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Conversations with Nigerian delegates attending the annual Nigeria-Belgium Luxembourg Business Forum revealed strong support for retaining more value at home. But they also reinforced a practical truth: Nigeria cannot legislate value addition without building the industrial system that makes it possible.

Over breakfast, the conversation began with cocoa. At lunch, it moved to minerals, machinery and industrial power. By dinner, we were discussing finance, European buyers and the uncomfortable possibility that a well-intentioned export restriction could harm the very Nigerian producers it was designed to support.

I am writing from Brussels, where I have been engaging with business leaders and institutional representatives attending the ongoing Nigeria Belgium Luxembourg Business Forum. Many have travelled from Nigeria to explore partnerships in agriculture, manufacturing, energy, maritime logistics, finance, technology and other sectors.

Amid the formal panels and scheduled business meetings, one subject has repeatedly found its way into our informal conversations: Nigeria’s proposed requirement that raw materials receive at least 30 per cent domestic value addition before export. I was amazed by how engaged the delegates were. They did not dispute the diagnosis behind the proposal. On the contrary, there was broad frustration with an economic structure in which Nigeria exports cocoa beans but imports branded chocolate; ships minerals abroad but purchases the machinery and industrial components produced from them; and supplies raw materials while employment, technology and processing margins accumulate elsewhere.

The desire to retain more value in Nigeria is real. It is not an abstract policy slogan. It is shared by entrepreneurs who want to manufacture, exporters who want to move up the value chain and professionals who understand the opportunities Nigeria loses when productive conversion happens elsewhere.

Yet the more we discussed the proposed legislation, the clearer the central question became:

Can Nigeria require value addition before it has built the factory, supplied the electricity, financed the machinery and secured the buyer?

The principle deserves support. The instrument requires careful design.

Breakfast and the cocoa question

Our breakfast conversation was particularly relevant in Belgium. Belgium occupies an important place in the international cocoa and chocolate economy. Nigerian cocoa enters European supply chains through ports, warehouses, traders and processors. Yet much of the highest commercial value is created after the commodity has left the producing country. Nobody around the table argued that this pattern should continue indefinitely.

But cocoa also illustrates why a universal percentage can create more questions than answers. What constitutes 30 per cent value addition? Is it measured by weight, production cost, market value or processing stage? Does fermenting, drying and grading cocoa qualify? Must beans be converted into liquor, butter or powder? Would finished chocolate be required? At which point has the statutory threshold been crossed?

The same difficulty appears across other commodities. Cutting and polishing a mineral is not equivalent to refining it into an industrial input. Processing sesame, cashew, timber or lithium requires different technologies, energy requirements, capital commitments and markets. A single percentage may offer political simplicity while producing commercial confusion.

My view, shared by several delegates, is that Nigeria needs commodity-specific value-chain assessments before imposing restrictions. For each product, the government should establish existing processing capacity, energy requirements, technology gaps, access to finance, viable markets and the time businesses will need to adjust. Thirty per cent may be achievable for one commodity, insufficiently ambitious for another and temporarily impractical for a third. Industrial policy must be bold enough to change behaviour but sophisticated enough to recognise different economic realities.

At lunch, electricity entered the conversation

By lunchtime, our conversation had moved from the legal requirement to the physical conditions of production. Factories do not run on legislation. Processing is energy-intensive. A Nigerian manufacturer operating with unreliable grid electricity and expensive self-generation may be legally required to add value but remain commercially unable to compete with a foreign processor enjoying dependable and cheaper power. This is not a theoretical concern.

Across Africa, governments are using export restrictions, tax incentives and access to mineral deposits to encourage local processing. Investors broadly understand the ambition. But they repeatedly identify affordable and dependable electricity as a decisive constraint. South Africa possesses enormous mineral reserves yet has lost much of its ferrochrome-processing capacity as electricity costs and reliability undermined competitiveness. Guinea has become a leading bauxite producer but will need several times its present electricity generation to realise its aluminium-processing ambitions.

The lesson for Nigeria is straightforward. For every commodity made subject to a processing obligation, the government should publish an accompanying industrial-capacity plan. It should address electricity, water, industrial land, transport, storage, waste management and access to the relevant technology. Otherwise, the policy would not create value addition. It would simply transfer Nigeria’s infrastructure deficit to producers and exporters. Power must precede prohibition.

The machinery still needs finance

Finance became the next subject. Domestic processing requires machinery, construction finance and working capital. Exporters must hold inventory through longer production cycles. Small farmers and artisanal producers need aggregation systems capable of delivering consistent volumes and quality. Yet the structure of Nigerian finance remains poorly suited to long-term industrial development.

A processor cannot sensibly finance machinery with short-term, high-cost credit. An international investor cannot price a twenty-year project if electricity tariffs, export rules or foreign-exchange arrangements may change after construction begins. The Federal Government has said that private capital should finance Nigeria’s next phase of growth rather than additional sovereign borrowing. That is a reasonable objective. But private investors will not finance industrial transformation merely because the government prefers private capital. They will require investable projects, appropriate finance, capable counterparties, predictable rules and credible routes to market.

Nigeria must therefore connect the value-addition proposal to credit guarantees, equipment leasing, development-finance facilities, export credit and blended-finance structures. The purpose should not be to subsidise factories indefinitely. It should be to bridge the difficult period between industrial ambition and commercially sustainable production. This is also where Belgian and Luxembourg institutions can contribute. Belgium brings industrial technology, logistics, commodity-market knowledge, and access to European buyers. Luxembourg brings expertise in investment funds, cross-border finance and structured capital. But those capabilities must be organised around real projects, not general expressions of interest.

