Nigeria’s private sector continued its expansion in February, with business conditions improving for the third consecutive month, according to the latest Purchasing Managers’ Index (PMI) data released by Stanbic IBTC.

The headline PMI figure rose to 53.7, up from 52.0 in January, marking the strongest improvement in business conditions since January 2024 indicating a robust expansion in output, new orders, and purchasing activity, driven by increased demand and moderating inflationary pressures.

The increase was driven by rising output, new orders, and purchasing activity, as demand showed signs of strengthening. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

According to the Stanbic IBTC PMI report, rates of expansion in output, new orders and purchasing activity all quickened as demand picked up and inflationary pressures showed signs of moderating.  “Output was up in agriculture, manufacturing, services and wholesale and retail, although in wholesale and retail the rise was only fractional. New orders also increased at a marked pace, with the latest rise the most pronounced in just over a year.” the report stated

Customers were reportedly more willing to commit to new projects. Signs of strengthening demand coincided with moderating inflationary pressures. Overall input costs increased at the slowest pace in ten months, although the pace of inflation remained elevated amid higher prices for raw materials and a rise in staff

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commenting on the latest PMI reading said “activity in Nigeria’s private sector improved for the third consecutive month with the latest PMI reading of 53.7 points in February at its highest level since January 2024 (54.5 points).

“A relatively stable exchange rate and moderation in fuel prices are supporting the ease in inflationary pressures, which in turn helped strengthen consumer demand in the month. Thus, new orders increased for the fourth consecutive month, with survey participants noting a greater desire on the part of customers to commit to new projects.

“In line with the increase in new orders, output also increased sharply in February as the output index settled at 56.9 points from 53.7 points in January. That said, input price inflation eased further in February to its weakest level since April 2024. However, about 39.0 per cent  of respondents increased their output prices in the month, with less than 1.0 per cent  lo wering their charges.

“Nigeria’s real GDP growth improved further in Q4:24, rising by 3.84 per cent  y/y, from 3.46 per cent  y/y in Q3:24. Growth in Q4:24 was the highest since Q4:21 when this economy grew by 3.98 per cent  y/y in real terms. Q4:24 GDP now brings 2024 full-year growth to 3.40 per cent , from 2.74 per cent  in 2023, supported by both the oil and the non-oil sectors.

“In terms of contributions to the overall GDP growth in Q4:24, Services continue to dominate with a 79.0 per cent  contribution to the country’s GDP growth (same as Q3:24), followed by Agriculture with an 11.9 per cent  contribution while Industries contributed the remaining 9.0 per cent  of the real GDP growth in the review quarter.

“The non-oil sector of the Nigerian economy is now poised to improve further in 2025 as the lingering FX stability and improved FX liquidity bodes well for the real sector activities, including manufacturing, trade and real estate. This, in addition to the anticipated reduction in borrowing costs should further support the growth of the non-oil sector in 2025.

The special adviser to the President on Senate Matters, Senator Basheer Lado, has assured Nigerians that the proposed tax reform bills, currently undergoing a public hearing at the National Assembly, will significantly boost the economy and enhance the standard of living for all citizens.

Speaking in Abuja during a courtesy visit by a delegation of professors, scholars, and commissioners from Kano State, Senator Lado emphasised President Bola Ahmed Tinubu’s commitment to creating a fair, transparent, and growth-oriented tax system.

“This visit reflects your commitment to Nigeria’s economic future,” Senator Lado stated. “Let me reassure all Nigerians that President Bola Ahmed Tinubu has the nation’s best interests at heart. These reforms aim to promote fairness, transparency, and economic growth, ultimately improving investment and living standards for everyone.”

The delegation, led by Dr. Muhammed Sagagi, a renowned economist, and accompanied by Prof. Auwal Yadudu and other members, shared their perspectives on the tax reform bills, stressing the importance of inclusive policies for sustainable development.

Senator Lado assured them that the National Assembly, under the leadership of Senator Godswill Akpabio, would handle the reforms with the seriousness they deserve.

