Business

By Hadiza Abdulkadir

Ahmad Salkida, founder and CEO of HumAngle Media, laments the daunting challenges entrepreneurs face in Nigeria. With several years of experience and travels across 25 countries, he describes Nigeria as one of the most challenging environments for independent businesses.

Salkida points to excessive taxation and a lack of basic amenities, arguing that the legal framework fails to distinguish between social enterprises and traditional businesses. 

“The legal and regulatory framework fails to differentiate between social enterprises and traditional businesses, with the Federal Inland Revenue Service (FIRS) focused solely on meeting unrealistic revenue targets at the expense of struggling businesses.

Success relies solely on relentless hard work and prayers,” Salkida stated, lamenting the physical and mental exhaustion that often comes with achieving success in such a challenging landscape. 

Salkida emphasizes the urgent necessity for systemic reforms to assist small and medium-sized enterprises in Nigeria.

By Lawal Dahiru Mamman

Why are the Nigerians not having enough food to eat? Why? That is the question we need to answer. Statistics paint a grim picture and the anecdotal evidence is there. We have working farmers but numbers say people are not eating well.

The above was paraphrased from the address of the Chairman, Media Trust Group, at the 22nd Daily Trust Dialogue and Presentation of Unsung Heroes, themed “Food Security: Availability or Affordability?” held at the NAF Conference Centre in Abuja on 23 January 2025. One does not need an emeritus to explain the reasoning behind the choice of theme.

As an individual with a background in agriculture, I have often had serious discussions with two close friends about the true value of our certificates. If we cannot make a tangible impact on curbing hunger, which continues to plague Nigerians, then what is the point? The alarming statistics of hunger and malnutrition only paint a bleaker picture each year.

We never really take into account other graduates from different subsectors of agriculture, but we somehow always come to the conclusion that we are part of the reason millions of Nigerians go hungry, and we hope to make a difference in the near future, dumping the noise and swinging into real action.

It is this very concern that drives my desire to attend conferences or dialogues like the aforementioned, but circumstances did not permit it. Thankfully, technology has been birthed and it came to the rescue. The organisers provided live coverage across Facebook, YouTube, and Zoom, which I was able to access, allowing me to participate in the programme, albeit not until the very end.

It was a session to examine the current state of affairs and an open floor for discussion on how to make food available and affordable. Pundits brainstormed Nigeria’s vast fertile land, large bodies of water and adequate rainfall in each geopolitical zone, suitable for various crops and rearing animals, explored and seeked to decode how despite these rich agrarian factors hunger perseveres when there should be no correlation at all.

Farmer-herder clashes, a misunderstanding that has escalated from cultivated lands to homes, affecting innocent women and children, were deliberated upon, along with their impact on optimum crop production. In my view, our inability to properly harness pasture and rangeland is a contributory factor.

To put things into perspective, in a class, we studied over ten plants that, when cultivated, can provide sustenance for our livestock. This not only helps resolve clashes, but also reduces competition for valuable food resources between humans and domesticated animals, until we achieve self-sufficiency.

Genetically modified organisms (GMO) foods was another talking point. Exploring and tweaking specific genetic traits for better quality in other plants or animals is not new in agriculture. Before we sort ethical issues surrounding GMOs for long term solution on food availability, attention must be paid on short term remedy for same, and affordability.

Post harvest spoilage or waste was another concern. Even as these food items, especially perishables, are not sufficiently abundant, during harvest, a lot go to waste without arriving markets. What does this tell us? There is the ability to produce sufficiently but, as a nation it becomes imperative to invest in processing and storage infrastructure to arrest the issue of availability and affordability, it is basic economic principle of demand and supply.

Insecurity remains the bane of farmers. Many have abandoned their lands in order to remain alive, frankly, no one blames them. In offering solution, President of All Farmers Association of Nigeria (AFAN) said there is a need to defoliate forests in Nigeria which serves as safe haven for criminal elements – bandits, Boko Haram, ISWAP and Lakurawa alike.

He alluded to the fact that his idea may not sit well with climate change and environmental enthusiasts but stood firmly by this suggestion. This idea may not necessarily be out of place when we zoom our lens to realities of food availability and affordability. What I must add, if this is not welcomed, stakeholders should have a round table talk on other ways to save lives and tackle food insecurity without defoliation.