Dinner and the danger facing primary producers

Our dinner discussion turned to the people most likely to be overlooked: farmers, miners and other primary producers. An export restriction introduced before domestic processors can absorb available production may reduce competition for raw materials. Farm-gate or mine-gate prices could fall. Large processors might gain access to captive supply while smaller producers lose the option of selling to foreign buyers. That would transform a policy presented as economic sovereignty into a transfer of income from primary producers to protected processors. Nigeria must not allow that to happen.

Before applying restrictions, the government should conduct transparent domestic-capacity tests. If local processors cannot purchase available production at commercially reasonable prices, producers should retain access to export markets. Independent monitoring should publish domestic processing capacity, utilisation rates, purchasing volumes, producer prices, and export demand. The purpose of value addition is to enlarge national income. It is not to redistribute existing income towards a small group of industrial beneficiaries.

My conversations with European counterparts

The responsibility does not rest with Nigeria alone. In my conversations with European counterparts during the forum, I have made the point that Europe cannot praise African industrialisation while preserving commercial arrangements that favour the importation of unprocessed African commodities. European buyers can support processing in Nigeria through long-term purchase agreements. Equipment manufacturers can provide training, maintenance and local assembly. Financial institutions can offer patient capital and risk-sharing. Importers and standards bodies can help Nigerian companies meet European safety, traceability and environmental requirements before new factories begin production.

Belgium is particularly relevant. Its ports, cocoa industry, commodity-trading networks, industrial engineering, and logistics capabilities connect directly to Nigerian value chains. However, a fair industrial partnership must go beyond selling European machinery into Nigeria. It should develop Nigerian suppliers, train engineers, transfer knowledge and guarantee meaningful market access for the processed products those factories eventually produce. Fair trade is not achieved merely when Africa processes more. It is achieved when African processed goods can enter valuable markets and compete on reasonable terms.

Not every factory must be national

Another point arising from our discussions concerned regional scale. Not every African country can efficiently process every commodity. Some industrial facilities require volumes, power and markets larger than one national economy can provide. AfCFTA should therefore form part of the value-addition architecture.

Nigeria could host facilities supplied partly by neighbouring producers. Another African country may develop specialist processing capacity serving Nigerian enterprises. Regional power pools, transport corridors, and harmonised standards can make investments viable where isolated national projects cannot. The objective should be African value addition. It should not be 54 countries attempting to reproduce every stage of every value chain. Economic sovereignty is strengthened through strategic interdependence, not industrial isolation.

The conversation after the forum

The engagement of our delegates has convinced me that Nigeria’s business community is ready for a serious value-addition conversation. These entrepreneurs are not asking to preserve an extractive economic model. Many want to manufacture, process and export higher-value goods. They understand that Nigeria cannot achieve prosperity by remaining principally a supplier of raw materials. But they also know from experience that ambition without infrastructure becomes another cost imposed on enterprise.

Nigeria’s proposed legislation begins with the correct diagnosis. Exporting unprocessed resources indefinitely will not create the jobs, technology, and productive capabilities the country needs. But diagnosis is not execution. A functioning value-addition strategy requires a complete conversion chain: Raw-material endowment, reliable power, processing technology, appropriate finance, skilled operators, competitive logistics, verified standards, committed buyers and measurable national value.

Break any link and the percentage mandate may become an obstacle rather than an industrial policy. Nigeria should therefore implement the proposed requirement gradually and commodity by commodity. It should publish capacity assessments, protect primary producers, provide realistic transition periods and connect export restrictions to measurable infrastructure and financing milestones.

As we break into two groups for company visits, one heading for Antwerp to take a tour around cocoa handling, warehousing, and logistics, and the other heading for Kortrijk to visit technology, innovation, and industrial hubs, I hope the Couch Conversation will be consistent. Success should not be measured by the volume of raw exports prevented. It should be measured by factories operating, workers trained, domestic suppliers developed, processed products exported, and national income increased. As our breakfast, lunch, and dinner conversations repeatedly reminded me, 30 per cent can be written into legislation. The factory, the electricity, the finance, and the market must still be built.

. Nweke is an International Trade Consultant and author of Economic Diplomacy of the Diaspora. A former Belgian politician of Nigerian origin, born in Igbuzo, Delta State, Nigeria, he was a 2014 candidate for Member of the European Parliament. A third-term Municipal Legislator at Ostend City Council, Belgium, since 2006, his portfolio included the Economy, Social Policy, Equality Affairs and International Development. Collins features regularly on TV Continental Lagos as Global Affairs Analyst, on Channels TV as Foreign Policy Commentator, on TRT World Istanbul as African Affairs Analyst, among other Afrocentric media houses, including BusinessDay Nigeria

The Lagos State Consumer Protection Agency (LASCOPA) warns all manufacturers, retailers and service providers across the State to comply fully with the Lagos State Consumer Protection Law 2025 (as amended) and the Federal Competition and Consumer Protection Act 2018.

he General Manager, Lagos State Consumer Protection Agency, Afolabi Solebo, issued the warning during an interview with select journalists in Lagos.

He said: ‘LASCOPA will now sanction businesses that deliberately fail to honour scheduled mediation sessions on legitimate consumer complaints. Where authorised by law, affected premises may be sealed. All businesses are required to treat consumer complaints and redress processes with utmost seriousness.

‘Practices that will attract regulatory intervention include unfair trade practices, misleading advertisements, deceptive pricing, hidden charges, poor service delivery, and the manufacture or sale of substandard, counterfeit or unsafe products’.

