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Charles Soludo, Anambra State governor, has commended Keystone Bank for its unwavering commitment to educational development in the state and across Nigeria.

Soludo gave the commendation during the commissioning and handover ceremony of a fully renovated and equipped block of classrooms, administrative building, school hall, and science laboratories donated by Keystone Bank to St. Jude Secondary School, Ihiala, Anambra State, on Saturday.

The project, executed under the bank’s Educational Support Initiative, forms part of its Corporate Social Responsibility (CSR) efforts to enhance learning standards and provide students with a more conducive environment.

Addressing the crowd at the event, an elated Governor Soludo praised the bank for its contribution to the growth of education in Anambra and for demonstrating what he called ‘a true spirit of partnership between the private sector and Government.’

He noted that his administration has continued and will continue to prioritise education and health, describing them as ‘the twin pillars of development and human capital growth.’

According to the governor ‘I sincerely appreciate Keystone Bank for this great feat. Without education, no nation can make meaningful progress. What Keystone Bank has done today truly touched my heart.

‘Our focus is to build schools that are not only functional but inspiring. Education transforms lives, shapes the future, and drives innovation. By investing in our children, we are investing in the future of Anambra and Nigeria.

‘Education remains the foundation upon which our society stands. Every classroom we build, every child we empower, and every teacher we support brings us one step closer to the prosperous and enlightened Anambra of our dreams,’ he added.

‘Thank you, Keystone Bank, and your management, chairman, and managing director, for investing in the future of our state. This is the kind of partnership we need to drive our vision of a liveable and prosperous homeland,’ he said.

Speaking earlier, Ada Chukwudozie, chairman of Keystone Bank, said the bank remains committed to fostering social and educational progress across Nigeria.

‘At Keystone Bank, we believe that true progress begins in the classroom. By renovating and equipping these school facilities, we are investing in the minds that will define tomorrow’s Nigeria,’ she said.

‘Education is not just about buildings or infrastructure; it is about creating an environment where dreams can grow, ideas can flourish, and young people can realise their full potential. That is why we continue to invest in initiatives that empower students and support teachers.’

‘This project is a testament to our belief that the private sector has a vital role to play in nation-building. When we all come together, governments, businesses, and communities we can create lasting change that uplifts generations.’

‘We are proud to be part of Anambra State’s education story, and we remain committed to supporting similar transformative projects across Nigeria,’ Dr. Chukwudozie added.

Also speaking, Hassan Imam, managing director and chief executive officer of Keystone Bank, emphasized the bank’s dedication to education as a cornerstone of national development.

He noted that the school project was part of the bank’s contribution to supporting the numerous achievements of the state governor in the education sector.

‘Education stands as the very foundation of a thriving society. It cultivates intellect, expands opportunity, and equips the next generation of leaders to shape the future.

‘At Keystone Bank, we believe that investing in education is one of the most powerful ways to contribute to national progress.

‘This project reflects our deep commitment to supporting government efforts in transforming education, especially in communities where it matters most. We are proud to partner with the Anambra State Government in nurturing the next generation of leaders.

‘To the students, it is our hope that within these walls, you will dream big, study hard, and strive for excellence. The future of Nigeria is in your hands, and we are confident that with the right education and guidance, you will achieve great things.

‘To the principal and staff this is your facility. Use it responsibly, maintain it with pride, and let it inspire excellence for years to come. We are confident that with the right education and guidance, you will achieve great things,’ Imam said.

The Minister of Education, Tunji Alausa, says the Federal Government will issue ‘no work, no pay’ policy on the Academic Staff Union of Universities (ASUU).

This is contained in a statement made available to newsmen in Abuja on Sunday by the Director, Press and Public Relations of the Ministry, Folasade Boriowo.

The warning came as the university teachers on Sunday declared a two-week warning strike beginning from midnight of Monday, Oct. 13, over unmet demands.

The decision, according to the union, followed the Federal Government’s failure to meet its outstanding demands after the expiration of a 14-day ultimatum.

Alausa, warning the union of the ‘no work, no pay’ policy, said that the federal government remained open to dialogue.

The minister said that the government remained committed to constructive engagement with the union towards resolving outstanding issues affecting the university system.

He said that the federal government had demonstrated sincerity, patience, and goodwill in its dialogue with the Union, noting that virtually all the concerns raised by ASUU had been addressed.

These, he said, include the introduction of a big percentage of teaching allowance and significant improvements in the conditions of service of academic staff.

‘The few remaining matters are those that rightfully fall within the jurisdiction of the governing councils of the respective universities, which have been recently reconstituted to handle such internal issues.

