Category: Business Day

Nigeria’s businesses have received a major signal from the Central Bank of Nigeria (CBN), but the real test of its latest monetary policy decision will be whether the reduction in the benchmark interest rate translates into cheaper credit for businesses and increased financing for productive activity.

The Monetary Policy Committee (MPC) on Tuesday, , reset the Monetary Policy Rate (MPR) by 350 basis points from 26.5 percent to 23 percent, in what represents a significant recalibration after a prolonged period of tight monetary conditions.

The committee also recalibrated the Standing Facilities Corridor to +50/-300 basis points around the MPR, while retaining the Cash Reserve Requirement (CRR) at 45 percent for Deposit Money Banks, 16 percent for Merchant Banks and 75 percent for non-TSA public sector deposits.

While the size of the rate reduction is substantial, the CBN stressed that the decision should not be interpreted as a change in its underlying monetary policy stance. Instead, it described the move as an operational reset aimed at strengthening monetary policy transmission and restoring the MPR as the principal signal of monetary policy.

That distinction is central to understanding what the latest decision could mean for the economy.

The MPC said the divergence between the MPR and prevailing market rates had weakened the effectiveness of monetary policy transmission. The committee therefore considered the reset necessary to better align the monetary policy implementation framework with market realities.

The CBN’s ongoing repair of the monetary policy implementation framework, including the adoption of the Nigerian Overnight Financing Rate (NOFR) as a transaction-based operational benchmark, is expected to improve transparency in money-market operations and strengthen the transmission of monetary policy.

For businesses, however, the ultimate question is more straightforward: will the lower policy rate make borrowing cheaper?

The Centre for the Promotion of Private Enterprise (CPPE) believes the decision creates an opportunity for this to happen, particularly after businesses have endured elevated financing costs that have constrained investment, production and working capital.

According to Muda Yusuf, chief executive officer of CPPE, the reduction should help lower the cost of capital, improve business cash flows, stimulate investment and strengthen productive capacity.

Manufacturing, agriculture, construction, logistics and other sectors with long investment cycles and tight margins stand to benefit if commercial lending rates respond to the new monetary policy environment.

But Yusuf cautioned that the economic value of the decision will depend heavily on transmission.

Banks, he said, need to reflect the new monetary policy environment in the pricing of credit, with lending rates on both new and existing facilities progressively adjusting downwards.

Without meaningful transmission to borrowers, the impact of the policy adjustment on investment and economic growth would be limited.

This is also the concern of the Nigeria Employers’ Consultative Association (NECA), which welcomed the rate reduction but described it as a cautious development for businesses.

According to Adewale-Smatt Oyerinde, director-general of NECA, the reduction could support lower lending rates and improve access to working capital and investment financing, particularly for manufacturers and small and medium-sized businesses.

However, he noted that the speed and extent of the transmission would depend on how banks adjust their lending rates.

The retention of the 45 percent CRR for Deposit Money Banks also suggests that monetary conditions remain relatively tight despite the sharp reduction in the MPR.

This combination of a lower policy rate and unchanged reserve requirement is important because it shows that the CBN is attempting to improve monetary policy transmission while continuing to manage liquidity and inflation risks.

The revised corridor places the Standing Lending Facility at 23.5 percent and the Standing Deposit Facility at 20 percent. NECA said the adjustment could support improved liquidity management and monetary policy transmission.

The CBN’s decision comes against the backdrop of significant improvement in key macroeconomic indicators.

Headline inflation slowed to 15.39 percent in August 2026 from 15.43 percent in July, while food inflation declined to 19.57 percent from 20.31 percent.

Core inflation also moderated sharply to 13.29 percent from 14.97 percent, driven by lower costs of transport and healthcare services.

The 12-month moving average of headline inflation continued its decline to 16.30 percent in August from 16.89 percent in July, marking 20 consecutive months of moderation.

Month-on-month headline inflation also slowed to 0.71 percent from 1.57 percent, driven mainly by the moderation in food inflation.

For the MPC, the sustained moderation in inflation provides evidence that previous monetary tightening, exchange-rate stability and improved inflation expectations are helping to ease price pressures.

At the same time, economic growth has strengthened.

Real GDP grew by 4.43 percent in the second quarter of 2026, compared with 3.89 percent in the first quarter, reflecting improved performance in both the oil and non-oil sectors.

The non-oil sector expanded by 4.31 percent from 3.94 percent in the first quarter, supported by increased activities in information and communications technology, crop production, real estate, livestock, financial services and trade.

Oil-sector growth also accelerated to 7.31 percent from 2.57 percent.

The composite Purchasing Managers’ Index rose to 52.7 points in August from 51.1 points in July, suggesting continued expansion in economic activity.

The external sector has also strengthened, giving the CBN greater room to recalibrate monetary policy.

Gross external reserves stood at $55.25 billion on September 18, 2026, the highest level in 18 years and sufficient to finance approximately 11.3 months of imports of goods and services.

The balance of payments surplus improved to $3.51 billion in the second quarter from $2.38 billion in the first quarter, while the current-account surplus increased by 67.92 percent to $7.54 billion from $4.49 billion.

Uche Uwaleke, director of the Institute of Capital Market Studies and president of Capital Market Academics of Nigeria, said the 350-basis-point reduction was justified by moderating inflation, exchange-rate stability, improved FX-market liquidity and the accretion to external reserves.

He also linked the decision to the recently signed memorandum of understanding between the Minister of Finance and the CBN Governor on fiscal and monetary policy collaboration.

The improved macroeconomic conditions therefore provide the backdrop for the CBN’s attempt to move towards a more effective monetary policy framework.

But cheaper credit alone may not be enough to generate a sustained expansion in investment.

CPPE noted that a significant proportion of Nigeria’s inflationary pressures remains structural and supply-driven. Energy costs, logistics bottlenecks, insecurity, food-production constraints, infrastructure deficits and high regulatory costs continue to increase the cost of doing business.

This means that lower interest rates will need to be accompanied by supply-side reforms that reduce production costs, improve productivity, strengthen food and energy security and expand domestic productive capacity.

For businesses, the rate reduction could therefore provide relief on one important component of their operating costs, but it does not remove the broader constraints affecting production.

There are also risks to the new policy direction.

CPPE noted that the adjustment could affect interest-rate differentials and the relative attractiveness of naira-denominated financial assets, potentially creating risks of portfolio-flow reversals and renewed pressure on the foreign-exchange market.