Solebo warned that offenders could face applicable penalties under the law, including fines, enforcement orders, suspension of operations, prosecution, or sealing of premises.

He appealed to consumers with unresolved complaints to remain patient, noting that delays often occur when businesses ignore mediation invitations. He urged all consumers to retain receipts, invoices, warranties and relevant records when filing complaints.

He reaffirmed Governor Babajide Olusola Sanwo-Olu’s commitment to protecting consumers and building a fair business environment in Lagos. Consumer protection is a shared responsibility – businesses and consumers together build a transparent, accountable and truly consumer-friendly marketplace.

Nigeria’s greatest political tragedy may not be the absence of competent leaders, but the inability of its citizens to look beyond ethnic identity, religious affiliation and regional sentiments when choosing those who govern them.

For decades, our political consciousness has been shaped by the assumption that having a president or governor from our ethnic group guarantees collective prosperity. We have become so emotionally invested in the geography of political power that we often overlook the competence, character and capacity of those who exercise it.

Every election season, Nigerians are mobilised around familiar narratives: it is our turn, our region has been marginalised, or our tribe must produce the next president. These arguments frequently dominate political conversations, pushing more important questions about economic management, employment, education, healthcare and national development into the background.

Yet, after decades of rotating political power among regions, one fundamental question remains: How much has the ethnic identity of our leaders improved the living conditions of ordinary Nigerians?

There is a psychological satisfaction that comes with seeing someone from one’s ethnic group occupy political office. It creates a feeling of inclusion, recognition and collective accomplishment. But psychological satisfaction is not economic development. The fact that a president speaks your language does not automatically provide employment for your children, electricity for your business, affordable healthcare or food for your family.

A president from your village may offer a sense of political belonging while presiding over policies that impoverish your community. Conversely, a competent president from another ethnic group may implement policies that improve your livelihood and expand economic opportunities.

Which would you rather have? This is the fundamental question Nigerians must begin to ask themselves. Ethnic inclusion remains important in a diverse federation like Nigeria. However, there is a significant difference between promoting equitable representation and sacrificing competence to satisfy ethnic entitlement. Representation without competence is merely symbolic. Representation without accountability is politically convenient but developmentally meaningless.

Democracy is fundamentally a contest of ideas, policies, leadership capabilities and competing visions of society. Unfortunately, Nigeria’s democratic practice has increasingly become a negotiation among regional interests and powerful political elites.

Rather than prioritise the most competent candidates, political parties frequently devote considerable attention to zoning arrangements, ethnic balancing and the distribution of political offices. Consequently, the question is often not who possesses the best ideas for transforming Nigeria, but whose turn it is to occupy political office.

While zoning arrangements emerged partly to address legitimate concerns about exclusion, they should not become permanent substitutes for merit, accountability and democratic competition. A democracy that prioritises the distribution of offices over the delivery of public value risks becoming an expensive mechanism for managing elite interests rather than improving citizens’ lives.

Another troubling feature of Nigeria’s democracy is the assumption that elected political leaders are entitled to remain in office for eight years. Although the Constitution permits eligible presidents and governors to serve two four-year terms, a second term is not an automatic entitlement. It must be earned through performance and renewed public confidence.

Unfortunately, many politicians spend considerable time consolidating political structures, rewarding loyalists and positioning successors rather than delivering meaningful development.

What would happen if Nigerian voters developed the courage to change their political leadership every four years whenever performance fell below expectations? Imagine politicians knowing that their continued stay in office depended strictly on measurable results rather than ethnic loyalty, political propaganda or entrenched party machinery.

They would face greater pressure to deliver improvements in infrastructure, employment, education and healthcare. This is not an argument for removing every leader after four years regardless of performance. Rather, it is a call to establish a political culture in which re-election is earned, not presumed.

No politician should feel entitled to eight years in office simply because the Constitution permits it. Nigeria’s leadership crisis is also a crisis of political consciousness. We cannot continuously reward incompetence with ethnic loyalty and expect good governance. We cannot defend poor leadership because the president belongs to our tribe while condemning similar failures when someone from another region occupies the office.

Such selective standards weaken democratic accountability and encourage political godfatherism. Nigerians must become courageous enough to reject underperforming leaders, irrespective of their ethnic origins or political affiliations.

Our electoral decisions must be guided by competence, integrity, policy proposals, administrative experience and measurable achievements. The most important political identity any Nigerian should possess is citizenship.

Nigeria possesses extraordinary human potential, entrepreneurial energy and economic opportunities. Our challenge is creating a political system that consistently elevates competent individuals and holds them accountable. The leader capable of transforming Nigeria may not speak your language, practise your religion or come from your geopolitical zone.

But if that individual possesses the competence, integrity and vision to strengthen institutions, grow the economy and improve citizens’ lives, that is the leader deserving of your vote. We must stop asking whether the next president will come from the North or South, East or West.

We must start asking whether that person has the knowledge, character and capacity to govern Nigeria effectively.

The leader who will rescue Nigeria may not come from your tribe. Until we accept that possibility, we may continue sacrificing our collective future for ethnic victories that deliver little more than psychological satisfaction.

Nigeria must become greater than our tribes, and our loyalty to the nation must become stronger than our loyalty to those seeking political power.

Dr. Ikem is a public policy analyst, development communication scholar and media consultant.

MTN Nigeria’s profit after tax rose 55.3 percent to N1.17 trillion in the nine months ended September 2026, as strong data revenue growth, higher customer usage and improved operating efficiency lifted earnings at the telecommunications company.