‘Although the government is making all efforts to resolve all the issues and ensure that students remain in school, ASUU is not operating with the same zeal,’ he said.

Alausa said that the government had met the deadline for presenting its position to the union as agreed, yet instead of reverting to the Ministry in continuation of dialogue, ASUU had chosen to proceed with a strike action.

This action, the minister observed, does not reflect a spirit of cooperation or fairness to the students and the public, especially given the government’s demonstrable commitment and concrete steps already taken.

The minister further stressed that the government had continued to prioritise the welfare of university staff and the stability of the academic calendar under the Renewed Hope Agenda of President Bola Tinubu.

According to him, dialogue remains the most effective and sustainable path to resolving disagreements, and government remains open to engagement at any level to prevent unnecessary disruption in the education sector.

He, however, emphasised that the ‘no work, no pay’ policy remained an extant labour law of the Federal Republic of Nigeria, and the government would be guided by the law, should academic activities be disrupted in the nation’s universities.

He said that while government continues to demonstrate goodwill and flexibility, it would not abdicate its responsibility to uphold fairness and accountability in the use of public resources.

He reassured Nigerian students, parents, and the general public that the federal government was firmly committed to maintaining industrial harmony in the tertiary education system.

The minister appealed to all academic unions to embrace partnership and dialogue, rather than confrontation, in the collective interest of the nation’s higher education system.

He reiterated that the government’s education reform agenda was designed to enhance teaching and research conditions, promote institutional autonomy through strengthened university governance, and ensure that the academic community thrives in an environment of mutual respect, productivity, and innovation.

The minister reaffirmed the commitment of the federal government to working with all stakeholders to safeguard the academic calendar and prevent further disruption in the learning process.

He urged ASUU to reconsider its position and return to dialogue in the best interest of students and the future of Nigeria’s education system.

Nigeria’s e-commerce landscape is undergoing rapid transformation. From fashion and gadgets to groceries and beauty products, more Nigerians are shopping online than ever before.

According to DataReportal, the country recorded 103 million internet users as of January 2024, with digital payments and smartphone penetration driving a surge in online retail.

But while opportunity abounds, so does competition. Thousands of small businesses now trade daily across Instagram, WhatsApp, and local marketplaces. For many entrepreneurs, the challenge is no longer getting online-it’s standing out and building a business that lasts.

Kehinde Ogundare, country head of Zoho Nigeria, outlined six actionable strategies that can help e-commerce entrepreneurs in Nigeria grow beyond social media metrics and build sustainable, trusted brands.

1. Focus on a niche, not the crowd

Ogundare emphasised that one of the biggest mistakes online sellers make is trying to appeal to everyone. ‘The internet gives you reach, but success comes from focus,’ he said.

Instead of chasing mass appeal, businesses should identify specific audiences whose needs they understand deeply, whether that is fitness enthusiasts, parents, or tech-savvy students. A niche approach allows for more targeted messaging, pricing, and product design. It also builds credibility and customer loyalty faster than generic marketing, especially for small businesses with limited advertising budgets.

2. Build relationships beyond social media

While social platforms are powerful for visibility, Ogundare warned that they are also unpredictable. ‘Algorithms change, engagement drops, and overnight, you can lose access to your followers,’ he noted.

He advised entrepreneurs to diversify their communication channels through email newsletters, WhatsApp communities, and loyalty programs. These create direct, reliable touchpoints with customers and allow brands to share updates, provide support, and offer exclusive value beyond discounts. ‘Consistent, meaningful engagement builds trust that lasts longer than trends,’ he said.

3. Use data to understand customer behaviour

Every click, search, and abandoned cart tells a story. Ogundare encouraged e-commerce owners to rely on data to make smarter decisions.

By studying analytics and feedback, sellers can uncover what drives or discourages purchases. For instance, high drop-off rates during checkout may indicate payment issues or unclear delivery options. Fixing such friction points can immediately boost conversions. ‘Data eliminates guesswork-it helps you build experiences your customers actually enjoy,’ he said.

4. Create content that answers real questions

Trust remains a major barrier for online shoppers in Nigeria. Many consumers research extensively before buying, especially from lesser-known brands. To address this, Ogundare recommended that businesses produce clear, useful content that educates customers.

‘Your website and social pages should answer the questions people are already asking,’ he said. A skincare brand might share guides on ingredients and routines, while a tech store could publish short explainers on product features. When brands become helpful sources of information, customers see them as credible and dependable.

5. Explore automation and AI for efficiency

Artificial Intelligence (AI) is transforming small business operations globally-and Nigeria is no exception. Ogundare noted that automation tools, from chatbots to inventory tracking systems, can save time and improve accuracy.

