The Minister of Information and National Orientation, Mohammed Idris, has revealed that Nigeria’s economy is on a gradual path to recovery under the leadership of President Bola Ahmed Tinubu, attributing this to comprehensive reform efforts across multiple sectors. Speaking in Abuja on Wednesday during a courtesy call by members and newly elected officials of the Nigerian Guild of Editors (NGE), the minister emphasized that while the country still faces economic hurdles, the ongoing efforts are yielding measurable results. According to Idris, although Nigeria has yet to reach its desired economic state, positive indicators of advancement are increasingly evident. He explained that the Tinubu-led administration is “turning the corner” and pushing beyond past economic limitations. “The economy is not yet where we envision it, but signs of steady growth are clear. President Tinubu continues to reassure the nation that we’re making a turn toward stability. While some may argue that Nigeria hasn’t yet reached an ideal state, I insist that visible progress is being achieved,” the minister noted. He also pointed out that international rating organizations have begun acknowledging Nigeria’s strides, providing the country with modest but promising economic ratings. These, he said, are reflective of the improving management of the economy. The minister further credited key policy reforms such as the removal of fuel subsidies and the unification of foreign exchange rates as major contributors to the ongoing economic improvements. In addressing education reforms, Idris highlighted the Federal Government’s significant intervention through the Student Loan Scheme, which now supports roughly 300,000 students. He said these beneficiaries, who might otherwise be unable to afford tuition or sustain themselves in school, are receiving full academic and welfare sponsorship from the government. “Thanks to the government’s targeted and deliberate policy, more than 300,000 Nigerian students are currently receiving tuition and maintenance support. Many of these students were previously unable to afford an education. This is a landmark achievement,” Idris stated. On national security, the minister assured that the Tinubu administration is taking firm steps to resolve security challenges. He noted continued successes in combating violent crime and insurgency throughout the country. Calling for responsible media engagement, Idris urged journalists and news outlets to support the Armed Forces by highlighting their victories and sacrifices, instead of amplifying the notoriety of violent groups such as bandits and terrorists. “It’s critical that we, as media professionals, do not glorify the actions of criminals or insurgents above the efforts of patriotic citizens. The press must play a constructive role in shaping national security narratives,” he stressed. He further advocated for more balanced coverage — not just of attacks and conflicts, but also the relentless dedication of security personnel across the country. According to Idris, amplifying military victories can discourage criminal activities and boost troop morale. The minister acknowledged that while the media must hold government officials accountable through fair criticism, journalists must also help broadcast the administration’s achievements to promote national confidence. In response to a Law Reform Report presented by the Nigerian Guild of Editors, the minister promised to collaborate with the Minister of Justice and Attorney General of the Federation. He also pledged to form a committee within his ministry to review the report comprehensively. Idris reaffirmed that one of President Tinubu’s core policy principles is the protection of press freedom and freedom of expression, which he described as foundational to Nigeria’s democratic system. However, he called on media professionals to practice these freedoms with a deep sense of national responsibility, highlighting the importance of promoting peace, unity, and social harmony. The minister closed his remarks by congratulating the new leaders of the Nigerian Guild of Editors and reaffirmed his dedication to fostering closer collaboration between the media and the government. Earlier, Dr. Sebastian Abu, the Deputy President of the Guild, explained the purpose of the visit — to officially present the Guild’s Law Reform Committee report. He said the document identifies outdated and restrictive laws in Nigeria’s legal framework that must be amended or eliminated to ensure a freer and more supportive environment for journalism in the country.
“It never rains roses; if you want more roses, you have to plant more.” After months of strategic adjustments, the Central Bank of Nigeria (CBN) is making significant progress in stabilizing the country’s economy. The exchange rate is showing more consistency, with the disparity between official and parallel market rates narrowing. For the first time in years, Nigeria is on the path to achieving a relatively stable exchange rate, which is essential for economic planning. However, financial analyst Bismarck Rewane has noted that the CBN is indirectly supporting the naira, raising concerns about how long this intervention can continue. Without ongoing support, the current gains might be short-lived, potentially leading to another increase in exchange rates. The Role of Fiscal Policy in Sustainable Economic Growth While effective monetary policies are crucial, they alone cannot drive long-term economic stability. Sound fiscal policies must complement them to solidify the progress made. A key element of fiscal policy is enhancing productivity. For Nigeria’s Gross Domestic Product (GDP) to experience substantial growth, there must be a focus on real productivity rather than statistical adjustments and economic rebasing. The sectors that require urgent productivity improvement include: Without significant growth in these industries, the progress made by the CBN could be undone. Petroleum Sector: Reality vs. Political Projections Recent government reports claim that Nigeria has the capacity to produce 2.24 million barrels per day (mbpd). However, this is more of a political declaration than a practical reality. Although Nigeria has had similar production potential in the past, actual output has consistently fallen short. In January 2025, production was well below this target, and February’s output is unlikely to reach even 2 mbpd. Furthermore, Nigeria’s