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For too long, taxation in Nigeria has been viewed with suspicion-an opaque process where citizens pay, sometimes reluctantly, with little confidence in how fairly their contributions are assessed or applied.

President Bola Tinubu’s sweeping 2025 tax reforms, however, may mark a turning point in this story. Central to the reforms is the creation of the Office of the Tax Ombud (OTO), a body designed to mediate disputes, protect taxpayer rights, and bring a fresh sense of fairness and accountability into Nigeria’s tax system.

This is no small development. For decades, taxpayers have often felt at the mercy of tax authorities-sometimes bullied, sometimes ignored, and often entangled in endless litigation.

On the other hand, tax agencies, especially the Federal Inland Revenue Service (FIRS), have battled with low compliance, widespread evasion, and public mistrust. If well implemented, the Ombud could be the bridge that finally narrows this gap of distrust.

At its core, the Ombud is a mediator. It offers a low-cost, simple, and non-judicial platform for resolving complaints-whether against overzealous tax officials, arbitrary assessments, or bureaucratic delays. Unlike the courts, which are expensive and painfully slow, the Ombud promises quicker resolution without a financial burden on taxpayers.

This matters in a country where ordinary business owners and individuals are often intimidated by tax disputes. By guaranteeing a channel to seek redress without fear of reprisals, the Ombud strengthens confidence in the system. A taxpayer who believes the system will treat them fairly is far more likely to comply voluntarily.

But the Ombud is not just about protecting citizens. It also helps the tax authorities themselves. By filtering grievances before they escalate into costly litigation, the Ombud will reduce the pressure on already overburdened tax tribunals and courts. It provides useful feedback to FIRS and other revenue agencies to improve service delivery, identify systemic flaws, and refine policy implementation. In effect, it makes the tax system more efficient for both sides.

The Legal Backbone

The Office of the Tax Ombud is established under the Joint Revenue Board of Nigeria (Establishment) Act, 2025, one of four major pieces of tax legislation signed by the President. Others include the Nigeria Revenue Service (Establishment) Act, 2025; the Nigeria Tax Administration Act, 2025; and the Nigeria Tax Act, 2025.

The Act grants the Ombud sweeping powers: the right to investigate complaints, review decisions of tax authorities, enter and inspect premises, summon individuals, recommend corrective measures, and even institute legal proceedings on behalf of taxpayers. Crucially, it also empowers the Ombud to act as a watchdog against arbitrary fiscal policies-reporting such policies to the National Assembly if necessary.

This is significant. For once, there will be an independent channel to check abuse of power, not just within tax agencies but even in broader fiscal policy.

Still, there are clear limitations. The Ombud cannot interpret tax laws beyond operational issues, cannot meddle in cases already before courts, and cannot determine liabilities or assessments. In other words, it is not a substitute for tax tribunals or the judiciary. Its role is mediation, oversight, and systemic improvement-not adjudication.

Sceptics may argue that these limitations weaken the Ombud’s bite. But in truth, this balance is necessary. If the Ombud were empowered to replace courts entirely, it would risk overreach and constitutional conflict. Instead, its strength lies in providing quick, fair remedies for everyday grievances, while leaving complex legal disputes to formal judicial processes.

The Ombud’s greatest promise lies in cultural transformation. Nigeria has historically struggled with tax compliance. Too many citizens view taxes not as a civic duty but as a burden imposed by an unaccountable state. By embedding fairness, transparency, and accountability in tax administration, the Ombud could begin reshaping this perception.

As Mrs Lovette Ononuga of the FIRS Taxpayer Services Department aptly put it, the Ombud reflects the government’s recognition of taxpayers’ crucial role in national development.

When citizens feel respected and protected, they are more likely to see themselves as partners in governance rather than victims of exploitation. This aligns neatly with President Tinubu’s ‘Renewed Hope Agenda’, which places inclusiveness and fairness at the heart of economic reforms.

The Ombudsman model is not new. Sweden pioneered it in 1809, and over time, the idea spread worldwide, taking root in banking, insurance, and taxation. Nigeria’s adoption of a tax ombud follows this global trend. As FIRS official Olufemi Olarinde observed, countries established ombudsmen to enhance taxpayer rights and ensure fairness in administration. Nigeria is simply joining a global best practice, albeit belatedly.

Yet, our context is unique. Unlike countries with higher tax-to-GDP ratios, Nigeria’s tax base remains narrow, and distrust between the government and citizens is high. That means expectations must be managed. The Ombud is not a magic wand. It will not instantly transform Nigeria into a tax-compliant nation. But it can gradually build trust-the missing ingredient in our fiscal system.

Implementation will be the true test. For the Ombud to succeed, it must be independent, transparent, and accessible. Nigerians are wary of institutions that exist only on paper. If the Ombud becomes just another bureaucratic office-slow, compromised, and beholden to political interests; its promise will evaporate.

