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Unemployment: 35% of Nigerians May Slip into Poverty – NESG

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Unemployment Rate

By Adedapo Adesanya

The National Economic Summit Group (NESG) has warned that 35 percent of Nigerians may slip into abject poverty if the government does nothing to prevent the growing unemployment rate.

It said this in its 2020 Macroeconomic Outlook, which was unveiled on Wednesday in Lagos, where the intelligence body said that said the rate of unemployment could worsen by 2030.

The NESG also projected that the service sector share could hit 54 percent as the country’s economy remained fragile despite the modest recovery recorded over the past two years following the economic recession of 2016.

NESG, in the outlook, also stressed the urgent need for government to adopt appropriate policy measures to deal with the challenges of booming population and rural-urban migration of millions of Nigerians.

It was projected that Nigeria’s economy would record a 6.4 percent growth by 2030 if current challenges facing business were tackled by government.

Providing some key solutions, the body advised federal government to address fuel subsidy, electricity, and foreign exchange market interventions policy instituted by the Central Bank of Nigeria (CBN).

“Continuation of these subsidy programmes usually discourages investments and inflow of needed capital in operating sectors. Hence, gradually ending these programmes and repositioning government as a regulator will help to free some funds for infrastructure development,” the group noted.

The NESG said the government should complete the power and energy sector deregulation process by opening up the transmission segment of the power value chain to private participation and investments.

The group stated: “In doing this, three criteria should be considered for willing and prospective investors – managerial experience, technical expertise and financial capabilities. These are key to the success of the power/energy sector reform road map in Nigeria.”

The NESG said despite the commitment of the Organisation of Petroleum Exporting Countries (OPEC) to control supply in order to sustain higher prices oil price will stiffen 2020, noting that there was a need for deep reform in its oil sector.

”Nigeria will need to implement reforms in the oil and gas sector to attract large investments into the upstream subsector and ultimately shore up oil production.” It recommended in the report.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Entries Open for ClimateLaunchpad Green Business Ideas Competition

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By Modupe Gbadeyanka

Entries for the 2026 edition of the world’s largest green business ideas competition, ClimateLaunchpad, have opened.

In 2025, the programme, organised by Climate KIC, received over 2,700 applications from 40 countries. The winning ventures gain prize money, investor connections, and access to a global cleantech network.

This year’s edition is expected to be bigger and better, with climate innovators, green venture builders, and entrepreneurs from around the world given the opportunity to apply.

Since its inception in 2014, the programme has supported nearly 5,000 ideas across 97 countries, and this year, it is expanding its presence in Asia with Singapore hosting both the regional final and global grand final for the first time.

Participants move through several stages, including an initial mini-course to refine the concept, an intensive multi-day Boot Camp led by expert trainers, targeted coaching to perfect value propositions and investor pitches, national and regional finals, and a place at the global grand final, with prizes and access to a global climate network.

“Strengthening ClimateLaunchpad’s presence in Asia marks a profound new chapter for this programme and for the climate innovation movement more broadly. Asia is where so much of the world’s climate and nature future will be shaped, through business leadership, public-private partnerships and long-term strategic thinking,” the chief executive of Climate KIC, Kirsten Dunlop, stated.

“We look forward to supporting this momentum with new business ideas and innovation ecosystem collaborations across more than a dozen countries.

“This expansion opens space for deeper cross-cultural connections and for first-time founders to turn sparks of imagination into solutions that serve both people and planet,” Dunlop added.

Also commenting, the chief executive of Better Earth Ventures, Ms Rebecca Sharpe, said, “We are proud to host ClimateLaunchpad’s regional and global grand final in Singapore and to convene an international group of climate entrepreneurs from more than 50 countries.

“Climate solutions are emerging from every corner of the world, and bringing them together creates the kind of cross-border exchange and collaboration this moment demands. Our focus is to ensure early-stage founders have the structure, ecosystem access and support needed to move from idea to credible impact.”

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Nigeria Okays Alphanumeric Digital Postcode System to Boost Delivery

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By Adedapo Adesanya

Nigeria has finally approved the use of an alphanumeric digital postcode system for the country, 17 years after it was first considered.