However, Nigeria is approaching the policy transition with stronger external buffers, higher reserves and greater stability in the foreign-exchange market.

The CBN will therefore need to balance the opportunity created by lower rates with the need to protect the gains already made on inflation and exchange-rate stability.

The government could also benefit if the rate reduction translates into lower yields across the government securities market.

According to CPPE, the high-interest-rate environment has contributed significantly to the Federal Government’s domestic debt-service burden. A sustained moderation in interest rates could reduce the marginal cost of government borrowing and, over time, moderate domestic debt-service costs.

That could create additional fiscal space for infrastructure, security, education, healthcare and other development priorities.

Again, however, the fiscal benefit will depend on the extent to which the MPR adjustment translates into lower yields in the government securities market.

The banking industry itself enters this new phase with stronger capital buffers following the successful recapitalisation programme.

The MPC said the recapitalisation had strengthened banks’ resilience and capacity to finance long-term projects in critical sectors of the economy.

That creates an important opportunity for the latest monetary policy adjustment to move beyond financial-market indicators and affect the productive economy.

If banks respond to lower policy rates with more competitive lending rates, stronger capital positions could support greater financing for businesses and long-term projects.

But if lending rates remain high despite the MPR reduction, the transmission from monetary policy to the real economy could remain weak.

This makes the months ahead critical for businesses, banks, investors and policymakers.

The success of the September decision will not simply be measured by the movement of the MPR from 26.5 percent to 23 percent. It will be reflected in whether commercial lending rates decline, whether private-sector credit expands, whether investment responds, whether inflation continues to moderate and whether the foreign-exchange market remains stable.

The CBN has created more room for the cost of money to decline. CPPE and NECA, however, have highlighted the same fundamental challenge: the rate cut must reach the borrower.

For Nigeria’s businesses, that is where the real impact of the 350-basis-point reset will ultimately be determined.

The East-West Africa Amalgamation (EWAA), a regional organisation, which was inaugurated recently, has received a huge boost with a $10 billion investment fund.

The record investment in the future of the newly created regional organisation was made by the National Black Chamber of Commerce, USA. The historic gesture was recorded in Addis Ababa, Ethiopia at the inaugural of EWAA.

The new movement is designed to unlock Africa’s tourism, aviation, trade, commerce, and investment potential in propelling Africa’s economic development to a greater and sustainable height.

Tagged East-West Africa Amalgamation Through Tourism, Trade and Creative Arts, the new initiative is being curated and promoted by Motherland Beckons and IPADA Initiatives, both founded by Wanle Akinboboye, in partnership Accelerating Africa’s Growth Connect (AAGC), and Nigeria Association of Chambers of Commerce, Mines, Industry and Agriculture (NACCIMA).

Charles Debow, president, National Black Chamber of Commerce (NBCC), USA, announced the $10bn investment fund dedicated for the funding of businesses and trade on the continent at Ethiopia Skyline Hotel, Addis Ababa, amid appreciation by dignitaries from across the world.

According to Debow, the investment fund gesture was a move away from the tradition of talking and making unfulfilled promises to an era of practical and concrete action.

He assured on actualising the dream of EWAA through laid out action plans and transactions.

The investment fund, he disclosed, is to open investments and partnerships in the regions, and all over Africa and the Caribbean, for individuals, organisations and governments.

In addition to the investment fund, the National Black Chamber of Commerce through Debow, also announced opportunities of connecting individuals, organisations and governments in EWAA to 200 chambers of commerce networks spread across the United States of America and Canada.

The new wave of development aligned with the actualisation of the dream of Akinboboye, founder of Motherland Beckons and IPADA Initiatives, who through the years, have worked on his pet project of continent building through different activations.

One of them is the IPADA Initiatives, which two years ago inaugurated IPADA Celebrations, a mass movement of people and lovers of Africa from across the world to Africa to celebrate the beauty of the continent through tourism and investing in businesses to change the dynamics of the continent’s development paradigm.

Speaking at the event, Akinboboye, who doubles as the convener of EWAA, commended the president of NBCC and the organisation for the huge investment fund meant for projects in Africa and the Caribbean.

He called on individuals and organisations present at the event to make pitches for part of the investment fund for their projects, noting that it is going to be action immediately, and ‘no more talk.’

Some of the ongoing projects to be funded through the fund include those in Wolaita zone, and Wolyta Soddo, where La Campagne Tropicana Agro Ecotourism has taken off, with a huge investment in land areas and agreements already in place; La Campagne Agro-Eco Heritage Resorts and Farms in Taraba State, Nigeria and the Caribbean; and the about to take-off projects between La Campagne and the Ekiti State Government, Nigeria.

An indication that it was time for action as earlier canvassed by NBCC’s president and Akinboboye, were the pitches made on the spot by different individuals and organisations for a number of projects, with over 20 Memoranda of Understanding (MoU) signed.

As part of his individual support, Akinboboye made investments running into hundreds of dollars in different organisations at the event.

The United States (US) House of Representatives has received House Resolution 1546 to formally recognize October as Nigerian Heritage month across the US.

This major milestone for diaspora diplomacy and civic representation, was introduced by Representative Sanford D. Bishop, Jr. and championed by the Washington, D.C.-based Nigerian Center.

Nigerian Center, which advocated for the drive, is a national civic organization delivering legal services, financial empowerment platforms, and policy advocacy for African diaspora communities in the United States.

Representative Bishop underscored the community’s civic integration and economic influence during the introduction of the measure.

‘Nigerian Americans are among our most accomplished and highly educated citizens,’ Bishop stated. ‘They contribute so much to the rich fabric of our communities in Georgia and in many communities across the United States’.

‘I introduced House Resolution 1546 to recognize the generations of Nigerians who have immigrated to America’s shores and continue to make a difference in a wide range of fields such as medicine, engineering, technology, education, law, public service, entrepreneurship, sports, and the arts.’

The historic measure acknowledges the substantial economic, civic, and cultural contributions of Nigerian Americans while bolstering transatlantic ties between both nations.

To mark the legislative effort, the Nigerian Center will convene public officials, advocates, and community leaders for a formal press briefing in Washington on October 1, coinciding with Nigeria’s Independence Day.

US House Resolution 1546 highlights the measurable impact of the Nigerian-American demographic across vital sectors including healthcare, technology, higher education, financial services, public policy, and entrepreneurship.

