Economy
FBNQuest Sees Education as Catalyst for Economic Growth
Across the globe, organisations have intensified efforts towards preparing their workforce for the demands of the future.
The preparation comes in the form of education (or training), that is, upskilling (technical, soft skills, mentorship) and digitisation training programs which will avail workers the ability to acquire knowledge, skills, tools and the ability to use the ever-changing technologies in their workplaces and private affairs.
As a critical component of a country’s human capital, evidence abounds as justifications for investing in educating the workforce: a leading determinant of economic growth, employment, and earnings.
The need for education in all its form cannot be overemphasised in this rapidly changing world. For instance, 2020 in retrospect, particularly between the second (Q2) and third quarter (Q3), have it that the global economy witnessed a significant amount of disruption.
From SMEs to big corporations, economic activities were at a standstill. Despite the technological advancement of the Organisation for Economic Co-operation and Development (OECD) countries, the tale was not palatable.
The world’s biggest economy, the United States, was not left out as its economy plunged by 31.4 per cent within the period. The Eurozone witnessed a 12.1 per cent decline in its real GDP growth rate by the same period, and the impacted some economies within the Euro area.
Spain’s real GDP growth rate declined by 18.5 per cent; France’s fell by 13.8 per cent, Italy saw its real GDP decline by 12.4 per cent, while Germany’s sank by 10.1 per cent.
Further, some countries including Africa’s biggest economy, Nigeria, slumped into recession. This spiralled into a significant amount of job loss across every sector of the economy, not leaving the western world behind.
As a bounce back, education took its role leading to inventions and innovations. The lockdown forced companies and businesses to think outside the box for a quick fix—upskilling their workforce. Consequently, companies in Nigeria began to train their workforce to adopt digital means of doing business which then led to remote working as part of the new normal.
In effect, technology came atop as one of the catalysts that individuals, firms and government turned to inject life into their businesses and other activities.
From virtual meetings to online learning, mobile technology and online support for offline sectors, governments and corporate bodies switched to the new normal. Apps like Zoom, Google Meet, GoToMeeting, Join Me, Webex, Slack and Microsoft Teams to mention a few became a central platform for conferencing.
According to Sensor Tower, the global app revenue jumped to $50 billion in the first half of 2020, representing 26.1 per cent of the corresponding quarter in 2019, and partly due to COVID-19, with Google Play taking the largest chunk of the global revenue.
Although training and capacity building remains a critical pillar in recent times, the process of developing human capital through education requires creating the necessary environment in which employees can learn better, apply innovative ideas, acquire new competencies, develop skills, behaviours and attitudes.
Education can be formal, informal and non-formal with the desire to get improved performance, enhance innovation in new strategies and products, reduce employee turnover, and boost the organisational profiles. This consequently affects the gross domestic product (GDP) of a country. A country’s economy becomes more productive as the proportion of educated workers increases.
Education, through digital technology, has started to transform the lives of smallholder farmers, thus reducing post-harvest losses, by having the means to better storage and processing facilities and access to market information and subsidized farm inputs.
With the introduction of Onecourse, a software application that improves reading, writing and mathematics, the Malawian government was able to narrow the gender gap in reading and mathematics skills. Rwanda implemented a mobile app called Babyl. With this app, patients are given information about their symptoms and referral givens when it becomes unavoidable.
The Nigerian labour force demonstrates the characteristics of individuals who urgently need training such as coding and innovation to be relevant in the 21st-century workplace.
According to the recent labour force data, 30 per cent of Nigerians never attended school. Further analysis shows that 17 per cent had primary school certificates, 36 per cent had secondary school certificates, while those in possession of degree and higher certificates constituted 20 per cent of the nation’s workforce.
Even within this group, 8 per cent have Ordinary National Diploma(OND)/Nigeria Certificate In Education (NCE) certifications; 9 per cent have first degrees (BA/BSc/Bed/HND), while 1 per cent have post-graduate degrees (MSc/MA/MAdmin).
Above this is the 0.1 per cent group which have doctorate degrees. However, according to the Minister of Education, Adamu Adamu, the number of out-of-school children had dropped from 10.1 million in 2019 to 6.5 million in 2020. This shows an intentional effort by parents, governments and organisations to narrow the gap as well as tackle the prevalent challenges, albeit primary education is officially free.