Moreover, awareness campaigns are critical. Many taxpayers still do not know their rights, let alone the existence of the Ombud. Without aggressive taxpayer education, the office risks being underutilised.

President Tinubu’s new tax regime, and particularly the creation of the Tax Ombud, is a bold experiment in fairness. It seeks to strike a delicate balance: empowering taxpayers without undermining revenue authorities, offering redress without clogging the courts, and promoting compliance without coercion.

Will it work? That depends not just on legislation but on political will, institutional integrity, and public awareness. If executed faithfully, the Ombud could become one of the most citizen-friendly innovations in Nigeria’s fiscal history. If not, it risks being another reform lost in translation.

For now, Nigerians should cautiously welcome this development. At long last, taxpayers may have a voice loud enough to be heard-and an ally strong enough to matter.

As part of President Bola Ahmed Tinubu’s agricultural reform, the Federal Ministry of Agriculture and Food Security, has distributed inputs and equipment to over 500 smallholder farmers in Edo State.

Abubakar Kyari, minister of Agriculture and Food Security, flagged off the distribution of inputs to farmers on Tuesday in Benin City.

Kyari, represented by Perpetual Iyere-Usiahon, assistant director in the ministry, said the exercise was geared towards encouraging all-around farming activities in the state as well as in the country.

He also said that it was in line with the federal government

policy to boost food security in the country.

He added that it was one of the many programmes and projects rolled out by the ministry to address some of the challenges of farmers and make food available, accessible and affordable to all Nigerians.

According to him, the various inputs for distribution to farmers are part of our efforts in increasing food production and mitigating the food crisis in the country.

The minister posited that one of the ways to address some of the challenges is the facilitation of agro-inputs and basic farm machinery to small-scale farmers, who are constrained by the high market cost of the essential inputs, and also need assistance.

He listed some of the inputs and equipment distributed to the farmers to include knapsack sprayer, growth enhancers, rice destoners, power tillers, as well as cocopeat and bucket.

Kyari explained that the items are distributed to farmers through commodity associations, cooperative groups, farmers with special needs bodies and women groups.

He noted that the distribution was part of the ministry’s programme to increase agricultural production and ensure food security in the country.

He further added that the exercise was the ministry’s policy towards delivering on the Renewed Hope Agenda of President Bola Ahmed Tinubu.

The minister, however, reassured farmers that the federal government has demonstrated total political will to transform the Agricultural sector of our dear country by prioritising food security.

‘Since our assumption of office on 21 August, 2023, we have examined what needs to change and what we need to do to realign existing initiatives and programmes that are on course to be in line with the core mandate of the Federal Ministry of Agriculture and Food Security.

‘Accordingly, and going forward, we commit to ensuring that all our sectoral programmes and initiatives of the Government in the area are completely aligned to achieve the Presidential priority.

‘To achieve this, the federal and state governments are continually engaged towards addressing all issues affecting national food security.

‘We also remain committed to promoting and creating synergies

with Non-Governmental Organisations and the private sector to enhance efforts at ensuring food security. Economic growth, job creation and poverty reduction.

‘In this respect, the ministry has considered the implementation of short-term plans and support mechanisms to make essential farm inputs more affordable and accessible to farmers through a transparent and accountable process,’ he said.

Earlier in her remarks, Patricia Imade, the Edo State coordinator, Federal Ministry of Agriculture and Food Security, noted that with the inputs and equipment, the farmers are empowered to increase their yields, improve their livelihoods and contribute to the nation’s food security.

I described the distribution of farm inputs as a critical component of the ministry’s efforts to boost agricultural productivity and food security

She urged farmers to make optimal use of the inputs and to follow best practices in their farming activities.

She also encouraged them to take advantage of the various support services available to them, including extension services, training, and credit facilities.

The state coordinator, however, appealed to the farmers to work with the ministry to make a meaningful impact on the agricultural sector and contribute to the nation’s food security.

In separate interviews, Omobude Agho and Leon Esebanmen, chairman of EDOCSO Investment Limited and Owan Agrarian Cooperative Limited, commended the Federal Ministry of Agriculture and Food Security for the free inputs and equipment.

The duo also appreciated the Edo State Coordinator of the Ministry for her efforts in ensuring that farmers in the state benefited from the federal government programmes.

Maintaining law and order across Nigeria’s vast 853,000 square kilometers requires disciplined and diligent police leadership, given its single police command structure within a federal administration. Such leadership isn’t simply a product of promotion; rather, it’s built on a broad range of experience and expertise gained from operational command in diverse departments, divisions, and commands.

Given the demands of this role, exceptional police officers with such a strong profile are rare. However, the Police Service Commission (PSC) found a standout candidate in Jonathan Towuru, who embodies the key attributes of a strong police officer. These include law enforcement skills such as crime prevention, investigation, and emergency response, as well as essential soft skills like communication, problem-solving, and ethical judgment – attributes that are particularly vital in today’s complex Nigeria.

