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Tinubu’s Reforms: Rewriting Nigeria’s Trajectory

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By Muhyideen Jimoh, News Agency of Nigeria (NAN)

Upon assuming office in May 2023, President Bola Tinubu inherited a Nigerian economy contending with a severe combination of cascading crises.

These predicaments ranged from crippling fuel subsidies and multiple exchange rates to declining revenues, rising debt-servicing costs, insecurity and weak investor confidence.

To prevent further economic collapse, the administration opted for difficult reforms, including the removal of the petrol subsidy and the unification of the foreign exchange market, arguing that delaying action would have pushed the country deeper into an economic crisis.

Tinubu succinctly captures it in his third anniversary address.

“At the height of the subsidy regime, Nigeria was spending as much as N18.4 billion daily to sustain petrol subsidies.

“Over N4 trillion was spent in 2022 alone, resources that could have been invested in roads, healthcare, education, housing and critical infrastructure.

“Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than N8 trillion over three years to rent-seeking and speculative practices,” he said.

Though the reforms triggered sharp increases in living costs and tested the patience of many Nigerians, the government insists the sacrifices are beginning to yield measurable gains.

Policy analysts say one of the clearest indicators is improving competitiveness and renewed investor confidence.

The Nigerian stock market has witnessed significant growth, with market capitalisation rising from about N30 trillion in 2023 to N160 trillion in 2026.

Public finances have also improved, enabling states and local governments to access larger allocations for developmental projects and social services.

Mr Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, said Nigeria was steadily moving from a phase of economic stabilisation to growth.

“We have seen moderation in inflation; we have seen the foreign exchange rate stabilise; and, in fact, steady appreciation over the past couple of years; we have also seen growth, modest growth, but increasing.

“So, we believe that we are now at a point where we are moving from stability to growth,” Oyedele said.

Across the country, observers say massive infrastructure projects are changing the landscape, with more than 2,700 kilometres of highways and major roads under construction, reconstruction or rehabilitation.

The Minister of Works, Sen. Dave Umahi, highlighted critical road projects.

He said the Federal Government was executing legacy highway projects designed to improve connectivity and boost socio-economic development across the six geopolitical zones.

The projects include the 750km Lagos-Calabar Coastal Highway, 1,068km Sokoto-Badagry Super Highway, Calabar-Abuja Superhighway, 482km Trans-Saharan Road and 439km Akwanga-Jos-Bauchi-Gombe Road.

Umahi said the Sokoto-Badagry Super Highway would be a game-changer for the economy.

“This highway will unlock economic opportunities and strengthen movement of people and goods across states,” the minister said.

Analysts say projects such as the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Road and East-West Road are expected to enhance connectivity, stimulate trade and create thousands of jobs, while rail modernisation initiatives are advancing economic integration across the federation.

In the oil and gas sector, reforms have attracted fresh investments worth billions of dollars, while the nearing completion of the five-billion-dollar NLNG Train 7 project, expansion of domestic gas utilisation and increased local refining capacity are improving energy security.

In addition, the power sector, long constrained by debt, weak infrastructure and inadequate investment, is also receiving renewed attention through transmission upgrades, renewable energy initiatives and efforts to stabilise the national grid.

It is worth noting that agriculture remains central to the administration’s economic agenda.

Millions of farmers have benefited from interventions covering improved seedlings, fertiliser distribution, mechanisation, irrigation and expanded access to finance.

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said government interventions were focused on achieving food security and reducing dependence on food imports.

“We are investing in mechanisation, irrigation, improved seedlings and access to finance because agriculture remains critical to economic diversification and national food security.

“The goal is to increase productivity, reduce food inflation and improve farmers’ incomes across the country,” Kyari said.

Analysts say the opening of new agricultural corridors is expected to boost food production, strengthen supply chains and reduce pressure on household incomes.

What’s more, stakeholders in the education sector acknowledge that notable progress has been made through the Nigerian Education Loan Fund.

Available data indicates that NELFUND has provided more than 1.5 million students access to higher education, with over N282 billion disbursed to beneficiaries.

In addition, the housing sector has also gained momentum under the Renewed Hope Housing Programme and Federal Housing Authority projects, with more than 10,000 housing units under development across 14 states and the FCT, generating over 300,000 jobs and stimulating construction activities.