The results highlight the growing contribution of data services to MTN’s business, with revenue from the segment increasing 35.8 percent to N2.68 trillion, accounting for about 58.5 percent of total service revenue.

MTN’s active data users increased 12 percent to 57.2 million, while average monthly data consumption per active user rose 16.2 percent to 15.3 gigabytes. This pushed network data traffic up 30.1 percent, according to the company’s third-quarter earnings release.

The figures show that growth is being driven not only by subscriber additions but also by deeper usage of existing services.

Data revenue grew considerably faster than active data users, indicating that increased consumption is contributing to the company’s earnings. However, MTN’s disclosures do not isolate the effects of higher usage from pricing changes or shifts in customer spending.

Total service revenue increased 23.7 percent to N4.59 trillion. Voice revenue grew 11.1 percent to N1.50 trillion, while digital revenue rose 24 percent to N88.3 billion. Fintech revenue, however, declined 25.9 percent to N97.5 billion, reflecting the suspension of its airtime and data credit service between April and June before its resumption under a multi-partner model.

Profitability grew faster than revenue. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 36.8 percent to N2.62 trillion, while the EBITDA margin expanded 5.5 percentage points to 56.9 percent. Operating profit rose 38.2 percent to N1.99 trillion, while profit before tax climbed 59.4 percent to N1.80 trillion.

Operating expenses increased 8.5 percent, below the 23.7 percent growth in service revenue. Lower net finance costs, down 25.3 percent to N277 billion, also supported earnings. However, tax expense rose 67.6 percent to N630.47 billion, limiting the growth in profit after tax.

Rising data consumption has also increased the importance of network capacity. MTN’s capital expenditure, excluding leases, rose 14.2 percent to N864.8 billion. The company said investment supported network coverage, capacity, service quality and home broadband expansion.

Its fibre-to-the-home business carries approximately 13 percent of total data traffic, helping ease pressure on the mobile network, according to the earnings release.

Cash generation remained strong despite the investment programme. Net cash from operating activities increased 48.2 percent to N2.31 trillion, while free cash flow rose 57.5 percent to N1.17 trillion. Dividend payments amounted to about N860 billion during the period.

Total assets increased 10.6 percent to N5.97 trillion at September 30, from N5.40 trillion at December 2025. Property, plant and equipment rose to N2.33 trillion, while shareholders’ equity increased 53.8 percent to N843.91 billion. Borrowings declined to N333.32 billion from N527.67 billion.

Cash and cash equivalents fell to N380.99 billion from N632.50 billion, reflecting investment spending, dividend payments and other cash movements. MTN nevertheless ended September with a net cash position of N47.7 billion. Speaking on the nine-month result, Karl Toriola, MTN Nigeria’s Chief Executive Officer, said: ‘We continue to deliver on our efficiency programme, expanding margins and strengthening cash generation despite energy cost pressures, and these gains are increasingly structural. Our balance sheet is strong, with borrowings fully naira-denominated and at fixed rates, eliminating foreign currency and floating-rate exposure on our debt.

‘We enter the final quarter with confidence and remain on track to deliver our guidance. Our priorities are clear: sustain growth, protect margins, scale home broadband and rebuild fintech momentum, while creating sustainable value for all our stakeholders.’

MTN Nigeria shares trade at N850 currently on the NGX, and they boast the third-largest market capitalisation on the stock exchange at N17.8 trillion and have returned 61.45 percent year-to-date for their shareholders.

Bassey Otu, Cross River State governor, Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal and public service reforms as evidence of progress under the People First Agenda, declaring that a second term would propel the state from economic recovery to wealth creation and shared prosperity.

Otu made the declaration in Calabar, while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general elections. He charged party leaders and campaign officials to take the administration’s achievements to the electorate, insisting that continuity was essential to consolidating the foundations already laid for sustainable development.

Reflecting on the circumstances surrounding his assumption of office in May 2023, the governor recalled that the state was grappling with insecurity, a demoralised public service and underutilised public assets. ‘We did not promise all things in one year, but we covenanted to stop the bleeding, clear the ground, recover the losses and restore abandonments,’ he said, describing the administration’s first phase as one of recovery and restoration.

On fiscal management, Otu disclosed that his government had reduced the inherited domestic debt of more than ?204 billion by over ?70 billion without taking fresh loans, bringing the outstanding debt to approximately ?132.3 billion as of March 2026. He also disclosed that internally generated revenue increased from ?21.1 billion in 2022 to ?46.3 billion in 2024. ‘Every debt retired is freedom for our children and house-cleaning for fresh fiscal air,’ he said, adding that improved revenue and financial discipline would strengthen investment in public services.

The governor identified the recovery of strategic public assets as another major achievement, citing the reclamation of Tinapa from the Asset Management Corporation of Nigeria (AMCON), the recovery of nearly N1 billion from Etung Cocoa Estates and other public assets, and ongoing efforts to reclaim the state’s oil wells and secure its interests in the Bakassi axis and proposed Deep Seaport.

He also highlighted improvements in security, the lifting of the employment embargo, the restoration of more than 3,000 local government workers to the payroll and the payment of the first tranche of gratuities after nearly two decades. ‘The government is not just concrete – it is the people,’ he said.

On infrastructure and economic revitalisation, Otu cited the reconstruction of the Obudu Cargo Airport runway, the revival of the Teachers Continuous Training Institute in Biase, the transformation of Akamkpa College into the University of Entrepreneurship and the concessioning of the Garment Factory and Obudu Ranch through public-private partnerships.

