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Unlocking Nigeria’s Potential: The Commercial and Industrial Pathway

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Unlocking Nigeria's Potential: The Commercial and Industrial Pathway

Unlocking Nigeria’s Potential: The Commercial and Industrial Pathway

Nigeria, often hailed as the “Giant of Africa” holds a reservoir of untapped potential and a plethora of opportunities captivating the interest of investors and visionaries worldwide.
Amidst discussions about technology, mineral wealth and export potential, the power sector, an underestimated cornerstone of advancement, often remains in the shadows.
As someone who has navigated the realm of financing large-scale infrastructure projects, I find myself drawn to view Nigeria’s prospects through a financial lens. The inevitable question surfaces: What truly entices energy investments in our land of promise?
Unlocking Nigeria's Potential: The Commercial and Industrial Pathway
Beyond Population and Mineral Wealth: The Power Sector’s Pivotal Role.
While the appeal of technology, Nigeria’s demographic dividend, and its mineral wealth are evident, the significance of the power sector often fades into the background.  Yet, this sector forms the foundation of progress and deserves greater attention.
 Historically, advanced nations didn’t solely rely on technological advancements, skilled labour, or mineral resources for their development. Prioritising the consistent and reliable supply of power to industries was the true catalyst for their growth.
Navigating Complex Challenges: A Financial Perspective
Drawing from my experience of financing large infrastructure projects, embarking on grid-based power initiatives in Nigeria involves navigating a complex web of challenges, financial limitations, infrastructural gaps, bureaucratic intricacies, and technical hurdles that converge to create significant obstacles. For power investors seeking to secure support from financiers—banks or private equity firms— demonstrating a project’s “bankability” becomes crucial. This involves a detailed evaluation of factors consumer tariffs, collection currency, and the purchasing power of the end user.
Mitigating Risks: Sovereign Guarantees and Innovations
Prevailing wisdom dictates that bolstering Nigeria’s energy output through robust national grids will drive economic growth and pave the way for equitable development and industrialisation. However, the stark contrast between the nation’s energy demand – a staggering 600 terawatt-hours ( equivalent of power for 216,000,000 million homes) – and the reality of numerous signed Independent Power Projects (IPPs) that remain unrealised, highlights a critical issue. The conventional on-grid solutions, once hailed as the panacea for Nigeria’s energy challenges, appear to be faltering under the weight of a myriad of complex obstacles.
Investments into Nigeria are often in dollars, introducing the spectre of currency risk, purchasing power discrepancies, and political volatility. The fact remains most Nigerian retail consumers presently are unable to afford the cost of power and in turn Nigeria is often unable to meet debt obligations linked to on-grid power projects funded in foreign currency. Risk mitigation tools, including sovereign guarantees and Power Contract offtake Agreements (PCOAs) aim to alleviate these concerns.
However, a sovereign guarantee or a PCOA goes on the balance sheet of a nation, and at times can affect the credit rating of the country. Given the complications with bankability, a recent trend sees Nigeria and other developing nations cautiously managing their financial obligations to avoid unsustainable burdens.
A Paradigm Shift: Igniting the Commercial and Industrial Sector
Notably these challenges are not unforeseen. Industrialised nations didn’t achieve development by solely focusing on supplying retail power. Sustainable provision of power to industry drove industrialisation, generated employment, increased purchasing power, thereby bolstering affordability of power, paving the way for widespread electrification and development. The inability to ensure reliable power for industry, in particular, acts as a brake on economic growth.
The time is ripe for an innovative shift, one that ensures economic empowerment and fortifies the foundation for a resilient future – channelling efforts to fulfil the energy demands of the commercial and industrial (C&I) sector. This sector, characterised by its steady energy needs and robust purchasing power, emerges as a catalyst for transformative energy strategies. New power projects sprucing up in industrial clusters will fuel phenomenal growth. By delivering consistent power to these sectors, Nigeria can spur industrialisation, facilitate long-term job creation, and foster sustainable economic autonomy.
Short-term Impact, Long-term Vision
In a most recent trip to India, President Bola Ahmed Tinubu GCFR gained a commitment from a consortium of investors to put  $1.6 billion into power. Channelling that pledge towards C&I energy provisioning yields immediate benefits. An influx of economic vigour, encouragement for local industries, and an inviting atmosphere for both local and foreign investments set the stage for rapid growth. However, this strategic pivot carries implications beyond immediate wattage gains.
 A flourishing C&I sector paves the way for a resilient grid-based power system, stimulating infrastructure development. Meeting the ambitious demand for 708 terawatt-hours by 2030 isn’t just a goal; it’s a catalyst for job creation, economic vitality, and increased income.  As industries flourish and energy demands continue to grow, the impetus and capacity for further infrastructure development becomes undeniable. This strategic shift not only addresses the immediate need for energy to spur industrialisation but also sets the stage for robust economic growth.
A Bright Future Beckons: Pioneering Prosperity
The commercial and industrial pathway, marked by its innovation and strategic focus, offering  a promising route to unlock the nation’s true potential is where Nigeria’s energy resurgence resides.
Ploughing the route successfully necessitates collaboration. The private sector should leverage expertise and drive innovation. Government entities and appointees must be proactive following Mr President’s lead, streamline processes, provide clarity, efficiency and ease of procedure, thereby communicating that Nigeria is ready for business.
 Our collective will and innovative spirit fuel Nigeria’s potential. With the renewal of hope comes the awakening of the Giant of Africa – together, we forge a path of progress.
Olu Olufemi-White
Instagram: @oluwhite
Twitter: @oluwhite_