‘AI isn’t about replacing people; it is about freeing up your time to focus on what matters most, which include understanding and serving your customers,’ he said. Even simple AI-driven tools can analyze buying patterns, manage stock levels, and personalize recommendations, giving small businesses the same efficiency edge as larger competitors.

6. Build credibility through customer voices

In a marketplace filled with choices, reputation is currency. Ogundare urged businesses to highlight real customer experiences. ‘Nigerians trust what other Nigerians say,’ he explained.

Displaying verified reviews, testimonials, or user-generated content builds social proof and reassures potential buyers. Encouraging customers to share feedback not only strengthens trust but also shows transparency and confidence in the brand’s products.

Building for the long term

Ogundare concluded that sustainable e-commerce growth in Nigeria isn’t about chasing every new platform or pouring money into ads. ‘It is about clarity, consistency, and connection,’ he said.

As Nigeria’s digital economy continues to expand, the entrepreneurs who will thrive are those who invest in relationships, learn from data, and put customer trust at the center of everything they do.

In a crowded digital marketplace, likes and followers may spark visibility-but authenticity, focus, and service will sustain the journey.

This is the third in my series on the long-term strategic imperatives before the Nigerian National Petroleum Corporation Limited (NNPCL), which should be to exit the midstream and downstream petroleum sectors in the short to medium term and concentrate on accelerating the development of Nigeria’s upstream assets to optimise the nation’s overall gains from upstream operations. The overall strategy would be to privatise the entire organisation within a ten-year time horizon, following British Petroleum’s (BP) privatisation model, which took nine years. NNPCL can remain a ‘national oil company’ vigorously pursuing Nigeria’s national interests in the upstream oil and gas sector without necessarily being owned by the government. This article, however, is the second and concluding part of last week’s article, which focused on the privatisation of NNPCL’s midstream assets, or its four petroleum refineries.

Last week’s article dealt extensively with the series of turnaround management (TAM) of the four refineries and the billions of dollars allegedly spent over a period of four decades, with very little results. The article took the position that the management and employees of the four NNPCL refineries and the entire NNPCL are no less competent, nor are they inherently more corrupt or unprofessional, than their colleagues elsewhere in Nigeria and beyond, but that the main factors responsible for the poor performance of the refineries over the years have been government ownership, political interference in their day-to-day operations and the loss of financial autonomy by NNPC in the 1990s under the military, which meant that decisions concerning maintenance and contracting were no longer made by NNPC professionals but by government officials.

While last week’s article focused on the technical, financial management and governance challenges that constrained the effective operation of the refineries, this article will concentrate on the human and political dimensions, which are the core issues.

If the NNPC refineries had been owned by private concerns or managed professionally, without political interference, they would either have been sold a long time ago or made to work. For example, the Warri Refinery has been shut down since 2004 due to technical issues, principally safety concerns over its crude distillation unit’s main heater. Likewise, the Kaduna refinery has been shut down since 2015 due principally to technical issues and pipeline vandalism. On September 10, 2020, Mele Kyari, Group Chief Executive Officer of NNPC, announced that NNPC management had taken a deliberate decision to close down all four of its refineries, one or two of which could at the time have been operating at best nominally. In its 2023 audited financial report, NNPCL revealed that all four refineries were indebted to the tune of N4.5 trillion, which meant that the refineries, even while they were shut down, were still incurring costs, and idle workers were being paid a total wage bill of N68 billion annually for work not done. These were some of the huge operational losses sustained by NNPC in the running of the refineries over the years, which were only conceivable under the atmosphere of intense political interference in the daily operations of the corporation over the past decades. This is apart from the huge financial losses associated with poor TAM contract governance.

‘What that means is that there are widespread, interconnected, extraneous vested interests in the operations of NNPC that have been well entrenched for decades and that are difficult to dislodge just by fiat for political reasons.’

The idea of selling off the four inoperable NNPCL refineries is going to be a hard sell to Nigerian politicians, principally because the oil and gas sector has always been seen as a trophy to be competed for and a prize to be won and as the spoil of war in Nigeria’s peculiar brand of politics, where contestants can go to any extent to secure victory. The billions of petrodollar annual windfall revenue was the key reason military dictatorship persisted in Nigeria for decades and the reason for coups and counter-coups and unnecessarily prolonged political transition programmes. So the ‘soldier of fortune’ syndrome, after years of intense political pressure, reluctantly gave way to the syndrome of ‘politics of extraction’, where the primary motive of political governance seems not to be service but personal gain for many, or perhaps most, politicians. This is the peculiar political governance scenario that has negatively impacted governance across the board in Nigeria and the oil and gas sector in Nigeria, particularly severely. It is going to take tremendous political will by the current political leadership in Nigeria, specifically President Bola Ahmed Tinubu, to make an impactful dent on the prevailing technical, operational and financial governance of the oil and gas sector.