Beyond domestic contributions, the resolution framing emphasizes the diaspora’s strategic role as an economic bridge fostering stronger bilateral trade, diplomacy, and enterprise exchange between the United States and Nigeria.

Echoing this stance, Representative Jonathan L. Jackson (IL-01), a key supporter of the initiative, noted that Nigerian heritage remains deeply intertwined with the broader American narrative.

‘October is an opportunity to recognize and celebrate the extraordinary contributions of Nigerian-Americans to the fabric of our nation,’ Jackson noted.

‘Nigerian-Americans have strengthened our communities through their leadership in business, medicine, education, science, the arts, faith, and public service. Their success reflects the enduring bonds between the United States and Nigeria and the power of the African diaspora to build bridges across nations and generations…. Nigerian heritage is American heritage, and we celebrate the people whose contributions make our nation stronger.’

Nkechi Ilechie, policy director at the Nigerian Center, described the congressional resolution as a pivotal validation of the community’s systemic role in American growth and institutional development.

‘This resolution is more than a recognition of our heritage; it is a recognition of the impact Nigerian Americans continue to make across the United States’.

‘….Nigerian Heritage Month gives our community an opportunity to celebrate our history while ensuring that our contributions are recognized as part of the broader American story,’, Ilechie said.

The October 1 briefing in Washington, D.C. will serve as the official launch pad for national commemorative events, establishing a recognized framework to showcase Nigerian-American achievement and deepen bilateral relations.

AG Mortgage Bank Plc grew its total assets by 48 percent to N33.04 billion in 2025 from N22.37 billion a year earlier, as the mortgage lender expanded its loan portfolio and strengthened its funding capacity.

Rev. Abel Amadi (PhD), chairman of the Board of Directors at AG Mortgage Bank, said the bank will continue to pursue growth while maintaining strong governance and risk management as it positions itself to benefit from Nigeria’s housing-finance needs.

‘The quality and sustainability of the Bank’s growth are as important as the growth itself,’ Amadi said in his address to shareholders at the bank’s 2026 annual general meeting.

According to the bank’s 2025 annual report, loans and advances rose 44 percent to N22.71 billion from N15.82 billion, while cash and cash equivalents surged 195 percent to N6.96 billion from N2.36 billion.

Customer deposits increased 14 percent to N9.48 billion from N8.31 billion, while shareholders’ funds rose 17 percent to N7.16 billion from N6.10 billion.

Total liabilities, however, increased 59 percent to N25.88 billion from N16.26 billion.

Amadi said the bank had continued to strengthen and diversify its funding sources during the year, highlighting the importance of appropriately structured, long-term funding to mortgage banking.

‘The Board remains committed to strengthening AG Mortgage Bank as an institution capable of delivering sustainable value to shareholders while fulfilling its important role in expanding access to housing finance in Nigeria,’ he said.

The chairman explained that the bank’s growth strategy was increasingly focused on building ‘a larger, stronger, technology-driven and customer-centric institution’ capable of serving Nigeria’s housing-finance opportunity effectively and sustainably.

The balance-sheet expansion came alongside stronger earnings, with gross earnings rising 42 percent to N4.93 billion in 2025 from N3.47 billion.

Profit Before Tax (PBT) increased 89 percent to N1.38 billion, while profit after tax rose 130 percent to N1.06 billion from N458.7 million.

Ngozi Anyogu, managing director/CEO of AG Mortgage Bank, attributed the performance to improved business volumes, stronger income generation and continued attention to the quality of earnings, despite elevated funding costs, inflation and reduced household purchasing power.

‘Despite the operating challenges, the bank delivered a significantly improved financial performance,’ Anyogu said.

He emphasised that the bank’s response to the challenging environment was to focus on ‘disciplined growth, strengthening our balance sheet, expanding funding capacity and improving the Bank’s ability to serve its customers.’

‘In marking the bank’s 21st anniversary, we released the revamped website which is poised to scale the operations of AG Mortgage Bank,’ he added.

Anyogu said the growth in the loan portfolio demonstrated the bank’s increasing capacity to deploy funding into mortgage and other appropriate lending opportunities while maintaining credit discipline and portfolio quality.

Looking ahead, the bank is committed to deepening its core mortgage business, expand housing-finance opportunities, diversify its funding base, improve customer experience and use technology and strategic partnerships to extend its reach.

Nentawe Yilwatda, National Chairman of the All Progressives Congress (APC), has affirmed that there is no threat posed by opposition parties ahead of the 2027 general elections, describing the opposition as ‘ mere cut and join parties’ who only exist on social media.

Speaking to journalists at the end of a three-day retreat in Maiduguri, Yilwatda said parties like the African Democratic Congress (ADC), the Nigeria Democratic Congress (NDC) and others pose no serious threat to the ruling party because the opposition is only participating, not contesting.

The event brought together members of the National Working Committee (NWC), elected members of the National Executive Committee (NEC), and state chairmen of the ruling party.

According to the APC chairman, the party’s electoral prospects remain formidable, citing recent outcomes from five by-elections held nationwide.

He taunted, ‘I think when we are talking about elections and those who are ready, we should not talk about this ‘cut and join’ opposition that can’t win a councilorship in the election.

He further said the ruling party secured victory in four of the contests, losing only one to the APM-not to the major opposition parties often touted in the media.

‘I believe they only exist on social media, not visible in major contests. We went to Ekiti and came first; the party that came second was the PDP, not the so-called opposition (ADC and NDC). We went to Osu and came second; none of those political parties you claimed won even a council seat

‘So if they can’t even win a councillorship, are we contesting against them? They are participants in this election, not contesting with us. We are very confident that our party can win this election; we are prepared to win the 2027 election.’

Yilwatda highlighted further electoral data from polls in Osun and legislative contests in the North and South-East, including Enugu, Kano, Bauchi, and Gombe, where the APC recorded strong showings.

He argued that media narratives regarding opposition momentum do not align with realities on the ground.

‘Even last week, we had a by-election in Adamawa, in Ganye local government, where Atiku comes from, and we won the election. We are very grounded, and I doubt if any party can challenge us because people know better now,’ He argued.

Retreat Resolutions and Votes of Confidence

Detailing the resolutions reached during the three-day retreat, Yilwatda announced that the party leadership observed a moment of mourning, extending condolences to the government and people of Niger State over the tragic loss of 37 miners.

