NEWS AGENCY OF NIGERIA
NECA hails Tinubu’s economic reforms 
Economy/Business

NECA hails Tinubu’s economic reforms 

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By Joan Nwagwu

The Nigeria Employers Consultative Association (NECA) says President Bola Tinubu’s  reforms in the economic sector align with the desires of the Organised Private Sector(OPS).

Mr Adewale-Smatt Oyerinde, the Director General of NECA said this on Wednesday in Abuja, at the 2025 edition of the Employers Summit, organised by NECA

The News Agency of Nigeria (NAN) reports the summit is themed, “Enabling Sustainable Enterprise in a Transiting Economic: Aligning Fiscal,Trade and Regulatory Reforms for Rapid National Development ”

Oyerinde said the reforms being undertaken by the federal government are in alignment with the desires of employers.

He said the summit was apt in bringing the critical stakeholders together to deliberate and agree on the execution of the reforms.

“NECA believes that there is no better time to get the reformers and those that will implement the reforms as well as those that the reform is supposed to reform to have a conversation and engender consensus around those reforms.

“It will also help us to make policy recommendations to the government on those issues where it pinches the private sector and employers.

“This is the avenue where definite solutions or implementation of palliatives or innovation that might ease the pressure on the private sector can come,” he said.

According to the NECA DG, employers play a major role in promoting national development through job creation, payment of taxes and other contributions to economic growth.

He further said that the summit was unique coming at a time when the government was implementing many reforms, such as the tax reform bills.

Vice President Kashim Shettima emphasised the need to build an economy that is resilient, inclusive, driven by private enterprise and enabled by government.

Shettima, represented by Mr Temitola Johnson, Special Adviser to the President on Job Creation and Small, Medium Micro Enterprises (SMMEs), said the organised private sector has contributed positively to socio-economic development of Nigerians.

He said that the contributions were through the millions of jobs that were created, as well as the goods and services they provide.

Shettima added that the vision of President Bola Tinubu-led administration was to build an economy where sustainable business enterprises thrive and create decent jobs.

“One of the comprehensive reforms being undertaken by the government is that, which prioritises prudent expenditure and a more efficient, transparent and equitable tax system.

“We are a nation in transition, navigating our part of bold reforms designed to stir our economy away from volatility into becoming a more stable, sustainable and prosperous one.

“These reforms, though difficult in the short term, are laying the foundation for a more transparent, competitive, diversified and investor-friendly environment,” he said.(NAN)

Edited by Rotimi Ijikanmi

NTI committed to achieving Tinubu’s Renewed Hope Agenda- Director
Education

NTI committed to achieving Tinubu’s Renewed Hope Agenda- Director

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By Moses Kolo

Prof. Sadiya Sani-Daura, Director and Chief Executive of the National Teachers’ Institute (NTI), Kaduna, says it is fully committed to facilitating the achievement of President Bola Tinubu’s Renewed Hope Agenda.

Sani-Daura disclosed in an interview with the News Agency of Nigeria (NAN) in Kaduna as part of the celebration of Tinubu’s two years in office.

According to her, NTI will be diligently playing the critical role expected of it to fully realise the president’s all-important agenda.

She said: “We have a lot to do in achieving the Renewed Hope Agenda and we will never waiver in doing so.

“Instructively, we are now creating the direly needed conducive environment to achieve this noble agenda of Tinubu.”

Sani-Daura further extolled the Federal Government’s commitment to taking Nigeria’s education sector to the next level.

She said that the Federal Ministry of Education was critical to the myriad of successes the institute had achieved.

“Hopefully, NTI will soon bounce back and fully restore its enviable lost past glory.

“We are digitising all our activities so as to be in tune with the current global trends and this is working just as it is bolstering our operations.”

The director, therefore, commended the two Ministers of Education for their uncommon commitment and patriotism, describing them as the key motivators and benefactors of NTI.

Sani-Daura disclosed that the premier institute was partnering with various local and international agencies like the Universal Basic Education Commission (UBEC) and the Teachers’ Registration Council of Nigeria (TRCN).