But political interference is strictly not limited to politicians alone. If one were to develop an artificial intelligence algorithm for ingenious geospatial analysis to determine the geographical spread of the political influences on NNPC operations (relying on some insider knowledge), the resulting outcome may be shocking. What that means is that there are widespread, interconnected, extraneous vested interests in the operations of NNPC that have been well entrenched for decades and that are difficult to dislodge just by fiat for political reasons.

Then, there are, of course, the labour unions in the Nigerian oil and gas sector, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG). These are powerful industrial unions that have consistently stood in the way of reforms in the oil and gas industry for decades, particularly about the privatisation of the four NNPC refineries. Their stand is understandable because one of the key goals of an industrial union is to protect the jobs of its members. However, in the specific case of the four NNPC refineries, which have been technically inoperable or moribund for decades and incur huge losses even in their inoperable state, the stand of the labour unions is not justifiable. What they should be demanding is a win-win outcome for all parties: the employers, NNPCL, the employees, the Nigerian people and the economy. And a win-win outcome can always be worked out. First will be an agreement by all parties that the best economic decision will be to sell or scrap the four inoperable refineries, which will save the NNPCL and the government from continuing to incur trillions of naira of avoidable cost, which will put an end to a decades-long history of monumental waste. Second is to offer the employees, members of PENGASSEN and NUPENG, mouth-watering golden handshakes they cannot refuse. Third, NNPCL should contract employment agencies to find jobs for younger and mid-career professionals and workers among them. Fourth, employees close to retirement should be given sufficient entrepreneurship training and encouraged to form partnerships and companies they can use to find jobs in the oil and gas sector, including maritime and logistics and beyond, as contractors, subcontractors, oil and gas servicing companies, and downstream oil and gas operators, among others. In addition, they should all be given intense financial and investment education to know how to invest and manage their post-NNPC employment benefits and pensions. Benefits for the consuming public include the availability of good-quality petroleum products at affordable prices from efficiently run refineries. The benefits for the economy include seamless petroleum product supply chain management, a significant contribution to the gross domestic product (GDP) by the oil and gas sector, and a beneficial impact on the naira exchange rates.

Retaining the four refineries has been at a huge cost to NNPCL and the Federal Government and the Nigerian people at large. Besides, it has been a great distraction to the management of NNPCL, which should be replotting its strategic direction to focus more intently on growing Nigeria’s upstream assets.

Against the foregoing, it is obvious that the decision for NNPCL to sell or scrap its four refineries and exit the midstream petroleum sector is not one its management can make alone. It is also going to be a tough economic decision for President Bola Ahmed Tinubu to make, as it will generate far-reaching political reverberations. But it is a decision the president should make in the national interest and as part of the overall package of decisions to achieve a trillion-dollar economy by 2030 or thereabouts, which, in my view, is achievable if we can put our minds to it.

The Academic Staff Union of Universities (ASUU) has accused the federal government of breach of agreement in its handling of negotiations over the lingering issues affecting the nation’s public universities, vowing to proceed with its planned strike despite threats of a no-work-no-pay policy.

Chris Piwuna, ASUU President, speaking in an interview with AriseTv said the government had once again reneged on agreements reached with the union, betraying the trust built during months of collective bargaining facilitated by the Mahmud Yayale Ahmed Expanded Negotiation Committee.

‘You cannot find common ground when you have a partner that constantly betrays you. This government acts with such dubiety that you wonder whether we live on the same earth. They tell you they’re implementing what was agreed, yet they’re doing the exact opposite.

‘This minister has threatened us many times with no work, no pay. We wish him luck. We are ready to go that path again. If fear of that policy makes us accept injustice, then we are not worth anything as intellectuals,’ Piwuna said.

According to him, the committee, set up by the current administration, had successfully closed major gaps between both parties, reaching consensus on key issues such as conditions of service, sustainable funding for public universities, university autonomy, and other welfare matters.

However, Piwuna disclosed that Tunji Alausa, Minister of Education, allegedly disregarded the committee’s recommendations and presented a new document ‘alien’ to the original agreement. He said the new proposal offered only a 25 percent salary increase, contrary to the Nimi Briggs benchmark earlier adopted during negotiations.

