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I am Leaving Nigeria Better in 2023 Than in 2015—Buhari

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Buhari leaving Nigeria better in 2023

By Adedapo Adesanya

President Muhammadu Buhari has claimed that he is leaving Nigeria better in 2023 than when his administration came into power in 2015.

The outgoing president said this when he addressed the nation in a farewell broadcast on Sunday morning, ahead of his exit from power on Monday, May 29.

President Buhari will on Monday hand over power to the president-elect, Mr Bola Ahmed Tinubu, who was declared the winner of the February 25 election by the Independent National Electoral Commission (INEC).

In his address, the President expressed his gratitude to Nigerians and explained the thinking behind some of his administration’s key decisions.

Read the full text of his broadcast below:

FAREWELL SPEECH BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT AND COMMANDER-IN-CHIEF, FEDERAL REPUBLIC OF NIGERIA.

My fellow Nigerian brothers, sisters and friends of Nigeria.

2. I address you today, in my last assignment as a democratically elected President of our great and well endowed nation, with a deep sense of gratitude to God, a great deal of appreciation to the Nigerian people and a modest sense of fulfilment.

3. Today we mark and celebrate another peaceful transition of power from one elected government to another in our steady march to improve and sustain Nigeria’s democracy.

4. This year we witnessed the most keenly contested presidential elections since the First Republic and this demonstrates that our democracy is getting better and more entrenched with each election.

5. We must as a nation improve and sustain gains we make in the electoral process, on an incremental basis for Nigeria to take its rightful place among nations.

6. Our democracy provides for, allows and encourages seeking redress for any perceived injustices, enabling some candidates and political parties that did not agree with the results to go to court.

7. Irrespective of the outcome of the various cases, I urge all parties involved to accept the decision of our courts and join hands to build a better Nigeria.

8. I salute the doggedness and resilience of all the Presidential Candidates and their political parties for believing in our judicial system by taking their grievances with the election results to court.

9. In the course of the campaigns, we had argued and disagreed on how to make Nigeria better but we never disagreed or had any doubts that Nigeria has to be better.

10. As your President, I call on all of us to bring to bear the strength of our individualism, the power of our unity, the convictions of our beliefs to make Nigeria work better and together with one spirit and one purpose.

11. To my brother, friend and fellow worker in the political terrain for the past ten years – Asiwaju Bola Ahmed Tinubu -, I congratulate you on the realisation of your dream, which was propelled by a burning passion to put Nigeria amongst the leading nations of the world.

12. You have indeed worked for this day and God has crowned your efforts. I have no doubt that your passion for excellence, reliance on competence, fairness in relationships, commitment to equity, loyalty to the country and desire for Nigeria to be globally relevant would come through for you, under God’s guidance, as you lead our country to levels higher that I am leaving.

13. You are the best candidate among all the contestants and Nigerians have chosen well.

14. The last eight years have been an exciting experience in my desire and commitment to see a Nigeria in which public goods and services are available, and accessible within a united, peaceful and secure nation.

15. Fellow Nigerians, on the strength of your over-whelming support for me and my political party, I started this journey with a great deal of promise and expectation from you. I never intended to be just politically correct but to do the correct things that will make meaningful impact on the lives of the common Nigerian.

16. This high expectation was not misplaced because, like the ordinary Nigerian, I had grown tired of watching the country progressively moving away from the path of correctness.

17. To ensure that our democracy remains resilient and our elected representatives remain accountable to the people, I am leaving behind an electoral process which guarantees that votes count, results are credible, elections are fair and transparent and the influence of money in politics reduced to the barest minimum. And Nigerians can elect leaders of their choice.

18. We are already seeing the outcome of this process as it provided an even playing field where persons without any political God-Father or access to money defeated other well-resourced candidates.

19. The Nigerian economy has become more resilient due to the various strategies put in place to ensure that our economy remained afloat during cases of global economic downturns.

20. You would all recall the supply chain disruptions and economic downturn that the world witnessed between 2020 and 2022 as a result of the COVID-19 pandemic. The deftness of our response to the pandemic still remains a global best practice.

21. Furthermore, we increased the ability of the poor and rural Nigerians to earn a living, provided more food for millions in our villages and gave our women opportunities to earn a living.