He also pointed to road construction and rehabilitation, increased and expanded Cally Air fleet and operations, as well as the growing economic impact of Carnival Calabar. ‘Continuity is an attitude of maturity,’ he said, arguing that completing inherited projects and sustaining viable investments were critical to the state’s progress.

Otu also highlighted agriculture and digital transformation as key drivers of future growth, noting investments in cocoa, rice, potatoes, palm fruits and cassava to strengthen food security and rural livelihoods.

He said more than 200 kilometres of fibre infrastructure had been deployed across Calabar, over 600 residents had received ICT training, and digital platforms were improving revenue collection and public service delivery.

He further cited Cross River’s selection by the World Bank GovTech Team for its 2026 AI in Governance and Public Administration Bootcamp in Seoul, South Korea, as international recognition of the state’s technological advancement.

Outlining his second-term priorities, the governor pledged to turn recovered assets into productive enterprises, complete major infrastructure projects, expand youth and agricultural enterprise programmes, establish industrial parks across the three senatorial districts and improve workers’ welfare.

Urging the campaign council to engage voters across the state’s 18 local government areas and 196 wards with facts and decorum, he said: ‘You do not change a farmer who has cleared the farm just when it is time to plant. You do not abandon a builder who has laid the foundation when it is time to raise the roof.’ He formally inaugurated the council, declaring that the campaign must be fought not for an individual, but for the future of Cross River and its people.

Seyi Makinde, Oyo State governor, has reiterated the importance of entrepreneurship to economic prosperity, noting that Nigeria’s natural resources alone could not guarantee prosperity without entrepreneurship, skills, knowledge and intensive production.

Makinde acknowledged the significance of having a growing group of businesses headquartered in Ibadan, and commended CapitalSage Holdings for its entrepreneurial journey and contributions to economic development in Oyo State and Nigeria.

‘Somebody has to take the risk on behalf of the people, so John Alamu and team, I congratulate you. I thank you for taking the risk on our behalf,’ he stated at the recent 10th anniversary and launch of CapitalSage Holdings’ new global headquarters in Ibadan, Oyo State.

He also pledged the state government’s continued support, while encouraging businesses and partners to work with the group. ‘When I was looking at your profile, I saw that you now have about 20 companies in the group. And those 20 companies are headquartered here.

‘I can assure you that we will continue to give our support as a government because we want you to continue to provide jobs and grow the economy of Oyo State,’ Makinde stated.

John Alamu, founded and group managing director, CapitalSage Holdings, stated that the new headquarters reinforces the group’s commitment to building from Nigeria while serving markets beyond its borders.

‘A business can have global ambitions without abandoning its roots. From Ibadan, we can build for Nigeria. From Nigeria, we can build for Africa. And from Africa, we can build for the world. That is what we are doing,’ Alamu stated.

He reiterated that the business started 10 years ago with personal conviction that problems could become businesses. ‘So, for us, the next ten years cannot simply be about becoming bigger.’

He disclosed that the next 10 years would be about creating generational wealth built on stronger, more enduring legacies. ‘We want to build businesses that a generation after us can inherit, improve and take further,’ Alamu stated.

As part of the anniversary celebrations, CapitalSage Holdings held a three-day public exhibition between October 29 and 31, 2026, at CapitalSage House, Kenneth Dike, Secretariat Road, Ibadan.

The exhibition opened daily at 10:00 a.m., allowing visitors to explore participating businesses, discover products and services, and engage directly with representatives across the group.

As CapitalSage Holdings enters its next decade, Alamu reiterated that the group remains focused on developing its businesses, strengthening partnerships and contributing to economic activity through enterprise, innovation and job creation.

He added that the business has grown over the past decade into a diversified group of companies with interests spanning financial services and technology, agriculture and food processing, manufacturing, healthcare, and cross-border payment solutions.

Aradel Holdings Plc grew revenue more than sevenfold in the nine months to September 2026, but the expansion did not translate into stronger bottom-line earnings as rising finance costs and tax expenses weighed on profit.

The oil and gas group reported revenue of N3.95 trillion for the nine months ended September 30, 2026, compared with N538.81 billion in the corresponding period of 2025. Gross profit rose to N1.66 trillion from N234.73 billion, while operating profit increased to N1.56 trillion from N167.53 billion.

However, finance costs climbed sharply to N841.13 billion from N21.39 billion, while tax expenses rose to N721.41 billion from N55.56 billion. Consequently, profit after tax fell 82.3 percent to N43.30 billion from N245.13 billion.

Profit after tax declined by 82.3 percent to N43.30 billion from N245.12 billion, while earnings per share dropped to N32.57 from N55.90.

The increase in finance costs was driven largely by the N529.10 billion unwinding of contingent consideration linked to the acquisitions of ND Western and Renaissance, alongside N251.06 billion in interest on bank borrowings. The unwinding charge is an accounting expense and should not be interpreted entirely as cash interest paid.

The revenue expansion also reflects a significantly larger business following Aradel’s acquisition of ND Western and Renaissance, completed on December 31, 2025. The 2026 figures therefore include businesses that were not consolidated on the same basis in the 2025 comparative period.

The enlarged group’s balance sheet reflected that expansion. Total assets rose to N10.76 trillion at September 2026 from N1.96 trillion a year earlier, while total liabilities increased to N8.81 trillion from N459.56 billion. Shareholders’ equity grew to N1.95 trillion from N1.50 trillion.

Cash and cash equivalents increased to N2.00 trillion from N411.83 billion. However, total borrowings also rose to approximately N1.51 trillion from N206.51 billion, reflecting the group’s larger financing structure.