Present during the dialogue was the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha. Among a lot of things he said Nigerians are tired of saying the country has “potential”, stressing that it is time to ”activate” it. Although we must know the potentials before attempting to activate, his assertion is oncourse, our potentials have since been established.

According to him, policies should address the issue where people produce for only family consumption with little to sell while also highlighting the need to change the way we do things in the agricultural sector, for us to get a different outcome. Rightly captured but do average farmers have at their disposal sophisticated tools to produce for family and market? our practice is still largely primitive you know.

I am a believer that every citizen has a role to play for the betterment of Nigeria but importantly, leadership bears greater responsibility therefore, I was happy the Minister and a representative of the Speaker of House of Representatives – both in positions to “make things happen” – were present or represented among other stakeholders.

Overall, the dialogue was critical, informative, and enlightening, but we hope to see where we go from here in our efforts to make food available and affordable.

Lawal Dahiru Mamman writes from Abuja and can be reached on: dahirulawal90@gmail.com

By Salihi Adamu Takai

I was at Zakir Naik’s lecture on “The True Religion on Earth,” which concluded in the last few days, standing with brothers Uzairu and Abul-Khair, medical students at King Ceasor University, Uganda. As I was standing in my full Hausa dress with a match-colour cap, an old man saw me

“Assalamu alaikum”, the man greeted me. He was interested in discussing my dress with me. He asked me, “Are you a Nigerian?” I replied, “Yes, I am.” He said, “You must be from Kano State.” Yes, I am from Kano. “Masha Allah,” he said, excitedly.

As I was fully attentive to him, he told me how he knew Kano and its relevance in Islamic history in Uganda. He told me he knew about Kano in two ways: its impact on Islamic history in Uganda and its being the centre of commerce for decades back then. 

“I have constantly visited Kano for thirty years since the state retained its centre of commerce. I exported textiles from there to Uganda, which we found so cheap. In those days, there were many mills producing cotton fabrics. The Trans-Saharan trade fueled Kano’s textile industry, bringing cotton and other raw materials from North Africa”, the man reminisced. 

This meeting taught me a lot of knowledge, which I could say is of non-fortune because I understood that my state has missed what can’t be recovered quickly. 

Gradually, the things the state was known for started to escape from it — right from when it lacked a well-focused leader who could maintain what it had then — thinking that a title could be helpful in the future. 

The headline is the “Reform Tax Bill,” which President Bola Ahmed Tinubu proposed to the National Assembly. The bill aims to favour a state with many factories. Unfortunately, Kano is no longer such a state. The industries established by colonial masters and maintained by the founding fathers have been neglected and abandoned by northerners. The textile industry has declined, relying on importation. So unfortunate!

Salihi Adamu Takai wrote via salihiadamu8888@gmail.com.

By Usman Muhammad Salihu,

Nigeria, one of Africa’s largest crude oil producers, grapples with a troubling paradox: soaring fuel prices and a meagre minimum wage. This contradiction underscores the harsh realities confronting millions living in a resource-rich nation.

Crude oil has long anchored Nigeria’s economy, generating substantial revenue and foreign exchange. Yet, the wealth rarely trickles down to ordinary citizens. Fuel, a key derivative of crude oil, remains prohibitively expensive due to deregulated markets, subsidy removal, and limited domestic refining capacity. 

Instead of refining its crude oil, Nigeria imports refined petroleum products, driving costs and straining an already fragile economy. The ripple effects are profound. Transportation costs have skyrocketed, inflating the prices of goods and services. Farmers transporting produce to markets, artisans powering tools, and businesses reliant on generators to offset erratic electricity endure immense burdens. 

Small-scale businesses are teetering on the brink of collapse, and consumers face relentless price hikes for basic necessities. These challenges are insurmountable for an average Nigerian earning ₦30,000–₦70,000, one of the world’s lowest minimum wages. 

Despite rising inflation and a depreciating naira, wages have remained stagnant, forcing workers into painful trade-offs: skipping meals, forgoing healthcare, or withdrawing children from school to survive. Experts widely view Nigeria’s reliance on fuel imports as a colossal policy failure. 

The nation’s four state-owned refineries, once symbols of industrial pride, have devolved into monuments of inefficiency. Operating at less than 20% capacity for decades, these facilities consume billions in rehabilitation efforts with no meaningful outcomes, leaving the country reliant on costly imports.

