Economy
NECA, Oil Marketers To FG: Shun Pride, Review Fuel Subsidy Removal, Naira Flotation
LAGOS — The Nigeria Employers’ Consultative Association, NECA, has advised the Federal Government to eschew pride and review the removal of fuel subsidy and the floating of nation’s currency, the naira, warning of looming unemployment crisis, particularly with the current harsh economic situation.
NECA’s position came on a day oil marketers, under the aegis of the Natural Oil and Gas Suppliers Association of pleaded with President Bola Tinubu to peg the exchange rate of the naira to the dollar at the 2024 budget benchmark of N750/dollar.
‘Anti-business policies of govt’
Reviewing the twin policies of fuel subsidy removal and floating of the naira by the present government, NECA, the umbrella body for employers in the country, lamented that since 2023, government has been implementing policies that do not support operations of the private sector which are the largest employers of labour in the economy.
Director-General of NECA, Mr. Adewale- Smatt Oyerinde, who spoke on behalf of employers in the country, argued yesterday: “Some of the policies that are inimical to business include the currency redesign policy of the CBN, removal of fuel subsidy, floating of the foreign exchange, increase in various taxes, including excise duties and most recently, upward review of the foreign exchange rate for clearing of imports by the Nigeria Custom Service.
“Also included in this is the banning of alcoholic beverage in sachets and pet bottles of less than 200m. These measures are swiftly dragging most private businesses to the brink of collapse. “The National Bureau of Statistics, NBS, reported a rise in unemployment rate to 5.0 per cent in the third quarter of 2023, from 4.2 per cent in the second quarter of the year.
“The figure is a product of the new methodology adopted by the bureau, which defines unemployment as the ratio of the working-age population to the total labour force. Retrospectively, using the old methodology for the last time, NBS reported unemployment at 33.3 per cent for the first quarter of 2021.
“Going by analysis done by Klynveld Peat Marwick Goerdeler, KPMG, using the old methodology, the estimated unemployment rate for 2023 is projected to close at 40.6 per cent, a 2.9 percentage point rise over the 37.7 per cent recorded in 2022. “The rise in unemployment rate by 80 points during the quarter could be a presage of looming unemployment crisis in the country, particularly with the current harsh economic condition.
“Therefore, to circumvent such crisis, it is important to question the causes of the current spike in unemployment rate and decipher solutions to mitigate further degeneration in the index. “Since 2023, government has been implementing policies that do not support the operations of the private sector. Incidentally, they are the highest employer in the economy.’’
While expressing dismay over the recent exit of GlaxoSmithKline, a multinational pharmaceutical company and Procter & Gamble, two companies that had operated in the country for decades, Oyerinde noted: “As the economy stands, there are many more companies to join the exit train or close shop if the current harsh operating environment persists. ‘’The implication of the poor macroeconomic and business environments on employment is grave as many businesses are down-sizing as a way of cutting costs to remain afloat.
Worsening employment index
“The employment index may continue to worsen unless there is a deliberate action to review some of the policies that caused the most recent economic dilemma. To address the challenges of unemployment, government should deliberately address the operating business environment to support production in the private sector, which actually engages in productive employment.” Recommending ways out of the current economi situation, the NECA DG said:
‘’The government should end the monetary rationing which is going on at the moment and ensure that the optimum quantity of money needed to stabilize the economy is in circulation. “The government should review and moderate the fuel subsidy removal. Subsidy is a tool for socio-economic stability and growth – fuel subsidy, unemployment allowance, free medicare, social security allowance, old age allowance, child upkeep allowance are all subsidies. Incidentally, only fuel subsidy existed in Nigeria.
“The government should review the floating exchange rate regime to save the country from monetary collapse. No heavily import-dependent nation such as Nigeria allows its currency to swim in the murky waters and vagaries of the invisible hand; it has to be transparently guided.
