Business

Renewed Hope Agenda Yielding Promising Results Across Multiple Sectors – VP Shettima

We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation.

Published

2 years ago

December 6, 2024

OCHEFA

548 Views

The Vice President, Senator Kashim Shettima, has officially launched the 2024 Nigeria Economic Report, with a firm assurance that ongoing reforms by the government will yield inclusive growth in no distant future.

He said that the strategic policy interventions of the administration of President Bola Ahmed Tinubu are already yielding positive results, with more optimistic projections for 2025.

Senator Shettima disclosed this on Friday during a one-day technical workshop on the Year 2024 Economic Review at the Presidential Villa, Abuja.

The Vice President who was represented at the event by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, said the report is “a pragmatic synopsis of President Bola Ahmed Tinubu’s bold and impactful strides under the canopy of the Renewed Hope Agenda.

“We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation.

Every data point and every analysis represents our commitment to turning the tide of economic challenges into opportunities for national growth.

We are laying the groundwork for sustainable economic development that will create opportunities for every Nigerian,” he added.

Earlier, Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, said the Ministry would drive Nigeria’s economic growth with the abundant gas deposits in the country.

“We have 209 trillion cubic feet of gas. Today, if Nigeria takes advantage of this, we will grow our economy to the level that would be envied. Nigeria will take its rightful position in the gas economy in the continent,” he stated.

The Minister urged Nigerians to key into the CNG initiative of the President, noting that this is cleaner, safer and environment-friendly, pointing out that though the kits may be expensive, there are incentives provided to make it affordable.

In her remarks, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, noted that Nigeria has an untapped creative industry potential.

Musawa said her ministry is the first of its kind to focus on transforming creative content into economic opportunity, even as she stressed while Nigeria boasts of unique cultural talents, the creative industry represents a critical pathway for economic diversification beyond petroleum.

Also, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the tax reform proposals are aimed at transforming Nigeria’s economic landscape.

Oyedele emphasized that these reforms are not just a technical exercise but a commitment to equity, efficiency, and economic transformation.

He acknowledged concerns raised by stakeholders, assuring that ongoing engagement will address potential challenges.

During a panel discussion, Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, described 2024 as a critical year of economic reforms.

“Reforms are never easy. It’s like the process of planting and waiting for them to grow and for harvest,” Fasua said, explaining that these interventions have been sweeping, including the “removal of fuel subsidies, CBN ways and means, unification of foreign exchange markets, and critical tax reforms.

“The economic indicators are promising, with Nigeria’s GDP growing 3.46% year-on-year in the third quarter of 2024 – the fastest growth since late 2023. Going forward, we are going to be seeing leaps in growth and the worst is over for the economy. We’re looking at a higher growth rate, more stable naira, and lowered inflation,” he added.

In the power sector, Special Adviser to the President on Power Infrastructure, Sadiq Wanka, said, “I’ve never been more optimistic about the power sector because the foundations of a reinvigorated power sector are being laid.”

The government’s initiatives include increased liberalisation through the Electricity Act which has decentralised the power sector, allowing states to regulate and develop their own local electricity markets, and the Presidential Metering Initiative aimed at eliminating estimated billing.

On his part, Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, emphasized that “all eight items on the Renewed Hope Agenda are built on inclusion.”

He explained that the government has significantly reduced financial exclusion, established a dedicated office, and signed the Aso Accord to accelerate financial inclusion.

Also, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, noted that the administration is focused on moving Nigeria from a consumption-based to a production-driven economy.

“Revenue from the export of manufactured goods rose by 118.33% to ₦749.52 billion in H1 2024, compared to ₦343.29 billion in H1 2023,” Sheriff said. He maintained that the government’s initiatives aim to position Nigeria as a key player in the global halal economy, potentially adding $1.5 billion to GDP by 2027.

The Senior Special Assistant to the President on Regional Development Programmes, Dr. Mariam Masha, explained that the Accelerated Senior Secondary Education Programme (ASSEP), launched by the federal government in May, will modernise school infrastructure, integrate virtual learning, and improve access to tertiary education.

“This comprehensive programme is focused on bridging Nigeria’s educational divide by leveraging technology, enhancing STEM learning, and revamping dilapidated classrooms,” Masha said.

Others who also attended the workshop included the Minister of State for Regional Development, Uba Maigari Ahmadu; Director- General of National Institute for Policy and Strategic Studies Kuru, Prof Ayo Omotayo., and the Director-General of Nigeria’s Small and Medium Enterprises Development Agency (SMEDAN), Charles Odii, among many others.

Business

Elumelu shares inspiring story of his beginning as a “young, hungry sales rep”

Elumelu urged people, particularly those building their careers and businesses, to remain consistent and committed to learning. “Keep showing up. Keep learning. Keep executing,” he said.

