Economy

By Nasiru Ibrahim 

Limited information in the market leads to inefficiency and misallocation of resources. A low-quality product or service can command a higher price, while high-skilled labour may receive lower wages. A seller with a high-quality product or service may incur losses because buyers cannot easily verify quality and are unwilling to pay a premium, fearing they may be overpaying for a low-quality alternative.

For example, a faulty car may sell at a high price because buyers lack technical knowledge, rely on appearances, brand reputation, or sellers’ claims, and face high inspection costs. A firm that chooses to be honest may lose by earning a lower profit margin because dishonest competitors exaggerate quality, cut corners, or hide defects while charging similar prices.

A quack or less-skilled consultant with fewer credentials and a weak track record may secure contracts faster due to information gaps, strong social networks, aggressive self-marketing, and clients’ inability to assess true competence before hiring.

In many markets, buyers seek to identify quality products or services by looking for higher prices, good public relations, branding, and heavy advertising. Poor-quality products and inefficient firms can imitate these signals, so both high- and low-quality products are often sold at roughly the same price. Under rational expectations, sellers understand that buyers believe higher prices signal higher quality. Buyers, lacking better information, rely on price as a shortcut, and low-quality sellers exploit this belief, leading to market failure similar to Akerlof’s Market for Lemons.

Demand for Experts, Agents, and Intermediaries

Information asymmetry increases the demand for experts, agents, consultants, brokers, and intermediaries who can distinguish good quality from bad. These agents help consumers get better deals and higher-quality products or services.

While this creates jobs, it does not necessarily solve consumer exploitation. Agents may collude with sellers, prioritise commissions over client welfare, exploit client ignorance, or add extra layers of cost without improving quality.

For example, if tax policy were simple and clearly understood, few people would need tax consultants. Complex systems create jobs for consultants and financial literacy experts. While this raises incomes and GDP, it can also raise prices because the cost of intermediaries is embedded in goods and services, contributing to inflation.

Efficiency vs Employment Trade-Off

Reducing information asymmetry improves efficiency but can increase unemployment in the short run. Many jobs—brokers, consultants, agents, and middlemen—exist mainly because consumers lack information. When governments improve transparency through clear regulations, digital platforms, and public data, fewer intermediaries are needed. As a result, demand for these expert roles declines, leading to job losses.

This creates a policy trade-off: greater transparency improves efficiency but reduces employment in information-based intermediary jobs. To manage this, governments should invest in retraining and help displaced workers move into sectors where skills add real value rather than exploiting information gaps.

Moral Hazard—Buyers Can Also Cheat

Moral hazard occurs after a transaction, when one party changes behaviour because costs are partly borne by the other party. Buyers are not always passive; they may also cheat when incentives allow.

Examples include tenants damaging rented property because repair costs are borne by landlords, insured individuals exaggerating losses, clients hiding information or misusing professional advice, and borrowers diverting loans to unintended uses.

Buyer-side moral hazard worsens inefficiency. Sellers respond by raising prices, tightening contracts, reducing quality, or exiting the market. Honest buyers then face higher costs and fewer choices, while resources are allocated to monitoring and enforcement rather than to productive activity. Information asymmetry is therefore two-sided, and policies must address both adverse selection and moral hazard through better contracts, monitoring, and enforcement.

Guarantees, Warranties, and Mixed-Quality Equilibrium

Guarantees and warranties are often introduced to signal product quality. High-quality sellers are willing to offer guarantees because defects are less likely, which should push low-quality products out of the market.

However, guarantees also create buyer-side moral hazard. Buyers may reduce care, overuse, or deliberately damage products because repairs or replacements are covered. This increases warranty costs for all producers.

High-quality firms may respond by raising prices, limiting coverage, or reducing quality investment. Low-quality firms can mimic guarantees by pricing in expected abuse. As a result, good and bad products coexist in equilibrium, despite the presence of guarantees. Guarantees improve trust but do not fully resolve market failure. Moral hazard shifts costs rather than eliminating inefficiency.

Digital Platforms, Formalization, and Consumer Protection

E-commerce and digital marketing platforms reduce information asymmetry by increasing price transparency, reviews, ratings, comparisons, and direct access to sellers. These tools reduce reliance on intermediaries and help consumers verify quality.

In cities like Abuja, Port Harcourt, and Lagos, consumers can reduce exploitation by:

Asking for the previous selling price and comparing across sellers.

Signaling willingness to switch if the price is unfair.

Checking online prices, reviews, or multiple shops to reduce information asymmetry!

Government can also reduce information asymmetry by formalizing markets, which improves record-keeping, transparency, standardization, and contract enforcement. Clear, fair, and incentive-based tax systems encourage voluntary compliance, provide access to credit, legal protection, and government contracts.

