The year 2022 has been an eventful one. As we close out on all activities of the year and look forward to a new one, it is important that we begin to envisage what the new year portends and be better prepared. The outgoing year has been marked with some remarkable incidences: President Muhammadu Buhari signed the Electoral Act 2022, the CBN issued a string of controversial announcements, the Nigerian government plans to wean off the subsidy regime starting next year, and 5G made it to Nigeria; however, rollouts have been slow.
These and many more are the highlights that shaped 2022, but in this article, we will be focusing on major events that have been projected to shape Nigeria in 2023.
General Elections
The upcoming general election in February 2023 will be Nigeria’s seventh democratic election. It has been recognized as one of the most significant electoral events in the country’s history of elections as there are more candidates contesting for the presidential seat, with more Nigerians becoming politically aware and involved.
And in a historic move, Nigeria will be transmitting its election results electronically for the first time in the upcoming elections, as is contained in the Electoral Act 2022, that promises of a credible election. Political analysts have praised the signing of the Act, as it foretells a more transparent electoral system to allow for the smooth running of the country’s democratic processes. The outcome of the elections will, in no small measure, determine the extent of the economic growth of the country.
CBN’s Domestic Card
The Central Bank of Nigeria (CBN) had announced plans to develop a National domestic card scheme which it expects to take off in January 2023. Among its reasons for the card scheme launch, the CBN listed financial inclusion, consumers’ data sovereignty and Enabling banks to offer differentiated products and services.
The big question, however, is, does the CBN need to launch a domestic card to achieve these? Currently, in Nigeria, there are existing local and international card schemes that are meeting these needs already. These card schemes, notably Mastercard, Visa, and Verve cards, are enabling banks to offer enough differentiated products and services, among other card payment benefits.
The Verve card particularly is a Nigerian home-grown domestic card scheme and one of Africa’s most successful indigenous payment cards. It has grown its value proposition and market base to be accepted in over 180 countries and issued in countries across Africa, providing secure and ubiquitous payment options.
Not only are these card schemes delivering on the goals of the proposed domestic card scheme, telecommunication operators, Payment Service Banks (PSBs), Fintechs, Commercial banks, and Microfinance banks are playing in this space to create a more financially inclusive, data secure, and product differentiated payment ecosystem.
Another question the CBN will be forced to answer in the new year while launching its domestic card is the ethical question of fairness. Will the CBN be playing fair now that the regulator has also become a player? There has been widespread concern over the ethical disposition of this move. Experts believe the CBN will want to coerce the banks and even Nigerians (cardholders) to subscribe to the government-owned card.
CBN’s entry into the card business; experts project it will effectively crowd out competition and directly compete with homegrown cards as well as other international card companies. They further suggest that instead of playing in the field, the apex bank should remain in its role as a regulator while providing institutional support for existing players, ensuring that they meet the set standards for the benefit of the domestic economy. 2023 will decide.
Slow Economic Growth
The World Bank adjusted its projection for Nigeria’s economic growth for 2023 from 3.3 per cent to 3.2 per cent. The global financial institution noted that the slow growth would be propped by an increase in private consumption, which will be driven by subsiding inflationary pressures.
2022 saw Nigeria record its highest inflation figure since 2005 at 21.15 per cent. This inflation was majorly instigated by; disruptions in the food distribution network resulting from insecurity, high importation costs, currency depreciation, and a bump in the cost of production.
As the new year unveils, keen expectations will be for the government, through the CBN, to be more intentional about its fiscal and monetary policies and proffer business-friendly initiatives that will help tackle the challenges affecting macroeconomic growth.
5G Rollout
It’s the era of the 5th generation mobile network, which sets to drive faster and enhanced communication. As of June 2022, about 70 countries have deployed the 5G technology, with projections that more users will be onboarded. Earlier this year, Nigerians joined the list of 5G users after an auction process was announced by the National Communication Commission (NCC) for the 3.5GHz 5G spectrum.
With this, the NCC will enable licensed operators with existing infrastructure to provide 5G services to Nigerians while providing a regulatory framework that will guide these providers of the 5G network on how to protect users.
