. . . Power reforms, IGR drive, and infrastructure expansion fueling growth

Ondo State is fast shedding its old image as a civil service-dominated economy and emerging as one of Nigeria’s most promising business and investment destinations, thanks to the proactive reforms of the administration of Governor Lucky Orimisan Aiyedatiwa.

The Commissioner for Information and Orientation, Hon. Idowu Ajanaku, made this known in Akure while highlighting the government’s multi-sectoral efforts aimed at transforming the state into a vibrant economic hub through the OUR EASE Agenda.

Ajanaku explained that the state’s transformation is being anchored on strategic investments in infrastructure, power, agriculture, tourism, and revenue generation, all of which are repositioning Ondo State for sustainable growth and investor confidence.

The Commissioner commended the Ministry of Energy and Power for its remarkable progress in improving electricity access and reliability across the state.

According to him, the distribution of over 13,000 prepaid meters to residents and small business owners has drastically reduced estimated billing, enhanced transparency, and boosted the confidence of investors.

He further noted that the Ondo State Power Company (OSPC) has intensified regulatory oversight and coordination with distribution companies to ensure stable power supply. This, he said, has led to increased productivity and expansion for many small and medium-scale enterprises (SMEs), creating a new wave of business optimism across the state.

“Regular electricity supply is the backbone of industrial development, and Governor Aiyedatiwa’s administration understands this clearly. The renewed energy policy and the state power company’s efficiency are already driving business growth,” Ajanaku added.

The Commissioner also commended the Ondo State Internal Revenue Service (ODIRS) for its excellent drive and dedication in boosting the state’s Internally Generated Revenue (IGR).

He said ODIRS has improved revenue collection systems through digital innovation, tax education, and transparent operations — strategies that have strengthened the state’s fiscal capacity to fund infrastructure and social projects.

“The IGR drive has not only increased the state’s financial independence but also built public confidence in government accountability and service delivery,” Ajanaku emphasized.

Ajanaku described infrastructure as a cornerstone of the Aiyedatiwa administration’s economic policy. He listed several ongoing road projects including the Ikare–Akungba dualization, Akure–Idanre dualization, Okitipupa–Igbokoda road, flyover bridge on Akure – Ilesa expressway and multiple internal road rehabilitations as evidence of the government’s commitment to ease movement and business accessibility.

He further mentioned Araromi–Lekki road, which will link Ondo directly to Lagos, significantly expanding trade, logistics, and tourism opportunities if completed.

“When these infrastructure projects are completed, Ondo will naturally attract industries, logistics companies, and investors seeking a business-friendly location between the South-West and South-South corridors,” he stated.

He also spoke on the forthcoming Port Ondo project, describing it as a “game changer” that will open up new frontiers in maritime trade, logistics, and industrialization.

Highlighting the state’s vast agricultural potential, Ajanaku reiterated that Ondo remains Nigeria’s leading cocoa producer and the second largest in West Africa. He said the government is strengthening value addition and agribusiness investment to create jobs and boost export revenue.

In tourism, he announced the government’s approval for the revival of the annual MARE Mountain Climbing Festival in Idanre, scheduled for December, which will further stimulate the local economy and attract investors through public-private partnerships.

Hon. Ajanaku concluded with a confident appeal to both local and foreign investors to take advantage of the state’s ongoing transformation.

“Ondo State is ready for business. We have the resources, strategic location, power stability, and transparent governance that investors are looking for. The Aiyedatiwa administration is determined to turn Ondo into Nigeria’s next business hub.”

Capital Flight and the Politics of Betrayal: When Leaders Stop Believing in Their Own Economy

BY BLAISE UDUNZE

Nigeria’s economy is bleeding, not from the absence of money, but from the silent, systemic outflow of capital that should be building industries, creating jobs, and stimulating innovation. Instead, wealth is fleeing into the vaults of local banks, offshore accounts, and speculative government instruments that promise easy returns but deliver little to the real economy.

This quiet drain known as capital flight has become one of Nigeria’s most understated yet devastating economic tragedies. It reflects not only a lack of investor confidence but also the failure of the banking and financial ecosystem to function as a true engine of growth. The role of banks in any healthy economy is to mobilize deposits, lend to productive sectors, and finance businesses that create value. Yet, in Nigeria, this cycle has broken down.

