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24 Years Of Nigeria’s Democracy In Business: Successes, Challenges

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Democracy, simply viewed as government of the people, for the people, and by the people, is globally acclaimed as the best form of government. Its major implication is that it offers an entirely suitable environment for the citizenry and government to coexist peacefully and satisfactorily. However, how far this is true is dependent on different variables in different countries. As Nigeria marks her 24th Democracy Day today, The Tide’s Business Editor, Soibi Max-Alalibo, anchors reports from Senior Reporters: Lilian Peters, Corlins Walter Amadi, Tonye Nria-Dappa, King Onunwor, and Chinedu Wosu in what has turned out to be a very distinct picture of how Nigeria’s business sector has fared in the country’s Democratic experiment and journey in the last eight years, under the All Progressives Congress (APC), with a view to giving the President Bola Ahmed Tinubu-led government a good idea of what is required for a better Nigeria.
The Nigeria Project has had various twists and turns in its entirety since it started from independence in 1960. But never have these been as daring in a democratic dispensation as it has been in the last 24 years, which constitute Nigeria’s 4th Republic.
This is probably due to the fact that the two decades plus has also been the first time any democracy in the country had gone beyond the first four years uninterrupted.
All segments have also had their ups and downs often to the point of clear frustration not just to the government, but also to the citizenry, with, of course, the latter worst off.
The Aviation, Maritime, Information Communication Technology (ICT), Energy, Oil and Gas, as well as the financial sectors constitute key areas that have been affected in the last eight years.
Nigeria’s Aviation industry, for instance, has gone through many challenges over the years. Such challenges range from infrastructure, security and safety, which is a core value in the industry, according to the International Civil Aviation Organisation (ICAO) standard.
Various democratically elected administrations have come on board with policies which they deem necessary for the development and advancement of the industry, which explains why there are usually high expectations from the industry operators when a new government mounts the saddle.
The coming on board of the Muhammadu Buhari-led All Progressives Congress (APC) administration in Nigeria on May 29, 2015, therefore, brought new hopes for many Nigerians, particularly in terms of the remodeling of the aviation industry across board.
In Rivers State, the Port Harcourt International Airport, Omagwa, was operating under canopies at the Arrival Wing for both domestic and international arrivals, for which many described the airport as a dirty local place that was not fit to be called an international airport.
At that time also, the international wing and the domestic wing were operating from the same terminal building, which made the terminal building to be highly congested.
Another sour taste the Buhari administration met on ground was the inefficiency at the runway of the Nnamdi Azikiwe International Airport, Abuja, and the same at the Akanu Ibiam International Airport, Enugu. In fact, almost all other international airports in the country had their story.
No doubt, past administrations made some efforts in addressing the challenges, but the Buhari administration swung into action to address the challenges. One of the steps was to close the Nnamdi Azikiwe International Airport, Abuja, for three months to carry out an expansion of the runway.
According to the former Minister of Aviation, Hadi Sirika, “the runway was causing traffic congestion, and needs to be expanded to make for free flow of flight operations”.
Flights were subsequently diverted to the Kaduna Airport. To make it easier for the Kaduna Airport to be able to cope with the influx of passengers, the Federal Government had first upgraded some of its infrastructure.
Consequently, all Abuja bound passengers from Port Harcourt and those from other distant states passed through Kaduna, to access Abuja by road until normalcy was restored at the Abuja Airport, after the completion of the runway.
In October 2018, the Federal Government commenced the remodeling of the Port Harcourt Airport. The international wing terminal building was constructed by the Chinese Civil Engineering Construction Company (CCECC) and was subsequently commissioned by former President Buhari.
Additionally, the administration ensured that the domestic arrival terminal wing being constructed by InterBau Construction Company, at the Port Harcourt Airport, was also delivered to remove the reproach of using tent and trampoline for operations.
