Nigeria’s GDP grew 3.13 percent year-on-year in Q1 2025, driven by sectors like housing, which has surpassed oil in GDP contribution. Basil Abia, Policy Analyst and Co-Founder of Veriv Africa, explains the key factors fueling this economic expansion.
Wednesday, July 23, 2025
Video - Expert highlights drivers of Nigeria’s 2025 GDP growth
Nigeria’s GDP grew 3.13 percent year-on-year in Q1 2025, driven by sectors like housing, which has surpassed oil in GDP contribution. Basil Abia, Policy Analyst and Co-Founder of Veriv Africa, explains the key factors fueling this economic expansion.
Nigeria in talks about holding Formula 1 race in Africa
Nigeria are in talks with Formula 1 about the prospect of holding a grand prix in Africa.
Lewis Hamilton has said the sport cannot continue to “ignore” Africa as it explores new locations for future calendars, and Nigeria want to stage a race at a circuit in the capital Abuja.
F1 has not raced in Africa since the 1993 South African Grand Prix in Kyalami.
But a proposal by Opus Race Promotions has “early support” from the Nigerian government, according to a report by the Times.
Opus Race Promotions in April presented the concept of an F1 race in Nigeria and held talks with Shehu Dikko, the chairman of the National Sports Commission.
They were then officially appointed to negotiate with F1 and the FIA, the sport’s governing body, on behalf of the Nigerian government.
“We are exploring all possibilities to bring Formula 1 to Nigeria as soon as practicable - not just as a sporting event, but as a catalytic driver of tourism, infrastructure development, youth engagement, economy and indeed soft power for Nigeria,” said Dikko said. “This vision aligns with vision of our president, Bola Ahmed Tinubu.”
F1 chief executive Stefano Domenicali has been invited by the promoter to visit Abuja to review the project.
Rwanda and South Africa have previously expressed interest in hold a grand prix in Africa, but neither bid has progressed in recent months.
Seven-time world champion Hamilton has said F1 should race in Africa.
Hamilton said last year: “We can't be adding races in other locations and continuing to ignore Africa, which the rest of the world just takes from. No one gives anything to Africa.”
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By Tashan Deniran-Alleyne, Evening Standard
Lewis Hamilton has said the sport cannot continue to “ignore” Africa as it explores new locations for future calendars, and Nigeria want to stage a race at a circuit in the capital Abuja.
F1 has not raced in Africa since the 1993 South African Grand Prix in Kyalami.
But a proposal by Opus Race Promotions has “early support” from the Nigerian government, according to a report by the Times.
Opus Race Promotions in April presented the concept of an F1 race in Nigeria and held talks with Shehu Dikko, the chairman of the National Sports Commission.
They were then officially appointed to negotiate with F1 and the FIA, the sport’s governing body, on behalf of the Nigerian government.
“We are exploring all possibilities to bring Formula 1 to Nigeria as soon as practicable - not just as a sporting event, but as a catalytic driver of tourism, infrastructure development, youth engagement, economy and indeed soft power for Nigeria,” said Dikko said. “This vision aligns with vision of our president, Bola Ahmed Tinubu.”
F1 chief executive Stefano Domenicali has been invited by the promoter to visit Abuja to review the project.
Rwanda and South Africa have previously expressed interest in hold a grand prix in Africa, but neither bid has progressed in recent months.
Seven-time world champion Hamilton has said F1 should race in Africa.
Hamilton said last year: “We can't be adding races in other locations and continuing to ignore Africa, which the rest of the world just takes from. No one gives anything to Africa.”
To receive the best stories in your inbox every day, click here to register for one or more newsletters from The Standard.
Tuesday, July 22, 2025
'Nigeria First' policy aims to prioritize homegrown goods and services
Supporters say the initiative represents a bold step toward economic self-reliance. The government states that the policy will be supported by an executive order to ensure the desired results.
Monday, July 21, 2025
Video - Dangote refinery to provide free fuel distribution to Nigeria’s independent retailers
The refinery will deliver fuel directly to consumers and independent retailers nationwide at no logistics cost, aiming to slash prices and challenge established fuel marketers.
Kemi Badenoch makes false claim about Nigerian citizenship
The Nigerian Constitution states that any person born outside Nigeria is automatically a citizen of Nigeria if either of their parents is a Nigerian citizen at the time of the child’s birth.
Ms Badenoch, however, said on Sunday that while many Nigerians are taking advantage of the UK’s relatively easy citizenship acquisition process, it remains “virtually impossible to obtain Nigerian citizenship.”
While speaking with CNN’s Fareed Zakaria during an interview, the 45-year-old British politician said there was a need for the UK to tighten its citizenship and immigration policy.
She used her children’s alleged inability to get Nigerian citizenship to illustrate the stark contrast between Nigeria’s approach and that of the UK.
“I have that (Nigerian) citizenship by virtue of my parents, but I can’t give it to my children because I’m a woman,” she said.
“Yet loads of Nigerians come to the UK and stay for a relatively free period of time, acquiring British citizenship. We need to stop being naive,” she added.
Despite being born to Nigerian parents and migrating to the UK at the age of 16, Ms Badenoch has repeatedly criticised the UK’s immigration policy, which she says makes it too easy for citizens of Nigeria and other countries to move to the UK.
She has consistently called for stricter immigration controls.
“We are allowing our tolerance to be exploited. That is not right,” she said in the CNN interview.
“Nigerians would not tolerate that. That’s not something that many countries would accept.
“There are many people who come to our country, to the UK, who do things that would not be acceptable in their countries,” she added.
Reviewing Claim of Nigerian citizenship
Ms Badenoch’s claim about Nigeria’s citizenship policy is at best inaccurate.
Section 25 of the Nigerian Constitution states that any person born outside Nigeria is automatically a citizen of Nigeria if either of their paparents is a Nigerian citizen at the time of the child’s birth. This is regardless of whether that parent is the mother or the father.
By this, a Nigerian-born mother can pass citizenship to her child, just like a Nigerian-born father can.
Ms Badenoch did not provide details of her efforts to get Nigerian passports for her three children. However, based on the constitutional provision, the children could only legally have been denied Nigerian citizenship if she had renounced her Nigerian citizenship before their birth. Ms Badenoch is married to Hamish Badenoch, a Northern Irish bank official and politician. They got married in 2012.
The Conservative Party leader said that if her party becomes the UK’s ruling party, under her leadership, the UK would prioritise implementing stricter policies on citizenship acquisition and immigration.
“It’s been too easy. It is basically a conveyor belt. We want people who want to come to the UK and be net contributors, not people who will immigrate and then need welfare and social housing.
“That’s not right because they haven’t paid into the system,” she said.
By Beloved John, Premium Times
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