The National Information Technology Development Agency (NITDA) has expressed its commitment to fostering an innovative ecosystem that balances regulation with industry growth by investing in cloud infrastructure, data classification, and AI applications to solidify its position as a leading African digital hub.

The NITDA director general, Kashifu Inuwa stated this while speaking as a panelist at the Africa Hyperscalers Digital Infrastructure Outlook 2025 where he gave deep insights on the Agency’s planned strategies in leveraging innovative solutions and regulations in actualizing the Presidential 8-point agenda which cuts across all sector of the economy.

Spokesperson of NITDA Hadiza Umar, in a statement issued on Sunday, said the African Hyperscalers Digital Infrastructure Outlook 2025 gathered industry experts from the tech ecosystem to examine and explore Africa’s role in the expanding global AI-driven infrastructure boom.

Speaking on the Agency’s regulatory framework which ensures adaptability in an ever-evolving technological landscape, Inuwa highlighted the NITDa’s two-pronged approach, which are rule-based regulation and non-rule-based regulation.

According to him, rule-based regulation involves strict guidelines for industry compliance while non-rule-based regulation allows for industry- led innovation with established benchmarks.

“Before we regulate anything, we need to be aware of the landscape, we need to be intelligent, we need to have data and make sense out of that data, we need to be dynamic because technology is fast-changing and we need to develop that agility within the regulatory framework,” he noted.

The DG also noted that one of the Agency’s key initiatives is the Cloud First Policy which was introduced in 2019 to discourage excessive reliance on physical data centres. He stated that the policy encourages government Agencies and private businesses to leverage cloud computing, software-as-a-service (SaaS) and other digital solutions.

He also mentioned that while the strategy initially granted waivers for businesses to use public cloud infrastructure, NITDA has since pushed for local data centres to scale up their capabilities.

Speaking on the agency’s achievements, Inuwa said that a major milestone in NITDA’s journey was its successful engagement with global hyperscaler providers and with Google Cloud pledging to collaborate with local data centres to drive cloud adoption and establish a hyperscaler data centre in Nigeria.

“The Google CEO, Sundar Pichai, met our president, President Bola Ahmed Tinubu in Paris and the president shared his transformative ambition for Nigeria. The president said that he believes technology can help him to achieve all the 8-point agenda from economic diversification, national security, food security, and infrastructures which include digital infrastructures with a focus on education and healthcare because technology can enable all of them,” he said.

He added that to further drive cloud adoption and investment, NITDA is finalising a framework that will mandate the classification of data, ensuring that certain categories of data remain within Nigeria. According to him, this move is expected to attract more cloud service providers and strengthen the country’s digital sovereignty.

While emphasising that Africa’s focus should be on AI applications rather than building Large Language Models (LLMs), Inuwa disclosed that NITDA is also prioritising the application of AI to enhance governance, regulation, and service delivery.

Inuwa asserted that the agency has identified three areas in which AI can revolutionise governance and business operations by automating processes, enhancing regulatory efficiency and developing knowledge management systems.

“The real power of AI is in application, not in building large language models (LLMs). We should focus on deploying AI to sectors like healthcare, agriculture, and financial services, where it can make an immediate impact,” Inuwa averred.

In her earlier opening remark, Dr Nadu Denloye, co-founder of Telnet Nigeria Limited said that Africa is on the cusp of a remarkable digital transformation, driven by advancements in connectivity, cloud adoption, data centres, artificial intelligence, and a growing digital-native population.

Describing the programme as a platform for solutions, she expressed confidence that the programme would craft solutions that will provide crucial insights and actionable strategies to drive Africa’s digital growth, “Africa’s digital revolution is unfolding at an unprecedented pace.

By leveraging our collective expertise and fostering collaboration among key stakeholders, we can overcome obstacles and unlock the immense opportunities that lie ahead,” she stated.

Other panelists present at the event were the CEO Open Access Data Centres and the chairman of the Africa Data Centres Association Dr. Ayaotunde Coker, chief executive officer, Kasi Cloud, Johnson AgboGbua, Data Centres Global Sector lead, International Finance Corporation, Obinna Isiadinso, chief operating officer, IHS, Kazeem Oladepo, and the commercial director, Bayobab, Abibat Kazeem.