Describing these achievements of the Buhari-led administration at the Port Harcourt Airport as a ‘remarkable feat’, a forex operator, Mr Igwe Vincent, said it has brought a relief and ease to users of the airport, among others.
“The past Buhari administration achieved many things in the aviation industry in Nigeria. There are things other administrations did not accomplish, but the last administration did.
“In the first tenure of Buhari’s government, that was when some airports were remodeled, and that has brought a big relief and ease of operations at the Port Harcourt Airport, both at the domestic and the international terminals.
“In the last administration, we witnessed the coming of new airlines into Port Harcourt for operations both at the domestic and international terminals, and such has created jobs for the unemployed in Rivers State and for Nigerians”, he said.
Vincent said another achievement of the Buhari administration in the aviation sector was the certification of Lagos and Abuja Airports, while the process for certification is still ongoing at other airports like Port Harcourt and Kano.
According to him, the last administration “took the bull by the horn to fulfill all the international standard requirements for the certification of these airports, which was certified by the International Civil Aviation Organisation (ICAO) for Safety and Security”.
Nevertheless, the Buhari government also witnessed a lot of challenges in the aviation sector, especially in the COVID-19 era in 2020, which grounded airlines operations for many months.
Many jobs were lost, as new protocols were introduced for operations at the airports, while some business wound down for inability to cope with the order of operations.
Another challenge the administration faced was the unending scarcity of ‘jet-A1’, otherwise known as aviation fuel. The government appeared to be helpless, as it was difficult for airlines to purchase fuel, which led to hike in flight tickets, and consequently reduced patronage by passengers.
Prices of flight tickets increased by 100 and 150 percent for all routes. This period was a very challenging period for both airlines and passengers, as many people stopped travelling under that situation, and airlines also could not operate at ‘ break even point’, specifically between November 2021 and December 2022, as air passengers drastically reduced.
Chairman of Airline Operators Committee (AOC) at the Port Harcourt Airport, Francis Ofangba, described the period as the worst so far in the history of their operations.
Ofangba in a chat with The Tide noted that airlines recorded a lot of flight cancellations due to unavailability of passengers or inability to get aviation fuel on time: “no flight will run empty under that situation, and the Federal Government could not address the matter as it were”, he said.
One major policy of the Buhari’s administration that generated much controversy and disagreement in the aviation industry was the issue of the “National Carrier”, the “Nigerian Air”, which domestic and indegenous airline operators vehemently opposed.
The domestic airline operators went to court to stop the Nigerian Air operations, accusing the former Minister of Aviation, of conniving with a foreign airline, Ethiopian Air, to surcharge Nigerians, and that the Federal Government was not sincere with the policy, because, as they alleged, everything about the contractual agreement was shrouded in secrecy.
They approached a Federal High Court in Lagos and obtained a restraining order against the certification and operations of the Nigerian Air, earlier this year, but the Minister of Aviation went on to continue with contract.
On Friday, May 26, the Minister went on to unveil the Nigerian Air, in spite of the court order, an action many Nigerians described such as a drama.
The Chairman, Senate Committee on Aviation, Nlolim Nnaji, last Tuesday, ordered the immediate suspension of the Nigerian Air, accusing the former Minister of Aviation of conniving with Ethiopian Air on a secret deal, inspite of the court injunction, and sidelining the Senate.
Also, the issue of concessioning of some airports was another policy that received strong opposition: aviation worker unions vehemently opposed the policy to concession the four major airports – Lagos, Port Harcourt, Abuja, and Kano. It has been alleged, however, that the Abuja and Kano Airports have already been concessioned.
Chairman of the National Union of Air Transport Employees (NUATE), Felix Ovude, told The Tide that the position of the union was that the Federal Government should look at other airports for concessioning, and not to concession the four viable airports.
As it stands, the onus lies on the present government of President Bola Tinubu to see how some of the errors made by the past administration in the aviation industry could be corrected.
As the call for suspension of the Nigerian Air, among others, keep raging, the President Bola Tinubu-led APC government is required to give the matter the attention it deserves.