She listed some of NTI’s global collaborators to include JICA and UNICEF, among numerous others.

The director also stated that the institute was robustly partnering with the various state governments in the country.

“We will never relent in the diligent discharge of our mandate, and will continue to train and retrain teachers, with a view to continuously upgrading their capacities,”  she said.(NAN) (www.nannews.ng)

Edited by Bashir Rabe Mani

FG seeks enhance global support for reforming economies
Foreign

FG seeks enhance global support for reforming economies

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By Nana Musa

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has called for enhanced global support for reforming economies.

 

Edun made the call at the G-24 Ministerial Meeting held on the sidelines of the ongoing 2025 IMF World Bank Spring Meetings in Washington D.C , on Wednesday.

 

The minister urged IMF and the World Bank to reward reform-minded economies, particularly those in Sub-Saharan Africa, by expanding access to affordable financing and deploying more innovative instruments to support their transitions.

 

Edun also welcomed the IMF’s recent establishment of a third Sub-Saharan Africa chair and urged increased African representation at senior management levels within the Bretton Woods institutions.

 

He said that the country was open for business, adding that the reforms would deliver their full impact.

 

“We need the international community to match our ambition with strong, targeted support.”

 

Edun reiterated President Bola Tinubu’s strong commitment to structural reforms, fuel subsidy removal, foreign exchange unification, and comprehensive tax policy reforms.

 

The minister said that this administration’s focuses on restoring macroeconomic stability and building a more resilient, inclusive economy. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

FG reforms have improved Nigeria’s macroeconomic outlook – Report
Foreign

FG reforms have improved Nigeria’s macroeconomic outlook – Report

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By Nana Musa

Mr Jason Wu, Assistant Director for Global Markets, International Monetary Fund (IMF), said that the recent government reforms had improved Nigeria’s macroeconomic outlook.

 

Wu said this at the ongoing IMF/World Bank 2025 Spring Meetings in Washington, D.C. on Tuesday, during the release of the agency’s Global Financial Stability report for April 2205.

 

He said that the reforms had simultaneously lowered Nigeria sovereign credit profile, while adding that the country remained exposed to financial volatility and weakening global risk appetite.

 

“Nigeria’s sovereign spread has widened in recent weeks as global stock markets decline.

 

“For major commodity exporters like Nigeria, if trade tensions continue to dampen global demand, revenue shortfalls are likely.

 

“Authorities must stay vigilant and adopt the right policies to respond,” Wu said.

 

The IMF’s Global Financial Stability Report (GFSR) highlighted Nigeria’s return to the international debt market in late 2024 with its first Eurobond issuance since 2022.

 

This marked a positive shift in investor sentiment toward frontier markets, buoyed by macroeconomic reforms and improved credit ratings.

 

He quoted the report, saying “Sovereign eurobond spreads for frontier economies narrowed in 2024 and early 2025, helped by fiscal reforms, progress in debt restructuring, and foreign exchange policy adjustments.”

 

Examples cited include debt restructuring in Ethiopia and Ghana, and Nigeria’s forex market reforms.

 

“Frontier economies were able to issue foreign currency debt at relatively modest yields,” the report noted.

 

It added that the total issuance in first quarter of 2025 was roughly half of the total for 2024.

 

The report said, “Nigeria returned to the eurobond market in late 2024 for the first time since 2022, while Egypt re-entered in January 2025.”

 

It also revealed that Angola secured foreign currency financing through a total return swap with an international bank, while Côte d’Ivoire accounted for the largest eurobond issuance in Africa during first quarter.

 

Regionally, economic growth in Sub-Saharan Africa is also projected to ease slightly to 3.8 per cent in 2025, before rebounding to 4.2 per cent in 2026.

 

The nation’s growth, however, is expected to remain below the regional average.

 

“For Sub-Saharan Africa, growth is projected to decline from 4.0 per cent in 2024 to 3.8 per cent in 2025, before modestly recovering to 4.2 per cent in 2026.

