Feature/OPED
2023; Why Nigerians May Yield Obedience to Development-Minded Aspirants
By Jerome-Mario Chijioke Utomi
Taken objectively, there is no doubt that as a people, we derive more comfort, protection and security from our ethnic identity than from our common sense of nationhood. It is equally a statement of fact that during the forthcoming elections, most people will vote along sectional lines, be it religion or ethnicity, corporate world, the academia and other sectors of our national life.
Under this condition, can Nigerians truly say in both concrete and moral terms that they are united in all aspects of nationhood? If not, what is holding the nation back? Is it leadership or the people? As a people, have we made an effort to discover the promoters of a disunited Nigeria or paid a price as an individual or a group to make our national oneness a healthy one?
If leadership is the challenge, what plan/plans do Nigerians have up their sleeves to democratically upturn the present political leadership in the country, and in its place, enthrone leadership that will assist in rescuing, repositioning and rebuilding Nigeria which has been battered by the bad economy, insecurity, unemployment and other social ills by the incompetent and inept leaderships? What measures are the masses putting in place to revamp the nation that has fractured into ‘ethnosyncrasies’ and idiosyncrasies?
While answers to the above are awaited, there are, in the opinion of this intervention, hopeful signs that the forthcoming general elections in the country may produce a different result that will usher in the nation of our dreams.
The signs are there that it is not going to be business as usual. This fact partially explains why young Nigerians have lately become obedient to development-minded Nigerians.
Let’s look at these considerations.
Fundamentally, apart from myriads of socio-political contradictions that have conspired directly and indirectly to give the unenviable tag of a country in constant search of social harmony, justice, equity, equality, and peace, one contending factor/actor that will propel a different outcome is the below-average performance of the current federal government which daily manifests in areas such as; ‘continued state of insecurity in the country, the persistent and ceaseless flow of blood of Nigerians on a daily basis in many parts of Nigeria, the near-collapse of the security situation in Nigeria, their inability to manage the nation’s economy and develop the oil-rich but socioeconomically backwards Niger Delta’. Nigerians, who were initially deceived in 2015 and have remained in darkness, appear to have finally seen the light and known the truth and are getting ready for the 2023 general polls.
As an illustration, the present instinct in the country explains two things; first, apart from the fact that the shout of integrity which hitherto rend the nation’s political space has like light faded, jeer has since overtaken the cheers of political performance while fears have displaced reason -resulting in an entirely separate set of consequences – irrational hatred and division.
Admittedly, none of the current challenges (political or socioeconomic) bedevilling the nation started with this administration.
For instance, corruption is, but a human problem that has existed in some forms. Its fight also dates back to the colonial governments as they (colonial overlords) sufficiently legislated against it in the first criminal code ordinance of 1916 (No15 of 1916) which elaborately made provisions prohibiting official bribery and corruption by persons in the public service and in the judiciary.
Also, upon independence on October 1, 1960, the criminal code against corruption and abuse of office in Nigeria was in sections 98 to 116 and 404 of the code. But while the situation then may look ugly, what is going on now is even worse and frightening.
Nigerians are particularly not happy that the All Progressives Congress (APC) led federal government lavishly promised Nigerians ‘change’ and was voted to provide good and qualitative leadership; elected to bring the nation’s economy out of the woods and were chosen to bring democracy’s dividends to the people. But instead of fulfilling these promises, they visit the masses with cluelessness and utopia. Instead of reviving the comatose economy, they threw it further down into recession and instead of bringing dividends of democracy, they democratized poverty, institutionalized unemployment and governmentalized hopelessness and frustration. They are not authentic leaders but political demagogues.
As noted elsewhere, the Nigerian economy has continued to deteriorate and Nigerians have become numb and accustomed to bad economic news as exemplified by the inconsistent and differential exchange rate regime, high interest rates, unsustainable unemployment figures and borrowing spree some of which have not been applied to important projects, and other bad economic indicators.