A major characteristic of a democracy is for a government to have the patience and ability to listen to the voice of reason, especially in key decisions that affect the people.
This is what is currently required by the Tinubu-led Federal Government to be in a better stead to turn the aviation industry to a more viable sector than it had been in the last eight years.
Maritime
In the maritime sector, there have been reforms that have yielded some form of achievements in the past eight years of democracy, but these have also come with pains.
There is no gain saying that the maritime sector is one of the strongest pillars upon which the nation’s economy rests. An appraisal of the sector in the period under review will focus on some key indicators such as Port concession, Customs reforms, maritime safety and security, exchange and training of Naval officers with their foreign counterparts to tackle piracy, sea robbery and all forms of social vices in the nation’s waterways.
The greatest benefit of the President Buhari-led APC Government over the years is the port concession and the nation’s port system, which has transformed the nation’s seaports into a safer and more profitable venture,
In the past, the Nigerian port system was a haven for all manner of illegalities including: discharge of un-manifested cargoes; cargo vandalism and theft; uncontrolled human and vehicular traffic; embarrassingly long cargo dwell time and ship turnaround time; and a host of other vices.
During the past eight years, however, virtually all of the stated vices are either at their barest minimum, or have totally gone extinct. The ports are now better, safer and more profitably operated, but for some complaints from freight forwarders and shippers about high charges from the port management.
There is also an improved traffic in the nation’s ports and with high shipping activities in terms of exports, imports and trading recorded currently, compared to its West African counterparts.
Ships of bigger draughts now call at the ports with maximum Twenty foot Equivalent Units (TEUs).
In spite of these recorded successes, however, there are still challenges in the Ports. But the challenges are more operational, unlike before the commencement of the 4th Republic, with even more improvements being witnessed in the last eight years.
In this wise, it is noteworthy that the uninterrupted 24 years of democratic governance gave the nation’s maritime sector the Cabotage Act, and the Council for the Regulation of Freight Forwarding of Nigeria (CRFFN).
Having seen what democracy has achieved in the sector for the past years, same system had failed to improved in the Cabotage Act in the sector
Globally, countries around the world, especially coastal States, establish cabotage laws which protect domestic shipping industry from foreign competition by eliminating or limiting the use of foreign vessels in domestic coastal trade.
The inability of the Federal Government to improve on the Cabotage Act passed into law made the indigenous ship owners to partake less in the sector, resulting in poorer earnings than they were prior to the enactment of Cabotage Act, which created more unemployment for seafarers and dockworkers than before.
This Act means that vessels of whatever type or size shall not engage in domestic trading in the inland waters of Nigeria except a vessel that is wholly owned by Nigerian citizens.
Section 43(a) of the Cabotage Act, Te Act, imposes a 2 percent surcharge of the contract sum performed by any vessel engaged in coastal trade in Nigeria.
The Nigerian Shippers Council (NSC) has not been allowed to function effectively in that capacity due to some restrictions by government agencies.
The council is responsible for protecting exporters and importers in Nigeria and their goods. The Agency is an affiliate of the Nigerian Ports Authority and was under the supervision of the Ministry of Transportation (Nigeria).
Arguably, the greatest failure of the democratic dispensation is most visible in the prevailing state of the nation’s waterways and territorial waters where sea robbers and pirates have resurfaced, sadly, piracy has put Nigeria on the world map of notoriety, particularly at the Gulf of Guinea (GOG), next to Somalia.
Though piracy and sea robbery abated at a point, their resurgence and rise calls for concern. It is in this wise that the government failed Nigerians in maritime safety and security.
A setback to the development of the sector.is that most ports in the country lack good access roads to the terminals where they load consignment from the ports. This affects free movement of goods and services in the ports.
However, on the whole, pundits have expressed the belief that the maritime sector had a better deal in the last eight years compared to what it was before, but that there still needs to be improvements to meet global best practices.
