Connect with us

National News

Nation’s Record of Ease of Doing Business Responsible for Economic Woes- Lawmakers

Published

on

Nation’s Record of Ease of Doing Business Responsible for Economic Woes- Lawmakers

By: Michael Mike

Nigerian lawmakers have complained about the nation’s economic situation, insisting that Nigeria’s record of Ease of Doing Business (EoDB) has not been stable and was responsible for the ongoing challenging confronting the country.

This was one of the positions of the Nigerian lawmakers at the Economic Community of West African States (ECOWAS) Parliament during the Presentation of Country Report of Nigeria at the 2023 First Ordinary Session of the Assembly in Abuja on Tuesday.

The lawmaker in the report said: “Nigeria’s record of EoDB is not stable and it is reflective of the ongoing challenges confronting our economy. To improve the situation on 14 February, 2023 the Federal Government under the leadership of His Excellency, President Muhammadu Buhari, signed into law the Busimrss Facilitation (Miscellaneous Provisions) Act 2023, a legislation that fosters an enabling environment for micro, small, and medium-sized enterprises (MSMEs) in Nigeria.”

They explained that the Act among other things would promote accountability and transparency for government agencies and business operations as well as boost technology use in Ministries, Departments and Agencies (MDGs). It would also encourage government to have legally binding agreement with the public, essentially detailing processes, documentation, and timeliness while providing amendments to some Acts such as Companies and Allied Matters Act, The Foreign Exchange (Monitoring and miscellaneous provisions) Act, Nigeria Export Promotion Council Act, National Housing Fund Act and the Nigerian Investment Promotion Commission Acts.”

They however said with the implementation of the law and consolidation of the reforms, there would be result in seamless public and private sector partnerships, thereby improving domestic businesses and attracting foreign investments while extensively impacting the economy.

They also said there are presently concerns over the smooth implementation of the 2023 national budget since the budget is largely funded by crude oil benchmarks and loan grants which are momentarily plummeting., lamenting that “this is as a result of inability of the country to find substantial buyers for its crude oil,” insisting that “this deplorable situation could be compounded by strikes in the French refining sector and maintenance at European plants where Nigeria refines her crude oil.”

The lawmakers equally expressed worries over the debt profile and its management by the Nigerian government. They said: “According to the World Bank, Nigeria used 96.3 percent of its revenue generated in 2022 to service debt and the constant fiscal deficit has aggravated the nation’s public debt stock.

“The fiscal deficit was estimated at 5.0 percent of GDP in 2022, breaching the stipulated limit for a federal fiscal deficit of 3 percent. This has kept the public debt stock at over 38 percent of GDP. As a result, the GDP is projected to be negatively impacted by the trade and financial flow repercussions of the anticipated global economic slowdown in 2023.”

They however expressed optimism, insisting that “the federal government of Nigeria is leveraging on the country’s international partnerships to stabilize the economy.

“In this regard, Nigeria and China have deepened bilateral trade relations in agriculture and agro-allied industries, mining, and investments in gas development as well as the digital economy.”

Nation’s Record of Ease of Doing Business Responsible for Economic Woes- Lawmakers

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

From Ports to Food: How Partnership with China is Driving Nigeria’s Economic Transformation

Published

on

From Ports to Food: How Partnership with China is Driving Nigeria’s Economic Transformation

By: Adeola Adelabu

For years, Nigeria’s conversations around economic transformation have been long on ambition but short on execution. Increasingly, however, a more pragmatic pattern is emerging, one defined by structured partnerships, targeted investments, and a growing emphasis on delivery. Nowhere is this shift more visible than in the evolving relationship between Nigeria and China.

As bilateral cooperation deepens, a broad portfolio of projects spanning infrastructure, manufacturing, and agriculture is beginning to reshape Nigeria’s economic trajectory. The emerging signal is clear: development is no longer being framed solely around policy intent, but around measurable outcomes.

A clear demonstration of this shift is the operational success of the Lekki Deep Sea Port. Developed in partnership with China Harbour Engineering Company (CHEC), the port stands as one of the most significant private-sector-led infrastructure investments in Nigeria in recent years. With over $1 billion in equity contribution by CHEC, the facility is now fully operational, easing port congestion, improving cargo handling efficiency, and strengthening Nigeria’s position as a maritime gateway for West Africa.

Beyond its infrastructure value, Lekki Deep Sea Port is increasingly seen as a case study in what structured international partnerships can deliver when aligned with domestic priorities. It highlights a key lesson: investment alone is not sufficient; execution, governance, and operational sustainability are what convert capital into national value.
However, infrastructure is only the starting point of industrial transformation. The next frontier lies in rebuilding Nigeria’s productive base, particularly in steel. No modern economy achieves industrial depth without a functioning steel industry, and this reality places renewed attention on the revival of the Ajaokuta Steel Company.

For decades, Ajaokuta has remained an unfulfilled potential. Yet, renewed collaboration involving Chinese technical and investment partners has reopened the possibility of repositioning it as a core pillar of Nigeria’s industrial ecosystem. A functional steel plant would reduce import dependency, lower production costs across sectors, and stimulate downstream industries such as construction, fabrication, and manufacturing.

