 2024, and closing the exchange premium from 65 percent in 2023 to one percent in 2024,” the statement stressed.

Referencing discussions at the recent IMF-World Bank Spring Meetings, the minister acknowledged ongoing global uncertainty and domestic fiscal constraints, including a recent drop in oil prices.

He, however, stressed that these challenges underscored the need to accelerate private sector investment and job creation.

Edun, urged all public agencies to embrace data-driven, evidence-based policymaking, commending the CBN’s approach as a model of transparency.

The statement revealed that at the strategic meeting, the EMT sub-committees were tasked with continuing their work to shape the next phase of Nigeria’s economic roadmap, to be presented to President Bola Ahmed Tinubu, focusing on unlocking rapid and sustained inclusive growth, with the government targeting seven per cent in the medium term.

 The EMT also sought to further improve the country’s sovereign ratings to bring down the costs of debt, while building stronger GDP growth through sector and specific growth policies.

These include seeking to unlock pension funds for infrastructure, increases in oil production, and reduction in the cost of crude oil production, while strengthening existing and new domestic and foreign investments through effective communication of the government’s economic agenda.

“The EMT recognises the progress and acceleration of investments in telecoms infrastructure that will serve as the basis of strong contributions from the sector in the coming quarters and recognised that technology has a big role to play in driving growth in other sectors such as agriculture.

“The meeting also provided an opportunity for the EMT to discuss how the data on poverty can be disaggregated so the government can provide targeted economic opportunities and improve the effectiveness of current government expenditure levels.

“With these strategic initiatives, Nigeria is poised to achieve rapid and sustained inclusive growth, transforming the lives of millions of Nigerians and cementing its position as a major player in the global economy,” the statement added.

Meanwhile, the Federal Ministry of Finance has refuted an online report that Edun and the Permanent Secretary, Mrs. Lydia Shehu Jafiya, awarded some contracts to the tune of N13 billion between February and June 2024, without adhering to due process.

In a statement, the ministry noted  that at no time were such contracts awarded without due process.

“These claims are not only unfounded but also malicious, aimed at not only tarnishing the reputation of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Permanent Secretary, Mrs. Lydia Shehu Jafiya, but also to cause distractions to the ongoing initiatives embarked upon by the Ministry in revamping the nation’s economy in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

“The Ministry further wishes to state that all contracts awarded from February to June 2024 including that of the Presidential Initiatives on Compressed Natural Gas (Pi CNG) and by extension other contracts till date, were done in accordance with the Public Procurement Act and other relevant laws and regulations.

“Any insinuation of corruption or irregularities as claimed in the publication is baseless and without merit.

“The Ministry is committed to transparency and accountability in its operations, as evident in the efficient management of the national economy.

“It also recognises the role of the media in ensuring transparency, accountability, and good governance and thus, urges the media to always cross check all information before going to the press as it will not hesitate to take legal action against any individual or organisation that seeks to damage its reputation through false and malicious publications,” the statement said.

It urged the public to disregard the said publication, and assured that the ministry was working diligently to implement the president’s economic reforms and improve the lives of Nigerians.

Ndubuisi Francis in Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun yesterday disclosed that the federal was on the verge of concluding the N1.5 trillion road concession project under the Highway Development and Management Initiative (HDMI).

The main objective of the HDMI, which seeks to facilitate the development of parts of Nigeria’s 35,000 kilometres of federal highway network, is to involve the private sector  in the reconstruction and management of nine major highways across Nigeria, spanning approximately 900 kilometers.

In a bid to clear administrative hurdles hindering the ₦1.5 trillion road infrastructure investment  Edun led a team of top federal government officials comprising his counterpart in Budget and Economic Planning, Mr. Abubakar Atiku Bagudu, and the Director General Infrastructure Concession and Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh to meet  with some of the private sector investors (concessionaires).

The Minister of Works,Dave Umahi  joined the meeting virtually.

Briefing journalists on the outcome of the meeting, Edun disclosed that the federal government was on the verge of finalising the highway concessioning initiative.

According to him,  the partners have nearly completed all agreement arrangements for the highways, which they will finance, rebuild, and maintain under a 25-year concession agreements.

The concessionaires are expected to recoup their investments through tolling fees.

He said, “We met the concessionaires who have virtually concluded all the agreement arrangements for nine roads, nine major highways, which they are contracting to refinance the rebuilding of and to recover their funds from tolling fees under 25-year or so agreements.

“ And we met them to iron out the remaining administrative obstacles to them kicking off construction of these roads.”

The minister explained that this significant private sector investment would bridge budgetary gaps and allow investors to undertake revenue-generating projects, leveraging their expertise and resources for long-term implementation and maintenance.

Edun stated that David Umahi, participated in the discussions virtually, despite being in Lagos to showcase progress on the Lagos-Calabar Highway, adding that  the latter was expected back in Abuja next Tuesday to finalise pending issues.

“Thereafter, it will be a question of signing the addendums and moving to the site. As you know, already the 125-kilometer Benin–Asaba Highway concession agreement has been signed. The addendum has been signed.

“All arrangements have been finalized. In fact, the Ministry of Works has handed over the road to the concessionaire and they have already started the preliminary arrangements for reconstruction of that road in place of a 10 lane highway. It’s an investment, it’s a project and an initiative that will reduce the travel time between Benin and Asaba right up to the Niger Bridge,” Edun stated.

The Benin–Asaba Highway project, which has already commenced, is expected to reduce travel time between Benin and Asaba from four hours to one hour, significantly enhancing productivity and efficiency in the region.

Launched in 2021, the HDMI is a strategic programme by the Federal Government aimed at attracting private sector investment to improve Nigeria’s federal road network.

The initiative seeks to address the challenges of inadequate funding and maintenance by leveraging Public-Private Partnerships (PPP) to develop and manage road infrastructure.

Under the HDMI, 12 highways were initially selected for concession, covering a total of 1,963 kilometers. These roads include Benin–Asaba, Abuja–Lokoja, Kano–Katsina, Onitsha–Owerri–Aba, Shagamu–Benin, Abuja–Keffi–Akwanga, Kano–Shuari, Potiskum–Damaturu, Lokoja–Benin, Enugu–Port Harcourt, Ilorin–Jebba, Lagos–Ota–Abeokuta, and Lagos–Badagry–Seme.

The initiative is projected to generate over 50,000 direct and 200,000 indirect jobs, contributing significantly to Nigeria’s economic growth and development.