Information Communication (ICT)
Information Communication Technology (ICT) has remained one sector that has not received the required attention in the country’s 24 years of democracy, even as many believe that the sector is the mother of all sectors due to its presence in virtually all the aspects of human endeavour.
Apart from contributing hugely to the country’s Gross Domestic Product (GDP), at 13.8 per cent as at the end of the second quarter, 2019, its sub-arm, telecoms, has remained a “Star Performer”, the Nigeria Bureau of Statistics (NBS) revealed.
According to analysts, other sub-sectors, including software, hardware, e-learning, e-commerce, among others are, however, struggling to live up to expectations and make Nigeria more competitive, not only in Africa but also across the globe.
According to reports, the country’s hardware sub-sector is 80 per cent foreign-dominated. The fact is that Nigeria is still very much a consuming nation. The country’s technological prowess is abysmally low. Nigeria has consistently, in the last seven years ranked lowest in the Global Innovation Index (GII) and had not fared better even before then.
In the 2019 GII, Nigeria ranked 114th out of 129 economies. A year earlier, it ranked 118th.
Nigeria was also missing among the innovation achievers in Africa, but five countries, which emerged in terms of innovation relative to their level of development, from sub-Saharan Africa, include Kenya, Rwanda, Mozambique, Malawi, and Madagascar.
The GII study said Africa’s largest economy performed below expectations compared with the level of economic development in the country.
The report on innovation ranking noted that Nigeria performed poorly in political and operational stability, government effectiveness, ease of resolving insolvency and general infrastructure.
Some other notable areas of weakness include, but not limited to domestic credit to the private sector, Wikipedia edits, creative goods export, high-tech net exports, etc.
Regrettably, the country has consistently participated in global IT event, but it is yet to replicate some of the developments seen locally.
Lately, with these challenges persisting and no formal headway in curtailing the impacts, Nigeria also considered enthroning a 5G network by 2020. Meanwhile, this is a country where efficient 3G and 4G networks remain a tall order to attain, where electricity supply remains epileptic, vandalism is rife, policy inconsistency, telecoms development bills linger for decades at the National Assembly. These and many other limitations have continued to reign supreme.
In terms of ICT policy and gains, reports revealed that the earlier the country moves against these challenges, the better for the economy. To them, Nigeria’s ICT policy needs to perform if the country must enthrone a robust ICT sector.
Nigeria started implementing its ICT policy in April 2001 after the Federal Executive Council approved it by establishing the National Information Technology Development Agency (NITDA), the implementing body.
The policy empowers NITDA to enter into strategic alliances and joint ventures and to collaborate with the private sector to realise the specifics of the country’s vision of, “making Nigeria an IT capable country in Africa and a key player in the information society by the year 2005 through using IT as an engine for sustainable development and global competitiveness”, according to reports.
There is no gainsaying the fact that this vision is yet to be fulfilled, despite NITDA having been led since establishment by technocrats, which include Prof. Olalere Ajayi, Prof. Cleopas Angaye, Peter Jack, Dr. Ibrahim Isa Pantami, and Kashifu Inuwa Abdullahi.
The objectives of Nigeria’s ICT policy, include to ensure that ICT resources are readily available to promote efficient national development; to guarantee that the country benefits maximally, and contributes meaningfully, by providing the global solutions to the challenges of the information age; to empower Nigerians to participate in software and ICT development; to encourage local production and manufacture of ICT components in a competitive manner; to establish and develop ICT infrastructure and maximise its use nationwide; and to empower the youth with ICT skills and prepare them for global competitiveness.
It is also to integrate ICT into the mainstream of education and training; to create ICT awareness and ensure universal access in promoting ICT diffusion in all sectors of national life; and to create an enabling environment and facilitate private sector (national and multinational) investment in the ICT sector.
