Opinion

Banks’ Excess Profits Tax: Cause-Related Marketing to the Rescue?

Published

1 year ago

January 7, 2025

Eric

By Magnus Onyibe

In response to the Central Bank of Nigeria’s (CBN) proposal for a 70% tax on the excessive profits banks made from naira devaluation in 2023 – profits which increased by at least 51% due to President Bola Tinubu’s economic reforms – there has been a noticeable rise in banks’ philanthropic activities.

The proposed excess profits tax, or windfall tax on foreign exchange gains, floated four months ago, appears to be part of the government’s strategy to address its declining revenue base. This is critical as the cost of governance continues to outpace income. For instance, Nigeria’s 2025 budget, totaling ₦49.7 trillion, relies on borrowing ₦13.08 trillion, while ₦15.33 trillion will be used to service the country’s enormous debt, which stands at an estimated ₦134.3 trillion. Only ₦34.82 trillion of the budget is expected to come from royalties and taxes.

To reduce the country’s dependence on borrowing, President Tinubu brought in Taiwo Oyedele, a former PwC West Africa tax head, to overhaul Nigeria’s outdated tax administration system, which the president has described as a relic of colonial times. Oyedele’s assignment, aimed at strengthening the system and generating more revenue, aligns with the government’s goal of improving infrastructure and services through increased fiscal resources has been welcome by most Nigerians who are looking forward to a better country with more robust infratructure which only more revenue can faciliate.
But there is a snag which is that some Nigerians are worried about the implications for the income accruing to their states from the federation account which they suspect will be reduced

The excess profits tax proposal seems to have been seen by the president’s tax reform committee, which includes private-sector experts, as a readily available source of additional revenue. Many of these experts, familiar with banks’ financial records through previous auditing roles, likely identified the windfall profits as an easy target.

While banks initially resisted the proposal, they were cautious not to do so too publicly. Prominent figures like Olisa Agbakoba, a former Nigerian Bar Association president, and Mustafa Chike-Obi, chairman of the Bank Directors Association of Nigeria (BIDAN), voiced criticism. However, the Chartered Institute of Taxation of Nigeria (CITN), led by its president Chief Segun Agbeluyi, supported the move.

Subsequently, United Bank for Africa (UBA) chairman Tony Elumelu and First City Monument Bank (FCMB) CEO Ladi Balogun engaged with the presidency in consultations. Their temperate and conciliatory approach during interviews, following the initial announcement of the tax, helped ease tensions between banks and their regulator, the CBN, shifting the debate away from public confrontation.

The issue of the proposed excess profits tax was eventually moved from public discussion to private negotiations in boardrooms. This stands in sharp contrast to the uproar triggered by the four tax reform bills introduced by the Taiwo Oyedele-led committee, which are currently being debated in the National Assembly (NASS). These bills propose significant reforms to Nigeria’s colonial-era tax system, as highlighted by President Tinubu in his first media address since assuming office on May 29, 2023.

Before the lawmakers went on their annual recess, the bills had sparked intense controversy, particularly among northern lawmakers who felt the proposed changes, especially to Value Added Tax (VAT), would disproportionately benefit the south. This contentious debate deepened the longstanding ethnic, religious, and regional divides between northern and southern legislators, overshadowing traditional party lines and amplifying non-partisan tensions.

As the situation edged toward a potential crisis, a truce was brokered at the Aso Rock Villa. Legislators were urged to set aside their disagreements and take more time to review the bills thoroughly, enabling them to suggest reasonable amendments. President Tinubu, in numerous public statements, expressed his willingness to incorporate these adjustments before the bills’ final passage.

The vigorous debate surrounding these tax reform bills raises questions about how much more contentious the removal of petrol subsidies might have been had it been subjected to a similar public debate. If the tax reforms have ignited such a high level of scrutiny, one can only imagine the political turmoil that might have ensued over discussions on petrol subsidies or the unification of the dual naira-foreign exchange window.
This is where a very thin line separates leaders from being democrats or monarchies. That is because if as democrats they allow extensive and unending debates on critical development issues, action will never be taken. But if they ram policies down the throats of legislators , such leaders would be adorned with the toga of dictatorship or as one who is monarchical.
Therein lies the dilema and a justification for the aphorism “ uneasy lies the head that wears the crown”
And it is at times like that, that Executive Orders which are easier ways of making laws while bypassing the legislators are viable options. But they are restrictive and tenous as they lack wide coverage and the longevity that are inherent in laws passed via a due legislative process.

However, President Tinubu appears to recognize the critical importance of timing in politics. With a limited four-year term, he seems determined to implement key reforms early to gain public confidence and lay the groundwork for potential re-election.

Returning to the matter of banks and the excess profits tax, it seems likely that a compromise was reached between the CBN and the banking sector, possibly facilitated by the Bankers’ Committee—a coalition of bank managing directors. This may explain why the excess profits tax has not yet been enforced, appearing instead to have been put on hold.