The country’s major banks, flush with liquidity, increasingly prefer to invest in risk-free government securities rather than lend to manufacturers, farmers, or entrepreneurs. The ease of earning double-digit interest from government bonds has turned banks into passive rent collectors rather than drivers of development. This behavior represents a form of internal capital flight with money technically within the system but practically locked away from the economy’s productive veins.

Beyond domestic hoarding, Nigeria faces a more pernicious form of external capital flight. Each year, billions of dollars exit the country through legal and illicit channels, draining investment, depleting foreign reserves, and eroding confidence in the nation’s economic future. Government and independent estimates suggest that Nigeria loses between $17 billion and $18 billion annually through illicit financial flows (IFFs), roughly 20 percent of the $88.6 billion that Africa collectively loses each year. That amount could have built schools, hospitals, and industries capable of employing millions.

The story of capital flight from Nigeria is not merely an economic tragedy; it is a moral one, the tale of a nation betrayed by its own custodians and courted by foreign accomplices who profit from its dysfunction.

Nigeria’s political elite have long mastered the art of wealth extraction. Through inflated contracts, misappropriated public funds, and dubious foreign investments, billions leave the country yearly. Yet, for many politicians, local investment is a risk they refuse to take. Their mansions rise in Dubai, London, and New York while their home constituencies languish in neglect. From shell companies in the British Virgin Islands to luxury real estate in the UAE, Nigerian politicians have woven a global web of concealed wealth shielded by secrecy jurisdictions and weak local enforcement. The irony is stark, as those who control Nigeria’s wealth have no faith in the economy they manage. Their lack of confidence in their own governance is perhaps the strongest indictment of their rule.

The aristocracy and business elite are not blameless. Nigeria’s high society, traditional rulers, business moguls, and political patrons have continued to move funds abroad under the guise of “diversification” or “investment security.” In reality, it is the same cycle of extraction and expatriation, where profits earned from domestic monopolies or state patronage are rarely reinvested at home. Instead, they are laundered into foreign banks, luxury assets, and offshore trusts. This unrestrained financial migration deprives the nation of growth capital and erodes public confidence, reinforcing a psychological colonization with the belief that nothing of value can thrive in Nigeria.

The problem, however, is not purely internal. Foreign corporations and their local collaborators play a significant role through aggressive tax avoidance and profit repatriation schemes. By exploiting loopholes in Nigeria’s weak fiscal systems, multinationals shift profits to low-tax jurisdictions, a process known as transfer pricing, which is draining billions from the economy each year. To make matters worse, global consulting and legal firms help structure these outflows, acting as enablers of corruption while hiding behind the veil of legality.

Capital flight thrives where institutions are weak. Agencies such as the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC) operate under immense political pressure. Investigations into politically exposed persons are often selective, and prosecutions drag endlessly. Meanwhile, banks (both local and foreign) play the silent role of facilitators, processing questionable transactions with minimal scrutiny. The result is a perfect ecosystem for looting by powerful politicians, complicit banks, pliant regulators, and eager foreign beneficiaries.

The effects are devastating. Capital flight undermines foreign exchange stability, weakens the naira, and starves industries of investment. When billions are left unchecked, the government resorts to borrowing, increasing national debt and mortgaging the country’s future. Nigeria’s public debt now stands at N149.39 trillion, with debt servicing consuming over 70 percent of government revenue. Inflation remains stubbornly high at 20.12 percent as of August 2025, while food inflation stands at 21.87 percent. Unemployment, officially at 5 percent, is far worse in reality, with underemployment and informal work masking widespread joblessness.

One overlooked driver of this crisis is Nigeria’s weak respect for property rights, which is the very foundation of investor confidence. In September 2025, the Lagos State government demolished over 19 buildings in the Trade Fair Complex, Ojo, citing permit violations. But beyond regulatory enforcement, the event exposed a deeper issue: inconsistent governance, opaque processes, and disregard for ownership that fuels distrust and drives capital offshore. When investors are uncertain that their assets are safe from arbitrary government action, they simply take their money elsewhere.

Multiple taxation, inconsistent policies, and weak monitoring of illicit flows further complicate the picture. Businesses face overlapping levies from different tiers of government, pushing many to conceal income or move operations abroad. Civil society estimates that over $18 billion is lost annually through illicit flows. This is a drain that robs Nigeria of the fiscal capacity to fund schools, hospitals, and roads.