Although the rollout is not as extensive yet, experts believe the technology holds a trove of benefits for Nigerians, both individuals and businesses. It is expected that the adoption of this technology will increase opportunities and throw up new businesses with the evolution of blockchain in 2023, which will determine just how much work needs to be done to ensure that advanced technologies are accessible to more Nigerians.
2023, as with any election year, holds a lot of uncertainties, but the hope is that the theme of collaboration endures. Collaboration between the government and private sector players, and collaboration between the government and the citizens to create a robust and efficient economy.
Growth in the Oil Sector
As Europe completely wane itself off the Russian energy and the promises the recently passed Petroleum Industry Act (PIA) holds, Nigeria poses as a more attractive destination for foreign direct investment for oil and gas.
The government has recently redesigned its security strategy along the Niger Delta corridor to curb installation vandalization and oil theft. The new strategy of engaging the militants in addition to the military operations in the Niger Delta is expected to increase the daily oil production from 1.22m b/d towards the OPEC stipulated 1.7m b/d.
The government has also speculated it will be removing oil subsidies from its spending in the new year.
Other growth indicators in the oil sector include the recent commercialisation of the government-owned Nigerian National Petroleum Company (NNPC) Limited, which will further liberalise the sector. The completed Dangote Refinery, with its 650,000 b/d is expected to meet Nigeria’s fuel requirement, provided domestic oil prices are cost-effective, and fuel imports are lowered.
With all these efficient components brought together; expected foreign investment, increased security, increased daily oil production, removal of oil subsidy and the take-off of the Dangote refinery- the oil sector is going to be a major contributor to the economy’s balance of payment.
The new year indeed looks viable; the supposition is that the key players, government, businesses, and individuals will take their roles assiduously and deliberately work towards making the new year a productive and prosperous one for all.
The front-running presidential candidate under the aegis of the All Progressives Congress, Asiwaju Bola Ahmed Tinubu, recently voiced out on the controversial issue of fuel subsidy removal.
Speaking to Freedom Radio from Saudi Arabia where he partook in the Umrah. Tinubu straightened out amongst other things during the interview, issues around his health, his campaign and the pace it is picking up.
Speaking on the need to remove the subsidy, he said, “I will ensure we end the wastage and re-channel the money to the people who truly need it.” He continued that this is not a political position but a commonsensical one, as almost all the candidates are united around it. “We all agreed that the subsidy regime is abused and it favours the rich more than the poor. It has to go.”
The presidential aspirant when asked about the protests that rocked the country over fuel scarcity and the partial removal of oil subsidies, said “I couldn’t have opposed people expressing their own position on this. I believe in consultation and guaranteed by democratic values and norms. I respect opinions of people and I would not be party to stifling dissenting views or any legitimate protest. I am a veteran of protests myself. So why should I say people should not embark on well-intentioned protest? There is no excuse for that and there is no abuse of power intended.”
Clearing the air on his engagement with the media and the people of Nigeria, Asiwaju Bola Ahmed Tinubu said he has just finished a series of townhall meetings across the country and he continues to engage directly with the people.
When quizzed on his health, the presidential candidate said [b]“I told you where I am now. I just finished performing the the umrah. I did the seven rounds of tawaf, I did the seven trips between safa and Marwa by myself. Can a sick person do that? [/b]That is stale news, my brother. People who are making those insinuations have nothing else to say but lies and rubbish.”
PRESIDENT BUHARI READY TO CAMPAIGN FOR TINUBU AND ALL APC CANDIDATES WITH ENERGY AND CONVICTION
President Muhammadu Buhari assures the All Progressives Congress (APC) and its candidates in the elections next year that he is ready at all times to campaign for the Presidential Candidate and all party candidates with “full energy and conviction.”
This is to dispel expressed concerns in certain quarters that the President has not featured in campaigns since the national launch in Jos, Plateau State and to stress that while he remains committed to party politics, the functions and duties of the President will equally be upheld at times.
Speaking to the Nigerian community in Washington DC in the course of his recent visit to the United States, President Buhari stressed what he said all the time that he is ready to campaign for the party’s victory in the general elections next year.
The President noted that the APC campaigns have so far been the most aggressive in recent history. “They have been impressive and of a high voltage,” compared to the opposition that seems to be playing catch-up.
He expressed strong optimism that the party will win all the elections fairly and squarely.