Effective policing hinges on a strong partnership between the community and law enforcement, where officers serve as guardians and uphold public trust through integrity, consistency, and compassion in applying the law. This approach is guided by key principles, including fostering public trust and respect, promoting collaboration, ensuring fairness and consistency in enforcing rules for all communities, and holding officers accountable for misconduct to maintain confidence in the system.

With over 35 years of transformative leadership, DIG Towuru has redefined policing excellence in Nigeria and beyond. His extensive experience in leadership roles across various crucial operations and departments has earned him a reputation as a standout leader. Serving in multiple geo-political zones, Towuru’s career trajectory is marked by notable postings, including Assistant Commissioner of Police, State CID in Enugu (2011); Deputy Force Secretary II, Force Headquarters, Abuja (2012); Deputy Commandant, Police College, Maiduguri, Borno State (2014); Commissioner of Police, Western Port, Apapa, Lagos (2022); and Assistant Inspector General (AIG), Zone 6 Headquarters, Calabar, Cross River State. Throughout his career, Towuru has honed his skills in building strong relationships between communities and law enforcement officers

As the head of The Nigeria Police Force Criminal Investigation Department (FCID), DIG Towuru’s leadership skills shone brightly. FCID, Nigeria Police’s highest investigating arm, is responsible for probing and prosecuting serious and complex crimes nationally and internationally, while coordinating crime investigations and prosecution across the force. Under Towuru’s stewardship, the FCID pioneered Nigeria’s most advanced investigative ecosystem, harnessing cutting-edge forensics, inter-agency fusion centers, and AI-driven crime analytics. His leadership has been marked by high-stakes crisis response, transnational crime dismantling, and mentorship of Africa’s next-generation security leaders.

DIG Jonathan Towuru’s appointment as Commander Director of the Nigeria Section at the International Police Academy – UNIPOL was a fitting international recognition of his outstanding contributions to policing. The academy described him as a master strategist who has ‘redefined policing excellence in Nigeria and beyond,’ with a career marked by innovation, integrity and institutional impact in national security, criminal justice reform and international counterterrorism. Some of his notable achievements include exceptional contributions to national security, law enforcement leadership, and international cooperation, notably designing Nigeria’s intelligence-driven policing model that reduced violent crime by 40% in operational commands. He has held various leadership positions and received several awards and recognitions for his service, including a Presidential Commendation for foiling electoral violence plots in 2023 and being featured by the UNODC for his work on port security innovation. Overall, DIG Towuru’s appointment to the International Police Academy – UNIPOL is a testament to his dedication to advancing policing standards and his commitment to public service.

DIG Jonathan Towuru has been instrumental in Nigeria’s law enforcement advancements, playing a key role in establishing the country’s digital forensic hub and successfully solving over 500 high-profile cybercrimes. His expertise extends beyond Nigeria, having advised five African governments on police modernization. Notably, he made significant contributions to counterinsurgency efforts, training over 2,000 officers in counterinsurgency tactics under his leadership and authoring the Force’s Community Policing Doctrine.

His appointment as Deputy Inspector General of Police on January 8, 2025, representing the South-South zone and serving as a member of the senior Police Management Team, marked a significant milestone. Shortly after, on January 22, 2025, he was redeployed to head the Force Criminal Investigation Department (FCID), aimed at enhancing the department’s capabilities in tackling complex criminal investigations and improving crime management nationwide.

As DIG Jonathan Towuru continues to lead and innovate in law enforcement, his dedication to safety, security, and community trust remains unwavering. With a career spanning decades and numerous achievements, he sets a shining example for future generations of law enforcement leaders. His legacy will undoubtedly inspire a safer, more secure Nigeria for all.

Mohamad Darwish, CEO of IHS Nigeria, has called for urgent and coordinated public-private investment in digital infrastructure, innovation, and talent development, describing these as the foundation for inclusive growth and national competitiveness.

Speaking during the plenary session themed Smart Growth, Digital Leap, hosted by IHS Nigeria at the 31st Nigerian Economic Summit (NES) in Abuja, Darwish said Nigeria cannot achieve its development aspirations without placing digital technology at the heart of its economic agenda.

‘We cannot successfully build a prosperous and inclusive Nigeria by 2030 without digital technology being a core driver and accelerator,’ Darwish said. ‘This is because digital infrastructure is no longer just about connectivity, it has become the backbone of national productivity.’

While Nigeria has recorded significant progress in the last decade, especially in internet penetration, e-commerce, mobile payments, and startup activity, Darwish warned that the country still faces serious gaps that risk undermining that momentum.

He pointed to inadequate rural internet access, persistent power supply issues, and uneven levels of digital literacy as some of the barriers holding back full digital inclusion.

