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Nigeria’s economy will take 15 years to bounce back – World Bank

Published

2 years ago

October 15, 2024

FG in Advanced Talks With World Bank for Fresh $1.25bn Loan Facility

Nigeria’s economy will take 15 years to bounce back –World Bank

The World Bank, on Monday, delivered a sobering assessment of Nigeria’s economy, projecting that it will take about 10 to 15 years for the nation to undergo remarkable transformation.

The revelation exposes the pressing challenges ahead and calls for urgent, decisive action to steer the economy toward recovery and resilience.

Senior Vice President, World Bank Group, Indermit Gill, who spoke at the 30th Nigerian Economic Summit Group (NESG #30), emphasised that the government must do everything in its power to protect the most vulnerable citizens from hardship, as their lives and the lives of Nigeria’s 110 million children depend on it.

He said: “Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy. So, I don’t know if you’re agreeing with me or if you’re disagreeing with me. If it does that, it will transform its economy, and it will become an engine of growth in sub-Saharan Africa, helping to transform the region. It’s very difficult to do these things, but the rewards are massive. “This is the lesson from the last 40 years, as well as the experience of countries such as India, Poland, Korea, and Norway. So again, I’m going to say something unpopular, perhaps. But Nigeria’s reforms from 2003 to 2007 were exactly what was needed.

“But they were not sustained. Today’s fiscal, monetary, and exchange rate reforms are hurting everyone, especially ordinary Nigerians, who are struggling with the high prices of food and transport. “The government must do everything in its power to protect the most vulnerable citizens from hardship because their lives and the lives of Nigeria’s 110 million children depend on it. It must also stay the course of reform, as Nigeria’s long-term future and the future of these 110 million children depend on it. Now, during the coming year—and I’m almost at the end—Nigerian policymakers have to do three things.

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“The first is to prioritize non-oil growth. This requires a competitive exchange rate, which Nigeria now has. Nigeria’s real exchange rate is at its most competitive in at least 20 years,” he said.

“This is a great opportunity for the private sector. To protect the poor and maintain competitiveness, the central bank must stay focused on inflation. It should resist the lure of short-term capital inflows that might push up the Naira’s value too quickly and curb non-oil growth.

“It should rebuild foreign exchange reserves instead as a cushion against oil price volatility. Again, I think Governor Cardoso (Governor of the Central Bank of Nigeria) is doing many of these things, and he should be encouraged. The second thing is to help every vulnerable household cope with high inflation,” he said, adding that the government is rolling out a large-scale targeted temporary cash transfer programme that has already reached between 4 and 5 million households. It should quickly extend this to 10 million households and perhaps more if necessary. The World Bank also noted that the government should protect vulnerable citizens using savings from the fuel subsidy removal. Over the next few years, Gill explained, the government should also install a cost-effective safety net to protect its most vulnerable citizens, financing it with some of the savings from fuel subsidy removal and exchange rate adjustments.

“It has to make the economy more business-ready. And I think the Chairman of NESG has put out a very clear agenda of what needs to be done in this regard. “In the next 10 years, more than 12 million young Nigerians—both men and women—will enter the workforce. Generating jobs for them will greatly depend on the private sector and large-scale domestic and foreign private investment in the non-oil sector.

“Attracting such investment means boosting the national power grid, improving transportation, enhancing security, and strengthening the rules and regulations governing private enterprise. Failure in these areas would set back reform efforts across the continent, in addition to ruining the future of yet another generation.

“Nigeria’s elites—we are all elites here in this room—must unite to support these reforms. By enabling a broadly prosperous and stable Nigeria, they will be making perhaps the most valuable and the biggest request for their own children and grandchildren. “Now, the World Bank team in Nigeria is one of the best. You have here an excellent country director. “You have a top-notch team of economists, energy specialists, and operations staff. They have the expertise that is needed. Most importantly, though, especially in difficult times, they have the experience that the moment demands. Many of these experts you have here in the Abuja office are veterans of similar reforms in places like Indonesia and many other places. You should take full advantage of that.

“But the one thing that struck me about our team here, as I prepared for this visit, the most important thing that I learned about them is that they have great affection and admiration for everyday Nigerians. The Nigerian government and the people can count on their support 24/7, and this team will get all the support they ask for from the entire World Bank group,” he noted.

Nigeria’s economy will take 15 years to bounce back –World Bank

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Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or

Published

6 hours ago

September 8, 2026

Trends Admin

Kylian Mbappé and Barcelona forward Lamine Yamal

Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or

The 19-year-old Spain international insists his World Cup and La Liga triumphs speak for themselves, while also being named one of Barcelona’s vice-captains ahead of the October 26 ceremony.

Barcelona forward Lamine Yamal has made it clear that he will not campaign or “beg” for the 2026 Ballon d’Or, stating that his achievements on the pitch for club and country should speak for themselves. Speaking ahead of Barcelona’s Champions League opener against Feyenoord, the 19-year-old responded to comments from rival Kylian Mbappé, who had previously made his case for the award by highlighting his World Cup Golden Boot win, which also saw him become the competition’s all-time top goalscorer.