Garba Shehu Senior Special Assistant to the President (Media & Publicity)
…says he is most qualified candidate to be President
…promises to make fiscal, monetary policies work for workers
All Progressives Congress Presidential Candidate Asiwaju Bola Tinubu has urged Organised Labour to pitch its tent with him in the 2023 presidential election, saying he has the track record for good governance.
Tinubu stated this during a Townhall meeting with Organised Labour at Chida Hotel Conference Centre in Abuja on Monday where he also said he is the most qualified to lead Nigeria among the presidential candidates.
The session, which was used to dissect the Tinubu-Shettima Action Plan for a Better Nigeria was well attended by Labour leaders from the Nigerian Labour Congress and Trade Union Congress among others.
Comrades Ayuba Wabba and Festus Osifo led the two Labour associations to the event.
Vice Presidential Candidate Senator Kashim Shettima, Speaker of the House of Representatives, Femi Gbajabiamila, Governors Simon Lalong (Plateau), Atiku Bagudu (Kebbi), Abubakar Badaru (Jigawa) and Abdulrahman Abdulrasaq (Kwara) as well as Hon James Faleke, Secretary of the Campaign Council, and other APC leaders attended the interactive session.
Former Deputy President of NLC and Director of Labour Directorate of the APC Presidential Campaign Council, Comrade Isa Aremu, set the tone for the engagement when he told the Labour leaders and workers that the choice before them and Nigerians in next election is who among the presidential candidates is truly committed, tested and trusted to protect workers and the poor and who is ready to industrialise the country to bring back decent jobs and good pay.
Comrade Aremu said Tinubu is the best to deliver on the priorities of the workers.
In his speech, the APC flagbearer who intermittently spoke off his written address said his antecedents as former Lagos State governor, during which he transformed the state and powered it to the 5th largest economy in Africa it is today, stands him out and makes him a better candidate ahead of his competitors.
Tinubu listed the problems of unemployment, lack of credit system to allow workers own houses, poverty, challenges in educational sector, weak industrial base of the economy as what he is coming to address as the President of Nigeria.
“Today, the questions you all you must ask yourselves are these: who can be trusted to accomplish all of this? The man who has done it before, or the man whose most lasting achievement as Vice President is the corrupt sale of national assets to his friends and cronies?
“Who has the better plan? The man whose blueprint guided the emergence of Lagos State as fifth largest economy in Africa or the man whose greatest pride is the amount of money he managed to bury in sand while his state’s infrastructure decayed and its workers suffered endless hardship?
“The choice is yours. But permit me to now talk a little about myself and my vision.
“I have always been and will continue to be a progressive democrat. In my worldview, government has a cardinal responsibility to work not only with business but also with labour to ensure that all constituent parts of our society are afforded their fair share of rewards without taking on undue hardship,” Tinubu said.
Further speaking on what stands him out, Tinubu said just like the labour leaders, he has been in the forefront of fighting the government for good governance all his life, a move for which he was detained and eventually forced into exile.
He added: “As Organised Labour, you have been at the forefront of the workers’ rights movement in Nigeria, championing economic fairness and the welfare of the average person, the weak and the forgotten.
“You have also been involved in the struggle for democracy and political rights. Your collective efforts breathe life into the democratic rights and economic ideals enshrined in our constitution.
“I can speak fondly of your impact on our nation because of my personal history on the frontlines of the social justice movement.
“I may be running for president now, but I was not always in this position. Long before I started running for the presidency, I was running away from military dictators angered by my important role in protests against them and their efforts to vanquish our democratic aspirations.
“The defining moment of my public life came during Nigeria’s struggle for democracy and my membership in the National Democratic Coalition (NADECO) movement.
“I have dedicated my entire being to that cause. I was detained, then was forced into exile because of my refusal to accept anything less than a government based on the proposition that the will of the people is sovereign and should reign over armed might and imposition.
“I believe that those assembled here today share the same ideals of progressive and democratic good governance. I have spent my political life advocating for the rights and interests of ordinary Nigerians as you also do. We have long been fellow travellers on the same road. I hope that we shall continue as friends and brothers.
On his plans if elected, Tinubu said his administration would make the fiscal and monetary policies work for the workers and Nigerians so they can have a good life.
He also said he would ensure the nation is massively industrialised to give more people better paying jobs, while also opening doors to more emerging sectors younger ones can harness.