The government may invest ₦100 million in upgrading informal markets in Kano, Lagos, and Port Harcourt and taxing ₦20 million annually per market allows the government to recover costs within five years while boosting GDP and creating jobs.

Without incentives, multiple overlapping taxes increase compliance costs and deepen informality. Corruption, waste, and misuse of funds reduce citizen trust. Transparent, fair, and accountable government policies promote efficiency, formalisation, and market growth, while distrust, overconfidence, and policy failures harm the economy.

Ibrahim is a graduate of Economics from Bayero University, Kano and can be reached via nasirfirji4@gmail.com.

The Monetary Policy Committee of the Central Bank of Nigeria has lowered the benchmark interest rate to 26.5 per cent.

The decision marks the second rate cut under the current leadership of the apex bank.

Governor Olayemi Cardoso announced the outcome on Tuesday after the committee’s 304th meeting held in Abuja.

Cardoso said, “The Committee decided to reduce the monetary policy rate by 50 basis points to 26.5%.”

He also stated that the MPC resolved to “retain the Standing Facilities Corridor around the MPR at +50/-450 basis points” and to “retain the Cash Reserve Requirement for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and 75.00 per cent for non-TSA public sector deposits.”

The latest adjustment follows a similar 50-basis-point reduction in September 2025, while the committee maintained rates at its November 2025 meeting.

According to the governor, the move was based on “a balanced evaluation of risks to the outlook,” which indicates that “the ongoing disinflation trajectory would continue, largely supported by the lagged transmission of previous monetary tightening, sustained exchange rate stability, and enhanced food supply.”

He explained that headline inflation declined slightly to 15.10 per cent in January 2026 from 15.15 per cent recorded in December 2025. This represents the eleventh straight month of year-on-year decline.

Cardoso added that “Food inflation declined markedly to 8.89 per cent from 10.84 per cent,” while “core inflation declined to 17.72 per cent from 18.63 per cent.”

On a month-to-month basis, inflation dropped to -2.88 per cent in January from 0.54 per cent in December. The committee said this reflects “a continued softening of price pressures.”

The governor also highlighted progress in the external sector. He said the country’s gross external reserves increased to $50.45 billion as of February 16, 2026. He described it as “the highest in 13 years,” with an import cover of 9.68 months for goods and services.

He attributed the growth in reserves to stronger export earnings and higher remittance inflows. He said these factors have supported exchange rate stability and boosted investor confidence.

Cardoso further noted the introduction of Presidential Executive Order 09, which channels oil and gas revenues into the Federation Account. The committee “welcomed” the order and “acknowledged the potential impact of this Order in improving fiscal revenue and accretion to reserves.”

On the banking sector, the governor said key financial indicators remain within regulatory limits. He disclosed that 20 out of 33 banks involved in the recapitalisation programme have met the new minimum capital requirement. The committee described this as “steady progress towards a more robust and well-capitalised financial system.”

The MPC reiterated “the strategic importance of the recapitalisation exercise” and urged the bank to ensure its successful completion to strengthen resilience and support growth.

On economic performance, the Purchasing Managers’ Index stood at 55.7 points in January 2026. This suggests continued expansion in economic activity and possible improvement in output for the last quarter of 2025.

Looking ahead, Cardoso said the outlook shows that “the current momentum of domestic disinflation will continue in the near term,” supported by exchange rate stability and better food supply.

He, however, warned that “increased fiscal releases, including election-related spending, could pose upside risk to the outlook.”

The governor reaffirmed the MPC’s commitment to “an evidence-based policy framework, firmly anchored on the Bank’s core mandate of ensuring price stability, while safeguarding the soundness and resilience of the financial system.”

He added that the next MPC meeting is scheduled for May 19 and 20, 2026.

By Ahmed Usman

The global economic order is no longer merely under strain; it is fragmenting in ways that are particularly costly for countries like Nigeria and much of the Global South. Across continents, economic anxiety is feeding political instability, geopolitics is reshaping markets, and institutions once designed to stabilise the world are struggling to remain relevant. What we are witnessing is not a temporary downturn or a cyclical adjustment, but a deeper structural breakdown, driven by forces once assumed to guarantee global stability. For many emerging and developing economies, this moment is not just about global disorder; it is about survival within it.

Global economic power is shifting rapidly. Liberal market-oriented democracies are facing unprecedented domestic turmoil, and the deep integration of trade and finance that defined recent decades is steadily unravelling. From supply-chain fragmentation to trade wars, sanctions, and tariff escalation, the global economy is retreating from openness toward fragmentation. The question is no longer whether the post–World War II economic order is weakening, but how it reached this point and what, if anything, can replace it.