‘Our country stands very tall as the most vibrant startup ecosystem in Africa and one of the elite creative communities in the world,’ he noted. ‘But despite the progress, Nigeria still grapples with infrastructural and skill gaps.’

The session, which brought together stakeholders from government, business, and civil society, focused on how to accelerate digital adoption and reduce inequality across value chains, sectors, and geographies.

Darwish stressed that only sustained collaboration between the public and private sectors can unlock the scale of investment needed to close infrastructure gaps and scale the innovation ecosystem.

‘To bridge this divide, stakeholders must invest in public-private partnerships,’ he said. ‘Government initiatives focused on expanding broadband coverage, coupled with community-based digital skills programs, can empower more Nigerians to participate in the digital economy.’

According to Darwish, such partnerships would not only unlock productivity across key sectors but also attract new investment and position Nigeria as a future-ready economy.

He emphasized that digital infrastructure, innovation, and talent development should no longer be treated as peripheral interests, but as ‘core inputs and catalysts for growth.’

Darwish also outlined five key priorities for action, including identifying infrastructure and regulatory gaps, scaling broadband and rural connectivity, expanding innovation hubs across sectors like agriculture, health, and education, and building a digital skills pipeline aligned with industry needs.

He expressed confidence in the summit’s ability to foster alignment among key stakeholders on how best to channel investment and policy support into these areas. ‘I hope that at the end of this session, we can arrive at sector-wide alignment on where and how to scale digital infrastructure investments and a strengthened consensus among government, private sector, and development partners on coordinated investments for Nigeria’s digital transformation.’

Highlighting IHS Nigeria’s contributions, Darwish noted that the company operates over 16,000 telecom towers and has laid more than 15,000km of optic fibre across the country.

He said IHS is investing in green energy to power base stations, supporting innovation hubs, and backing upskilling programmes such as the government’s 3 Million Technical Talent initiative (3MTT) and UNICEF’s Generation Unlimited (Gen U).

‘For us at IHS Nigeria, we believe strongly that connectivity is a catalyst for socio-economic growth,’ he said. ‘We pride ourselves as Nigeria’s backbone of digital possibilities, playing a critical role in expanding network infrastructure and supporting telecom operators with sustainable, energy-efficient, and secure infrastructure solutions.’

Darwish urged stakeholders to match ambition with action, stressing that smart, inclusive growth will depend on how quickly the country can scale its digital capabilities.

On Thursday last week, the naira converged at N1,455 per dollar in both the official foreign exchange (FX) market and the parallel market, effectively closing the exchange rate gap.

Foreign exchange speculation in Nigeria has fallen to an all-time low as the gap between official and parallel market rates continues to narrow sharply. The naira, which has sustained a strong rally across markets in recent months, trades at N1,480 per dollar at the parallel market and N1,470.26 per dollar at the official window as of Monday, October 6, 2025.

Analysts attribute the rebound to a surge in external reserves to $43.05 billion and a marked decline in speculative trading, reflecting renewed investor confidence driven by the Central Bank of Nigeria (CBN)’s ongoing reforms.

‘When I assumed office, I made a commitment that by the time I leave the Central Bank, no one would need to know anybody to get their business done. That was particularly important for the foreign exchange market, which had been plagued by inefficiencies and favouritism,’ said Olayemi Cardoso, governor of the, while addressing participants at the Bank’s annual lecture series held at the Lagos Business School last week.

He explained that the journey toward a more transparent and inclusive foreign exchange market has been long and demanding but ultimately rewarding. ‘In the past, people had to rely on connections to access foreign exchange for travel or business, but that was never a sustainable model. Things are now different. With the support of commercial banks and Chief Executive Officers present here, I must say a big thank you to them for their collaboration. Today, Nigerians can use their naira debit cards when they travel abroad, something that once seemed impossible,’ Cardoso stated.

Describing the development as a ‘major step in the right direction,’ he added, ‘It is transformative, it is not a passing phase, and it is here to stay. Going forward, you can expect to see more initiatives like this that will continue to strengthen confidence and encourage transparency in the foreign exchange market.’

Cardoso’s remarks reflect a broader transformation unfolding in Nigeria’s foreign exchange ecosystem, one defined by reduced speculation, improved liquidity, rising foreign reserves, and stronger market confidence driven by reforms under his leadership.

A country’s currency is an instrument of national pride. For the naira, a turbulent past that saw it lose significant value is gradually giving way to recovery. The ongoing rebound is being driven by stronger demand for the local currency, reduced speculative activity, and rising foreign reserves.

The forex reforms introduced by the CBN under Cardoso’s leadership are now yielding results, curbing speculative trading, narrowing market disparities, and restoring stability.

The apex bank has taken major steps to keep the naira stable in line with its exchange rate objective, boosting foreign exchange supply to retail end users, reducing distortions, and maintaining effective reserves management. Injecting liquidity into the market and enforcing compliance with FX regulations have reduced sharp depreciation pressures and increased foreign investor interest in the domestic economy.