One of the driving forces behind the foreign exchange gains tax is the urgent need to generate revenue to sustain governance amidst soaring costs. This includes ₦15.81 trillion allocated to debt servicing, with the country’s debt estimated to have reached ₦77 trillion by the time the Tinubu administration assumed office. Expanding the tax base has thus become a necessity.

In this context, banks, under pressure to meet new capital base requirements of ₦500 billion for international operations and ₦200 billion for regional operations, may have directed the government’s tax authorities to explore the potential of taxing electronic transactions. This includes levying charges whenever Nigerians transfer or receive funds electronically in their bank accounts.

The recently introduced Electronic Money Transfer Levy (EMTL) requires banks to deduct ₦50 on electronic transfers or receipts of ₦10,000 or more. With 231.1 million bank accounts in Nigeria as of July last year, the Nigeria Inter-Bank Settlement System (NIBSS) estimates that this levy could generate as much as ₦484 billion over three years. While this has the potential to be a significant revenue source for the government, it raises the question: will it come at the expense of already overburdened Nigerians?

Because the charges are relatively small—a minor percentage of the transaction amount—most bank account holders seem not to feel the pinch yet. This contrasts sharply with the public uproar that followed the removal of the petrol subsidy on May 29, 2023, which sent shockwaves through the economy. While the dust from the subsidy removal is gradually settling, the EMTL could create another source of tension between the government, banks, and the public. The question remains: is such friction unavoidable?

It appears banks are aware of the backlash before the tax that is currently in abeyance was imposed and the potential backlash of the EMTL when the banking public become conscious of it. In what seems to be an attempt to improve their public image and foster goodwill among customers, they have embarked on large-scale Cause Related Marketing (CRM) campaigns in past four (4) months or so. These efforts aim to balance corporate interests with public good, blending their business strategies with socially beneficial initiatives.

This is not the first time banks have faced criticism. When the Central Bank of Nigeria (CBN) proposed the excess profits tax on foreign exchange gains, I authored an article titled “Banks FX Gains Tax: How CSR Could Have Averted It”, published on August 13 last year. In the piece, I reflected on how proactive Corporate Social Responsibility (CSR) measures might have softened the blow of public disapproval. For instance, banks had previously undertaken commendable initiatives, such as renovating the National Arts Theatre and contributing to the CACOVID initiative, which provided medical and economic relief during the pandemic.

During the public launch of my book, “Leading From The Streets: Media Interventions By A Public Intellectual 1999–2019”, three months ago, I highlighted the stark contrast between the significant profits banks were declaring and the struggles of other sectors and ordinary Nigerians. I suggested that banks could demonstrate their commitment to the greater good by waiving certain fees, such as charges for SMS alerts and printed statements. Such small gestures could go a long way in fostering goodwill and mitigating criticism.

“Corporate Nigeria demonstrated admirable resilience during the COVID-19 pandemic. Under the guidance of the Central Bank of Nigeria (CBN), banks and major corporations, through the CACOVID initiative, provided essential support to Nigerians. This effort earned them public praise and bolstered confidence in their commitment to societal well-being.”

I shared this perspective on May 8, several months before the proposal to amend the 2023 Finance Act on July 17, which the Senate approved on July 23. Had bank executives heeded earlier advice to ease the financial burden on their customers, the FX gains tax—now a significant source of concern for them—might never have been introduced. It seems this realization prompted banks to intensify their Cause Related Marketing (CRM) efforts, aligning their brands with various social issues affecting vulnerable communities, whether they are customers or not.

Historically, Nigerian banks have been active in philanthropic initiatives. Available data shows that they have invested significantly in education, healthcare, economic empowerment, and environmental sustainability. For example:
• Education: First Bank of Nigeria established the First Bank Education Endowment Scheme to provide scholarships for undergraduates. Similarly, Zenith Bank launched the Zenith Bank Scholarship Scheme, and GTBank set up its own scholarship initiative to support university students.
• Healthcare: Access Bank initiated the Maternal Health Services Support (MHS) program to improve maternal healthcare, while the UBA Foundation created the UBA Health Initiative to deliver medical aid and health education to communities.
• Economic Empowerment: Stanbic IBTC introduced the Business Incubator Program to foster entrepreneurship and small business development. Fidelity Bank also rolled out the SME Financing Scheme to provide financial support to small and medium-sized enterprises.
• Environmental Sustainability: Ecobank developed the Forests for Life program to promote sustainable forest management and conservation.

Despite these longstanding Corporate Social Responsibility (CSR) efforts, public perception of banks remains largely negative. This is partly because banks continue to generate massive profits during periods of widespread economic hardship, like in 2024, when firms were shutting down and individuals struggled due to the impact of socio-economic reforms.

