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“Nigeria’s Challenges Stem from Poor Leadership, Not Complexity” – Obasanjo

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Former President Olusegun Obasanjo has emphasized that Nigeria is not inherently difficult to manage, attributing the country’s challenges to inadequate leadership rather than its complexity.

Speaking at the maiden memorial lecture in honour of the late Akintola Williams in Lagos, Obasanjo stressed that while Nigeria is a multifaceted nation, it requires understanding and competent management, which has often been lacking in its leadership.

The event, titled *“Leadership Dynamics: Current Realities and Way Forward,”* was organized by the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos.

During his address, Obasanjo noted that managing Nigeria effectively demands a deep comprehension of its complexities but dismissed the notion that it is an impossible task.

He urged leaders to be honest with themselves, the nation, and their faith as they navigate the responsibilities of governance.

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Nigeria is indeed a complex country, and that is something we must acknowledge,” Obasanjo stated.

But it is not a difficult country to manage. What we need is leadership that is transparent, committed, and genuinely invested in the well-being of the people.”

Reflecting on his time in office, Obasanjo recounted his efforts to stabilize and grow Nigeria’s economy.

He expressed pride in the initiatives undertaken during his presidency, especially in managing the country’s finances, and noted that Nigeria’s economic condition was relatively strong under his leadership.

When I served as president, I did everything I could with the resources available to me,” Obasanjo said.

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“I can confidently say I gave my best to move the country forward.

For example, when I assumed office, Nigeria had only N3.7 billion in reserves, while we were spending N3.5 billion on servicing debts.

Faced with this, I prioritized seeking debt relief for the country. Despite being one of the top five oil exporters globally at the time, we were burdened by an unsustainable debt load.”

Obasanjo went on to detail the efforts that led to Nigeria securing debt relief, a significant achievement during his tenure.

He explained that the country’s debt burden, initially at N3.36 billion, was substantially reduced, allowing for a period of fiscal stability.

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He also highlighted that by the time he left office, the country’s reserves had grown significantly.

We didn’t just secure debt relief; we turned the situation around. By the time I left office, Nigeria had over N25 billion in excess crude, which was money saved from the budget surplus.

Additionally, our foreign reserves exceeded N45 billion, which positioned us for future growth and economic security,” he added.

In his tribute to the late Akintola Williams, Obasanjo lauded the iconic chartered accountant for his numerous contributions to Nigeria.

Williams, who was regarded as a pioneer in the field of accounting in the country, was also recognized for his social, economic, and political impact.

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Akintola Williams was not just a professional; he was a sage whose influence extended beyond the financial sector.

His contributions to humanity, both in Nigeria and beyond, remain a lasting legacy.

He deserves all the honours we can bestow upon him, even posthumously, for the indelible marks he left in various spheres of life,” Obasanjo said.

The lecture provided an opportunity for the former president to reflect on the importance of effective leadership in shaping Nigeria’s future.

He reiterated that while challenges remain, with the right leadership, Nigeria has the potential to overcome its difficulties and thrive.

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Obasanjo’s speech resonated with many attendees, especially given the current socio-political and economic climate of the nation.

His call for a deeper understanding of Nigeria’s complexities, coupled with his reflections on leadership, served as a reminder of the critical role governance plays in determining a nation’s trajectory.


 

Fashion

Tariffs Make Fast Fashion More Expensive and Push Shoppers To Secondhand

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The fast fashion world is going through serious changes right now, and it all boils down to one thing: tariffs. As of early 2025, the U.S. government has slapped a 10% import duty on goods from China, and fashion retailers are feeling the heat. These new rules also ended the duty-free benefit for items under $800, a loophole that companies like Shein and Temu had relied on for years to keep prices low and deliveries fast.

Now that’s changing. Clothes coming in from China must go through full customs checks and extra costs, which are already starting to impact how much you’ll pay at checkout.

To survive this shift, fashion companies are tweaking their operations fast.

Take ASOS for example. The British online fashion store closed its U.S. warehouse and now ships orders from the UK. It also reduced its dependence on China—only 5% of what it sells to U.S. customers is made there now.

Steve Madden, known for its shoes, is cutting back on Chinese manufacturing too—by nearly half. The brand is looking into alternative locations that won’t attract those tariffs, possibly shifting production to places like India or Vietnam.

