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Nigeria’s Economic Outlook Uncertain, Welfare Worsening — World Bank

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The World Bank has said that Nigeria’s economic outlook is uncertain and its ability to attract domestic and foreign investments is also crashing.

It also noted that the condition of welfare in Nigeria was worsening despite the economic recovery from the recession.

The Washington-based bank said this in its draft report for State Action on Business Enabling Reforms, which is available on its website.

The bank report read in part, “Although the Nigeria’s economy in 2021-2022 recovered from recession induced by the COVID-19 pandemic and lower oil prices, growing by 3.6 percent in 2021 with an expected growth of 3.2 percent in 2022, welfare has continued to deteriorate.

“The country’s economic outlook remains uncertain and threatened by many issues including the impact of the 2022 Russian invasion of Ukraine on the global economy, lower-than-expected oil production due to technical inefficiencies; heightened insecurity; higher uncertainty on policy direction arising from the upcoming February 2023 general elections; and worsening fiscal risks related to the PMS subsidy deductions.”

The global lender stressed the need to catalyze private investment in order to boost growth and create jobs, noting that this type of investment was declining in the country.

The bank said, “Besides, Nigeria’s ability to attract domestic and foreign investment is low and declining compared to its peers. Private sector investment’s contribution to growth has declined as a consequence of macroeconomic and financial policies that constrain exports and foreign investment.”

The World Bank further emphasized the need for a more flexible and transparent foreign exchange management regime, accelerated revenue-based fiscal consolidation, strengthened expenditure and debt management, and an improved business-enabling environment.

Earlier report had it that 32 states failed to attract foreign capital in the second quarter of 2022, according to Foreign Direct Investment data released by the National Bureau of Statistics.

Of the 36 states and the Federal Capital Territory, only Lagos, Abuja, Anambra, Ekiti, and Kogi witnessed capital inflows.

Cumulative capital inflows totaled $1.54bn. Lagos ($1.05bn) attracted the most capital in the period under review, followed by Abuja at $453.95m, Anambra at $24.71m, Kogi at $2m, and Ekiti at $500,000.

In the first quarter, only six states attracted a total of $1.57bn as capital importation. The states included Abuja, Anambra, Katsina, Lagos, Oyo, and Plateau.

Nigeria’s capital importation has been steadily declining, with investors cautious about releasing their money into the economy.

Reacting to this, an ECOWAS Common Investment Market consultant, Prof. Jonathan Aremu, said Nigeria lacks attractive factors for investors.

“One thing about investment is that it is crisis-shy. Investment doesn’t go to places where there are crises. This is because investors want stability and predictability of their investments, particularly having returns on their investments.

“When an economy is witnessing what we are going through currently, despite the investment potential of that kind of economy, investors will wait and see whether the factors that can guarantee predictable and sustainable investments will finally be available.”

A Professor of Economics at Onabisi Onabanjo University, Prof Sheriffdeen Tella, said that investors had no confidence in the Nigerian economy due to poor economic policies.

He said, “Part of the problem has to do with the exchange rate. The exchange rate is very high. Investors don’t have much confidence in the economy anymore. We have to change policies.”

BIG STORY

Somolu Embraces Generational Shift In Line With President Tinubu’s Youth Agenda

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In the heart of Somolu, Lagos, President Bola Ahmed Tinubu’s call to “let the youth breathe” is not just a slogan it’s becoming a lived political reality. The just-concluded All Progressives Congress (APC) chairmanship primaries reflect a growing demand for generational change, transparency, and inclusive governance.

Since 2017, under the leadership of Executive Chairman Hon. Abdul Hamed Salawu (Dullar) Somolu has witnessed significant modernization and people-centered governance. Notably, his administration created opportunities for young, capable leaders with strong grassroots credibility. This laid the foundation for the emergence of Hon. Lateef Ashimi 46 years and Hon. Taiwo Ojomu 40 years as APC candidates for Chairman and Vice Chairman, respectively. Both men are deeply involved in community service and political development, with Hon.Ashimi an alumnus of Yaba College of Technology and Hon. Ojomu a graduate of the University of Lagos.