“I don’t think I need to campaign for the Ballon d’Or. I’m not thinking about what I deserve, everyone can think what they like,” Yamal told reporters. “I’m proud of everything I’ve done this year with my club and with the national team. We’ve become world champions, we’ve won the league again. I can’t ask for anything more. I think I’ve shown an incredible level, it’s your job and I will not beg for anything.”

The Spanish international, who finished second in last year’s voting behind PSG’s Ousmane Dembélé, is among the leading contenders for the prize alongside Mbappé, Harry Kane, Dembélé, and Khvicha Kvaratskhelia. The ceremony is scheduled for October 26 in London. Yamal was officially named among the 30 nominees for the 2026 men’s Ballon d’Or when France Football unveiled the list on Tuesday, marking his third nomination.

When asked about Dembélé’s recent comments naming Kvaratskhelia, Kane, and Mbappé as his top three, Yamal joked: “He’s a friend of Kylian, right? Honestly, I don’t care. I’m very happy with the year I had. Whenever I’ve faced both of them, I’ve won. They must have taken a dislike to me for some reason.” Spain knocked France out of the World Cup semi-finals with a convincing 2-0 victory.

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Yamal, who suffered a hamstring injury in April, has returned to form with two goals in his last two outings against Rayo Vallecano and Valencia, and appeared far more cheerful after a difficult start to the season. “In the end, I’m 19, coming off winning a World Cup, having had the best holidays of my life. I’ve never been happier at any point in my life than I am now,” he said.

Beyond individual honours, Yamal emphasised that Barcelona’s primary target this season is the Champions League trophy, a title that has eluded the Catalan giants since 2015. “There’s no greater motivation than the Champions League, which is the one I still have to win. We will give our all to win it,” Yamal said ahead of Wednesday’s opener against Feyenoord. “Good players have arrived, like Anthony Gordon, Karim Adeyemi, Rodri.”

Barcelona coach Hansi Flick praised the young star, saying: “Lamine is a player who can decide games on his own, fantastic quality. It’s great, you can see it every day how he is enjoying playing football. For me the best thing is that he enjoys this game and then he’s on a top level.”

Yamal is also the favourite to win a third consecutive best young player award at the Ballon d’Or ceremony, having been one of 10 players nominated on Tuesday, including Johan Manzambi, Yan Diomande, and Ayyoub Bouaddi, who all impressed at the World Cup and were then the subject of big-money summer transfers.

Interestingly, during the press conference, neither Yamal nor Flick mentioned Feyenoord by name, instead focusing entirely on Barcelona’s mission to win the Champions League. Yamal was recently elected one of three vice-captains by his teammates, alongside Eric Garcia and Frenkie de Jong, with coach Hansi Flick selecting Raphinha and Pedri as the other members of the five-man captaincy group. “It’s something to be proud of at 19 years old. I’m very grateful to my teammates. It’s a position that comes with responsibilities, even if I’m only 19, but I’m very happy,” he said.

Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or

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Lagos Moves to Slash Agency Fees, Curb Rent Hikes With New Tenancy Bill

Published

8 hours ago

September 8, 2026

Trends Admin

Lagos Moves to Slash Agency Fees, Curb Rent Hikes With New Tenancy Bill

The Lagos State Government has unveiled a proposed tenancy law aimed at overhauling the relationship between landlords, tenants and estate agents, with measures designed to curb arbitrary rent increases, excessive agency charges, fraudulent property transactions and prolonged tenancy disputes.

The proposed Lagos State Tenancy and Recovery of Premises Bill, 2025, currently before the Lagos State House of Assembly, seeks to replace the existing tenancy framework with a more comprehensive regime covering rent payments, advance rent, agency fees, eviction, dispute resolution and the conduct of landlords and property agents.

The bill, however, has not yet become law and remains subject to legislative consideration and possible amendments.

One of the most significant provisions in the proposed legislation is the plan to reduce estate agency fees to five per cent of annual rent.

The proposal has attracted considerable attention because tenants in Lagos routinely complain about the financial burden of agency, agreement and other charges demanded when securing accommodation.

The Lagos State House of Assembly had previously stated during deliberations on the bill that the agency commission would be reduced from the existing 10 per cent benchmark to five per cent. An agent who charges above the prescribed rate under the proposed law could face sanctions, including refund of the excess, a fine of up to N1 million or imprisonment for up to two years, or both.

The bill also proposes compulsory registration of estate agents with the Lagos State Real Estate Regulatory Authority, LASRERA.

Under the proposal, operating as an estate agent without the required registration would become an offence. The government says the measure is intended to check the activities of fraudulent and unregistered operators accused of collecting money from unsuspecting members of the public, engaging in multiple transactions on the same property and imposing questionable charges on prospective tenants.

