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Tinubu’s Dream $1 Trillion Economy by 2030 Not Achievable Without Manufacturing, Says George Onafowokan

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President Bola Ahmed Tinubu
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By Son Tertsegha

For Nigeria’s $1 trillion economy target to be achieved by 2030 as envisaged by President Boka Tinubu, George Onafowokan, Coleman Technical Industries managing director, says its success hinges entirely on manufacturing, affordable power and patient capital.

The helmsman of Nigeria’s largest indigenous manufacturer of electrical and telecommunications cables, has a blunt diagnosis as to why Nigeria’s $1 trillion economy target remains out of reach: the country is still exporting raw materials when it should be processing them, borrowing at commercial rates when manufacturers need patient capital, and paying some of the highest energy costs on the continent while competitors pay a fraction as much.

In his opinion, manufacturing is a critical “missing link” in Nigeria’s quest to achieve President Bola Tinubu’s $1 trillion economy target by 2030, warning that the goal would remain difficult without aggressive government support for local manufacturing, value addition, affordable financing and reliable power.

Speaking on government’s economic agenda, Onafowokan said projections indicate Nigeria could reach $700 billion to $800 billion in GDP by 2030 under current trends. Hitting $1 trillion, he said, would require annual growth above 10%, a pace that demands more than macroeconomic stabilization alone.

His argument is structural. Agriculture, he said, cannot drive economic transformation without a manufacturing sector capable of converting raw materials into finished products. The example he reached for is one Coleman knows intimately: cocoa. Nigeria grows it.

Other countries process it and capture the value. The same dynamic plays out in palm products and shea butter, where a $140 million investment in cocoa processing and new policies requiring local shea processing before export have begun to shift the equation.

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Nigeria’s non-oil exports have risen from 17% to approximately 23% of the total, a gain Onafowokan attributed to deliberate fiscal policies promoting domestic manufacturing. In his own words,
“You cannot separate manufacturing from agriculture … “We don’t want to remain exporters of raw materials. Processing agricultural produce such as cocoa, palm products and shea butter adds value, creates employment and strengthens the economy.”

However, he has thumbs up for the Central Bank of Nigeria for stabilizing the foreign exchange market and moderating inflation, saying its financial reforms have improved business planning.

But he was pointed in his criticism of Nigeria’spower deficit as this has forced Coleman to spend more than $20 million building its own gas-fired electricity supply, capital that otherwise should have gone into machinery and additional jobs.

The company still pays as much as $8.70 per thousand standard cubic feet of gas after making that investment, a rate he described as a policy failure requiring urgent attention.

It’s regrettable that power accounts for nearly 40% of manufacturers’ production costs in Nigeria, by his estimate. He urged the federal government to reduce gas prices for manufacturers, arguing that cheaper energy would make Nigerian industries more competitive and accelerate growth.

He criticised the Bank of Industry, BoI, directly. The institution, he argues, is a development finance bank that should be offering affordable long-term capital, not loans priced at commercial rates.

“You cannot borrow at commercial interest rates above 20% and expect industries to expand.”

He therefore calls on the government to deliberately nurture indigenous billion-dollar companies across manufacturing, agriculture and mining, arguing that foreign investors alone cannot drive Nigeria’s transformation. In take is that:

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“No foreigner can grow Nigeria for us. Nigerians must grow Nigeria.”

Coleman Technical Industries was founded in 1975 by Solomon Kayode Onafowokan, the Asiwaju of Remoland, who remains chairman.

George Onafowokan joined the business in 2002 after a career in the United Kingdom and led the restructuring that transformed it into Nigeria’s largest indigenous cable manufacturer, with assets growing from N50 million in 2002 to over N400 billion by the end of 2024.

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Tinubu Declares 3-Day National Mourning For Air Force Personnel Killed In Ondo Plane Crash

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By Felix Umande

President Bola Ahmed Tinubu has declared a three-day national mourning for Air Force personnel who died in the crash of a military aircraft on Saturday.

The President also directed that flags be flown at half-mast across the country in honour of the fallen officers.

President Tinubu had earlier expressed profound sadness over the crash of a Nigerian Air Force ATR-42 jet near a naval base in the Igbokoda area of Ondo State.

The aircraft, carrying 25 passengers and seven crew members, was on a routine mission from Benin to Lagos when it crashed.

In a condolence message to the Chief of Air Staff, Air Marshal Sunday Kelvin Aneke, and all officers, airmen and airwomen of the Nigerian Air Force, the President described the incident as a painful moment for the Armed Forces and the entire nation.

“This is a painful moment for our Armed Forces and for the entire nation. Our Air Force personnel put their lives on the line every day to secure Nigeria. Their sacrifice will never be forgotten,” President Tinubu said.

He disclosed that the Chief of Air Staff had briefed him on the incident and that he has directed the Air Force to immediately commence a thorough investigation to determine the cause of the crash and prevent future occurrences.

“I commend the Nigerian Air Force for activating an immediate search and rescue operation following the accident,” he added.

According to the statement, the Nigerian Air Force will release the names of the officers after contacting their families.

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INEC: Nigeria’s Registered Voters Over 103 Million Ahead of 2027

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–PVC Collection Begins Friday

By Son Tertsea, Abuja

The Independent National Electoral Commission, INEC, Chairman, Prof. Joash Amupitan, SAN, has disclosed that Nigeria’s National Register of Voters has risen to more than 103 million ahead of the 2027 general elections.