Successive administrations have promised reforms to the oil and gas sector, but the results have disappointed. Corruption and a lack of political will perpetuate a cycle of waste and economic hardship.

Recent reforms, such as subsidy removal, aim to redirect funds to infrastructure and social welfare. However, these measures have worsened the immediate plight of citizens. Fuel prices have soared, deepening poverty and sparking protests. While the affluent and corporations may weather the storm, low-income earners face a relentless battle for survival.

Addressing these challenges demands transparent and decisive leadership. Revitalising local refineries is essential to reducing dependence on imports, creating jobs, and stimulating the economy. Exploring alternative energy sources like renewables can diversify the sector and alleviate pressure on oil dependency.

Revising the minimum wage to reflect inflation and the cost of living is equally critical. This adjustment would offer workers some reprieve and restore their purchasing power.

Nigeria must also prioritise institutional reforms to ensure accountability in managing its oil wealth. A transparent, well-regulated oil and gas sector could unlock enormous potential, transforming the nation from a land of paradoxes into shared prosperity.

For Nigeria to truly harness its vast resources, it must close the gap between its wealth and the welfare of its people. Affordable fuel and a living wage remain aspirations for millions—a dream that can only be realised through bold action, sustained commitment, and genuine prioritisation of the masses over vested interests.

Usman Muhammad Salihu is a PRNigeria Communication Fellow. He wrote from Jos via muhammadu5363@gmail.com.

By Zayyad I. Muhammad

Taxation is not merely a tool for generating revenue; it is a cornerstone for fostering national balance and ensuring the collective survival of all citizens. Recognizing this, with wisdom, Nigeria has exempted many essential goods and services such as agricultural produce, fertilizers, certain baby products, and healthcare items from taxation or VAT. This policy ensures that food items like rice, maize, sorghum, millet, beans, and meat—produced in states like Kano, Borno, Adamawa, Taraba, etc —can reach markets in Enugu, Lagos, and Port Harcourt, where they are accessible to Nigerians at reasonable prices.

Conversely, products such as fertilizers, agricultural machinery, baby items, and healthcare essentials manufactured in industrial hubs like Aba, Ibadan, Warri, and Lagos, etc., remain affordable across the country, including the northern states, because they are VAT-exempt. This interconnected economic framework fosters interdependence among states and promotes equitable access to essential goods, irrespective of geographic location.

However, the current discourse surrounding the proposed tax reform bill, particularly its provisions on VAT, has raised concerns about fairness and equity. Rather than serving as a unifying mechanism, the proposed VAT contributions and their sharing formula have become a source of tension, with some Nigerians—especially from the North—perceiving the system as skewed in favour of economically dominant states like Lagos. This perception has fueled suspicions, leading to terms like “Lagos colonialism” being used to describe the perceived imbalance in resource allocation and benefit distribution in the new VAT bill if passed into law by two chambers of the National Assembly 

To address these concerns, the tax reform bill must be designed to generate revenue and reflect the principles of fairness, inclusivity, and Nigeria’s complex politics.

Taxation policies should be a tool for strengthening national unity, ensuring that every Nigerian, regardless of region or state, feels an equitable share of the nation’s prosperity. There is no need to rush to nowhere- the government must patiently engage in transparent dialogue and adopt a balanced approach that considers the diverse economic contributions and needs of all states. 

One key reason the North rejected the bills is that President Tinubu’s administration is facing growing suspicion among many Northerners due to certain policies, programs, and appointments. This is a troubling development for a government that, before coming to power, proudly counted the North as its political stronghold and key support base.

Such distrust is damaging not only to the administration’s credibility but also to national unity. To maintain the confidence of all Nigerians, it is crucial for the government to address these concerns transparently, ensuring that its actions reflect inclusivity and fairness. Economics and politics often intertwine. When political backlash outweighs economic benefits, retreat and consultation are essential.

The Tinubu government must strive to deliver on its promises while fostering trust across all states and demographics, particularly among those who believe in its leadership.

In essence, taxation should not be seen as a divisive tool but as a bridge that connects the unique strengths of each state and region, fostering a truly united and prosperous Nigeria.

 Zayyad I. Muhammad writes from Abuja via zaymohd@yahoo.com.

