Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

General News

10 Challenges Facing Buhari

Published

on

Muhammadu Buhari, Nigeria’s president
Kindly share this post

President Muhammdau Buhari faces a tough battle to diversify an economy reliant on oil and hampered by terrorism and endemic corruption. Buhari won the 2015 election as a self-described “converted democrat,”took over from Goodluck Jonathan.

However, it’s not the first time he has led the Nigeria—he ruled as dictator between 1983 and 1985, after taking power in a coup.

But below are some of the top challenges the new leader of Africa’s most populous nation faces:

1. Too much oil, not enough fuel
The crisis caused this week by fuel shortages will make this the topmost item in Gen Buhari’s in-tray, but the problems in Nigeria’s oil and gas industry are more fundamental.
Nigeria is among the top 10 oil producers in the world and Africa’s leader, pumping 2.5 million barrels of oil out of the ground every day.
It is also one of the leading importers of petroleum products because its four refineries have long been run down through corruption and mismanagement, leading to an inefficient and wasteful subsidy system behind the regular fuel shortages.
Gen Buhari must find ways to divert the wasteful fuel-import subsidies into refurbishment of Nigeria’s oil refineries and sell some government stakes to bring in foreign investment and technical know-how.

2. Powered by generators
The fuel shortages this week exposed another chronic energy security problem in Nigeria: the country is powered by generators. A regular soundtrack to the hum and din of Nigeria’s cities is the diesel symphony of millions of generators purring away, powering everything from lights to water pumps to air conditioning units.
A quick solution to more stable power supply is to set up heavy thermal power plants fed by the country’s oil, but the power grid is in need of refurbishment and investment.
Official figures show that Nigeria requires about 40,000 megawatts of electricity for its population of more than 100 million.
It only produces a little more than 3,000 megawatts and this dropped to less than 1,200 megawatts during the recent crisis as 18 out of the 23 power stations were forced to shut down for lack of fuel.

3. Boko Haram Inc.
The high level of insecurity since 2009 had become worrisome, starting with the menace of Niger Delta militant groups, but the Boko Haram insurgents in the north east have turned insecurity into a national crisis with terror attacks across the country.
As a Muslim leader from the north and with a military background, Gen Buhari has the credentials to get the Nigerian military back into fighting shape and seize the initiative against the insurgents, who have killed upwards of 10,000 people in a few years.
Rescuing the 200 girls captured from Chibok will be a psychological victory, but stamping out extremist views will take a lot more firepower and smarter anti-radicalisation policies.

4.Corruption
Many Nigerians complain about being stereotyped over corruption, and with some merit; you are more likely to be hacked by a Bulgarian or Russian gang.
However, Gen Buhari acknowledges that corruption is a big problem in Nigeria, as does Transparency International, which ranks only 39 countries out of 175 as being more corrupt than Nigeria.
Gen Buhari has promised a crackdown, but as a civilian leader, he is unlikely to resort to the executions he ordered against corrupt officials in his 20 months in office as a military dictator from 1983.
A good place to start is the $20 billion that former Nigeria Central Bank Governor Sanusi Lamido said was stolen from the country’s oil revenue account. The figure is contested; the extent of graft is not.

5. Education’s missing children
As with many African countries, Nigeria’s public education system is wobbling under large numbers, poor policies, poorly paid teachers, and poor facilities. Many move their children to the mushrooming and expensive private schools as soon as they can afford it. Most of the country’s 69 federal and state universities and institutions of higher learning are full.
Of the more than 1.4 million qualified candidates who write the matriculation examination yearly, fewer than 230,000, or less than two in 10, are placed.

6. No jobs
Thanks to the high drop-out rate, an education system that produces graduates ill-suited to the job market, and an economy growing without producing enough jobs, unemployment has been on the rise in Nigeria for many years.
This has been exacerbated by the lack of deliberate job-creation programmes; a high cost of doing business that has forced the relocation of industries, and non-payment of contractors.
The unemployment figure has been put at between 20 million and 24 million – about the entire combined population of Benin, Gambia, Gabon and Togo.