The South East Development Commission (SEDC) has announced plans to grow the economy of the region from its current $40 billion to $200 billion by 2035.

SEDC Managing Director, Mr. Mark Okoye stated this in his inaugural speech in Awka, Anambra State capital on Wednesday.

The SEDC Board was inaugurated by President Bola Tinubu on Tuesday in Abuja.

Okoye said the take-off of SEDC marked the commencement of rebuilding and reconstruction of the South-East geopolitical region, 54 years after the end of the civil war.

He said the task ahead was enormous, quoting the World Bank that South-East required an annual investment of $10 billion for the next 30 years to be able to bridge the infrastructure gap.

The SEDC boss noted that the region faced numerous challenges at the moment which include harsh investment climate due to security concerns, low ease-of-doing business, unemployment and 2,500 active erosion sites resulting in displacement of thousands of people.

He added that the commission would rely heavily on the support of President Tinubu, governors of the five South-East states, private sector and strategic partnerships, in laying the foundation for the realisation of the economic goals.

He stressed that the SEDC had studied past regional development blueprints, including the visionary economic plans of the defunct Eastern regional government of Dr. Michael Okpara which laid the groundwork for the region’s industrial and agricultural potential.

“Despite these obstacles, we remain a resilient and enterprising people. It is now up to us to shape the South-East we envision within the framework of the Federal Republic of Nigeria.

“Working with the state governments, private sector ecosystem, and development partners, we will drive the South-East towards a $200 billion regional economy by 2035.

“We will not pay lip-service to development, SEDC will prioritise action over rhetoric and results over promises,” he assured.

Okoye said the commission would hold strategic engagement with state governments, the private sector, academia/research institutions, traditional rulers, religious leaders and the civil society as part of its takeoff.

He said in furtherance to the realisation of President Tinubu’s Renewed Hope Agenda, the Commission would prioritise security and investment infrastructure development, agriculture, industrialisation, technology/innovation and human capital development.

“Our tenure will be built on transparency, accountability, and public participation, every project will align with a clear roadmap and deliver measurable impact.

“In the coming months, we will embark on several projects, programmes, and initiatives designed to accelerate the development of our region,” he said.

Okoye expressed gratitude to President Tinubu for the trust and confidence reposed in him and his colleagues, as well as, the National Assembly for their role in passing the SEDC bill into law, nominations and subsequent confirmation.

“When Mr. President presented the Renewed Hope Agenda and was sworn into office in 2023, he made a commitment to showcase visionary leadership, one rooted in inclusivity, progressive governance, and strong institutions.

“He promised a new style of public service that fosters a society built on shared prosperity, tolerance, compassion, and an unwavering commitment to treating each citizen with equal respect and due regard,” he said.

For his part, the Chairman of the SEDC board, Chief Emeka Wogu said the goal of the Commission is to contribute to the overall development of the region through the implementation of impactful high-value projects.

“We hope to create jobs for thousands of our youths, in alignment with the Renewed Hope mandate,” he said.

In a landmark move to promote regional development and address disparities across Nigeria, President Bola Tinubu has inaugurated the governing boards of the newly established South East and Northwest Development Commissions.

The inauguration in Abuja, marks a critical step toward fostering inclusive and sustainable growth in the two regions.

Speaking at the event, the Minister of Regional Development, Abubakar Momoh, described the commissions as transformative vehicles for harnessing the unique cultural, economic, and human resources of the regions.

He commended President Tinubu for his vision in creating the commissions, as well as the National Assembly for its swift passage of the enabling bills.

“These commissions will help address regional disparities, promote economic growth, and improve the quality of life for citizens,” Momoh said.

The Minister also stressed the need for collaboration with state governments, private sector players, and development partners.

He assured Nigerians that the Ministry of Regional Development would closely monitor the commissions’ activities for effective governance.

The Minister of State for Regional Development, Uba Maigari Ahmadu, underscored the commissions’ importance in delivering the Renewed Hope Agenda.

