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Democracy Day: Soludo’s take at ‘The Platform’ on Nigeria’s Economic Development and Growth
By Christian ABURIME
On Democracy Day 2024 celebrating Nigeria’s 25 years of uninterrupted democracy in the 4th Republic, Anambra State Governor Charles Soludo as a guest speaker at The Platform event in Lagos reflected on the nation’s progress with democracy and a free market economy. Revisiting a lecture he gave in 2005 on sustainable democracy, Soludo noted that many of the same issues remain urgent challenges today, despite efforts over the past two decades. He argued that while Nigeria has professed to practise democracy and free market economy for decades, the country has made little meaningful progress, often taking steps forward only to stand still.
In his thought-provoking speech, Soludo argued that true democracy and free market economics are integrally linked as vehicles for maximizing liberty, security, prosperity and happiness for citizens. However, he warned that Nigeria’s democracy faces an existential threat from an unsustainable economy that all Nigerians must confront. As a member of the governing elite, Soludo stated that while public officials are trying to fix issues within their means, the challenges are too great to be left to politicians and governments alone.
In discussing the symbiotic relationship between democracy and free market economic principles, Soludo referenced Milton and Rose Friedman’s book “Free to Choose,” arguing that democracy and market economies, despite imperfections, remain the best frameworks for organising human societies, especially diverse, multi-ethnic ones like Nigeria.
However, both democracy and free markets are said to be works in progress, requiring constant effort and reform. The degree of free market policies depends on a society’s ideology around wealth distribution and the role of the state versus markets. While acknowledging an elite consensus in Nigeria favouring democracy and market economics broadly, optimising these systems for citizen welfare becomes imperative.
Governor Soludo also emphasized that the economic strength of a nation is a key determinant of enduring democracy. Citing empirical research, he suggested that with Nigeria’s current low per capita income of around $1,200, sustaining democracy will require extraordinary effort, as poorer nations tend to have less durable democracies.
According to the former CBN governor, Nigeria is a very poor country with broken public finances, despite being considered the “largest economy in Africa” a few years ago due to GDP re-basing. For over 50 years, Nigeria’s economic trajectory has been defined by booms and busts in the oil sector. The last administration engaged in populist policies like illegally printing over N22 trillion to fund subsidies and expenditures.
Today, Nigeria’s fiscal situation is dire – the 2024 federal budget revenue of N18.3 trillion is only about $20 billion or 7% of GDP for a country of 230 million people. Even this projected revenue may not be realised. Debt servicing costs are high at N8.25 trillion, while total recurrent expenditure is N18.1 trillion, likely requiring more borrowing to fund it.
Our capital expenditure is just 2% of GDP, far below the 10-15% needed to address Nigeria’s infrastructure deficit. State governments are also struggling, with real purchasing power declining severely compared to a decade ago due to inflation and currency depreciation. Thus, Nigeria faces a stringent fiscal quagmire, with low tax revenues, high debt levels, and increasing needs of citizens amidst rising costs. Difficult choices lie ahead to address the long-standing fiscal and structural crisis.
Soludo contended that Nigeria faces an existential threat to its democracy due to an unsustainable economy and broken public finances. The country is very poor, with dwindling revenues, escalating debt, rising inflation and poverty. The new Tinubu administration inherited a crisis situation akin to “a dead horse but standing.”
To fix the crumbling foundations of our nationhood, Soludo called for bold, systemic disruptions through mobilising working groups to tackle insecurity, the economy, the oil and gas sector, food security, and building a true federal system of government with devolution of powers to states. He advocated reinventing citizen engagement initiatives like MAMSER, implementing an inclusive “Big Tent” social agenda to give everyone a stake, and enforcing a strict code of conduct for public officials to cut wasteful spending.
As a leader who lives by example, Governor Soludo is known to be extremely frugal with state resources. He does not take salaries from Anambra State government. Anambra State under Soludo leadership has no office of the First Lady that would attract extraneous expenses in governance. The governor wears local fabrics and rides in Nigerian-made vehicles as official cars. And the Soludo government adheres strictly to the avoidance of borrowing by doing more with less.
Overall, Soludo urged Nigerians to join in the solution rather than complaining and leaving it all to politicians alone. He expressed confidence in President Tinubu’s ability to lead the difficult reforms needed, given the president’s past record, but emphasized the reforms will require extraordinary efforts and sacrifices from all Nigerians.
As his speech drew to a close, Governor Soludo expressed cautious optimism about Nigeria’s future despite the nation’s economic challenges that threaten its democracy and free market system. He echoed the famous words of President Clinton that “it’s the economy, stupid,” underscoring the critical importance of economic revival to sustain democracy, especially with Nigeria’s population projected to reach 440 million in the next 26 years.
Yet, the Anambra State governor remains incredibly optimistic about Nigeria’s greatness and potential, driven by his persistent belief in public service and the infinite possibilities the country offers. He envisions Nigeria’s youthful population as an unstoppable force that can conquer the world, heralding the 22nd century as Nigeria’s century.