7. National debt
When the previous government took power, it inherited zero national debt. It leaves the country with more than $30 billion debt, according to Finance minister Ngozi Okonjo-Iweala.
This debt is likely to expand further as the government invests in energy and transport infrastructure, but Gen Buhari must make earlier investments work to provide the tax revenue the government needs to repay its creditors.

8. Big economy, small base
Gen Buhari needs to find a way to wean Nigeria off oil and gas which account for more than 90 per cent of the total export revenues and 70 per cent of the tax revenues.
The recent slump in world crude oil prices has hit Nigeria’s tax revenues, export earnings and national reserves hard, and contributed to the Naira sliding from N160 to N221 to the dollar since November 2014.
To cure Nigeria’s Dutch disease, Gen Buhari must force through reforms to attract investments in the agricultural, services and manufacturing sector. The new government must use oil as the means to, not the end of, economic growth.

9. Big country, bloated government
Gen Buhari must find ways to cut down the size and cost of public administration. A mismatch between revenues and expenditures has seen 28 out of the 36 states fail or struggle to pay salaries.
Some 70 per cent of the Nigeria’s budget is devoted to recurrent expenditure, most of it wages. Although the country presently has 42 ministers for its 22 ministries, these are swollen by large retinues of aides, assistants and other political appointees.
In a megalomaniac society such as Nigeria, it is hard to think of a lean and efficient government, yet that is precisely what the country needs to work its way out of its difficulties.

10. Sleeping African giant
Finally, the Gen Buhari administration must take Nigeria’s rightful place alongside South Africa at the head of the African table. The country has long punched below its weight on continental issues.
With South Africa showing signs of uncertainty and hamstrung by a xenophobic outlook by some of its people towards the rest of the continent, Nigeria has an opportunity to emerge as the leader among African nations.
With the right diplomatic outreach in Ecowas, SADC and the East African Community, Gen Buhari might find that his election as President of Nigeria gives him a platform to shape continental policy. Africa is watching him and his government.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

General News

Tony Elumelu Foundation Set to Announce 2025 Cohort of TEF Entrepreneurship Programme

Published

on

Kindly share this post

The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.

The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.

Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.

The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.

Ahead of the upcoming announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterates his unwavering belief in the potential of Africa’s entrepreneurs:

“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.

Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.

No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities. Entrepreneurship is the key to Africa’s prosperity. I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.

Tony Elumelu Entrepreneur Testimonials from Previous Years:

“I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”

– Fatima Diallo, Senegal, Agritech Entrepreneur

“As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”

– Mary Okeke, Nigeria, Fintech Founder

“The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”

– Juma Nyerere, Tanzania, Renewable Energy Entrepreneur

For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.

For Media Inquiries: media@tonyelumelufoundation.org


Kindly share this post
Continue Reading

General News

NBTI Advocates for Legislation to Strengthen Local Content

Published

on

Kindly share this post

National Board for Technology Incubation (NBTI) has urged the National Assembly to enact Executive Orders 003 and 005 into law to ensure full compliance by Ministries, Departments, and Agencies (MDAs).

NBTI Advocates for Legislation to Strengthen Local Content

Executive Order 003, signed by former Vice President Yemi Osinbajo, mandates MDAs to prioritise local manufacturers and service providers in procurement.

Similarly, Executive Order 005, issued by former President Muhammadu Buhari, directs MDAs to promote science, technology, and innovation in achieving national development goals.

Speaking on the necessity of these Orders, Dr Kazeem Raji, director-general, NBTI emphasised the need for legal backing to enhance enforcement and compliance.

He noted that while Executive Orders remain in effect until revoked or ruled unlawful, transforming them into legislation would strengthen their implementation and enforcement.

Raji stressed that enacting these Orders as laws would drive the adoption of indigenous technology, increase patronage of local innovations, and enhance economic growth.

“If Executive Orders 003 and 005 become laws, capital flight will reduce, foreign reserves will increase, GDP will grow, and employment opportunities will expand. These Orders will no longer be ignored, as there will be legal consequences for non-compliance,” he stated.