Banks have increasingly realized that CSR alone is not enough to earn public trust. It’s not just about supporting communities but also about visibly engaging with them—a principle that CRM embodies. Unlike CSR, which encompasses broader goals like philanthropy, sustainability, and ethical practices, CRM is a targeted marketing strategy. It seeks to foster an emotional connection between the public and a brand by aligning with specific societal causes.

In light of the proposed tax, banks have shifted their focus from merely advertising their products to associating their brands with public causes. For example:
• UBA has expanded its educational support to include training for the visually impaired in the use of Braille, showcased through televised campaigns.
• Access Bank and Fidelity Bank have also reoriented their advertising strategies over the past four months to highlight their support for social causes rather than solely promoting products and services.
Hitherto the sponsoring of Fashion Week by Gtbank, Tech Week by Zenithbank and Marathan Race by Access bank annually in Lagos had been the most immersive experience of CSR involving those tier -1 banks with their publics.

But banks have learnt that by embedding their brands into social goodwill, they aim to improve their image and strengthen their relationship with the Nigerian public. However, time will tell if this goodwill can endure. The recently introduced Electronic Money Transfer Levy (EMTL), though currently unnoticed by many due to its modest charge of ₦50 per transaction, could soon spark public dissatisfaction. If this happens, banks might once again find themselves at odds with their customers, as was the case with the unpopular fees for SMS alerts.

As the conventional wisdom goes: ‘a stitch in time saves nine’

Magnus Onyibe, a public policy analyst, author, democracy advocate, development strategist, alumnus of the Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA, and a former commissioner in the Delta State government, (2003-2007) sent this piece from Lagos, Nigeria.

To continue with this conversation and more, please visit www.magnum.ng.

Opinion

Beyond the Vision: The Alchemy of Turning Ideas into Execution

Published

3 days ago

February 28, 2026

Eric

By Tolulope A. Adegoke PhD

History is littered with the skeletons of great ideas that never saw the light of day. In boardrooms and basements across the world, concepts with the power to reshape industries lie dormant, suffocated not by a lack of merit, but by a lack of execution. We live in an era that venerates the “light bulb moment,” yet the painful truth, as articulated by venture capitalists and historians alike, is that ideas are a dime a dozen; it is execution that is richly rewarded . The journey from the spark of imagination to the tangible reality of a finished product, a profitable corporation, or a thriving nation is an alchemical process. It requires the transformation of abstract thought into concrete action—a discipline that separates the dreamer from the builder. This evolution of an idea into reality is not a mystical event but a replicable process, best understood through the distinct exemplars of visionary individuals, resilient corporations, and transformative nations.

The Individual: The “Thinker-Doer” Synthesis

The romantic notion of the genius lost in thought, sketching blueprints while others do the heavy lifting, is a seductive myth. The reality, as demonstrated by history’s most impactful figures, is that the major thinkers are almost always the doers. Steve Jobs, a figure synonymous with innovation, famously articulated this principle by invoking the ultimate Renaissance man, Leonardo da Vinci. Jobs argued that the greatest innovators are “both the thinker and doer in one person,” pointing out that da Vinci did not have a separate artisan mixing his paints or executing his canvases; he was the artist and the craftsman, immersing himself in the physicality of his work . For Jobs, this synthesis was the guiding doctrine of Apple. He understood that abstract ideation is sterile without the feedback loop of hands-on mastery. The refinement of the Mac’s typography, the feel of a perfectly weighted mouse, the intuitive interface of the iPhone—these were not born from pure theory but from an obsessive, tactile engagement with the building process. The “doer” digs into the hard intellectual problems precisely because they are engaged in the act of creation.

This principle is further illuminated by the career of Elon Musk. While often perceived as a master inventor, Musk’s greatest genius may lie in his ability to execute existing ideas at a scale and speed previously thought impossible. He was not a founder of Tesla on day one, but he stepped in to spearhead its execution, transforming an electric vehicle concept into a global automotive powerhouse. At SpaceX, he inherited the age-old idea of space travel but revolutionized its execution by challenging fundamental cost structures and vertically integrating manufacturing. Musk embodies the “thinker-doer” by immersing himself in the engineering details, sleeping on the factory floor, and distilling complex challenges down to their fundamental physics. Both Jobs and Musk validate the venture capital adage that investment is placed not in ideas, but in the people capable of navigating the treacherous path from Point B to Point Z—the messy, unglamorous grind where visions are either realized or abandoned.