Ironically, the very country long believed to anchor global stability is now fueling its destabilisation. Globalisation was supposed to spread prosperity, deepen interdependence, and reduce the likelihood of conflict. Instead, it has widened inequality within countries, eroded the middle class in developing economies, and concentrated gains among a narrow elite. These imbalances have stoked political backlash, empowered populist movements in developed economies, and turned trade into a political weapon rather than a shared economic good.

This shift became unmistakable during the Trump administration, when tariffs, once viewed as relics of a protectionist past, returned to the centre of global economic policy. The imposition of broad tariffs on China and other trading partners signalled a decisive break from the rules-based trade order. What began as “America First” protectionism quickly reshaped global behaviour, legitimising unilateral trade actions, encouraging retaliation, and accelerating the erosion of multilateral discipline. Trade policy, once anchored in cooperation, became openly confrontational, and the precedent has proven difficult to reverse.

Nowhere is this erosion more evident than in the weakening of trust in liberal democracies themselves. Economic dislocation has bred social resentment. In developing countries, repeated external shocks such as oil price shocks, global interest rate hikes, and pandemic disruptions have led to inflation, currency depreciation, and shrinking real incomes. Rising living costs, youth unemployment, and fiscal austerity have weakened trust in democratic institutions and fueled social unrest.

Domestic politics, in turn, have become more constrained, limiting the policy space needed to pursue long-term development strategies. Political polarisation has weakened governments’ ability to sustain coherent economic policies. As domestic politics grows more volatile, foreign economic policy becomes reactive and confrontational. Trade barriers rise, industrial policy replaces market openness, and economic nationalism becomes a political necessity rather than an exception in many Western countries.

At the same time, the global institutions meant to manage these tensions have failed to evolve. The International Monetary Fund, the World Bank, and the World Trade Organisation, the cornerstones of the post–World War II economic architecture, were designed for a world dominated by a small group of advanced economies. Today, they struggle to respond to capital-flow volatility, technological disruption, climate risk, and the growing power of emerging markets. Their rules remain largely intact, but their legitimacy and effectiveness are increasingly questioned. Their frameworks are still anchored in assumptions that often underestimate social costs in developing countries. Conditionality, delayed financing, and inadequate attention to inequality and structural transformation have weakened their credibility across the Global South. The World Trade Organisation, meanwhile, has struggled to prevent powerful economies from bending trade rules in their favour through subsidies, tariffs, and industrial policy practices that have become more entrenched since the normalisation of tariff-based trade conflict under Trump.

For a time, the rise of emerging markets such as India, Brazil, Nigeria, and Turkey seemed to promise a more balanced and stable multipolar world. These nations benefited from globalisation without fully aligning with any single power bloc, acting as bridges between North and South, East and West. But today, that space is narrowing. Intensifying rivalry between the United States and China has turned trade, technology, finance, development assistance, and even currency choices into tools of geopolitical competition, forcing emerging market economies to pick sides in a contest they did not create.

For countries like Nigeria, this strategic squeeze is especially critical. Dependence on imported technology, foreign capital, and external energy markets makes neutrality costly. Sanctions regimes, supply-chain fragmentation, tariff escalation, and financial market volatility now transmit geopolitical tensions directly into domestic inflation, exchange rates, and public finances. What appears as global disorder at the international level is experienced as household hardship at home.

What emerges from this landscape is a destructive feedback loop between economics, domestic politics, and geopolitics. Economic shocks fuel political instability; political instability drives inward-looking policies; those policies heighten geopolitical tensions; and geopolitical tensions, in turn, further destabilise the global economy. Each turn of the loop reinforces the next, making disorder self-perpetuating.

This is why familiar prescriptions no longer suffice. Calls for more trade liberalisation, fiscal discipline, or institutional reform are not wrong, but are no longer enough. The world has changed too profoundly. Technology is reshaping labour markets faster than institutions can respond. Climate change is imposing costs that markets alone cannot price. Capital moves instantly, while political accountability remains national. Old solutions were built for a slower, more predictable world.

Breaking out of this cycle requires abandoning the comforting illusion that existing global arrangements will eventually self-correct. Calls for more liberalisation, deeper financial integration, or stricter fiscal discipline ignore the lived realities of developing economies. The old playbook was written for a world of expanding trade, cheap capital, and geopolitical cooperation. That world no longer exists.

What is needed instead is a fundamentally new approach. For Nigeria and the Global South, this means redefining integration on terms that prioritise resilience over efficiency. It means reforming global financial institutions to provide faster, more flexible support during shocks. It means investing in domestic productive capacity, regional trade, and human capital rather than relying on volatile external demand. And it means recognising that economic policy must be politically sustainable to endure.