Ndubuisi Francis in Abuja

The Ministry of Finance Incorporated (MOFI) yesterday signed a Memorandum of Understanding (MoU) with Shelter Afrique Development Bank

(ShafDB) to kick-start an international commitment to strengthening Nigeria’s housing sector through the N1 trillion multi-tranche MOFI Real Estate Investment Fund (MREIF)

The MoU signing event was the icing on the cake for the MREIF programme which has already disbursed 100 mortgages since the cqpital raising of an initial N250 billion in the first and second tranches.

ShafDB is the Pan-African Multilateral Development Bank(MDB) dedicated to promoting and financing housing, urban development and related infrastructure.

Speaking at the MoU signing ceremony in Abuja , the Managing Director of MOFI, Dr. Armstrong Takang said solutions to African problems lie in Africans and African institutions.

According to him, housing is one of those areas of challenges that provide incredible opportunities for African businesses.

He expressed gratitude to President Bola Ahmed Tinubu who has entrusted MOFI with the responsibility to make MREIF  a reality, adding that he had demonstrated commitment not only in terms of raising resources but also political support.

He noted that MREIF is a N1 trillion programme, which will be raised in series, adding N150 billion had been raised in Series 1 and N100 billion in Series, totaling N250 billion.

According to him, the disbursement to mortgages has already commenced, explaining that practical expression is being given to what MREIF set out to achieve.

Takang noted that plans are underway to go back to the market to raise more funds as N1 trillion is like a drop in the ocean when the scale of housing deficit in the country is put in consideration.

 He, however, noted that it was a very good and symbolic start, saying that there is a lot of financing for housing which are not in local currency like the MREIF  which is in naira.

Takang said with MREIF denominated in naira, the challenge of risk is eliminated.

He stated that MREIF not only provides long-term , affordable mortgages with interest rates as low as 12 per cent bit also support developers through off-take guarantees that unlock financing for large scale-scale projects.

He explained that MOFI dies not give mortgage financing but provides offtake guarantees.

The MOFI chief executive noted that with a clear structure that connects capital markets, developers, and home buyers, MREIF �s mission was to tackle both supply and demand constraints.

The partnership with Shelter Afrique, he stressed, will further enable the fund  to scale, diversify capital sources, and catalyse the housing ecosystem.

Speaking at the event, the Managing Director of Shelter Afrique, Thomas-Habib Hann expressed strong confidence in Nigeria’s housing market and the  MREIF framework, describing it as “an attractive vehicle with real impact and investment returns.”

According to him, Nigeria is one of the two largest shareholders of Sheter Afrique, assuring that the company was committed to financing innovative financing models like that of MREIF.

In his remarks, the MREIF Coordinator, Mr. Sani Yakubu applauded Tinubu for providing all the necessary support for MREIF, adding that it encapsulates the housing component of the president’s Renewed Hope Agenda.

He added that all the necessary approvals for the MREIF had been secured, ranging from that of the President, the Federal Executive Council (FEC) and the Securities and Exchange Commission (SEC)..

In terms of rating, he stated that it had been rated Triple A (AAA) by Augusto and AAA by GCR.

Also, the Managing Director of ARM, the investment managers of MREIF, Mrs. Kia Orga disclosed that 100 mortgages had been disbursed si far, adding that the offtake has continued to gain a lot of mileage.

Ndubuisi Francis in Abuja

As Nigeria makes frantic moves to rejoin the JP Morgan Bond Index, Nigeria’s first professor of capital market, Prof. Uche Uwaleke, has declared it is in the overall interest of the country to return to the index, but underscored the inherent risks.

Nigeria was removed from the index in 2015 following changes in the nation’s foreign exchange policies which were interpreted to mean a return to capital control by foreign investors.

Director General, Debt Management Office (DMO), Ms. Patience Oniha had on the sidelines of the just-ended IMF/World Bank Spring Meetings in Washington DC, US, revealed that Nigeria was at advanced discussions with JP Morgan to re-enter its Government Bond Index.

The move could signal renewed investor confidence in the country’s foreign exchange (FX) regime following a series of sweeping reforms by the Central Bank of Nigeria (CBN)

However, reacting to the renewed bid by Nigeria to rejoin the JP Morgan Bond Index, Uwaleke told ĚÇĐÄĘÓƵ that the Nigerian economy obviously stands to benefit from the index.

According to him, rejoining the index raises the country’s credibility in the international community as membership of the JP Morgan index signals transparency and macroeconomic stability.

He said: “As a corollary to the above, it has the potential of increasing the country’s credit profile, reducing the risk premium on the country’s sovereign bonds, and, therefore, the cost of borrowing.

“Given the fact that many institutional investors rely on the JP Morgan Index for investment decisions, it is capable of boosting foreign investments in Nigeria.

“Increased foreign investments will boost external reserves and help provide the much-needed liquidity in the forex market, thereby stabilising the exchange rate.”

The former Imo State finance commissioner however noted it was important to bear in mind that rejoining the JP Morgan bond index comes with its own risks.

“There is the risk of market volatility which arises because the economy is now more linked to the global economy. So, a change in global economic conditions, such as a hike in the US interest rates, could significantly impact the Nigerian economy.

“There’s also exposure to hot money given the fact that it can have a destabilising effect on an economy when foreign portfolio investors exit. Inclusion in the JP Morgan bond index usually attracts more of Foreign Portfolio than Foreign Direct Investments.

“It can also increase currency risk in view of the temporary nature of the capital inflows.

“It also has the potential of increasing the country’s public debt. Its credit enhancement opportunity could be abused, thereby resulting in higher levels of borrowing,” the university don and Director of the Institute of Capital Market Studies, Nasarawa State University, Keffi, said.

According to him, it was also instructive to note that sustaining some of the conditions for inclusion such as market access and currency convertibility tend to strip the authorities in Nigeria the flexibility to implement fiscal and monetary policies.

“All said, I think it is in the overall interest of Nigeria to rejoin the JP Morgan bond index,” he concluded

•FG, states, LGs Share N1.578tn for March

Ndubuisi Francis in Abuja

The World Bank has stressed the need for Nigeria to maintain the momentum on its economic reforms in order to achieve inclusive, job-creating growth.

World Bank highlighted the country’s position as its largest portfolio in Africa, with commitments totalling around $17 billion.

The bank’s advice came as the Federation Account Allocation Committee (FAAC) disbursed a total sum of N1.578 trillion, as March 2025 Federation Account Revenue to the federal, state and local governments across the country.

The global development institution applauded Nigeria’s recent Gross Domestic Product (GDP) growth of 3.4 per cent — the strongest since 2014 — and commended the government’s progress in stabilising the economy and improving portfolio performance. World Bank’s Vice President for Western and Central Africa, Ousmane Diagana, disclosed these when he led a high-level delegation of the bank to Minister of Finance and Coordinating Minister of the Economy, Mr.  Wale Edun, in Abuja, yesterday.

