Business
‘Fasting and Prayer isn’t enough to move Nigeria forward’ – Acting President, Yemi Osinbajo
The Acting President, Yemi Osinbajo, on Wednesday, said no amount of prayer and fast by Nigerians could move the nation forward without hard work.
Osinbajo said as a pastor himself, he understood the law of sowing and reaping and knew the implication of leaving what was supposed to be done undone.
The Acting President spoke in Abuja during an interactive session organised for public and civil servants on the implementation of the three Executive Orders which he signed last week.
He said the prosperity and abundance being enjoyed by great nations today were not created by spirits, but by men.
While saying the executive orders were meant to aid the ease of doing business in Nigeria, he warned that anytime government officials deliberately delayed what they could do immediately, they were holding back the future of the country.
Osinbajo stated, “No matter how much you pray or fast, our country cannot grow without some of us deciding to do the hard work that makes nations work.
“I am a pastor, a spiritual person, and I understand the law of sowing and reaping. It is a spiritual law that has tremendous physical implications. Every time that we delay, or frustrate what we can do today, leaving it till tomorrow, we hold back the future. We too must reap what we have sown by experiencing delays.
“If you help others to achieve, if you help your nation, you have sown good seeds. You will find help and you will prosper too.”
Osinbajo urged the officials not to see the policies as government but personal policies.
He warned government officials against stifling businesses by delaying their registration, adding that such unnecessary delays also affected employment.
The acting President said, “Every generation of people owes the next generation a debt. That debt is paid by ensuring that we provide for the means for the next generation to survive.
“Or at least, we have a duty to ensure that we do not destroy the means of survival and prosperity of the next generation.
“But there are some people in every generation who have a special burden, a more important role than others in preparing for present prosperity and future abundance.”
Osinbajo stated that small or large businesses could not be created or could be frustrated out of existence if the environment for doing business in a country was harsh or difficult.
He stated, “So when a potential business owner wants to register a company, collect tax clearance certificate or obtain NAFDAC registration or SON certification, or expatriate quotas, or any other papers, approvals or certification from government, and we do not willingly and efficiently help him or her, we are killing the jobs and prosperity that he would have created.
“Every time we say come back next week to someone for something we can do today, we postpone prosperity of one person but in reality, we postpone the prosperity of so many who would have earned something from the business.
“So every time that a public official is an obstacle to business in any way, he attacks the prosperity of our economy and he attacks our future because it means our children cannot find jobs.”
On improved remuneration, Osinbajo assured the officials that they were in safe hands with him and President Muhammadu Buhari in the saddle.
“I have served in the public service most of my adult life. As a university teacher, adviser to a federal minister and attorney-general, I earned salaries; so I understand how salary increases can be such good news,” Osinbajo added.
The acting President stated that Nigerians would soon start seeing the manifestation of some of the reforms taken by the Federal Government in the agricultural sector.
He declared that the country would soon start producing local rice that would compete favourably with any brand in the world.
Osinbajo said this in Abuja during an interactive session with some middle level civil and public servants on the ease of doing business.
He called on Nigerians to increase their patronage of products manufactured locally, adding that this would enable the government to reduce the level of unemployment in the country.
Citing the example of rice production, he explained that Nigeria had enough capacity to grow quality rice that would meet the demands of not only Nigerians but all the countries in Africa.
Osinbajo stated that if Nigerians could consume what the country produced locally, the twin problems of poverty and unemployment would be easily addressed.
He said it was worrisome that rice imported from China, India and Thailand was sold at cheaper prices to those produced locally, adding that this was as a result of subsidy enjoyed by farmers in those countries.
The acting President added, “It is worrisome that locally produced rice is still expensive than imported rice from India, China and Thailand.
“Rice produced in these countries are subsidised by their respective governments making rice from the region cheap and affordable.
“By subsiding rice production for farmers, more jobs are created. We are planning to introduce some kinds of assistance to our farmers in due course. Our rice will have to compete with any rice in the world.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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