The running of our country’s economy continues to go against the provisions of our constitution, which stipulates forcefully that the commanding heights of the economy must not be concentrated in the hands of a few people. The continuous takeover of national assets through dubious (privatization) programmes by politicians and their collaborators are deplorable and clearly against the people of Nigeria. The attempt to disengage governance from public sector control of the economy has only played into the hands of private profiteers of goods and services to the detriment of the Nigerian people.
Another deep-seated reason why Nigerians must act differently in the forthcoming general elections, as doing one thing repeatedly and expecting different results will amount to insanity, is the continued state of insecurity in the country, the persistent and ceaseless flow of Nigerians’ blood on a daily basis in many parts of Nigeria, the near-collapse of the security situation in Nigeria. The strategies to confront terrorists, kidnappers, bandits and other criminals appear to have defiled every formula.
This piece is not alone in this line of belief as a glance at a communiqué issued by one of the major opposition political parties in the country shares similar sentiment. Worthy of note is that this opposition party in question may overtly or in absolute terms not be better, but in that communiqué, the party covertly highlighted what has been on the minds of Nigerians.
It reads in parts; Mr President is unwilling, from his recent comments discountenancing the proposals for state policing, to participate in reviewing the structural problems of tackling insecurity in Nigeria.
While urging Mr President to reconsider his position and consider decentralization and restructuring of the security architecture as the most viable solution, together with proper arming, funding and training requirements for security agencies, it noted that the management of our oil and gas resources, the administration of federation account remittances have remained opaque, confusing and non-transparent.
In addition, the transition to the Nigerian National Petroleum Company (NNPC) Ltd under the Petroleum Industry Act has not been properly streamlined to ensure that the interests of all the tiers of government are protected, consistent with the 1999 Constitution.
On the state of the nation’s economy, the party added; it is clear that the APC government is a massive failure when compared with the records of the previous government. The present administration inherited a $550 billion economy (the largest in Africa), but today, Nigeria is the poverty capital of the world.
In 2015, under the previous government, the exchange rate was N198 per Dollar, it is now under APC almost N500 to a Dollar (now over N600); in 2015, the unemployment rate was 7.3% under the Goodluck Jonathan administration, it is now 33%, one of the highest in the world under APC; in 2015, the pump price of petroleum was N87 per litre, it is now N165 per litre and climbing under APC. debt servicing now under APC takes over 98% of the federal budget.
What about the education sector where over, 10.5 million children are out of school, the highest in the world. Our industries continue to bear the brunt of a negative economic environment. As a result, job losses and unemployment continue to skyrocket, creating a serious case of social dislocation for the vast majority of people.
In the final analysis, the truth, in my view, is that the people seem to have come to terms that behind every major socioeconomic and security failure in the last seven years in the country, lies a failed decision by the government at the centre, and behind every failed decision lies a government that failed its people- a government that did not carry out its duty properly.
Utomi Jerome-Mario is the Programme Coordinator (Media and Public Policy), Social and Economic Justice Advocacy (SEJA), a Lagos-based Non-Governmental Organization (NGO). He can be reached via Jeromeutomi@yahoo.com/08032725374
Feature/OPED
From Struggle to Stability: How FinTech is Helping Nigerian SMEs Overcome Cash Flow Challenges
When Mrs Agbaje started her school in Ibadan twelve years ago, she didn’t envision a tech-enabled future. Her dream was simple—provide affordable, quality education to children in her community. For the most part, she made it work. But as the school grew, a new challenge took root. It wasn’t infrastructure. It wasn’t teacher retention. It was something far more basic: getting paid.
Each new term brings the same pattern. Parents promise to pay fees “by next week.” Some follow through. Many don’t. As the term wears on, Mrs Agbaje finds herself juggling spreadsheets, reminder texts, and awkward conversations in car parks or at school gates. Meanwhile, salaries must be paid, books restocked, diesel bought. More often than not, she dips into personal savings to keep things running.