“In the architecture of achievement, ideas are merely the blueprints; execution is the foundation, the steel, and the mortar. A blueprint without a builder is just a dream drawn on paper” – Tolulope A. Adegoke, PhD

The Corporation: Engineering the Culture of Execution

For corporations, the evolution of an idea into reality is not a one-time event but a cultural imperative. It demands a structure and a philosophy that bridges the notorious gap between strategy and outcome. Procter & Gamble (P&G), a consumer goods giant, provides a master-class in adapting its execution model to survive and thrive. Despite investing billions in internal research and development, P&G recognized that its traditional closed-door approach was failing to meet innovation targets. The company evolved its idea-generation process by embracing “Connect + Develop,” opening its innovation pipeline to external inventors, suppliers, and even competitors. This shift in mindset was merely the idea; the reality was the rigorous, internal execution that vetted, integrated, and scaled those external concepts—like the Mr. Clean Magic Eraser, which was discovered as a prototype in Japan and flawlessly executed by P&G’s operational machine. The company’s success hinges on what researchers call “imaginative integrity”—the ability to make an imagined future so tangible that the entire organization can build toward it.

Similarly, UPS stands as a testament to the power of “creative dissatisfaction.” For over a century, UPS has operated not on bursts of pure invention, but on the relentless engineering and re-engineering of its systems. Founder Jim Casey instilled a culture where the status quo was perpetually questioned—from testing monorail-based sort systems to optimizing delivery routes with algorithmic precision. The idea was not merely to deliver packages, but to create the pinnacle of logistical efficiency. The execution involved tens of thousands of employees “pulling together” to transform the organization repeatedly, embracing changes that ranged from entering the common carrier business in the 1950s to mastering e-commerce logistics in the 1990s. These companies succeed because they build what management experts call the “five bridges” to execution: the ability to manage change, a supportive structure, employee involvement, aligned leadership, and cross-company cooperation. At Costco, this is embodied by CEO James Sinegal, whose Spartan office and relentless focus on in-store details align leadership behavior with the company’s razor-thin margin strategy, proving that execution is modeled from the top down.

The Nation: The Political Economy of Progress

The evolution of ideas into reality scales beyond individuals and firms to the very level of nations. The economic trajectories of countries are determined by their ability to adapt foreign concepts and execute them within local contexts. The post-war rise of Japan is perhaps the most powerful example of this phenomenon. In the early 20th century, Japan was exposed to American ideas of scientific management, but the devastation of World War II left its industrial base in ruins. The idea that saved Japan was quality control, imported through lectures from American scholars W. Edwards Deming and Joseph Juran. The genius of Japan, however, was not in the adoption of the idea, but in its adaptation. Private organizations like the Union of Japanese Scientists and Engineers (JUSE) took the lead, transforming foreign theories into the uniquely Japanese practice of Total Quality Management (TQM) and the grassroots phenomenon of Quality Control circles. This was not government-mandated execution; it was a national movement of “thinker-doers” on the factory floor, relentlessly refining processes. The evolution of this idea rebuilt a nation, turning “Made in Japan” from a byword for cheap goods into a global standard for reliability.

In contrast, Singapore represents a different model of national execution: the state as a strategic architect. Upon independence, Singapore possessed few natural resources and a uncertain future. The government, however, possessed a clear-eyed vision of industrial development. It actively sought external assistance from the United Nations and Japan, but crucially, the Singaporean authorities acted as the “agent of adaptation” . They did not passively accept advice; they made decisive judgments about what was relevant to their unique circumstances and demanded specific adaptations. This disciplined, top-down execution of economic strategy—from building world-class infrastructure to enforcing rigorous education standards—evolved the idea of a “sovereign nation” into the reality of a first-world entrepôt. The contrast with nations like Tunisia, where external donors took the lead due to a lack of domestic policy clarity, highlights a fundamental truth: ideas flow freely across borders, but the ability to execute them is a domestic condition, cultivated through leadership and institutional will.

Conclusion: The Integrity of the Build

Ultimately, the evolution of an idea into reality demands what can be termed “imaginative integrity”—the unwavering commitment to binding the vision to the execution. It is a concept that applies equally to the Renaissance painter mixing his own pigments, the CEO sleeping on the factory floor, and the nation-state meticulously adapting foreign technology. The world is full of “crude ideas” that lack the refinement of execution; even a brilliantly designed structure like MIT’s Stata Center can falter if the craftsmanship of its realization is flawed.

The journey from “A to Z” is long, and the gap between strategy and outcome is the graveyard of potential. To traverse it, one must recognize that thinking and doing are not sequential acts but concurrent disciplines. The doers are the major thinkers, for they are the ones who test hypotheses against reality, who adapt to feedback, and who possess the grit to push through the inevitable obstacles. Whether it is a nation reshaping its economy, a corporation reinventing its logistics, or an individual defying the limits of technology, the lesson remains constant: the future belongs not just to those who can dream it, but to those who can build it.

Vision sees the path; execution walks it, blisters and all. The distance between a dream and a legacy is measured only by the courage to begin the work.

History does not remember the whisper of a thought, but the echo of its impact. To think is human, but to execute is to leave a mark on time.