The global economy is spiralling into disorder, not because globalisation failed entirely, but because it evolved without fairness, adaptability, or legitimacy. For countries like Nigeria, the stakes could not be higher. Remaining trapped in the doom loop will deepen vulnerability. Escaping it demands new thinking, new institutions, and a development model rooted in resilience rather than dependency.

The future of the Global South will not be secured by waiting for the old order to return. It will be shaped by how boldly countries confront the reality that the old solutions can no longer solve today’s problems.

The world is not spiralling into disorder by accident. It is doing so because the systems governing it have failed to adapt. Recognising this is the first step. The harder task of building a new framework for global cooperation in an age of rivalry, inequality, and uncertainty is now unavoidable.

The choice ahead is unambiguous: continue circling the doom loop, or accept that the old economic order cannot save us and begin the difficult work of inventing something new.

By Isah Kamisu Madachi

The furore over whether the tax laws should be implemented has passed. The nationwide discussions about the discrepancy between the gazetted version and the version passed by the National Assembly have also faded. January 1 has come and gone, and many changes, especially around digital transactions, are already beginning to manifest, as provided for under the new tax law. The consolidated tax laws under the tax reform regime are now in force, and as a citizen, I hope they are backed by strong accountability mechanisms and oversight to ensure that collected taxes are used for the right purposes.

However, I observed a major policy gap in the final moments of the law’s implementation, which, if left unaddressed, could not only undermine the law’s effectiveness but also cause greater harm to its objectives. If I were to estimate, I would say that less than 5% of Nigerians understand what the new tax law contains, how it works, and what it does not do. This knowledge gap has created a fertile ground for misinformation, disinformation, and fake news. 

In the past few days, I have personally encountered many people who told me they had withdrawn all the money saved in their bank accounts and converted it to cash. They said they no longer trust cashless transactions. Some were told that every transaction, regardless of the amount, would incur a flat ₦50 fee. 

Others were also told that keeping money in their accounts would result in monthly deductions, or that 5% of their savings would be deducted each month for tax. None of these claims could be traced to any provision of the law, yet they are widely shared with absolute confidence.

Another unfortunate experience was my encounter with a young and vibrant POS agent from whom I regularly withdraw cash. He told me he had shut down his business. According to what he was told, every ₦500,000 transaction would attract ₦15,000 in tax, every ₦5 million would attract ₦250,000, and any transaction above ₦1,000 would automatically be charged ₦50. 

He was also told these deductions would be accumulated and collected at the end of the month, and that’s what frightened him most. He used to make transactions averaging ₦50 million per month. With this information, he now chose to abandon his livelihood. Whether these claims are true or false is not the most important when one considers the damage such misinformation is already causing.

There is also a growing narrative, particularly on social media, that every transaction must now be clearly explained in the narration section. People are being told they must specify whether the money is for savings, shopping, gifts, rewards, profit, or salary. A counter-narrative exists saying this is false. Sadly, the average Nigerian does not know which version to believe. In an environment where official clarity is weak, rumours travel faster than facts.

If I were to document all the misinformation circulating about the new tax law, it would take more than a newspaper opinion. New versions emerge almost every hour. The most alarming outcome of this misinformation is how people are altering their economic behaviour. Businesses are being abandoned. Trust in digital finance is being eroded. People are deserting the cashless system out of fear, believing their money is no longer safe in the banking system.

The only effort I am aware of to address this information gap is the reported engagement of social media influencers to enlighten the public. If this effort has begun, it is not enough. If it has not, then it is urgently needed. But beyond influencers, one must ask: what happened to local radio stations? Radio remains the primary source of information for millions of Nigerians, especially in rural areas. The law should be broken down and discussed in local languages on local radio. 

There are also a proliferation of online television platforms operating across social media spaces. The tax reform committee should collaborate strategically with them to explain the law in simple, creative ways. Influencers alone cannot carry this burden. Public communication must be broader, more structured, and more deliberate.

The Federal Ministry of Information also plays a central role here. There is an urgent need for a simplified version of the tax law, as well as translations into local languages, and for their dissemination in collaboration with state ministries of information. Students, heads of households, community leaders, traders, and small business owners must all be deliberately engaged. Town hall meetings, especially in peri-urban communities, should be organised. They are necessary to counter the scale of misinformation already circulating.

When people are largely unaware of what a law entails, dysfunction is inevitable. The law may exist, but its implementation will be undermined by fear, resistance, and unintended consequences. By the look of things, those who understand the new tax law are currently the fewest in Nigeria, even among the highly educated. If this gap remains wide open, the law may struggle to achieve its intended outcomes.