He also noted that the NWC conducted a comprehensive review of the party’s structures from the national level down to the polling units, giving the APC a ‘clean bill of health’ as a strong, healthy, and well-oiled machine heading into 2027.

Crucially, the gathering passed a vote of confidence in President Bola Ahmed Tinubu, Vice President Kashim Shettima, and all party candidates emerging from primary elections.

‘We strongly believe that we produce some of the most credible candidates, most acceptable, and most prepared to serve the people of Nigeria,’ He stressed.

The party also resolved to intensify grassroots reconciliation efforts, urging state chapters to establish committees to consolidate unity and preserve past electoral gains.

The NWC pledged to lead campaigns from the front, highlighting the administration’s achievements.

Pointing to recent electoral breakthroughs in areas traditionally considered opposition strongholds-such as winning senatorial seats in states where the party previously struggled-Yilwatda expressed optimism about the APC’s widening national appeal.

The APC Chairman expressed gratitude to Nigerians for their support over the past three years. He called on citizens and party faithful to turn out en masse to re-elect President Tinubu and other APC candidates in 2027.

The road needed no advocate. It would cut freight transit time between an inland agricultural belt and the nearest port from four days to under one, in a corridor already carrying enough traffic to justify the investment on paper several times over. Government backed it. Local farmers’ associations had lobbied for it for a decade. An engineering feasibility study confirmed the alignment was sound. A well-regarded regional development bank had flagged it as a priority corridor. By any economic measure, the project should have existed already. Three years after the first term sheet was drafted, it still did not exist, and it was not the traffic projections, the government’s commitment, or investor appetite for transport infrastructure that had stalled it. It was that no one had ever actually finished building the project, as opposed to the road.

The financial model had changed hands twice and reflected assumptions no one could fully defend. The land along a third of the alignment had never been formally acquired, and the resettlement framework existed as a draft. The concession agreement allocated construction risk in a way no contractor would accept without repricing. Environmental approvals covered the original alignment, not the one that had since been revised for cost reasons. None of this made the road a bad idea. It made it, in the language investment committees actually use, not yet a project at all, merely a very good idea that had been mistaken for one.

The fiction of the bankable project

Infrastructure finance talks constantly about ‘bankable projects’ and ‘unbankable projects,’ as though bankability were a trait a project either possesses at birth or lacks, like a genetic condition diagnosed once and true forever. This language does real damage, because it locates the problem in the project’s essential nature rather than in the work that has or has not been done to it. A project is not bankable or unbankable. It is prepared or unprepared, and preparation is not a formality that follows a good idea. It is the substantial, expensive, technically demanding work that turns a good idea into something a fiduciary can actually approve.

This distinction matters because it changes where responsibility and investment should sit. If bankability were an inherent quality, the rational response to an infrastructure gap would be to search harder for projects that already have it, or wait for markets to produce more of them. If bankability is instead a constructed outcome, the rational response is to build the capacity that constructs it, deliberately, as infrastructure in its own right. The evidence overwhelmingly supports the second view. The road above was not short of demand, or government support, or an interested market. It was short of the unglamorous sequence of technical, legal and institutional work that converts an idea into a transaction, and no one had been paying for that sequence to be completed.

Five things that are not the same

The distance between an infrastructure need and an infrastructure asset in operation runs through at least five distinct stages, and conflating them is where much of the gap originates. A good idea is a project that makes economic and developmental sense; the road cutting transit time is a good idea in the most straightforward possible way. A good project adds a credible technical design and an initial cost estimate, still well short of what any financier requires. A bankable project has completed the harder work, feasibility studies robust enough to withstand institutional diligence, land secured, permits obtained, offtake or demand risk addressed, a legal and commercial structure that allocates risk in terms a lender will accept. A financeable transaction has gone further still, structured the actual capital stack, negotiated terms with specific lenders and investors, and resolved the documentation those parties require to commit. And an investable asset is what exists after financial close, generating the risk-adjusted return the capital structure was built around.

Each transition between these stages requires different capability, different capital, and different institutional actors, and the world’s infrastructure-finance conversation routinely collapses all five into a single word: bankable. Governments announce good ideas and call them pipelines. Development institutions catalogue good projects and call them investment opportunities. Investors are then asked to evaluate what is, in reality, still several stages of expensive, specialised work away from being a transaction they can finance, and when they decline, the conclusion drawn is that capital is scarce or risk-averse, rather than that the project was presented several stages too early.

The preparation gap, and why the market does not close it on its own

The reason this gap persists is structural, not accidental. Project preparation, the feasibility studies, legal structuring, environmental and social work, land acquisition, transaction advisory, is expensive, can run into the tens of millions of dollars for a major infrastructure asset, and carries a high probability of failure: a meaningful share of projects that enter preparation will not survive it, for good reasons discovered during the process itself. Commercial capital is structurally reluctant to fund this stage, not because commercial investors are short-sighted, but because the economics do not work for them. A commercial lender earns a return on capital deployed into a financed asset; it has no natural mechanism to earn a return on capital spent developing a project that may never reach financial close. Asking commercial capital to fund preparation is asking it to underwrite outcomes it cannot price.

This is precisely the kind of risk that development finance exists to absorb, and to its credit, much of the development finance system understands this in principle. In practice, funding for project preparation is frequently fragmented across donor grants, government budgets, and ad hoc technical assistance facilities that are too small, too short-lived, or too narrowly scoped to build a genuine pipeline. A preparation grant that expires before a project reaches financial close does not produce a bankable project; it produces a partially prepared one, competing for a second round of funding against a new cohort of equally partial projects. Fragmentation, more than underfunding in the aggregate, is what makes the preparation gap so persistent: the resources exist across the system, but rarely in a single, sufficiently capitalised, sufficiently patient instrument capable of carrying a project the full distance from concept to close.

What actually closes the gap

The instruments that work share a common design principle: they treat preparation as an investment with its own capital structure, not a grant to be dispensed and forgotten. Dedicated project-development facilities, capitalised patiently enough to fund a project through the full preparation sequence and structured to recover their costs, often through a development fee at financial close, from the projects that succeed, create the right incentive: the facility is paid for building bankable projects, not merely for spending a preparation budget. Revolving preparation facilities extend this further, recycling recovered development costs from successful projects back into preparing the next cohort, building institutional memory and technical capability that a one-off grant never accumulates. Transaction advisers, engaged early rather than brought in once a deal is already troubled, bring the specific skill of structuring a project simultaneously for developmental and commercial acceptability, the skill most conspicuously absent from the road project above. Standardised preparation frameworks and documentation, built once and reused across many projects in a sector, cut the cost and time of preparing each subsequent one. And project aggregation, bundling smaller assets that could not individually justify full transaction costs into a single prepared pipeline, makes preparation economical at a scale that matters.