In healthcare, thousands of primary healthcare centres are being revitalised, while health insurance coverage continues to expand for vulnerable Nigerians.

More so, the telecommunications sector is witnessing renewed confidence as a result of ongoing reforms.

Sector experts say the reforms resulted in expanded network coverage and deepened digital connectivity nationwide.

The aviation sector has also benefited from reforms aimed at modernising airport infrastructure, improving operational efficiency and restoring investor confidence.

The Minister of Aviation and Aerospace Development, Festus Keyamo, was upbeat.

“Our focus is to modernise airport infrastructure, strengthen safety standards, attract investment and make Nigeria a major aviation hub in Africa,” he said.

For many Nigerians, the most sensitive area remains security.

While terrorism, banditry, kidnapping and other criminal activities persist in some parts of the country, security agencies have intensified operations and recorded gains in several communities and major transport corridors.

The National Security Adviser (NSA), Nuhu Ribadu, said security agencies were recording significant successes through coordinated operations.

“While challenges remain, we are seeing improved collaboration among security agencies, better intelligence gathering and increasing pressure on criminal elements across different parts of the country,” Ribadu said.

Security experts hold the view that smart policing is pivotal to tackling Nigeria’s hydra-headed security challenges.

“Enhanced investments in intelligence, surveillance technology, logistics and inter-agency collaboration are gradually improving the state’s capacity to confront emerging threats,’’ a security analyst said.

Nonetheless, the administration acknowledges that significant challenges remain—namely inflation, unemployment, and insecurity—underscoring the need to translate macroeconomic gains into tangible improvements for Nigerians.

Yet, three years into the Renewed Hope Agenda, supporters argue that Nigeria is witnessing the early signs of a turnaround driven by economic reforms, infrastructure expansion, human capital development and renewed investor confidence.

For policy pundits, whether the gains ultimately meet public expectations may depend on how effectively the administration consolidates current progress and ensures that the dividends of reform reach ordinary Nigerians in the years ahead. (NANFeatures)

Edited by Chijioke Okoronkwo

***If used, please credit the writer and the News Agency of Nigeria.

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IASC Above45: ‘I Took After Rashidi Yekini’ – Jokesman Reveals

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Barrister Chijioke Iziolu Jokesman has attributed his impressive goalscoring instincts to confidence, discipline, and the influence of late Nigerian striker Rashidi Yekini, following another standout performance in the Island All Stars Above 45 Football Tournament.

Jokesman was on target again for his team, producing another quality finish despite carrying a groin injury that had already affected him in the opening game of the tournament.

Read Also: Philips Moses: “Island All Stars Can Build a Formidable Club With Veterans Above 60” | Sports247 Nigeria

Reflecting on the encounter, the veteran attacker described it as an interesting contest, while admitting that his team was missing several key players.

“It was a very interesting game even though most of our players were not around. Our midfield wasn’t together, but we give God the glory for the result,” he told SPORTS247.

Jokesman also stressed the importance of sportsmanship, insisting that football should always be played in the right spirit.

“Most of my goals are classy goals, but it is just a game. Fair play is what we preach in every game,” he added.

The experienced forward revealed that his groin problem from the first match had not completely healed before he featured again.

“In the first game, I had a groin after scoring. I tried to manage it but was substituted. Today, the groin wasn’t fully healed, but I wanted and needed to play,” he explained.

The injury returned after he scored, forcing another substitution. Jokesman believes his absence subsequently affected his team’s attacking threat but remains optimistic about returning fully fit for future competitions.

“I pray that by the next tournament, my leg will be perfectly okay, and you will see what we can do,” he said.

‘I Took After Rashidi Yekini’

Asked about the thinking behind what has been described as one of the best goals of the tournament, Jokesman revealed his confidence in his positioning and finishing ability.

“I knew once my positioning was right, the ball would enter the back of the net. I’m a good striker and confident with my abilities if there are people to feed me with the ball,” he said.

Drawing comparisons with Nigeria’s legendary goalscorer, Jokesman added: “I think I took after Rashidi Yekini. I believe strongly that an attacker must be able to shoot.”

He explained that his ability to strike with both feet remains one of his major strengths.

“My strength is in my shot, and I make use of both feet — left and right. Once the ball is right, I can strike from any angle,” he stated.

