Business
”Lagos will become the Third Largest economy in Africa before i die” – Former President, Olusegun Obasanjo
Former President Olusegun Obasanjo, yesterday, highlighted some of the reasons why all Nigerian leaders after his administration were unable to increase power generation from where he left it 10 years ago.
He also said Lagos would become Africa’s third largest economy before in his lifetime, noting that the state government was already making it an economic hub. Speaking in Lagos at the launch of a book, “Making Africa Work,” which he co-authored with Director of Brenthurst Foundation, Dr. Greg Mills; President of NEWSEUM, Dr. Jeffrey Herbst and Major General Dickie Davis (retd), Obasanjo said lack of good leadership, continuity in governance and financial constraints were responsible for the diminishing status of power generation in the country. Obasanjo explained that his administration came up with an agenda called ‘NEEDS,’ which is National Economic Empowerment Strategy, to deal with power and other problems confronting the nation. He said: “The idea is that we would have something that will lead us in every aspect of governance and we make federal, states and local governments buy into it. “When we were planning it, we went round the country, sample people’s opinion and consult traditional leaders. The incoming administration after us was not left out in it and during my administration, we implemented the first phase of NEEDS and it was supposed to be continuous. “But to my surprise, the administration that succeeded our tenure, which campaigned on the basis of continuity, failed us. “When they assumed office, the first statement they made on energy was that in four years, they will generate 30,000 megawatts of electricity.
At that time, the highest we generated was 4,000 megawatts. “I was shocked, wondering how they will do it in four years. I quickly sent someone to educate him (then President) because, as at that time, we were in the process of generating 10,000 megawatts. “It is regrettable that the administration that succeeded us did not even generate up to 3,750 megawatts that we were able to generate before we left. “It even came down to 1,500 and the one we have in the pipeline, they stopped it. That was about 10 years ago and up till today, our power generation has not gone beyond where I left it 10 years ago.” Obasanjo regretted that even when power had been privatised, there was still no money to improve it, saying: “As far as funding is concerned, there is funding out there but it can only come when environment is conducive. Improved contributory pension to facilitate devt Obasanjo explained how government could use contributing pension to facilitate development in the country, lamenting the fact that some people didn’t get their pension till they died. He said; “I formed a committee and sent them to different parts of the world to gather experience. They came back and we enacted a law that there should be contributory pension.
‘’The public service didn’t want it because they didn’t want to make contributions but we were able to achieve 10 per cent compliance. “Ten percent of Nigeria workers were captured in the contributing scheme and in a space of 12 years, that fund yielded up to $40,000, only 10 percent, one can imagine if 50 percent of our working population is captured. “This is the kind of money that can be used for development. The same kind of money was used in Singapore to give everybody housing.” He, however, said that the newly launched book detailed practical steps of how to make Africa work. He said: “Africa is not poor, but poorly managed because if we decide to manage it properly, we would get out of the situation we find ourselves. “I don’t talk about poverty in Africa because the international community is tired of hearing poverty. So our narration has to change. We need to talk about job creation and wealth generation.” Lagos’ll become Africa’s 3rd largest economy Obasanjo also said Lagos would be Africa’s third largest economy before he dies, adding that the necessary structures were already being put in place to achieve that. “Even though people said I look like someone who is in the departure lounge, Lagos will become the third largest economy before I take my boarding pass,” he said.
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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