Building this formidable future, however, demands a strong, collective effort from all Nigerians. Mere complaints are insufficient; positive action to transform challenges into opportunities is imperative. Recalling the late Sonny Okosun’s poignant 1984 song “Which Way Nigeria?”, Soludo recognised that while its lamentations ring truer than ever four decades later, its call for united action may provide the impetus required to harness Nigeria’s immense potential and forge an extraordinary destiny.
….Writes NMDPRA, Engages Marketers to Stabilise Fuel Market
Photo caption: L R: Chief Executive Officer, Dangote Fertiliser Limited, Vishwajit Sinha; Chief Executive Officer and Managing Director, Dangote Petroleum Refinery, David Bird; President and Chief Executive, Dangote Industries Ltd, Aliko Dangote; Managing Director and Chief Executive Officer, South South Development Commission, Usoro Akpabio, during the visit of SSDC members to the Dangote Petroleum Refinery and Fertiliser Plant in Lagos on Sunday, November 30, 2025.
Dangote Petroleum Refinery has announced plans to supply one billion five hundred million litres of Premium Motor Spirit (PMS) monthly to the Nigerian market in December 2025 and January 2026, a move aimed at ensuring uninterrupted nationwide fuel availability through the festive season and into the New Year.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed the plans at the weekend, noting that the refinery will make available 50 million litres of PMS daily beginning December 1.
“In line with our commitment to national wellbeing, and consistent with our track record of ensuring a holiday season free of fuel scarcity, the Dangote Petroleum Refinery will supply 1.5 billion litres of PMS to the Nigerian market this month. This represents 50 million litres per day. We are formally notifying the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of this commitment. We will supply another 1.5 billion litres in January and increase to 1.7 billion litres in February, which translates to about 60 million litres per day,” Dangote said.
Photo caption: L R: President and Chief Executive, Dangote Industries Ltd, Aliko Dangote; Managing Director and Chief Executive Officer, South South Development Commission, Usoro Akpabio, during the visit of SSDC members to the Dangote Petroleum Refinery and Fertiliser Plant in Lagos on Sunday, November 30, 2025.
Speaking during a visit by the South-South Development Commission (SSDC) to the refinery and the Dangote Fertiliser complex, he stated that the facility currently has adequate stock and is producing between 40 and 45 million litres of PMS daily. He added that the daily supply of 50 million litres should dispel long-standing claims that domestic refineries lack the capacity to meet national demand.
Dangote also revealed ongoing engagement with petroleum marketers to strengthen distribution systems, including expanding the use of CNG-powered haulage.
“Our priority is to ensure Nigeria receives the products it needs. This is not driven by profit motives; it is about guaranteeing the availability of essential energy products. It is similar to the transformation we delivered in the cement sector,” he added.
He further noted that the refinery is progressing with its expansion plan to reach a capacity of 1.4 million barrels per day. More than 100,000 workers are expected to be involved in the expansion of both the refinery and the fertiliser complex. Dangote emphasised that the Group remains committed to its vision, driven by the strong public support for the company’s role in shaping Nigeria’s economic development.
During the visit, the Managing Director of SSDC, Usoro Offiong Akpabio, commended Dangote’s leadership and his continued contribution to strengthening Nigeria’s industrial capability, national energy security and long-term economic competitiveness.
She described the South-South region as Nigeria’s natural energy corridor, with vast crude oil reserves, gas infrastructure, maritime assets, agro-industrial activity and emerging industrial clusters. She noted that deeper collaboration between the region and the Dangote Group could unlock opportunities in product distribution, CNG infrastructure, petrochemicals, agriculture, and employment creation.
Akpabio added that such partnerships would advance the Federal Government’s energy stability agenda and position the South-South as a strategic growth hub for the Dangote Group.
“As the statutory development body for the South-South, SSDC is mandated to drive regional economic development, infrastructure integration, human capital advancement, and private-sector–led growth. In this regard, we stand prepared to support State-level policy and regulatory support for Ease-of-doing-business across our six states. Enabling environments for Dangote Group’s expansion into strategic sectors such as gas processing, agro-industrial value chains, renewable energy, logistics, and export-oriented manufacturing,” she said.
In a letter from the refinery’s Managing Director, David Bird, to the Authority Chief Executive of the NMDPRA, the company reaffirmed its readiness to host NMDPRA officials onsite at the refinery from December 1st to verify and publish its daily supply volumes. The refinery also sought the Authority’s support to ensure unhindered importation of crude, feedstocks and blending components, as well as smooth vessel loading for product evacuation.
“In the spirit of full transparency to the public we are willing to publish our daily production and stock volumes (online and print media),” Bird stated. “We seek the full support of NMDPRA to allow Dangote refinery to import our crude, feedstocks and blending components unhindered as well as support the lifting of our products by vessel. We continue to experience delays in vessel clearance which impacts not only the refinery operations but also our customers, adding unnecessary costs and inefficiencies”.
