Feature/OPED
Tinubu’s Tightrope: Assessing Nigeria’s Economy After One Year In Office
By James Ezema
As President Bola Tinubu’s administration in Nigeria clocks the one-year mark, the state of the country’s economy remains a cause for concern.
Since taking office on May 29, 2023, President Tinubu has faced numerous challenges in stabilising the economy and setting it on a path to sustainable growth. However, the Nigerian economy continues to wobble under his administration with increasing hardship.
Amid various challenges, ranging from inflation to unemployment, Tinubu’s government faces the daunting task of repositioning the economy for sustainable growth.
In assessing the current state of Nigeria’s faltering economy as inherited by President Tinubu, key areas his government should focus on to steer the country towards economic stability are herein highlighted in an attempt to contribute ideas that could usher in a better life for the citizens.
The State of the Nigerian Economy
Since assuming office, President Tinubu has inherited from former President Muhammadu Buhari an economy plagued by high inflation, rising debt levels, and sluggish growth.
Inflation has been on the rise, reaching double digits in recent months, making it difficult for ordinary Nigerians to afford basic necessities. No thanks to the sudden removal of subsidy on petrol. The high inflation has been exacerbated by the depreciation of the Nigerian Naira, which has lost value against major foreign currencies, leading to higher prices for imported goods and services.
To be blamed also is the carried-over negative impacts of the COVID-19 pandemic which earlier led to job losses and increased poverty levels. Despite efforts to stimulate the economy through various policies and interventions, the impact has been limited, and the economy continues to struggle.
Inflation and Exchange Rate Stability
One of the key areas of concern for the Tinubu administration is inflation and exchange rate stability. As captured in the background of this article, it is important to emphasise that inflation has been on the rise, eroding the purchasing power of Nigerians and making it difficult for businesses to plan and invest. The exchange rate has also been volatile, leading to uncertainty in the business environment.
Addressing these issues will be crucial in restoring confidence in the economy. It is obvious that the economic policies of the administration have so far not reduced inflation and addressed the exchange rate problem. A change of policy or a change of guard could be considered.
Unemployment and Youth Empowerment
Another major challenge facing the economy is the high level of unemployment. Despite the government’s efforts to create jobs through various initiatives, the unemployment rate remains stubbornly high, particularly among young people. This has hindered economic growth, as a large segment of the population is unable to contribute positively to the economy.
Unemployment remains a major challenge in Nigeria, with a large percentage of the population, especially the youth, without jobs. President Tinubu’s government must prioritize youth empowerment programs and initiatives to create job opportunities and reduce the unemployment rate.
Investing in skills development and entrepreneurship will be key to unlocking the potential of Nigeria’s youth population. Without an adequate power supply, the situation will worsen with the high cost of fuel for generators that could power small businesses.
Infrastructure Development
In addition to these challenges, Nigeria’s economy has also been hampered by a lack of infrastructure development. The country’s roads, ports, and power supply are in dire need of investment and improvement, which has slowed down economic activities and deterred foreign investors from setting up businesses in the country.
Infrastructure development is essential for economic growth and development. President Tinubu’s government should, therefore, focus on improving the country’s infrastructure, including roads, power, and transportation networks, beginning with intra-state transportation systems. Investing in infrastructure will not only create jobs but also attract foreign investment and stimulate economic activity.
Therefore, for emphasis, the government must prioritize investment in infrastructure development beyond mere sloganeering. Specifically, the government must intentionally improve the country’s roads, ports, as well as power supply as electricity infrastructure is key. This will boost economic activities and attract needed foreign investors looking to set up businesses in Nigeria. This will go a long way in creating a conducive environment for businesses to thrive and contribute to the urgently needed economic growth.
Diversification of the Economy
Over the years, Nigeria’s economy has been heavily reliant on oil, making it vulnerable to fluctuations in global oil prices and local factors.
President Tinubu’s government should, therefore, prioritize diversifying the economy by promoting non-oil sectors such as agriculture, manufacturing, and services beyond mere words. Diversification will reduce the country’s dependence on oil revenue and make the economy more resilient to external shocks.
If the current administration will ever get the economy right, the Tinubu administration must, as a matter of urgency, do more towards implementing policies that promote economic diversification and industrialization. The heavy reliance on oil exports over the decades has increasingly made Nigeria’s economy very vulnerable, which has worsened with reports indicating that Nigeria’s oil has been sold in advance for unspecified periods.
Therefore, by diversifying the economy and promoting the growth of non-oil sectors such as agriculture, and manufacturing for export, among others, the government can create new sources of revenue and employment opportunities for Nigerians.