Others are to encourage government and private sector joint venture collaboration; to develop human capital with emphasis on creating and supporting a knowledge-based society; to build a mass pool of ICT literate manpower using the NYSC, NDE, and other platforms as a train-the-trainer scheme for capacity-building.
Unfortunately, these lofty ideas seem to have been more exotic and psychedelic in thought than in practice.
One industry expert, Kehinde Aluko, noted that there is nothing to cheer about as far as the ICT policy is a concerned. He noted that most of the objectives itemised in the policy would require determination and discipline on the part of the government if they must be realised.
Aluko picked on three areas: lack of computers; lack of electricity; and lack or slow Internet connectivity.
According to him, computers are still very expensive and despite spirited efforts by government agencies, NGOs, corporate organisations, and individuals to donate computers to as many schools as possible, there still remains a huge gap among users.
He said many areas, not to talk of schools, are still not yet connected to electricity. Nigeria, according to him, being a developing country, the government has not been able to connect all parts of the country to the national electricity grid. Consequently, those areas are left handicapped in terms of even development.
In his views, the former Chairman of Conferences, Nigeria Computer Society (NCS), Jide Awe, said much more must be done in terms of the overall impact of ICT on the nation’s development and creating a better future for citizens and the country.
“But the real concern is that using ICT to become a more competitive economy and a sustainable society, is still a work in progress”, he stated.
In terms of leadership direction matters, Awe noted that the ICT landscape faces serious challenges with leadership, policies, and implementation. Leadership, according to him, is, however, the most challenging.
“Competent and committed leadership must do more to ensure policies are formulated, monitored, evaluated and updated to improve the enabling environment and quality of policy impact.
“For policies to be grounded in reality, they must address the health of ICT in the country, regulatory challenges, inclusive policy engagement, and other issues.
“Policies are one thing. Impact and quality of implementation have to a large extent been dependent on leadership’s inability to make capacity and resources available. Leadership also addresses the critical issues of coordination, governance, and financing. Leadership must additionally be proactive and visionary for implementation to succeed. We must not reduce leadership to the management of the status quo.
“Most importantly, what makes leadership the greatest challenge is the importance of a political will. Very often, policy or infrastructure problems are not issues holding digital transformation back; very often, the political will is lacking.
“Broadband rollout is hindered in some states because the leadership lacks the vision and political will to resolve the problem of multiple taxation and duplication of regulation”, he stated.
According to him, Nigeria must embrace an ambitious vision of digital transformation that has people at the center, which must identify priorities for realisation.
Buying from stakeholders to Awe is fundamental, as the government cannot do it alone. He stressed that the private sector, the ICT sector (industry and services), academia, civil society, and young people are all critical.
Awe, the CEO of Jidaw Communications, wants the country to prioritise youth innovation, adding that though the young people constitute the majority of the populace, youth unemployment is huge and rising rapidly.
He stressed the need for a deliberate ICT human capital strategy in line with the nation’s digital agenda and vision. Awe said human capital is critical for competitiveness, local ICT capacity building and development is integral to sustainability and diversification of the economy.
“Digital inclusion must be prioritized not just on paper but in reality. Exclusion makes it impossible for the nation to fully utilize its Nigerian talents and potential. Location, gender, income level, age and living with disabilities should not be barriers to growth and digital contributions.
“Digital access gaps need to be closed by improving the availability, affordability, and reliability of ICT infrastructure. It is vital for competitiveness and maximization of potential in the digital era.
For the President, Association of Telecommunications Companies of Nigeria (ATCON), Olusola Teniola, many great ideas, and policies have simply not been implemented to the word or at all.
He stressed that this reflects the dearth of skills sets, lack of funding and low political will to refocus attention and resources to building the frameworks necessary that builds the blocks right from the foundation level to tertiary level together with apprenticeships that can address youths, who require a more vocational education that provides an alternative to traditional modes of studying.
Teniola appreciated the telecoms arm of the sector, saying it has been the true single development that Nigeria has recorded since the return to democratic rule in 1999.