 

“Among major economies, Nigeria’s forecast was downgraded by 0.2 percentage points for 2025 and 0.3 for 2026, due to falling oil prices.

 

“South Africa saw a 0.5-point downgrade for 2025 and 0.3 for 2026, citing weak 2024 performance and deteriorating sentiment,” the report said.

 

Also, South Sudan recorded the sharpest downgrade, with its 2025 forecast slashed by 31.5 percentage points due to delays in restarting oil production through a damaged pipeline.

 

On a positive note, Nigeria’s current account balance is expected to remain in surplus, however, declinin from 9.1 per cent of GDP in 2024 to 6.9 per cent in 2025, and 5.2 per cent in 2026.

 

This surplus could offer a degree of protection against external economic shocks. (NAN)

Edited by Olawunmi Ashafa

Tinubu trades off political risks for Nigeria’s economic reforms- IMPI
Economy/Business

Tinubu trades off political risks for Nigeria’s economic reforms- IMPI

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By Ginika Okoye

The Independent Media and Policy Initiative (IMPI), a policy think-tank, has lauded President Bola Tinubu’s economic reforms in spite of diverse opposition.

 

A statement by the group’s Chairman, Dr Omoniyi Akinsiju, in Abuja on Wednesday, said that the risk assessment of the Tinubu’s reforms done by it showed the president deserved credit for his achievements.

 

Akinsiju said Tinubu deserved credit for going ahead with his economic policies in spite of the possibility of the opposition capitalising on the attendant short-term pains to drive its agenda.

 

”In spite these challenges, we commend President Tinubu for his steadfast commitment to advancing economic reforms amid substantial opposition over the past 22 months.

 

“The administration has demonstrated a dedication to its reform agenda in spite of the lack of immediate incentives for engaging in long-term change which is characteristic of developing nations.

 

”This requires significant statesmanship and leadership to navigate uncharted territories,” the chairman said.

 

He noted that only national interest would make an administration go ahead with reforms that were risky enough to lead to electoral loss.

 

The chairman said Tinubu had shown exceptional perseverance, driven by a forward-looking vision for Nigeria’s economy, prioritising national interest over personal or electoral gains.

 

“This commitment is particularly notable considering the conventional approach of starting reforms with minor and more manageable steps to build success stories and political support,” he said.

 

This, he said, had been exemplified in Nigeria’s total trade exports which surged to 50.4 billion dollars in 2024.

 

He said the surge was driven by exchange rate depreciation due to the harmonisation of foreign exchange windows and the elimination of fuel subsidies, the two flagship foundational policies of the reform agenda.

 

“Data from the National Bureau of Statistics (NBS) shows that Nigeria recorded a total trade volume of N138 trillion, the highest in the country’s history, representing a 106 per cent increase compared to the previous year.

 

“This translates to 89.9 billion dollars, indicating a 22.1 per cent surge in 2024 when dollarised,” he said.

 

Akinsiju said that foreign investment inflow into the country in 2024 revealed that Nigeria received about 21 billion dollars’ worth of foreign investment, with only the Nigeria National Petroleum Corporation Limited (NNPCL) attracting 17 billion dollars

 

The chairman said the total Federal Account Allocation Committee (FAAC) allocations increased to N15.26 trillion in 2024 which represented 43 per cent increase from the previous year.

 

He said the surge could be attributed to Tinubu-led administration’s fiscal reforms, including fuel subsidies removal and exchange rate adjustments, significantly boosting oil revenue remittances.

 

Akinsiju, however, expressed concern that in spite of falling food prices in recent months, the agriculture sector had continued the trend of distorted growth in the last five years.

 

He said the agriculture sector had slumped from 3.42 per cent in 2020 to 1.74 per cent in 2024.