Ultimately, the story of capital flight is one of moral and institutional decay. It reveals a political class that preaches patriotism while stashing wealth abroad, a banking system that serves itself rather than the economy, and a foreign financial order that profits from Nigeria’s dysfunction.

Reversing this pattern requires a national reorientation, one that goes beyond slogans to enforce accountability and rebuild trust. Nigeria must strengthen asset recovery frameworks, enforce beneficial ownership registries, and enhance cooperation with countries that host stolen wealth. Western nations, too, must shut down the safe havens that shelter looted funds; they cannot condemn corruption abroad while their financial systems profit from it.

More importantly, Nigeria’s leaders must recognize a simple truth that no nation develops by exporting its capital and importing its luxuries. Development is sustained by faith, the faith of a people who believe enough in their land to invest in it.

Capital flight is not merely an economic statistic; it is the reflection of a broken covenant between Nigeria and its leaders. The wealth that should build the nation has become the currency of betrayal. Until the ruling class and their foreign accomplices are held accountable, Nigeria will remain a country of immense potential shackled by the greed of its own custodians.

Blaise, a journalist and PR professional writes from Lagos, can be reached via: [email protected]

*APC National Youth Wing Welcomes Zamfara Assembly Candidate, Lauds Matawalle’s Unparalleled Political Genius

The All Progressives Congress (APC) National Youth Wing has welcomed Hon. Muhammad Lawal Kuryar Madaro, the former Peoples Democratic Party (PDP) candidate for the Kaura Namoda South State House of Assembly, following his defection to the APC.

The group said the development signals a growing wave of support for the APC under the visionary leadership of Dr. Bello Matawalle, the Minister of State for Defence.

In a statement signed by Comrade Danjuma Nuhu, the APC National Youth Wing celebrated Kurya’s move as a bold embrace of progress and an unequivocal rejection of Governor Dauda Lawal’s catastrophic administration.

Kurya’s defection follows his crushing defeat in the August supplementary election, where the Independent National Electoral Commission (INEC) declared APC’s Kamilu Sa’idu the rightful winner of the Kaura Namoda South constituency.

Returning Officer Lawal Sa’adu from the Federal University Gusau confirmed Sa’idu’s triumph, securing 1,181 votes against Kurya’s meager 194 in the runoff.

Across the constituency, APC amassed a commanding 8,182 votes, dwarfing PDP’s 5,544, despite Governor Lawal’s reported deployment of a multi-billion naira war chest to salvage Kurya’s campaign.

Comrade Danjuma Nuhu hailed Matawalle as a political colossus whose strategic brilliance and unrelenting dedication to Zamfara’s security and prosperity have redefined the state’s future.

“Dr. Bello Matawalle is a rare gem, a leader whose political dexterity and foresight have elevated him to a towering figure in Nigerian politics.

“As Minister of State for Defence, he has spearheaded relentless efforts to curb banditry, bringing renewed hope to Zamfara’s beleaguered communities.

“His ability to unite diverse groups and inspire defections like Kurya attests to his magnetic leadership and unyielding commitment to progress,” Nuhu declared.

Matawalle’s policies, he added, have laid a foundation for peace and development, positioning him as the architect of Zamfara’s renaissance.

In sharp contrast, Nuhu blasted Governor Dauda Lawal, branding his administration a monumental disaster that has plunged Zamfara into deeper chaos.

“Governor Lawal’s tenure is a masterclass in failure. His reckless squandering of billions on futile political campaigns, like Kurya’s, could not mask his administration’s incompetence.

“From escalating insecurity to crumbling infrastructure and economic neglect, Lawal has betrayed the trust of Zamfarans.

“His obsession with political vendettas over governance has left the state in ruins,” Nuhu asserted.

The APC National Youth Wing extended an open invitation to other PDP members disillusioned by Lawal’s ineptitude to join the APC’s progressive fold.

“We call on all well-meaning PDP members ready to walk away from the governor’s sinking ship to embrace the APC, where Matawalle’s leadership offers a clear path to stability and growth,” Nuhu said.

Kurya’s defection, seen as a harbinger of further realignments, signals a shifting tide in Zamfara’s polarized landscape.