He emphasised that institutionalising these policies through legislation would solidify the government’s commitment to boosting local production and supporting homegrown industries.


Kindly share this post
Continue Reading

General News

CBN Enlists Law Enforcement Agents to Fight Commoditization of Naria

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has raised alarm over the commoditization of Naria in commercial cities in the country and enlisted security and law enforcement agents to tackle the menace.

BN Enlists Law Enforcement Agents to Fight Commoditization of Naria

CBN pointed at some Nigeria’s commercial hubs, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan as hotbeds.

Olayemi Cardoso, governor of the CBN, said that the growing trend of this illicit transactions involving banknotes requires immediate and urgent intervention.

He spoke Thursday at the Security Workshop held in Abuja in which security and law enforcement agents were major participants.

“A critical concern that arises from these transactions is an illegal act and a premium charged on banknotes ranging from 20% to 40% per transaction,” the CBN Governor stated, adding, ” the gravity of this situation is further exposed by a recent exercise where banknotes amounting to ₦2.3 million were acquired with a total payment, including premiums, of ₦3.2 million.”

Cardoso warned that this practice not only distorts the value of the Naira but also undermines public confidence in the financial system. He noted that the abuse of the Naira is frequently displayed on social media, where individuals are seen mishandling, spraying, and even stepping on banknotes at social events.

“When we talk about credibility and trust, we don’t build it this way,” he stated. “The blatant disregard for our nation’s legal tender not only weakens the value of the Naira but also erodes respect for our national identity. If we disrespect it this way and expect a strong Naira, we are deceiving ourselves.”

Cardoso urged strict measures to deter these practices, emphasizing the role of law enforcement agencies in identifying and prosecuting individuals engaged in illicit currency dealings.

“By sending a strong message to the public that these actions will not be tolerated, we can foster a sense of responsibility and respect towards our currency,” he added.

Beyond these cash-related concerns, Cardoso outlined broader security challenges affecting the CBN’s operations, including, limited availability of armed security personnel, especially in high-risk areas, delays in obtaining necessary security clearances for operations such as currency evacuations; interference in routine approvals, affecting operational efficiency, uncoordinated handling of cash-in-transit services, leading to unwarranted arrests and detentions and the need for stronger collaboration to combat illicit currency trading activities.

According to Cardoso, addressing these challenges requires a more structured approach, improved security protocols, and enhanced cooperation between regulatory agencies and law enforcement bodies.

“We all have a tremendous responsibility to protect what has been accomplished,” he said.

“This is not just a Central Bank problem. We all have to work together and take pride in restoring confidence in the financial system. The Naira is more than just a currency; it is a symbol of our national identity, and its strength is crucial for the economy.”

In his remarks, Mallam Nuhu Ribadu, national security adviser, stressed the need for law enforcement agencies to take stronger action against offenders.

“From time to time, when law enforcement acts, I think they should do more. Bringing people to justice, no matter how bitter, is necessary,” Ribadu stated. “Impunity is the mother of all the problems we have. Nobody is punished for bad behavior, and they don’t even see it as a bad thing until they are held accountable.”

Addressing the movement of cash within the country, Ribadu called for stricter regulations and oversight.

“When you have a regulated system where one authority supervises currency movement, it ensures proper accountability. The moment something comes in, you should know why it is coming, verify it, and track it.”

He raised concerns over the unregulated transportation of cash, noting that “In Nigeria today, if you board a commercial aircraft, half of the seats are occupied by money—not to mention private aircraft, boats, and other means of transport. This lack of control creates an avenue for illegal activities to thrive.”

Ribadu urged financial institutions to strengthen their internal security measures and called on law enforcement agencies to be proactive in tackling emerging threats.

“Engage with operators, collaborate with law enforcement, and take responsibility,” he said.

“We are in a transformation period, and we must change the way we handle our financial security.”

 

 


Kindly share this post
Continue Reading

Trending