“It is the only recognised positive achievement recorded and recognised by ITU, EIU, ECOWAS, GSMA, and the UN that contribution to socio-economic development has been achieved and driven by the digitisation.
“We need to recognise the leadership of former President Olusegun Obasanjo for allowing an enabling and conducive environment to exist for the private sector to come in and demonstrate its innovation and tenacity to drive through tremendous telephony penetration and create an industry respected the world over that allowed $70 billion of investments to be made and generated $11 billion of licensing fees to the coffers of the Federal Government of Nigeria in between 2001 and 2011”, he said.
With continued investments and adoption of AI, Machine Learning, 5G, and IoT, the country should hopefully see a more sophisticated consumer society that demands higher levels of QoS and improves on the connectivity reach of current networks to serve the growing population that is projected.
From his perspective, the Director-General, Delta State Innovation Hub, Chris Uwaje, Nigeria has come a long way in governance and citizens’ development after acquiring her independence and enthronement of independence.
Uwaje said the emergence of the information technology knowledge and skills build-up, which dates back since 1950-1970 brackets and currently at the digital transformation level. “The National ICT landscape suggests the country perhaps, did not take maximum advantage of the opportunities and benefits of Science and Technology – in spite of its embedded challenges.
“Did we fail to build specialist and Domain experts in those areas? Or leadership lacked the foresight and political will to comprehend the evolution of human development, civilization matrix, and future survivability strategies?
“With respect to ICT, we continue to beg external forces for what we already have in abundance: Human resources! We can succeed only when we reserve our science, technology and innovation policy and strategies, which have not delivered the commensurate benefits and security of our progressive future,” he stressed.
In crime fighting, during the #EndSARs era-cum Lekki Toll Gate shooting of of October 20, 2020, the ICT tool was part of the lee way to the claim and counter claim of the true actors of the incident.
Without the ICT, the Nigerian Army would have vehemently denied its involvement in the shooting, but for the video reports of the Circuit Cable Television (CCTV), mounted at the place, they ( the Army), were left without much doubts in their minds.
To exploit the country’s potentials in ICT, the President Bola Ahmed Tinubu-led government should consider the need to reduce the high tariff tag associated with the Industry.
For instance, why should Nigerians keep paying for services not by GoTV and DSTV operators even when such subscriber is out of power for one month or more?
The present Federal Government, should force the Cable Network providers to accept the concept of ‘ Pay As You Go’, a system that allows subscribers to pay only when they are online and not when they are off line.
To network providers like the MTN , GLo etc, they should be also made to trim down on their charges, given the economic quagmire currently stirring at the faces of Nigerians.
Just as the Obasanjo and his administration can always be remembered for the advent of Mobile Tele Communication Networks, Tinubu and his team need to take the bull by the horn and do the needful in the ICT industry.

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Nigeria’s ETF correction deepens as STANBICETF30, VETGRIF30 see 50% decline in a week

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Nigeria directs all oil, gas revenues to federation account in sweeping reform
Nigerian President Bola Tinubu has signed an order directing that all oil and gas revenues owed to the government be paid directly into the federation account, in sweeping reforms aimed at boosting public finances, the presidency said on Wednesday.
Under the law, the Nigerian National Petroleum Corporation keeps 30% of oil and gas profits for frontier exploration in inland basins. The presidency said those funds will now be paid into the federation account and appropriated by the government.
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NNPC also retains 30% of oil and gas sales as operational costs and receives 30% of proceeds from Production Sharing Contracts. Under the new directive, all revenues under these arrangements will flow directly to the federation account, while the company will instead receive appropriated management fees.
Royalty payments, petroleum profit taxes and other statutory revenues previously collected and retained by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will also be paid directly into the Federation Account. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will likewise remit its revenues in full, with its cost of collection to be funded through appropriation.
Tinubu’s office said deductions enabled by the law had sharply reduced net oil inflows and contributed to fiscal strain across federal, state and local governments. The president also ordered a review of the law and established an implementation committee to enforce the changes.