22. Young men and women in urban centres were also supported to put their skills into productive use. Our administration also provided an enabling environment for the private sector to engage in businesses for which their return on investments is guaranteed.

23. The private sector proved a strong partner in our drive to build a resilient and sustainable economy as evidenced by the growing number of turn-key projects in various sectors of the economy.

24. In the course of revamping the economy, we made some difficult choices, most of which yielded the desired results. Some of the measures led to temporary pain and suffering for which I sincerely apologised to my fellow countrymen, but the measures were taken for the overall good of the country.

25. Mindful of the need to ensure adequate infrastructure to drive economic growth, we completed age-long projects and processes notably amongst which are the Petroleum Industry Act, completion of some power projects, completion of the second Niger bridge and various important roads linking cities and states.

26. Our battle to ensure that all Nigerians live in a safe and secure environment has achieved considerable results. As I complete my term in office, we have been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably.

27. To sustain the gains made so far, I call on all Nigerians to be more vigilant and support the security agencies by ensuring that our values defined by being your brothers’ keeper govern our actions.

28. Up-till now, I still grieve for our children still in captivity, mourn with parents, friends and relatives of all those that lost loved ones in the days of the senseless brigandage and carnage. For all those under unlawful captivity, our security agencies are working round the clock to secure their release unharmed.

29. Fellow Nigerians, you know how dear the desire in my heart to rid the country of corrupt practices that had consistently diminished our efforts to be a great country.

30. I did pursue this commitment relentlessly, in spite of the expected pushback. I am happy that considerable progress had been made in repatriating huge sums of money back to the country and also taking over properties illegally acquired from our commonwealth.

31. To improve service delivery, we began the implementation of a number of reforms aimed at producing an Efficient, Productive, Incorruptible and Citizen-oriented (EPIC) Federal Civil Service and the results are beginning to show.

32. On the international scene, Nigeria’s influence continues to grow as exemplified by notable Nigerians occupying headship and leadership positions in renowned global bodies.

33. Our democracy is built on and continues to thrive on the principles of separation of powers. The leadership and members of the National Assembly deserve my appreciation for their patriotism which did not detract from their roles as a check to the executive arm.

34. I also want to use this opportunity to express my appreciation to a good number of Nigerians who provided their support and encouragement to help me navigate the exciting journey in moving Nigeria forward.

35. I cannot and will not forget the millions who prayed for me during my illness in my first term of office. I am constantly praying for you and for Nigeria to thrive in peace.

36. As I retire home to Daura, Katsina State, I feel fulfilled that we have started the Nigeria Re-Birth by taking the initial critical steps and I am convinced the in-coming administration will quicken the pace of this walk to see a Nigeria that fulfills its destiny to be a great nation.

37. I am confident that I am leaving office with Nigeria better in 2023 than in 2015.

38. I thank you all. And may God Bless the Federal Republic of Nigeria.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Nigeria Gets Fresh $500m World Bank Loan for Small Businesses

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Small Businesses

By Adedapo Adesanya

The World Bank has approved a $500 million facility for Nigeria to expand longer-term lending to small and medium sized businesses.

Approved under the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project, the package comprises a $400 million International Bank for Reconstruction and Development (IBRD) loan and a $100 million International Development Association (IDA) credit. Both IBRD and IDA are members of the World Bank Group.

The scheme will be implemented by the Development Bank of Nigeria (DBN), with credit guarantees provided through DBN’s subsidiary, Impact Credit Guarantee Limited (ICGL).

FINCLUDE is designed to address constraints faced by micro, small, and medium enterprises (MSMEs) in Nigeria which despite accounting for most businesses and nearly half of gross domestic product (GDP) face long-standing barriers to formal finance.

Fewer than one in 20 MSMEs have access to bank credit; loans are often short-term and costly; and collateral requirements exclude many viable firms. Women-led enterprises, which make up a substantial portion of MSMEs, are disproportionately affected, facing higher rejection rates and limited tailored products. Agribusinesses, central to food security and rural livelihoods, similarly struggle to obtain more extended‑tenor financing for equipment, processing, storage, and logistics.

However, FINCLUDE seeks to address these constraints by expanding access to affordable, longer-term finance and tailored solutions for segments with the most significant development impact.

