Business
We Need More Creative Ways Of Tackling Poverty-Osinbajo
The Vice President, Prof Yemi Osinbajo, says the Federal Government is focusing on more creative ways of getting Nigerians out of poverty and also improve the country’s Human Capital Development indices.
Osinbajo made this known while chairing a meeting of the National Economic Council (NEC ), Steering Committee on Human Capital Development at the Presidential Villa, Abuja, Wednesday.
He said that the Federal Government was committed to lifting Nigerians out of poverty as a crucial agenda towards attaining intended development outcomes.
“Poverty as we know is both a cause and consequence of some of what we are looking at in our human capital development deficit.
“Really, I think we need to focus a lot more on some of the more creative ways of getting our people out of poverty.
“ And of course, we have some social investment programmes, we are looking at some of the examples of what India did, some have been tried and tested in such huge populations.
“I think there is a need for us to sensitise our people to why we need to get a large segment of our people out of poverty. Recently, we have been launching the TraderMoni scheme, which is basically giving credits to petty traders across the country in the markets and all that.
“We must do even more in terms of giving credits and whatever assistance and support to people.
“Obviously, the more money people have, the better it is for them, so they can apply their little resources to some of what we are expected to do to improve human capital development,” he said.
Osinbajo harped on the importance of improving data collection at all levels so as to ensure effective tracking of Human Capital Development outcome areas in the states.
On his part, President, Dangote Group, Aliko Dangote, told State House correspondents that the Dangote Foundation was committing 50 million dollars to the fight against malnutrition in Nigeria.
Dangote said that the foundation was focused on three major areas, health, education and empowerment.
“I think we really need to wake up and meet most of our development goals, in education, in health, and also in empowerment.
“One of the things that we are doing is to make sure that we tackle malnutrition.
“The Dangote Foundation has announced a decision to spend 50 million dollars so that we can fight malnutrition in most of the states that are affected, which we have started rolling out,” he said.
He said that the foundation joined the committee to make sure that targets were set and met.
On his part, Minister of Health, Prof. Isaac Adewole, said that the committee was the working group that had been meeting to look at the impact of government intervention programmes in economy, education, health, among others.
“The issue of Human Capital Development is a measure of how we care for our citizens; and so, this is like bringing everybody to the table at the highest level.
“We have the governors, and there is a renewed commitment even at the states because we cannot go far except the states are really on the table.
“There is enough Federal Government commitment; enough of Federal Government involvement, but we need to bring the states on board,’’ he said.
Speaking, Kaduna State Governor, Malam Nasir El-Rufai, said that the committee received a presentation on the framework for further investments in the key areas of health, education, social inclusion as well as empowerment.
“We had a very good meeting and we hope that the outcome of the meeting and the work of the core working group will bring out very clear plans and strategies to invest more in education, healthcare, nutrition, empowerment, gender inclusion, as well as job creation for our young people,’’ he said.
The meeting was also attended by the Minister of Finance, Zainab Ahmed, Minister of Labour and Employment, Dr Chris Ngige and the Minister of Budget and National Planning, Sen. Udoma Udo Udoma, .
There were also representations from development partners- World Bank, DFID and the Bill and Melinda Gates Foundation.
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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