‘Rather than build on the report agreed upon, the minister sat down and decided to give us 25 percent of our current salaries, before tax. That is not what we discussed. That is not collective bargaining,’ he said.

The ASUU president also faulted the government’s decision to exclude university lecturers from the federal workers’ group life insurance scheme, describing it as discriminatory and unjustified.

On the federal government’s threat to invoke the no-work-no-pay rule, Piwuna maintained that the union was unfazed, saying ASUU had ‘travelled that road before’ and was prepared to endure the consequences again if necessary.

‘This minister has threatened us many times with no work, no pay. We wish him luck. We are ready to go that path again. If fear of that policy makes us accept injustice, then we are not worth anything as intellectuals,’ he said

Piwuna dismissed claims that the government’s release of ?50 billion for university revitalisation saying the amount was negligible when spread across 193 federal and state universities.

He also clarified that another ?50 billion disbursed as earned academic allowances was only a partial payment, after government deducted 20 percent to appease other unions.

While expressing regret over the impact of ASUU’s industrial action on students, Piwuna insisted that past strikes had forced the government to improve facilities, renovate hostels, and equip laboratories in public universities.

‘We regret that our students are going through this, but it is strike that has compelled government to act in the past. If they had respected agreements, we wouldn’t be here again,’ he said.

ASUU has therefore called on the Federal Government to revisit the Mahmud Yayale Ahmed Committee’s report and implement the agreed recommendations, warning that there would be ‘no going back’ on its planned action until justice is done.

No democracy anywhere in the world can thrive without a strong, credible, and independent judiciary. The courts are not only meant to interpret laws but also to serve as the last hope of the common man, especially when democratic institutions fail or are manipulated. In recent years, however, Nigeria’s judiciary, particularly on electoral matters, has underperformed, leaving the public disillusioned and democracy on shaky ground.

This disillusionment has deepened since the contentious 2023 general elections. While elections are supposed to be the bedrock of democracy, in Nigeria, they have increasingly become legal battles rather than reflections of the will of the people. Since 1999, every presidential election has ended up in court. That reality underscores a worrying lack of trust in the Independent National Electoral Commission (INEC), the electoral system, and, regrettably, in the judiciary itself.

The February 25, 2023, presidential election was meant to mark a new era, with the introduction of the Bimodal Voter Accreditation System (BVAS) and INEC’s Result Viewing Portal (IReV). But the refusal to transmit presidential results in real time, as promised, raised serious questions. Over 70 percent of Nigerians in a post-election SBM Intelligence poll expressed doubts about the credibility of the process. Local and international observers described the election as poorly managed and lacking transparency.

That election, which declared President Bola Tinubu the winner with just over 8.7 million votes, remains hotly contested by key opposition figures like Atiku Abubakar of the PDP and Peter Obi of the Labour Party, who filed legal petitions alleging irregularities, suppression of votes, and non-compliance with the Electoral Act.

Rather than being the arena for truth and fairness, the legal process itself has become part of the controversy.

The popular catchphrase, ‘Go to court’, has become less of a call for legal recourse and more of a sarcastic jab, reflecting public scepticism toward Nigeria’s courts. This is not unfounded. Several controversial judicial decisions in recent times, from the Imo State governorship case of 2020 to the 2023 pre-election disqualifications, have painted the judiciary as susceptible to manipulation, influenced more by politics than precedent.

Worse, decisions are now often rendered not on merit but on procedural technicalities. In the 2023 presidential election petitions, the tribunal rejected a large volume of video and documentary evidence on hyper-technical grounds. To many Nigerians, this felt like a strategy to avoid engaging with the substance of the claims. The petitioners were not necessarily defeated by superior arguments but by hurdles of jargon.

This trend risks turning the judiciary into an enabler of injustice rather than a bulwark against democratic collapse. If the people believe the courts cannot deliver justice, the legitimacy of both the electoral system and governance itself will be fatally undermined.

‘If politicians know that manipulated elections can and will be overturned in court, they will think twice before rigging. They will campaign more and rig less. That is how democracy deepens.’

Nigeria stands at a political junction. The economy is reeling under nearly 30 percent inflation as of August 2025, the naira remains volatile, and youth unemployment sits at 53 percent. Insecurity persists in the North-West and Middle Belt, while separatist agitations remain in the South-East. These issues, worsened by poor leadership, make credible elections and judicial resolution even more vital.

The judiciary must now rise to the moment. Courts must adjudicate cases based not on fear of destabilising the polity or preserving the status quo, but on law, facts, and conscience. History shows that attempting to save a country through judicial compromise only delays the inevitable reckoning. As the saying goes, you cannot make omelettes without breaking eggs.