Cash generation strengthened during the period. Net cash from operating activities reached N2.46 trillion, compared with N205.41 billion in the corresponding nine months of 2025. This was supported partly by a N1.38 trillion increase in trade and other payables, while the group paid N690.32 billion in taxes.

Investment spending also increased, with purchases of property, plant and equipment rising to N570.64 billion from N116.54 billion. Net cash used in financing activities widened to N1.32 trillion from N54.46 billion, reflecting outflows including interest, dividends, borrowing repayments and contingent consideration payments.

The company is generating substantially more revenue and operating cash, but facing a much heavier finance and tax burden as it integrates its enlarged business.

Aradel Holdings currently trades at N1439.9 and has a market capitalisation of N6.3 trillion; it has remained one of the most performing stocks on the stock exchange, returning 99.9 percent.

Otto Canon is a global sustainability leader committed to combating environmental degradation through recycling, tree planting, and policy advocacy. With over a decade of experience in social entrepreneurship and community development, he has collaborated with multilateral organisations to advance sustainable development. He is the founder and executive director of CleanCyclers; founder of SustainabilityUnscripted, and convener of the Global Sustainability Summit and Awards. A Fellow of the Royal Society of Arts (FRSA), Canon is dedicated to raising sustainability champions and building a planet where people and nature can thrive. In this interview with KENNETH ATHEKAME, he spoke on how sustainability can become Africa’s next trillion-dollar economic opportunity rather than just an environmental agenda and greatest potential to drive sustainable economic growth across Africa over the next decade. Excerpts:

How can sustainability become Africa’s next trillion-dollar economic opportunity rather than just an environmental agenda?

Sustainability has never been simply about protecting the environment; it is about building economies that can endure. It involves creating jobs, improving healthcare, strengthening food security, expanding energy access, restoring ecosystems and ensuring long-term prosperity. When sustainability is viewed as an economic strategy rather than a cost, the conversation changes completely. Africa has the world’s youngest population, abundant renewable energy resources, vast agricultural potential and extraordinary biodiversity. These are not merely challenges to manage; they are competitive advantages that can be transformed into economic wealth.

The next trillion-dollar opportunity lies in renewable energy, climate-smart agriculture, circular manufacturing, sustainable infrastructure, healthcare innovation, green logistics, climate technology, carbon markets, sustainable finance and nature-based solutions. Each of these sectors can generate investment, create jobs and stimulate industrial development.

A good example is the 100 million Tree Planting Initiative, recently launched at the Global Sustainability Summit at the House of Lords, Palace of Westminster, London. The initiative will include food-bearing and commercially valuable trees such as mango, avocado, cashew, cocoa and coffee.

Beyond environmental restoration, the initiative is designed to support economic development through agroforestry, improved food security, biodiversity conservation, carbon sequestration and green employment. It also presents opportunities to strengthen rural livelihoods and develop carbon-market activities, subject to appropriate verification and regulatory requirements.

The Global Sustainability Summit has also evolved beyond a conference into a platform for action, facilitating bilateral, trilateral and multilateral partnerships among governments, businesses, academia, investors, development institutions and civil society. These collaborations span renewable energy, healthcare, environmental restoration, the circular economy, sustainable agriculture, climate finance, innovation and education.

Ultimately, sustainability must be understood as an engine of investment, diplomacy and economic transformation. I often say that sustainability is not simply about saving the planet; it is about creating a future in which people, businesses and nations can thrive together. When we align people, planet and profit, sustainability becomes one of Africa’s greatest economic opportunities.

Which industries have the greatest potential to drive sustainable economic growth across Africa over the next decade?

Several industries stand out because they can address multiple economic and social challenges simultaneously.

Renewable energy is fundamental because no economy can grow sustainably without reliable and affordable power. Expanding solar, wind and other clean energy sources can improve electricity access, support industrialisation and reduce energy-related emissions.

Agriculture and food processing also offer enormous opportunities. Africa produces significant quantities of agricultural commodities but continues to face challenges in local processing, food security and value addition. Investing in agro-processing, storage, logistics and modern farming can reduce post-harvest losses, strengthen food systems and create employment.

Healthcare innovation and medical logistics will become increasingly important as the population grows and demand for accessible, quality healthcare increases.

The circular economy, including recycling, waste-to-energy, resource recovery and sustainable manufacturing, offers another major opportunity to transform waste into valuable economic assets.

Through CleanCyclers, we are demonstrating how specialised areas such as solar panel recycling can support the recovery of valuable materials, reduce environmental risks associated with improperly discarded panels and create opportunities for skilled green employment. As solar energy adoption expands across Africa, responsible end-of-life management of solar panels will become increasingly important. With the right infrastructure, technology and regulatory support, this could help establish new recycling and resource-recovery industries.

Technology and artificial intelligence will also transform education, healthcare, agriculture, environmental monitoring and financial inclusion. Green construction, sustainable housing, electric mobility, climate finance, carbon markets, biodiversity conservation and ecosystem restoration offer further opportunities.

The key is integration. These sectors should reinforce one another rather than operate in isolation. Platforms such as the Global Sustainability Summit can help connect governments, investors and innovators to develop partnerships, mobilise capital and accelerate sustainable investment.

How can African governments create policies that attract sustainable investment while accelerating economic development?

Investors value certainty as much as opportunity. Governments must therefore establish stable, transparent and predictable policies that encourage long-term investment.