Development finance institutions have a specific and underused role here: not simply as lenders of last resort once a project is already prepared, but as the patient capital willing to fund preparation itself, on the understanding that a meaningful share of what they fund will not survive to financial close, and that this attrition is the cost of producing the projects that do. Institutions that have internalised this, building dedicated project-development arms rather than treating preparation as an occasional grant line item, consistently produce deeper, more reliable pipelines than those that wait for bankable projects to appear and then compete to finance them.

Bankability is built

The central insight this article insists on is a simple correction to how the industry talks: the world does not have a shortage of bankable projects waiting to be financed so much as it habitually tries to finance projects before it has finished building them. Bankability is not discovered in due diligence. It is constructed, deliberately, through a sequence of technical, legal and institutional work that costs real money, takes real time, and requires real capability, and every stage skipped or rushed reappears later as a reason financing fails to close.

This connects directly to the first two articles in this series. Article 1 established that capital availability does not guarantee deployment, that the constraint is a shortage of investable projects rather than investable funds. Article 2 established that even a well-conceived project stalls when risk sits unallocated rather than translated into something a financier can hold. Bankability is where these two threads meet: it is the state a project reaches once its risks have been properly allocated and its preparation has been properly financed, the point at which capital that was always available and risk that has been properly translated finally have something ready to receive them.

Even a fully bankable project, however, still faces one more decision before capital arrives: not whether it deserves financing, but what kind of capital should provide it, at what cost, in what proportion of debt to equity, concessional to commercial, and on what terms. A perfectly prepared, perfectly de-risked project can still fail to close if it is offered the wrong capital structure, priced for the wrong risk profile, or sized against the wrong balance sheet. That is the question this series turns to next.

That is the Missing Middle of Financial Structure.

. Nwafor is founder and lead strategist at De-Lazuli Consult, an advisory practice focused on energy transition, project finance, DFI engagement and infrastructure investment facilitation. He writes from Lagos and Abuja. chidi.nwafor@de-lazuliconsult.com

In his opening speech, His Royal Majesty, Igwe Nnaemeka Alfred Achebe, Obi of Onitsha, who was chairman of the occasion, said: ‘I have watched Nigeria’s journey from the optimism of independence, through the turbulence of military rule, into the fragile and still-unfinished project of democratic self-governance. It is in that spirit of witness, and of shared responsibility, that I speak to you today.

‘You have chosen a theme of unusual gravity: ‘The Ballot, the Media and the Task of Keeping Democracy Alive.’ I want to dwell, for a moment, on that phrase – ‘keeping democracy alive.’ It presupposes something many of us take for granted. Some of us may think that democracy, once established, sustains itself. We think that it does not.’

The monarch noted that ‘Democracy is not a monument we erect and then walk away from. It is more like a fire lit to keep the house warm. It must be tended, fed, protected from wind and rain, or it dies quietly in the night while everyone believes it still burns.

‘In our Igbo tradition, the Obi does not rule by decree. He rules in council, in dialogue, in the constant testing of truth against the wisdom of elders and the voice of the people. Igbo democratic instinct is ancient. Even kingship here has always been checked by community, by consultation, by honest speech.’

According to him, ‘The ballot box, in this sense, is not an import grafted onto our soil. It is a modern vessel for an old African value, which states that legitimate power flows from the consent, the voice, and the informed judgment of the people. But consent is only be meaningful if it is informed. And this is where you, the editors of this nation, become not merely chroniclers of democracy but its guardians also.

‘The ballot is the citizen’s voice. The media is the mirror by which that citizen sees the world clearly enough to know what to say with that voice. When the mirror is cracked, or worse, deliberately distorted, the citizen no longer votes from truth but votes from illusion. And a democracy built on illusion is not genuine democracy but drama. It becomes a theatre.

‘This brings me to your sub-theme, which I confess unsettles me more than any topic I have addressed in recent years: ‘When Lies Look Real: Detecting and Debunking AI Disinformation Before, During and After Elections.’

‘We are living through a transformation as profound as the invention of the printing press, and perhaps more dangerous. For centuries, falsehood required a human liar, someone who had to look you in the eye, construct a story, and hope you believed it.

‘Today, falsehood can be manufactured by machines in seconds, with a persuasiveness that mimics truth so precisely that even trained eyes struggle to tell the difference. A voice that sounds exactly like a governor can now say something that the governor never said. A video can show a candidate in a place he never was; an image can depict violence that never occurred, timed precisely to inflame passions on the eve of an election.

‘This is no longer a hypothetical danger for some distant future. It is here, now, in our elections, in our WhatsApp groups, on our social timelines. And it is uniquely suited for our children because it exploit the very things that make our democracy vibrant, such as our diversity, our passionate political engagement, our deep trust in community and kinship networks as sources of information.

‘The same social fabric that has made resilience can now become the very medium through which falsehood spreads fastest, precisely because we trust the neighbour, the town union, the family WhatsApp group, more than we trust a stranger.

‘Therefore, to consider three responsibilities that fall upon you with particular weight in this era.’

The Obi stated that ‘The first is the responsibility of verification before speed. In the old order, being first with the news was honour. In this new order, being first with a lie dressed as news is a betrayal of the public trust, however unintentional. You must become, individually and institutionally, sceptical of anything too perfectly damning, too conveniently timed to be shared before it is checked. The discipline of pausing, of asking ‘how do I know this is true?’ must become as instinctive to rush to publish once was.

‘The second is the responsibility of literacy. You must understand the tools of disinformation well enough to detect their fingerprints. This includes the subtle unnaturalness in a synthetic voice, the inconsistent shadows in a fabricated image, and the coordinated pattern of accounts that spread a falsehood in unison. But detection alone is not enough. You must also become teachers, helping ordinary citizens, from the market woman in Onitsha to the undergraduate in Nsukka, to develop their own instincts for scepticism, without curdling that scepticism into a cynicism that trusts nothing at all. We must note that a citizenry that believes everything is as dangerous as one that believes nothing.

