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Stakeholders Score 1st Quarter Economy Low

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13 years ago

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Some financial experts have rated the performance of the Nigerian economy in the first quarter low.

They told The Tide source in separate interviews in Lagos on Tuesday that the economy performed poorly during the period.

A former Director of Central Bank of Nigeria (CBN)  Mr Titus Okunronmu, said that numerous economic challenges contributed to the slow pace of economic growth in the first quarter.

He identified inadequate power supply as one of the problems, stressing that many companies spent huge sums on diesel to generate energy for their operations.

Okunronmu said that the high cost of running businesses had made many companies to relocate to neighbouring countries where electricity is stable.

“Lack of power supply and massive corruption constituted impediments to national development,’’ he said.

He advised the Federal Government to tackle the issue of corruption in ministries and parastatal agencies.

Fund Manager at Regency Assets Management Ltd., Mr Wale Omoregie, said that the removal of petrol subsidy affected the performance of the economy.

He said that removal of the subsidy led to hike in prices of food items and inflation.

“When there is inflation, some people will be worse off. The purchasing power of people would be affected negatively,’’ he said.

Omoregie also attributed the poor performance of the economy to the delay in passing the 2012 budget.

General Manager, Standard Alliance Insurance, Mr Olumide Adegoke, said that the real sector was inactive during the period due to lack of government’s intervention over a long time.

He said that the poor performance of the sector made it difficult for the sector to provide employment opportunities.

The insurance expert said that there was high rate of unemployment in the first quarter of the year.

He, therefore, appealed to the Federal Government to improve on national security and infrastructural development.

“The government should adopt aggressive steps to address the problem in the two areas so that the economy can witness rapid development,’’ he said.

He urged CBN to speedy up the banking reform to restore investors’ confidence in the sector.

General Manager, True Bond Microfinance Bank, Mr Wole Olowu, also said that the performance of the economy in the last quarter was not encouraging.

He, however, commended the performance of the oil sector, noting that the prices of crude oil had continued to rise at the international market.

Olowu said that good performance of the oil sector did not reflect on the total economy as the sector is not huge employer of labour.

He said that expectations were high for the remaining quarters of the year and urged government to put machinery in place to deliver good dividends of democracy.

Olowu advised government to cut down on its expenditure to check inflation.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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