“My Action Plan for a Better Nigeria, sets out a vision of opportunity, social justice and prosperity for all. I seek a Nigeria where sufficient jobs with decent wages give people the chance to live better lives. Where the private sector thrives, we will not disrupt it. However, where the private sector cannot do it alone, my government will take the lead in lending a helping hand.
“For young Nigerians, my goal will be to open the doors wide to emerging sectors such as the digital economy, entertainment and culture, and tourism. Specific policies will empower women and young people to become more active in our nation’s leadership.
“Our industrial policy will help Nigerian businesses manufacture, create, and invent more of the goods and services we require and to export more of those products across the globe. We will modernise and expand public infrastructure to create jobs, develop skills and spur rapid growth across all economic sectors, giving real opportunity to those who previously only dreamed of it.”
He also added that his government would protect Nigerians and their property, strengthen the national security architecture to end terror, kidnapping, banditry, and all other forms of violent extremism and bring policing and the police closer to the communities they serve.
He promised to foster a closer partnership with Organised Labour where dialogue on major policy issues and cooperation will become the order of the day.
Deputy Director-General of the APC PCC, Comrade Adams Oshiomhole, noted that Tinubu's Action Plan will bring back dead industries like Kaduna Textile that once employed over 4000 workers.
Oshiomhole charged the labour movement and civil society that the basis for their support for a presidential candidate should be who among the candidates has social and economic policies that will make life better for the working families in Nigeria. The former Edo State Governor said Asiwaju Tinubu is the best candidate for the workers to adopt because of his antecedents as a successful governor in Lagos.
NLC President, Comrade Wabba presented the workers' charter of demands which include a total war on corruption.
According to him, corruption has almost destroyed the social and economic fabrics of Nigeria across the private and public sectors and a reason the country is not making desired progress.
"In Nigeria, our problem is people problem and we must have a government that will prioritise the fight against corruption. This is a key demand of Labour. We also need government that will make social and economic justice a priority," he said.
Responding to a question on corruption, Asíwájú Tinubu said his administration would have a zero-tolerance to corruption by strengthening anti-corruption agencies.
On crude out theft, he said if elected, he would ensure maximum deployment of technology to monitor, protect pipelines and block theft, while also condemning those receiving stolen crude, saying if there is no receiver, there won't be supplier.
Tinubu Media Office Tunde Rahman December 18, 2022
At Kaduna APC rally, Tinubu promises national industrial revolution, completion of AKK gas pipeline
…hails El-Rufai as dependable ally
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu, has promised widespread industrialisation across the country if elected president.
Tinubu said this at the party’s presidential rally in Kaduna on Tuesday, where he addressed a mammoth crowd who welcomed him to the ancient city and former capital of the Northern region.
While addressing party supporters at Ahmadu Bello Stadium Kaduna, Tinubu thanked them for the warm reception they have continued to accord him during his previous visits to the state, most recently for the Arewa Joint Committee at the Arewa House and the Kaduna Economic and Investment Summit.
At the rally were APC National Chairman, Senator Abdullahi Adamu, Presidential Running mate, Senator Kashim Shettima, host- Governor Nasir El-Rufai and members of the party's National Working Committee.
Also in attendance were Governors Atiku Bagudu (Kebbi), Abubakar Badaru (Jigawa), Abdullahi Ganduje (Kano), Bello Matawalle (Zamfara) and Simon Bako Lalong (Plateau) who is also the Director-General of the Tinubu/Shettima campaign.
He said: “What anyone who visits the Centre of Learning quickly learns is that you are a resilient and industrious citizenry. You have the skills and talent to prosper as individuals, as a state and as a nation with a destiny no one can take away from you. You exemplify the best of our diverse and beloved nation.”
He praised Governor el-Rufai who he described as a dependable ally, for the good job done in the helms of affairs of the state.
“With his combination of intellect and determination, he has put in motion policies and programs that are truly reforming the state and invigorating its economy. His track record speaks for him. I commend his work and am glad that he has lent his support to the task that stands before us,” Tinubu said.
Tinubu who told the cheering crowd he was in Kaduna to seek their support to become Nigeria’s president said he has the track record of bringing alive the hopes of the citizenry with “people-oriented governance.