Naira stability has also been supported by inflows from Foreign Portfolio Investors (FPIs), contributions from International Oil Companies (IOCs), and CBN interventions to authorised dealers. Renewed investor confidence has encouraged higher foreign participation, driven by a more transparent FX framework and improving macroeconomic fundamentals.

The CBN governor recently disclosed that Nigeria’s gross external reserves rose to $43.05 billion as of September 11, 2025, compared to $40.51 billion at the end of July 2025, providing an import cover of 8.28 months. ‘Similarly, the second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in the first quarter of 2025,’ Cardoso said at the 302nd Monetary Policy Committee meeting held in Abuja.

FX Speculations Dip

A Bureaux De Change (BDC) operator in Marina, Lagos, Garuba Sarki, said many dealers have incurred heavy losses as they sold below purchase rates due to the narrowing exchange rate gap.

‘I know some BDC operators that sold dollars below the purchasing rate. This is expected to continue in the weeks ahead. Also, the expected dollar inflows to the economy will help strengthen the naira’s position against the dollar,’ he said.

Analysts at Commercio Partners attributed the rally and narrowing gap to stronger demand for the naira, reduced speculative trading, and improved reserves.

Ifeanyi Ubah, head of Research at Commercio Partners, expressed optimism that the positive sentiment would be sustained in the near term, supported by increasing external buffers.

‘Nigeria’s rising external reserves are reflecting a healthier external position for the country. With reserves strengthening, speculative activity subsiding, and oil earnings supporting inflows, many market watchers believe the naira’s current rally has a stronger foundation compared to previous cycles of volatility,’ he said.

However, experts caution that sustaining this momentum will depend on maintaining macroeconomic discipline, boosting crude oil production, and diversifying export earnings.

Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), credited the naira’s ongoing stability to the CBN’s reforms.

He highlighted key policies such as the FX Code, improved investor confidence, and pro-investment initiatives that have effectively curtailed speculation. The FX Code, he said, comprehensively addresses standards for market conduct and operations among financial institutions, entrenching transparency, accountability, and compliance.

Gwadabe noted that all institutions engaged in the FX market are required to submit detailed implementation plans to the CBN on how they intend to achieve full compliance with the Code, approved and signed by their boards.

At the launch of the FX Code, Cardoso emphasised integrity, fairness, transparency, and efficiency as essential principles for sustaining Nigeria’s economic growth. The Code, built on six core pillars, ethics, governance, execution, information sharing, risk management, and compliance, aligns with international standards while addressing Nigeria’s unique market challenges.

According to Cardoso, ‘The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.’

Reforms Reshaping the Market

Beyond the FX Code, the CBN also introduced the Electronic Foreign Exchange Matching System (EFEMS), a tool proven in other economies to improve transparency, eliminate speculative distortions, and provide real-time market information.

Additionally, the apex bank lifted the 2015 restriction on 41 items from accessing FX at the official market to stimulate trade and investment.

These measures underscore the CBN’s commitment to creating an enabling environment for inclusive economic growth. However, Cardoso maintains that achieving lasting macroeconomic stability will require vigilance and proactive monetary management.

Gwadabe added that these policy shifts reflect Cardoso’s determination and creativity in ensuring sustained forex inflows that remain accessible to businesses and end users.

How It Started

When Cardoso assumed office in October 2023, he prioritised rebuilding Nigeria’s economic buffers and strengthening resilience. At the time, the FX market was burdened by over $7 billion in outstanding commitments and multiple exchange rate windows that encouraged arbitrage.

‘Over the past year, we have undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency. This unification has enabled us to clear the outstanding foreign exchange obligations, giving businesses, ranging from manufacturers to airlines the confidence to plan and invest in the future. To further enhance functionality, we are introducing an electronic FX matching system, which has proven effective in other markets,’ Cardoso explained.

Foreign capital inflows remain central to Nigeria’s economic stability. The CBN has since expanded sources of FX inflows, supporting manufacturers, investors, and retail users through improved access and simplified processes.

The Bank has encouraged diaspora remittances through new products, licensing additional International Money Transfer Operators (IMTOs), adopting a willing-buyer, willing-seller model, and ensuring timely naira liquidity access for IMTOs, all aimed at boosting inflows and promoting growth.

Policies Supporting Remittance Inflows

In further efforts to stabilise the naira, the CBN introduced two new financial products for Nigerians in the diaspora, the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account, designed to streamline remittances, attract investments, and promote financial inclusion.

The CBN said the initiative provides a secure and efficient platform for managing funds and investing in Nigeria’s financial markets. Non-Resident Nigerians can now remit foreign earnings into Nigeria and manage funds in foreign currency or naira, supporting family maintenance, education, and healthcare.

