Connect with us

News

Shettima: Investment, enterprise key to Nigeria’s $1tn economy

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Vice President Kashim Shettima on Monday said Nigeria’s quest to build a $1 trillion economy will be driven by private enterprise, strategic investments and coordinated reforms across all tiers of government, identifying Lagos State as the clearest example of how subnational leadership can catalyse national transformation.

Speaking at the opening of the Invest Lagos 3.0 Summit at Eko Hotel and Suites, Victoria Island, Lagos, the Vice President said the country’s economic future depends on creating an environment in which businesses can thrive, innovation can flourish and investors can deploy capital with confidence.

Addressing an audience of policymakers, investors, entrepreneurs, development partners and business leaders, Shettima described Lagos as Nigeria’s economic heartbeat and a model for the kind of governance required to achieve sustainable growth.

“Lagos is the livewire of our continent. Lagos is the furnace in which our ideas are tested against the discipline of execution. Lagos is the great doorway through which Nigeria continues to greet the future,” he said.

Advertisement

The Vice President said Lagos had consistently demonstrated that economic progress is attainable when visionary leadership is backed by institutional continuity, policy consistency and private sector confidence.

He traced the state’s economic trajectory to reforms initiated by President Bola Tinubu during his tenure as governor, saying the Lagos model had evolved into a governance tradition that successive administrations have sustained.

“President Bola Ahmed Tinubu planted the tree whose shade has sheltered a succession of leaders committed to futurist ideas, institutional continuity and disciplined governance,” he stated.

He also commended Governor Babajide Sanwo-Olu for consolidating those gains and strengthening Lagos’ appeal as a preferred destination for investment and business expansion.

Advertisement

Referring to the summit’s theme, “Lagos: The Business Gateway to Africa,” Shettima said cities are increasingly shaping global production systems, supply chains, innovation ecosystems and investment flows.

He noted that Lagos continues to attract investors because of its market size, infrastructure, talent pool and access to financial opportunities.

The Vice President used the occasion to defend the Tinubu administration’s economic reforms, saying recent policy decisions were aimed at restoring investor confidence, improving fiscal sustainability and unlocking large-scale private investment.

He acknowledged the short-term pains associated with some of the reforms but insisted that enduring prosperity requires difficult choices.

Advertisement

“We have taken difficult decisions because we understand that the economy of our dream cannot be built on illusions. It must be built on productivity, discipline, competitiveness and the courage to create a climate in which enterprise can breathe,” he said.

Highlighting Nigeria’s long-term prospects, Shettima said the country’s demographic advantage and strategic position under the African Continental Free Trade Area (AfCFTA) provide a strong foundation for industrial expansion and regional competitiveness.

With Nigeria projected to become one of the world’s most populous nations by 2050 and AfCFTA opening access to a market of more than 1.4 billion people, he said the country is well positioned to emerge as Africa’s leading hub for production, logistics, innovation and investment.

He, however, stressed that the Federal Government cannot achieve economic transformation alone, urging stronger collaboration among federal and state governments, development institutions and the private sector.

Advertisement

Earlier, Lagos State Governor Babajide Sanwo-Olu said the summit reaffirmed Lagos’ status as an investment-ready destination and a gateway through which investors can access opportunities across critical sectors of the Nigerian economy.

He credited President Tinubu with laying the foundation for the modern Lagos economy and praised his continued commitment to accelerating subnational development.

Sanwo-Olu outlined his administration’s achievements in agriculture, healthcare, human capital development, transportation, energy, technology, trade and commerce, assuring investors of a conducive environment for businesses to thrive.

Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the Tinubu administration’s reforms were beginning to yield results, with Lagos emerging as a shining example of subnational economic resilience and competitiveness.

Advertisement

He said the Federal Government had, over the past two years, taken bold steps to address structural distortions in the economy, adding that signs of recovery were becoming evident across sectors and states.

In her remarks, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said the summit underscored Lagos’ readiness for business, partnerships and investments, assuring stakeholders that the state would continue to provide a stable environment for investment.

Secretary-General of the Commonwealth, Shirley Botchwey, described Lagos as a city that justifies its reputation as Africa’s business gateway.

“While Lagos is setting the pace in technology, culture and enterprise, it is not merely a city of potential but a city of proof,” she said.

Advertisement

Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland, called for pragmatic leadership amid growing global economic, environmental and health challenges, saying Nigeria’s leadership had shown determination in navigating difficult realities.

Representing the President of Afreximbank, Dr Gainmore Zanamwe reaffirmed the bank’s commitment to supporting viable investments in Lagos and Nigeria, citing confidence in the country’s capacity to power Africa’s next phase of trade and economic leadership.