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BOI Introduces Business Clinic 

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The Bank of Industry (BoI) has introduced a business clinic model designed to diagnose, treat and rehabilitate the Micro, Small and Medium Enterprises (MSMEs) to ensure long-term growth and sustainability.
The Divisional Head, Business Development, BoI, Dr Obaro Osah, made this known at the bank’s Thrive Summit with the theme: “Driving Growth through Innovation and Financial Empowerment” on Tuesday in Lagos.
Osah noted that traditional banking often treated businesses as mere account opening and management relationships.
He said the BoI business clinic model was created to reimagine the essence of a bank as a specialised teaching hospital.
According to him, just as a hospital requires a thorough diagnosis before service treatment/surgery, the bank must analyse the structural health of a small business before injecting capital.
“Financial distress is often just a symptom, the disease lies in operations and adopted philosophy, strategy, or governance,” he said.
Osah noted the many MSMEs, in spite of their potential, suffer from recurring ailments: restricted cash flow, poor operational structure, lack of proper packaging and market access, poor management among others.
He said the bank’s triage and vital signs included screening SMEs by maturity stage, pulse check to assess cash flow and liquidity and market temperature to evaluate competitive landscape.
Osah said after these evaluation, advanced diagnostics, prescriptions, surgical interventions and recovery and rehabilitation would be carried out where necessary.
“Prescription without diagnosis is malpractice and the Thrive Summit ensures we treat the root cause, not just the symptoms,” he said.
The Chief Strategy and Development Officer, BoI, Dr Isa Omagu, noted that MSMEs needed more than finance to succeed.
Omagu said they needed structure, advisory, capacity building, governance, digital readiness, access to market information and the right business infrastructure to operate and scale effectively.
He said as part of the bank’s 2025-2027 Corporate Strategy, the business clinic would expand BoI’s value proposition to broaden its products and services to better reach target segments.
Omagu said by offering structured business advisory and project development support, the clinic would enable the bank deliver deeper, more holistic value to MSMEs beyond financing.
“This vision of a structured, holistic business clinic; one that strengthens MSMEs across all core business functions and makes them more bankable, competitive, digitally enabled, and sustainable, is fully aligned with our strategic initiative to develop and roll out non-financial product offerings.
“Through this initiative, BoI commits to providing business advisory for MSMEs and project lifecycle support for enterprises, and the business clinic serves as the practical platform through which this commitment comes to life,” he said.
Omagu urged MSMEs to apply the guidance received to strengthen structure, governance, and financial management.
He added that they must adopt digital tools and improve internal processes to boost competitiveness while engaging BoI as a long-term partner in building a resilient, scalable business.
Mrs Eniola Akinsete, Divisional Head, Sustainability, BoI, said adopting Environmental, Social and Governance (ESG), principles often led to business prosperity.
Akinsete, however, noted that in spite of the benefits, adoption challenges persisted.
She affirmed BoI’s support on the adoption of ESG Practices by the MSMEs.
Earlier, the Executive Director, Corporate Finance, Sustainability and Investments, BoI, Mr Rotimi Akinde, said the summit represented a shared commitment to building a stronger, more resilient business ecosystem in Nigeria.
Akinde stated that the business clinic created a platform for practical knowledge sharing where entrepreneurs and small business owners could gain actionable insights to overcome challenges and seize opportunities.
He said discussions would focus on critical areas that drive sustainable growth, including branding and marketing, financials and activities, human rights, human resources, raising capital for equity and technology.
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Dangote signs $400 mln equipment deal with China’s XCMG to speed up refinery expansion

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Nigeria’s Dangote Group has signed a $400 million equipment deal with China’s Xuzhou Construction Machinery Group to speed up the expansion of its oil refinery toward a planned 1.4 million barrels per day, the company said on Tuesday.