“These commissions will spearhead critical infrastructure projects to catalyze economic growth and uplift the quality of life of our people,” Ahmadu said.

Chairman of the Senate Committee on South East Development Commission, Senator Orji Uzor Kalu, commended the President for the appointments, urging the commissions to adopt innovative approaches.

“Tarring roads is no longer fashionable. What is fashionable is building railway stations, power plants, and cottage industries that provide jobs,” Kalu said.

Similarly, Chairman of the Senate Committee on North West Development Commission, Senator Babagida Husseini assured the commissions of the Senate’s oversight role, while commending President Tinubu’s strategic selection of competent board members.

“We will chase the money, prepare your budget, and ensure Nigerians get value for every naira spent,” Husseini stated.

Chairman of the SEDC Governing Board, Dr. Emeka Wogu expressed gratitude for the establishment of the commission, promising high-impact projects that would uplift communities in the region.

“Our goal is to contribute to the overall development of the region through impactful, high-value projects that create jobs,” Wogu pledged.

Chairman of the NWDC Governing Board, Lawal Samaila Abdullahi emphasised regional collaboration, stating that the commission would seek partnerships for coordinated development strategies.

Managing Director of SEDC, Mark Okoye, highlighted the historic significance of the commission’s establishment.

“We can only pay back this trust through delivery, hard work, and impactful projects,” Okoye assured.

For his part, the Managing Director of NWDC, Prof. Abdullahi Shehu Ma’aji, pledged to harness the North-West’s resources to promote growth and improve living conditions.

“Our mandate is clear: promote economic growth, improve infrastructure, and enhance the quality of life for our citizens,” Ma’aji said.

The event concluded with a renewed commitment to transparency, innovation, and impactful governance.

Stakeholders also called for collaboration with development partners to advance the commissions’ mandates and foster sustainable growth.

The Turakin Keana, Prince Mark Elayo, has said that the establishment of the North-Central Development Commission (NCDC) will be a game-changer in addressing the region’s security and developmental challenges.

He disclosed this in a chat with LEADERSHIP Sunday, describing the assent to the NCDC Bill 2024 by President Bola Tinubu as a long-awaited relief for a region battered by banditry and intercommunal violence.

Prince Elayo emphasised that the commission’s establishment would accelerate infrastructure reconstruction, economic recovery and peacebuilding efforts across the North Central states.

“This commission is a foundation for sustainable development for us. We have endured prolonged destruction due to banditry and sectarian conflicts. With the NCDC, we can begin the reconstruction of our communities and restore hope, just as the North-East Development Commission did for their region,” he said.

In what appears to be a strategic focus for the new commission, Prince Elayo hinted at key areas of immediate intervention, including security, infrastructure rehabilitation and grassroots development.

Speaking on the operational structure of the commission, he urged leaders of the North Central states to prioritize inclusivity when deciding on the location of its headquarters.

“This decision should not be driven by politics but by geographical and strategic considerations that will foster a true sense of belonging among all member states,” he advised.

Prince Elayo called on stakeholders across the region to seize this opportunity to elevate the North Central to a position of national relevance.

“We must rise up, come together, and work collectively to ensure the commission effectively and efficiently serves our common interest. This initiative by the president shows his commitment to the welfare of all Nigerians, and we must reciprocate by playing our part diligently,” he said.

The Turakin Keana commended the governors and lawmakers from the North Central region, acknowledging their relentless efforts in advocating for the commission’s establishment.

“Their dedication has brought this long-awaited dream to fruition. Now, we must ensure that it succeeds and delivers the development and peace our people desperately need,” he added.

Policy analysts believe the NCDC could be pivotal in stabilizing and developing a region that has long struggled with insecurity and poor infrastructure.

They note that the commission’s success will depend largely on transparent management, regional cooperation, and adequate funding.

With renewed optimism and strategic planning, stakeholders are hopeful that the NCDC will usher in a new era of peace and prosperity for the North Central region.

 

 

Some analysts in Nigeria’s oil and gas sector have emphasised the need to optimise local content in petroleum operations to ensure sustainable growth of the nation’s oil and gas industry.