Diagana disclosed that the visit was to reaffirm support for President Bola Tinubu’s economic reform agenda and development priorities.

He called for faster implementation of social protection measures, particularly, targeted cash transfers.

Diagana also welcomed Nigeria’s leadership on the Mission 300 initiative — a pan-African drive to expand energy access to 300 million people.

Edun reaffirmed the federal government’s commitment to implementing the various economic reforms of the Tinubu administration aimed at improving the lives of Nigerians.

He restated the government’s focus on three key areas: improving project delivery speed, scaling up biometric verification for 15 million individuals on the national social register, and accelerating the implementation of the Mission 300 initiative.

The minister announced the establishment of a Compact Delivery and Monitoring Unit and requested a status update to ensure the country stayed on track to set new records in project approval and execution.

According to him, key areas of collaboration with the World Bank include increased agricultural productivity, improved access to finance for Small and Medium Enterprises (SMEs), enhanced digital transformation, and broader financial inclusion.

Meanwhile, disbursement of N1.578 trillion out of a gross revenue of N2.411 trillion for the reference month took place at the monthly FAAC allocation meeting, which took place in Abuja, Tuesday. The meeting was chaired by Edun.

Citing a communique issued at the end of the meeting, separate statements from the Federal Ministry of Finance and the Office of the Accountant General of the Federation (OAGF) said the total distributable revenue of N1.578 trillion comprised distributable statutory revenue of N931.325 billion, distributable Value Added Tax (VAT) revenue of N 593.750 billion, Electronic Money Transfer Levy (EMTL) revenue of N24.971 billion, and Exchange Difference revenue of N28.711 billion.

Total deduction for cost of collection was N85.376 billion, while total transfers, interventions, and refunds was N747.180 billion.

Gross statutory revenue of N1.718 trillion was received for the month of March 2025, which was higher than the sum of N1.653 trillion received in the preceding month of February 2025 by N65.422 billion. 

From the total distributable revenue of N1.578 trillion, the federal government received N528.696 billion, states received N530.448 billion, while the local government councils received the sum of N387.002 billion, and a  total sum of N132.611 billion  as 13 per cent of mineral revenue was shared to the benefiting states as derivation revenue.

Also, the N931.325 billion distributable statutory revenue saw the federal government receiving N422.485 billion, state governments received N214.290 billion, and the local government councils getting N165.209 billion.

The sum of N129.341 billion or 13 per cent of mineral revenue was shared to the benefiting states as derivation revenue.

Similarly, for the N593.750 billion distributable VAT revenue, the federal government received N89.063 billion, the states received N296.875 billion, and the local government councils received N207.813 billion.

The sum of N3.746 billion was received by the federal government from the N24.971 billion Electronic Money Transfer Levy (EMTL) while states and local governments got N12.485 billion and N8.740 billion, respectively.

Likewise, from the N28.711 billion Exchange Difference revenue, the federal and state governments received N13.402 billion and N6.798 billion, respectively, while the local government councils received N5.241 billion.

The sum of N3.270 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

Further highlights of the March revenue indicated Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably while Oil and Gas Royalty, Electronic Money Transfer Levy (EMTL), VAT, Excise Duty, Import Duty and CET Levies decreased.

*Lagos, Rivers, Ogun are three most indebted states 

*Jigawa is least with less than N2bn debt

Ndubuisi Francis in Abuja

Nigeria’s total public debt, comprising the debt obligations of the federal and state governments as well as the Federal Capital Territory (FCT) increased to N144.665 trillion by December 31, 2024, against N97.34 trillion posted at the end of December 2023, the Debt Management Office (DMO) has revealed.
DMO report showed that while Lagos, Rivers, and Ogun states are the three most indebted states, with over N900 billion, N364 billion, and N211 billion debts, respectively, Jigawa State is the least indebted state with less than N2billion debt.

This represented an increase of N47.32 trillion or 48.58 per cent year-on-year (Y-o-Y) based on the latest statistics released by the agency.
According to the DMO, the increase was driven by both external and domestic debt components.

The steep increase in public debt figures in 2024 was traced to new external borrowings and the impact of naira depreciation, which raised the naira equivalent of dollar-denominated debt

The debt management agency’s data equally revealed a quarter-on-quarter rise of 1.65 per cent from the N142.32 trillion ($88.89 billion) recorded at the end of September 2024.

It explained that the rise in public debt figures was largely propelled by significant increases in both external and domestic borrowings.

According to the DMO, Nigeria’s external debt portfolio soared by 83.89 per cent from N38.22 trillion ($42.50 billion) in December 2023 to N70.29 trillion or $45.78 billion) in December 2024, a development attributed to new external borrowings and the impact of naira depreciation, which led to a rise in the naira equivalent of dollar-denominated debt.

The DMO also disclosed that domestic debt posted an increase of 25.77 per cent from N59.12 trillion ($65.7 billion) at the end of December 2023 to N74.38 trillion ($48.44 billion) in December 2024.

While the federal government recorded considerable growth in its domestic debt portfolio, from N53.26 trillion to N70.4 trillion, indicating a 32.19 per cent increase, the domestic debt component of states and the Federal Capital Territory declined significantly from N5.86 trillion to N3.97 trillion, representing a 32.27 per cent drop.

A breakdown of the external debt component indicates that the federal government accounted for N62.92 trillion ($40.98 billion), while states and the FCT held N7.37 trillion ($4.80 billion) during the review period.

Similarly, the federal government accounted for N70.41 trillion ($45.86 billion) of the domestic debt, while states and the FCT held N3.97tn ($2.58bn).
Meanwhile, Lagos State has retained its top spot as the most indebted subnational with over N900 billion (N900,191,716,363.58), followed by Rivers State with over N364 billion (N364,393,017,734.54), and Ogun State with over N211 billion (N211,860,195,068.71).

In the league of 10 most indebted states are Lagos (N900,191,716,363.58), Rivers (N364,393,017,734.54 Ogun State (N211,860,195,068.71), Delta State (N199,575,659,736.39), Bauchi State (N143,948,069,260.24), Niger State (N140,739,523,757.12), Imo State (N126,144,102,593.35), Akwa Ibom State (N122,193,037,697.65), Benue State (N122,575,619,594.08, and Enugu State (N119,284,430,106.62).
In the same vein, 10 states are in the bottom league with the lowest debt profile.