The APC primary election was conducted through indirect voting, with 27 constitutionally recognized party delegates participating. Hon. Ashimi secured an overwhelming majority, winning 23 votes. In contrast, Hon. Bowale Sosimi despite holding a strategic state appointment garnered only four votes, a result widely viewed as a reflection of his disconnect from local party structures.

Allegations of irregularities emerged post-primary but have largely been dismissed as expressions of political disappointment rather than credible claims. The process was widely regarded as free, fair, and transparent, supervised by a respected panel chaired by Barr. Babatunde Ogala (SAN). Observers praised the peaceful conduct and strict adherence to party guidelines.

Yet, elements resistant to this democratic shift remain active. Chief among them is Hon. Ademorin Kuye, current Member of the House of Representatives for Somolu Federal Constituency. Hon. Kuye has long been accused of dominating local politics, manipulating internal party decisions, and imposing loyal candidates. Notably, in 2017, despite Ashimi winning the APC councillorship primary, he was denied the ticket reportedly on Hon. Kuye’s orders an episode many still regard as emblematic of systemic injustice.

Hon. Kuye’s recent political maneuvers appear aimed more at maintaining influence than fostering growth. Allegations have surfaced that he is sowing division within the Muslim community in Somolu, reportedly leveraging personal ties being the son-in-law of the Oba of Somolu to gain undue influence within religious institutions. Tensions escalated when Grand Chief Imam of Somolu, Sheikh Boonyamin Dabiri, called for religious fairness in political appointments. His stance drew hostile reactions, including an alleged physical assault by Kuye’s loyalists. The fallout led to a sparsely attended Jum’ah service at the Somolu Central Mosque last Friday an incident that sparked concern across the community.

Despite these tensions, support for the Ashimi-Ojomu ticket is growing stronger. From Bajulaiye to Akoka, Okesuna to Onipanu, celebration has erupted among the youth and key stakeholders. Representatives from the NURTW, market unions, religious groups, community leaders, and youth organizations have visited the APC secretariat to congratulate the candidates and pledge their commitment.

A recent attempt at destabilization an alleged protest organized by disgruntled politicians was swiftly thwarted by security agencies. Hired thugs from neighboring areas including Yaba, Mushin, Bariga, and Abule Ijesha were reportedly repelled before they could attack the newly completed Somolu LG Secretariat. Internal conflict among their sponsors, reportedly Hon. Bowale Sosimi and Hon. Rotimi Olowo, led to confusion and the eventual collapse of the effort.

The people of Somolu have spoken. The Ashimi-Ojomu ticket is not only a reflection of youth inclusion but also religious harmony Hon. Ashimi is Muslim, Hon. Ojomu is Christian, and the councillorship seats are equitably distributed between both faiths.

What is happening in Somolu is not political exclusion it is a grassroots driven democratic renewal. It aligns firmly with President Tinubu’s progressive vision, empowering capable, youthful leaders to not just breathe but lead with integrity, vision, and a deep commitment to service of the people.

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BIG STORY

OAU Honors Abundish Nigeria CEO, Barr. Gboyega Adetunji, With Agribusiness Excellence Award [PHOTOS]

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The 14th Faculty Lecture of the Faculty of Agriculture at Obafemi Awolowo University (OAU) was not just an academic gathering, it was a powerful celebration of innovation, resilience, and leadership in Nigerian agriculture.

One of the event’s key highlights was the presentation of the Award of Excellence in Agribusiness to Barr. Adetunji Adegboyega, the visionary MD/CEO of Abundish Nigeria Limited. The award recognized his outstanding contributions to agricultural entrepreneurship and youth empowerment in Nigeria’s agribusiness landscape.

The lecture, titled “The Place of Smart Agriculture in ensuring Food Security” was delivered by Prof. Kolawole Adebayo, Immediate Past Vice-Chancellor (Development), Federal University of Agriculture, Abeokuta. He emphasized the urgent need for conservation strategies and forward-thinking practices to combat land degradation and food insecurity in Nigeria.