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Smaller labels and indie brands are also affected. Many are thinking about bringing production closer to home or moving it to nearby countries. But switching factories is expensive and not easy, especially for businesses that are already running on thin margins.

What About Us—the Shoppers?

All this behind-the-scenes movement eventually hits us, the buyers. And the effects are already being felt.

Prices are expected to go up for many fast fashion items. Because of that, more shoppers—especially young ones—are turning to secondhand and thrift options. According to recent surveys, almost 60% of people say they’ll shop more secondhand this year if new clothes become pricier. Among Millennials, that number jumps to nearly 70%.

And it’s not just about saving money. Many Gen Z and Millennial consumers are already drawn to secondhand fashion for environmental reasons, and now rising prices are just pushing them further in that direction.

Some experts hoped that slowing fast fashion might be a win for the planet. But it’s not that simple.

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Switching production from China to other countries might lower the impact of tariffs, but it doesn’t always help the climate. In fact, longer shipping routes and less efficient factories in new locations might even make things worse. Plus, fast fashion as a whole still relies on constant consumption—and that’s the real issue.

What’s Next?

Fashion brands are in a tight spot. They want to keep prices competitive, stay trendy, and not lose loyal customers. But with tariffs now in play, many are being forced to rethink their supply chains, pricing strategies, and even their brand identity.

As this unfolds, shoppers can expect a few key shifts—higher prices for new clothes, longer delivery times, and more attention on secondhand and resale platforms. This moment could reshape how we all shop, how brands operate, and how fashion works on a global scale.


 

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Federal Government Pays N50bn to University Staff to Clear Old Allowances

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The Federal Government has released N50 billion to settle unpaid earned allowances owed to academic and non-academic staff of federal universities.

This was revealed by the Minister of Education, Dr Maruf Alausa, in a statement shared by the ministry’s spokesperson, Folasade Boriowo, on Wednesday.

According to him, the disbursement fulfils a promise made by President Bola Tinubu to the university unions.

Also, the statement stated that the payment reflects the president’s dedication to revamping Nigeria’s education system and shifting the country’s focus from depending on resources to building a knowledge-driven economy. This, it said, would be achieved through meaningful investments in education, infrastructure, and people.

Dr Alausa emphasized that the move is more than just settling debts. He described it as a show of faith in young Nigerians and a recognition of the vital role played by university staff in shaping the next generation. He also assured that efforts are ongoing to ensure that strikes in the university system become a thing of the past.

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For years, academic unions in federal universities have clashed with various administrations over delays in payments and unfulfilled agreements. In the 2025 budget, the government earmarked N3.52 trillion for the education sector—7.3 percent of the total N54.99 trillion national budget.


 

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Zelenskyy Accuses China of Helping Russia with Drone Technology and Military Support

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Ukrainian President Volodymyr Zelenskyy accused China on Tuesday of being indirectly involved in Russia’s drone production efforts. He claimed that Chinese citizens were working at a drone factory in Russia and suggested that Moscow might have stolen drone technology from China, although he implied Beijing may not have been aware of it.

This is the latest in a series of accusations from Kyiv, which also included Zelenskyy’s previous comments about China supplying Russia with weapons and gunpowder. These remarks marked the first time Zelenskyy openly accused Beijing of directly aiding Moscow’s military efforts, although China has firmly denied these claims.

In response, Ukraine’s Foreign Ministry summoned Chinese Ambassador Ma Shengkun to express serious concerns about China’s involvement in the war. Zelenskyy appeared to soften his tone, stating that Russia might have secretly obtained drone technology from Chinese nationals working in Russia without Beijing’s official approval.

Zelenskyy’s comments come at a delicate time for Ukraine, with ongoing diplomatic efforts led by the U.S. to end the war. Earlier this month, Zelenskyy accused Russia of recruiting Chinese nationals to join its forces, adding that Beijing was likely aware of the recruitment, though it hasn’t been confirmed if they were receiving instructions from Chinese officials.

Despite these tensions, China has reiterated its support for peace efforts and cautioned against irresponsible remarks regarding the involvement of Chinese nationals in the conflict. Zelenskyy stated that Ukrainian officials have been directed to communicate their findings directly with the Chinese government through official channels, as they continue to investigate the extent of China’s possible role in Russia’s military operations.

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