Business
Disseminating Information For National Development
On November 11, 2015, President Muhammadu assigned 36 ministers with portfolios.
Buhari’s administration had compressed about 48 federal ministries it inherited from the immediate past administration of former President Goodluck Jonathan to 24 ministries.
With that, ministries such as Information, Culture, National Orientation and Tourism became one — Information and Culture — with Alhaji Lai Mohammed as the minister.
Though, the inauguration of the cabinet came after several months of Buhari’s swearing in as President on May 29, 2015, the ministers were directed to hit the ground running by decisive implementation of the government policies.
“Our new ministers must proceed to work speedily and do their utmost to justify the confidence we have placed in them not only by their conduct but also by their performance in their various positions,’’ the president said.
One year after, Nigerians have been asking how much has the Ministry of Information and Culture done in communicating and disseminating government programmes, activities and policies as well as in repositioning the culture and tourism sector.
In response to this, the minister said he had been able to inaugurate sensitisation campaigns on the fight against corruption, fight against insecurity and the need to revamp the economy and create jobs and wealth, among others.
“If you recollect, the first thing we did was to change the narrative on the Boko Haram crisis.
“Having realised that the determined effort of the government to turn the table against the insurgents was not receiving the necessary support and understanding from the people, we took a very dangerous but necessary trip to the heart of the Boko Haram crisis in the North-East.
“I led more than 30 local and foreign journalists to visit Bama, which was the headquarters of the self-declared caliphate of the insurgents, Konduga and Kaure.
“We, thereafter, returned to tell Nigerians that our gallant troops had massively degraded the capacity of the insurgents to carry out the kind of spectacular attacks that they used to carry out.
“Many accused us of engaging in propaganda. But the rare feat achieved by our military in decimating an insurgency has today become the subject of global acclaim,’’ he said.
The minister noted that the rare step he took and subsequent regular briefing and engagement of Nigerians on the efforts of the government at fighting the insurgents played significant role in the defeat of Boko Haram insurgents.
“Nigerians have taken ownership of the war and the insurgents are on the run, only throwing a few bombs here and there at vulnerable targets — what we call the last kicks of a dying horse,’’ he said.
Mohammed also said that the ministry had inaugurated the sensitisation campaign aimed at alerting Nigerians to the evils of corruption and the need to spare no effort in fighting it.
“The campaign strategy was to ensure that Nigerians got to know how corruption has affected their lives.
“For example, we told Nigerians that it was corruption that prolonged the war against Boko Haram and dispatched many soldiers and civilians to their early graves.
“We also told them that it was corruption that ensured that while oil was selling for more than 100 dollars per barrel, the country had nothing to show for the windfall, a situation that resulted in economic recession.
“We sensitised Nigerians to the fact that it was corruption that gave them darkness, instead of light, while successive governments pumped millions of naira into the power sector,’’ he said.
Mohammed recalled that with the efforts of the ministry in keeping the people informed using all available channels of communication; most Nigerian knew the effects of corruption and talked more negatively against it than at any other time.
He said the ministry also championed the campaign on the economy in an effort to keep Nigerians abreast of the various measures the government was using to end the recession as quickly as possible.
The minister, however, disclosed that in the last one year, the biggest challenge the ministry had faced in efforts to communicate with Nigerians had been the propensity of a group of “naysayers’’ who constantly used fake information to discredit the government by using the social media.
“Everyday, these groups of people deliberately distort our messages while also suffusing the atmosphere with their own version of information,’’ he said.
To counter the activities of the group, Mohammed said that the ministry initiated Town Hall meetings that allowed government officials to speak with Nigerians directly and also get the necessary feedback.
“We have held such meetings in Lagos, Kaduna, Kano, Uyo, Enugu and Abuja, during which ministers interacted directly with a cross section of Nigerians.
Considering its effectiveness, the minister said the ministry had lined up a series of more Town Hall meetings across the country.
With the breakdown of societal core values in the past year, Mohammed said that the ministry also initiated a national reorientation campaign entitled “Change Begins With Me’’ to restore the time tested values.
Mohammed said the campaign, inaugurated by the president on September 8, aimed at “achieving a paradigm shift in the way we do things and geared towards achieving attitudinal change’’.