According to these analysts, the petroleum industry has long been the backbone of Nigeria’s economy, accounting for approximately 90 per cent of its export earnings and 40% of government revenue. Recognising the industry’s critical role, the Nigerian government enacted the Nigerian Oil and Gas Content Development (NOGICD) Act in 2010. This legislation was designed to enhance local participation by ensuring that Nigerian resources, expertise, and businesses play a significant role in petroleum operations.

However, despite the Act’s objectives, its implementation has faced numerous challenges that have prevented the full realisation of its potential. These challenges stem from systemic issues, entrenched business practices, and structural weaknesses within the industry.

 

Challenges Hindering Local Content Implementation

One of the most significant obstacles to local content development is capacity building. According to the managing director of FLT Energy, Sam Atim, Nigeria’s oil and gas sector is highly technical, requiring specialised skills that are often in short supply locally. While training initiatives exist, the pace of education and skill development has not kept up with industry demands.

He said, “This disparity between demand and local capability compels companies to rely heavily on foreign labour, particularly for advanced positions such as engineering, geoscience, and project management.”

Another key challenge is resistance from multinational oil companies (IOCs).

Industry analyst James Umeh noted that these IOCs, which have traditionally dominated Nigeria’s petroleum sector, often perceive local content requirements as costly and inefficient.

“Their resistance stems from concerns about the quality of local goods and services and the higher costs associated with engaging less experienced Nigerian firms. This has invariably led to friction between international and local stakeholders,” Umeh said.

Infrastructure deficiencies also significantly undermine local content development. According to the chairman of Ladap Oil & Gas, Gbenga Oladapo, inadequate transportation networks, unreliable power supply, and underdeveloped supply chains hinder local companies from meeting the requisite quality and reliability standards in the oil and gas sector.

 

Strategies to Strengthen Local Content

Oladapo suggests a multifaceted approach emphasising addressing these challenges, capacity building, international collaboration, and robust procurement strategies.

“Comprehensive training programmes are crucial in bridging the skills gap within Nigeria’s oil and gas sector. These programmes should prioritise high-demand technical areas such as drilling, exploration, and refinery management. Partnerships between oil companies, universities, and vocational schools could also help cultivate a proficient talent pool poised to enter the industry,” he said.

Also, Umeh further emphasised the importance of mentorship and apprenticeship programmes as effective knowledge transfer from expatriates to Nigerian workers.

“These programmes allow Nigerian employees to work closely with international experts, gaining hands-on experience and building their technical competencies. Additionally, it is crucial to acknowledge the ongoing necessity for international expertise, particularly in advanced areas such as deepwater drilling and offshore production. Forming strategic partnerships that facilitate the exchange of knowledge and the transfer of skills is essential for sustaining industry growth without compromising operational efficiency,” he explained.

Beyond human capacity development, investment in infrastructure is necessary to enhance local companies’ competitiveness. Upgrading the power supply, improving road networks, and developing efficient supply chain mechanisms would significantly reduce the bottlenecks that hinder Indigenous firms.

 

The NOGICD Act and its Impact

Despite these challenges, the NOGICD Act has yielded some positive results, particularly in expanding opportunities for local players in the industry. These achievements, according to analysts, would not have been possible without the foundation laid by past leaders in Nigeria’s  petroleum sector, particularly Senator Dan Etete, who served as Minister of Petroleum Resources from 1995 to 1998 under the administration of the late General Sani Abacha.

Oladapo said, “Shortly after taking office as Petroleum Minister, Senator Etete issued a directive warning IOCs that the sidelining of Indigenous companies in favour of foreign firms would not be tolerated. This bold stance earned him recognition as a champion of Indigenous participation in the industry. During his tenure, Etete introduced policies that laid the groundwork for the marginal field bid round, which was later conducted in 2001. This policy encouraged IOCs to divest smaller oil and gas assets to indigenous investors, promoting local participation in exploration and production activities.

“Under the Petroleum (Amendment) Act No. 23 of 1996, enacted during Etete’s tenure, the Nigerian President was granted the power to declare an oil field with about 10,000 barrels of oil per day (bopd) a marginal field.