By Bonaventure Phillips Melah
Photo caption: L R: Chief Executive Officer, Dangote Fertiliser Limited, Vishwajit Sinha; Chief Executive Officer and Managing Director, Dangote Petroleum Refinery, David Bird; President and Chief Executive, Dangote Industries Ltd, Aliko Dangote; Managing Director and Chief Executive Officer, South South Development Commission, Usoro Akpabio, during the visit of SSDC members to the Dangote Petroleum Refinery and Fertiliser Plant in Lagos on Sunday, November 30, 2025.
Dangote Petroleum Refinery has announced plans to supply one billion five hundred million litres of Premium Motor Spirit (PMS) monthly to the Nigerian market in December 2025 and January 2026, a move aimed at ensuring uninterrupted nationwide fuel availability through the festive season and into the New Year.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed the plans at the weekend, noting that the refinery will make available 50 million litres of PMS daily beginning December 1.
“In line with our commitment to national wellbeing, and consistent with our track record of ensuring a holiday season free of fuel scarcity, the Dangote Petroleum Refinery will supply 1.5 billion litres of PMS to the Nigerian market this month. This represents 50 million litres per day. We are formally notifying the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of this commitment. We will supply another 1.5 billion litres in January and increase to 1.7 billion litres in February, which translates to about 60 million litres per day,” Dangote said.
Photo caption: LR: President and Chief Executive, Dangote Industries Ltd, Aliko Dangote; Managing Director and Chief Executive Officer, South South Development Commission, Usoro Akpabio, during the visit of SSDC members to the Dangote Petroleum Refinery and Fertiliser Plant in Lagos on Sunday, November 30, 2025.
Speaking during a visit by the South-South Development Commission (SSDC) to the refinery and the Dangote Fertiliser complex, he stated that the facility currently has adequate stock and is producing between 40 and 45 million litres of PMS daily. He added that the daily supply of 50 million litres should dispel long-standing claims that domestic refineries lack the capacity to meet national demand.
Dangote also revealed ongoing engagement with petroleum marketers to strengthen distribution systems, including expanding the use of CNG-powered haulage.
“Our priority is to ensure Nigeria receives the products it needs. This is not driven by profit motives; it is about guaranteeing the availability of essential energy products. It is similar to the transformation we delivered in the cement sector,” he added.
He further noted that the refinery is progressing with its expansion plan to reach a capacity of 1.4 million barrels per day. More than 100,000 workers are expected to be involved in the expansion of both the refinery and the fertiliser complex. Dangote emphasised that the Group remains committed to its vision, driven by the strong public support for the company’s role in shaping Nigeria’s economic development.
During the visit, the Managing Director of SSDC, Usoro Offiong Akpabio, commended Dangote’s leadership and his continued contribution to strengthening Nigeria’s industrial capability, national energy security and long-term economic competitiveness.
She described the South-South region as Nigeria’s natural energy corridor, with vast crude oil reserves, gas infrastructure, maritime assets, agro-industrial activity and emerging industrial clusters. She noted that deeper collaboration between the region and the Dangote Group could unlock opportunities in product distribution, CNG infrastructure, petrochemicals, agriculture, and employment creation.
Akpabio added that such partnerships would advance the Federal Government’s energy stability agenda and position the South-South as a strategic growth hub for the Dangote Group.
“As the statutory development body for the South-South, SSDC is mandated to drive regional economic development, infrastructure integration, human capital advancement, and private-sector–led growth. In this regard, we stand prepared to support State-level policy and regulatory support for Ease-of-doing-business across our six states. Enabling environments for Dangote Group’s expansion into strategic sectors such as gas processing, agro-industrial value chains, renewable energy, logistics, and export-oriented manufacturing,” she said.
In a letter from the refinery’s Managing Director, David Bird, to the Authority Chief Executive of the NMDPRA, the company reaffirmed its readiness to host NMDPRA officials onsite at the refinery from December 1st to verify and publish its daily supply volumes. The refinery also sought the Authority’s support to ensure unhindered importation of crude, feedstocks and blending components, as well as smooth vessel loading for product evacuation.
“In the spirit of full transparency to the public we are willing to publish our daily production and stock volumes (online and print media),” Bird stated. “We seek the full support of NMDPRA to allow Dangote refinery to import our crude, feedstocks and blending components unhindered as well as support the lifting of our products by vessel. We continue to experience delays in vessel clearance which impacts not only the refinery operations but also our customers, adding unnecessary costs and inefficiencies”.
Some women in Ezimo community, Udenu Local Government Area of Enugu State, on Saturday, staged a protest over the alleged kidnap of five residents and the shooting of another during an attack on the community.
The protesters, who marched through major parts of the community, said the incident had heightened fear and insecurity in the area.
One victim of the attack is currently receiving treatment in the hospital.
A social media influencer, ‘Sen.’ Chijinkem Ugwuanyi, made this known via Facebook on Saturday.
Ugwuanyi revealed that resident who confirmed the incident said recent cases of abductions and shootings had left the community unsafe, prompting the women to demand urgent government intervention.
In a video shared on Ugwuanyi’s Facebook page, the protesters called on the Enugu State Government and security agencies to step in and restore peace, warning that residents could no longer live under constant fear of attacks.
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