Economy
Why Anambra economy will surpass Lagos —Melie Onyejepu
Sir Melie Onyejepu is a former Special Adviser to the Anambra State Governor on Budget, Monitoring and Implementation. He is also the General Manager, Bureau for Public Procurement, Anambra State
In this interview, he talks about the future of Anambra State, what attracted him to banking and more.
You are Special Adviser to Anambra State governor on Budget, Monitoring and Implementation, and also the General Manager, Public Procurement; what exactly does your job entail?
In the budget area, my job entails monitoring budget implementation. We also make sure that the state derives value for whatever expense and advice the governor, especially where we feel that the expenses do not match the budgetary provision. This is when it is at variance with what it should be or where the project is not aligning with the provisions of the budget and the focus of the government.
On the procurement side, we ensure the pricing of projects are in line with acceptable norm, that they are not overpriced, and the state derives value from those implemented.
There is controversy about so many states borrowing carelessly, how has your work impacted Anambra State?
In 2015, because of our activities in the area of budget, Anambra came first in the entire South East and second in the country on the implementation of International Public Accounting System. What that means is that Anambra keyed into transparency initiative and that all our accounting and budgeting systems have been patterned to meet international standard. It also means we have adopted the same standard used in the United States and UK. Therefore, if we are using the system by countries that are standard yardsticks for measuring transparency and accountability, that will tell you the type of system we have put in place.
Secondly, in the procurement circle, we are implementing the law guiding public procurement to the letter. It requires the establishment of a bureau and we have done that and are also putting into place electronic means of procurement, which will help eliminate issues of corruption and fraud. What that does is that, in the comfort of your room, you can access the contracts we have awarded, who we awarded them to, the scope and cost. With this e-procurement platform, you can, as a citizen, cross-check what we are doing.
I can hold my head high and say that I am working with this government. One great thing about this administration is that this is the first time the governor of the state has a clearly stated blueprint, mission and vision.
Is the blueprint part of Vision 2070?
The essence of Vision 2070 is to expand this blueprint, incorporate new things and adjust to the dictates of the dynamics of a global economy.
The younger generation is clamoring for an opportunity in the nation’s political leadership positions; as a relatively young person, what is your take?
I believe that the older generation have done their bit. They have ruled us from independence till this moment and, like I said earlier, the running of government is changing and the nature of economies are going to change too. Most developed countries are moving into things like e-governance and it is not for the old generation.
Where do you see Anambra State in the next 20 years?
I see the economy of Anambra growing bigger than that of Lagos. This will be made possible by the coming of Onitsha River Port and the cargo airport. With these on ground, we expect massive economic activities. Another thing that will grow the economy is gas. There is a prediction that oil and gas will fizzle out soon. To me, it won’t be so in most of the third world countries. However, even if oil becomes less relevant, gas will still be a major resource in the economy Igbariam in Anambra State is sitting on trillions of metric tons of gas reserve that can feed the whole of West Africa, and Ibeto petrochemical is already building a gas handling plant. We are also expanding agricultural activities. At the inception of Governor Willie Obiano’s administration, we met 80,000 metric tons of rice production in this state and in less than four years, we have been able to move it to 338,000 metric tons with a projection that, by the end of the year, we will start getting about 480,000 to 500,000 metric tons. It shows you the speed at which we are moving.
Still in agriculture, we have boosted cassava production and by the time we adopt full mechanization, we will be one of the biggest exporters of cassava and rice in this part of the world.
Another area Anambra is endowed is in that of industries. Nnewi people have a knack for manufacturing products like Taiwan. There was a time Nnewi was the Taiwan of Nigeria but due to power issues, some of those industries closed shop. But that does not mean we cannot repeat that process today. We can use gas to develop an independent power plant that can power factories in Nnewi and Onitsha, so our industrialists can go back to what they know best.
The state is also endowed with the knowledge of trade and commerce and what we need to do is provide enabling environment for our businessmen and women, and you will see them excel. I see an Anambra State where the size of the economy will move from its current GDP of about N4.8 trillion to about N20 trillion.
As a financial expert, what necessary economic steps should Nigeria take to avoid a possible crash of the economy considering the level of inflationary trends and unemployment in the country?
Let me just mention one or two. Once you are able to fix power, every other thing falls in place. Secondly, is agriculture, which is the highest employer of labour. Fixing power, as long as I am concerned, is simple. We have gas deposits all over the place. Use that to generate power. Once this is in place, every other thing falls into place. Nigerians are very hardworking people, so just lay the foundation for them and you will see them grow.
How prepared are you for higher leadership positions?
Leadership is nothing more than your ability to lead by example, and then being able to use others to achieve your goal by ensuring that you delegate assignments, monitor it and have people buy into whatever you want to achieve. My work in the bank positioned me for that. In the private sector, you are given a target and you can’t just achieve your target without the support of other people, and if you don’t treat those people well, you can never achieve your target since you can’t be everywhere at the same time. For you to do this, you must treat the people working with you well, lead by example and understand their feelings at any given time. So for me, leadership is about leading by example.
Power rotation will be a major issue in the coming Anambra governorship election; what is your view especially with regards to the argument that it encourages mediocrity?
The good thing about zoning is that it gives everybody a sense of belonging and opportunity to contribute their best. However, that does not mean that anybody can be presented because of zoning. I am not in support of that.
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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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