Now that it’s here, I hope, and I genuinely pray, that if effectively implemented and properly communicated, the new tax laws will become one of the long-awaited channels for fixing many of Nigeria’s challenges. But without deliberate public education, I doubt if the policy can yield the desired result.

Isah Kamisu Madachi is a public policy enthusiast and development practitioner. He writes from Abuja and can be reached via: isahkamisumadachi@gmail.com.

By Dahiru Kasimu Adamu

Ahead of Argungu International fishing and cultural festival which was scheduled to hold from 11 February to 14 February 2025 we take a look of some tourist centers to visit in the ancient town of Kabawan Kanta.

Argungu International fishing and cultural festival is a unique  global event previously celebrates annually, it rooted in the pursuit of peace and unity. This extraordinary event showcases the rich historical legacy of the Kabawan Kanta and preserves the invaluable cultural heritage of the Kabawa people.

More than a festival, Argungu is a world-renowned tourism destination, significantly contributing to the socio-economic development of the town, Kebbi State and Nigeria as a whole.

Most people don’t know that, beside the famous fishing festival, there are so many colorful cultural and traditional activities, which are observed concurrently, during the same period. Some of  these activities which are attached to the festival include, 

1. Traditional Boxing, 
2. Durbar, Horse Racing,
3. Motor Rally,
4. Kabanci Display,
5. The Grand Fishing Competition and many more.

Apart from the series activities of the festival, visitors also would have opportunities to visit historical and tourist centers of the town such as; the famous Kanta Museum.

Kanta Museum, is a Historical and cultural Center, which was the Emirs palace between 1831 and 1940, but it was converted to a Museum in 1942 after the European colonialists built the new Emir Palace in Tudun Wada Area of the ancient town of Argungu during the reign of Muhammed Sani.

Since then, the place has been a tourist center for many years. It showcases the true meaning of diversity with different cultures and histories of the Kabawan Kanta on display. It was named after Muhammed Kanta, who founded the Kebbi Kingdom in 1515. The Museum boasts a collation of historical artifacts and a testament to the ancient architectural beauty of the people.

It has eleven sections and contains historical and cultural elements related to the Kabawa and their history, which include the Royal Palace, then the Cultural section, the people and their religion section, the traditional crafts and the music section, the antiques section, a section dedicated to Surame, the first settlement of the Kabi Kingdom, war equipment, (such as spears, swords, woods, stones, bows and arrows and even drums on display) fishing tools section, amongst others.

Many people, including students from different schools and neighboring countries visit the museum at all times, for different purposes including educational and cultural research, although during the festive season about five to seven hundred people visit the Museum a day.

The Matanfada River

Matanfada river is a very special stage of the famous Argungu Fishing Festival competition. Over five hundreds fishermen storm the river for fishing competition. Visiting the river and the scenario give a deeper appreciation of its cultural and historical importance.

Another river site is the Mala River, which is another significant tributary in the Argungu. It forms part of the fertile river system that feeds the farmlands and fishing grounds of Argungu and its stage of Kabanci display.

The Argungu Bridge:

It is a prominent bridge that crosses the river connecting local governments of Argungu Emirate and also a route to Niger republic. It is a central landmark and a prime viewing spot for spectators during the fishing festival, offering a vantage point over the competitions. If you have a chance to be there during the event, try and climb the bridge!

The Argungu Fadama Land is a vast fadama land, which is nourished by the rivers. It is exceptionally fertile and crucial for agricultural activities, producing crops like rice, vegetables and many others, supporting the local economy of the residents.

The Emir’s Palace: Argungu Emir palace which is also known as Kanta Palace is located at Tudun wada Area of Argungu. The palace is the seat of the Emir of Argungu, the overall constituted authority of the Emirate. The palace also showcases historical and administrative system of government of the Kabawa, and it’s many sections reflecting living heritage of the Kabawan Kanta.

For equestrian culture, the Horse Racing Course roars to life during the festival and NSK Polo Ranch hosts the Polo tournaments and fates illustrating the horse sporting in the region.

There are 7 historical gates in Argungu and all are connected to the history and culture of the town, this gates are; Kofar Maicibi, Sagware, Kofar Tudu, Kofar Mala, Kofar Marina, Kofar Dankoji and Kofar tsohi.

Some of the gates such as Kofar Maichibi, Kofar Tudu had been rehabilitated and they serve as a symbolic of Argungu’s past history, marking and signifying old boundaries and stories of the community, its trade, strength and defense.

All these locations are interconnected elements of Argungu’s geography and culture and they are stages for a major cultural event contributing greatly to the socio-cultural development of Kebbi State and Nigeria at large.

See you there, and you will surely thank me for what you get.