‘The third is the responsibility of courage. Debunking a lie that flatters your own political camp is far harder than debunking one that flatters your rival. True journalistic integrity in this era will require you to correct falsehoods regardless of who benefits from them, before, during, and yes, after elections, when the temptation to let a convenient narrative stand unchallenged is often strongest.’

In an era defined by artificial intelligence, digital transformation, global connectivity, and rapid technological advancement, the conversation about longevity has expanded beyond merely living longer. The critical question of our time is how to live longer while remaining healthy, purposeful, productive, and deeply connected to humanity. Longevity in the Digital Age is no longer exclusively a medical or biological concern; it is a multidimensional pursuit involving the mind, body, and social ecosystem.

Three interconnected pillars stand out as the foundation of sustainable longevity: curiosity, metabolism, and relationships. These elements influence not only the duration of life but also its quality. They shape how individuals adapt to change, maintain physical vitality, and cultivate emotional resilience in an increasingly digital world.

While technology continues to redefine human existence, these timeless principles remain central to thriving in the twenty-first century. They provide a framework through which individuals can navigate uncertainty, embrace innovation, and preserve their humanity amidst automation and technological disruption.

The power of curiosity: Fuel for lifelong growth

Curiosity is one of humanity’s most remarkable traits. It drives exploration, learning, innovation, and adaptation. From childhood through old age, curiosity serves as the engine of intellectual development and personal transformation.

In the Digital Age, curiosity has become more important than ever. The rapid evolution of technologies means that knowledge acquired today may become obsolete tomorrow. Individuals who maintain a curious mindset are better equipped to adapt to changing circumstances, acquire new skills, and remain relevant in a knowledge-driven economy.

Curiosity stimulates cognitive engagement and helps keep the brain active. People who consistently seek new experiences, ask questions, and explore unfamiliar ideas often demonstrate greater mental flexibility and resilience. Rather than fearing change, curious individuals embrace it as an opportunity for growth.

The digital revolution offers unprecedented opportunities for learning. Online courses, virtual libraries, podcasts, webinars, and artificial intelligence tools provide access to knowledge on an extraordinary scale. Yet access alone is not enough. The determining factor is the willingness to learn.

A curious person does not stop learning upon graduation. Instead, learning becomes a lifelong habit. Such individuals continually challenge assumptions, explore different perspectives, and develop the capacity to innovate.

Moreover, curiosity contributes significantly to psychological wellbeing. It creates a sense of wonder and purpose. Individuals who remain fascinated by life often maintain higher levels of optimism and engagement, regardless of their age. They approach the future with anticipation rather than anxiety.

For leaders, researchers, entrepreneurs, educators, and faith leaders, curiosity is especially essential. It enables them to understand emerging trends, identify opportunities, and respond creatively to complex challenges. In many respects, curiosity is the intellectual metabolism that keeps the mind alive and youthful.

Metabolism: The biological foundation of longevity

While curiosity nourishes the mind, metabolism sustains the body. Metabolism refers to the complex processes through which the body converts food into energy, repairs tissues, regulates hormones, and maintains vital functions.

A healthy metabolism is fundamental to longevity because it influences nearly every aspect of physical wellbeing. Efficient metabolic function supports cardiovascular health, immune strength, cognitive performance, and energy levels. Conversely, metabolic dysfunction contributes to obesity, diabetes, hypertension, cardiovascular disease, and numerous age-related conditions.

The Digital Age presents both opportunities and threats to metabolic health. Technological innovation has enhanced healthcare diagnostics, fitness tracking, and nutritional awareness. However, it has also encouraged sedentary lifestyles characterised by prolonged screen time, physical inactivity, poor sleep patterns, and excessive consumption of processed foods.

Many professionals spend countless hours sitting before computers and smartphones. While digital tools have improved productivity, they have simultaneously reduced everyday physical movement. This behavioural shift has become one of the most significant health challenges of modern society.

Longevity requires intentional metabolic stewardship. Individuals must recognise that health is not maintained by chance but through disciplined daily habits. Regular physical activity remains one of the most powerful interventions available. Walking, running, cycling, swimming, strength training, and other forms of exercise help maintain healthy metabolic function and reduce disease risk.

Nutrition also plays a critical role. A balanced diet rich in vegetables, fruits, whole grains, learning opportunities protein supports optimal cellular functioning. Equally important is adequate hydration and moderation in dietary choices.

Sleep represents another neglected but essential component of metabolic health. The body conducts critical repair processes during sleep. Chronic sleep deprivation disrupts hormonal balance, weakens immunity, impairs cognitive performance, and accelerates biological ageing.

As someone who integrates devotional prayer walks with physical exercise, I have observed that movement contributes not only to physical wellbeing but also to spiritual clarity and emotional renewal. The body was designed for activity, and maintaining metabolic vitality requires the deliberate integration of movement into daily life.

The future of longevity will undoubtedly benefit from advances in biotechnology, personalised medicine, wearable devices, and artificial intelligence-driven healthcare. Nevertheless, no technological breakthrough can substitute for the fundamental habits that preserve metabolic health.

Relationships: The social architecture of long life

If curiosity strengthens the mind and metabolism strengthens the body, relationships strengthen the soul. Human beings are inherently relational creatures. We thrive not in isolation but in community.

The significance of relationships becomes even more pronounced in the Digital Age. Despite unprecedented connectivity through social media platforms, messaging applications, and virtual communication channels, many people experience profound loneliness and social fragmentation.

Digital connection is not always synonymous with meaningful connection. An individual may have thousands of online followers yet still lack genuine companionship, emotional support, and a sense of belonging.

Strong relationships contribute substantially to longevity because they provide emotional stability, psychological resilience, and social support. Family bonds, friendships, faith communities, professional networks, and mentorship relationships all play vital roles in enhancing quality of life.

Healthy relationships act as protective factors during periods of adversity. People facing illness, grief, uncertainty, or major life transitions often cope more effectively when supported by trusted relationships. Connection reduces stress and fosters a sense of security and purpose.

Faith communities have historically demonstrated the power of relational networks. They provide opportunities for encouragement, accountability, service, shared values, and collective growth. Throughout human history, communities grounded in love, compassion, and mutual support have strengthened both individual and societal wellbeing.

Leadership itself is fundamentally relational. The most impactful leaders are not merely visionaries but people builders. They invest in relationships, nurture trust, and create environments where others can flourish.