“With your support, my team and I will improve the economy, secure the peace, promote industry, grow more food and create more and better jobs for the average person.
“Given the opportunity, we shall reform the power sector such that light is brought into every home and productive work afforded every pair of willing hands.
“My administration will improve the education system for all our children including those who seem to have been rejected and forgotten and renew hope nationwide.
“Those who till the soil and grow our food will be helped to produce more and earn more. You farmers who feed this nation, your dignity and pride will be restored,” Tinubu said.
Speaking on his administration’s plans to massively industriaise the nation, the former Lagos State governor said, “Our industrial policy will make industries hum again. Meanwhile, we shall give the youth the training, access and policy support to explore new economic frontiers in the digital economy and other uses of technology to create new goods and services that benefit the entire population.
“Our infrastructural policy will promote nationwide road and rail transport, enabling small businesses to easily transport their goods across state-lines and engage in productive trade throughout the land. Federal roads, especially the Abuja – Kaduna – Zaria – Kano Road, will be turned into productive and safe highways for travel and commerce.
“Bringing jobs and cheaper power for your homes and business, the AKK gas pipeline completion will be a top priority, helping to literally fuel the region’s economy.
“We shall bring order to the mining industry discouraging illegal and dangerous mining, and promoting legal mining to bring better jobs, economic prosperity and security to Kaduna.”
Tinubu noted these will help achieve his administration’s goal of achieving a double-digit economy growth which will see “bringing the most talented hands on deck regardless of their gender, tribe, age or affiliation”.
The APC flagbearer also spoke on his plans to improve the country’s security situation, promising to wipe out terrorism and make Nigeria safe for all.
Governor el-Rufai thanked the people of the Northwest zone and particularly Kaduna State for massive turn out, saying they have shown where they stand in the 2023 race.
Governor Lalong disclosed that it was in Kaduna that the Northern Governors sat and decided that power must shift to the South and Asíwájú Tinubu should be the next president, stating that on that Asíwájú mandate they stand.
National Chairman Senator Adamu said Kaduna is the heart of Arewa and the North, adding that "the North has spoken and there is no need for more turanchi (talks)."
The party's gubernatorial candidate in Kaduna State, Senator Uba Sani also thanked the people for turning out in their large numbers, saying this has shown that the state belongs to the APC.
He described Asíwájú Tinubu as the only candidate who can better pilot the affairs of the country having delivered in Lagos, adding that "when he gets there, he will never forget Arewa."
Tinubu Media Office, Tunde Rahman December 13, 2022
A case challenging the candidacy of Asiwaju Bola Ahmed Tinubu as the presidential candidate of the All Progressives Congress (APC) has been dismissed by the Federal High Court sitting in Abuja.
It was the fourth case to be dismissed by the courts in recent weeks.
In the latest case, suit No: FHC/ABJ/CS/854/2022, Justice Fadima Aminu Muritala described the plaintiff, Elder Ngozika Ihuoma as a “meddlesome interloper having no locus standi to institute the suit”.
He therefore dismissed the case for being speculative after APC’s counsel, Julius Ishola Esq from Babatunde Ogala & Co had urged the Court to dismiss it with heavy cost for wasting judicial time.
Ihuoma dragged Tinubu and five others to court on 9 June, 2022 after the former Lagos State Governor won the APC presidential primary election.
He sought for six reliefs, which included INEC barring Tinubu from contesting the 2023 presidential election.
In defense of the suit, the law office of Babatunde Ogala (SAN) & Co on behalf of All Progressives Congress filed a counter affidavit in opposition to the Originating Summons and a Notice of Preliminary Objection.
The counter affidavit challenged Ihuoma’s locus standi and grounds for the action.
It sought a court declaration that the case was speculative, pre-emptive and non-justiciable being the internal affairs of a political party.
The counter affidavit also punctured Ihuoma’s case as academic, theoretical and an abuse of court process.
The court on Monday upheld the defense counsel’s objections and struck out the case.
In the last couple of weeks, the courts have dismissed several cases brought against Asiwaju Tinubu by opposition elements, including Action Alliance, for being frivolous, lacking in merit and abuse of court processes.