According to the Minister of Communications and Digital Economy, Mr Bosun Tijani, the system was okayed at the Federal Executive Council (FEC) meeting on Wednesday, chaired by President Bola Tinubu, in line with the ministry’s strategic blueprint.

He said working in collaboration with the Nigerian Postal Service (NIPOST), the ministry will introduce a modern, geospatially intelligent addressing system that improves accuracy across the country and enables faster and more reliable mail and parcel processing.

“Beyond strengthening postal operations, the Digital Postcode System will also serve as an important national enabler supporting better national planning, improved emergency response, more efficient logistics and e-commerce, and the delivery of government services.

“As our digital economy continues to grow, foundational systems such as this play an essential role in building the infrastructure required to connect people, businesses, and services more efficiently across the country,” he said.

He noted that the approval represents another step forward in the Mr Tinubu-led administration’s commitment to building the enabling environment to support a modern, inclusive, and globally competitive digital economy.

On her part, Ms Tola Odeyemi, the Post Master General and chief executive officer of NIPOST, said the implementation is a foundational step toward building the digital infrastructure required for a modern economy.

“First conceptualised in 2009, this initiative is finally becoming a reality in 2026 under the leadership of President Bola Tinubu and the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani,” she wrote on X, formerly Twitter.

“A digital postcode system is more than a postal reform. It is critical national infrastructure that enables e-commerce, logistics, emergency services, financial inclusion, security, urban planning, and effective public service delivery,” she added.

By introducing an alphanumeric addressing framework, Nigeria will now be able to identify locations with far greater precision across cities, towns, and rural communities.

“This will significantly improve how goods, services, and digital platforms reach Nigerians everywhere.

“This milestone reflects a shared commitment by the Federal Government to strengthen Nigeria’s digital backbone and unlock new opportunities for innovation, commerce, and national development,” she further stated.

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NCDMB Targets Midstream Compliance to Boost Nigeria’s Industrial Growth

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By Adedapo Adesanya

The Nigerian Content Development and Monitoring Board (NCDMB) has intensified its compliance drive in the oil and gas midstream segment, convening a high-level sensitisation workshop aimed at deepening adherence to the Nigerian Oil and Gas Industry Content Development Act.

The workshop, themed Compliance with the Provisions of the NOGICD Act 2010: A Pathway to Industrialization, held in Lagos, drew key operators across gas processing, transportation, storage and infrastructure development.

Speaking on behalf of the Executive Secretary of NCDMB, Mr Felix Ogbe, the Director of Monitoring and Evaluation Division, Mr Omomehin Ajimijaye, described the midstream sector as “a critical bridge between upstream production and downstream utilisation.”

“The midstream segment plays a pivotal role in gas processing, transportation, storage and infrastructure development, all of which are essential pillars for achieving Nigeria’s industrialisation agenda,” Mr Ajimijaye said.

Mr Ajimijaye stressed that adherence to the NOGICD Act goes beyond regulatory obligation.

“Compliance with the NOGICD Act is not merely a statutory requirement,” he stated. “It is a strategic imperative for sustainable national development.”

He explained that the programme was structured to clarify registration processes, Nigerian Content Equipment Certification, expatriate quota requirements, statutory reporting templates and submission timelines.

“Our objective is to deepen stakeholders’ understanding of compliance requirements, address recurring gaps identified during Monitoring and Evaluation reviews, and foster constructive dialogue on operational realities within the midstream space,” he added.

According to Mr Ajimijaye, the board has received feedback from operators highlighting challenges in meeting Nigerian Content obligations, including reporting complexities and varying interpretations of certain provisions of the Act.

“As a responsive regulator and development-focused institution, we remain committed not only to enforcing compliance but also to providing guidance, clarity and the necessary support to enable stakeholders succeed,” he assured participants.

With Nigeria positioning gas as a transition fuel and economic growth driver, regulatory clarity in the midstream space is essential to unlocking investment and local capacity development.

The participants received technical presentations from key NCDMB divisions, including: Monitoring and Evaluation Division, Project Certification and Authorisation Division, Capacity Building Division and Zonal Coordination Division.

The interactive sessions provided practical guidance on engagement protocols with the Board and strengthened collaboration between regulators and operators.

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