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Effective collaboration between Federal, States OPS is a sure catalyst for boosting economic growth, diversification—Osinbajo

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3 years ago

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Effective collaboration between Federal and State Governments with the private sector is a sure catalyst for boosting economic growth, economic diversification and improved productivity, according to Vice President Yemi Osinbajo, SAN. Prof. Osinbajo, who stated this on Friday at the closing of the maiden Gombe State Investment Summit, also noted that improving the business environment is critical to “the prosperity of our great country.” He said that State Governments can further boost economic growth and investments in their respective States by approaching development like a Sovereign State while improving the business environment for small businesses to thrive. “The future of our country rests in the hands of business owners, the entrepreneurs, all over this State and all of our country.  The successes that we have seen here in Gombe are substantially on account of the effective collaboration of the private sector, the States and the Federal Government. Our Federation benefits our people when the States and Federal authorities alongside private actors think and work together.” The VP, who highlighted significant improvements recorded by the Gombe State Government in this regard noted that “as a progressive government, we remain committed to policies and reform efforts that are geared towards economic diversification and improved productivity.”

Speaking specifically on the Nation-State nexus in development, using Gombe as an example, the Vice President noted that it was “fascinating that Governor Muhammadu Inuwa Yahaya has approached the development of the State by thinking as a Sovereign State as opposed to thinking as a sub-national.” In the VP’s view, the Governor’s vision to draw up a 10-year development plan – Medium Term Expenditure Framework (MTEF), and determination towards creating an enabling business environment, were key pivots to economic growth. “And this is as it should be. Gombe could rank very easily as a Sovereign State; its GDP is almost three times the GDP of Gambia and it is almost at the same level as the GDP of Liberia. So, when you compare this State to actual Sovereign States, you will see clearly that the only way to plan the growth of this State is to plan it like you would plan the growth of a country. And I am very happy that Governor Inuwa Yahaya is doing that,” Prof. Osinbajo further said. The State has already started reaping the rewards of its approach towards development, the VP noted.

“One of those is the remarkable feat of attaining the first position in the Sub-national Ease of Doing Business Baseline Survey Report of 2021. I am also informed that Gombe State was recently invited by the world -renowned Royal Institute of International Affairs, popularly known as the Chatham House, to share its experience implementing the State’s health system reforms. These validations from different bodies, local and international could not have come by accident.” Commending the State Governor for his strong leadership and commitment, the Vice President added that Governor Yahaya also commissioned a Needs Assessment Survey, which he noted was “a vital first step towards developing a solid roadmap of reforms and programmes for the progress that we see today.” Speaking on the State’s investments in human capital and physical infrastructure development, the Vice President stated that these investments “are the strong foundations for the rapid development led by small and medium enterprises.

“We are proud of the giant strides that Gombe State has recorded so far, but more importantly, we are confident of the successful results of the programmes currently being implemented by the State Government and those that are underway in the areas of health, industrialisation, and agriculture,” he added. The VP also disclosed that Gombe State is at the centre of the business enabling reforms, “which informs your standing as the number 1 State in the sub-national Ease of Doing Business Survey Report ranking. As captured by responses from the private sector in the report, Gombe leads the frontier in Infrastructure and Security indicators, as well as in Skills and Labour indicators.” Particularly, the Vice President emphasised that Gombe’s progress was evidence that “government must catalyse economic growth with both policy measures and brick and mortar.” Explaining further on rewards of investment in human capital and infrastructure, Prof. Osinbajo noted the commencement in 2021 of the 1000-hectare Muhammadu Buhari Industrial Park in the State, which the VP also visited before he left. “We are now told that the first phase of it is ready – over 369 hectares of that is ready. This is to be a purpose-built fully resourced manufacturing and industrial processing hub, designed to accommodate 10 mega factories. The project is important for the value-added functions of the factories and accretion to both internal and national revenue and the jobs that it will create -10,000 direct and 100,000 indirect jobs,” he said.

The Vice President also urged for government and the private sector to leverage the opportunities with the African Continental Free Trade Agreement (AfCFTA). Prof. Osinbajo performed the ground-breaking ceremony of the Domagric Integrated Rice Mill, which is located inside the 1000-hectare Muhammadu Buhari Industrial Park. Governor Inuwa had led a delegation of top officials of the State, traditional rulers and other dignitaries to receive the Vice President at the Gombe Airport. The VP was also accompanied on the visit by Minister for Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami and Special Adviser on Ease of Doing Business, Dr. Jumoke Oduwole.

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Economy

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

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2 days 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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