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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 twenty-fourth 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 Onunwo, and Chinedu Wosu in what has turned out to be a very distinct picture of how Nigeria’s business sector has faired in the county’s Democracy 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 darring 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 Organization (ICAO) standard.
Various democratically elected administrations have come onboard 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 takes the saddle.
The coming onboard of the Mohammadu Buhari-led All Progressives Congress (APC) administration in Nigeria on May 29th, 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 Akanibiam 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 swang 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 need to be expanded to make for free flow of flights 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 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 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 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 lower 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 traveling under that situation, and airlines also couldn’t operate at ‘ Breakeven 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 has generated much controversy and disagreement in the aviation industry is the issue of the “National Carrier”, the “Nigerian Air”, which Domestic and indegenous airlines operators vehemently opposed.
The domestic airline operators went to court to stop the Nigerian Air operations, accusing the former Minister of Aviation, and Ministry 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 26th, the Minister went on to unveil the Nigerian Air, inspite of the court order, an action many Nigerians described such as a drama.
The Chairman, Senate Committee on Aviation, Nlolim Nnaji, on 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 consessioning 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 can 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 affects the people.
This is what is currently required by the Tinubu-led Federal Government to be in better stead to turn the aviation industry to a more viable sector than it had been in the last eight years.

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Nigeria Loses N17tr Yearly To Abandoned Projects

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The Federal Government has disclosed that it has lost an estimated N17 trillion to abandoned and uncompleted projects across the country.

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.

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Transcorp Power seeks sustained investment across Nigeria’s electricity value chain

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Transcorp Power Plc Managing Director and Chief Executive Officer Peter Ikenga has called for sustained investment across Nigeria’s electricity value chain to improve power supply and make the sector self-sustaining.

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.

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FG generates N33tn revenue in 10 months – Oyedele

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The Federal Government generated a record of N33tn in revenue between January and October 2026, with improvements in digital tax administration and electronic invoicing boosting collections.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed
this while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, where he called for greater investment in Nigeria’s digital infrastructure to strengthen economic competitiveness and government revenue mobilisation.

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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