Bayo Onanuga Director, Media & Publicity APC Presidential Campaign Council November 7, 2022
"When I was born in March 1952, nobody knew I would join politics, talkless of running for President. My records have been consistent and there was no mutilation. I am a Tinubu proper....those without history and track records dwell in lies against me. One of the presidential candidates have been rumoured not to be a Nigerian, we never dwell on that, we have serious matters to talk about. I'm a graduate of Chicago State University. By the way, I've collected my original certificate from Chicago. I was trained as an accountant by Deloitte. I reached the pinnacle of my career at ExxonMobil. Who among my opponents has these records? That's why they dwell on cheap propaganda......."
The Director of the Diaspora Directorate, Tinubu Shettima PCC, Prince Ade Omole with Asiwaju's team at Chatham House on Sunday for final inspection prior to Monday's BIG event. Planning for a hitch-free event on Monday.
Lagos State Real Estate Regulatory Authority - LASRERA will be hosting the 3rd Lagos Real Estate Market Place Conference and Exhibitions, scheduled for Tuesday 6th and Wednesday 7th December, 2022 at Eko Hotel and Suites, Lagos.
For Registration Visit: 3rdlagrealconference.eventbrite.com
Lagos State Real Estate Regulatory Authority- LASRERA has concluded plans to host the third edition of Lagos Real Estate Market Place Conference and Exhibitions.
The Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka disclosed this at the weekend in her office at Alausa, Ikeja.
She informed that the 3rd Lagos Real Estate Market Place Conference and Exhibitions has been scheduled for Tuesday 6th and Wednesday 7th December, 2022 at Eko Hotel and Suites, Victoria Island.
Benson-Awoyinka added that discussions at the event will be in the form of a Town Hall Meeting on: “The Lagos Real Estate Emerging Markets – Mitigating Potential Risks”.
She emphasised the need for stakeholders in the Real Estate Market to protect the sector from impostors whose actions portend great risk to the Real Estate Market in the State.
Benson-Awoyinka revealed that seasoned speakers are already billed for this year’s Conference and Exhibition to deliberate on potential risks in Real Estate Transactions, Laws that protect Real Estate investment Transactions, Policies and Guidelines about Lagos State Real Estate Sector.
Benson-Awoyinka stated that the event is meant to redefine the Lagos State Real Estate Market meet developmental Standard and to attract more international investments opportunities for the State Real Estate, she said.
While assuring that Lagos State Real Estate Regulatory Authority- LASRERA will continue to play its role as the State Government’s Regulator in the Built Sector, to strengthen and curb the potential risks for investors/investees in the Market, the Special Adviser urged individuals/organisations that are yet to register with the Agency can do that at the Conference event.
She promised that the Lagos State Government will sustain the platform of the annual Conference for the Stakeholders to brainstorm on how to ensure that Real Estate Business Transactions meet the Smart City vision T.H.E.M.E.S of the State Government.
Interested persons willing to participate in the 2-Day Conference and Exhibitions are expected to register on https://3rdlagrealconference.eventbrite.com and it is free, she stated.
Live@The Ongoing APC Oyo State Rally for Tinubu-Shettima and All APC Oyo State candidates holding at Oyo Alaafin today with the party leaders in attendance, the two former Deputy Governors, Senator Musliu Obanikoro, Former Minister Jelili Adesiyan and of Course Hon. Kazeem Kolawole RAJI, Director, National Youth Mobilisation South West, APC Presidential Campaign Council among others.
The way these APC members turn out for their rallies makes one wonder who they always leave at home; the crowds are always mindboggling and massive; their rallies are beginning to resemble an inter-party competition, akin to the inter-House Sports we used to have in our schools when we were kids.
It's a game of who can outdo who, and the APC has nearly killed the show today in Oyo Alaafin with its mother of all rallies. (We keep repeating "mother of all rallies" because there is no other way to explain the massive crowds observed at these events.)
Senator Obanikoro, Former Minister Jelili Adesiyan, Hon. Kazeem Kolawole RAJI, Director, National Youth Mobilization South West, APC Presidential Campaign Council, and others were among those who attended the intimidating event.
Could this be the structure that everyone is talking about? Take a peek at the large audience in attendance and leave a comment below.
Politics › Economy: Major Indicators That Will Shape Nigeria In 2023 by Estello(op): 6:09am On Jan 04, 2023