The strategic logic is further reinforced by Nigeria’s resource endowment, particularly iron ore deposits in Itakpe, Lokoja and Ogun state. Combined with improving logistics infrastructure, including rail and inland transport corridors, the fundamentals for a viable steel value chain are present. What remains critical is execution discipline and sustained policy continuity over time.

If infrastructure and steel represent the backbone of industrialisation, agriculture represents its most immediate and socially visible impact. In a context where food inflation continues to pressure household incomes, interventions that directly affect food supply and pricing carry both economic and political significance. This is where the National Integrated Poultry Project becomes particularly consequential.

According to Joseph Tegbe, the project is designed to address structural constraints in Nigeria’s poultry value chain, particularly high feed costs and supply inefficiencies. By integrating large-scale poultry production with domestic cultivation of key feed inputs such as maize and soybean, the initiative directly targets the most significant cost drivers in the sector.

The economic rationale is straightforward: reducing feed costs lowers production costs, and lower production costs improve affordability for consumers. In practical terms, this is expected to translate into more accessible prices for eggs and poultry products, which remain critical sources of affordable protein for millions of Nigerian households.

The implications extend beyond consumers to producers. Poultry farmers, many of whom operate under volatile input pricing and thin margins, stand to benefit from more stable feed supply chains and reduced production costs. This could enhance profitability, encourage sector expansion, and strengthen resilience across the agricultural value chain.

The scale of ambition is significant. Pilot phases are scheduled for Kaduna and Oyo States, with plans for national expansion thereafter. Each integrated facility is expected to operate at industrial scale, housing up over one million layer birds alongside substantial broiler capacity, and collectively producing millions of eggs daily.

The programme is projected to generate tens of thousands of direct jobs and hundreds of thousands of indirect opportunities across farming, logistics, processing, and distribution.

Yet, Nigeria’s development history underscores an important caution: ambition does not automatically translate into impact. The country has seen several large-scale agricultural and industrial programmes falter due to weak coordination, inconsistent policy implementation, and limited accountability mechanisms.

This makes execution the defining variable. Clear timelines, institutional coordination, and measurable performance indicators will determine whether these initiatives become transformational or remain under-realised potential.

Encouragingly, recent engagements under the Nigeria–China Strategic Partnership indicate that over $20 billion in investment commitments have been mobilised across agriculture, mining, automotive manufacturing, and energy.

While this signals strong investor confidence, commitments must ultimately be judged by outcomes, jobs created, food prices reduced, industries strengthened, and productivity improved.

Taken together, the trajectory from Lekki Deep Sea Port to Ajaokuta Steel and the National Integrated Poultry Project reflects a more integrated approach to economic development, one that connects infrastructure, industry, and food systems within a single framework of cooperation. The Nigeria–China partnership is therefore evolving beyond diplomacy into an economic delivery platform. The real question is no longer about the scale of ambition, but the consistency of execution.

If Nigeria succeeds, the impact will be tangible: lower food costs, stronger industrial capacity, and expanded employment opportunities. If it fails, these initiatives risk joining a long list of unrealised development plans. Ultimately, the difference will be defined not by vision, but by execution.

Adeola Adelabu is the Lead, Media and Public Relations at the Nigeria–China Strategic Partnership (NCSP).

From Ports to Food: How Partnership with China is Driving Nigeria’s Economic Transformation

Continue Reading

National News

Nigeria Launches Nationwide Drive to Safely Manage Small Battery Waste

Published

on

Nigeria Launches Nationwide Drive to Safely Manage Small Battery Waste

By: Michael Mike

Nigeria has taken a major step toward tackling a fast-growing but often overlooked environmental threat with the launch of a national initiative to ensure the safe collection and recycling of small-sized waste batteries.

Unveiled at the Federal Ministry of Environment’s Green Building in Abuja, the programme introduces a structured system for the environmentally sound management of discarded household batteries—ranging from button cells in wristwatches to AA and AAA batteries in remote controls, as well as lithium-ion units powering mobile phones and other portable devices.

Speaking at the event, Minister of Environment, Balarabe Lawal, described the initiative as a decisive intervention to close a long-standing gap in Nigeria’s waste management system.

He noted that while large batteries such as those used in vehicles often attract recycling value, smaller batteries are routinely ignored and improperly disposed of, posing serious risks to both human health and the environment.

“These small-sized batteries are deceptively dangerous,” the minister said. “They are easily discarded, yet they contain toxic substances that can contaminate our soil, water, and food systems. This initiative is about protecting lives—especially those of women and children who are most vulnerable to the impacts of environmental pollution.”

At the core of the programme is the deployment of specially designed collection receptacles across strategic locations in the Federal Capital Territory, including markets, schools, offices, and motor parks. The goal is to make safe disposal accessible at the point of use, ensuring that hazardous battery waste does not end up in dumpsites or informal recycling channels.