In the Digital Age, cultivating authentic relationships requires deliberate effort. It involves moving beyond transactional interactions and embracing meaningful engagement. Listening carefully, expressing empathy, showing gratitude, and offering support remain timeless practices that technology cannot replace.

Relationships also stimulate mental and emotional vitality. Meaningful conversations challenge assumptions, expand perspectives, and contribute to lifelong learning. In this way, relationships reinforce curiosity while simultaneously promoting emotional health.

The interconnection of curiosity, metabolism, and relationships

These three pillars are not isolated factors; they are deeply interconnected.

Curiosity encourages individuals to learn about health, nutrition, exercise, and wellbeing, thereby supporting metabolic health. It also motivates people to understand others, appreciate diversity, and build stronger relationships.

A healthy metabolism provides the energy necessary to pursue learning, innovation, and meaningful engagement with others. Physical vitality enhances productivity, creativity, and social participation.

Relationships, in turn, influence both curiosity and metabolism. Supportive communities encourage healthy behaviours, inspire personal growth, and create opportunities for continuous learning. Strong social connections often motivate individuals to maintain healthier lifestyles and remain actively engaged with life.

Together, these elements form a powerful cycle of positive reinforcement. Curiosity keeps the mind vibrant. Metabolism keeps the body strong. Relationships keep the spirit nourished.

Longevity beyond survival

The ultimate goal of longevity is not merely extending the number of years lived but enriching the quality of those years. True longevity encompasses physical vitality, intellectual growth, emotional resilience, spiritual depth, and meaningful contribution to society.

In a world increasingly shaped by algorithms, automation, and artificial intelligence, humanity must not neglect the qualities that make life worth living. We must continue asking questions, caring for our bodies, and nurturing our relationships.

The future belongs not merely to those who master technology but to those who balance technological advancement with human flourishing. Curiosity, metabolism, and relationships provide that balance.

As we navigate the opportunities and complexities of the Digital Age, these three pillars offer a timeless pathway towards a longer, healthier, and more meaningful life. They are not merely contributors to longevity; they are its backbone.

By investing in lifelong learning, maintaining metabolic health, and cultivating authentic relationships, individuals can position themselves not only to survive the future but to thrive within it. The greatest measure of longevity is not simply how long we live, but how fully, wisely, and purposefully we live each day.

. Ademola, first African Professor of Cybersecurity and Information Technology Management, Global Education Advocate, Chartered Manager, UK Digital Journalist, Strategic Advisor and Prophetic Mobiliser for National Transformation, public intellectual, and African governance thinker and General Evangelist of CAC Nigeria and Overseas

President Bola Tinubu is now expected to return to Nigeria on Tuesday, after his working vacation that took him to the United Kingdom and France almost a month ago.

Onanuga had, on the 21st of September, assured Nigerians that the President was billed to return home this weekend, ‘following the extension of his working vacation by a few days.’

But BusinessDay gathered from a highly reliable presidency source that the President will now return to Nigeria on Tuesday

The President had departed Nigeria on August 30 for London, on the first leg of his initial three-week working vacation.

After spending a week in London, he moved to Paris, France, to complete the vacation

But at the end of the vacation on the 21st of September, Onanuga revealed that the President was extending his vacation by ‘ a few days’, adding that he will now return this weekend, which ended on Sunday, 27th of September.

BusinessDay checks, however, show that there was no indication that the President will return as earlier planned

BusinessDay gathered that the President, who is expected to give his 1st October nationwide address as part of the event marking Nigeria’s 66th Independence Anniversary, will return to Nigeria on Tuesday.

BusinessDay was informed that the President will now return on Tuesday, following a telephone chat with some of his aides

There was, however, no official explanation as to why the President decided to shift the date of his return

The President had, while in France, met with French President Emmanuel Macron and businessman Vincent Bollore, whose media group includes Canal+, Multichoice, and Universal Music Group.

The President also witnessed the signing of the Memorandum of Understanding between the Ogun State government and DP World for the development of a $7b deep-sea port

The signing of Memoranda of Understanding between the Ogun State Government and DP World, one of the world’s leading ports and logistics operators, opens opportunity to develop the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport, according to Presidential Spokesman, Bayo Onanuga.

The project, with an initial investment of more than $7 billion in the Nigerian economy, is expected to create more than 50,000 direct jobs and many additional indirect opportunities, while generating substantial non-oil export earnings from Nigerians’ creativity and productivity across the value chain, when fully developed

The proposed port, which will be located at the Ogun Waterside, with a four-kilometre berth and an 18-metre draft, is conceived to help decongest the Lagos port corridor, ease pressure on the Apapa and Tin Can Island ports, and reduce costs and delays for importers, exporters and consumers.

It will also accommodate the larger, deeper-draft vessels that support modern global commerce and provide a competitive trade and logistics gateway for the African Continental Free Trade Area, positioning Nigeria to serve a continental market of approximately 1.4 billion people.

Ogun State Blue Marine Special Economic Zone is proposed to be accommodated on 10,000 hectares

President Tinubu also continued to keep in touch with home, directing the affairs of the nation, like ordering an independent panel to investigate the death of 37 illegal miners in Minna, following their detention by the Nigeria Security and Civil Defence Corps, among other things

The President also delegated Vice President Kashim Shettima to represent him at some official functions, including the 81st edition of the United Nations General Assembly

Though Shettima had left Abuja on September 20 for New York to attend the 81st United Nations General Assembly, while the Vice President was away, George Akume, the Secretary to the Government of the Federation, continued with the plans for Nigeria’s 66th anniversary

Onanuga said the President was also in control of his political campaign plans, working with Abubakar Yari, the Director-General of the Presidential Campaign Council (PCC), who has been leading notable party leaders in consultations with prominent traditional rulers in the country.

Presidency described the baseless insinuation by former Vice President Atiku Abubakar and a United States-based lobbying firm headed by an ex-convict about President Tinubu’s non-attendance at UNGA as irresponsible.

Many had argued that the President should have written to the National Assembly to formally hand over powers to Vice President Shettima, in line with the provisions of Section 145 of the 1999 Nigerian Constitution

According to the section, ‘ a president on vacation or away must send a written letter to the National Assembly to make the Vice President the acting president.

The section mandates that the ‘President must write to the Senate President and the Speaker of the House of Representatives before leaving.

‘Once the letter arrives, the Vice President automatically acts as the President.