“Government should review its stance on the tax credit for infrastructure, mostly on road constructions carried out by private sector. “It should also review its tax projections from the private sector, particularly in the present condition. The truth is that high taxes do not help anybody, not even the government. High taxes, as it is currently becoming, has the tendency to crowd out a swathe of businesses in the country.
“Government should eschew pride and take these actions to improve the operating environment so that businesses can return to improved level of stability that would support decent employment.”
Peg forex rate at N750/dollar, oil marketers beg Tinubu
Apparently considering the impact floatating of the naira has had on their operations, oil marketers, operating under the aegis of Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, have begged President Bola Tinubu to peg the naira at N750 to the dollar. Their appeal came against the backdrop of further crash in the value of the naira to N1,850 to the dollar as at yesterday. NOGASA President, Mr. Benneth Korie, told journalists in Abuja that constant devaluation of the naira against the dollar is at the heart of Nigeria’s economic challenges. Korie, who kicked against free floating of the local currency, said government must be bold in its handling of the foreign exchange market to halt the present slide. He explained that the high cost of the dollar is pushing marketers out of the industry, adding that if urgent steps are not taken, most petrol stations will shut before the end of March.
“I know our budget this year was benchmarked on N750/$, so if the government can maintain it at 750/$, heavens will not fall, inflow or no inflow. “It is not the first time we are seeing prices at N400 and they are selling for N800, so let’s go back and try it, because if we allow this to continue, the dollar may get to what we cannot handle. Now, all our food will be sold at dollar rate if care is not taken. So let us go back to N750 as it was stated in the budget. “You are aware of NARTO withdrawing their services. It is as a result of this high cost of diesel, you cannot go to Lagos to bring premium motor spirit, PMS, or fuel to the north with N1,700 cost of diesel, it is not possible, it is a suicide mission. Nobody will make one kobo, so that NARTO struggle is okay.’’ He urged government to take another look at the deregulation policy, saying it is not working as envisaged. “If government feels it cannot provide subsidies, they can bring the bridging (petroleum equalisation fund) back to the system so that it will reduce the rate, the hardship, because it will help. “We understand that some trillions have been spent on subsidies, so there is nothing bad if we introduce bridging and it will not take up to one quarter of that, it will reduce pressure on transport cost,” Korie said.
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Tier-one Lender, Fidelity Bank Plc., has announced the resumption of international transactions on its Naira Debit Cards.
This recommencement gives customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.
The Divisional Head of eBanking, Fidelity Bank, Ifeoma Onibuje, shed light on the development.
Onibuje said: “We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use.
“This means that our travelling customers can now utilize their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”
“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs.”
The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards.
The bank stated that it further reinforces its commitment to delivering solutions that fit seamlessly into customers’ lifestyles.
With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.
Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits.
The benefits range from airport lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.
This move, the bank said, also reflects its commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond.
The bank noted that it has deliberately made the process of getting a Fidelity Naira card seamless.
It stressed that customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
A Nigerian TikTok sensation known as “Geh Geh” has stunned the internet after pulling in over $30,000 from a single live session that attracted more than 177,000 viewers.
The young entertainer, who calls his platform the “University of Wisdom and Understanding,” has quickly built a cult following with his raw and unfiltered lectures about women, money, and survival in Nigeria.
During the live broadcast on Thursday, August 21, viewers showered him with virtual gifts that he later calculated to be worth over $30,000.
The milestone instantly pushed him into the spotlight as one of Nigeria’s fastest-rising online personalities.
Reacting in disbelief after the stream, Geh Geh said:
“More than 177,000 people watch my lectures today. Jesus! University of wisdom and understanding, the only university where once you graduate, woman go fear to ask you for money.”
Despite not having a formal education, Geh Geh proudly calls himself “the first illiterate to find a university in the history of Nigeria.” In a video after the viral live, he reminded fans of his humble background:
“I no be graduate too, but by the grace of God, I don find school. I be orphan, but now Nigerians don show me love.”
The TikTok star admitted he was overwhelmed by the generosity of his supporters.
“See gift I made over… more gift when they give me today is worth about $30,000. I no go take this love for granted, because I no really do anything for am.”
