Market News

 by Sivowaku Abiodun

The managing director of Financial Derivatives Company, Bismarck Rewane, has highlighted that power-sector reforms are non-negotiable for Nigeria’s economic growth.

Rewane, while delivering the keynote address at the recent 2026 Economic Summit organised by the Redeemed Christian Church of God (RCCG), Christ the Lord Parish, Lekki, Lagos themed “Positioned for Advantage in a Shifting Economy,” emphasised that without urgent action on electricity distribution and supply, the country’s economic ambitions will remain mere “pipe dreams and wishful thinking.”

He said, “The point is that economic productivity in Nigeria must increase; it will be driven by power, agriculture and manufacturing, and most importantly, fintech and telecommunications.’’

Rewane emphasised further that the power sector reforms are a must. According to him, power supply affects companies’ productivity; small and medium-scale enterprises depend on it. Sadly, at this moment, SME operators are buying diesel and petrol at significantly high prices, occasioned by the four-week-old crisis in the Middle East. To worsen the situation, these companies cannot immediately pass this spike in costs to their product or service consumers because consumers are also facing stagnant wages. Artisans and others who depend on power for their milling, vulcanising, and other work are also under the water. From the foregoing, Power indeed is the game changer for National growth or any progress to occur.

Panellists at the hybrid event, Nike James, Sola Adesakin, Chidi Okpaluba, and Uwa Osa-Oboh, who moderated the session, also shared practical solutions on how Nigeria can better position itself to take advantage of the shifting economy by prioritising investment in agriculture, manufacturing, fintech, human capital and infrastructure to unlock new growth opportunities that will benefit all Nigerians.

From the SME angle, Dr Chidi Okpaluba said, “We need an identity shift. He said, unfortunately, the world does not treat you as you want to be treated. The world does not give you what you want, but the world gives you what you are, so we need an identity shift’’.

Speaking from the angle of personal finance and wealth, Mrs Sola Adesakin advised the large turnout at the summit to tap into the Nigerian stock market that has experienced growth in recent times. She said ‘’Shares are going up. She also advised that value and promotion will flow to those who provide more value.

From a tax perspective, Nike James, an expert in the field, shared her thoughts and position on the new tax regime for enlightenment and practical application. She further explained how the tax burden has shifted from low-income earners to high-income earners. 

The Convener of the Summit, Pastor Tunde Netufo, expressed delight and appreciation for the turnout. He provided insight into the purpose and goal of the institution of this annual event, revealing that it was intended as a cornerstone of the Parish’s Christian Social Responsibility (CSR) efforts, inspired by the RCCG General Overseer, Pastor E.A. Adeboye. 

According to Pastor Netufo, ‘the annual event aims to give back to society, stimulate economic growth, eradicate poverty and foster a just, egalitarian community where everyone, regardless of age, gender, social or religious status, can access a quality life’. 

The theme “Positioned for Advantage in a Shifting Economy” could not be timelier, Pastor Netufo asserted, given the unpredictable nature of economic trajectories. “None of us can, with certainty, beat our chests and tell ourselves about the direction our economy is headed,” he remarked, citing the rapid evolution of the ongoing crisis in the Middle East.