Business
Import Bans, Empty Boasts and Economic Delusion: Tinubu’s Recipe for Nigeria’s Economic Disaster
Import Bans, Empty Boasts and Economic Delusion: Tinubu’s Recipe for Nigeria’s Economic Disaster
By George Omagbemi Sylvester | Sahara Weekly Nigeria
When President Bola Ahmed Tinubu declared that banning the importation of foreign goods would “revive” Nigeria’s economy, one would think the man had a Nobel Prize in economic policy. Instead, what we get is textbook delusion coming from a self-proclaimed “first-class accountant” from Chicago State University, a claim with no official transcript, certificate or academic record in public view to validate it. In a time when Nigeria urgently needs innovative, export-driven policies, Tinubu is trying to build an economic miracle on import bans, slogans and the illusion of industrial rebirth in a country plagued by power failure, insecurity and corruption.
The Import Ban Illusion
Let’s start with the cold, hard facts. NIGERIA is not an INDUSTRIAL NATION. According to World Bank data (2024), manufacturing contributes less than 9% to Nigeria’s GDP. The country imports over 80% of its essential goods, including food, pharmaceuticals, refined petroleum and machinery. In such a context, banning imports without ensuring local capacity is not “patriotic policy” but economic sabotage.
Tinubu’s administration recently restricted the importation of over 40 items, including rice, cement, toothpicks and even poultry products. His argument? Local production must be encouraged. The problem, however, is that there’s no infrastructure to support that ambition. As of Q1 2025, Nigeria still suffers from epileptic electricity supply, averaging just 4,000 MW for over 200 million people, according to the Nigerian Electricity Regulatory Commission. For comparison, South Africa, with a population of 62 million, produces over 45,000 MW (Eskom, 2024 data).
No economy thrives under darkness. You cannot ban the importation of toothpicks and expect bamboo to magically morph into industry without electricity, investment or skilled labor.
Failed Economic Patriotism
The Tinubu administration is recycling the failed policies of past governments. We saw this playbook under former President Muhammadu Buhari, another disciple of economic isolationism. The Central Bank of Nigeria, under Godwin Emefiele, banned 41 items from forex access, yet inflation soared, local substitutes remained expensive and smuggling boomed. The result? Nigeria became the poverty capital of the world in 2018.
Tinubu is repeating that cycle. According to the National Bureau of Statistics (NBS), food inflation stood at 40.53% as of April 2025, with staple items like rice, bread and oil becoming unaffordable for millions. The average Nigerian is now spending over 70% of their income on food—a clear indicator of economic dysfunction.
“The idea that a country can simply ban its way to prosperity is not just misguided; it’s reckless” said Dr. Kingsley Moghalu, former Deputy Governor of the CBN. “You need to create an enabling environment not a restrictive one. Industrialization thrives on productivity not prohibitions.”
A Mouthful of Academic Fraud?
While the economic policy is bad enough, the president’s intellectual credentials are also under serious scrutiny. Tinubu continues to tout his supposed “first-class” status from Chicago State University (CSU). Yet the institution, under subpoena in 2023, confirmed Tinubu did not graduate with honors and discrepancies exist between submitted documents and university records.
As Nigerian lawyer and public affairs analyst Dele Farotimi noted during a Channels TV interview:
“We are being governed by ghosts, people with no verifiable history, no transparency, yet they want to dictate economic truths to over 200 million people.”
How can a man who allegedly forged his way through academic corridors be trusted to engineer genuine economic transformation?
Export, Not Ban: The Real Path to Growth
Rather than banning imports, any serious leader would focus on boosting non-oil exports, supporting SMEs and fixing power, roads and insecurity. For instance, Vietnam (once as poor as Nigeria) embraced export-led growth. According to the International Monetary Fund, Vietnam’s exports in 2023 stood at $371 billion, compared to Nigeria’s paltry $67 billion, 85% of which was crude oil.
In the words of Professor Pat Utomi, political economist and founder of the Centre for Values in Leadership:
“We don’t have a productive economy; we have a transactional economy. Until we invest in human capital, reduce power costs and create policies that invite rather than repel investment, we will keep declining.”
Tinubu’s Propaganda Economics
Let’s also talk about perception. Tinubu’s administration spends more time defending economic disaster than solving it. The presidential spokesman, Bayo Onanuga, recently claimed that the economy is “on track” and that “Nigerians should endure.” This while the naira trades at ₦1,580 to $1 on the official market and youth unemployment hovers at 53.4% (NBS Q1 2025 report).
The government is delusional and more obsessed with optics than outcomes. The average Nigerian doesn’t care about economic jargon. They care about whether they can afford a bag of rice, fuel their car, pay school fees and stay safe.
As Nigerian writer and columnist Gimba Kakanda aptly wrote:
“The tragedy of Nigeria’s leadership is that they see national sacrifice as something the people alone must endure, while they dine on luxury.”
No Vision, No Results
To put it bluntly: Tinubu’s administration is a regime without vision. Import bans are the policies of lazy governments & those without the courage to compete, reform or innovate. These are leaders who cannot think beyond customs tariffs and control levers.
We’ve seen this movie before. In 1984, Buhari as military Head of State implemented similar bans. Nigeria became a nation of smugglers. In 2015, he repeated it. The economy crashed. Now Tinubu is borrowing from that same dusty playbook.
Even in India, a country once famous for import substitution, policymakers have long since abandoned that model in favor of “Make in India” a strategy built on exports, competitiveness and infrastructure.
What Nigeria needs is a Productive Economy and not a prohibited one.
The Final Blow: A Dangerous Gamble
Tinubu’s economic policy is not just wrong but it’s dangerous. Banning imports without providing alternatives is a betrayal of the masses. It punishes consumers, stifles innovation and invites corruption at the borders.
The president wants applause for forcing Nigerians to buy inferior, expensive local goods they don’t want, while politicians and their families still travel abroad for healthcare, holidays and education. What hypocrisy.
Nigeria deserves better. We deserve a leader with real academic credibility, real economic vision and real empathy, not one obsessed with clinging to propaganda while the nation bleeds.
As Chinua Achebe once warned: “The trouble with Nigeria is simply and squarely a FAILURE of LEADERSHIP.”
And Bola Ahmed Tinubu is living proof of that FAILURE…first-class in name only, and utterly bankrupt in strategy.
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
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
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