This move encouraged indigenous businesses to engage in oil and gas exploration and production.

“The Local Content Act is considered an extension of the Cabotage regime, which Etete championed, extending Indigenous participation beyond the upstream sector. Senator Etete remains widely celebrated as the Petroleum Minister who championed the empowerment of Indigenous players in Nigeria’s oil and gas sector. His legacy is evident in the increased involvement of Nigerian entrepreneurs in managing the country’s natural resources.

 

Before his ministerial appointment, Etete served as chairman of the Senate Committee on Petroleum and Energy in the Second Republic. He was also a member of the National Constitutional Conference between 1994 and 1995 before eventually becoming minister of Petroleum Resources.

 

The marginal field regime, introduced during Etete’s tenure under the Petroleum Act of 1996, led to the award of marginal field oil blocks to Nigerian investors. This development significantly contributed to strengthening local participation in the sector. Senator Etete will remain remembered as the great pillar who laid a strong foundation for building local content and Indigenous participation in Nigeria’s oil and gas industry.”

In 2023, when President Bola Ahmed Tinubu was striving to take a shot at the presidency, he notably championed renewed hope and vowed to change the nation’s governance narrative. One of the things he promised was rebooting and resetting Nigeria’s economy on the global stage as the largest in Africa.

While the Tinubu presidency is now working doggedly to bring about reforms in this regard, only a few would have predicted so much positive change in less than two years in office. One of the factors working indubitably for him behind the scenes is the quality of Nigerians executing government policies in his cabinet.

President Tinubu had in March 2023 assured that he would assemble a team based on competence. He noted pointedly that it was time for politics to take backstage for governance, and that only those who shared his vision of good governance would make his blueprint for the nation feasible. Even before making his intention clear, he already had a dependable ally, Vice President Kashim Shettima, as part of the team.

Who says VPs can’t be veritable tools in the hands of the President? In times of crisis, the Vice President can support the President in responding to challenges, helping to develop and implement contingency plans and providing guidance on crisis management and communication strategies.

By promoting a culture of teamwork and collaboration within the government, they can encourage open communication, trust, and respect among team members. A competent Vice President can play a very salient role in helping the President fulfil his campaign promises and provide strategic support and advice on key policy issues that align with his vision.

This is evident in Vice President Shettima’s brilliant outing at the just concluded 2025 annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, where he energetically promoted President Tinubu’s agenda for the nation on the global stage.

From strengthening relationships with foreign leaders and other stakeholders, Senator Shettima fostered partnerships and collaborations that support President Tinubu’s ongoing reforms back home as well as advance shared Africa’s interests. His participation in WEF 2025, particularly in the session on “Roadmap to Co-create Investment Opportunities for Africa’s Frontier Markets,” demonstrated his adeptness at engaging with global leaders and pushing Nigeria’s interests.

Availing himself of the platform provided by the forum, he marketed Nigeria under President Tinubu’s leadership to the world – a Nigeria that is poised to invade the global business platform with modernisation and robust investments. With President Tinubu, a seasoned chartered accountant whose economic reforms are rapidly turning the nation into an investment destination in Africa, and himself, a banker, who rose through the ranks in the banking ecosystem to become general manager in the country’s largest bank, Shettima said Nigeria is ready to embrace the path of modernization with very robust investments.

With the Vice President’s participation in the forum’s annual meeting, Nigeria’s voice was heard loud and clear, reminding the world that the nation still holds the ace when it comes to the big brother’s role in Africa. He underscored the importance of international cooperation in driving the continent’s economic growth, fostering inclusive development, and promoting peace and security.

Shettima’s vehement position in favour of Africa and Nigeria altered the chronicle of a continent often associated with tales of doom and gloom. He maintained that it is peculiarly not the case. Rather, he produced a vivid image of a continent that has woken up from its slumber, recalling Napoleon Bonaparte’s prediction about China. For Nigeria, he said the ‘big brother’ in Africa has come of age.

