Business
Tinubu: Political Will Hinders West Africa Trade
President Bola Tinubu, speaking at the inaugural West Africa Economic Summit (WAES) in Abuja on Saturday, squarely attributed the persistently low intra-regional trade in West Africa—currently below 10%—to a lack of political will among West African leaders.
Addressing Heads of State, business leaders, and development partners, President Tinubu declared, “Low trade is a symbol of low collaboration. We must strengthen our regional value chains, invest in infrastructure, and coordinate our policies” to reverse this trend.
Contrary to views that poor trade performance stems from external factors, Tinubu emphasised that the challenge is internal, rooted in insufficient commitment to regional integration. “The global economy will not wait for West Africa to get its act together, and neither should we,” he warned, urging leaders to move beyond rhetoric to concrete action.
While some reports suggest the low intra-regional trade is due to coordination failures, President Tinubu stressed that the core issue is the lack of unified leadership and political will. “The low trade is not due to a failure of will but a coordination failure,” he said.
He underscored the need for collective responsibility, stating, “No one country can do this alone. Our prosperity depends on regional supply chains, energy networks, and data frameworks. We must design them together — or they will collapse separately.”
President Tinubu also condemned the region’s continued reliance on exporting raw minerals without local processing, a practice he termed the “pit-to-port” dependency. “The era of warm pit to the port must end. We must turn our mineral wealth into domestic economic value, jobs, technology, and manufacturing,” he said.
He called for investment in local processing and regional manufacturing to add value within West Africa, thereby creating jobs and boosting economic resilience. “To be resource-rich is not enough — we must become value chain smart,” Tinubu asserted.
Highlighting the youthful population as West Africa’s greatest asset, Tinubu warned that without coordinated investments in education, digital infrastructure, and innovation, this demographic dividend could become a liability. “Our task is to find new and effective ways to invest in our collective future, improve the business climate, and create opportunities for our youth and women,” he said.
He cited regional projects like the Lagos-Abidjan Highway and the West African Power Pool as examples of what is possible with cooperation but stressed the urgency of scaling such initiatives. “We must move from declarations to concrete deals; from policy frameworks to practical implementation,” he urged.
The summit, convened under Tinubu’s leadership as Chairperson of the ECOWAS Authority of Heads of State and Government, aims to deepen economic integration and enhance trade and investment cooperation across West Africa. The President’s address set a tone of accountability, calling on leaders to show the political will necessary to unlock the region’s vast economic potential.
“This summit is not just an event. It is where vision meets action,” he said, inviting global partners to join West Africa in building “a stronger, more unified, and globally competitive” region.
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The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
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