Published

5 hours ago

September 11, 2026

OhiBaba

11 Views

Businessman and philanthropist Tony Elumelu has shared a picture of his old business card from his early days as a photocopier salesman, recalling the lessons that shaped his approach to business and made him resilient.

Elumelu shared the photograph on his X handle on Thursday, saying he stumbled upon the card and was reminded of his days as a “young, hungry sales rep.”

The old card identifies Elumelu as a Sales Executive with Precissa Sales Limited, with the company’s address listed as Bode Thomas Street, Surulere, Lagos.

Reflecting on the period, Elumelu said the experience taught him “the fundamentals of resilience, negotiation, and grit,” lessons he said have continued to influence how he approaches business and engages with customers.

He wrote: “It’s also a reminder that who you become tomorrow is often shaped by the foundation you lay today; the discipline, hard work, and consistency you put in when no one is watching.”

Elumelu urged people, particularly those building their careers and businesses, to remain consistent and committed to learning. “Keep showing up. Keep learning. Keep executing,” he said.

He ended the post with a light-hearted reference to the details on the old card, saying: “As for the phone number and address on the card? Long gone 😂”

Business

Brent Holds Above $101bp

Iran said it was ready for a more intense conflict, vowing to resist the US naval blockade and warning that it would intensify its attacks if American forces continued strikes on Iranian territory.

Published

21 hours ago

September 10, 2026

OCHEFA

29 Views

Brent crude traded around $101 per barrel on Thursday, hovering at its highest level since May as the intensifying conflict between the US and Iran raised concerns over further disruptions to energy supplies from the Middle East.

Iran said it was ready for a more intense conflict, vowing to resist the US naval blockade and warning that it would intensify its attacks if American forces continued strikes on Iranian territory.

Meanwhile, President Donald Trump predicted that the conflict would not end until after the November midterm elections and said significant relief in gasoline prices was unlikely before then, signaling limited prospects for near-term de-escalation.

Hostilities intensified over the past week following roughly a month of relative calm, with both sides stepping up attacks.

The conflict broadened after Iran-backed Houthi militants attacked several energy facilities in Saudi Arabia, prompting a temporary suspension of some operations.

Business

Takeaways From CIBN 19th Annual Banking and Finance Conference

The large capital raised by banks during the recapitalisation exercise indicated the depth of capital available locally.

Published

2 days ago

September 9, 2026

OCHEFA

28 Views

By Ochefa

The Chartered Institute of Bankers of Nigeria (CIBN) held its 19th Annual Banking and Finance Conference in Abuja, yesterday.

Themed , “Building a Resilient Economy in an Era of Disruptions: Strategic Imperatives for the Banking and Financial Services Industry,” the conference brought together stakeholders from the banking industry, the World Bank, government officials including economists , business leaders and policy makers.

” The ultimate test of Nigeria’s economic reforms should be their impact on households, businesses and the daily lives of ordinary Nigerians.”

Here are the key points from the discussions:

Dr. Dele Alabi, President and Chairman of Council of CIBN:
•The ultimate test of Nigeria’s economic reforms should be their impact on households, businesses and the daily lives of ordinary Nigerians. Nigeria’s improving macroeconomic indicators will amount to little if they failed to translate into lower living costs, more jobs, higher incomes and better living standards for citizens.
“Macroeconomic progress must, therefore, be felt at the micro level in households, small businesses and the daily lives of ordinary Nigerians. Our task is to build systems that learn, adapt and emerge stronger.”

• Lead Private Sector Development Specialist at the World Bank’s Nigeria Office, Ms Bertine Kamphuis:
Credit to Nigeria’s private sector remain inadequate. She urged banks to channel more financing to sectors with the greatest potential to create jobs, particularly agriculture, manufacturing and MSMEs. According to her, with between three and four million young Nigerians entering the labour market every year, expanding access to productive credit has become imperative.”

• Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele:
“Strong bank profits alone are no longer sufficient; financial institutions must contribute more directly to economic growth and the welfare of Nigerians.
“For years, we have measured financial institutions by balance-sheet growth, profitability and shareholder returns. These remain important. But we must increasingly ask: what is the financial system doing for the real economy?
A resilient banking system cannot exist indefinitely where businesses cannot obtain affordable credit, manufacturers struggle to finance expansion, and millions of productive MSMEs remain outside the formal financial system.”

•Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso:
” The large capital raised by banks during the recapitalisation exercise indicated the depth of capital available locally.
Represented by the Deputy Governor in charge of Policy, Mr. Philip Ikeazor, the CBN governor challenged operators in the industry to take advantage of the large capital now available to them to fund the real sectors of the economy, with a view to achieving the rapid growth that would impact on better living standards of Nigerians.
He urged state governments to collaborate with the CBN and the fiscal authorities at the federal level to effectively tame inflation, pledging that with the cooperation of all stakeholders, a single digit inflation was achievable.”