This requires reducing unnecessary bureaucracy, simplifying licensing and permitting processes, addressing corruption and ensuring that regulations are consistently implemented. Investors also need confidence in the rule of law, contract enforcement and the protection of legitimate investments.

Public-private partnerships should play a more prominent role in financing sustainable development. Governments cannot meet all infrastructure and development needs through public spending alone, but they can create an enabling environment that encourages private capital to participate.

The Global Sustainability Summit has highlighted the importance of policy dialogue by facilitating engagements among governments, development partners, investors and private-sector leaders. Such discussions can help identify investment opportunities across renewable energy, sustainable healthcare, environmental restoration, circular economy initiatives and climate finance.

Governments should also consider targeted tax incentives for viable green industries, investment guarantees, improved infrastructure, accessible financing and effective regulatory frameworks. These measures must be transparent, carefully designed and linked to measurable development outcomes.

Most importantly, policymakers must look beyond political cycles. Sustainable development requires continuity, long-term planning and institutions capable of implementing policies consistently, even when administrations change.

Good policies attract investment, while good governance builds the confidence needed to retain it.

What role should African entrepreneurs and the private sector play in building a green economy that creates jobs and prosperity?

Entrepreneurs are not simply participants in the green economy; they are among its most important architects. Innovation often begins with people willing to approach familiar problems differently. African entrepreneurs understand local markets, consumer needs and community challenges, positioning them to develop practical, scalable and commercially viable solutions.

The private sector should invest in clean technologies, sustainable supply chains, workforce development, circular manufacturing and local industrialisation. Businesses must also recognise that sustainability is no longer merely a corporate social responsibility activity. It is increasingly a business consideration that affects operational efficiency, competitiveness, investment and access to markets.

Companies that use resources efficiently, reduce waste and develop environmentally responsible products can create new revenue streams while lowering certain operating costs and environmental risks.

Through CleanCyclers, we are demonstrating how sustainability-driven enterprises can address environmental challenges while developing commercial opportunities. Solar panel recycling, advanced resource recovery and circular economy innovation can help build industries that create employment, recover valuable materials and reduce dependence on virgin resources.

However, entrepreneurs need access to finance, appropriate technology, skilled workers, reliable infrastructure and supportive regulation to scale their businesses.

The most competitive businesses of the future will increasingly be those that combine financial performance with measurable environmental and social benefits.

How can Africa leverage innovation, artificial intelligence and technology to address sustainability challenges and remain globally competitive?

Artificial intelligence presents significant opportunities to accelerate sustainable development across Africa.

AI can improve agricultural productivity through precision farming, support disease diagnosis, reduce energy waste, strengthen disaster forecasting, improve supply-chain efficiency, monitor forests and expand access to education through personalised learning.

It can also improve the management of environmental restoration initiatives such as the 100 million Tree Planting Initiative. Digital tools can help map degraded landscapes, monitor tree survival, assess biodiversity recovery, identify climate risks and measure carbon sequestration. Reliable monitoring and verification would also strengthen transparency and accountability for investors and development partners.

However, technology alone is not the solution. It must address real problems and deliver measurable benefits to communities and businesses.

Africa must move beyond being a consumer of technologies developed elsewhere and become a creator of solutions tailored to its own needs, while also developing technologies that can compete in global markets.

The continent has talented young innovators, researchers and entrepreneurs. What they need are investment, mentorship, reliable infrastructure, research support and opportunities to scale their ideas.

We must also invest in digital skills, data infrastructure, responsible AI governance and affordable connectivity to ensure that technological progress benefits more than a small segment of society.

By combining African creativity with emerging technologies, the continent can strengthen its competitiveness and contribute meaningfully to global sustainability solutions.

Climate finance remains a major challenge. What practical steps can African countries take to attract more investment for sustainable development?

The first step is to develop bankable projects that can meet investors’ financial, technical and environmental requirements.

Although Africa has significant investment opportunities, many projects struggle to secure financing because of inadequate preparation, limited access to project-development capital, regulatory uncertainty and concerns about governance and implementation.

Governments and development institutions should strengthen project-preparation facilities, improve financial transparency, establish credible monitoring and reporting systems, and develop stronger institutional frameworks.

Africa should also expand the use of green bonds, blended finance, carbon markets, sovereign sustainability funds and regional investment platforms. Blended finance, in particular, can help mobilise private investment by using public or development capital to reduce specific risks that might otherwise discourage commercial investors.

Platforms such as the Global Sustainability Summit can help bridge the gap between project developers and potential sources of capital by connecting African initiatives with governments, development finance institutions, philanthropies, private investors and strategic partners.

However, these connections must translate into well-structured projects, clear financing arrangements and measurable results.

Climate finance should not be viewed solely as aid. It should also be recognised as an opportunity to invest in infrastructure, technology, industrial development and resilient economic systems. Africa must strengthen its capacity to prepare projects, demonstrate returns and build the trust required to attract long-term capital.

Africa is rich in natural resources. How can the continent create more value locally instead of exporting raw materials?

This is one of Africa’s greatest economic opportunities. For decades, many African economies have relied heavily on exporting raw materials while importing finished products at substantially higher prices. That pattern limits the value retained within the continent and constrains opportunities for industrial development.

We must invest more in local processing, manufacturing, refining, research, innovation and industrial infrastructure.

Instead of exporting cocoa beans alone, African countries should expand the production and export of processed cocoa products and premium chocolate. Rather than exporting raw minerals without further processing, countries should develop viable mineral-processing industries and, where commercially and technologically feasible, manufacture battery materials, electric-vehicle components and other advanced products.