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Just In: Nigeria Removed from List of Countries Indebted to IMF

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Just In: Nigeria Removed from List of Countries Indebted to IMF

 

– The International Monetary Fund (IMF) has removed Nigeria from its list of debtor countries.

 

– Country now better placed to strengthen fiscal credibility, says presidential aide, O’tega Ogra

 

 

In a report titled: ‘Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025,” obtained on the multilateral institution’s website yesterday, Nigeria was not listed among its debtors which has a total of 91 developing and least developed countries owing the Fund a total of $117,797,656,224 as at 6th of May 2025.

 

Just In: Nigeria Removed from List of Countries Indebted to IMF

 

Total IMF credit outstanding refers to the total amount of unpaid and outstanding principal due to the Fund from its member countries. This includes both outstanding loans under current arrangements and those that have expired.

 

 

When contacted on the development yesterday, a top IMF official in Washington DC, who pleaded to remain anonymous, told THISDAY they were trying to confirm the reports, pointing out that Nigeria borrowed a rapid finance loan during the pandemic.

 

 

However, StatiSense, a data company which also confirmed on its X handle yesterday that Nigeria was no longer listed on the list of countries indebted to IMF, revealed that as at July 28, 2023, Nigeria was owing the Fund $1.61 billion, this was reduced to $1.37 billion as at January 5, 2024; $933.03 million as at July 10, 2024; $472.06 million as at January 8, 2025, before it was finally settled this month.

 

 

It was learnt that the value was converted from Special Drawing Rights (SDR), an international reserve asset created by the IMF to supplement the official reserves of its member countries, to US dollars.

 

 

In a post on his X handle, Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, said the development was a signal of discipline, reform, and strategic reset by the Tinubu-Shettima administration in restructuring “our finances to enable us to be better placed for a prosperous future.”

 

 

He added: “As Nigeria closes the chapter on these legacy debt obligations, we are better placed to strengthen our fiscal credibility and show the world, and ourselves, that Nigeria is serious about managing our economy with responsibility and vision.

 

 

“Does this mean no more business with the IMF or other foreign lenders? No! Nigeria still remains a member of the IMF and can approach it at any time if the situation demands. This is definitely not a door slammed shut.

 

 

“Why? Because global partnerships like the IMF remain valuable allies, especially in a world defined by volatility and uncertainty. The difference now is that any future engagement will be proactive, not reactive, and will also be based on partnership, not dependence. Debt clearance today, reform momentum tomorrow.

 

 

“President Bola Tinubu will continue to prioritise long-term reforms with sound financial management for the benefit of our country and generations yet unborn. Nigeria is rising with clarity, capacity, and credibility, and this is why you should take a #BetOnNigeria.”

 

 

The IMF recently commended Nigeria’s ongoing economic reforms, describing them as bold measures that have helped stabilise the economy and laid the groundwork for future growth.

 

 

The IMF, in its recent 2025 Article IV Consultation Mission to Nigeria, last month, by a team led by Axel Schimmelpfennig, stated: “The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth. These reforms have put Nigeria in a better position to navigate the external environment.

 

 

“The macroeconomic outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.

 

 

“Macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.”

 

 

Schimmelpfennig in the statement had noted that the cessation of deficit financing by the CBN, the removal of costly fuel subsidies, and improvements in the foreign exchange market were major policy shifts that signaled a commitment to reform.

 

 

He stated: “The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth. The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved.”

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Baloyi Hlavutelo Locreetia Shines Bright with Honours Degree from University of Pretoria

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Baloyi Hlavutelo Locreetia Shines Bright with Honours Degree from University of Pretoria

 

Pretoria – May 5, 2025

 

In a vibrant and heartwarming celebration held at the University of Pretoria on Monday, May 5, 2025, Baloyi Hlavutelo Locreetia proudly graduated with an Honours degree in Public Administration and Management.