Her story is common across Nigeria. Small businesses—whether they’re schools, salons, logistics firms, or cooperative groups—are constantly navigating the emotional and financial toll of delayed payments. And it’s not just a matter of inconvenience. A recent study by MacTay Consulting found that Nigerian SMEs wait between 60 to 120 days on average to receive payment for services or products already delivered. That kind of delay is more than a hiccup. It threatens livelihoods. It blocks growth. It’s a silent killer.
For Chuks, who runs a car hire service in Enugu, the issue is tied to his bigger corporate clients. They insist on “net 30” or “net 60” terms—industry-speak for “we’ll pay you in a month or two.” That might be manageable for a large fleet with strong cash reserves, but for someone like Chuks, every week matters. With fuel prices rising and maintenance bills stacking up, he’s often forced to park cars because he doesn’t have the cash to fix them—even when work is lined up.
What links these stories is the reality that small businesses operate in a system where money is constantly in motion but rarely on time. Customers often mean well, but their own financial instability creates a domino effect. And the existing tools to manage payments—handwritten ledgers, POS machines, WhatsApp reminders—were never designed for structure. They’re patched solutions to a systemic problem.
Even digital banking, for all its advancement in Nigeria, hasn’t solved this issue. Many SMEs still operate informally, managing finances through personal bank accounts or apps not tailored to business needs. The result is a messy web of follow-ups, reconciliations, and emotional strain. Business owners become debt collectors, chasing down what they’ve already earned, time and time again.
What’s often missed in conversations about entrepreneurship is just how deeply this problem cuts. Payment delays mean rent can’t be paid on time. It means holding off on hiring a new staff member, or letting go of a part-time assistant. It means saying no to growth opportunities, not because they’re not viable, but because the cash flow isn’t predictable enough to take the risk.
And when you zoom out, the implications are national. Small businesses make up over 90% of enterprises in Nigeria. They contribute nearly half of the country’s GDP and employ a significant portion of the workforce. Yet, their greatest enemy isn’t market competition—it’s irregular income. This is a structural inefficiency that deserves far more attention than it gets.
Slowly, however, change is beginning to show. A quiet revolution is underway—one where technology is stepping in not as a trend, but as a tool for financial stability. More SMEs are beginning to explore digital solutions that streamline payments and reduce friction between businesses and customers.
Among these solutions is PaywithAccount, a new tool launched by Nigerian fintech company OnePipe. Designed specifically for businesses with recurring payments—schools, cooperatives, service providers—it allows them to automate collections directly from customers’ bank accounts. With full consent and transparency, payments can be scheduled, reducing the need for repeated follow-ups or awkward reminders.
For Mrs Agbaje, this has made a significant difference. Parents receive structured payment plans, reminders go out automatically, and debits happen based on prior agreement. She now spends less time tracking who has paid and more time planning curriculum upgrades and engaging with teachers.
The benefit isn’t just financial—it’s emotional. When business owners don’t have to chase payments, they gain time, clarity, and confidence. They can plan ahead, restock inventory, or finally invest in that expansion they’ve put off for years. And for customers, the experience feels more professional, more trustworthy. Everyone wins.
Technology won’t solve every problem for Nigerian SMEs. But smart, well-designed financial tools are starting to remove some of the biggest roadblocks—quietly and effectively. And that’s the point. The best systems aren’t flashy. They work in the background, reducing stress, restoring dignity, and enabling business owners to focus on what truly matters.
For Ope Adeoye, founder of OnePipe, the issue is personal. “Every Nigerian knows someone who runs a business—a cousin, a friend, a neighbour. When they suffer from late payments, it affects whole families and communities. Fixing this isn’t just a business goal—it’s a social one.”
In a country as dynamic and entrepreneurial as Nigeria, the challenge is rarely about lack of ideas. It’s about systems that help those ideas survive. And one of the most overlooked systems is the way money flows—or fails to.