He said the campaign would be inaugurated in all the states with the support of governors and would also be taken down to the grassroots and schools.
Similarly, he said the nation made history on April 30 with the successful inauguration of the pilot phase of Digital Broadcasting Switch Over in Jos.
He said the event was monumental considering the fact that the country had missed two previous switch-over deadlines.
“What we have dreamt of, imagined, attempted and what even seemed impossible at a stage, happened right before our very eyes.
“The journey that started in 2004, when the International Telecommunications Union Council adopted Resolution 1185 on transition from analogue to digital terrestrial broadcasting, is finally nearing its destination.
“When we came in, we found that everyone seemed to be working at cross purposes and the postponement of the pilot scheme seemed inevitable.
“But we said no, especially because we have missed two previous switch-over deadlines.
“We put our shoulder to the wheel and here we are! Now, we are ready to go from city to city until we have covered the entire length and breadth of our country by the June 2017 deadline,” he said.
Mohammed said that the ministry was targeting 30 million viewers across the country, which would make Nigeria the biggest free television market in the world.
He said, when completed, the switch over would revolutionise the broadcast landscape and architecture, democratised the right to be informed and also become the much-needed panacea to the menace of piracy dogging the music and movie industries.
The minister noted that the directive to all licensed Set Top Box manufacturers to establish manufacturing companies in the country to produce the boxes locally would create massive employment and ensure the transfer of technology.
The minister noted that the ministry had similarly developed the tourism sector, announcing that he had secured a two-year technical assistance programme with the United Nations World Tourism Organisation (UNWTO) to boost the sector.
He said the agreement also included, granting of unlimited access to designated Nigerian officials to the UNWTO’s e-library, and seconding of relevant Nigerian officials to the organisation’s headquarters under their internship programme.
“The UNWTO will soon deploy a needs-assessment mission to Nigeria, to be followed by the deployment of experts to train tourism officials.
“In the area of capacity building, the focus will be on the empowerment of women in tourism through the centres being planned for the six geo-political zones.
“They will help in training tour guides and festival managers while they have agreed on a special training workshop for tourism correspondents in Nigeria,’’ he said.
The minister insisted that the ministry had achieved more in the Culture, Tourism and the Creative sector of its portfolio.
He said among other sectors identified by the government as the veritable sources of revenue in the diversification programme were culture, tourism and the creative sector.
Mohammed said that the ministry had been, in the past one year, to move these sectors from the margins to the mainstream and ensure that the rural poor, in particular, were factored into the sector’s scheme of things.
Conscious of the challenges involved in repositioning the sectors and the need to carry along the strategic stakeholders in the reform process, he said the ministry called a national Summit on Culture and Tourism in April which he said was inaugurated by Buhari.
He said that in line with the decision reached at the summit, the ministry was far gone in the process of resuscitation of Presidential Council on Tourism, to lead the reform in the sector.
Mohammed also recalled that the ministry signed a memorandum of understanding with the British Council and the Tony Elumelu Foundation to create employment opportunities and promote sustainable grassroots development.
The Minister said that the agreement with the British Council signed in August in Edinburg, Scotland, aimed at reviving dormant cultural festivals and traditional games in the country.
“The agreement signed with the Chief Executive of the British Council, Sir Ciaran Devane, includes partnership to help train festival managers, revive the country’s major festivals and prevent traditional games from dying.
The minister said that the agreement with Tony Elumelu Foundation signed in October in Lagos aimed at transforming the creative industry to a source of foreign exchange earnings for the country.
He said that the areas of collaboration in the agreement included the creation of an enabling business environment for the creative industries with such incentives as easy access to finance.
Mohammed explained that the agreement included the structuring of the creative industries to enable it generate independent revenues locally and also boost exports to increase Nigeria’s foreign exchange earnings.
Considering the numerous achievements enumerated by the minister, concerned citizens observe that the ministry has done a lot in the development of the country.
They, therefore, urge the public to support the programmes of the Federal Government as presented by the Federal Ministry of Information, Culture and Tourism.
Ijikanmi writes for News Agency of Nigeria (NAN).
Rotimi Ijikanmi
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