At almost 54, Jokesman believes his longevity is a product of discipline and urged younger footballers to maintain healthy lifestyles, train properly, and avoid habits that could undermine their careers.

He advised aspiring strikers to embrace discipline, self-restraint, proper training, and adequate rest, insisting that with the right attitude, “the sky is your limit.”

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NGX Trading Volume Surges 127% as Investors Exchange ₦176.06bn in One Week

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Trading activity on the nations bourse recorded a sharp increase in the week ended August 14, 2026, as investors exchanged 12.153 billion shares valued at ₦176.058 billion across 224,146 deals.

The performance represents a 126.8 percent increase in traded volume compared with the 5.359 billion shares worth ₦139.053 billion exchanged in 261,869 deals in the previous week. Turnover value also increased by 26.6 percent, while the number of deals declined by about 14.4 percent.

The increase in activity was also reflected in other trading indicators. Market depth improved to 27.76 percent from 21.67 percent in the previous week, while average daily value traded rose to ₦35.21 billion from ₦27.81 billion.

The Financial Services Industry dominated market activity, accounting for 11.212 billion shares valued at ₦88.991 billion across 102,246 deals. The sector contributed 92.25 percent of total equity turnover by volume and 50.55 percent by value.

The Information and Communication Technology (ICT) Industry followed with 246.127 million shares worth ₦51.605 billion traded in 27,169 deals, while the Services Industry ranked third with 198.195 million shares valued at ₦1.995 billion across 13,747 deals.

Activity was particularly concentrated in three equities; Fortis Global Insurance Plc, Cornerstone Insurance Plc and Consolidated Hallmark Holdings Plc. The trio accounted for 9.488 billion shares worth ₦36.219 billion in 1,781 deals, representing 78.07 percent of total equity turnover volume and 20.57 percent of turnover value for the week.

The fixed-income segment also recorded increased activity, with investors trading 232,979 units valued at ₦226.258 million in 35 deals, compared with 117,372 units worth ₦121.249 million in the previous week.

In the Exchange Traded Products segment, 2.346 million units valued at ₦501.051 million were traded across 5,291 deals.

Despite the surge in trading activity, the broader equities market closed lower as investors took profits following recent gains. The NGX All-Share Index declined by 1.20 percent to 242,619.20 points, while market capitalisation fell by 1.19 percent to ₦156.624 trillion.

Market breadth, however, showed some improvement. 26 equities appreciated during the week, unchanged from the previous week, while the number of declining equities eased to 59 from 63. 62 equities closed unchanged, compared with 58 in the preceding week.

The market breadth ratio consequently improved to 0.69x from 0.62x in the previous week, indicating a narrower gap between gainers and decliners despite the decline in the benchmark index.

Trans-Nationwide Express Plc led the gainers’ chart with a 32.09 percent increase, followed by International Energy Insurance Plc, which advanced 31.68 percent, and Sovereign Trust Insurance Plc, which gained 13.77 percent. On the other side, AVA Capital Plc topped the losers’ chart with a 34.55 percent decline, followed by Unilever Nigeria Plc, down 18.94 percent, and Zichis Agro Allied Industries Plc, which shed 15.08 percent.

Meanwhile, Lasaco Assurance Plc expanded its share capital following the listing of 9.236 billion additional ordinary shares on the NGX Daily Official List on Wednesday, August 12, 2026.

The additional shares arose from the company’s rights issue of five new ordinary shares for every six existing shares held as of February 20, 2026. Following the listing, Lasaco Assurance’s issued and fully paid-up share capital increased from 11.084 billion shares to 20.320 billion ordinary shares of 50 kobo each.

Despite the week’s moderation, the broader market remains firmly positive for the year, with the NGX All-Share Index recording a year-to-date return of 55.91 percent as of August 14.

Sectoral performance has been even stronger in parts of the market, with the NGX Oil and Gas Index up 94.81 percent year-to-date, followed by the NGX Premium Index at 85.14 percent and the NGX Industrial Goods Index at 82.84 percent, underscoring the strength of the market’s gains despite the week’s profit-taking.

The post NGX Trading Volume Surges 127% as Investors Exchange ₦176.06bn in One Week appeared first on Business Today NG.

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