By Aminu Babayo Shehu

Nigeria is entering a period where technology is no longer optional for national development. Around the world, countries that once depended on natural resources are rapidly transforming their economies through innovation, high-tech manufacturing and knowledge-driven industries. Nigeria’s long-term plan, Nigeria Agenda 2050, recognises this reality. One of its key policy directions is to accelerate technology development across all sectors to increase the production of high-technology products. This policy is not simply aspirational. It is urgent, practical and necessary for economic survival.

For decades, crude oil has dominated Nigeria’s revenue base. Yet oil is a finite resource, prone to global price shocks and increasingly less attractive as the world shifts to renewable energy. Technology products, on the other hand, are expanding at a scale that dwarfs resource-based industries. The global tech market is projected to exceed $10 trillion over the next decade. Nations that embrace high-tech production are generating new wealth, attracting investment, and creating jobs at a pace unimaginable under traditional economies.

Countries such as South Korea, Singapore, India, and China were once struggling nations with limited natural resources. South Korea transformed from poverty to a top global economy by investing in electronics, telecommunications, robotics and semiconductors. Today, companies like Samsung contribute more to South Korea’s GDP than the entire oil sector contributes to Nigeria.

China shifted from low-wage manufacturing to high-tech dominance in areas such as electric vehicles, drones, AI, and telecommunications. Its tech exports now reshape global markets. India invested heavily in its tech talent, building the world’s largest IT outsourcing industry and becoming a leading hub for software engineering, fintech, and space technology. These countries show that consistent investment in research, innovation, and human capital produces national transformation.

Nigeria has the potential to make similar progress, but time is not on our side. The world will not wait for us. If we continue to rely on crude oil as our primary revenue source, we will fall even further behind. Our young population, one of the largest in Africa, is an asset only if it is empowered with digital skills, research opportunities, and innovative platforms. Otherwise, it becomes a liability.

High-technology production can reshape Nigeria’s economy in several ways. First, it will diversify national revenue and reduce the need for excessive borrowing. Countries with strong technology sectors generate significant income from intellectual property, digital services, hardware production, and global tech partnerships. Nigeria can do the same by promoting local manufacturing of electronics, renewable energy components, agri-tech equipment, medical devices, cybersecurity solutions, and AI-powered tools.

Second, investment in technology drives innovation across all sectors. Agriculture can be transformed through agri-drones, smart irrigation and data-driven farm management. Healthcare can be strengthened through telemedicine, diagnostic tools and biotechnology research. Security agencies can rely on surveillance drones, satellite imaging and digital intelligence rather than outdated methods. Education can be improved through digital learning platforms, simulation labs and computing infrastructure. These are the kinds of advancements that lift entire nations.

Third, high-tech development creates high-quality jobs. Instead of exporting raw materials, Nigeria can export advanced products and services. Instead of depending on foreign technology, we can build our own solutions. Instead of losing talented youth to migration, we can build an economy that retains and rewards them.

However, none of this will happen by accident. Nigeria must deliberately invest in research and development, strengthen universities and technical institutions, build innovation hubs, support local manufacturing, and fund STEM programs from primary school through postgraduate level. Policies must be consistent, leadership must be committed, and institutions must have the resources needed to produce world-class results.

If Nigeria takes the Nigeria Agenda 2050 technology policy seriously, we can transition from a raw-material exporter to a high-tech producer within a generation. But if we continue to postpone action, the cost will be grave. Nations that invest early in technology win the future. Nations that delay are left behind.

Nigeria has the talent, the population and the potential. What we need now is the political will and the investment to match our ambition. High-technology production is not just an economic option. It is the pathway to sovereignty, prosperity and long-term stability.

Aminu Babayo Shehu is a Software Engineer, Mobile Developer, and Technology Advocate. He can be reached at absheikhone@gmail.com.

By Muhammad Abubakar

The Nigeria Revenue Service (NRS) has officially unveiled its new institutional logo, formally marking its transition from the Federal Inland Revenue Service (FIRS) to a newly established revenue authority.

The unveiling ceremony took place in Abuja on Wednesday and was announced in a statement by Dare Adekanmbi, special adviser to the chairman of the NRS.

Speaking at the event, Zacch Adedeji, executive chairman of the NRS, described the new brand identity as a major milestone in the ongoing reform of Nigeria’s revenue administration framework, reflecting a renewed mandate and institutional vision.

Adekanmbi noted that the service became operational after President Bola Tinubu signed the Nigeria Revenue Service Establishment Act 2025 in June, paving the way for the transition from FIRS to NRS.

The new logo, officials said, symbolises efficiency, accountability, and a modernised approach to revenue generation in Nigeria.