The investment account enables diaspora Nigerians to participate in the local financial markets, investing in bonds, fixed deposits, equities, government securities, and mortgage products. Both accounts offer currency flexibility and convertibility at prevailing exchange rates.

These innovations align with the CBN’s goal of doubling formal remittance receipts within a year, a move expected to deepen confidence in Nigeria’s financial system and enhance economic stability.

Mohamed Touhami el Ouazzani, Western Union’s regional vice president for Africa, noted in his report ‘Diaspora Remittances: The Power Behind Africa’s Sustainable Growth’ that remittances, beyond being financial flows, change lives. In 2023 alone, Africa received $90 billion in remittances, an amount comparable to the GDP of several nations.

He said, ‘Remittances symbolise deep ties that keep communities connected across borders. Families with breadwinners abroad depend on these funds for their daily needs, laying foundations for broader financial stability.’

According to him, every remittance is a seed of change, a deliberate investment in Africa’s future. By channeling these funds into key sectors, the diaspora is not just sending money home but building resilient economies across the continent.

Nigeria’s agricultural sector recorded steady growth during the 2025 wet season, with increased production across major food crops and a general decline in market prices, according to the latest Agricultural Performance Survey (APS) conducted by the National Agricultural Extension and Research Liaison Services (NAERLS), Ahmadu Bello University, Zaria.

The survey, released in collaboration with the Federal Ministry of Agriculture and Food Security (FMAFS) and 22 partner agencies, showed that rice, maize, sorghum, millet, cowpea, yam, and cassava all posted higher outputs compared to 2024.

‘The 2025 APS confirms steady growth in Nigerian agriculture, driven by expanded cultivated areas, improved practices, and farmer resilience across major producing states’, said Yusuf Sani Ahmad, Executive Director, NAERLS.

The study also found that food prices fell sharply across all six geopolitical zones, with maize, rice, and sorghum prices dropping by more than 50 percent nationally, reflecting improved food availability.

However, the sector continues to face challenges from climate shocks, flooding, and rising input costs. Fertiliser prices rose by nearly 20% on average, while floods in Niger, Jigawa, and several Southern States destroyed crops and infrastructure.

Despite these setbacks, the report highlights improved mechanisation data, with over 1,600 functional tractors recorded nationwide and new datasets from a Farm Family Census and Tractor Census introduced to enhance planning.

The livestock and fisheries sub-sectors showed mixed performance. Poultry and pig farmers faced outbreaks of Newcastle Disease and African Swine Fever, while fish production fell in some northern zones due to insecurity and flooding.

In his remarks during the report presentation, Abubakar Kyari, Minister of Agriculture and Food Security, said the findings would help the government refine its policies to boost food and nutrition security.

‘This report provides the evidence base we need to plan smarter, support our farmers better, and achieve national food sufficiency’, the minister stated.

According to the minister, the 2025 APS recorded increased production of rice, maize, sorghum, millet, cowpea, yam, and cassava compared to 2024 levels, alongside a ‘significant drop in food prices across all zones.’ He attributed the improvement to cumulative government efforts in boosting input supply, mechanisation, and farmer support systems, despite challenges such as erratic rainfall, flooding, and pest outbreaks.

Kyari, however, cautioned that rising input costs, particularly for fertiliser and fuel, as well as uneven mechanisation coverage and persistent postharvest losses, remain serious constraints to productivity.

He also highlighted livestock disease outbreaks and a decline in fisheries production in some regions as areas requiring urgent intervention.

‘The APS findings present both encouraging progress and critical challenges,’ the Minister said. ‘As a Ministry, we view these findings not merely as statistics but as a compass for future action.’

The report concluded with key recommendations, including the institutionalisation of a Dry Season Agricultural Survey, scaling up climate-smart agriculture, ensuring affordable farm inputs, expanding mechanisation, and strengthening extension and veterinary systems.

‘Nigeria’s farmers have shown remarkable resilience,’ Ahmad added. ‘Our task now is to build on these gains and make agriculture more adaptive, efficient, and data-driven.’

The Nigerian Economic Summit Group (NESG) has said Nigeria must begin to act urgently to transform ongoing economic reforms into sustainable growth and shared prosperity for citizens, warning that failure to consolidate the current phase could erode the hard gains made so far.

The economic group highlighted a seven-point focus area at the ongoing Economic Summit in Abuja on Monday that must underpin the next stage of reforms, which include a renewed focus on industrialisation and enterprise growth, infrastructure development and unlocking investments.

The group also highlighted fiscal sustainability, inclusion, strengthened institutions and improved security as critical drivers for the next phase of the reforms.

According to NESG, these reforms will not only turn to gains for Nigerians but can also unlock the ambitious $1 trillion economy.

Olaniyi Yusuf, chairman, NESG, in his opening remarks, commended the government for taking ‘courageous steps’ to remove fuel subsidies, unify the foreign exchange market, and initiate tax reforms, but acknowledged that Nigerians are currently in grief for these changes. He stressed that the real test now lies in converting reform gains into tangible improvements in productivity, competitiveness, and inclusion.