His rise has been hailed as proof of how social media is transforming lives in Nigeria. With no degree, no rich background, and no industry connection, Geh Geh has managed to build a fanbase that now calls themselves “students” of his unusual university.
Still, his controversial views on women and relationships continue to spark heated debates. While some dismiss his advice as reckless, others insist his boldness speaks directly to Nigeria’s frustrated youth.
Reflecting on his sudden fame, Geh Geh compared himself to great thinkers:
“If Nigeria be country wey value great people, by now them suppose dey compare people like me with Aristotle, Wole Soyinka, Einstein… but I thank God say people dey see my head and my own difference.”
From an orphan with no prospects to a viral star earning in dollars, Geh Geh’s story has become one of digital empowerment.
His journey shows how platforms like TikTok are creating new forms of fame, money, and influence for Nigerians especially those once written off by society.
The United Kingdom has once again cemented its position as Nigeria’s leading source of foreign capital, accounting for more than N5.5 trillion in inflows during the first quarter of 2025, according to the latest data from the National Bureau of Statistics (NBS).
Figures from the Capital Importation Report show that capital from the UK rose to $3.68bn (N5.52tn) in Q1 2025, representing 65.26% of Nigeria’s total $5.64bn inflows for the quarter.
This marked a 29.2% rise from the $2.85bn recorded in Q4 2024 and more than double the $1.81bn inflows seen in Q1 2024.
This underscores Britain’s dominance in Nigeria’s external financing profile and highlights the strong bilateral financial ties between both nations.
Breakdown of Q1 2025 Capital Inflows by Country
United Kingdom: $3.68bn (65.26%)
South Africa: $501.29m (8.88%)
Mauritius: $394.51m (6.99%)
United States: $368.92m (6.54%)
United Arab Emirates: $301.72m (5.35%)
Together, these top five countries accounted for over 92% of Nigeria’s capital inflows, reflecting both the concentration of Nigeria’s foreign investments and the risks of over-dependence on limited markets.
Other contributors included:
Cayman Islands: $114.76m (up sharply from $0.64m in Q4 2024)
Belgium: $70.54m
France: $47.33m
Netherlands: $42.68m (down significantly from $425.61m in Q4 2024)
Singapore: $36.79m
Overall, capital importation into Nigeria stood at $5.64bn in Q1 2025, up 10.9% from Q4 2024’s $5.09bn, and a remarkable 67.1% higher than the $3.38bn recorded in Q1 2024.
The NBS noted:
“Capital Importation during the reference period originated largely from the United Kingdom with $3,681.96m, showing 65.26 per cent of the total capital imported.”
A separate survey by Strategy Management Partners (UK) reveals that British companies are increasingly targeting Africa as a strategic growth frontier.
50% of UK firms with annual turnover above £20m are already operational in Africa and planning expansions.
Another 28% of executives said they are interested but remain cautious about entry strategies.
Africa’s appeal lies in its resource wealth and demographic potential:
30% of the world’s mineral reserves
8% of natural gas reserves
12% of oil reserves
65% of the world’s arable land
Projected to host 25% of the global workforce by 2035
Seven key sectors remain magnets for foreign capital inflows into Nigeria and Africa at large:
1. Technology
2. Oil & Gas
3. Power and Renewable Energy
4. Agriculture
5. Manufacturing
6. Infrastructure
7. Strategic Minerals
Analysts warn that while Nigeria’s reliance on UK-driven inflows reflects strong global confidence, the concentration of sources exposes the economy to external shocks if investor sentiment shifts in these countries.
Diversification of investment partnerships particularly within Asi
a, the Americas, and intra-African trade will be crucial to ensuring long-term resilience in capital inflows.
The United States government has said that Nigeria’s new N70,000 minimum wage has lost real value due to the sharp fall of the naira, leaving millions of workers trapped in poverty.
According to the 2024 Country Reports on Human Rights Practices, released by the U.S. Department of State’s Bureau of Democracy, Human Rights, and Labour, the wage translates to just $47.90 per month.