Representing Abundish Nigeria Limited were Barr. Adetunji, team members Young and Paul, who joined a diverse audience of students, academics, and stakeholders to engage in thoughtful discussions on the future of agriculture in Nigeria. The event featured a rich blend of academic insight, artistic expression, and community engagement, including a stirring spoken word performance by emerging artist Khaleda Simola (aka The Dynamic Hadja), who highlighted the struggles of Nigerian youth, food inflation, and the urgent need for reform. Some of the notable persons at the event were; Chairman of the day, Dr. Adebola Ismail Akindele, Group Managing Director, Courtville Business Solutions, Lagos, Prof. Olalekan J. Soyelu, Vice-Dean, Faculty of Agriculture, Oba (Dr.) Jesph Olubiyi Toriola (Ajibise Ogo 1), The Ogunsua of Modakeke able represented and so on.

Abundish Nigeria Limited was celebrated not just for its presence at the event, but for its growing impact in the field. Mr. Adegboyega’s recognition underscored the company’s commitment to sustainable farming and youth-led agribusiness innovation. His efforts have made agriculture more appealing, profitable, and tech-enabled for the younger generation.

Local schools and research groups also showcased their work in a vibrant exhibition segment, adding further depth and collaboration to the occasion.

Reflecting on the experience, being part of this event reaffirmed our mission. As an agri-tech innovation company, we left inspired, having witnessed firsthand the hunger for knowledge, the curiosity of students, and the call for actionable solutions.

We extended heartfelt gratitude to the OAU Faculty of Agriculture for both the recognition and the platform. This award belongs not only to our MD/CEO, but to every young farmer, every AgriPreneur, and every dreamer striving to nourish the nation and transform the land.

In his acceptance remarks, Barr. Adegboyega captured the spirit of the day:

“Agriculture is not in the past, it is now, and it is the future. With knowledge, tools, and partnerships, we will feed Africa from Africa.”

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BIG STORY

How Policeman’s Stray Bullet Killed WASSCE Candidate In Ibadan [PHOTOS]

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A stray bullet reportedly fired by a policeman has allegedly caused the death of a teenage boy. The incident occurred on Tuesday in Ibadan, the capital of Oyo State, while the boy was on his way to school to write his final year examination paper.

An eyewitness reported that the shooting of the student took place at the Ibadan Airport Junction, Alakia, located along Old Ife Road. This pinpointed the exact location of the tragic event.

According to Dauda Oseni, a commercial motorcyclist, the deceased student was in his father’s car with his twin brother. They were en route to write his final West African Secondary School Certificate Examination paper when the incident unfolded.

Oseni stated: “A team of police officers, while pursuing suspected Yahoo boys, fired gunshots, which mistakenly hit the teenager who was inside his father’s car.” This provides a direct account of the circumstances leading to the shooting.

“The father of the deceased got to know about the incident when the other twin brother raised an alarm, seeing blood gushing from his brother.” This highlights the distressing moment the father became aware of his son’s injury.

“The father subsequently packed his vehicle while onlookers reached out to them for possible assistance, but the boy died on the spot.” This details the immediate aftermath and the tragic outcome.

Another eyewitness, a vulcanizer who requested anonymity, reported that the boy, still in his school uniform, was rushed to Welfare Hospital within the area for treatment. Sadly, he was “confirmed dead” upon arrival.

“The aggrieved public, protesting the incident, carried the remains of the deceased to the State Government Secretariat, Agodi, Ibadan, attempting to see Governor Seyi Makinde,” the witness stated. This describes the immediate public reaction and their attempt to engage with the state governor.

The source also mentioned that the protesters were received by Sunday Odukoya, the Governor’s Executive Assistant on Security. Odukoya assured them that the government would “take up the matter,” indicating an official response to the incident.

According to NAN, the Oyo State Police Command’s spokesperson had not yet responded to calls and messages sent to him at the time the report was filed. This suggests a lack of immediate official comment from the police command.

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