By Isah Kamisu Madachi

For over a week now, flipping through the pages of Nigerian newspapers, social media, and other media platforms, the dominant issue trending nationwide has been the discovery of significant discrepancies between the gazetted version of the Tax Laws made available to the public and what was actually passed by the Nigerian legislature. Since this shocking discovery by a member of the House of Representatives, opinions from tax experts, public affairs analysts, activists, civil society organisations, opposition politicians, and professional bodies have been pouring in.

Many interesting events that could disrupt the pace of the debate have recently surfaced in the media. Yet the Tax Law discussion persists because public interest is deeply entrenched in the contested laws. However, while many view the issue from angles such as a breach of public trust, a violation of legislative privilege by the executive council, the passage of an ill-prepared law and so on, I see it from a different, narrower, and governance-centred perspective.

What brought this issue to public attention was an alarm raised by Hon. Abdulsammad Dasuki, a Member of the House of Representatives from Sokoto State, during a House plenary on 17 December 2025. He called the attention of the House to what he identified as discrepancies between the gazetted version of the Tax Laws he obtained from the Federal Ministry of Information and what was actually debated, agreed upon, and passed on the floor of both the House and the Senate. He requested that the Speaker ensure all relevant documents, including the harmonised versions, the Votes and Proceedings of both chambers, and the gazetted copies, are brought before the Committee of the Whole for scrutiny. The lawmaker expressed concern over what he described as a serious breach of his legislative privilege.

Beyond that, however, my concern is about how safe and protected Nigerians’ interests are in the hands of our lawmakers at the National Assembly. This ongoing discussion raises a critical question about representation in Nigeria. Does this mean that if Dasuki had also been indifferent and had not bothered to utilise the Freedom of Information Act 2011 to obtain the gazetted version of the laws from the Federal Ministry of Information, take time to study it, and make comparisons, there would have been no cause for alarm from any of Nigeria’s 360 House of Representatives members and 109 senators? Do lawmakers discard the confidence we reposed in them immediately after the election results are declared?

This debate serves a latent function of waking us up to the reality of the glaring disconnect between public interest and the interests of our representatives. The legislature in a democratic setting is a critical institution that goes beyond routine plenaries that are often uninteresting and sparsely attended by the lawmakers. It is meant to be a space for scrutiny, deliberation, and the protection of public interest, especially when complex laws with wide social consequences are involved. 

We saw Sen. Ali Ndume in a short video clip that recently swept the media, furiously saying during a verbal altercation with Sen. Adams Oshiomhole over ambassadorial screening that “the Senate is not a joke.” The Senate is, of course, not a joke, and neither should the entire National Assembly be. Ideally, it should not be a joke to the legislators themselves or to us. Therefore, we should not shy away from discussing how disinterested those entrusted with the task of representing us, and primarily protecting our interests, appear to be in our collective affairs.

It is not a coincidence that, even before the current debate over the tax reform law, it has continued to generate controversy since its inception. It also does not take quantum mechanics to understand that something is fundamentally wrong when almost nobody truly understands the law. Thanks to social media, I have come across numerous skits, write-ups, and commentaries attempting to explain it, but often followed by opposing responses saying that the authors either did not understand the law themselves or did not take sufficient time to study it.

The controversy around the gazetted Tax Reform Laws should not end with public outrage or media debates alone. It should prompt deeper reflection on how laws are made, scrutinised, and defended in Nigeria’s democracy. A system that relies on the alertness of a single lawmaker to prevent serious legislative discrepancies is neither resilient nor reliable. Representation cannot be occasional, and vigilance cannot be optional. 

Nigerians deserve a legislature that safeguards their interests, not one that notices breaches only when a few individuals choose to be different and look closely. If this ongoing debate does not lead to formidable internal checks and a renewed sense of responsibility among lawmakers, then the problem is far bigger than a flawed gazette. When legislative processes fail, it is ordinary Nigerians who bear the cost through policies they did not scrutinise and consequences they did not consent to.

Isah Kamisu Madachi is a public policy enthusiast and development practitioner. He writes from Abuja and can be reached via: isahkamisumadachi@gmail.com.

By Muhammad Abubakar

The National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) will automatically function as a Tax Identification Number (Tax ID) for Nigerians starting from January 2026, the Federal Inland Revenue Service (FIRS) has announced.

According to the FIRS, the policy is part of broader efforts to harmonise government databases, improve tax administration, and expand the country’s tax net. By linking tax records directly to the NIN, authorities aim to reduce duplication, enhance compliance, and make it easier for individuals and businesses to fulfil their tax obligations.

Officials said the integration would streamline identification across government services while strengthening transparency and efficiency in revenue collection.