Fiscal Discipline and Debt Management
Fiscal discipline and debt management are crucial for ensuring the sustainability of Nigeria’s economy. President Tinubu’s government must prioritize prudent fiscal management and debt sustainability to avoid a debt crisis or over-taxation of impoverished citizens who are economically gasping for breath at the moment. Implementing reforms to improve revenue generation, without overburdening poverty-stricken Nigerians, and reduce wasteful spending by government officials and appointees will be essential in achieving fiscal stability.
Anti-Corruption and Good Governance
Despite efforts by the new chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, corruption remains a major impediment to Nigeria’s economic development. President Tinubu’s government should intensify efforts to combat corruption and promote good governance.
Strengthening institutions, enhancing transparency, and holding corrupt officials accountable will be crucial in restoring trust in the government and attracting investment. A major priority for President Tinubu’s administration should be a systematic recovery of all and every fund allegedly looted by officials of the immediate past administration and the tracing and recovery of the allegedly shared oil revenues by those referred to as former President Muhammadu Buhari’s “boys”. There are allegations of looted loans, which should be thoroughly investigated as the recovery of looted funds from former ministers and other appointees of the previous government could give a lifeline to the funding of the 2024 budget against borrowing.
Social Welfare and Poverty Alleviation
The poverty levels in Nigeria have remained very high, with a significant portion of the population living below the poverty line. President Tinubu’s government should prioritize social welfare programmes and poverty alleviation initiatives to improve the living standards of Nigerians. The sharing of money or the so-called conditional money transfer has only enriched the very wealthy government officials and appointees.
Therefore, President Tinubu’s administration should consider investing in affordable healthcare, free education, and social protection to reduce the poverty and inequality gap in the country.
In conclusion, as President Tinubu clocked one year in office on May 29, 2024, there are several areas that his government should focus on to reposition the ailing economy and set it on a path to recovery.
By focusing on such key areas as inflation and exchange rate stability, unemployment and youth empowerment, infrastructure development, diversification of the economy, fiscal discipline, anti-corruption, good governance, social welfare, and poverty alleviation, his government can reposition the economy for sustainable growth and development. President Tinubu must take bold and decisive actions to steer Nigeria towards economic stability and prosperity.
Comrade James Ezema is a journalist, political strategist and President/Executive Coordinator of the Not Too Young To Perform (NTYTP), a young people-driven pro-democracy and leadership development advocacy group. He is also the National President of the Association of Bloggers and Journalists Against Fake News. He writes from Abuja and can be reached via email at ja********@***il.com or WhatsApp on 08035823617
Feature/OPED
The Role of TV in Preserving African Stories and Identity
Scroll through social media today, and you will notice something interesting: everyone is either reacting to a series, quoting a movie line, or debating a character as though they personally know them. Beneath the memes and binge-watch culture, however, lies something deeper. Television remains one of the most powerful tools shaping how Africans see themselves, remember their history, and tell their own stories. In a continent as diverse and expressive as Africa, that matters more than ever.
TV as a Cultural Archive, Not Just Entertainment
Long before streaming algorithms began shaping our viewing habits, television was already preserving African identity. From Nollywood dramas that capture the rhythm of everyday Lagos life to documentaries exploring Maasai traditions and Ghanaian folklore, TV has served as a living archive of the continent’s stories.
It preserves more than entertainment; it preserves language, culture, humour, values, and shared experiences. Unlike fleeting social media content, television allows stories to unfold with depth, exploring the realities of family, tradition, ambition, and modern African life without reducing them to stereotypes. That is the power of TV: preserving not just stories, but perspective.
Why Representation on TV Still Matters
There is a subtle but important truth: if people do not see themselves on screen, they may begin to believe their stories are not worth telling. This is why African TV content is more than entertainment; it is affirmation.
Seeing a character who speaks like you, struggles like you, or celebrates like your community does something powerful. It validates identity and challenges outdated narratives that have historically defined Africa through external lenses.
This is where MultiChoice Group, through platforms such as DStv and GOtv, plays an important role. They do not simply broadcast content; they help distribute cultural memory at scale.
GOtv, DStv, and the Everyday African Viewer
Think about a typical evening in many African homes: the TV is on in the background, someone is laughing at a comedy show, another person is watching a local series, and someone else is catching up on the news. That shared viewing experience remains very real.
Through platforms such as DStv and GOtv, African households are exposed to a blend of local storytelling and global content. More importantly, they have helped amplify African-produced content by bringing Nollywood films, African reality shows, talk shows, and documentaries into mainstream rotation.
It is not just about access. It is about visibility.
A young filmmaker in Lagos today is more likely to believe their story matters because they have seen similar stories broadcast widely. A child in Accra grows up hearing familiar accents and seeing environments that look like their own on screen, not as exceptions, but as the norm.
TV Is Also Shaping Modern African Identity
African identity is not static; it is evolving. Television reflects that evolution in real time.
