Business
Infrastructure Challenges Hinder African Economies – UBA Boss

The outgoing Managing
Director of United Bank of Nigeria (UBA), Mr Phillip Oduoza said that the dearth of infrastructure has hindered most African economies from achieving their full potential.
Oduoza said this at the 4th valedictory lecture in his honour by the Chartered Institute of Bankers of Nigeria (CIBN) held in Lagos last week with the topic, “The Emergence of A Nigerian Pan-African Bank”.
He noted that the challenge had led to the spillover effect on African companies’ profitability.
Oduoza said, “I realised that it was important to explore means of bridging this gap to a comfortable extent to ensure businesses run smoothly, remain profitable and contribute to the economy within which they operate .
“It is, however, pertinent to note that the current state of infrastructure represents an opportunity for a Pan African bank to provide project or infrastructure finance.”
He said that country was not exempted from the challenges which the governments had to reduce especially in terms of policy inconsistency.
“Similarly, to Nigeria, we have encountered frequent changes in policies, which often occur as the government and regulators of operating countries try to grapple with economic challenges.
“Resource commitments by banks to comply with new regulatory policies are not optimised due to frequent reversal of these policies. This makes doing business to be unduly costly,” he also said.
Oduoza said African market remained highly fragmented as tariffs, permits and licenses as well as other regulatory barriers increase transaction costs and limit the movement of goods and services.
The outgoing managing director said that trade within the sub-Sahara Africa represents about 10 to 12 per cent of its total trade, compared to its trade with China alone represented 27 per cent.
According to him, this shows the degree of which trade is limited within the region.
He attributed the development to the high informal nature of the economies of those African countries as well as the lack of appropriate platforms for cross border trade.
Oduoza urged central banks to collaborate to promote the development of cross- border trade platforms in order to encourage the informal sectors to join the banking system.
On deepening financial inclusion and retail banking, Oduoza said Pan-African banks would also benefit significantly from increased financial inclusion on the continent.
He said globally, Sub-Saharan Africa remained the region with the lowest level financial inclusion.
“It is estimated that only 34 per cent of adults in Africa have an account in 2014, up from 24 per cent in 2011.
“I anticipate these figures to improve as the African economy continues to expand,” he said.
He noted that financial inclusion was necessary to ensure economic growth performance that would be inclusive and sustained.
He stressed that mobile technology had the potential to vastly expand financial inclusion across Africa saying that Pan-African banks with a good understanding of the continent could leverage their technology platform to capture the opportunity.
Oduoza said that would invariably mean a growth in retail banking as most of those financially excluded fall within the bracket.
He added, “UBA has effectively been promoting financial inclusion on continent by leveraging on our advanced digital banking platform.
“Working with our payment partners, we are improving the payment systems on the continent with prepaid and debit payment cards.
“ We also make use mobile and internet banking platforms, which have been deployed and adapted for our subsidiaries across Africa.”
Oduoza took over as the Chief Executive Officer and Group Managing Director of UBA on Aug 1, 2010 and will serve his full two terms in office on Aug 1.
He is to be succeeded by Mr Kennedy Uzoka.
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos
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