The additional equipment is expected to support major projects under construction across refining, petrochemicals, agriculture and infrastructure.
Dangote said the XCMG agreement would allow it to acquire a wide range of new heavy-duty machinery to complement existing assets deployed for the refinery build?out, which the company expects to complete within three years.
As part of the expansion, polypropylene capacity will rise to 2.4 million tons per year from 900,000 tons. Urea production in Nigeria will triple to 9 million tons per year, alongside an existing 3 million-ton plant in Ethiopia, positioning the conglomerate as the world’s largest urea producer, the company said.
The output of linear alkyl benzene – a key raw material for detergents – will increase to 400,000 tons annually, making Dangote the biggest supplier in Africa. Additional base-oil capacity is also planned in the programme.
Dangote Group described the equipment deal as a strategic investment aligned with its ambition to become a $100 billion enterprise by 2030.
“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects,” it said in a statement.
Owned by Nigerian billionaire Aliko Dangote, the $20 billion refinery began operations in 2024 after years of delays. Once fully operational, it is expected to reduce Nigeria’s heavy dependence on imported refined fuel and reshape fuel supply across West and Central Africa.
Reporting by Isaac Anyaogu; Editing by Anil D’Silva
The Nigeria-Slovenia Chamber of Commerce on Thursday urged the Nigerian business community to explore business opportunities in Slovenia to widen their horizons.
The Tide source reports that the chamber made the call at its 2025 Last Quarter Business Forum held in Lagos State.
The forum is the chamber’s routine session aimed at informing businesses about the latest opportunities of mutual benefit between both countries, encouraging people to explore them to improve their livelihoods.
Speaking at the event, which was attended by businessmen and trade regulatory agencies, the Director-General of the Nigeria-Slovenia Chamber of Commerce, Mr Uche Udungwor, described the relationship between the two countries as a bilateral economy.
Udungwor said the body, established to build, promote and facilitate trade and investment activities between Nigeria and Slovenia, had positively impacted both nations.
He said the mandates of the chamber include: “To provide a forum representative of Nigeria and Slovenia’s interests for the development and improvement of commerce and industry between the two countries.
“Also, to create, promote and sustain broad exchanges and interactions in commercial, industrial and economic fields between the countries.
“To promote cooperation on technical and scientific innovations between institutions of the countries through the exchange of regular information on trade and investment opportunities.
“To advise members on opportunities, challenges, legislation or otherwise arising from the pursuit of trade between Nigeria and Slovenia, and to encourage the exchange of ideas and views on trade matters within the context of trade promotion between both countries.”
According to him, Slovenia’s major imports include organic chemicals, agro products such as cocoa beans, iron and steel/metal scraps, wood, and mineral fuels/petroleum products.
He said the trade balance between Slovenia and Nigeria is “not quite encouraging”, citing United Nations COMTRADE data indicating that Slovenia’s imports from Nigeria in 2022 amounted to $5.7 million.
Udungwor described the Republic of Slovenia, located in Central Europe with about 2.1 million inhabitants, as a promising business frontier for Nigerians.
He noted that the country features Alpine mountains, thick forests and a short Adriatic coastline.
“Slovenia, which borders Italy to the west, Austria to the north, Croatia to the south and southeast, and Hungary to the northeast, has a 2024 GDP of 72.49 billion dollars, a sound economy and a low-risk business environment.
“Slovenia has been a member of the European Union since 2004 and of the Schengen Group since 2007. It is also a member of the Organisation for Economic Co-operation and Development (OECD).
“Slovenia today is a stable, vibrant democracy that offers a stimulating business environment and represents a bridge between the Balkan, Central European and Western European countries.
“The Nigeria-Slovenia Chamber of Commerce is at your service to provide up-to-date information and advice about Slovenia’s economy, business opportunities, companies, products and services for the mutual benefit of all,” he said.
A participant, Mr Muyiwa Ajose, said his partnership with the chamber had bolstered his agro exports to Slovenia.
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