The report noted that currency devaluation and weak enforcement have undermined the wage increase.
The report also revealed that many states are yet to implement the new wage law. Several governors cited financial challenges as the main excuse.
Even where the law exists, compliance remains poor because of limited labor inspectors and weak oversight from authorities.
Wage Devaluation and Exclusion
The report highlighted that firms with fewer than 25 workers are excluded from the minimum wage law, leaving millions of employees without protection.
This also explained that about 70 to 80 percent of Nigeria’s workforce operates in the informal sector, where wage and labor rights are almost never enforced.
This means a majority of Nigerians continue to earn far below the national benchmark, despite the government’s approval of N70,000 as the new minimum wage.
The U.S. report stressed that the naira’s sharp decline, trading above N1,500 to the dollar, had worsened the wage erosion. This has left workers unable to afford basic needs, pushing many deeper into poverty.
Human Rights and Labor Challenges
The document pointed out that weak enforcement of labor laws contributes to worsening poverty levels in the country.
Workers in the informal sector, such as street vendors, artisans, and small traders, rarely benefit from labor protections.
The report also noted that Nigeria’s minimum wage is rarely sufficient to cover basic food, housing, and transport needs.
This has further exposed structural gaps in the government’s approach to economic reforms and poverty reduction.
Governors Push Investment Platform
Meanwhile, the Nigeria Governors’ Forum (NGF) has launched a new investment initiative called NGF Investopedia.
The platform seeks to attract capital flows into bankable projects across all 36 states, with the goal of tackling Nigeria’s annual $100 billion infrastructure financing deficit.
The launch event in Abuja gathered governors, international partners, and investors. The forum described the platform as a long-term strategy to unlock growth opportunities across states and strengthen Nigeria’s subnational economies.
NGF Chairman and Kwara State Governor, Abdulrahman AbdulRazaq, said Nigeria must urgently leverage its human and natural resources to address poverty and joblessness.
“Here is Africa’s largest economy, endowed with abundant human and natural resources,” he said, stressing that state governments must play a bigger role in attracting investments and supporting local industries.
A Widening Gap
The contrast between the U.S. report on wage decline and the governors’ push for investment highlights Nigeria’s economic paradox.
While authorities promote foreign capital inflow, millions of workers continue to survive on wages that have lost most of their value.
With inflation rising, food prices soaring, and the naira weakening, the gap between earnings and cost of living keeps widening.
Unless enforcement improves and the informal sector is integrated into wage protections, the N70,000 benchmark may remain symbolic rather than effective.
Fidelity Bank may have hit another milestone the Fidelity Naira Card is now accepted globally.
This was disclosed in a message sent to Diaspora Digital Media (DDM) via email on Monday.
According to the statement entitled “Your Fidelity Naira Card Now Works Globally; Shop, Pay and Withdraw with Ease!“, customers can buy favourite global brands online using their Fidelity Naira Card.
The band also stated that they can equally pay at POS terminals abroad and make cash withdrawals at ATMs as they travel.
The message reads:
“We’re excited to let you know that your Fidelity Naira Card is now enabled for global use — so you can shop, spend and withdraw internationally with confidence.
“Here’s what you now enjoy every quarter:
|
Channel |
Transaction Limit |
| ATM Withdrawal abroad | $500 |
| Online/Web & POS Payments | $ 1,000 |
“What does this mean for you?
- Shop your favourite global brands online
- Pay at POS terminals abroad with ease
- Withdraw cash at ATMs when you travel.”
The statement, however, noted that the $1,000 quarterly limit applies to all international transactions combined, including ATM withdrawals, online purchases, and POS payments.
The bank urged customers who may need assistance with setting card limits or activating their cards for global use, to contact the bank’s customers care “Centre Trueserve”, which is available round the clock, whether in Nigeria, or outside the country.
“Your world, your card — spend smart, spend globally with Fidelity,” the message concludes.
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