The Presidential Election Petition Tribunal and, by extension, the Supreme Court must understand that their decisions go beyond legalities. Their rulings have political, social, and historical consequences. If the perception grows that courts are simply rubber stamps for power, then voter apathy will rise, and a resort to undemocratic alternatives may follow.

A bold, impartial judiciary is not a threat to democracy; it is its guardian. If politicians know that manipulated elections can and will be overturned in court, they will think twice before rigging. They will campaign more and rig less. That is how democracy deepens.

But if the courts continue to dismiss valid petitions on the basis of loopholes, it sends a dangerous message that judicial activism in favour of truth is dead, and only the powerful win. That would be the beginning of democratic decay, not stability.

Judges must begin to re-earn the public’s trust. That starts with transparency in proceedings, clarity in judgements, and courage in verdicts. It also means holding INEC accountable when it fails to act independently or follow its own guidelines.

Additionally, judicial reforms are overdue. Election tribunals should not be packed with judges who owe their elevation to political actors. Timelines for adjudicating election matters must be realistic, and judgements must be made publicly accessible and in plain language.

The judiciary may not be perfect, but its integrity is Nigeria’s last line of defence against political crisis. If it fails, the consequences will be far-reaching, from loss of investor confidence to outright civic unrest.

As Nigeria continues to battle economic instability and a trust deficit in leadership, the judiciary must rise, not as a backroom for power games, but as a moral and legal compass. Democracy, after all, cannot survive without justice. And justice, when delayed, denied, or compromised, leaves behind nothing but the ruins of a failed republic.

Why impartial justice, not technicalities, will save our democracy from collapse: the ball is in your court, my lords.

Insurance experts in the West African sub-region have identified critical role of insurance in closing finance gap towards tacking climate change risks.

According to the experts, traditional budgetary responses are no longer sufficient, hence, the need to strengthen financial instruments that give opportunity to anticipate shocks rather than merely react to them.

The experts made the observation at the ongoing 2025 Education Conference of the West African Insurance Companies Association (WAICA) taking place in Lagos with theme: ‘The West African Insurers in the Face of Climate Change’.

Olusegun Omosehin, commissioner for Insurance/CEO, National Insurance Commission (NAICOM) in his remarks at the event said climate change is rewriting the narrative of our region. ‘It is testing the strength of our economies, the endurance of our communities, and the responsiveness of our institutions.

‘It has become a macroeconomic threat, influencing fiscal policy, national budgets, and the stability of our financial systems.’

According to him, the evidence is sobering. ‘In 2024, flooding affected over 7.5 million people across 16 West African countries. Nigeria alone accounted for 1.3 million displaced persons. In 2025, over 33,000 Nigerians were displaced, 3,800 homes destroyed, and 5,300 hectares of farmland submerged, threatening food security and economic stability.’

Omosehin said these are not just statistics, they are stories of disruption, loss, and delayed development, but however noted that within this crisis lies an opportunity, to redefine the role of insurance as a force for resilience and sustainable development.

On how insurance can respond adequately, he called on insurers, reinsurers and leaders across WAICA member states to swing to action.

‘We must innovate boldly, developing parametric and microinsurance products tailored to our region’s climate realities; invest in data and technology to improve climate modelling, risk assessment, as well as product delivery’.

He also called for collaboration across borders, noting that pooling risks and resources to build regional resilience expand inclusion, ensuring insurance reaches farmers, market women, artisans, and micro-entrepreneurs who are the backbone of our economies are critical.

‘We must prioritize capacity building, investing in the next generation of insurance professionals, while the industry insurance must evolve from a transactional service to a strategic enabler of development.’

Uzoka Anite, minister of State for Finance, Federal Republic of Nigeria in her keynote address said, across West Africa, floods, droughts, and coastal erosion are already destroying livelihoods, straining public finances, and threatening food security. ‘Each disaster brings not only human tragedy but also heavy fiscal burdens.’

Uzoka, who was represented by Ali Mohammed, director, Home Finace, Federal Ministry of Finance said, this reality makes climate risk a macroeconomic concern requiring proactive financial planning, noting insurance therefore becomes indispensable as a mechanism to share and absorb shocks that governments alone cannot shoulder.

She said the Federal Government recognizes insurance as a pillar of our financial architecture, alongside banking, capital markets, and pensions, noting that the Nigerian Insurance Industry Reform Act (NIIRA 2025) represents a bold step toward modernization.