The section also placed a 21-day limit, after which the National Assembly can, through a simple majority, vote that powers be handed over to the Vice President.

‘If the President is away or unable to write for 21 days without handing over power, the National Assembly can vote by a simple majority to make the Vice President the Acting President’

But Bayo Onanuga insisted that the President was on ‘Working vacation’, adding that the President also maintained control of the activities of government.

‘He remains in daily contact with state officials, and is actively running the country from abroad’, he said

While reading Bismarck Rewane’s comments in Nairametrics about the Central Bank of Nigeria’s decision, some days ago, to reduce the Monetary Policy Rate from 26.5 percent to 23 percent, one description in particular caught my attention. He called the 350-basis-point reduction a ‘jumbo cut.’

Rewane warned that lower interest rates could reduce returns on naira savings, drive investors toward alternative assets, and put pressure on the currency. His comments prompted me to look beyond the financial markets and consider what the decision could mean for real estate.

What happens to the developer trying to finance a project, the retailer considering another outlet in Lagos, the landlord protecting an investment, and the tenant already struggling with service charge costs? Will cheaper money really produce cheaper buildings?

The immediate assumption is that borrowing should become cheaper, development easier, and more projects financially viable. But in real estate, one change alone is rarely enough to shift the market.

Property is among the first places Nigerians turn when they lose confidence in the naira’s value. As returns on deposits and fixed-income investments decline, land and buildings become more appealing stores of value.

In my experience, well-located, income-generating properties with reliable tenants and strong cash flows usually attract more investor interest.

Nigeria already has too many properties developed mainly as places to store money. Their owners did not begin by assessing demand, location, affordability, or the businesses expected to occupy them. This is one reason we have vacant office buildings, underperforming retail developments, and residential properties priced well above effective demand in their locations.

Lower interest rates must not become another excuse to build without doing the research.

Cheaper money cannot remedy a bad location. It cannot generate footfall, create disposable income, or attract the right tenant mix. Nor can it transform an unsuitable design into a commercially successful property.

According to my friends in the financial sector, banks do not price loans solely based on the Monetary Policy Rate. They also consider the borrower’s risk profile, collateral, cash flow, operating costs, and the likelihood of repayment.

A developer may hear that the MPR has dropped to 23 per cent and still receive a loan offer at a rate that makes the proposed development financially unviable. The relevant test is not the figure announced by the CBN, but the actual cost of credit available to productive businesses.

In practice, I have seen proposed developments fail on paper before construction starts because the projected rent cannot cover the financing costs.

It is worth noting that, just days before the CBN’s decision, the United States Federal Reserve raised its benchmark interest rate. Higher American rates can make dollar assets more attractive to international investors, while Nigeria has reduced its headline rate. The combined effect could add pressure to the naira, although exchange rates depend on many other factors.

This does not mean that the CBN reduced its rate because of the American decision. The CBN explained that the former MPR had become disconnected from the rates prevailing in the Nigerian financial system. It described the adjustment as an operational reset intended to make the MPR a more effective policy signal.

That explanation matters. But capital responds to returns and risks, not terminology.

For the property industry, a weaker naira could quickly offset any benefit from lower interest rates.

Many components required for property development are either imported or exposed to foreign-exchange movements. Elevators, air-conditioning systems, electrical equipment, security systems and specialised machinery all carry some degree of foreign-exchange exposure.

A developer may save money from a slightly lower interest rate but lose far more because of higher construction costs. The issue is not whether one cost has fallen, but whether the total cost of delivering the property has decreased.

Commercial properties require electricity, security, cleaning, technology, maintenance, and periodic equipment replacement. If the naira weakens, a building’s operating costs may rise. Those costs will eventually show up as higher service charges and rents.

A retailer may pay more for stock, energy, and transportation while also facing higher costs to occupy its premises. The landlord may need higher rent to protect the investment’s value, but the tenant can pay that rent only if the business generates sufficient revenue.

That is why the health of the property market is inseparable from the health of the businesses operating in our properties.

If commercial lending rates eventually decline, businesses may find it easier to expand. Retailers could open more outlets, manufacturers might increase production, logistics companies may need additional warehouses, and professional firms could take on more office space.

Lower debt-servicing costs could benefit the government, but only if the savings are put to productive use.

If the savings are directed towards roads, electricity, transportation and other productive infrastructure, the property market will benefit substantially. Better infrastructure improves accessibility, reduces business costs, expands catchment areas and increases the commercial viability of locations.

If cheaper borrowing simply encourages government to borrow and spend more, little will have been achieved.

In my view, Rewane’s most compelling point is that monetary policy cannot substitute for fiscal policy.

The CBN may adjust interest rates, but it cannot repair roads, provide electricity, streamline construction approvals, or prevent wasteful public expenditure. Nor can it ensure that developers conduct proper feasibility studies or that a retail development has enough consumers within its catchment area.

If government spending remains inefficient and domestic production does not increase, additional liquidity may simply compete for the same limited supply of goods and services. Inflation could rise again, the naira could face greater pressure, and the anticipated benefit of cheaper money would vanish.

Airports, toll roads, transport terminals, power projects and other concessioned assets often generate revenue in naira while paying for technology, equipment and specialist maintenance services in foreign currency.

A reduction in local interest rates may help their financing costs. However, a weaker naira can widen the gap between local income and foreign-currency obligations.

That is why every infrastructure project needs a sound business plan that accounts for interest rates, inflation, exchange-rate movements, operating expenses, and users’ ability to pay.

In 1992, James Carville placed a simple reminder inside Bill Clinton’s campaign headquarters: ‘The economy, stupid.’ It was intended to keep the campaign focused on the issue that mattered most to voters, and it became one of the defining messages behind Clinton’s victory over an incumbent president. I have returned to that expression in previous articles because its lesson extends beyond elections. We are often distracted by individual announcements when the real issue is the broader economy surrounding them.

In this case, for Nigerian property, it is not simply the interest rate, stupid. It is the economy around that interest rate: the exchange rate, construction costs, infrastructure, effective demand, and the strength of the businesses expected to occupy our properties.

The opportunity is not simply to build more properties as returns elsewhere decline. It is to direct capital towards property and infrastructure underpinned by measurable demand: logistics facilities, neighborhood retail, data centers, healthcare facilities, student accommodation, and transport-linked commercial developments.

The CBN has made money cheaper. Whether that lowers the cost of producing and occupying property is an entirely different question.