They include Jigawa State with N1,329,234,426.88 (N1.329 billion), Ondo State,(N12,876,176,042.46, Kebbi State (N15,222,009,996.95), Ebonyi State (N18,112,026,850.56), Katsina State ((N25,679,586,232.65), Nasarawa State (N26,597,217,075.38), Borno State (N27,914,959,613.76), Anambra State (N28,684,540,143.05), Kogi State (N41,587,578,673.55), and Yobe State (N42,055,410,877.07).

From the figures released by the DMO, it also emerged that domestic debt service between January and December 2024 gulped a total of N5.969 trillion (N5,969,905,481,331.17).

Interest paid on Federal Government Bonds accounted for N4.689 trillion (N4,689,904,918,278.03) of the debt service obligation during the period.
Also, external debt service gulped a total of $4,656 billion during the same period, with multilateral loans accounting for $2,619 billion, bilateral loans – $570.67 million, and commercial loans, especially Eurobond, chalking up $1,152 billion, among others.

•Sees new Investment Act as stimulant to economic growth

Ndubuisi Francis in Abuja

Nigerian banks have so far raised N2.4 trillion through the capital market in the ongoing recapitalisation of the banking sector directed by the Central Bank of Nigeria (CBN). Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, disclosed this in an interview in Abuja.

Agama stated that the capital market was strong enough to provide the much-needed finance for various sectors of the economy.

According to him, the Nigerian capital market is one of the strongest globally, with Return on Investment (RoI) being one of the best in the world last year.

Agama said, “The capital market is strong enough to provide the much-needed funding needs for various sectors of the economy.

“It is one of the strongest you can think about, our RoI was one of the best in the world for last year. When you look at what the capital market has already done with the bank recapitalisation, which is still ongoing, you can agree with me that our market is strong.

“Today, the Nigerian capital market has been able to facilitate the raising of capital by banks to the tune of N2.4 trillion, and still counting. This has never happened in the history of this country.

The SEC director-general added, “Our responsibility is to facilitate growth, facilitate exchanges, and to facilitate the movement of capital and that we have done successfully with this exercise.

“Other institutions are also coming to raise capital. The Ministry of Finance Incorporated recently raised N250 billion for housing facilitation in Nigeria.

“This tells you the capital market is resilient and it is showing in the activities that are happening in the capital market.

“In terms of market recapitalisation, it has moved to over N65 trillion and that tells you that the capital market in Nigeria is moving forward.”

Agama stated that the Investments and Securities Act (ISA) 2025 recently assented to by President Bola Tinubu was a game changer that had the strong potential of stimulating growth for the Nigerian capital market and the economy.

He said the new law was revolutionary in all respects, as it provided SEC the opportunity of retaining its signatory A status with  the International Organisation of Securities Commission.

Agama said that was significant because it allowed other countries to benchmark the Nigerian SEC and capital market with other jurisdictions, which will drive friendly investments and investors into the Nigerian capital market as well as expand the capital market reach in Nigeria.

The SEC director-gneral said another highlight of the new law was the increasing opportunities available for raising capital in the Nigerian capital market as well as the inclusion of the regulation of online forex in which a lot of Nigerians were involved, and introduction of legislation that spoke to digital assets regulation in Nigeria.

Agama stated, “This is huge because in the Nigerian population, the youths that are involved in this space are many, so providing clarity and providing legal framework and background to this is very essential for our growth.

“Beyond all of that, we also have the Legal Entity Identifier being introduced into the Nigerian law, which speaks to derivatives transactions.

“The commodities ecosystem is well featured in this law being able to provide regulation regarding the commodities ecosystem from the spot market onto the derivative market and the secondary market.

“We have also been able to remove, by this law, restrictions by states and local governments in their ability to raise capital and bring development to their states and, of course, municipal areas. So, this, for us, is very important.”

The SEC chief executive explained that the provisions of the ISA 2025 were huge and fundamental, stressing that they are critical in creating a dynamic, resilient and strong capital market that will help in the development of the country’s economy and facilitate Tinubu’s agenda for a one trillion-dollar economy.

Agama said the essence of the law was actually to create a dynamic, inclusive and resilient capital market for the economy, adding that the commission is committed to moving the capital market and the Nigerian economy forward.

He commended Tinubu for his unwavering support, and expressed appreciation to the National Assembly as well as Minister of Finance and Minister of State for Finance for their efforts.

Ndubuisi Francis in Abuja

The International Monetary Fund (IMF) has expressed support for Nigeria’s Single Window (NSW) Project, an evolving initiative designed to streamline trade processes, reduce bottlenecks, enhance transparency, and increase government revenue.

IMF’s backing for the NSW project was conveyed on Thursday in Abuja by its Technical Assistance Advisor for Revenue Administration 2, Marco Antonio.

Antonio led a delegation from the IMF Fiscal Affairs Department to a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The meeting highlighted IMF’s strong support for the Single Window Trade Project, which aims to streamline trade processes, increase government revenue, and enhance the ease of doing business.

Antonio praised the NSW project, among other reforms, and sought to know how the multilateral lender could provide further assistance for its successful implementation.

According to a statement released by the finance ministry’s Director, Information and Public Relations, Mohammed Manga, the minister disclosed that the project was well underway, with approvals secured, a dedicated team in place, and a structured implementation plan.

He underscored the initiative’s potential to catalyse export growth, particularly with Nigeria on course to achieve 1.2 million barrels of daily oil production.

Describing the project as a transformative economic tool, Edun reiterated the government’s commitment to its success, citing the strategic leadership of President Bola Tinubu and the support of the Nigeria Customs Service as key to its execution.

The statement said, “As Nigeria continues on its path to economic transformation, the Single Window Trade Project is poised to play a pivotal role.

“With the IMF’s endorsement, this initiative is expected to enhance trade efficiency, increase revenue, and stimulate economic growth, positioning Nigeria as a beacon of trade excellence in Africa.”

•FG, Japan launch strategic venture capital initiative for youth

•Nigeria, UNIDO sign $175m pact for industrial growth, jobs, economic transformation

•Senate: New Investment & Security Act to propel Tinubu’s $1trn economy

•Says legislation will end ponzi scheme

Ndubuisi Francis, James Emejo, Sunday Aborisade in Abuja and Nume Ekeghe in Lagos

The World Bank has approved three operations in Nigeria, totaling $1.08 billion in concessional financing, to enhance education quality, build household and community resilience, as well as improve nutrition for underserved groups.

This comes as Nigeria and Japan launched a strategic venture capital initiative that would channel naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.