 

The chairman expressed optimism that recapitalisation of the Bank of Agriculture (BOA) and the recently sealed Green Imperative Project (GIP) deal with Brazil, targeting small scale farmers across the 774 local government areas would help boost growth in the sector. (NAN) (www.nannews.ng)

Edited by Ifeyinwa Okonkwo/Ese E. Eniola Williams

Our reforms will protect interests of future generations – Tinubu
Economy/Business

Our reforms will protect interests of future generations – Tinubu

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Generation

By Salif Atojoko

President Bola Tinubu says the rationale behind his administration’s economic reforms is to protect the interests of future generations.

“For 50 years, Nigeria was spending money of generations yet unborn and servicing the West Coast of our subregion with fuel. It was getting difficult to plan for our children’s future,” he said.

He made these remarks at the State House while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as a Senator representing Lagos West.

The President highlighted the challenges faced at the beginning of his administration, especially economic and social issues, and expressed his gratitude for the delegation’s support in addressing these difficulties.

“We faced serious headwinds when I took over, very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse,” he said.

President Tinubu declared that the administration had been able to stem the tide and expressed appreciation to Nigerians for their collective support in turning things around.

“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilising.

“Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” said the President.

He said firm adherence to democratic tenets was the best route to economic, social, and political development.

“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball.

“Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it,” Tinubu stated.

Sen. Emmanuel Nwaka, who spoke on behalf of the group, expressed his delight at some of the programmes that the Tinubu administration had implemented, especially the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).

“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.

“And the next one is the CREDICORP. That’s a major way of fighting corruption.

“You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done.

“I’m following their activities; we are delighted,” he said.

Other members of the delegation were Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo and Hon. Eze Nwauwa. (NAN) (www.nannews.ng)

Edited by Vivian Ihechu

Shettima calls for unity to sustain Tinubu’s reform
General News

Shettima calls for unity to sustain Tinubu’s reform

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Unity

By Salisu Sani-Idris

Vice-President Kashim Shettima, has called for unity and collaboration among leaders to sustain the gains  of President Bola Tinubu’s reforms.

Shettima made the call during an Iftar hosted by President Tinubu for Senate leaders at the new State House Banquet Hall in Abuja.

Shettima emphasised that Nigeria had reached a crucial point where Tinubu’s bold leadership and well-thought-out policies must be properly executed to create lasting change.

He noted that Nigerians were beginning to see the benefits of these reforms, such as falling food prices, lower petrol costs, and stability in the forex market.

He also highlighted the economy’s projected growth of 4.3 to 4.6 per cent in 2025, commending Tinubu’s “bold vision” and courageous decisions.

Shettima urged political leaders to collaborate in maintaining this momentum, stating that unity was essential for the nation’s progress.

He expressed gratitude to the Senate for its cooperative relationship with the executive branch and urged lawmakers to see themselves as one family, regardless of political affiliation.

“What unites us supersedes whatever divides us,” he said, assuring of continued collaboration between the two arms of government.

Senate President Godswill Akpabio thanked President Tinubu for his support of the 10th Senate and pledged continued cooperation.

He prayed for divine wisdom and good health for both the President and Vice- President, to ensure the success of the Renewed Hope Agenda.

The event was attended by key senators, including Deputy Senate President Barau Jibrin, Senate Leader Opeyemi Bamidele, and former Senate President Ahmed Lawan.(NAN)

Edited by Abiemwense Moru

Production: Prioritise reforms to enhance infrastructure — Expert
Economy/Business

Production: Prioritise reforms to enhance infrastructure — Expert

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By Okeoghene Akubuike

There is a need for the Federal Government to prioritise reforms that enhance infrastructure, financing, security, and ease of doing business to make Nigeria’s economy more conducive for production.

Mr Benjamin Ekeyi, a Public Finance Management Expert said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Friday.

Ekeyi, who is also an expert on governance, said the Federal Government should improve infrastructure by investing in stable electricity generation and distribution to reduce reliance on expensive diesel and generators.

According to him, the government should also enhance transportation networks, including roads, rail systems, and ports, to reduce production costs.

Ekeyi said that there was also need for the Federal Government to expand broadband access and ensure affordable internet for businesses to enhance efficiency and market access.