Dr. Tolulope A. Adegoke, AMBP-UN is a globally recognized scholar-practitioner and thought leader at the nexus of security, governance, and strategic leadership. His mission is dedicated to advancing ethical governance, strategic human capital development, and resilient nation-building, and global peace. He can be reached via: tolulopeadegoke01@gmail.com, globalstageimpacts@gmail.com

Opinion

How an Organist Can Live a More Fulfilling Life

Published

1 week ago

February 23, 2026

Eric

By Tunde Shosanya

It is essential for an Organist to live a fulfilling life, as organ playing has the capacity to profoundly and uniquely impact individuals. There is nothing inappropriate about an Organist building their own home, nor is it unlawful for an Organist to have a personal vehicle. As Organists, we must take control of our own futures; once again, while our certificates hold value, organ playing requires our expertise. We should not limit ourselves to what we think we can accomplish; rather, we should chase our dreams as far as our minds permit. Always keep in mind, if you have faith in yourself, you can achieve success.

There are numerous ways for Organists to live a more fulfilling and joyful life; here are several suggestions:

Focus on your passion. Set an example, and aim for daily improvement.

Be self-reliant and cultivate harmony with your vicar.

Speak less and commit to thinking and acting more.

Make choices that bring you happiness, and maintain discipline in your professional endeavors.

Help others and establish achievable goals for yourself.

Chase your dreams and persist without giving up.

“Playing as an Organist in a Church is a gratifying experience; while a good Organist possesses a certificate, it is the skills in organ playing that truly matter” -Shosanya 2020

Here are 10 essential practices for dedicated Organists…

1) Listen to and analyze organ scores.

2) Achieve proficiency in sight reading.

3) Explore the biographies of renowned Organists and Composers.

4) Attend live concerts.

5) Record your performances and be open to feedback.

6) Improve your time management skills.

7) Focus on overcoming your weaknesses.

8) Engage in discussions about music with fellow musicians.

9) Study the history of music and the various styles of organ playing from different Organists.

10) Take breaks when you feel fatigued. Your well-being is vital and takes precedence over organ playing.

In conclusion, as an Organist, if you aspire to live towards a more fulfilling life in service and during retirement, consider the following suggestions.

1) Plan for the future that remains unseen by investing wisely.

2) Prioritize your health and well-being.

3) Aim to save a minimum of 20 percent of your monthly salary.

4) Maintain your documents in an organized manner for future reference.

5) Contribute to your pension account on a monthly basis.

6) Join a cooperative at your workplace.

7) Ensure your life while you are in service.

8) If feasible, purchase at least one plot of land.

9) Steer clear of accumulating debt as you approach retirement.

10) Foster connections among your peers.

Opinion

The Power of Strategy in the 21st Century: Unlocking Extraordinary Possibilities (Pt. 2)

Published

1 week ago

February 21, 2026

Eric

By Tolulope A. Adegoke PhD

“In Nigeria, strategy is not an abstraction imported from elsewhere—it is forged daily in the crucible of reality. Here, global principles meet local truths, and the strategies that work are those humble enough to learn from both. The future of this nation will be written not by those who wait for solutions, but by those who create them from the raw materials of our own experience” – Tolulope A. Adegoke, PhD

Introduction: Why Strategy Matters More Than Ever

There was a time when strategy meant creating a detailed plan and sticking to it for years. You would map everything out, follow the steps, and expect success to follow. That world no longer exists.

Today, change happens too fast for rigid plans. Industries transform overnight. Skills that were valuable last year become obsolete. Global events ripple through local economies in ways we could never predict. In this environment, strategy has evolved into something more dynamic—less about predicting the future and more about building the capacity to navigate it successfully.

This is the power of 21st-century strategy. It helps individuals chart meaningful careers in uncertain times. It enables businesses to thrive despite constant disruption. It allows nations to build prosperity that outlasts any single administration.

Nowhere is this more evident than in Nigeria. Here, strategy is not an abstract exercise. It is a daily necessity. Nigerians navigate unreliable infrastructure, policy shifts, and economic volatility while pursuing their ambitions. The strategies that work here are not imported from textbooks. They are forged in the reality of local experience—blending global knowledge with gritty, on-the-ground wisdom.

This exploration looks at how strategy works at three levels in Nigeria: for the person trying to build a meaningful life, for the business striving to grow, and for the nation working to secure its future.

Part One: For the Nigerian People—Redefining Success in a Changing World

The Old Promise That No Longer Holds

Not long ago, the path to a good life seemed clear. You went to school, earned your degree, found a job, and worked your way up. That degree was your ticket. It signaled to employers that you had what it takes.

That promise has broken.

Today, Nigeria produces hundreds of thousands of graduates each year. Many of them are brilliant. Many of them struggle to find work. The degree that once opened doors now barely gets a foot in. Employers have changed what they look for. They want to know not what you studied, but what you can actually do.

This is not unique to Nigeria. It is happening everywhere. But in Nigeria, where formal jobs are scarce and the youth population is massive, the shift hits harder. For the average Nigerian young person, the message is clear: waiting for someone to give you a job is not a strategy.