production is restricted by its Organization of Petroleum Exporting Countries (OPEC) quota, currently capped at 1.7 mbpd (excluding condensates). Exceeding this quota could trigger a backlash, leading to lower crude oil prices. The global demand for crude is also unstable, and long-term trends indicate a shift away from fossil fuels. This places Nigeria in a precarious position, as the country still heavily depends on oil revenue for economic survival. Agriculture: High Hopes but Traditional Methods Persist The Federal Government and some state governments have increased agricultural investments, yet progress remains slow due to outdated practices. The arrival of Belarusian tractors was expected to boost mechanized farming, but their numbers are insufficient to create meaningful impact. Additionally, without skilled operators and reliable spare parts, these tractors risk becoming obsolete quickly. Other challenges in the agricultural sector include: Despite these setbacks, agriculture remains a promising sector if innovative solutions are implemented. Manufacturing: Struggling Amid High Costs The manufacturing industry faces significant hurdles, particularly with increasing production costs. Members of the Manufacturers Association of Nigeria (MAN) aim to boost capacity utilization to lower costs, but multiple factors are working against them: Government-imposed taxes and levies further inflate production expenses, leading to higher prices and reduced consumer demand. With declining purchasing power, it is uncertain when the manufacturing sector will experience a meaningful turnaround. Interest Rates: The Burden on Investors Interest rates are critical in both long-term investments and short-term borrowing. Following the rebasing that cut 10% off inflation rates, manufacturers anticipated an interest rate reduction. However, the CBN maintained existing rates, prolonging the financial burden on businesses. Essential Services: The Impact of Economic Decline With declining purchasing power, Nigerians are shifting away from essential services such as healthcare. Public hospitals, once a last resort for the masses, are seeing fewer patients due to increased medical costs. Laboratory test fees and medication prices continue to rise, pushing many towards alternative medicine. ICT Sector: A Declining Growth Rate The Information and Communications Technology (ICT) sector, a major contributor to Nigeria’s GDP, has experienced a sharp decline. According to the National Bureau of Statistics (NBS), ICT growth dropped to 5.42% in 2024—the lowest since 2022. Key indicators of this decline include: Crude Oil Revenue and Nigeria’s Budget Deficit Crude oil revenue remains Nigeria’s primary source of income. However, for the past decade, the government has consistently failed to meet projected oil revenue targets. This has led to increasing national debt, with a growing percentage of revenue allocated to debt repayment. Government Revenue: The Hidden Crisis Despite an increase in revenue allocations to the Federal Government (FG), States, and Local Governments, inflation has significantly eroded their actual financial strength. This has impaired their ability to fulfill political promises. The fluctuating exchange rate presents a dilemma for the government—publicly, they support the CBN’s exchange rate stabilization efforts, but privately, they recognize that devaluation has boosted Value Added Tax (VAT) collections. A stronger naira could mean reduced government revenue. At present, financial strains are evident within government agencies. The National Youth Service Corps (NYSC) and several Federal Ministries, Departments, and Agencies (MDAs) are experiencing difficulties in meeting their financial obligations. Conclusion: What Lies Ahead? While the CBN’s monetary policies have shown positive results, sustainability remains uncertain. Without structural improvements in fiscal policy, increased productivity, and better economic diversification, the current progress could be short-lived. The Nigerian government must urgently address these challenges to ensure long-term economic stability. Read more on CBN’s official policies READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Nigeria’s Finance Minister, Wale Edun, highlights economic recovery measures, including foreign exchange liberalization and infrastructure development, as Senate approves ₦38bn budget. Minister of Finance: Olawale Edun Senate Approves ₦38bn Finance Ministry Budget Nigeria’s economy is showing promising signs of recovery and growth, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. He made this announcement during the 2025 budget defense session with the Senate Committee on Finance in Abuja. Key Highlights of the Economic Recovery Plan Mr. Edun detailed the strategic efforts of the Bola Ahmed Tinubu-led administration to stabilize and grow the nation’s economy. These initiatives focus on structural reforms and effective fiscal policies designed to promote long-term stability. Major Reforms Driving Economic Growth: Short-Term Challenges, Long-Term Gains The Minister acknowledged that these reforms might cause temporary discomfort but reassured Nigerians of their lasting benefits. The anticipated outcomes include: Infrastructure Development: A Key Priority Edun emphasized the government’s focus on building critical infrastructure, particularly in digital networks and energy systems, to boost productivity and attract private sector investments. Senate Approves ₦38bn 2025 Budget The Senate Committee on Finance approved the Ministry of Finance’s ₦38 billion 2025 budget. They commended the Ministry’s leadership for demonstrating fiscal discipline and its commitment to steering Nigeria toward economic recovery. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Explore NACCIMA’s critical analysis of the 2025 budget and its recommendations for reviving Nigeria’s economy. Learn how reforms can empower the private sector and restore economic stability. The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has raised critical concerns about the nation’s economic trajectory in its New Year address. According to the organization, the private sector—the backbone of Nigeria’s economy—is struggling under the weight of flawed reforms, rising inflation, high borrowing costs, and a depreciating currency. Key Challenges Identified by NACCIMA Recommendations for Economic Stability 1. Reform Public Sector Spending: 2. Support Private Sector Growth: 3. Invest in Local Industries: 4. Enhance Skills and Digital Infrastructure: 5. Rethink Borrowing Strategies: Economic Reform Implementation: A Call to Action NACCIMA emphasized that the Tinubu administration must prioritize collaboration with the private sector to harness its innovative capacity and drive economic recovery. The association pointed to successful examples from 2014, when Nigeria achieved its highest economic ranking in Africa, as a model for reversing current trends. The Path Forward For 2025, NACCIMA proposed a comprehensive review of government policies to ensure alignment with the private sector’s growth potential. Key measures include: Conclusion As Nigeria navigates the challenges of 2025, the importance of private sector inclusion and sustainable economic policies cannot be overstated. NACCIMA’s recommendations provide a roadmap for addressing structural inefficiencies and fostering a resilient economy. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Economist Bismarck Rewane highlights the importance of power sector reforms in achieving Nigeria’s 2025 economic growth targets. Explore insights on inflation, Naira stability, and GDP forecasts. Prominent economist and CEO of Financial Derivatives Company Limited (FDC), Bismarck Rewane, has projected that power sector reforms will be crucial to achieving Nigeria’s 4.6% economic growth target for 2025. In an in-depth interview, he provided insights into inflation trends, currency valuation, and factors influencing the country’s economic trajectory. Inflation Projection for 2025: Why Lower Rates Are Unlikely Rewane anticipates a 25% inflation rate in 2025, despite the Federal Government’s optimistic projection of 15%. He explains that inflation is historically persistent, with November 2024’s figure reaching 34.6% and a marginal increase expected for December. While inflationary growth may decelerate, significant reductions depend on increased productivity and faster GDP growth, as inflation results from limited supply relative to cash circulation. Rewane highlights that the Central Bank of Nigeria (CBN) is working to control liquidity by reducing excess cash flow. However, he cautions that a substantial drop in inflation would require consistent productivity growth, emphasizing the gap between public expectations and economic realities. Naira Exchange Rate Forecast: Stabilization Predicted Regarding currency valuation, Rewane predicts the Naira will appreciate to ₦1,550 per US dollar by early 2025. His projection is based on improving economic equilibrium, where the gap between the official and parallel market exchange rates has narrowed. Other contributing factors include: He further explains that the Naira remains undervalued, but with cautious optimism, a 10% appreciation is feasible under current monetary policies and stable commodity prices. Banking Sector: Reduced Profitability Expected in 2025 The Nigerian banking sector, which experienced significant profits due to exchange rate gains in 2024, is expected to face lower profitability in 2025. Rewane predicts that the current exchange rate gains will reverse, leading to potential losses for banks. Increased market competition and the ongoing recapitalization efforts will further pressure profit margins. He emphasizes that while the banking sector will remain vital for economic activities, its relative influence will decline due to heightened rivalry and evolving market conditions. GDP Growth Projections and Power Sector Reforms Rewane views the Federal Government’s 4.6% GDP growth target for 2025 as achievable but emphasizes the urgent need for power sector reforms. He asserts that resolving issues within the power sector could potentially elevate GDP growth to 6% or higher. Key recommendations for reform include: Without these changes, Rewane cautions that growth may remain stagnant at around 2.5%, which would merely match Nigeria’s population growth, limiting economic advancement. Key Surprises and Risks in 2025 Rewane differentiates between growth and development, emphasizing the need for both physical and institutional infrastructure. He calls for: He stresses that while physical infrastructure such as roads and bridges remains essential, institutional frameworks are equally critical for sustainable development. Accountability, both financial and moral, must be upheld to drive Nigeria’s progress effectively. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The cost of locally grown paddy rice is projected to rise by about 55% during the 2024/2025 season, further intensifying the already high cost of living, according to a new report. The Afex Wet Season Crop Production 2024 report, obtained by Nairametrics, reveals a consistent upward trend in rice prices. It notes that during the 2023/2024 season, rice prices surged by 78%, with the average price reaching N630,000 per metric ton. This sharp increase was attributed to supply shortages and growing demand, which outstripped available stock. The report also predicts another price hike of approximately 55% for the upcoming season. This increase is largely driven by the high starting price of around N750,000 per metric ton for the 2024/2025 season, which reflects ongoing supply constraints. By the third quarter of 2025, the price of paddy rice is expected to rise further, reaching between N1,100,000 and N1,300,000 per metric ton. Several factors are contributing to this price surge, including: These factors combined have pushed up the cost of rice in 2024. While the federal government has imposed restrictions on rice imports, some Nigerians believe these measures may help bring down food prices. However, data from the National Bureau of Statistics (NBS) shows that food inflation in Nigeria has risen to 39.16% year-on-year. In response, the government has waived import duties on certain food items, including wheat, maize, brown rice, and beans, to help control food costs. Nigeria’s rice production reached around five million metric tonnes in 2023, but this still covers only about 60% of the country’s consumption needs. The shortfall has led to illegal rice imports, further driving up market prices. Despite significant government investments, including the N1.1 trillion Anchor Borrowers’ Programme, rice prices have risen sharply between 2016 and 2023. READ ALSO; Inibehe Effiong Calls for Adeboye’s Retirement Over ‘God Saved Naira’ Statement