Today, audiences see:
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Young Africans balancing tradition and modern dating culture
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Stories tackling mental health in African households
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Fashion and music influences spreading through TV series
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Political satire shaping public conversation
Conversations that were once confined to homes are now being explored on screen, giving audiences the language to discuss issues that were previously unspoken.
In many ways, television is doing what oral tradition has always done: passing stories, values, humour, warnings, and history from one generation to the next. The difference is that today’s griots are writers, directors, and broadcasters.
The Future: From Watching to Owning Our Narratives
The next stage of African storytelling is not just about being seen; it is about ownership.
As more African creators produce content and platforms continue to invest in regional storytelling, television becomes more than a mirror. It becomes a tool for shaping how Africa is represented to itself and to the world.
While streaming continues to grow, television, particularly accessible platforms such as GOtv, remains one of the most effective ways to reach everyday audiences across different income levels and regions. After all, storytelling only matters if people can access it.
African stories are not new. They have always existed in families, on streets, in markets, in history books, and through oral traditions. What television has done, and continues to do, is give those stories a stage wide enough for millions to experience them at once.
The next time you watch a local series or documentary on DStv or GOtv, remember that you are not just being entertained. You are participating in the preservation of African identity itself.
Feature/OPED
The Future of AI in Nigerian SMEs: Overcoming Barriers to Implementation
By Kehinde Ogundare
Ask a tech entrepreneur in San Francisco what AI means for their business, and they are likely to talk about competitive advantage, product differentiation, and scale. Ask a small business owner in Kano or Onitsha the same question, and the conversation shifts entirely.
For many Nigerian SMEs, the priority is keeping the lights on, managing costs, and finding sustainable ways to grow in a challenging economic environment. This difference in perspective explains why the global AI conversation, often shaped by assumptions about stable infrastructure, deep capital, and abundant technical talent, frequently fails to address the realities facing Nigerian SMEs.
This matters because Nigerian SMEs are not a peripheral concern. In 2024 alone, MSMEs contributed 46.32% to Nigeria’s GDP, accounting for 96.9% of businesses and 87.9% of employment. These businesses are the backbone of the Nigerian economy, and if AI is going to mean anything for Nigeria’s development, it has to work for them in the daily conditions they actually operate in.
However, research drawing on empirical data from 144 Nigerian SMEs found that inadequate infrastructure, low digital literacy, skills shortages, and regulatory gaps are collectively preventing them from meaningfully engaging with AI. Awareness of AI is high and growing. What is missing is a clear and honest conversation about what adoption actually requires in this specific context. The barriers are real, but none of them are insurmountable. The question is whether the tools, pricing models, and support structures being offered to Nigerian SMEs are designed with those barriers in mind, or whether they have been built for another market entirely.
Subscription models making AI affordable for small businesses
When most small business owners hear “AI,” they imagine expensive software, specialist consultants, and a hefty upfront bill.
That assumption is not entirely wrong, but it describes a particular way of buying technology, not AI itself. The shift that makes AI genuinely accessible at the SME level is the move away from large, one-time capital purchases towards tools that charge a predictable monthly subscription. Businesses can pay for what they use, scale back when necessary, and avoid the debt that a major technology investment can create.
The deeper opportunity here is consolidation. Many SMEs are already spending money across multiple disconnected tools—one for invoicing, another for customer records, another for stock tracking—none of which talk to each other. An integrated platform that handles several of these functions together, with AI built in, can actually cost less than the sum of those separate subscriptions while giving business owners a clearer picture of their operations.
With margins already under pressure, any technology a business adopts needs to visibly show an increase in productivity or bottom line. Subscription-based, integrated platforms, priced transparently and honestly, are the model that best fits this reality.
Infrastructure challenges demand a mobile-first approach
No conversation about technology in Nigeria is complete without confronting the infrastructure problem, and AI is no exception. Nigeria continues to face major infrastructure barriers, including limited broadband access, unreliable power supply, and high data costs, all of which constrain deeper AI adoption. These are structural features of the operating environment that any sensible technology strategy must account for today.
The electricity situation alone is significant. The World Bank estimates that the lack of stable electricity costs Nigeria’s economy approximately $26.2 billion annually, equivalent to about 2% of GDP, forcing many businesses to run on expensive diesel generators. That cost ripples outward.
In practical terms, AI tools built for Nigeria cannot assume a stable broadband connection or a computer that is always powered on. The tools that will actually get used are the ones that work on a smartphone, consume minimal data, and can function offline when connectivity drops, syncing back up when it returns. The mobile phone is already how many Nigerian SME owners run their businesses. AI that meets them there, rather than demanding infrastructure they do not have, is AI that has a genuine future in this market.
The direction is clear: build capability from within, using tools that make that possible. Recent AI performance research reveals that 64% of African workers are already actively using AI at work, signalling massive grassroots readiness and driving forward-thinking organisations across Nigeria, Kenya, and South Africa to aggressively prioritise internal upskilling frameworks to bridge the talent gap.