Also, the federal government and the United Nations Industrial Development Organisation (UNIDO), yesterday signed a $175 million Programme for Country Partnership (PCP) agreement to aid industrial development, create jobs and drive economic transformation.

The Senate yesterday said the Repeal and Reenactment of the Investment and Securities Act (ISA) 2025 has set the stage for the $1 trillion economy proposed by the administration of President Bola Tinubu.

The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, who also sponsored the bill for the enactment of the ISA, said this in an interview with journalists in Abuja.

For the ISA, Tinubu had said during his 2023 presidential campaign that he was aiming at a $1 trillion GDP for the country by 2030.

The World Bank said the approved facility included $500 million in additional financing for the NIGERIA: Community Action for Resilience and Economic Stimulus (NG-CARES) Program; $80 million for Accelerating Nutrition Results in Nigeria (ANRIN 2.0), and $500 million for Hope for Quality Basic Education for All (HOPE-EDU).

It noted that the NG-CARES Program will support the Nigerian government in expanding access to livelihood support, food security services, and grants for poor and vulnerable households and communities.

According to the Bretton Woods institution, financing for ANRIN aims to increase the utilisation of quality and cost-effective nutrition services for pregnant women and lactating mothers, adolescent girls, and children under five in select areas.

“The new financing for HOPE-EDU will focus on improving foundational learning, access to basic education, and strengthening education systems in the participating states,” the Bank said.

Initially designed to respond to the COVID-19 pandemic, the NG-CARES Program-for-Results (PforR) operation, which has reached over 15 million direct beneficiaries, has evolved into a shock-responsive platform providing multi-sectoral interventions for the poor and vulnerable.

Implemented at the subnational level across all 36 states and the Federal Capital Territory, the programme stimulates the local economy through social transfers, labour-intensive public works, livelihood grants, basic community services, agriculture and food security interventions, and support to micro and small enterprises.

“The additional financing will strengthen the program’s extensive reach and positive impact, underscoring the need for continued support in the face of economic hardships, including those from the 2023 fuel subsidy reforms and foreign exchange rate unification.

“Aligned with Nigeria’s National Development Plan (2021-2025), the Multisectoral Plan of Action for Food and Nutrition (2021-2025), and the Nutrition-774 initiative, ANRiN 2.0 offers an evidence-based, multisectoral approach to combatting malnutrition and food insecurity, focusing on maternal and child health, integrated nutrition services, and household food security.

“The program will increase utilisation of preventive and curative nutrition services, improve maternal and young child feeding practices and dietary diversity, increase access to micronutrient rich foods and provide essential nutritional support to vulnerable populations, mitigating the immediate risks of malnutrition and food insecurity.

“The initial ANRIN program reached over 13 million children under five with nutrition services between 2018 and 2024.

“HOPE-EDU is part of a series of three interrelated operations, alongside HOPE-Governance and HOPE-Primary Health Care.

“It aligns with the country’s Universal Basic Education program objectives and strategies. HOPE-EDU will support structured pedagogy approaches to foundational literacy and numeracy, create learning opportunities where school overcrowding impedes participation, and adopt decentralised allocation and management of Universal Basic Education Intervention Funds, school management, and system information.

The Program is expected to directly benefit 29 million children enrolled in public primary schools, 500,000 public primary teachers, and more than 65,000 public primary schools and their School-Based Management Committees.

“The Program will also receive co-financing in the amount of US$52.18 million from the Global Partnership for Education Fund,” the multilateral development institution stated.

Commenting on the approval, the World Bank Country Director for Nigeria, Dr. Ndiamé Diop said: “Investing in human capital is critical for Nigeria as it offers the best opportunity to unlock the enormous potential of Nigeria. These new set of programs will help Nigeria to accelerate education quality and support to vulnerable citizens.

“The HOPE-EDU program will enable better education outcomes by implementing bold reforms and making the right investments to equip the fast-growing young population with foundational skills and knowledge necessary for rapid and inclusive economic growth.

. “Nutrition interventions from ANRIN will enhance household access to micronutrient rich foods and nutrition services at primary healthcare level, improve dietary diversity, and provide essential nutritional support to vulnerable populations, mitigating the immediate risks of malnutrition and food insecurity.

“The NG-CARES additional financing will support the Nigerian government in transitioning from responding to and recovering from the COVID-19 crisis to building household and community resilience.”

Meanwhile, Nigeria and Japan have launched a strategic venture capital initiative that will channel naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) yesterday, to finalise the framework of the fund, which has now received formal approval from the Japanese government.

The Ministry of Finance confirmed the development via a statement issued by the Director, Information and Public Relations, Mohammed Manga.

The NSIA CEO, Aminu Umar-Sadiq confirmed that the initiative satisfies two key conditions set by Edun: mitigating foreign exchange volatility by investing in naira and securing first-loss or grant capital to de-risk private investment.

Umar-Sadiq stated that, “with JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative.” Umar-Sadiq added.

JICA Director General, Takao Shimokawa announced that diplomatic agreements would be signed within weeks, with full implementation expected thereafter.

Edun welcomed the development, describing it as a timely response to Nigeria’s youthful demography.

“This fund provides critical financial backing across the capital structure—from equity to debt—and is aligned with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth,” he stated.

FG, UNIDO Sign $175m Pact to Boost Industrial Growth, Jobs, Economic Transformation

The federal government and UNIDO, yesterday signed a $175 million PCP agreement to aid industrial development, create jobs and drive economic transformation.

The Minister of Budget and Economic Planning (BEP) Senator Abubakar Bagudu who signed on behalf of the federal government, said the four-year partnership, 2024-2028, marked a milestone in the government’s and UNIDO’s efforts to strengthen industrial growth, create jobs and drive economic transformation.

He said the initiative aims to enhance Nigeria’s industrial capacity, drive technological innovation, and promote environmentally sustainable industrial practices.

The minister pointed out that the programme, would also provide economic opportunities that would impact Nigerians, particularly youths and marginalised groups.

Bagudu explained that the PCP has a funding strategy of 85.7 percent or about $150 million from donor/partners mobilised by UNIDO.

On the other hand, the federal government provides counterpart funding of 14.3 per cent or about $25 million.

The minister further disclosed that Nigeria has so far made a financial commitment of $1.28 million as payment to UNIDO.

He urged all stakeholders including development partners, private sector and civil society to work collaboratively to ensure a seamless implementation of the programme.

In a statement by the ministry’s Director Information and Public Relations, Osagie Jacobs, the minister commended UNIDO for its steadfast partnership and unwavering support for Nigeria’s industrial agenda.