Speaking on this, the World Bank Country Director for Nigeria, Mr Mathew Verghis, said, “FINCLUDE is about jobs, opportunity, and inclusion. By expanding access to finance for viable MSMEs—particularly women-led firms and agribusinesses—Nigeria can accelerate growth and deliver tangible benefits across communities nationwide.

“The project will make it easier for deserving small businesses to get the finance they need to grow and hire workers. With better support for lenders that practice inclusive finance and fairer, longer-term loans for entrepreneurs, we are backing the people who power Nigeria’s economy—especially women and those in agriculture.”

The FINCLUDE project will help to mobilise private investment and expand access to and usage of inclusive, innovative financial products for MSMEs nationwide.

Through DBN, the operation will strengthen the capacity of banks, including microfinance banks and non-bank financial institutions such as financial technologies (fintechs), to provide larger loans with more reasonable repayment periods, and—through ICGL—will scale partial credit guarantees so that lenders can extend credit to businesses they might otherwise consider too risky.

Targeted technical assistance will modernise loan appraisal by leveraging AI-enabled digital platforms to accelerate decision-making, improve data quality, strengthen impact measurement, and build capacity for both MSMEs and participating financial institutions.

According to the World Bank, a strong emphasis on inclusion will ensure that women-led businesses and agribusinesses benefit from these improvements.

Also commenting, Task Team Leader for FINCLUDE, Mrs Hadija Kamayo, said, “FINCLUDE will help to mobilize approximately $1.89 billion in private capital, expand debt financing to 250,000 MSMEs—including at least 150,000 women-led businesses and 100,000 agribusinesses—and issue up to $800 million in guarantees to catalyse lending.

“By extending the average maturity of MSME loans to about three years, it will help firms invest in equipment, factories, staff, and productivity, translating finance into jobs and growth.”

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Economy

Nigerian Stocks Close 1.13% Higher to Remain in Bulls’ Territory

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Nigerian Stocks1

By Dipo Olowookere

The local stock market firmed up by 1.13 per cent on Friday as appetite for Nigerian stocks remained strong.

Investors reacted well to the 2026 budget presentation of President Bola Tinubu to the National Assembly yesterday, especially because of the more realistic crude oil benchmark of $64 per barrel compared with the ambitious $75 per barrel for 2025. This year, prices have been between $60 and $65 per barrel.

Business Post observed profit-taking in the commodity and energy sectors as they respectively shed 0.14 per cent and 0.03 per cent.

But, bargain-hunting in the others sustained the positive run, with the consumer goods index up by 3.82 per cent.

Further, the industrial goods space appreciated by 1.46 per cent, the banking counter improved by 0.08 per cent, and the insurance industry gained 0.04 per cent.

As a result, the All-Share Index (ASI) increased by 1,694.33 points to 152,057.38 points from 150,363.05 points and the market capitalisation chalked up N1.080 trillion to finish at N96.937 trillion compared with Thursday’s closing value of N95.857 trillion.

A total of 34 shares ended on the advancers’ chart, while 24 were on the laggards’ log, representing a positive market breadth index and bullish investor sentiment.

Austin Laz gained 10.00 per cent to close at N2.42, Union Dicon also jumped 10.00 per cent to N6.60, Tantalizers increased by 9.80 per cent to N2.69, Aluminium Extrusion improved by 9.78 per cent to N12.35, and Champion Breweries grew by 9.71 per cent to N16.95.

Conversely, Sovereign Trust Insurance dipped by 7.42 per cent to N3.87, Royal Exchange lost 6.84 per cent to trade at N1.77, Omatek slipped by 6.84 per cent to N1.09, Eunisell depreciated by 5.88 per cent to N80.00, and Eterna dropped 5.63 per cent to close at N28.50.

Yesterday, traders transacted 1.5 billion units worth N21.8 billion in 25,667 deals compared with the 839.8 million units sold for N32.8 billion in 23,211 deals in the preceding session, showing a surge in the trading volume by 76.61 per cent, an uptick in the number of deals by 10.58 per cent, and a shrink in the trading value by 33.54 per cent.

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Economy

FrieslandCampina, Two Others Erase N26bn from NASD OTC Bourse

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FrieslandCampina

By Adedapo Adesanya

Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.

The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.

FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.

On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.

During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.

The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

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