Secretary-General of the AfCFTA Secretariat, Mr Wamkele Mene, said Africa’s future growth would depend largely on collaboration, infrastructure investments and support for entrepreneurship, adding that Lagos was strategically positioned to help realise the continent’s economic aspirations.

The opening session also featured a fireside conversation involving Governors Caleb Mutfwang of Plateau State, Abdullahi Sule of Nasarawa State, Hope Uzodimma of Imo State, Babajide Sanwo-Olu of Lagos State, and Alex Otti of Abia State on the role of subnational governments in driving investment-led growth.

Advertisement
Continue Reading
Advertisement

News

Citizen Patience and Collaborative Efforts: A Pathway to Greatness for Tinubu’s Government, By Hajia Hansatu Zannah*

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Nation-building is never the sole responsibility of government; it is a shared endeavor that requires the active participation, patience, and collaboration of citizens. In Nigeria today, President Bola Ahmed Tinubu’s administration faces the daunting task of steering the country toward economic stability, social cohesion, and sustainable development. While policies and reforms are critical, their success ultimately depends on the willingness of citizens to remain patient and supportive during the often difficult process of implementation.

Transformational leadership demands bold decisions—structural reforms, economic adjustments, and institutional restructuring—that may not yield immediate results. In such circumstances, patience becomes a vital national asset. By resisting the urge for instant gratification and allowing time for reforms to mature, Nigerians can help create an environment where government initiatives are given the opportunity to succeed.

Every nation, regardless of its stage of development, grapples with challenges—economic struggles, political transitions, social tensions, and infrastructural gaps. These realities test the resilience of both leaders and citizens. In moments of strain, the attitude of the people toward their country becomes a powerful determinant of progress. Constructive criticism is healthy and necessary for accountability, but outright condemnation and vitriolic attacks against one’s nation can be deeply counterproductive.

Words shape perception, and perception influences reality. When citizens consistently speak negatively about their country, they reinforce hopelessness and despair. This weakens national morale and discourages foreign investors, partners, and allies who rely on the confidence of citizens as a measure of stability. By contrast, balanced and solution-oriented dialogue strengthens Nigeria’s image and inspires collective action.

Advertisement

Collaboration, however, goes beyond compliance—it requires active engagement. Citizens can contribute meaningfully to nation-building by supporting reforms through constructive dialogue rather than resistance, participating in civic duties such as voting, community service, and public consultations. These actions serve as catalysts for greater national progress. At the same time, holding leaders accountable in a respectful and lawful manner is essential. While harsh and divisive criticism may be insidious, patriotism calls for promoting unity across ethnic, religious, and political divides to strengthen national cohesion.

If citizens embrace patience and collaboration, Tinubu’s government stands a better chance of achieving greatness. Economic reforms can stabilize markets, infrastructural projects can transform communities, and social policies can uplift vulnerable populations. Greatness, in this context, is not merely about political success but about building a Nigeria where prosperity, justice, and peace are attainable for all.

Citizens are not passive observers; they are active participants in governance. By engaging in respectful dialogue, supporting reforms, and holding leaders accountable through lawful means, they contribute to the nation’s growth. Patriotism does not mean blind loyalty—it means believing in the possibility of progress and working toward it.

A nation is like a family; disagreements are inevitable, but condemnation destroys trust. Citizens must rise above destructive criticism and embrace constructive engagement. By doing so, they preserve the dignity of their country and create an atmosphere where greatness can flourish. The path to national transformation lies not in tearing down but in building up—through patience, collaboration, and unwavering belief in Nigeria’s future.

Advertisement

The greatness of any government is measured not only by the vision of its leaders but also by the resilience and cooperation of its people. For Tinubu’s administration, citizen patience and collaborative effort are indispensable. Together, government and citizens can write a new chapter in Nigeria’s history—one defined by progress, unity, and enduring impact.

*Hajia Hansatu Zannah is a distinguished member of the Governing Council of the African Union Agenda 2063 and Ambassador Plenipotentiary. She is also the widow of the late Zannah Umar Mustapha, former Deputy Governor of Borno State.*

Continue Reading

News

BREAKING: CBN revokes licences of 46 Microfinance Banks over failure to satisfy regulatory requirements

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operation.

The decision takes effect from Wednesday, July 1, 2026, according to a statement issued by the Acting Director of the CBN’s Corporate Communications Department, Hakama Sidi-Ali. The apex bank said the action was taken in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and was approved by the CBN Governor, Olayemi Cardoso.