To enhance security for businesses, he said the government must tackle challenges like banditry, kidnappings, and oil theft to protect investments in agriculture, manufacturing, and mining.

“There is a need to stabilise macroeconomic policies by reducing inflation, ensuring stable exchange rates and ensuring effective monetary policies.

“The Federal Government should provide clear fiscal policies that encourage production rather than excessive taxation or policy uncertainty.”

On improving access to finance, Ekeyi said the Federal Government should give low-interest loans and grants for businesses, particularly Small and Medium Scale Enterprises (SMEs) and manufacturers, through structured government-backed financing schemes.

He added that the government should strengthen development finance institutions like the Bank of Industry (BOI), Development Bank, and NEXIM Bank, among others, to support producers.

Ekeyi emphasised the need to enhance local production and industrialisation by implementing import-substitution strategies that support local manufacturing, thereby reducing dependence on foreign goods.

According to him, the government should offer tax incentives and reduce bureaucracy for businesses producing locally.

“Encourage value addition in sectors like agriculture, mining, and oil and gas rather than exporting raw materials.”

Ekeyi suggested that the government strengthens agricultural productivity by providing modern equipment, improved seedlings, and mechanisation incentives, while also developing storage and distribution networks to reduce post-harvest losses.

“There should be support for agro-industrial zones where farmers can process and add value to their produce.”

The expert said the Federal Government should revamp the oil and gas sector by fully operationalising local refineries, including the Dangote and NNPC refineries, to stop excessive fuel imports.

“Strengthen the Petroleum Industry Act (PIA) to attract more investment into oil exploration, refining and gas utilisation.”

On improving the ease of doing business, he said the government should reduce bureaucratic bottlenecks in business registration, taxation and compliance.

“Regulatory processes should be digitised to cut corruption and delays in business operations, and implement one-stop business hubs to simplify permits and approvals for industries.”

Ekeyi urged the government to boost funding for research and development in universities, polytechnics, and private firms.

He emphasised the importance of supporting the tech and startup ecosystem to enhance innovation and job creation, as well as promoting local content policies that encourage businesses to source inputs locally.

“A pro-business economic environment requires a holistic approach that tackles infrastructure deficits, insecurity, financing barriers, and regulatory inefficiencies.

“By addressing these challenges, the government can stimulate production, create jobs, attract investments, and boost economic growth sustainably,” he said. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Tax Reform Bills: Customs duties beyond revenue collection– expert
Economy/Business

Tax Reform Bills: Customs duties beyond revenue collection– expert

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By Martha Agas

A customs and tax expert, Mr Okey Ibeke, says the duties of the Nigeria Customs Service (NCS) is not only limited to revenue collection but involves highly technical operations.

Ibeke stated this on Thursday in Abuja, following a public hearing on tax reform bills organised by the Special Committee on Tax Reform Bills on Wednesday.

He described the NCS as a specialised agency requiring advanced skills to effectively carry out its functions, adding that the proposed tax reforms could undermine its other specialised and critical operations.

The News Agency of Nigeria (NAN) reports that the proposed reform bills include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill.

The Comptroller-General (C-G) of the NCS, Adewale Adeniyi, had stated that the proposed tax reforms aligned with President Bola Tinubu’s commitment to an efficient tax system for the country.

Ibeke, however, said that the reform if passed in situ could jeopardise the customs service’s ability to perform its core functions.

He expressed concern that designated revenue agencies may lack the technical expertise, specialised workforce and training to handle the assigned operation of the NCS.

According to him, these agencies might struggle to detect undervalued or misclassified goods, potentially leading to the acceptance of inaccurate importer declarations.

“Customs involves classifying cargo, understanding tariff classifications, and conducting customs valuations.

“Without the expertise to classify cargo and determine the applicable duty rates, there will be significant challenges. Only well-trained customs personnel can effectively perform these functions,” he explained.

He added that NCS operations require applying Rules of Origin (RoO), which is essential for determining a product’s original source.

RoO, he said, is critical for assessing the value of imports, calculating appropriate revenue, and identifying fraudulent practices.