‘If we stop here, we risk losing the progress that has been so courageously won. The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion, while laying the foundations for long-term transformation that will secure prosperity for every Nigerian,’ he said.

He framed Nigeria’s reform journey around three distinct phases: stabilisation, consolidation, and acceleration, calling for deliberate policy action to move from the first to the second phase.

Meanwhile, President Bola Tinubu defended his administration’s sweeping economic reforms, insisting that every policy decision has been guided by ‘a pursuit of balance between economic logic and public expectation,’ even as he acknowledged the pain Nigerians continue to face in the transition period.

Speaking through Vice President Kashim Shettima at the event, the president said the government’s tough choices are beginning to yield tangible results across key sectors – including improved revenue generation, debt management, and macroeconomic stability.

Tinubu said, ‘There is no single decision we have taken that is not guided by the pursuit of balance between economic logic and public expectation. Every reform we have introduced has emerged from deep reflection, difficult conversations, and the courage to act in the national interest.’

He noted that Nigeria’s economy expanded to $372.8 billion in 2024, up from $309.5 billion in 2023, while total revenue rose from $19.9 billion to $25.2 billion within the same period. The country’s debt-to-GDP ratio, he noted, stood at 38.8 percent, well below the 60 percent limit prescribed by both the Fiscal Responsibility Act and the ECOWAS threshold.

‘Our tax-to-GDP ratio has now nudged towards 13.5 percent, up from barely 7 percent a few years ago,’ he said.

‘These are not mere statistics; they tell the story of a nation committed to reform and renewal. It shows that our decisions, though tough, are restoring fiscal confidence and investor trust.’

He further disclosed that Nigeria’s fiscal deficit had dropped sharply, with the debt service-to-revenue ratio declining to less than 50 percent, compared to 97 percent before the administration came into office.

Despite the improvements, Shettima admitted that the benefits of these reforms had not yet fully translated into jobs or relief for citizens.

‘I admit that this growth has not yet fully translated into enough jobs for our people, but we are closing that gap,’ he said, noting that the administration was prioritising agriculture, solid minerals, and small business financing to create sustainable employment.

Among other initiatives, the government has established a ?200 billion integration fund to support small and medium-scale enterprises (SMEs) and launched the New Hope Local Economy Programme, targeting all 8,809 wards across Nigeria’s 774 local government areas.

Tinubu, through the Minister of Finance and Coordinating Minister of the Economy, also highlighted tax reforms as key to boosting domestic revenue and reducing dependence on oil. He cited the recently enacted Tax Reform Act and new revenue administration laws as major steps in this direction.

‘These reforms will take low-income earners off the tax bracket, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration,’ he said.

‘We are simplifying processes, blocking leakages, and ensuring that every kobo counts.’

On infrastructure, the president said the government was currently constructing over 2,700 kilometres of superhighways and 440 road projects nationwide, alongside new rail lines and bridges.

He described such investments as ‘the axis of national prosperity and a pathway to long-term productivity.’

As he declared the summit open on behalf of the President, Shettima reaffirmed Tinubu’s commitment to an economy that is ‘stable, industrialised, and humanised.’

‘We will stabilise prices and the naira, industrialise our economy, humanise governance, and ensure that every citizen feels respected and served,’ he concluded.

Stakeholders in Nigeria’s infrastructure sector have called for greater respect for contractual agreements and sustained political stability to attract and retain private investment critical to the country’s development.

Speaking during a panel session titled Future of Infrastructure Funding at the 31st Nigerian Economic Summit (NESG) in Abuja on Tuesday, experts emphasised that unlocking Nigeria’s infrastructure potential requires private sector-led financing, especially to implement the National Integrated Infrastructure Master Plan (NIIMP).

Sustainable infrastructure growth depends on innovative financing models, including Public-Private Partnerships (PPPs), and incentives for subnational investments.

The stakeholders said private capital must take the lead, supported by clear regulatory frameworks that mitigate risks and ensure long-term returns across national and subnational levels.

They highlighted that investor confidence hinges on predictable governance and a reliable regulatory environment.

Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), stressed that upholding contract terms and maintaining political stability are essential to attracting private investment in Nigeria’s infrastructure sector.

Ewalefoh said investor confidence depends on credible governance and consistent regulatory frameworks.

According to him, ‘The future of infrastructure funding depends not only on available capital but also on the credibility of our institutions, the coherence of our policies, and the discipline of our implementation.’

Highlighting Nigeria’s infrastructure financing gap-estimated at over $3 trillion in the next 30 years-he stressed the need for private sector participation through Public-Private Partnerships.

He added that how governments honor existing contracts affects investor trust. ‘Investors watch how current partners are treated before committing funds,’ he said, noting that under the current administration, no PPP contract has been canceled-a message to reassure investors.

