At the Shehu Musa Yar’Adua Centre, Abuja, the conversation was different. For two days, government, industry leaders, global innovators and investors gathered not to debate Nigeria’s potential, but to navigate how that potential will be financed, produced, executed and delivered.
This was the inaugural edition of The New Nigeria Festival, themed “Great Ideas, Bold Execution.”
The festival is produced by Bullion Projects Group in Partnership with Nigeria Investment Promotion Commission (NIPC); Federal Ministry of Information and National Orientation, Air Peace, Bureau of Public Procurement. It was proudly sponsored by Bank of Industry, Nigeria Revenue Service, The National Information Technology Development Agency (NITDA), Nigeria Midstream and Downstream petroleum Regulatory Authority with the support of Nigeria Sao Tome & Principe, Federal Ministry of Youth Development, National Agricultural Development Fund (NADF), Nigeria Customs Service. Paul Jide Peters, Executive Producer and Project Coordinator, and COO of Bullion Strategic Synergy Limited said the PURPOSE is to build a durable international platform that connects Nigerian entrepreneurship, Startups, Businesses with policy drivers, capital, Strategy and diaspora partnerships where dialogue leads to enterprise, investment and measurable economic outcomes. The Objective is to drive the vision of NIGERIA becoming a Trillion dollars economy and the leading Innovation hub in Africa by 2030.
The 2026 edition brought into focus three critical pillars of Nigeria’s economic reform programs, financial sector development, public procurement reorientation, and trade facilitation as presented by The Minister of State for Budget and Economic Planning, Director General Bureau of Public Procurement (BPP), and Comptroller General of Nigeria Customs Service. Other innovators, industry leaders and dignitaries present at the event includes, CEO Kedari Capital (Ife Fashola), The Special Adviser Strategic Communication to Minister of Finance and coordinating Minister of the Economy( Dr. Femi Adelusi) Chairman ESG Services UK (Francisco Da-Silva), CEO Vale Finance Holdings (Sola Adeyinka), The Director General Voice of Nigeria (Mallam Jibrin Ndace), Chair UK Institute of Directors, Africa Group (Joel Popoola), CEO National Agricultural Development Fund (Alhaji Abu Mohammed), Alli Baba, Head Partnership Bank of Industry (Dr. Obaro) The Group Managing Director Arzikin Noma Africa (Adeoluwa Michael Adeshola), The Director General/ CEO National Institute for Hospitality and Tourism (Aare (Dr.) Abisoye Fagade) , Chairman/Executive Director, Nigeria–São Tomé and Príncipe Joint Development Authority (NSTPJDA) (Mr. Mohammed Lawal Ibrahim), Dep. Director E-Governance NITDA (Dr Michael Arowosagbe) etc.
Customs: Demonstrating Execution in Trade Facilitation
The Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi, Ph.D. provided an institutional case study on execution.
He disclosed that the Service has developed and deployed B’Odogwu, a unified customs management system designed and written by Nigerians for Nigerian trade laws. Piloted at PTML Command in October 2024, the system is now operational at Apapa, Tin Can, Onne and Port Harcourt.
He also highlighted the Authorized Economic Operator programme, launched in February 2025 with six companies and expanded to 57 as of October 2025, which has reduced clearance time for trusted operators from 168 hours to 41 hours and generated an additional N362 billion in revenue from participating companies.
He described the gap between policy intent and trading experience as an execution deficit:
“On paper, we can say that the argument is over. Nobody at any customs conference that have attended stands up to defend delay or corruption. Nobody defends opacity. Nobody rises to speak in favor of a 7-day clearance when a 1-day clearance is possible. And yet the delays persist across much of the developing world. The gap between the governments have signed and what traders experience remains wide enough to swallow the entire industries that we have. The African Development Bank and the World Bank have both put the continent’s cost of trading above the global average by margins that no tariff schedule can explain. The gap is not an idea deficit, it is an execution deficit, and once you name it correctly, you can begin to deal with it.”
He referenced the Time Release Study published by Customs in January, which tracked 601 consignments at Tin Can Island Port between November 2023 and September 2024. The study found average release time of 4.9 days, with only five hours about eight percent attributable to Customs examination, while 92 percent was attributable to shipping lines, terminal operators, other government agencies, banks and coordination gaps.
The findings, he said, informed the National Single Window launched in March by the Minister of Finance to place all border agencies on a single data platform.
He identified key lessons: measuring and publishing performance even when poor, building and owning sustainable systems, convening rather than commanding stakeholders, and anchoring reforms in legislation the Nigeria Customs Act 2023.
“Nigeria does not need more ideas. It needs more finishers, people who will carry an idea from euphoria through difficulty and midday doubt into institutions that stand after you have gone home,” he stated.
Financial Market Reforms: Building the Foundation for Production
Speaking on behalf of the Minister of Budget and Economic Planning, The Minister of State for Budget and Economic Planning, Dr Doris Uzoka- Anite outlined the administration’s work to strengthen the financial system as a prerequisite for a productive economy.