By Anwar Usman

The National Emergency Management Agency on Monday said a total of 49 persons have been rescued and three dead bodies were found from the boat accident that occurred along River Benue in Agatu Local Government Area of Benue State.

A statement by NEMA indicated that the accident involved 76 passengers in the boat, as the driver, unaware of a submerged tree in the river accidentally navigated into it, causing the boat to tip off and capsize.

“The unfortunate incident took place on Saturday, December 15th, around 7:00 PM. The passengers were said to be returning home from the Ocholonya Market, a major economic hub that draws traders from several communities in Agatu and neighbouring states, including Nasarawa State.

“Aoart from the rescued passengers, one of the victims managed to swim to safety while 23 persons are still missing. Most of the boat passengers were from Odenyi Magaji and other communities of Nasarawa State,” it stated.

The agency emphasised that it is working with the Benue State Emergency Management Agency and other stakeholders including the local authorities and divers to expedite the ongoing search and rescue operations to trace the remaining missing passengers.

“NEMA has also established contacts with the Nigerian Navy to provide more support for the search and rescue,” it added.

By Anwar Usman

The Central Bank of Nigeria (CBN) has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents.

The apex bank disclosed this in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi.

The circular revealed the CBN’s concern about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted the apex bank’s determination to address the commodification of the naira.

Under the directive, any financial institution found guilty of this act will face a penalty of N150m for the first violation.

Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The CBN further called on the DMBs to strengthen controls, processes, and procedures around their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions.

Reports has it that the CBN issued a serious warning to Deposit Money Banks over cash hoarding and diversion, stating that such actions will attract stiff penalties.

The CBN also warned against cash hoarding, diversion, and other practices that hinder cash flow, stressing that such actions violate the Clean Note Policy.

By Anas Abbas

The Naira has declined in value within the parallel market, trading at N1,585 per dollar compared to N1,550 per dollar on Monday. In contrast, the official foreign exchange market reported an appreciation of the Naira, with rates improving to N1,525 per dollar, up from N1,538 per dollar earlier this week.

According to the latest data from the Central Bank of Nigeria (CBN) published in the Daily Nigerian Foreign Exchange Market (NFEM), the indicative exchange rate for the Naira has strengthened by N13, reflecting a notable shift in the official market.

Figures from FMDQ reveal a significant increase in dollar transactions on the Nigerian Autonomous Foreign Exchange Market (NAFEM). Trading volume surged by 129 per cent to $401.17 million, up from $175.15 million on Monday.

The surge has resulted in a widening gap between the parallel market and the NFEM rate, which has expanded to N60 per dollar from just N12 per dollar at the start of the week.

By Sumayyah Auwal Ishaq

Some restaurant and relaxation centre owners in Kaduna complained on Sunday of low patronage, blaming the country’s economic situation for their misfortune. Other food and drink sellers told The Daily Reality in Kaduna that they have been experiencing low patronage since January 2024.

“Business has been very dull since the beginning of the year. We are operating virtually at a loss. Our customers now prefer to stay home because of the economic situation,’’ said Alhaji Umar Sani, an eatery owner at Alkali Road, Kaduna.

Another operator, Mrs Aisha Ibrahim, also blamed the dullness in business activities on the economic situation in the country. “It appears that this government is doing everything possible to make sure that our businesses collapse”. She urged Nigerians to continue to pray for the quick recovery of the economy.

Mrs Hadiza Abubakar, another food seller at the Kasuwan Bacci Market, said she was optimistic that things would be better, but she’s running into so much debt.

“We have some customers who don’t have money to pay for their food and have been coming for years. It is not good to deny food to these customers, so we must them on credit. And the problem is that it takes longer now due to the economic condition.”

A customer who simply identified himself as Alhaji Ibrahim Mai Sauki urged Nigerians to pray for the government so that the nation would overcome its challenges.

When The Daily Reality correspondent visited some popular restaurants in the Kaduna metropolis, such as Barnawa, Unguwar Rimi, and Doka, at 2 p.m., peak business activity time in the afternoon, only a few vehicles were parked, while a good number of chairs were empty. Only a handful of people were seen eating and drinking.

By Abbas Aliyu Libata 

Every individual possesses a unique talent, a natural gift that often takes time to uncover. For some, it is an early realisation, while for others, like myself, it takes a period of self-reflection and careful observation. 