The Act strengthens the capital base of insurers, enhances consumer protection, expands compulsory insurance to critical sectors such as agriculture and infrastructure, and integrates insurance into public-private partnerships for climate resilience. Beyond reform, NIIRA 2025 signals Nigeria’s determination to build a credible, transparent, and inclusive insurance industry aligned with national economic diversification goals.

Backing regional cooperation through WAICA, she said no nation can confront this threat alone. The same storms that affect Nigeria affect Ghana, Sierra Leone, Liberia, and The Gambia, so our solutions, too, must be collective.

‘Through WAICA, we can develop regional risk-pooling and reinsurance platforms; exchange data and expertise on climate modelling and disaster forecasting; and as well as build professional capacity for innovative, sustainable insurance products.’

Such cooperation she noted will transform insurance from a business venture into a development enabler for agriculture, trade, and small enterprises, she said.

‘Insurance will achieve its true impact only when it reaches everyone including farmers, market women, artisans, and micro-entrepreneurs. We must promote micro-insurance, digital channels, and parametric products that pay out instantly based on verified data.’

By doing so, we expand coverage, deepen financial inclusion, and strengthen resilience at the grassroots, which remains a priority of the Federal Ministry of Finance, she said.

Omosehin concluding said, NAICOM as a regulator is committed to enabling policies that foster collaboration between operators, regulators, and development partners.

‘Strengthening climate resilience across West Africa demands a unified approach, one that blends sound regulation, market innovation, and strategic partnerships.

Nigeria’s inflation story is finally changing direction. After reaching a record 34.8 per percent in December 2024, inflation has dropped steadily to 20.12 percent by August 2025, the lowest in more than two years. The turning point came after the government rebased inflation data in January 2025, giving a clearer picture of price changes under the new economic reforms.

Economists now describe this period as ‘Tinubuflation’, the inflation movement under President Bola Tinubu’s reform era, shaped by the removal of fuel subsidies, exchange rate unification, and tighter monetary control.

‘This downward trend suggests that these reforms are beginning to work. Prices are becoming more stable, the naira is stronger, and foreign investors are returning to the local debt market for the first time in years.’

This downward trend suggests that these reforms are beginning to work. Prices are becoming more stable, the naira is stronger, and foreign investors are returning to the local debt market for the first time in years.

But behind the improving numbers lies a painful reality for ordinary Nigerians. According to the World Bank, poverty levels are projected to rise to 61 percent in 2025, with about 139 million people living on less than $3 a day, up from 129 million last year. Weak growth and high inflation have sharply eroded purchasing power since 2019, reflecting both pre-2023 policy missteps and global economic shocks.

A recent study at Covenant University, titled ‘Effect of Fiscal and Environmental Sustainability Shocks on Macroeconomic Dynamics in Nigeria: A DSGE Perspective’, sheds light on this. The study shows that while economic shocks in Nigeria hit hard, they don’t last forever; they fade gradually as the economy adjusts.

This pattern fits what is happening now. Inflation is slowing, but poverty remains high because the effects of past shocks are still being felt. The study suggests that if government welfare programmes are well targeted and continue to support those most affected, the recovery will spread faster, and the hardship will ease with time.

In simple terms, the reforms are working, slowly but surely. Nigeria’s economy is finding balance again, though it will take months before the benefits reach everyone. The key question now is whether this early stability can turn into real relief for households, or if the pain of reform will last longer than expected.

Aliyu Abdullahi, Nigeria’s minister of State for Agriculture and Food Security has expressed concerns that low crop yield continues to threaten national food security, and called for sustained funding, policies and laws to boost productivity.

Speaking at a public hearing organised by the House of Representatives Committee on Agricultural Production and Services on Monday, Abdullahi said Nigeria must adopt a strategy that prioritises yield improvement over expansion of agricultural institutions, if it is to achieve self-sufficiency and ensure food security.

The session reviewed three bills: A Bill for an Act to Amend the National Agricultural Development Fund (Establishment) Act, 2025 (HB 2036); A Bill for an Act to Establish the National Farm Settlements Agency to Promote Agricultural Development, Ensure Food Security and Foster Economic Growth (HB 1347); and A Bill for an Act to Provide a Legal Framework for the Establishment of the National Rice Production, Processing and Research Institute, Argungu, Kebbi State (HB 423).

Abdullahi described the proposed legislation as crucial to strengthening agricultural institutions, and consolidating government investments, He, however, urged lawmakers to focus on improving productivity through research and innovation rather than creating new institutions.

