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”Lagos will become the Third Largest economy in Africa before i die” – Former President, Olusegun Obasanjo

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9 years ago

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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.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

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5 hours ago

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April 24, 2026

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

 

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

 

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

 

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

 

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

 

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

 

Thank you.

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

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8 hours ago

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April 24, 2026

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

 

 

 

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

 

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

 

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

 

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

 

Speaking on the collaboration, the Laffmattazz team stated:

 

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

 

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

 

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

 

⸻

 

About Laffmattazz

 

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

 

About First Bank of Nigeria Limited

 

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.

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MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

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1 day ago

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April 23, 2026

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FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

 

 

 

Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.

 

 

 

Now, FirstBank is making homeownership more attractive.

 

 

 

FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.

 

The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.

 

 

 

You are one quick decision away from being a landlord.

 

 

 

If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.

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