In his remarks, Minister of State for Industry, Senator John Owan Enoh, expressed hope that UNIDO would serve as a technical and strategic partner in driving the Industrial Revolution Work Group (IRWG).

Enoh also urged the stakeholders to, “Let us move together from potential to productivity, from agreement to execution, from policy to prosperity” as PCP is implemented.

The Director General of UNIDO Mr. Gerd Muller, stated that UNIDO has the mandate of ensuring industrial development of member states through the PCP, stressing the pursuit of Goal 9 as its core aspiration.

He said Nigeria has the potential to be the economic powerhouse in Africa.

The PCP focuses on a select number of priority areas essential to the government’s industrial development agenda, particularly job creation, availability of raw materials, export potential and ability to attract investments.

The Permanent Secretary Ministry of Budget and Economic Planning Dr. Emeka Vitalis Obi, noted that the series of engagements between the Federal Ministry of Budget and Economic Planning, Federal Ministry of Industry, Trade and Investments (FMITI) and UNIDO, had solidified government’s commitment to laying a firm foundation for the take-off of PCP in the country.

President of Manufacturers Association of Nigeria (MAN), Francis Meshionye, who spoke on behalf of the private sector, hoped that manufacturers in the country will access funding from the programme.

He pledged MAN’s support in achieving key pillars of the country programme. He prayed for more impactful projects that will improve the manufacturing sector in the country.

Senate: New Investment & Security Act to Propel Tinubu’s $1trn Economy

Commenting further on the ISA 2025, Izunaso said the bill, which was assented to last week by Tinubu would end all forms of Ponzi schemes in Nigeria but grow the digital assets as well as cryptocurrency

He explained, “The Investment and Securities Act that has just been signed by Mr. President is a holistic enactment because we repealed the 2007 ISA and re-enacted it in 2025, with the aim of resetting the entire investment and securities law in Nigeria.

“With what we have done, for the first time in the history of Nigeria, the digital assets as well as cryptocurrency has now been recognised as a form of security in Nigeria.

“This means that people can now trade with digital assets, people can now do cryptocurrency and it will be properly regulated by Security and Exchange Commission.

“What it means is that the virtual asset services providers as well as the digital asset operators are today under the purview of SEC.”

Izunaso said Nigeria was about the second or the third globally in terms of cryptocurrency and that a lot of money had passed through the country without it being regulated.

He said, “Today, Mr. President is talking about $1 trillion economy. By signing this Act into law, it means that Nigeria is set for that $1 trillion economy.

“If we want to achieve the $1 trillion economy that Mr. President is envisaging, we must promote both the money market and the capital market. So, today, the capital market has been reset for that purpose.

“I would also like to make it clear that the days of Ponzi, insider trading and market manipulations are over in Nigeria.

“Today, if you are caught in a Ponzi market arrangement, you risk going to jail for 10 years and also pay a fine of between N20 million to N40 million and all the money that you took from people will also be recovered from you.

“Today, we have classified exchanges into two. You now have composite exchange and non-composite.

“Composite means that you can do multiple trading while non-composite is about single security trading. So the whole idea is to enhance proper market regulation and also mitigate risk.

“So this new law is now promoting investors’ confidence, repositioning Nigeria because hitherto, the ISA of 2007, was not in compliance with the International Organisation for Securities Commissions.

“Today, the new law is now arranged in a manner that is now consistent with IOSCO standards and regulations.”

He added: “So you can trade anywhere now in Nigeria internationally, taking it from records known, not the records that are not known as we were doing it before. So there are so many areas.

“Today, we are making it more transparent for you to operate in the capital market.”

The Senator also added that the with the new law, the sub-nationals can now approach the capital market for long-term loans to finance their projects.

He added, “With the new law, states and local governments can approach capital market for long-term funding.

“Instead of relying on federation accounts and commercial borrowing, states and the 774 LGAs can now go to capital market for long-term funding for the projects.”

For now, he said only the Lagos Island Local Government Area has approach the capital market to secure loans to fund their projects

Ndubuisi Francis in Abuja

The federal government has formally endorsed the creation of the Lagos International Financial Centre (IFC), a strategic move aimed at positioning Nigeria as a top-tier global financial hub.

The endorsement came as Nigeria moved to deepen collaboration with the Organisation for Economic Cooperation and Development (OECD) as part of efforts to drive economic reforms, attract investment opportunities, and contribute to sustainable development.

Speaking at a high-level engagement with EnterpriseNGR, Citi UK, and senior Lagos State Government Officials, in his office in Abuja, the Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, underscored the federal government’s unwavering commitment to macroeconomic stability and investment mobilisation. He cited the successful issuance of a US dollar domestic bond as a signal of renewed investor confidence and financial reform momentum.

The minister drew parallels with London’s historic “Big Bang” reforms, highlighting Lagos’ potential to evolve into a globally competitive financial centre with the right institutional support, a statement issued by the Director, Information and Public Relations, Mohammed Manga said.

EnterpriseNGR Chairman, Aigboje Aig-Imoukhuede, emphasised the importance of synergy between federal and state authorities, alongside private sector leadership, in attracting global capital.

Lagos State Commissioner for Finance, Abayomi Oluyomi, outlined the state’s preparedness, referencing the Lagos State Development Plan, the creation of the Lagos IFC Council, and an executive order to catalyse the initiative.

Director of International Development at Citi UK, Anna Rogers commended the coordinated approach and stressed the importance of investor-friendly policies and regulatory clarity for global competitiveness.

Meanwhile, through the partnership with OECD, Nigeria seeks to improve its business environment, increase access to finance for small and medium-sized enterprises, and enhance its competitiveness in the global economy.

A delegation from OECD led by the Head of the Middle East and Africa Division, Carlos Conde was in Abuja yesterday to meet with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in order to strengthen economic cooperation and explore strategic partnerships.

Receiving the delegation, Edun  expressed the federal government’s commitment to deepening its economic ties with the OECD.

This is with a view to ensuring harmonised data systems to support reforms, attract investment, and create opportunities for the country’s youth.

In a statement, the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga said discussions focused on Nigeria’s economic priorities, including capital market development, regional integration, curbing illicit financial flows, sustainable finance, and investment in human capital.

The OECD highlighted its growing engagement in Africa through collaboration with the African Union (AU) regional blocs, and direct country-level support.

“Nigeria was identified as a key partner in West Africa. It also outlined its range of engagements, which include technical support in areas such as digitalisation, governance, and statistics.