The VP’s confidence in Nigeria’s growth and development is obvious in his push for the full implementation of the African Continental Free Trade Area (AfCFTA). He is certain that AfCFTA has the potential to boost Africa’s economy to $29 trillion by 2050, and Nigeria has all it takes to play a leading role in this effort. By championing AfCFTA, Shettima demonstrated his understanding of the critical role that trade and economic integration play in driving the growth and development of a country.

In achieving this, he emphasised the importance of harnessing the potential of Nigerian youths, investing in education, and advancing smart agriculture to tackle global and domestic challenges. His passion and conviction are contagious, and his message resonated well with world leaders at the forum.

Shettima highlighted the significance of Africa’s demographic advantage. With a growing population of young people, the continent is poised for unprecedented growth. However, this demographic dividend can only be realized if African nations invest in education, skills development,  and entrepreneurship. Shettima’s emphasis on this point underscores his commitment to ensuring that Nigeria and Africa as a whole are well-positioned to reap the benefits of this demographic shift.

 

– Nkwocha is Senior Special Assistant to the President on Media and Communications (Office of The Vice President)

 

Shettima’s projection of Nigeria’s future is clear – a country that is driven by innovation, entrepreneurship, and a skilled workforce. He believes that Nigeria has the potential to become a global leader in the knowledge age, and President Tinubu is committed to making this vision a reality. Through his efforts, Shettima is helping to create a sense of optimism and possibility around Nigeria’s future, and that President Tinubu’s leadership is inspiring a new generation of Nigerians to become involved in the country’s development.

 

In a nutshell, the Vice President’s sterling performance at this year’s meeting of the World Economic Forum has sent a strong signal to the international community – that Nigeria is now open for business. He has shown that Nigeria is a country that is serious about its economic development and that it is committed to working with global partners to achieve its goals.

 

His passion, vision, and commitment to Nigeria’s future make him a valuable asset to the Tinubu administration. With Shettima by his side, President Tinubu can be confident that his administration’s policies and programmes will be implemented to the letter, and that Nigeria will make significant progress towards achieving its development goals.

 

Make no mistake, Senator Shettima is redefining the role of the Vice President in Nigeria, proving to be a major force in the accomplishment of President Tinubu’s renewed hope agenda. Unlike the norm where Vice Presidents are a liability to Presidents because they are seen as a mere symbol of regional balance in their political parties, he is a huge asset to the President. His outstanding performance at the recent WEF in Switzerland has sent a strong message that Nigeria is ready to take its rightful place on the global stage.

 

 

 

Airtel Africa has announced a profit after tax of $248 million approximately N190.4 billion, for the nine-month period ending December 2024.

In the company’s financial statement filed on the Nigeria Exchange Limited on Thursday, the company recorded growth in its revenue, with mobile money transactions increasing by 29.6% year-on-year to reach $731m. The revenue from mobile services also surged by 21.3%, contributing significantly to the overall performance.

However, despite these gains, the company experienced an 11.9% decline in earnings before interest, taxes, depreciation, and amortisation due to ongoing inflationary pressures and currency fluctuations in some of its markets.

Airtel Africa’s mobile subscriber base saw a notable increase, rising by 7.9% to 163.1 million users, which helped drive the growth in revenue, particularly from data services. The company also continues to invest heavily in expanding its network, with capital expenditures (Capex) totalling $456 m (about N352 bn) for the period.

The Chief Executive Officer of Airtel Africa, Sunil Taldar, highlighted the company’s commitment to delivering exceptional customer experience and creating value for all stakeholders.

Taldar emphasised that the company’s strategic focus on network investment, customer journey digitisation, and speed in execution is helping Airtel Africa unlock substantial growth opportunities across its markets.

He noted that the strong demand for the company’s services, despite a challenging economic environment, underscores the resilience of its business model.

Taldar also pointed to recent encouraging developments, such as the stabilising currency in some markets and the Nigerian Communications Commission’s decision on tariff adjustments, which he believes will create a more favourable operating environment.

The TheNigerian reports that Airtel Africa, a telecommunications and mobile money services provider, has announced the launch of a second share buyback programme aimed at returning up to $100m to its shareholders.