According to her, reforms have produced stronger banks, stronger capital markets and a stronger insurance system.
“We have stronger banks. I think we have the strongest banking system in the whole of Africa… and it’s not just about having stronger banks, it’s about creating institutions capable of financing larger businesses, larger infrastructure projects, and a larger economy,” she stated.
She underscored the centrality of financial markets to enterprise growth:
“The financial market and the capital market and the insurance market are the plumbing of an economy. If the plumbing is weak, you know what happens when your plumbing is blocked. The economy cannot flow. So if banks cannot lend, businesses cannot expand. If capital markets cannot mobilize long-term capital, infrastructure cannot be financed efficiently. If insurance cannot absorb risk, investment will be constrained.”
She explained that reforms to the Securities and Exchange Act 2025 and the insurance sector were designed to ensure that small and medium enterprises can access long-term capital, investors have exit opportunities, and risks are insurable. Complementary tax reforms and the establishment of the Nigeria Revenue Service are aimed at improving revenue mobilization for infrastructure.
On sectoral impact, she disclosed that the oil and gas sector, which recorded no new investment for over ten years prior to this administration, has now attracted significant inflows:
“In this administration, because of the significant reforms that we’ve done, we are seeing a lot of investment, more than $20 billion of investment have already come in with more to come in into the oil and gas sector.”
She emphasized that economic reform must be felt at household level:
“People do not experience the economy through GDP statistics. They experience the economy through food prices, purchasing power, access to credit, electricity, jobs, and security.”
She cited ongoing delivery of about 2,000 kilometers of roads under construction or rehabilitation, trade modernization through the National Single Window, power sector reforms and solar deployment through the Rural Electrification Agency, mechanization, irrigation and Agro-value chain support, CreditCorp for consumer credit to stimulate demand for locally produced goods, and human capital programmes including 3MTT, Skill Up Artisan Programme and NELFund.
“A vision can become a policy, a policy became a reform, and the reforms became institutions, and institutions are becoming the foundation for development,” she concluded.
Public Procurement: Redirecting Government Spending to Nigerian Industry
Dr Adebowale Adedokun, The Director-General of the Bureau of Public Procurement addressed the role of procurement in driving industrial policy under the administration’s Nigerian First Policy.
“The New Nigerian Festival, it’s not really a new initiative, but it’s just that Nigerian government has now woken up to the reality that private sector can help to stimulate, help government to further implement its agenda,” he said.
He described the Nigerian First Policy of President Bola Ahmed Tinubu as a directive to prioritize Nigerian products without compromising quality:
“Under this regime of President Bola Ahmed Tinubu, he came up with a policy called Nigerian First Policy, meaning buy Nigerian products but quality must not be compromised.”
“Mandatorily to provide these resources is not an option for them, it is a government directive.”
He positioned BPP as an enabler of the industrialization agenda:
“So BPP’s role is more like an enabler. We are pushing all government agencies to help Mr. President deliver on his mandate of production, industrialization, ensuring that Nigerian companies that have been long dead, the textile industries in Kaduna and Kano everywhere, are resuscitated.”
He outlined the strategic intent of current procurement reforms:
“So what is the role of procurement in all of this? And I’ll share with you, government is the biggest spender, is the biggest, is the one that stimulates. So what are we doing now is to create those policies and I’ll give you one of that that is called community-based procurement.”
“Procurement is an instrument to drive industrial policy. Every naira spent by government must create demand.”
According to him, BPP will review procurement conditions to expand access for Small and Medium Scale Enterprises, with procurements below N50 million reserved for micro enterprises. Large contractors will be required to demonstrate inclusion of women-owned businesses, youths, veterans, persons with disability and local contractors within project communities.
“If you are going to build a road from maybe Bauchi to Toro local government, and you are the contractor, what will you do to the contractors in that locality to benefit from? They shouldn’t be coming to Abuja looking for businesses.”
“The woman selling Akara, the woman supplying Kunu, they are all business.”
He urged entrepreneurs to focus on execution:
“To innovators and entrepreneurs, I say to you, move from ideas to tested solutions.”
Beyond Declarations
The New Nigeria Festival underscored a clear shift in Nigeria’s economic conversation — from policy pronouncement to institutional delivery. Finance that enables enterprise, procurement that stimulates local production, and trade systems that reduce cost and time are collectively shaping an environment for investment, job creation and inclusive growth across agriculture, manufacturing, technology, infrastructure and the creative economy.
Ultimately, the success of such platforms will be measured not by declarations made, but by partnerships established, businesses supported, investments realized and improvements experienced by ordinary Nigerians.
Nigeria possesses considerable human and economic potential. The challenge remains converting that potential into lasting prosperity through credible leadership, consistent implementation and measurable outcomes.
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