He said that these are tasks that general tax administration systems could be ill-equipped to handle.

Ibeke warned that passing the bills without necessary adjustments could render the NCS redundant and negatively impact revenue generation.

“Is the Federal Government planning to dismantle the customs service? Will they employ customs officers to work in the new agency? Will they create offices for them within the agency?

“ This could lead to confusion. Ultimately, the government, which aims to maximise revenue, stands to lose the most,” he said.

Ibeke pointed out that the NCS has already made significant strides in modernising its operations through its Trade Modernisation Project.

“The deployment of the ‘B Odogwu’ software, for instance, has contributed to increased revenue collection and positioned the service to surpass its 2025 revenue target,“ he said.

He urged the Federal Government to increase funding for the NCS to address revenue collection challenges rather than repealing the 2023 NCS Act, which took over eight years to pass into law.

“The NCS has established infrastructure and is leveraging technology to facilitate trade. Repealing the Act now will undermine these efforts and hinder progress,” he said.

NAN reports that during the public hearing, the C-G emphasised the importance of ensuring that the final bills do not contradict the Act, thereby preserving the agency’s core functions and operational efficiency.

Ibeke called for a balanced approach that would strengthen Nigeria’s tax system without compromising the critical functions of the existing critical revenue agencies. (NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

FG’s economic reforms will yield positive result- VC
Metro

FG’s economic reforms will yield positive result- VC

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By Funmilayo Adeyemi

The Vice-Chancellor of the African School of Economics, Prof. Mahfouz Adedimeji, has predicted that the various economic reforms introduced by the Federal Government will soon yield positive results.

 

Speaking at the school’s second edition of its Public Lecture on Thursday in Abuja, Adedimeji said the reforms would soon have a multiplier effect on the economy.

 

“One of the things that we see in the economy now is that the currency is gaining more value against the dollar. We can also see that the price of fuel has reduced.

 

“So the only hope is that there will be a reflection of that in the remaining sectors of the economy.

 

“The optics are good as they stand, and one has every reason to be confident that Nigeria’s economy will pick up as a result of the reforms the Federal Government has put in place,” he said.

 

Adedimeji explained that the lecture was organised to draw insights from other parts of the world to advance Nigeria’s economy.

 

“The primary problems that human beings face are economic in nature; what to eat, what to wear, and where to live.

 

“As a way of advancing discourse on solving our economic problems and addressing our economic challenges, we brought in an Irish economist to talk to us about ways to solve these issues,” he said.

 

Susan HayesCulleton, from Ulster University, Northern Ireland, while delivering her lecture on “Economic Growth Models: The Ireland Experience”, urged Nigeria to develop the entrepreneurial capacity of its people to foster economic growth.

 

HayesCulleton said it was time for Nigeria to learn from Ireland by improving the efficiency of businesses to make them more sustainable.

 

She added that partnerships were also essential to overcoming the challenges of a changing environment while building international relationships.

 

“The Irish people and the Irish business culture look outward and engage with their diaspora, and Nigeria has a huge capacity to do the same.

 

“They can also achieve this by enabling people to become proficient in Artificial Intelligence (AI) to enhance website development, e-commerce, and other business ventures.

 

“So there are plenty of opportunities for Nigeria to leverage its population and, of course, collaborate with Ireland for mutual benefit,” she said.

 

She encouraged Nigeria to embrace AI in developing sustainable energy sources by upskilling its people to provide solutions to emerging challenges.

 

“A significant challenge that we face as business leaders in relation to AI is twofold.

 

“First, energy consumption, we need to develop more sustainable energy sources to power AI operations.

 

“Secondly, we must ensure that people are adequately upskilled to manage and maximise the potential of AI.

 

“AI is a new development, but we must consider how we can build our capacity to train AI while also strategically and ethically integrating it into our businesses.

 

“In addition, we need to align technological advancements with workforce productivity so that society as a whole benefits,” she added. (NAN)(www.nannews.ng)

Edited by Tosin Kolade

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