As more SMEs embrace tools that put payment on autopilot, a future of stability—rather than constant survival—starts to feel possible. And in a nation powered by small businesses, that kind of shift could move mountains.
By Olubunmi Aina
Many experts have highlighted the growing impact of Artificial Intelligence (AI) across the financial industry, and I would like to share my perspective on a key functional area that typically drives business growth and profitability— sales and business development professionals and how AI is impacting their work.
Sales and business development professionals are often regarded as the engine room of an organization, thanks to their eye for business opportunities, ideation and conceptualization, market engagement and penetration expertise.
AI is enabling sales and business development professionals to automate tasks, take meeting notes, analyze data, and personalize customer experiences, all of which are embedded within CRM (Customer Relationship Management) systems. A CRM with an AI tool is what forward-thinking businesses are leveraging to manage leads, customer data, customer interactions, notify and remind professionals to take action when due, drive growth and profitability.
This is why it is crucial for these professionals to invest heavily in AI knowledge to remain globally competitive. This can be achieved through self-study, attending industry events, or consulting with leading technology companies that have embraced AI, such as Interswitch Group, AI In Nigeria, and Revwit.
Most importantly, to maximize the potential of AI, sales and business development professionals must pay close attention to customer interactions. and ensure they collect high-quality data. Feeding the data repository or CRM Systems with valuable insights and data from real customer engagement is key to getting AI to produce near accurate insight for effective results.
AI will continue to be a key driver of business growth and decision-making in the years ahead. If you are yet to embrace it, now is the time. Keep learning!
Olubunmi Aina is the Vice President, Sales and Account Management at Interswitch Group
Motherhood in Nigeria is a dynamic force fueled by strength, resilience, and unwavering love. As Mother’s Day approaches, we celebrate the women who carry the weight of their families and communities, often while nurturing their dreams. From bustling market traders to ambitious entrepreneurs, Nigerian mothers are a force to be reckoned with.
However, the reality is that balancing these roles can be incredibly challenging. The daily hustle, coupled with the rising cost of living, often leaves little time or resources for personal aspirations. This is where the digital marketplace and platforms like Temu are beginning to play a significant role, not just in Nigeria but globally.
For Stephanie, a Nigerian hair and beauty influencer navigating the demands of work and motherhood, the ease of online shopping became invaluable. She discovered that purchasing baby necessities, like baby high chairs from Temu, from the comfort of her home significantly simplified her life, granting her more time to dedicate to her family and professional pursuits.
Beyond convenience, digital platforms are also fueling entrepreneurial success for women. Caterina Tarantola, a mother of three, achieved the remarkable feat of opening her translation and interpretation office in just 15 days. Her secret weapon was also Temu. Initially skeptical of online shopping, she found it to be a personal advisor, providing everything from office furniture to decor, delivered swiftly and affordably. This kind of direct access is precisely what can empower many Nigerian mothers who strive to maximise their resources and time.
Similarly, Lourdes Betancourt, who left Venezuela to start a new life in Berlin, turned to Temu when launching her hair salon. By sourcing essential supplies directly from manufacturers, she avoided costly markups and secured the tools she needed to turn her vision into reality.
Since Temu entered the Nigerian market last November, more Nigerian mothers have embraced the platform to access quality, affordable products. By shopping online instead of spending hours at physical markets, they can reclaim valuable time for their businesses, families, and personal growth.
This shift reflects a global trend as consumers worldwide seek convenience and affordability. In response, Temu has rapidly grown into one of the most visited e-commerce sites and was recognized as a top Apple-recommended app of 2024.
The digital marketplace, while still developing in a place like Nigeria, presents a significant opportunity for empowerment. The progress made thus far highlights the tremendous potential for positive impact.
This Mother’s Day, we celebrate Nigerian mothers’ strength and adaptability. Like Stephanie, Caterina, and Lourdes, they are turning challenges into opportunities—building brighter futures for themselves and their families with the support of innovative online platforms like Temu.
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