Economy
Infrastructural Deficit Slowing Nigeria’s Economic Growth—CBN
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has blamed the slow economic growth in Nigeria on the infrastructural deficit, noting that it was making efforts to address this issue.
The Governor of the CBN, Mr Godwin Emefiele, while speaking at the Finance Correspondents Association of Nigeria’s (FICAN) 30th-anniversary conference and awards, said part of the ways of tackling the issue was the release of N424.14 billion to improve the power and gas infrastructure in the country while reducing the nation’s estimated $100 billion annual infrastructure deficit.
At the event themed Financing Infrastructure & SMEs for inclusive growth in the post-COVID-19 economy, the apex bank chief, who was represented by the Director of Corporate Communications, Mr Osita Nwasinobi, said in Nigeria, the current level of infrastructure deficit was a major constraint to economic development and attainment of growth average rate of at least 5 to 7 per cent required to boost productivity and sustainable growth for businesses.
Quoting the World Development Indicators 2019 report, he said 56.20 per cent of Nigerians have access to electricity, while electric power consumption stood at 144.52 kWh per capita as of 2018, while the infrastructure deficit in Nigeria is estimated to be about 1.2 per cent of the gross domestic product (GDP).
To stem this gap, he said the CBN, in line with its developmental mandate to stimulate finance to infrastructure development in Nigeria, developed and introduced low interest and long-term finance interventions in tandem with the gestation periods of infrastructure projects.
He explained that “the design of the interventions was hinged on the need to develop enabling infrastructure in critical sectors to drive economic growth and development.
To support the resilience of the real sector, the Bank’s financing interventions include the Nigeria Electricity Market Stabilization Facility (NEMSF), which has disbursed N336.88 billion to support the development of enabling infrastructure in the energy sector by financing massive capital expenditure (Capex) in the sector.
“The intervention has also contributed to the increased electricity generation to 5,195 MW through the additional 1,403.3 MW of electricity generated, of which 944.3 MW new capacity was added from financed power projects.
“To provide liquidity support to electricity distribution companies (DisCos) and improve revenue collection efficiency, the CBN released N41.06 billion for the procurement and installation of 657,562 electricity meters across the country, under the National Mass Metering Programme (NMMP).
“Equally, N7 billion has been released under the Solar Connection Facility (SCF) to facilitate the procurement and installation of 100,000 solar home systems; and N39.20 billion to support the development of enabling infrastructure to optimize the domestic gas resources for economic development under the bank’s Intervention Facility for the National Gas Expansion Programme (IFNGEP).”
He, however, noted that, despite the efforts by the apex bank to address infrastructural challenges, “these are just a drop in the ocean, as the $100 billion annual investment required for infrastructure development cannot be solely financed by the CBN.”
“Bearing the importance of quality infrastructure to economic growth, the fiscal authorities and private sector have roles in the ecosystem, with innovative financing options explored.
“The Sukuk bond market has provided a substitute for the traditional interest-based financing options and has been used to finance critical infrastructural projects across the country.
“Public and Private Partnership (PPP) also provides an alternative to finance infrastructure projects, thereby easing budgetary constraints and improve operational efficiency by leveraging the private sector’s expertise and robust financing options.
“This PPP option is yet to be fully explored in Nigeria, despite its popularity in other emerging economies, particularly Brazil and India,” he pointed out at the programme held in Lagos.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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