My journey of discovering my unique talent has been a process of exploration filled with curiosity, self-doubt, and clarity. In the world of tailoring and fashion design, I found my calling, a profession that brings me joy andfuels my creativity.

I remember watching people around me, often amazed by how effortlessly they executed imaginative and creative tasks. Their work, whether art, music, or other forms of expression, seemed to flow naturally as if it were second nature to them. I couldn’t help but wonder: What was my talent? Was I overlooking something? This uncertainty drove me to study myself and observe how I interacted with different activities, hoping to pinpoint what made me feel most alive.

The journey was challenging. I explored various activities, searching for one that resonated with me. Gradually, I realised my attraction to tailoring and fashion design through my appreciation of fabrics and patterns and my vision of new designs. It took time to recognise this as my true talent.

The turning point came when I decided to immerse myself in design fully. While tailoring was my primary profession, designing offered something more—a unique joy. I felt an overwhelming sense of fulfilment whenever I created new designs, sketched ideas, or experimented with fabrics. The joy I experienced wasn’t just about the monetary rewards that came with the profession but also about the creative satisfaction that designing brought. I had found my talent.

According to career coach Laura Garnett, talent discovery often involves a combination of self-awareness and persistence. She explains, “Your talent lies at the intersection of what you enjoy doing and what you do well. Often, it takes time and patience to uncover it because you need to experiment with different activities to see what resonates.” My experience perfectly reflects this. The more I designed, the more I realised that this was something I was good at, bringing me immense happiness.

Research from psychologists like Dr Angela Duckworth suggests that perseverance and passion, what she calls “grit”, are vital to uncovering and developing talent. I can relate to this concept because I had to persist in my search for my unique talent, even when I doubted myself.

Looking back, I see how important it was for me to go through self-discovery. Finding my talent in tailoring and fashion design has been one of the most rewarding experiences of my life. It has given me a sense of purpose and fulfilment that I might not have found had I not taken the time to explore, reflect, and experiment. Now, every design I create reflects my joy and passion for my profession, a profession that has allowed me to express my unique talent in ways I never imagined.

I came across a friend who disclosed that he believes unique talent exists in people but has yet to discover his. 

Through this journey, I have realised that discovering one’s unique talent requires patience, observation, and a willingness to embrace the things that bring us joy, even if they aren’t immediately apparent. It was fashion design, a craft that connects my passion and creativity to something I can share with the world.

Self-observation and reflection are among the most important steps in uncovering your talent. Take time to observe how you react to different activities. Notice what excites you, where you lose track of time, or what makes you feel fulfilled. Keeping a journal to record these moments can help reveal patterns and reveal your natural abilities.

Experimenting with different fields is another critical part of the process. Your talent might be in an area you haven’t yet explored. Trying out new hobbies, engaging in unfamiliar projects, or learning a new skill can help you discover interests and strengths you didn’t know you had. Don’t limit yourself to what seems comfortable or traditional; sometimes, talent lies in unexpected places.

Additionally, don’t underestimate the power of seeking feedback from others. Often, those around you can provide insight into your strengths and talents that you might overlook. Ask friends, family, or colleagues for their perspectives on what you do well, where you shine, or what they think makes you unique. Their observations can offer valuable clues in your self-discovery journey.

It’s also important to follow your passion rather than just chasing money. While financial rewards are essential, true talent often lies in what brings you personal satisfaction. You may not immediately see financial gain from pursuing your passion, but the joy it brings is a crucial indicator of where your unique abilities might be found.

Be prepared to exercise patience and persistence in the process of talent discovery. It is not always an immediate realisation and can take time, especially if you are exploring new fields or refining your skills. Even when you feel stuck, continue pursuing different avenues and allow yourself the time to grow and evolve.

Learning from others is also a valuable strategy. Studying experts in areas that interest you, attending workshops, or reading books by individuals who have mastered their craft can offer insights into how to cultivate your talent. Their experiences and advice can serve as a guide for your journey.

Lastly, once you have an idea of your talent, align it with a career path. When your professional life reflects your passion, you are more likely to feel fulfilled and motivated. Combining your talent with a career can lead to personal and professional success, allowing you to channel your unique abilities into something that brings value to yourself and others.

Abbas Aliyu Libata wrote from the Mass Communication Department at Bayero University, Kano, via elabbas434@gmail.com.