 

Baloyi Hlavutelo Locreetia Shines Bright with Honours Degree from University of Pretoria

 

Dressed in academic regalia and beaming with pride, Hlavutelo walked across the graduation stage to thunderous applause from her family, friends, and fellow graduates. The event was a joyful culmination of years of hard work, dedication, and perseverance.

 

Baloyi Hlavutelo Locreetia Shines Bright with Honours Degree from University of Pretoria

 

Her parents, visibly emotional and proud, described the moment as one of the happiest of their lives. “We are overwhelmed with joy,” said her mother. “Watching our daughter achieve this milestone is a dream come true.”

 

Baloyi Hlavutelo Locreetia Shines Bright with Honours Degree from University of Pretoria

 

The colourful ceremony, filled with music, traditional attire, and jubilant celebrations, marked a significant chapter in Hlavutelo’s academic journey. She expressed gratitude to her family, lecturers, and peers for their unwavering support, adding that she hopes to use her qualification to serve her community and contribute to ethical governance in South Africa.

 

Baloyi Hlavutelo Locreetia Shines Bright with Honours Degree from University of Pretoria

 

Baloyi Hlavutelo Locreetia’s achievement stands as an inspiration to many young South Africans, reminding them that with determination and support, anything is possible.

Baloyi Hlavutelo Locreetia Shines Bright with Honours Degree from University of Pretoria

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N5.7 Billion Yobe Water Project Plagued by Allegations of Fraud, Negligence

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N5.7 Billion Yobe Water Project Plagued by Allegations of Fraud, Negligence

 

 

Sahara Weekly Reports That a controversial water project in (Filin tanda) Bade local Government of Gashua Yobe State, initially intended to provide clean drinking water, has become a focal point of public outrage and accusations of corruption. The project, purportedly aimed at replacing a former children’s play area (referred to as “sling swing”) with a functional water supply system, is now facing severe criticism regarding its execution and financial management.

 

N5.7 Billion Yobe Water Project Plagued by Allegations of Fraud, Negligence

 

The project is linked to Senator Ahmed Ibrahim Lawan, the former President of the 9th Senate and current Yobe North Senator. Senator Lawan’s long tenure in the parliament, spanning approximately 30 years, has drawn scrutiny, with some residents claiming that his career is marked by a lack of substantial developmental achievements.

 

 

“This used to be the place we played sling swing (Lilo) as kids… This guy, who spent about 30 years in office, making me as old as his incumbency, who has zero projects that go beyond a hundred million Naira, was once even the president of the Senate! What a monumental failure his entire career must be!” lamented a source.

 

N5.7 Billion Yobe Water Project Plagued by Allegations of Fraud, Negligence

 

Adding fuel to the controversy, Senator Lawan’s alleged ambition to contest in the 2027 gubernatorial elections has been met with skepticism. Critics express concern about the potential for further mismanagement and wasted resources, citing a pattern of “classical stupidity” among the electorate.

 

 

The accusations of fraud and negligence are particularly focused on the handling of the project’s funds. Sources, including Usman Umar Nagona and Habu Nawi Katuzu, have raised serious allegations: “5.7 Billion water fraud, jama’a ku tayani dubawa a ina 500M ta mutu anan? And that former Senate president, Senator Ahmed Ibrahim Lawan, must come out boldly. Meanwhile, the work has not even reached 40% completion… The quality is substandard, timelines are completely ignored, and there’s a clear lack of accountability.”

 

N5.7 Billion Yobe Water Project Plagued by Allegations of Fraud, Negligence

 

The total budget for the water project is reported to be 5.7 billion Naira, with concerns that 500 million Naira is unaccounted for, despite the project’s completion rate being less than 40%. The reports of substandard quality, missed deadlines, and a lack of transparency have intensified calls for an investigation into the project’s management.

 

According to Usman Umar Nagona and Habu Nawi Katuzu, “the Yobe State Executive Governor, His Excellency, Hon. Mai Mala Buni Chiroman Gujba CON refused to attend the commissioning of the project because he knew it was a fraud”.

 

N5.7 Billion Yobe Water Project Plagued by Allegations of Fraud, Negligence

 

The controversy surrounding the water project has raised questions about Senator Lawan’s legacy and his suitability for higher office, and the Gashua people want to protest against the project if actions are not taken.

 

As Yobe State approaches the 2027 elections, the allegations of fraud and negligence in this project are likely to play a significant role in the political discourse.

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