The initiative is being implemented in partnership with the Alliance for Responsible Battery Recycling (ARBR), the Producer Responsibility Organisation for Nigeria’s battery sector under the Extended Producer Responsibility (EPR) framework.

Established in 2019, ARBR is tasked with coordinating the collection, transportation, and environmentally compliant recycling of battery waste nationwide.

Providing an overview of the project, ARBR representatives highlighted the growing volume of small battery waste driven by increased technology use and energy access across Nigeria. Despite their widespread use, these batteries often enter general waste streams at the end of their lifecycle, releasing hazardous materials such as cadmium, mercury, nickel, lithium, and lead into the environment.

“Collection is the foundation of environmentally sound management,” ARBR stated. “Without it, the entire value chain—from transportation and storage to treatment and recycling—breaks down. This project is designed to ensure that these batteries are captured early and directed into safe, regulated systems.”

Beyond collection, the programme establishes a coordinated downstream process involving the evacuation of collected batteries to central aggregation hubs, from where they will be transported to licensed recycling facilities, including export where necessary under national regulations. Key partners, including the Abuja Environmental Protection Board (AEPB) and the Waste Pickers Association of Nigeria (WAPAN), are expected to play critical roles in ensuring the system’s efficiency and sustainability.

The initiative is anchored on Nigeria’s National Policy on Battery Waste Management (2022) and the National Environmental (Battery Control) Regulations (2024), which mandate the responsible lifecycle management of batteries in line with global environmental standards.

In a goodwill message, the Director General of the National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Innocent Barikor, described the launch as a strong demonstration of Nigeria’s commitment to meeting its obligations under international environmental agreements, including the Basel Convention on hazardous waste.

He emphasized that the rapid proliferation of battery-powered devices has created an escalating waste stream that demands urgent and coordinated regulatory action.

“This is not just a technical exercise,” Barikor said. “It is a declaration of intent that Nigeria is ready to protect public health and preserve its ecosystems through science-based and enforceable solutions.”

He further noted that the initiative builds on groundwork laid under the PROBAMET project, which helped map informal sector activities, identify infrastructure gaps, and raise awareness among stakeholders in the battery value chain.

Stakeholders at the event commended the Federal Ministry of Environment for its leadership, while also acknowledging the role of international development partners in providing technical and financial support for the project.

Experts say the initiative could also unlock economic opportunities by integrating informal waste collectors into formal systems and advancing Nigeria’s circular economy agenda—where waste is treated as a resource rather than a burden.

As the programme rolls out, officials are calling on Nigerians to adopt responsible disposal habits, stressing that the success of the initiative depends not only on infrastructure but also on public participation.

“Every battery properly disposed of is a life protected and an ecosystem preserved,” the minister said. “This is the beginning of a nationwide movement toward cleaner, safer environmental practices.”

The launch marks what stakeholders describe as a critical turning point in Nigeria’s approach to hazardous waste management, with expectations that the model could be expanded beyond the Federal Capital Territory to other parts of the country in the near future.

Nigeria Launches Nationwide Drive to Safely Manage Small Battery Waste

Continue Reading

National News

US. Embassy Abuja Seals Landmark Tech Partnership with Ilorin Innovation Hub

Published

on

US. Embassy Abuja Seals Landmark Tech Partnership with Ilorin Innovation Hub

By: Michael Mike

The U.S. Embassy Abuja has signed a three-year Memorandum of Understanding (MOU) with the Ilorin Innovation Hub, launching its first public-private partnership outside the American Spaces Network and signaling a strategic expansion of U.S. engagement in Nigeria’s fast-growing technology ecosystem.

The agreement, formalized at a ceremony in Abuja, is set to deepen collaboration in artificial intelligence (AI), science, technology, engineering, and mathematics (STEM), as well as professional development, particularly targeting young innovators and tech professionals in Kwara State.

Speaking at the event, U.S. Embassy Public Diplomacy Counselor Lee McManis described the partnership as a significant step toward strengthening innovation-led economic ties between Nigeria and the United States. He noted that Kwara is steadily emerging as a technology hub, attracting growing interest from American companies eager to invest, compete, and collaborate within the region’s evolving digital economy.

Under the terms of the MOU, both parties will roll out a series of programs showcasing American leadership in technology and innovation. These initiatives will include business English training, STEM-focused education, and capacity-building workshops designed to align Nigerian talent with the demands of U.S. industries.

The partnership is also expected to create new pathways for knowledge exchange, entrepreneurship, and workforce development, reinforcing broader efforts to position Nigeria as a competitive player in the global tech landscape.

Officials say the initiative reflects a shared vision centered on innovation, education, and opportunity as drivers of sustainable economic growth. The collaboration is poised to not only empower local talent but also strengthen bilateral relations through practical, skills-based engagement.

With this move, the U.S. Embassy is extending its footprint beyond traditional platforms, embracing targeted partnerships that directly impact emerging innovation ecosystems across Nigeria.

US. Embassy Abuja Seals Landmark Tech Partnership with Ilorin Innovation Hub

Continue Reading

Trending

Verified by MonsterInsights