“HM Edun welcomed the collaboration and re-emphasised the need for harmonised data systems to support reforms, attract investment, and create opportunities for the country’s youth,” the statement said, adding that the collaboration between Nigeria and the OECD was expected to drive economic reforms, attract investment opportunities, and contribute to Nigeria’s sustainable development. “Through this partnership, Nigeria aims to improve its business environment, increase access to finance for small and medium-sized enterprises, and enhance its competitiveness in the global economy.

“By working together, Nigeria and the OECD can unlock new opportunities for economic growth, job creation, and poverty reduction, ultimately improving the lives of Nigerian citizens,” the statement added.

•Edun: Accurate, comprehensive data critical to economic stability, investor confidence

Ndubuisi Francis in Abuja

In a bid to stamp out discrepancies in fiscal data across government institutions, which affect Nigeria’s credit ratings, impinge investor confidence, and constitute hurdles to borrowing, the federal government is considering a Fiscal Data Coordination Framework.

This followed a high-level discussion hosted by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja, Monda.

The gathering christened Fiscal Data Harmonisation Meeting (FDHM), was considered a major step towards  economic stability and transparency.

The Director, Information and Public Relations, Ministry of Finance, Mohammed Manga said the meeting was also attended by the Minister of State for Finance, Dr. Doris Uzoka-Anite; the Accountant General of the Federation, Shamsedeen Babatunde Ogunjimi; and the Director General of the Budget Office, Mr Tanimu Yakubu.

Manga, in a statement said discussions focused on discrepancies in fiscal data across government institutions, which have affected Nigeria’s credit ratings and borrowing capacity.

Edun emphasised the need for synergy between agencies such as the Budget Office of the Federation (BOF), the Accountant General’s Office, and the Debt Management Office (DMO).

At the meeting Edun said: “Delivering accurate and comprehensive fiscal data is critical to economic stability and investor confidence.”

Participants at agreed on the establishment of a Fiscal Data Coordination Framework, which includes a main committee, a subcommittee, and technical teams dedicated to standardising fiscal reporting methodologies and economic assumption.

 Edun explained that Nigeria must take ownership of its fiscal data credibility, reducing dependence on external institutions.

“The meeting concluded with a firm commitment to implementing the framework, reinforcing transparency, strengthening investor confidence, and enhancing Nigeria’s economic outlook.

“As Nigeria embarks on this transformative journey, one thing is clear: accurate and reliable fiscal data will be the cornerstone of the country’s economic resurgence.

“With HM Edun’s leadership and the collective efforts of stakeholders, Nigeria is poised to regain its footing on the global economic stage,” Manga said.

Ndubuisi Francis in Abuja

As part of its commitment to investor education and financial inclusion, the Securities and Exchange Commission Nigeria (SEC) has expressed its readiness to equip children and young Nigerians with relevant knowledge to enable them make informed financial decisions.

In a statement issued on Monday in Abuja, the Commission outlined various activities undertaken to commemorate the 2025 Global Money Week (GMW).

Global Money Week is a global initiative designed to ensure young people acquire essential financial literacy skills to secure their financial future.

The 13th edition of GMW, themed “Think Before You Follow: Wise Money Tomorrow,” was held from March 17 to 23, 2025, underscoring the importance of financial awareness from an early age.

Speaking at the events, the Commission described Global Money Week as an annual awareness campaign that promotes financial literacy among children and young people, equipping them with the knowledge, skills, and mindset needed to make informed financial decisions.

“By participating in this global movement, the SEC seeks to instill strong financial habits in young Nigerians, empowering them to build a secure financial future.

“Recognising the importance of financial literacy for children, the Commission used the opportunity to launch its #CatchThemYoung: Invest in Their Future campaign, aimed at encouraging early financial education and investment awareness among young Nigerians. More plans are expected to unfold with anticipated collaboration from the capital market community.”

To commemorate the week, the SEC launched an extensive social media campaign across its digital platforms. Additionally, the Commission hosted a special podcast featuring the principal and a student of Aduvie International School, where they discussed the significance of financial education and responsible money management among students.

“Beyond online engagements, the SEC organised financial literacy outreaches, visiting several schools in Abuja, including Bellanadia School, Oaks and Acorn Montessori, Twinsquare Academy, iScholars International Academy, and Esteem Boys College. These sessions were designed to teach children about money management, the power of investments, and strategies to secure their financial future, in alignment with this year’s GMW theme.”

During the events, the Commission donated its educational publications on investments, Ponzi schemes, mutual funds, and the capital market—specially designed for children—to the libraries of the schools visited.

The week-long activities concluded with another insightful podcast featuring the head and students of Oaks and Acorn Montessori School, further emphasizing the importance of financial responsibility and making informed financial decisions from an early age.

“By participating in Global Money Week 2025, the SEC has reaffirmed its dedication to financial literacy and inclusion, recognising that an early understanding of financial principles is key to fostering a generation of financially resilient and responsible individuals. The Commission remains committed to empowering young Nigerians with the knowledge and skills needed to navigate the financial world confidently and make informed investment decisions for a secure future,” the statement added.

•Wants problems forcing manufacturing firms to leave Nigeria squarely addressed

Ndubuisi Francis in Abuja

A former Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed has advised the federal and state governments to limit borrowing to high impact infrastructure projects, and to scutinise the process for the disbursement of loans.

Ahmed also urged the government at the centre to squarely addresss the root causes of many  manufacturing companies leaving Nigeria in order to check the obvious negative consequences on the economy.

In an exclusive interview with ĚÇĐÄĘÓƵ at the weekend,  Ahmed who retired as perm sec in September 2023, obserbed that it’s probably time to hit the pause button on  borrowing. especially borrowing that is  not tied to educational, health and physical infrastructure.

He said: “It’s probably time to hit the pause button on our borrowing programme, especially borrowing not tied to educational, health and physical infrastructure. And even for these, we need to scrutinise the conditions surrounding disbursements of the loans, such as social, environment and governance arraignments.

“Even though most of the loans from Multilateral Development Banks (MDBs) and institutions come with standard loan terms, you must be careful in negotiating conditions around social, environment and governance safeguards attached to the various MDB loans. And we should go for fewer high impact loans and not spread ourselves thin over numerous loans which impact might be very low or trivial.

“If the loans are too many, you will have difficulties monitoring them. The sub-nationals easily fall in to the traps of MDBs’s Staff who approach them directly and literally push loans that sometimes not properly designed. Once they convince the governors of states about certain loans that they could benefit from, they will now allow the governors to do the rest by approaching the Federal Ministry of Finance (FMF) and Debt Management Office (DMO) to convince them. Every efforts by FMF and DMO to convince the states that some of the loans are not properly designed or contain onerous conditions would be seen as time wasting on the part of FMF.

