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Fuel subsidy removal, Forex reforms key to Nigeria’s economic revival — FG

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

President Bola Tinubu’s administration has intensified efforts to market Nigeria as the economic powerhouse of Africa, placing major emphasis on ongoing reforms aimed at repositioning the country for long-term growth, competitiveness and increased foreign investment.

At the center of the government’s economic message are a series of bold policy reforms, including the removal of fuel subsidy, liberalization of the foreign exchange market, modernization of the tax system, restructuring of the power sector and the strategic opportunities presented by the African Continental Free Trade Area (AfCFTA).

Government officials say the reforms, though painful in the short term, are necessary steps toward correcting longstanding structural distortions in the economy and laying the foundation for sustainable development.

Since assuming office, President Tinubu has consistently defended the decision to remove fuel subsidy, describing it as an unavoidable measure to stop what he called an unsustainable drain on public finances. The administration argues that subsidy payments consumed trillions of naira annually while benefiting only a small segment of the population and encouraging inefficiency and corruption in the petroleum sector.

The government has also pushed ahead with foreign exchange liberalization policies aimed at unifying exchange rates, improving transparency and attracting foreign capital into the economy. Officials believe the reforms will ultimately stabilize the naira, restore investor confidence and improve liquidity in the foreign exchange market.

In addition, the administration is pursuing tax modernization initiatives designed to broaden the tax base, improve revenue collection and reduce dependence on oil earnings. The reforms are expected to strengthen fiscal sustainability and provide more funding for infrastructure, healthcare, education and social services.

The power sector remains another major focus of the government’s economic agenda. Authorities say ongoing restructuring efforts are intended to improve electricity generation, transmission and distribution while encouraging greater private sector participation to address Nigeria’s chronic energy challenges.

The administration is also positioning Nigeria to benefit from the opportunities provided by the African Continental Free Trade Area, which aims to deepen trade and economic integration across Africa.

Officials say Nigeria’s large population, strategic location and industrial capacity place the country in a strong position to become a manufacturing, logistics and trade hub under the continental trade arrangement.

Despite the government’s optimistic projections, the reforms have triggered significant economic hardship for many Nigerians. Rising fuel prices, inflationary pressures, increased transportation costs and exchange rate volatility have contributed to growing public concerns over the cost of living.

Businesses have also faced mounting operational costs, while many households continue to struggle with declining purchasing power.

Nevertheless, the Tinubu administration insists that the reforms are beginning to yield positive results and are necessary to secure Nigeria’s long-term economic future.

Government spokespersons maintain that international investors and financial institutions have responded positively to the policy direction, with renewed interest in Nigeria’s economy emerging in sectors such as telecommunications, energy, agriculture, technology and infrastructure.

As the administration continues to push its economic agenda at regional and global forums, officials are portraying Nigeria as indispensable to Africa’s economic transformation and a critical driver of continental growth.

Analysts, however, say the ultimate success of the reforms will depend largely on the government’s ability to manage inflation, strengthen social protection measures, improve security and ensure that the benefits of economic growth are felt by ordinary citizens.

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Business

North African Airline incurs Nigeria’s wrath

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.

The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.

According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.

The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.

Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.

“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.

He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.

According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.

Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.

He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.

The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).

Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.

He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.

The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).

“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.

The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.

 

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₦10m monthly made from akara and bread business -Umo Eno

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Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

 

Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.

Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.

According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.

“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.

The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.

Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.

His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.

The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.

Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.

His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.

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Business

All share index gains about 0.81% as NGX rebounds

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The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.

 

The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.

 

With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.

 

The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.

 

Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.

 

Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.

 

Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.

 

Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.

 

As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.

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