General
Businessman Expresses Optimism on Nigeria’s Future
By Modupe Gbadeyanka
Frontline businessman and Chairman of Bresson AS, Mr Gbenga Olawepo-Hashim, recently x-rayed Nigeria’s current socio-economic and political challenges, reasoning that with a collective steadfastness the nation is surely going to get out of the woods.
Speaking at a public lecture delivered on the auspices of the Post Graduate College, Obafemi Awolowo University, Ile-Ife, he argued that an agenda was clearly possible not just for the all-round development of the nation, but for a transformation for generations yet unborn.
At the event chaired by the University’s Vice-Chancellor, Professor Eyitope Ogunbodede, Mr Olawepo-Hashim agreed that though slight progress has been made since the advent of democracy in Nigeria in between 1999-2015, Nigeria still remains a “Underdeveloped” by regular classification, which makes the question of an “Agenda for all round National Development” topical and germane.
“With 62 percent of the population living below 2USD a day, and considered poor, with life expectancy of 51 years, and over 40 percent illiterate population, bedevilled with a parlous infrastructure such as poor electricity distribution, poor road networks, and dilapidated health infrastructure, the underdevelopment profile was in bad relief” he stated.
According to him, though by the sheer nature of superiority of democracy over autocracy, Nigeria made some little gains between 1999 and 2015. Such gains where almost completely wiped off by 2015 July-2016 when the nation’s economy started contracting leading to her worst economic recession in 25 years -2.4 percent.
Regardless, he told the predominantly academia audience that “I remain optimistic about Nigerian development trajectory when we tap and build on the energy, creativity, imagination and the industry of everyday Nigerian which is the most important asset that Nigeria possess beyond her Oil wealth and Natural resources”
And beyond that, he praised the nation’s resourceful diaspora community comprising scientists, intelligentsias, innovators, professionals, footballers, and Entrepreneurs who are adding golden pages to the Nigeria rising story.
“In 2013, foreign remittances picked as much as $21 billion to Nigeria, mostly coming from the Nigeria diaspora. The diaspora community will continue to form a major pillar in the architecture of Nigerian socio-economic development.”
Mr Olawepo-Hashim declared matter-of-factly: “The crisis of Nigeria underdevelopment as we have highlighted above can only be confronted and resolved with a bold agenda and plan aimed at changing the present economy structure of dependence-it must be revolutionary.”
Suggesting a range of solutions, he capped it with a call for the New Nigeria Economic Plan to transform the Nigeria Economy to a manufacturing Economy, from agrarian economy, and change it from an economy that is based on production of primary products. Currently, according to FBS record, manufacturing accounts for 9.43 percent of Nigeria GDP while it provides as low as 0.3 percent of employment.
He went further: “Transferring the economy to a manufacturing will entail a number of policy incentives, such as creating a fiscal environment and collaborative monetary policy that will allow promoters of manufacturing concerns to accessing finance at single digit rate, ensuring available power to reduce manufacturers’ energy costs.
“Ultimately, Nigeria needs to grow the manufacturing sector in such a way that it will account for 30-40 percent of her GDP and be a major employer of labour. China is already an example of how an agrarian economy can be transformed into a manufacturing economy.
“As at 2015, manufacturing accounts for 40 percent of GDP of China. As at 2005, the manufacturing sector was also responsible for 11% of total employment. In India, the Industrial Sector accounts for robust 25 percent of GDI.”
At the lecture were the Provost, Post Graduate College, Professor Gbenga Alebiowu, Chairman of the event Local Organising Committee, Professor P.A. Olomola, members of the Board of Post graduate School, and a host of distinguished personalities, professionals, and politicians in the entourage of Mr Olawepo-Hashim.
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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