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The proposed legislation further requires agents handling rent or other funds on behalf of property owners to account for such money and remit it within a stipulated period. Legal reviews of the draft bill put the remittance period at seven working days and require agents to issue receipts for transactions.

One-year limit on advance rent

Another major proposal is the restriction on advance rent.

The draft legislation seeks to prevent landlords from demanding excessive periods of rent upfront. Under the proposed framework, a new tenant would generally not be required to pay more than one year’s rent in advance, while sitting tenants who ordinarily pay monthly would not be compelled to make excessive advance payments.

The measure is expected to address one of the biggest challenges facing accommodation seekers in Lagos, where prospective tenants often complain of demands for one, two or even more years’ rent before they are allowed to occupy a property.

Landlords may face scrutiny over rent increases

The proposed law also seeks to tackle what it describes as unreasonable increases in rent.

Under the bill, a tenant who considers a rent increase excessive could challenge it, with the court empowered to consider factors including rents charged for comparable properties and evidence presented by both the landlord and tenant.

The proposal is significant in a city where rapid increases in rental values have become a major concern for residents, particularly low- and middle-income earners.

The bill also provides protection for tenants who challenge an allegedly unreasonable increase, including restrictions on eviction while the matter is before the court.

Faster resolution of landlord-tenant disputes

Perhaps one of the most ambitious aspects of the proposed legislation is its attempt to speed up tenancy-related litigation.

The bill provides for tenancy proceedings through originating summons and proposes mechanisms designed to shorten the time between filing a case and hearing it.

It also empowers courts to sit on weekends and public holidays for tenancy matters and provides for virtual hearings.

The proposed framework further provides for mediation as an alternative to prolonged litigation, with the aim of resolving disputes more quickly and reducing the backlog of landlord-tenant cases.

The government has argued that faster dispute resolution would benefit both landlords and tenants by reducing the cost and uncertainty associated with lengthy court proceedings.

Tenants to provide evidence

The Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, said tenants seeking legal action would be required to provide evidence including proof of rent payments and updated utility bills.

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According to the government, the requirement is intended to ensure that tenancy disputes are supported by verifiable documentation rather than mere allegations.

Protection against self-help eviction

The proposed framework also strengthens legal protection against arbitrary eviction and other forms of self-help.

The draft bill provides for lawful procedures that landlords must follow when seeking possession of their properties. It seeks to discourage practices such as forcibly ejecting tenants, interfering with access to premises or taking other unilateral measures without following due process.

It also contains provisions relating to abandoned premises, recovery of possession and enforcement of court orders.

Service charges, deposits and professional fees

The bill goes beyond rent and agency commissions to address other financial issues associated with tenancy.

Among the proposed provisions are rules concerning service charges, facility and security deposits, as well as professional fees.

The draft framework seeks greater transparency in the handling of tenants’ money and provides for accountability concerning service charges and refundable deposits. Legal reviews of the bill indicate that security deposits would generally be refundable, subject to documented deductions for damage or other legitimate claims.

LASRERA intensifies enforcement

The proposed reforms come against the backdrop of increased enforcement by LASRERA against fraudulent operators in Lagos’ property market.

The Commissioner for Housing disclosed that the regulatory agency recovered more than N270 million from fraudulent estate agents between 2025 and 2026.

The government says the enforcement campaign, combined with the proposed legislation, is intended to restore confidence in the state’s real estate sector and protect residents from exploitation.

Stakeholders raise concerns

While the proposed reduction in agency fees has been welcomed by tenant advocates, housing stakeholders have also raised concerns about possible loopholes.

Spaces for Change, which participated in the 2025 public hearing on the bill, warned that agents could attempt to circumvent a five per cent cap by introducing additional charges under different descriptions.

The organisation recommended that the prescribed five per cent ceiling should cover other related charges in order to prevent agents from simply shifting costs from “agency fee” to documentation, inspection or other charges.

There have also been calls for the bill to provide clearer safeguards around the collection, storage and use of tenants’ personal information, given the large amount of sensitive data prospective tenants routinely submit to landlords and estate agents.

Bill still awaiting passage

Despite the publicity surrounding the proposed reforms, tenants and landlords have been urged not to assume that the new provisions are already enforceable.

The Lagos State Tenancy and Recovery of Premises Bill remains a proposal before the Lagos State House of Assembly. Until it is passed by the Assembly and receives the necessary assent, the existing tenancy law remains the applicable legal framework.

If eventually enacted, however, the proposed law could represent one of the most far-reaching changes to landlord-tenant relations in Lagos in years, particularly through its proposed five per cent agency-fee cap, restrictions on advance rent, compulsory registration of agents, stronger protections against arbitrary rent increases and faster mechanisms for resolving tenancy disputes.

For millions of Lagos residents struggling with rising accommodation costs, the central question will now be whether the proposed reforms can move from the pages of the bill to effective enforcement across the state’s notoriously expensive and complex rental market.