A New Way of Thinking About Yourself

The most important strategic shift for any individual is this: stop thinking of yourself as someone looking for work and start thinking of yourself as someone who creates value.

This is not just positive thinking. It is a fundamental change in perspective. When you see yourself as a value creator, you ask different questions. Not “who will hire me?” but “what problems can I solve?” Not “what jobs are available?” but “where can I apply my skills?” Not “what degree do I need?” but “what can I learn to become more useful?”

This mindset matters because it puts you in control. You are no longer waiting for opportunities to be given to you. You are actively looking for ways to contribute. And in an economy where problems are everywhere, people who can solve them will always find a way to earn a living.

What Skills Actually Matter Today

If degrees no longer guarantee success, what does? The answer lies in skills that are both practical and adaptable.

Problem-solving sits at the top of the list. Every organization, every community, every family faces challenges. People who can look at a difficult situation and figure out a way forward are always needed. This skill does not come from a textbook. It comes from practice—from learning to think clearly when things go wrong.

Communication matters more than most people realize. The ability to express ideas clearly, to listen carefully, to persuade others, to write simply—these are not soft skills. They are the tools we use to turn thoughts into action. In any field, people who communicate well stand out.

Digital literacy is no longer optional. It is the baseline. Using spreadsheets, collaborating on online platforms, understanding how data works, knowing your way around common software—these are not technical skills for specialists. They are basic tools for modern work. Without them, you are locked out of most opportunities.

Adaptability might be the most important of all. The willingness to learn new things, to admit what you do not know, to try something different when the old way stops working—this is what keeps people relevant over a lifetime. The person who can learn will always find a place. The person who stops learning will eventually be left behind.

Learning That Fits Real Life

The traditional model of education assumes you learn first and work later. You spend years in school, then you start your career. But in a fast-changing world, that model breaks down. By the time you finish learning, what you learned may already be outdated.

This is why many Nigerians are turning to micro-credentials—short, focused courses that teach specific, job-ready skills. These programs take weeks or months, not years. They cost a fraction of what university costs. And they signal clearly to employers what you can do.

A certificate in data analysis, digital marketing, project management, or solar installation tells a clear story. It says: I have this specific skill, and I can apply it right now. For employers, that is often more valuable than a general degree.

The beauty of this approach is flexibility. You can learn while working. You can stack credentials over time, building a portfolio of skills. You can pivot when opportunities shift. This is lifelong learning made practical—not an ideal, but a working strategy for staying relevant.

Taking Control of Your Financial Life

Strategy also applies to money. For years, most Nigerians had limited options. You saved what you could, kept it at home or in a bank, and hoped it would be enough. Inflation often ate away at whatever you managed to put aside.

Technology has changed this. Today, anyone with a smartphone can access tools that were once available only to the wealthy. Apps allow you to save automatically, invest small amounts, and get advice tailored to your situation. You can build a diversified portfolio with whatever you have. You can protect your money against inflation. You can plan for goals that matter to you.

The key is to start early and stay consistent. Small amounts saved regularly, invested wisely, grow over time. This is not about getting rich quick. It is about building a foundation that gives you choices. The person with savings can take risks. The person with investments can weather storms. Financial strategy is not just about money—it is about freedom.

Part Two: For Nigerian Businesses—Thriving in a Complex Environment

The End of the Five-Year Plan

There was a time when companies created detailed five-year plans and followed them religiously. Those days are gone. Markets move too fast. Technology changes too quickly. Consumer behaviour shifts in ways no one predicts.

Today, successful companies think differently. They set direction but stay flexible. They plan but remain ready to pivot. They treat strategy not as a document but as a continuous conversation—a way of making decisions in real time as new information emerges.

This is especially true in Nigeria, where the business environment presents unique challenges. Electricity is unreliable. Roads are poor. Policy can change overnight. Currency fluctuations affect everything. Companies that succeed here learn to adapt constantly. Rigidity is a recipe for failure.

What Digital Transformation Really Means

Every business today hears about digital transformation. But in Nigeria, going digital looks different than it does elsewhere.

You cannot simply move everything online and expect it to work. Internet access is not universal. Many customers prefer cash. Trust is built through personal relationships, not just websites. The purely digital model that works in London or Singapore will hit walls here.

Successful Nigerian companies understand this. They build hybrid models—digital at the core, but with physical touchpoints where needed. They offer online ordering and offline delivery. They accept digital payments but also cash. They use technology to enhance relationships, not replace them.

This is not a compromise. It is a sophisticated adaptation to local reality. The companies that get it right are not less digital. They are more intelligent about how digital actually works in their context.

Digital maturity matters more than digital adoption. This means building systems that function even when infrastructure fails. It means training people to use tools effectively. It means integrating technology into every part of the business, not just tacking it on at the edges. Companies that achieve this maturity outperform their competitors consistently.