‘For example, in rice production, the average yield in Nigeria is between 4.5 to 5 tonnes per hectare, with the best-performing farmers reaching about six. But in countries where rice is produced efficiently, yields reach nine to twelve tonnes per hectare. If we can fund and support the right processes to raise yields to seven or eight tonnes, we can easily close our current production gap’, Abdullahi said.

He explained that Nigeria currently produces about 20 million metric tonnes of rice annually against a national demand of 22 million tonnes, leaving a deficit of around 2 million tonnes.

The minister further noted that despite Nigeria being the world’s leading producer of Cassava for over three decades, its average yield remains low at about 11 tonnes per hectare even though the country has capacity to yield up to 49 tonnes per hectare.

‘Even doubling that average to 22 tonnes could raise national output from 60 million tonnes to 120 million. Tripling it would take us to 180 million tonnes’, he stated.

Abdullahi urged the lawmakers to strengthen existing agricultural research institutes and funding mechanisms rather than proliferating new agencies that often become ’employment centres’ rather than productive institutions.

‘Let’s take a critical look at how to make our current system deliver maximum productivity. That is the most sustainable way to empower farmers, reduce import dependence, and guarantee food security’, the minister urged.

The minister also highlighted the need to harmonise new agricultural initiatives with existing frameworks to avoid duplication and inefficiency. ‘We must align these programmes with the National Agricultural Development Fund and other federal investments to ensure coherence. While there are minor administrative issues to address, we are largely in agreement with the fundamental objectives of the bills,’ he added.

In his remarks, Bello Kaoje, chairman of the House Committee on Agricultural Production and Services, described agriculture as the backbone of Nigeria’s economy and the surest path to inclusive growth and poverty reduction.

He said the public hearing was an opportunity for policymakers, farmers, researchers, investors, and development partners to contribute insights that would shape sound, forward-looking legislation.

‘Achieving food security and competitiveness requires strong policies backed by effective laws. Our goal is to ensure every law passed by this House enhances productivity, drives innovation, and delivers real value to Nigerian farmers. We will continue to collaborate with the Executive and private sector to make agriculture a business that drives national prosperity’, Kaoje said.

Declaring the hearing open, Abbas Tajudeen, Speaker of the House of Representatives, represented by Ayokunle Isiaka, said the proposed bills reflect the legislature’s commitment to building a more resilient and self-reliant agricultural sector.

‘These bills are more than legislation, they are a blueprint for a secure and prosperous Nigeria. They align with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the declaration of a State of Emergency on Food Security. This underscores our collective resolve to tackle hunger, promote productivity, and ensure that no Nigerian goes to bed hungry’, Tajudeen said.

He urged stakeholders to engage actively in the legislative process, saying their contributions were vital to shaping effective agricultural policy.

US President Donald Trump is prepared to address the Knesset after Hamas freed the 20 remaining Israeli hostages in Gaza, a milestone in efforts to end the two-year war in the enclave.

The Israeli military said on Monday that Hamas had released the final 13 living hostages after handing over seven others earlier in the day to the Red Cross at a location in Gaza.

The hostages are due to be exchanged for about 2,000 Palestinian prisoners in Israeli jails.

If completed as planned, the exchange, which will also include the return of the bodies of 28 dead hostages, would mark a big – but not conclusive – step towards ending the deadliest chapter in the history of the Israeli-Palestinian conflict.

The exchange is the first stage of a plan put forward this month by Trump following months of failed attempts to end the fighting.

The conflict was triggered by Hamas’s October 7 2023 attack on Israel and has since claimed the lives of nearly 68,000 Palestinians and nearly 2,000 Israelis.

But Israel and Hamas have yet to agree to the second phase of Trump’s plan, which is designed to bring about a permanent end to the fighting.

The final 13 living Israeli hostages released by Hamas have been handed over to Israeli forces and are now on their way out of Gaza, the Israeli military said.

’13 returning hostages are currently being accompanied by [Israeli military and security] forces on their return to Israel, where they will undergo an initial medical assessment,’ the military said in a statement.

‘The commanders and soldiers of the [Israeli military] salute and embrace the returning hostages as they make their way home.’

Hamas’s military wing said it was committed to US President Donald Trump’s agreement as long as Israel stuck to the deal.

‘The agreement reached is the fruit of the steadfastness of our people and the resilience of their resistance fighters,’ the Qassam Brigades said.

‘We declare our commitment to the agreement reached and its associated timetables, as long as the occupation [sic] adheres to them.’

But it added that Israel had ‘failed to recover its prisoners through military pressure, despite its superior intelligence and the surplus power it possesses’.

‘Now it has surrendered and recovered its prisoners through an exchange deal, as the resistance promised from the beginning,’ the Qassam Brigades said.