Prof Amupitan disclosed this as the INEC, in collaboration with the Development Alternatives Incorporated (DAI) and the Nigerian Guild of Editors (NGE), on Monday held a strategic workshop for media executives in Abuja.

The workshop, held at BON Hotel Octagon, Jahi District, Abuja, with the theme, “Strengthening Democracy Through Partnership Among Editors, Civil Society and Electoral Institutions,” focused on strengthening collaboration between the electoral management body, the media and civil society ahead of the 2027 elections.

INEC Chairman said the Commission’s three-phase Continuous Voter Registration (CVR) exercise had attracted more than 10.6 million new applicants, while the public display of the Preliminary Register for claims and objections had been completed.

He added that the Commission had also completed the final Automated Biometric Identification System (ABIS) cleanup of the register.

The INEC Chairman used the forum to announce that the nationwide collection of Permanent Voter Cards (PVCs) will commence on Friday, October 9, 2026, urging eligible citizens to participate in the process.

According to him, the disclosure was particularly important as the country approaches the 2027 general elections, with INEC working to ensure that the electoral process is transparent, technology-driven and credible.

He said the Commission was committed to continuously improving the Bimodal Voter Accreditation System (BVAS) and the INEC Result Viewing Portal (IReV) to ensure that every valid vote counts and is seen to count.

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The Chairman also identified public trust as the ultimate determinant of electoral credibility, stressing that operational efficiency by INEC alone could not guarantee democratic stability.
“The ultimate arbiter of electoral integrity is public trust,” Amupitan said.

He called for a stronger partnership between INEC, editors, civil society organisations and other stakeholders, saying the Commission was prepared to listen to editorial concerns, address operational challenges and provide timely information to prevent misinformation from filling communication gaps.

Amupitan urged newsrooms to establish digital fact-verification desks and pledged that INEC would provide editors with direct access to verify field incidents, logistical developments and security reports in real time.

He further proposed a sustained editorial feedback mechanism between INEC and the Nigerian Guild of Editors to review operational progress and resolve emerging challenges throughout the 2027 election.

Earlier, President of the Nigerian Guild of Editors, Mr Eze Anaba, said the workshop was timely given the country’s proximity to another general election.

Anaba said elections were not merely about casting ballots but about citizens having confidence that their votes would count and that the institutions conducting elections would act fairly and professionally.

He urged editors to uphold accuracy, fairness, balance and public interest in electoral reporting, while calling for stronger access to credible and timely information from INEC.

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32 on Board Crashed Air Force ATR-42 Aircraft in Ondo

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By Seyi Balogun, Lagos

The crashed aircraft in the Igbokoda area of Ondo State on Monday belonging to the Nigerian Air Force, is believed to have 32 on board.

The Air Force confirmed the ATR-42 aircraft, as one on its fleet, had embarked on a routine mission from Benin, Edo State, to Lagos when the accident occurred on October 5, 2026.

In a statement on Monday, the Director of Public Relations and Information of the Nigerian Air Force, Ehimen Ejodame, said an immediate search and rescue operation had been activated in coordination with relevant authorities and emergency response agencies.

The confirmation came after the Minister of Aviation and Aerospace Development, Festus Keyamo, announced that a military aircraft had crashed near the Naval Base in Igbokoda after air traffic controllers lost contact with it.

“The Nigerian Air Force (NAF) has activated an immediate Search and Rescue operation following an ATR-42 aircraft accident in the Igbokoda area of Ondo State on 5 October 2026,” the statement read.

Ejodame said the aircraft was travelling from Benin to Lagos when the incident occurred, adding that efforts were underway to locate and assist those on board.

“The aircraft was on a routine mission from Benin to Lagos when the accident occurred. Search and Rescue operations, in coordination with relevant authorities and emergency response agencies, are currently ongoing.

“The NAF is committed to ensuring the success of the ongoing Search and Rescue efforts. Further details will be communicated in due course.”

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The Air Force did not disclose the number of casualties or provide details about the condition of those on board in its statement.

However, Keyamo had earlier said preliminary information indicated that 25 passengers and seven crew members were on board, bringing the total number of people aboard the aircraft to 32.

In a statement issued by the ministry on Monday, the minister said air traffic controllers lost contact with the aircraft, with tail number NGR 931, at about 9:13 am.

“I regret to inform the general public that Air Traffic Controllers have informed me of the disappearance of a military aircraft with tail number NGR 931, en route enroute Lagos from Benin at 0913 hours earlier today. All efforts to raise the aircraft on radio proved abortive,” Keyamo said.

He later confirmed that the aircraft had crashed close to the Naval Base in Igbokoda, adding that the wreckage had been located and search and rescue operations were ongoing.

“Subsequently, information, however, confirmed that the military aircraft had crashed close to the Naval Base in Igbokoda, Ondo State. The wreckage has been located, and search and rescue operations are ongoing,” he said.

Keyamo noted that the Ministry of Aviation and Aerospace Development and the Nigerian Civil Aviation Authority did not have regulatory authority over military aircraft. He said he had spoken with the Chief of the Air Staff, Air Marshal Sunday Aneke, and pledged the ministry’s cooperation and assistance with the rescue efforts.

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