Building Trust in a Low-Trust Environment

Nigeria faces a trust deficit. Years of broken promises, failed institutions, and economic volatility have left people cautious. Consumers do not easily trust businesses. Employees do not easily trust employers. Partners do not easily trust each other.

For companies, this is both a challenge and an opportunity. The businesses that earn trust stand out. They build loyal customer bases. They attract committed employees. They form partnerships that last.

Building trust takes time and consistency. It means delivering what you promise, every time. It means being transparent when things go wrong. It means treating customers and employees with respect, not as transactions. It means showing up consistently, even when it is difficult.

Some of Nigeria’s most successful companies have built their reputations on this foundation. They are not necessarily the flashiest or the most innovative. They are the ones people know they can count on. In an environment where trust is scarce, reliability becomes a competitive advantage.

The Power of Collaboration

The old model of business assumed competition was everything. You fought for market share. You protected your secrets. You went it alone.

That model is breaking down. The challenges businesses face today are too complex for any single organisation to solve alone. Climate change affects everyone. Skills gaps require industry-wide responses. Infrastructure deficits need collective action.

Forward-thinking Nigerian companies are embracing collaboration. They share data with competitors to build industry standards. They partner with government on infrastructure projects. They work with educational institutions to shape curricula. They understand that when the whole ecosystem grows, everyone benefits.

This is not charity. It is enlightened self-interest. A rising tide lifts all boats. Companies that invest in the broader environment create conditions for their own success.

Artificial Intelligence: Proceed with Purpose

Artificial intelligence is everywhere in business conversations. The hype is enormous. The fear of being left behind is real.

But for Nigerian companies, the strategic question is not whether to use AI. It is how to use AI wisely. Jumping on every trend without purpose leads nowhere. Building AI capabilities without governance creates risk.

The smart approach starts with problems, not technology. What specific challenges does your business face? Where could better data or smarter algorithms help? What decisions could be improved with more insight? These questions point to where AI might actually add value.

Equally important is data governance. AI learns from data. If your data is poor, your AI will be poor. If your data is biased, your AI will be biased. If your data is insecure, your AI creates vulnerability. Building strong data practices is not a technical detail. It is a strategic foundation.

Some Nigerian companies are already showing the way. They are using AI to assess credit risk for customers without formal banking history. They are using it to predict crop yields for farmers. They are using it to personalize learning for students. These applications solve real problems. They are not imported from elsewhere. They are built for Nigeria, by Nigerians.

People First: The Talent Challenge

Every business leader in Nigeria will tell you the same thing: finding and keeping good people is the hardest part of the job. The best talent is scarce. Competition is fierce. Many of the brightest leave for opportunities abroad.

This makes talent strategy central to business success. Companies that win the talent game win everything else.

What does good talent strategy look like? It starts with recognizing that people want more than money. They want to grow. They want to be valued. They want to do work that matters. Companies that provide these things attract and retain better people even when they cannot pay the highest salaries.

This means investing in training and development. It means creating clear career paths. It means building cultures where people feel respected and supported. It means giving people autonomy and trusting them to do good work.

Some Nigerian companies have built their own universities—internal training programs that develop talent systematically. Others partner with online learning platforms to give employees access to courses. Others create mentorship programs that connect experienced leaders with younger staff. These investments pay back many times over in loyalty, productivity, and innovation.

Part Three: For the Nigerian Nation—Building a Future That Works for Everyone

From Short-Term Thinking to Long-Term Vision

For decades, Nigerian governance has been shaped by election cycles. Each new administration brings its own plans, its own priorities, its own language. Programmes start and stop. Momentum is lost. Progress is fragmented.

This is changing. Slowly but significantly, Nigeria is building long-term strategic frameworks that outlast any single government. The Nigeria Agenda 2050 looks three decades ahead. The Renewed Hope Development Plan (2026-2030) translates that vision into concrete action for the next five years. These documents are not just paperwork. They represent a commitment to continuity—a recognition that real development takes time and persistence.

The shift matters because it changes how decisions get made. When long-term goals are clear, short-term choices can be evaluated against them. Does this policy move us toward the future we want? Does this budget advance our long-term priorities? These questions create discipline. They reduce the risk that immediate pressures will derail important work.

The Nigeria First Approach

There is a quiet revolution happening in Nigerian economic thinking. It is captured in the phrase “Nigeria First.”

For too long, Nigeria has been a consumer of other people’s products. We import what we could make. We buy what we could build. We send our resources abroad and buy back finished goods at higher prices. This pattern has kept us dependent. It has limited our industrial development. It has cost us jobs.

The Nigeria First approach aims to change this. It says: where possible, we should buy Nigerian. We should build Nigerian. We should invest in Nigerian capabilities.