According to the CBN, the affected institutions lost their licences after failing to satisfy the conditions required to remain licensed financial institutions.

The bank explained that the revocation was based on one or more regulatory infractions, including insufficient assets to meet liabilities, shutting down operations without obtaining CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months after receiving a licence, and failure to maintain the minimum capital requirements without impairment from accumulated losses.

Advertisement

The CBN described the move as part of its ongoing efforts to strengthen the nation’s financial system and ensure that all licensed financial institutions operate in compliance with existing laws and prudential regulations.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.

The apex bank reiterated its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to take appropriate supervisory and regulatory measures where necessary to sustain public confidence in Nigeria’s banking sector.

Advertisement
Continue Reading

News

Tinubu Hails Wike’s Performance, Says All FCT Districts Now Feeling Impact of Governance(Photos)

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

President Bola Ahmed Tinubu on Wednesday hailed the performance of the Federal Capital Territory (FCT) Minister, Nyesom Wike, declaring that it has become very evidently clear that all districts in the FCT are now feeling the impact of governance through completed projects that improve the quality of life of residents.

The President, represented by Senate President Godswill Akpabio, spoke while commissioning the Full Scope Development of Akinwumi Ajibola Street, comprising Important Local Streets (ILS) 16, 18 and 19, in Gaduwa District, Abuja.

Describing the project as a practical demonstration of the Renewed Hope Agenda, Tinubu said his administration was focused on delivering projects that address the everyday needs of Nigerians.

“We are here to open a road, but more importantly, we are here to restore access. The Full Scope Development of Akinwumi Ajibola Street is now complete and open for use. In this government, we measure ourselves by finished work. This street is finished work,” he said.

According to the President, residents of Gaduwa endured years of hardship despite owning homes in the district because there was no motorable road linking them to their properties.

“For years, families in Gaduwa built homes here in good faith, yet they had no motorable road to reach those homes. When the rains came, the place became impassable. That is not how a capital city treats its citizens. Under the Renewed Hope Agenda, we came to work, and today that promise is visible on these streets,” he added.

Tinubu commended the Minister of the Federal Capital Territory, Barr. Nyesom Wike, for changing what he described as the culture of project delivery in Abuja through effective supervision, prompt funding and timely completion of projects.

“When the Honourable Minister reviewed the files and saw the neglect, he did not issue another memo. He brought contractors back to site, gave clear targets and backed those targets with funding.

Advertisement

“You have changed the culture of delivery in the FCT. You ended the era of mobilisation without movement and abandoned inner roads. You are taking development from the city centre into the districts and satellite towns so that no resident is left behind. You have my confidence and my commendation,” the President said.

He noted that the completed road would improve mobility, reduce travel time, enhance property values and provide safer access for residents through the provision of drainage and streetlights.

Tinubu also urged residents to protect the infrastructure by preventing vandalism and ensuring drainage channels remain free of refuse.

“We will not stop here. Across the FCT, from the city centre to the area councils, our task is to finish what matters, connect what was separated and ensure that public funds translate into public value,” he said.

Advertisement

Earlier, FCT Minister Barr. Nyesom Wike said the commissioning formed part of the 16th project in the administration’s ongoing 31-day project inauguration programme marking President Tinubu’s third year in office.

According to him, the President had directed upon assumption of office that every district in the FCT must benefit from government projects, irrespective of whether they are located in the city centre or satellite communities.

“You instructed us that every district in the FCT must feel the impact of this administration. Today, I can confidently say that no district can claim it has been neglected. We have taken development to Jahi, Gwarimpa, Katampe, Guzape, Kwali and now Gaduwa,” Wike said.

The minister attributed the rapid execution of projects to the cordial working relationship between the Executive and the National Assembly, which ensured timely budget approvals and releases.

Advertisement

He also cautioned the Abuja Municipal Area Council (AMAC) against naming roads constructed by the Federal Government without due approval.

“If the Federal Government constructs the roads, permission must be obtained before naming them. Do not wait for us to build roads before putting names on them or using them to generate revenue,” he warned.

In her remarks, the Minister of State for the FCT, Dr. Mariya Mahmoud, described the commissioning as another milestone in the implementation of the Renewed Hope Agenda.

She said the project reflected the administration’s commitment to people-oriented infrastructure that improves mobility, enhances economic activities and raises the living standards of residents.

Advertisement

Mahmoud commended President Tinubu, Wike, the National Assembly, contractors, consultants, traditional rulers, security agencies and residents of Gaduwa for their contributions to the successful completion of the project, assuring that the FCT Administration would sustain the pace of infrastructure development across the territory.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News