As the policy groundwork is being laid, the commercial ecosystem is beginning to respond. What remains is a clear-eyed acceptance that AI tools built for this market need to look different from those built for markets with different realities. Low cost, low bandwidth, and usability for non-technical people are not modest ambitions; they are the actual requirements. Build for those realities, and AI has a real future in Nigeria’s SME economy.
Feature/OPED
When Leaders THRIVE: Yetunde B. Oni’s Candid Counsel to Lateef Jakande Leadership Academy
Union Bank’s Managing Director and Chief Executive Officer sat with 30 of Nigeria’s most promising young leaders for a frank conversation on character, relationships and the discipline of growth.
Out of 25,000 applicants, only 30 earned a place. That single figure tells you how rare the room was when Yetunde B. Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, recently sat down with a cohort of the Lateef Jakande Leadership Academy.
The Academy, a Lagos State Government initiative established in honour of Alhaji Lateef Kayode Jakande, the state’s first civilian governor, exists to raise a generation of ethical and capable young leaders. Its fellows are drawn from across professions, sectors and ethnicities, and shaped through a fellowship facilitated by the Africa Leadership Initiative, West Africa (ALI WA), whose work on values and principled leadership has become a quiet engine behind some of the country’s most thoughtful emerging talent.
It was into this gathering that Mrs Oni brought not a corporate address, but a conversation. Honest, personal and at times disarming, she spoke about the philosophies that have carried her through a career spanning more than three decades, the setbacks she has had to surmount, and the values that opened doors she never expected to walk through.
She gave them a framework to hold on to. She called it THRIVE.
The six principles
T — Take ownership of your relationships. Leadership, she argued, begins with the deliberate stewardship of the people around you. Relationships are not incidental to a career. They are infrastructure.
H — Honour God. She spoke openly about faith as a steadying force, an anchor that keeps ambition tethered to something larger than the self.
R — Recharge and refresh. Mental and physical health, she insisted, are not luxuries to be deferred until the work is done. Leaders who neglect their well-being eventually have less to give.
I — Invest in your growth. Continuous and heavy investment in personal development is, in her telling, the price of staying relevant. The learning never ends.
V — Value your work. She pressed the fellows on identity and brand. What do you stand for? Do you create value? Who, in truth, are you? The questions were not rhetorical.
E — Embrace setbacks. Failure, she said, is not the opposite of progress but a part of it. The leaders who endure are the ones who learn to metabolise disappointment rather than be defeated by it.
The people behind the leader
If one theme threaded the entire conversation, it was relationships. Mrs Oni was candid that she did not arrive at the top of Nigerian banking alone. She credited the steady support of family, her parents and her husband, alongside the mentors, friends, coaches and sponsors who shaped her at different stages.
She drew a sharp and useful distinction between a mentor and a coach, two roles often conflated and rarely understood, and she traced much of her progress back to a foundation of Nigerian cultural values: hard work, honesty and integrity, courtesy and respect. These, she told the fellows, are not relics. They are the very qualities that have earned her trust and opened doors throughout her journey.
“You need people,” was the message, delivered without sentiment. Relationships, she explained, must be managed and nurtured with the same seriousness one brings to any other discipline. Time must be managed with equal care.
On believing, and risking
Perhaps the most resonant moment came when Mrs Oni spoke about self-belief. She admitted that becoming the MD/CEO of Standard Chartered Bank, Sierra Leone, did not cross her mind – not because she was unqualified, but because she didn’t think she would get it. Encouraged by her husband, she applied anyway, and she got it!
That appointment would later see her make history as the first woman to lead a Standard Chartered Bank operation in her market.
The Union Bank of Nigeria appointment told a similar story. She had not even known the position existed after the CBN’s intervention. It came to her through relationships; through the quiet networks of people who knew her work and recommended her name while she was unaware in faraway Sierra Leone.
The lesson she left with the fellows was unambiguous. Believe in yourself. Take the risk. Put in for the thing you are not yet certain you deserve, because the opportunity you are waiting for may be one you cannot see, reaching you through someone you have not yet met.
Why this matters
Engagements of this kind are easy to underestimate. They produce no headlines about balance sheets and no immediate line on a financial statement. Yet they speak to something Union Bank has long understood: that institutions endure when they invest in people, and that leadership is built one honest conversation at a time.
Credit is due to the Africa Leadership Initiative, West Africa, whose facilitation of the Lateef Jakande Leadership Academy continues to shape young Nigerians of real promise, and to the Academy itself for the rigour of a process that turned 25,000 hopefuls into 30 fellows ready to lead.
For Yetunde B. Oni, the afternoon was less about what she had achieved than about what she was willing to give: her time, her story and her counsel, offered freely to those coming after her. It is, in the end, what the best leaders do. They light the path for the next generation, and they THRIVE.
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