This is not protectionism. It is strategic procurement. Government spending accounts for a significant portion of the economy—as much as 30 percent of GDP. When that money flows abroad, it creates jobs elsewhere. When it stays home, it builds local industry. Directing even a portion of procurement toward Nigerian producers could unlock millions of jobs and stimulate manufacturing capacity.

Agencies like NASENI (National Agency for Science and Engineering Infrastructure) are driving this agenda. They are not just talking about local manufacturing. They are building it—developing products, training innovators, creating infrastructure for strategic industries like battery manufacturing. They are proving that Nigerians can make world-class products.

The challenge now is scaling this approach. Moving from pilot projects to systemic change. Embedding Nigeria First in procurement rules, in investment decisions, in the daily choices of businesses and consumers. Making patriotism practical—not just a sentiment but a force that shapes economic behaviour.

Digital Sovereignty: Owning Our Future Online

The digital economy runs on infrastructure. Data centers, fiber networks, cloud platforms—these are the roads and bridges of the 21st century. Countries that own their digital infrastructure have sovereignty. Countries that depend on others are vulnerable.

Nigeria is building toward digital sovereignty. Agencies like Galaxy Backbone are laying fiber across the country, connecting states, building data centers that meet international standards. This infrastructure ensures that government data stays in Nigeria. It provides continuity even when commercial providers face challenges. It builds capability that can serve the whole economy.

The vision goes further. With robust digital infrastructure, Nigeria can become a regional hub—serving West and Central Africa, attracting investment, creating jobs in technology and services. This is not just about catching up. It is about leapfrogging—using digital technology to accelerate development in ways previous generations could not.

But infrastructure alone is not enough. Digital sovereignty also means data sovereignty—control over the information that flows through these networks. It means policies that protect privacy while enabling innovation. It means building the human capacity to manage and secure digital systems. It means creating an environment where Nigerian technology companies can thrive.

The Demographic Dividend or Disaster?

Nigeria’s young population is often described as an opportunity. With a median age of eighteen, we are one of the youngest countries in the world. These young people could drive decades of economic growth.

But demography is not destiny. Young people are only an asset if they are productively engaged. If they are educated, healthy, and employed, they create wealth. If they are not, they become a source of instability.

This makes human capital development the most important investment Nigeria can make. Every child who receives quality education adds to our future capacity. Every young person who learns a skill becomes a potential contributor. Every life saved through better healthcare strengthens the whole society.

The challenge is scale. Nigeria’s education system is underfunded and overstretched. Millions of children are out of school. Quality varies enormously. The same is true for healthcare, for skills training, for social support. Building systems that reach everyone is a massive undertaking.

Yet progress is possible. Technology offers new ways to deliver education at scale. Community health workers can extend care to remote areas. Apprenticeship models can train young people in practical skills. The building blocks of human capital exist. The task is to assemble them into functioning systems.

The Governance Challenge

None of this works without effective governance. Good plans fail without good execution. Vision without implementation is just dreaming.

Nigeria’s governance challenges are well documented. Implementation gaps separate policy from reality. Coordination failures mean different agencies work at cross purposes. Capacity constraints limit what even dedicated officials can achieve. Trust deficits make collaboration difficult.

Addressing these challenges requires its own strategy. It means investing in the civil service—training, motivating, and supporting the people who run government day to day. It means using technology to improve transparency and accountability—making it harder for things to fall through cracks. It means creating platforms for dialogue between government, business, and civil society—so policies reflect real needs and real constraints.

It also means accepting that governance reform is slow work. Institutions are not built overnight. Trust is earned over years. Capacity grows through practice. The goal is not perfection but progress—steady, cumulative improvement in how things get done.

Conclusion: The Power of Small Wins Adding Up

There is a temptation to think of strategy as something grand—bold visions, dramatic transformations, sweeping changes. And certainly, those have their place.

But in Nigeria, the most powerful strategy may be something more modest. It is the individual who learns a new skill and applies it. The business that delivers on its promises, day after day. The policy that works as intended and makes life slightly better. These small wins, repeated millions of times, accumulate into something extraordinary.

This is the power of compounding progress. Each skilled graduate adds to the talent pool. Each reliable business builds trust in the market. Each functioning program demonstrates that government can work. These gains build on each other. Over time, they transform what is possible.

Nigeria has immense resources—human, natural, cultural. It has a young population full of energy and ambition. It has entrepreneurs solving problems every day. It has officials working to build systems that serve everyone. The foundation is there.

Strategy provides the framework—the way of thinking that helps individuals, businesses, and the nation make good choices amid uncertainty. It does not guarantee success. Nothing does. But it improves the odds. It helps us see more clearly. It keeps us moving in the right direction, even when the path is unclear.

That is the power of 21st-century strategy. Not predicting the future, but preparing for it. Not controlling events, but navigating them. Not waiting for possibilities to arrive, but working to make them real.

For Nigeria and Nigerians, those possibilities are extraordinary. The work of strategy is to bring them within reach.