Nigerians are therefore encouraged to ensure their NIN details are accurate and up to date ahead of the January 2026 implementation.

The move aligns with ongoing digital reforms by the Federal Government to modernise public administration and improve service delivery nationwide.

By Ahmed Usman

As the year 2025 draws to a close, moments of reflection naturally set in, especially for an economy that has endured sharp shocks, painful adjustments, and cautious reforms. In an era of global economic turbulence marked by uneven commodity prices, persistently tight financial conditions, rising geopolitical tensions, regional insecurity, and an international retreat from development aid, many emerging economies have suffered currency instability, capital flight, and fiscal distress. 

For Nigeria, however, the year presents an unusual picture. Amid global uncertainty and domestic strain, key economic indicators are beginning to stabilise, prompting a deeper question about whether the country is merely ending the year on a fortunate note or finally turning a policy-driven corner.

The International Monetary Fund (IMF) projects that Nigeria’s economy will grow by about 3.9 per cent in 2025, with growth expected to strengthen modestly to around 4.1 per cent in 2026, driven by macroeconomic stabilisation and reform efforts across key sectors. While these numbers may not yet place Nigeria among the world’s fastest-growing economies, they mark a notable improvement from the passive growth of recent years and signal a gradual return of confidence.

One of the most significant recent developments is Nigeria’s GDP rebasing, which revealed that the economy is about 30 per cent larger than previously estimated. This adjustment is not merely a statistical exercise. It reflects the growing importance of services, digital trade, creative industries, and telecommunications, sectors that employ millions of Nigerians, particularly young people.

For households, a larger and more diversified economy is essential because it reduces overdependence on oil and expands opportunities for income outside traditional sectors. For policymakers, it improves Nigeria’s standing in global markets and provides a clearer picture of where growth is coming from, enabling more targeted policies.

The rebasing has also reshaped Nigeria’s debt profile. The debt-to-GDP ratio now stands at about 40 per cent, well below the levels seen in many peer emerging economies. More importantly, debt service as a share of government revenue has fallen to below 50 per cent, from much higher levels in previous years. This easing of fiscal pressure means the government now has slightly more flexibility to allocate resources to infrastructure, education, healthcare, and social protection. However, the challenge remains that Nigeria’s revenue base remains among the weakest globally, making sustained revenue mobilisation critical.

Perhaps the most tangible improvement for households and businesses has come from the foreign exchange market. After years of volatility and sharp depreciation, recent months have seen a reduction in exchange rate volatility, a narrowing of the gap between official and parallel market rates, and a gradual buildup of external reserves, now estimated at over $36 billion. This stabilisation has practical consequences. It helps slow imported inflation, reducing pressure on food, fuel, and medicine prices. Foreign portfolio inflows have also picked up, reflecting renewed investor confidence.

Nigeria’s capital markets are also telling a positive story. The stock market is enjoying its strongest rally in nearly two decades, with the All-Share Index posting record gains. This surge reflects expectations of improved corporate earnings and better macroeconomic coordination. Similarly, Nigeria’s bond market has entered a bullish phase, with falling yields and strong demand from both domestic and foreign investors. Lower bond yields reduce government borrowing costs and can eventually translate into lower interest rates for businesses and households seeking credit.

After reaching painful highs, inflation (food inflation) has begun to ease, FX conditions have improved, and supply pressures have eased. Although prices remain elevated, the slowdown in food prices offers some relief to households whose purchasing power has been severely eroded over the past two years.

Perhaps the most encouraging fiscal development is the sharp rise in government revenue. This improvement reflects tax administration reforms, subsidy removal, and better compliance. Higher revenue is central to Nigeria’s long-term stability. It reduces reliance on borrowing, strengthens public services, and allows targeted social spending to cushion vulnerable households from reform-related shocks.

Despite these gains, Nigeria’s resilience should not be mistaken for strength. The economy remains vulnerable to oil price swings, climate shocks, global financial tightening, and domestic security challenges. Monetary pressures, fiscal constraints, and external risks continue to interact in ways that could quickly reverse progress.

However, resilience built on sound fiscal management, credible monetary policy, and structural reform is fundamentally different from resilience driven by temporary luck. Strengthening domestic revenue, managing debt prudently, investing in human capital, and deepening diversification are not optional; they are essential.

Is the question whether Nigeria’s current resilience is the product of good policies or good luck? The evidence increasingly points toward policy-driven stabilisation, though aided by favourable timing and improved coordination.

The fundamentals are improving, confidence is returning, and the economy is stronger than it has been in years. The challenge now is to convert this fragile resilience into inclusive and durable growth, growth that raises living standards, creates jobs, and restores hope for millions of households.

Ahmed Usman wrote via ahmedusmanbox@gmail.com.