“For other bilateral loans and loans from Export Credit Agencies (ECA), we must do a thorough and diligent work of scrutinizing the loan terms and associated loan conditions.”

The former Permanent Secretary also cautioned that if not tackled squarely, the high exit of manufacturing firms from Nigeria could shrink the gross domestic product (GDP), impact jobs negatively and cause a decline in national income.

He said: “I think the government is trying with some of the policies being put in place and being contemplated. I will cite the example of the Tax Reform Bills 2024.

“When the tax reform takes effect, it will potentially transform the fiscal and development landscape of the government’s fiscal operation as we know it.

“Probably, If I will mention one thing that the government should do differently to fix the economy faster, I think we should look at why manufacturing firms are leaving our shores in droves.

“It is not good and healthy for the economy. If we continue to allow firms to leave at this rate, naturally, it will shrink our GDP, impact jobs negatively and make national income to decline. “We should find out why these firms are leaving and address the problems squarely.”

On Nigeria’s descent from the prime spot of largest economy on the African continent to about number four, Ahmed attributed the decline largely to forex depreciation.

“Forex depreciation is a huge part of it. And the departure of firms is further shrinking the economy. We need to create an enabling environment to bring them back and to attract other players to grow the economy,” he said.

 According to him, there was the need to create  an enabling environment to bring the multinationals that left Nigeria due to harsh operating environment back as well as continue to grow sectors like aviation and service sectors.

•Rising geo-economic tensions, protectionism, trade disputes may cause disruptions in 2025   •US’ trade deficit with China reaches -$355bn

•Global debt now three times more than GDP  

•At $97.83tn, US accounts for a third of world’s $318.4tn total debt

Ndubuisi Francis in Abuja

Global trade hit a record $33 trillion in 2024, expanding 3.7 per cent ($1.2 trillion), according to the latest Global Trade Update by UN Trade and Development (UNCTAD), which warned that while trade remains strong, uncertainty looms in 2025.

According to UNCTAD, services drove growth, rising 9 per cent for the year and adding $700 billion – nearly 60 per cent of the total growth.

Trade in goods grew 2 per cent, contributing $500 billion. Most regions saw positive growth, except for Europe and Central Asia.

Growth varied by industry – agri-food, communication technology and transport saw gains, while energy, apparel and extractives slowed due to weaker demand and policy shifts.

However, momentum slowed in the second half of the year. In the fourth quarter, trade in goods grew by less than 0.5 per cent, and services edged up just 1 per cent.

Trade inflation neared zero as prices for traded goods stabilized in the last quarter of 2024.

The lingering effects of high post-pandemic inflation appear to have run their course.

In 2024, developing economies outpaced developed nations, with imports and exports rising 4 per cent for the year and 2 per cent in the fourth quarter, driven mainly by East and South Asia. South-South trade expanded 5 per cent annually and 4 per cent in the last quarter.

China and India outperformed global trade averages. In contrast, trade in the Russian Federation, South Africa, and Brazil remained sluggish for most of the year, with some improvement in the fourth quarter.

Meanwhile, developed economies’ trade stagnated, with imports and exports flat for the year and down 2% in the last quarter.

Merchandise trade imbalances widened in 2024, global trade imbalances returned to 2022 levels.

The US trade deficit with China reached -$355 billion, widening by $14 billion in the fourth quarter, while its deficit with the European Union (EU) increased by $12 billion to -$241 billion.

Meanwhile, China’s strong exports pushed its trade surplus to the highest level since 2022.

The EU reversed previous deficits and posted a trade surplus for the year, helped by high energy prices.

Trade has remained stable in early 2025, but mounting geoeconomic tensions, protectionist policies and trade disputes signal likely disruptions ahead. 

Falling shipping indexes signal weaker demand for manufactured goods, input and commodities as businesses adjust to increasing uncertainty.

The challenge in 2025 is to prevent global fragmentation, where nations form isolated trade blocs, while managing policy shifts without undermining long-term growth, UNCTAD stated.

Meanwhile, global debt surged by about 50 per cent over the last decade, outpacing a 46 per cent increase in global gross domestic product (GDP).

From the end of 2015 to the end of 2024, global debt rose by 49.2 per cent, from $213.3 trillion to $318.4 trillion, an additional $105 trillion, data from the International Institute of Finance (IIF) shows.

Over the last 10 years, global GDP increased by approximately $35 trillion, reaching $110 trillion, according to the International Monetary Fund (IMF).

In other words, global debt now exceeds the world’s GDP by three times.

During the same 10-year period, household debt rose by 50 per cent to $60.1 trillion, while debt for non-financial companies grew by 45 per cent to $91.3 trillion.

Financial firms saw the smallest increase at 33.4 per cent, reaching a total of $71.4 trillion.

However, government debt surged by 67.7 per cent, rising from $56.8 trillion at the end of 2015 to $95.3 trillion by the end of 2024.

Mature markets’ debt soared by 34.3 per cent to $214.3 trillion as of the end of 2024, and emerging markets’ debt jumped by 92.7 per cent to $103.7 trillion.

As for GDP, advanced economies saw a 41.7 per cent increase, while emerging markets and developing economies posted a 53.2 per cent rise.

The most impactful developments in the span of the past decade were the measures introduced to ease the severe economic effects of the COVID-19 pandemic.

According to the IMF, while global GDP narrowed by around 2.5 per cent year-on-year in 2020, global debt rose by 13 per cent over the same period, reaching $291.2 trillion

Since the World Health Organization declared the pandemic in January 2020, global debt has increased by 23.2%, from $258.4 trillion to $318.4 trillion, according to IIF data.

Over the same period, global GDP expanded by about 26 per cent, IMF figures showed.

The US’ total debt stood at $97.83 trillion at the end of 2024, rising by 62.5 per cent over the past decade.

This means the US is responsible for around a third of global debt.

During the same period, the world’s largest economy, the US, grew by 58.4 per cent, which was less than the debt increase.

As for the euro area, total debt rose 22 per cent to $54.5 trillion by the end of 2024.

The eurozone economy expanded by 38.5 per cent in the 10-year period, growing faster than debt figures.

The UK’s debt increased by 12.5 per cent over the past decade, while its GDP grew by 22.5 per cent.

Russia’s debt totaled $2.6 trillion as of the end of 2024, rising by 67.7 per cent, while the Russian economy grew by 60.3 per cent.

China’s debt figures rose by 123.4 per cent to $62.4 trillion over the same period, while its GDP expanded by 64.5 per cent, about half the rate of its debt growth.