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A significant proportion of Nigeria’s prosperity concentrated in 4 or 5 States and the FCT—Buhari

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6 years ago

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President Muhammadu Buhari has said that there is yearning gap between the haves and the have nots as he said that a significant proportion of Nigeria’s prosperity is concentrated in the hands of a few Nigerians. The President said this while declaring open the 25th Nigerian Economic Summit in Abuja, with the theme, “Nigeria 2050: Shifting Gears” said “A significant proportion of Nigeria’s prosperity today is concentrated in the hands of a few people living primarily in 4 or 5 States and the FCT. Some of the most prosperous Nigerians are here in this room”. Buhari while underscoring the importance of collective prosperity, said that a prosperous society is one where the majority of its citizens have an acceptable standard of living. The President also used the occasion to affirm that in addressing population growth, security and corruption matters in developing economies, policies and programmes must focus on promoting inclusivity and collective prosperity.

Buhari in his address said “I am delighted to join you this morning at the 25th Nigerian Economic Summit. Since 1993, public and private sector leaders have used this platform to deliberate on key issues of national development. I commend and congratulate all stakeholders, from the public and private sectors, for sustaining this partnership. The elections have come and gone. Our country, once again, has shown the world that we can choose our leaders in a peaceful and orderly manner. Apart from a few pockets of unrest, majority of voters exercised their civic rights without hindrance. Furthermore, we also saw an increase in the number of aggrieved candidates, and supporters, who took their concerns and grievances to the courts as opposed to the streets. This is how it should be. Ladies and Gentlemen, what this clearly shows is that our democracy is maturing. During the elections, almost all candidates proposed their vision for the economy and for the country. Our party, the All Progressive Congress, put before the country policies that focus on delivering prosperity to all Nigerians through enhancing security; eliminating corrupt practices in public service; supporting sectors that will create jobs, and promoting socially-focused interventions to support the poorest and most vulnerable among us.

“These areas are all interconnected and are equally important in creating a prosperous society for all. Today, many mistake prosperity with wealth. They are not necessarily the same. Experts and analysts explain economic trends by making references to indicators of wealth. Wealth, however, in its simplistic form, is money or other assets. In recent years, global events have shown that when a society and its leaders are driven and motivated by these alone, the ultimate outcome is a divided state of severe inequalities. But a prosperous society is one where majority of its citizens have an acceptable standard of living and a decent quality of life. Nigeria is a country with close to 200 million people living in 36 states and the FCT. A significant proportion of Nigeria’s prosperity today is concentrated in the hands of a few people living primarily in 4 or 5 States and the FCT. Some of the most prosperous Nigerians are here in this room.

“This leaves the remaining 31 States with close to 150 million people in a state of expectancy and hope for better opportunity to thrive. This, in the most basic form, drives the migratory and security trends we are seeing today both in Nigeria and across the region. In recent weeks, I have been to; Niger Republic to attend the ECOWAS summit; Japan with fellow African leaders to attend the Tokyo International Conference on African Development; and the United Nations General Assembly in New York. South Africa on a State visit to exchange ideas on the common themes we share as the two largest economies in Africa; What was very clear at these meetings, and numerous others I have been privileged to attend over the years, is the increased consensus by leaders that to address population growth, security and corruption matters in developing economies, our policies and programs must focus on promoting inclusivity and collective prosperity. This shift implies that the concept of having competitive free markets that focus on wealth creation alone will be replaced by those that propagate the creation of inclusive markets which provide citizens with opportunities that will lead to peaceful and prosperous lives.

“Recently, in a book about the financial crisis written by three leading US policy makers who are advocates and true believers in the power of free markets, the authors also highlighted the need for the invisible hand of the market to work side by side with the visible hand of government to protect businesses and create opportunities for citizens. Our economic policies in the last four years focussed on the need to uplift the poor and the disadvantaged and encourage inclusivity. This year’s economic summit focuses on what Nigeria would be in the year 2050 when many studies estimate our population will rise to over 400 million people. As a government, our view is to equip our citizens with the means to seize any opportunities that may arise. This means we continue investments in education, health care, infrastructure, security and strengthen and entrench the rule of law. I am informed that this year’s Summit has identified key job creating sectors such as agriculture, manufacturing, ICT, creative industry and extractive industry as focus sectors. I am also told that your deliberations will focus on unlocking capital through our financial services sector to actualise the opportunities in these sectors.

“In your deliberations, I would request that your proposals are productive, inventive and innovative keeping in mind that Nigeria’s unique challenges can only be solved by made in Nigeria solutions. As a government, we very much look forward to our continued collaborating with the private sector in designing and implementing developmental projects that will keep Nigeria on track for sustained, inclusive and prosperity driven growth. It is now my pleasure to declare the 25th Nigerian Economic Summit open and I wish you very fruitful, robust and productive deliberations”.

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Economy

Nigeria champions African-Arab trade to boost agribusiness, industrial growth

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1 day ago

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December 5, 2025

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The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.

The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.

He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.

“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”

Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”

The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.

With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.

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Economy

FEC approves 2026–2028 MTEF, projects N34.33trn revenue 

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2 days ago

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December 4, 2025

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Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.

The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.

He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.

Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.

The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.

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Economy

CBN hikes interest on treasury Bills above inflation rate

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2 days ago

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December 4, 2025

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The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%. 

The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.

Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.

The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.

Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.

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