Abdul Kamara, Director-General of the African Development Bank (AfDB) in Nigeria, emphasised the role of capacity building and technical assistance in turning project ideas into bankable investments.

He highlighted Project Preparation Facilities (PPFs) as key tools for financing early-stage feasibility studies and engineering designs.

Kamara cited the AfDB-supported National Electrification Program, which has attracted over $350 million in private capital by targeting rural energy access through minimum subsidy tenders.

He also noted that Nigeria has yet to fully use risk mitigation tools such as Partial Credit Guarantees and Partial Risk Guarantees-mechanisms effective in other markets-and proposed a roundtable to raise awareness among project sponsors and financiers.

Daniel Mueller, Executive Director and COO of InfraCredit, stressed the need to update state-level PPP laws to allow longer-term concession agreements, especially in social infrastructure.

While welcoming recent reforms like decentralized electricity licensing, improved pension fund investment rules, and a more transparent foreign exchange regime, Mueller said clearer legal frameworks and more consistent project development across federal and state levels are still needed to unlock investment.

The forum also highlighted a key policy reform by President Bola Ahmed Tinubu’s administration that raised the Federal Executive Council’s (FEC) approval threshold for PPP projects to ?20 billion. This change aims to fast-track smaller projects, reduce delays, and align project timelines with investor expectations.

Ewalefoh described the reform as a strategic gesture of trust and partnership that strengthens the PPP framework.

Participants agreed that despite improvements in the investment climate, the priority now is effective implementation. They called for updates to subnational PPP laws, greater use of risk mitigation instruments, improved public sector capacity, and stronger project preparation.

‘The task before us is clear-to turn infrastructure plans into tangible, financeable, and deliverable outcomes,’ Ewalefoh concluded.

The roundtable is part of ongoing efforts by the ICRC and its partners to align Nigeria’s infrastructure financing strategy with global best practices while addressing the country’s development needs.

InfraCredit has appointed Boo Hock Khoo, a leading figure in Asia’s development finance landscape, as an Independent Non-Executive Director. This addition adds depth and international experience to the company’s board as it continues to expand its impact in Nigeria’s infrastructure financing space.

Khoo is widely recognised as one of the pioneers of modern credit guarantee institutions across Asia. With nearly three decades of experience mobilising private capital for infrastructure and sustainable development, his appointment underscores InfraCredit’s strategy of strengthening its governance with globally tested expertise to deepen Nigeria’s domestic capital markets.

From Malaysia to Lagos

Born in March 1970 in Malaysia, Khoo holds a Bachelor’s degree in Management Information Systems from the University of Mount Union and an MBA from Ohio University. His career has been defined by his work in building financial systems that channel private capital into long-term infrastructure investments.

He began his career in Malaysia’s capital markets, serving as head of Infrastructure Ratings at RAM Ratings Services between April 2008 and May 2009. He later became deputy chief executive officer of Danajamin Nasional Berhad, Malaysia’s first financial guarantee insurer, where he helped deepen the country’s corporate bond market from 2009 to 2011.

From 2012 to 2019, Khoo was vice president of operations at the Credit Guarantee and Investment Facility (CGIF), a $700 million ASEAN+3 trust fund managed by the Asian Development Bank. There, he oversaw transactions that strengthened regional bond markets and expanded investor confidence across Asia.

He is also co-founder and chairman of the Development Guarantee Group (DGG), which designs and operates guarantee mechanisms to unlock private investment for sustainable infrastructure. Through DGG, he helped establish the Green Guarantee Company (GGC), the world’s first climate-focused financial guarantor dedicated to accelerating green investment in developing economies. He also chairs InfraZamin Pakistan, a credit enhancement facility supported by the Private Infrastructure Development Group (PIDG) and Karandaaz Pakistan, which promotes local-currency financing for infrastructure projects.

Commenting on his appointment, Khoo said, ‘It’s an honour to support InfraCredit’s continued progress. Its success in Nigeria is an inspiration to many countries around the world.’

InfraCredit’s Chairman, Sanjeev Gupta, said Khoo’s appointment ‘strengthens the company’s mission to unlock long-term local currency financing for sustainable infrastructure.’ CEO InfraCredit, Chinua Azubike, added that Khoo’s ‘firsthand expertise from Asia’s success stories’ will be invaluable as InfraCredit deepens Nigeria’s domestic capital markets and explores expansion opportunities across frontier economies.

Several decades ago, the world-renowned artist and musician, Brian Eno, created a deck of cards called Oblique Strategies, each containing what he described as ‘a worthwhile dilemma.’ These cards, cryptic yet purposeful, were designed to accelerate imagination and open new pathways of association and meaning. Much like horoscopes in ancient times where celestial movements were linked to human affairs, Eno’s strategies sought to turn ambiguity into clarity and transform hesitation into direction.