Similarly, timber-producing countries can develop furniture manufacturing and engineered wood industries rather than relying predominantly on raw timber exports.

The circular economy offers another important pathway. Through the recycling of electronics, batteries and solar panels, Africa can recover valuable materials, reduce waste and strengthen resource security. This can create additional industrial opportunities while reducing pressure on natural resources.

Achieving this transformation requires reliable energy, transport infrastructure, technical skills, access to finance, research capacity and policies that encourage local production without undermining competitiveness.

Value addition creates opportunities for higher incomes, skilled employment, technology transfer and stronger domestic industries. Africa must progressively move from being primarily a supplier of raw materials to becoming a producer of competitive, high-value goods.

How can sustainability empower young Africans, create millions of jobs and reduce poverty?

Africa’s greatest resource is its people. With a large and youthful population, the continent has an opportunity to turn its demographic advantage into an engine of inclusive economic growth.

Achieving this will require investment in green skills, technical education, entrepreneurship, digital innovation, renewable energy, sustainable agriculture and circular economy businesses.

Sustainability initiatives can generate employment across a wide range of activities, from engineering and manufacturing to recycling, environmental monitoring, logistics, agricultural processing and ecosystem restoration.

The 100 million Tree Planting Initiative illustrates how environmental programmes can also support livelihoods. Beyond planting trees, the initiative can create opportunities in nursery development, seedling supply, land preparation, agroforestry, logistics, digital mapping, biodiversity monitoring, carbon measurement and long-term land management.

For these benefits to be sustainable, projects must provide appropriate training, fair compensation and meaningful participation for local communities. Tree planting must also be supported by suitable species selection, land rights safeguards, maintenance and long-term monitoring to ensure that the trees survive and ecosystems improve.

Young people should not simply be beneficiaries of sustainable development; they should be its leaders, innovators and entrepreneurs.

With access to skills, finance, mentorship and markets, young Africans can build businesses, create jobs and contribute to reducing poverty. The objective must be to move beyond short-term employment towards productive, dignified work that supports long-term economic security.

If Africa gets sustainability right, what could the continent look like by 2050 economically, environmentally and socially?

I envision an Africa that is energy-secure, food-secure, technologically advanced, economically resilient and globally influential.

It would be a continent where cities are increasingly powered by clean energy, healthcare is more accessible, and agricultural systems can feed domestic populations while supplying international markets.

I see innovation hubs competing globally, local industries creating higher-value products, and circular economy businesses turning waste into resources. I also see restored landscapes, healthier ecosystems and more resilient communities that are better equipped to withstand climate-related risks.

Initiatives such as the 100 million Tree Planting Initiative could contribute to restoring degraded land, strengthening agroforestry, supporting rural livelihoods and generating environmental benefits, provided they are implemented effectively and sustained over time.

I also envision African institutions playing a stronger role in international sustainability discussions, building partnerships that advance investment, research, technology transfer and practical solutions to shared global challenges. Platforms such as the Global Sustainability Summit can contribute by connecting stakeholders and supporting collaboration across borders.

Socially, I see a continent where women, young people and rural communities participate more fully in economic growth, and where more people can find meaningful opportunities within their own countries.

This future will not emerge automatically. It will depend on the quality of leadership, the strength of institutions, the consistency of public policies and the willingness of governments and businesses to make long-term investments.

Africa has the resources, talent and entrepreneurial potential to achieve this vision. The challenge is to convert those advantages into measurable improvements in people’s lives.

What is your message to African leaders, investors and the international community about Africa’s potential to lead the next era of sustainable growth?

My message is simple: Africa should no longer be viewed only through the lens of its challenges. It must be recognised as a continent with significant investment opportunities, entrepreneurial talent, natural resources and the capacity to develop solutions to global problems.

To African leaders, I say: lead with courage, integrity and long-term vision. Invest in people, strengthen institutions, provide reliable infrastructure and create an environment in which innovation and enterprise can flourish.

To investors, I say that Africa offers opportunities to generate financial returns while addressing some of humanity’s most pressing challenges. These opportunities span renewable energy, sustainable agriculture, healthcare, circular manufacturing, infrastructure, climate technology and environmental restoration. Realising them requires rigorous project assessment, responsible investment and a long-term commitment to local value creation.

To the international community, I say that meaningful partnerships must be built on mutual respect, shared responsibility and shared prosperity. Work with Africa, not merely for Africa.

Through the Global Sustainability Summit, we have brought together stakeholders from different countries and sectors to explore bilateral, trilateral and multilateral partnerships across renewable energy, climate finance, sustainable healthcare, environmental restoration, the circular economy, agriculture, education and innovation. The priority now is to translate these engagements into practical projects, investment commitments and measurable outcomes.

The 100 million Tree Planting Initiative is another expression of this ambition. Beyond its environmental objectives, it has the potential to support food security, rural livelihoods, biodiversity conservation, green employment and climate resilience, provided implementation is backed by adequate financing, effective monitoring and long-term community participation.

Through organisations such as CleanCyclers, we are also demonstrating how circular economy solutions, including solar panel recycling and advanced resource recovery, can help reduce environmental risks, recover valuable materials and create new industrial opportunities.

Our generation has a unique opportunity to redefine Africa’s development trajectory. If we approach sustainability as a catalyst for innovation, industrialisation, investment and inclusive growth, we can build economies that are more resilient, competitive and prosperous.

Africa possesses the talent, natural resources, entrepreneurial spirit and potential partnerships needed to play a leading role in the next era of sustainable development.

The future belongs to those who build it, and Africa must be ready to lead.