Some organisations envisaged the impact of education/training as a catalyst for Nigeria’s economic growth in Nigeria’s economy. To corroborate this, analysts at Businessday Research and Intelligence Unit (BRIU) understudied the impact of upskilling and digital transformation in driving economic growth in Nigeria.
From the report, it was projected that the Nigerian economy will grow by $8.79 billion by 2023 and this growth will be largely driven by some sectors—ICT, agriculture, health, finance and insurance sectors— and by companies that spend more on training, research and development and technology acquisition.
In this light, FBNQuest, through its Corporate Responsibility and Sustainability (CR&S), continues to focus on knowledge and skills development for economic growth.
Thousands of students have been trained in financial literacy which includes ways to earn, save and grow money; hundreds of women have also been trained on financial literacy through female economic empowerment and capacity building initiatives; A Bloomberg Room was set up in Lagos Business School (LBS) to help students gain access to real-time financial data through the use of the Bloomberg Terminals; employees have volunteered to mentor Teach For Nigeria (TFN) fellows; to mention a few.
Research shows that several present-day jobs may disappear in the next few years, while the jobs of the future are not yet created, requiring that workforces across different sectors need new skills while for firms to remain competitive, digitalisation is the way to go.
In all, it is envisaged that the gross domestic product of many economies will increase noticeably due to the implementation of upskilling and digitisation programs across the world.
By Adedapo Adesanya
Nigeria and the United Kingdom are moving to tackle a long-standing £1.2 billion discrepancy in their trade records, with both countries agreeing to develop a structured data-sharing system aimed at improving transparency and accountability across bilateral commerce.
The agreement was reached during a high-level meeting in London on March 18, 2026, held on the sidelines of President Bola Tinubu’s State Visit, under the Nigeria–United Kingdom Enhanced Trade and Investment Partnership (ETIP).
According to a statement by Nigeria Customs Service (NCS) spokesperson, Mr Abdullahi Maiwada, the talks signal a shift toward deeper operational cooperation between both countries’ customs authorities.
At the centre of the discussions was a persistent mismatch in trade figures. While Nigeria recorded about £504 million worth of imports from the UK in 2024, British records show exports to Nigeria at approximately £1.7 billion for the same period, leaving a gap of roughly £1.2 billion.
To address this, the two countries agreed to explore a pre-arrival data exchange framework that will connect their digital customs systems, with the aim of improving risk management, reconciling trade data, and strengthening compliance monitoring along the corridor.
The meeting was led by Comptroller-General of Customs, Mr Adewale Adeniyi and Ms Megan Shaw, Head of International Customs and Border Engagement at His Majesty’s Revenue and Customs (HMRC), and also focused on customs modernisation and data transparency.
Mr Adeniyi underscored the broader economic implications of the initiative, noting that customs collaboration plays a central role in trade facilitation.
“Effective customs cooperation remains a critical enabler of economic growth and sustainable trade development,” he said.
He added that “customs administrations serve as the frontline institutions responsible for ensuring that trade flows between both countries are transparent, secure, and mutually beneficial.”
The Nigeria–UK trade relationship spans multiple sectors, including industrial goods, agriculture, energy, and consumer products — all of which depend heavily on efficient port and border operations.
Beyond addressing data gaps, the meeting also highlighted ongoing modernisation efforts on both sides. The UK showcased advancements in artificial intelligence-driven trade tools, digital verification systems, and real-time analytics designed to enhance cargo processing, risk assessment, and border security.
The engagement further produced plans for a Customs Mutual Administrative Assistance Framework, alongside technical groundwork for capacity building, knowledge exchange, and a joint engagement mechanism under the ETIP platform.
Mr Maiwada said the outcomes are expected to strengthen Nigeria’s trade ecosystem and support broader economic reforms.
“The NCS has reaffirmed its commitment to deepening international partnerships as part of a broader modernisation agenda designed to promote transparency, efficiency, and competitiveness in Nigeria’s trading environment,” the statement said.
It added that “insights from this engagement will strengthen its operational capacity, enhance trade facilitation, and support Nigeria’s economic reform objectives under the Renewed Hope programme.”
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn