Category: Business Day

In Africa, millions of people who form the backbone of the continent’s informal economy, street vendors, boda riders, small traders, and artisans remain locked out of traditional financial systems.

They are the ‘Every Day Earners,’ individuals working tirelessly to provide for their families. For many, smartphones, credit, or insurance have long been luxuries out of reach. But M-KOPA, an inclusive fintech that transforms traditional barriers into opportunities, is rewriting this narrative by making financial access not just possible, but affordable.

‘What matters most to us is how many people we’re actively serving every day, those who stay engaged with us over time. Our active customer number reached 3 million for the first time this year,’ said Jesse Moore, co-founder and CEO of M-KOPA.

‘When we ask customers, ‘Does M-KOPA make your life better?’ 9 out of 10 say yes. That’s a tangible and meaningful impact on millions of lives,’ Moore added.

According to the M-KOPA 2025 Impact Report, the company addresses a critical gap in Sub-Saharan Africa, where 60 percent of the population has internet coverage, but only 27 percent can afford to access it.

The report added that since 2020, M-KOPA has enabled 2.5 million first-time smartphone users, with 81 percent of women customers reporting they couldn’t afford a smartphone without M-KOPA.

‘For 55 percent of customers, M-KOPA represents their first access to any formal financial product, while 67 percent are accessing health insurance for the first time,’ it said.

Closing the financial inclusion gap

According to the World Bank’s 2025 Global Findex, 62 percent of adults in sub-Saharan Africa lack formal bank accounts, while 88 percent have never borrowed from a formal institution.

The challenge is that most financial systems are designed around salaried workers with steady incomes, rather than self-employed market traders or gig workers who often lack payslips or collateral.

M-KOPA has developed an inclusive model that breaks these barriers. With a small deposit, customers can access essential products like smartphones or electric motorbikes. They then repay in affordable daily instalments through M-KOPA’s digital platform without collateral or guarantors.

For most everyday earners, a smartphone is the first step into the digital economy. Yet affordability remains a major obstacle, as 67 percent of Africans do not own one.

The report added that M-KOPA’s smartphone financing has turned that barrier into a gateway. Nearly 80 percent of its customers report they could not have afforded a smartphone without M-KOPA.

‘Through its ‘More than a Phone’ platform, 70 percent of customers use their M-KOPA smartphone to generate income, and 59 percent report higher earnings since ownership,’ the report added.

Beyond voice calls and messaging, customers gain access to affordable data bundles, digital loans, device protection, and even health insurance.

Over the past year, M-KOPA has bundled more than 1 million hospitalisation insurance policies with smartphones, providing a safety net where previously 88 percent of adults were uninsured.

For entrepreneurs like Lydia, a Kenyan porridge seller, the impact report pointed out that this access was life-changing. Once limited by a $25 feature phone, she now uses her financed smartphone to market her food business online, secure small loans, and expand into a kiosk. Her income has risen by 300 percent, and she now employs others.

Unlocking credit for the first time

Daily device repayments not only give access to products but also build a credit history. For many, these are their first steps into formal finance.

In fact, the impact report disclosed that 38 percent of M-KOPA customers report that their digital loan through the platform was their first-ever formal loan.

Since its founding in 2010, the report disclosed that M-KOPA has served more than 7 million customers across Kenya, Nigeria, Uganda, Ghana, and South Africa, unlocking over $2 billion in credit.

‘In 2025 alone, 86 percent of customers surveyed said M-KOPA improved their quality of life, while 70 percent reported using their products for income generation,’ it said.

These loans range from working capital for micro-businesses to emergency cash support. Customers like Suliyat, a rice seller in Nigeria, have used M-KOPA loans to grow their businesses and avoid the exploitative lending practices that dominate informal markets.

Beyond Phones: Transport and Insurance

M-KOPA has also expanded into e-mobility, financing over 4,000 electric motorbikes across Kenya and beyond

For riders who depend on motorbikes to earn, e-mobility financing reduces fuel costs, boosts daily savings by an average of $5.62, and contributes to cleaner urban air.

‘Insurance, another pillar of financial resilience, is embedded seamlessly into M-KOPA’s model. Two-thirds of its customers accessed health insurance for the first time through the platform,’ it said.

For many women, this feature is a deciding factor in purchasing a phone. In Kenya, 40% of female customers reported choosing M-KOPA specifically for its bundled health coverage.

Bassey Otu, governor of Cross River State, has reaffirmed his administration’s unwavering commitment to strengthening the judiciary as the state commenced the 2025/2026 Legal Year with a thanksgiving service at the Assemblies of God Church, Akim, Calabar.

Represented by Elvert Ayambem, speaker of the State House of Assembly, Otu described the thanksgiving as ‘sublime’ and praised the tradition of placing God at the center of judicial duties. He congratulated members of the Bar and Bench on the successful completion of the 2024/2025 legal year, commending their dedication, courage, and patriotism.

The governor, however, urged renewed focus on persistent challenges in justice delivery, particularly delayed trials, the over-reliance on punitive justice, and the need for continuous training of judicial officers. ‘Justice delayed is justice denied,’ he warned, stressing that prolonged detentions without speedy trials remain a grave disservice to humanity.

Otu advocated broader use of Alternative Dispute Resolution (ADR) to ease prison congestion and promote restorative justice through community service, which he said would better rehabilitate offenders and reduce the burden on correctional facilities.

Announcing new reforms, the Governor disclosed that his administration had approved the construction of nine new courts across the state to decongest existing ones. He revealed that reconstruction of the fire-ravaged High Court in Ogoja is underway, SUVs have been distributed to judges to ease mobility, and a long-standing dispute with 30 magistrates has been amicably resolved with payment of their salaries and arrears.

He further outlined plans to renovate all court facilities in the state, adding that the government is considering either a full-scale renovation of the Judiciary Complex or the construction of a new multi-purpose hall. ‘The judiciary, as one arm of the tripod of governance, will continue to enjoy deserved attention under my watch,’ Otu assured.

In her address, Akon Ikpeme, chief judge of Cross River State, expressed appreciation to the Governor for his sustained support, particularly the provision of 20 vehicles to judges, including seven new ones distributed this September. She also acknowledged his commitment to improving court infrastructure and judicial welfare.

Justice Ikpeme highlighted milestones achieved under her tenure, including the appointment of 15 new judges since May 2021 and a remarkable 45% revenue increase above the 2024 target at the judiciary headquarters, an accomplishment she credited to staff dedication. She, however, appealed for further infrastructural upgrades, especially the renovation of magistrate courts and the construction of a larger ceremonial hall for official judicial sessions.

The thanksgiving service featured scripture readings, Choir ministrations, and intercessory prayers for a fruitful legal year. Delivering his exhortation titled ‘Gratitude to Jesus Christ Our Advocate’ (1 John 2:1; 1 John 3:8-9), the Calabar District Superintendent of the Assemblies of God Church, Rev. Orok Nkebem, reminded the congregation that the law was not made for the righteous but for sinners, affirming Jesus as the ultimate advocate interceding for humanity.

Dignitaries at the service included the Deputy Speaker of the House of Assembly, Hon. Sylvester Agabi; Secretary to the State Government, Prof. Anthony Owan Enoh; Chief of Staff to the Governor, Dr. Emmanuel Ironbar; Attorney General and Commissioner for Justice, Ededem Ani, Esq.; Commissioner for Youth Development, Barr. Ijom Ukam; Special Adviser on General Duties, Ekpenyong Akiba; members of the Diplomatic Corps; Service Commanders; members of the Silk; senior lawyers; and other distinguished guests.

The thanksgiving precedes the formal court session at the Judiciary Headquarters, which will officially mark the beginning of the 2025/2026 Legal Year in Cross River State.

The U.S. State Department on Monday placed Brazil and South Africa on its human trafficking watch list, citing failures to show sufficient progress in combating forced labor and sex trafficking.

Both countries were downgraded to the Tier 2 Watch List in the department’s annual Trafficking in Persons (TIP) report. The ranking means they must demonstrate greater efforts against trafficking or risk possible U.S. sanctions.

The TIP report acknowledged ‘significant efforts’ by both governments but said results fell short.

For South Africa, the report cited the launch of the country’s first sub-provincial task team and more convictions of traffickers. However, it said the government identified fewer victims and initiated fewer prosecutions compared to previous years.

In Brazil, the report noted a decline in trafficking investigations, prosecutions, and initial convictions.

Downgrade deepens Trump’s rift with both countries

The downgrade comes amid heightened tensions between both countries and the Trump administration. President Donald Trump has accused South Africa of persecuting its white minority and has imposed tariffs, visa restrictions, and sanctions. Brazil has also faced tariffs and restrictions following the trial and conviction of former President Jair Bolsonaro, a close Trump ally.

‘Human trafficking is a horrific and devastating crime that also enriches transnational criminal organisations and immoral, anti-American regimes,’ Secretary of State Marco Rubio said in a statement, though he did not comment on the specific country rankings.

The TIP report was released nearly three months late after most staff in the office that prepares it were laid off. Deputy Secretary of State for Management and Resources Michael Rigas told Congress that staffing in the Office to Monitor and Combat Trafficking in Persons had been reduced by 71% this year as part of wider cuts.

Democratic lawmakers earlier raised concerns about the delay. Unlike in previous years, no State Department officials were made available to brief reporters on the report.

Schneider Electric has announced two new reference designs developed in collaboration with NVIDIA, aimed at helping data center operators accelerate the deployment of AI-ready infrastructure while ensuring reliable power and advanced cooling.

The first release introduces what Schneider calls the industry’s first reference design integrating power management and liquid cooling controls, including Motivair by Schneider Electric technologies. The framework is built for interoperability with NVIDIA Mission Control, the company’s orchestration software for AI factory operations. By connecting operational technology (OT) and information technology (IT) systems, the design provides a blueprint for seamless management of complex AI infrastructure.

The second focuses on NVIDIA GB300 NVL72-based clusters, supporting rack densities of up to 142 kilowatts per rack. The co-engineered design provides a framework covering facility power, cooling, IT space, and lifecycle software for high-density AI data halls. Available in both ANSI and IEC standards, it is tailored to support the next-generation NVIDIA Blackwell Ultra architecture.

Tackling AI’s infrastructure demands

As artificial intelligence workloads grow more intensive, data centers face pressure to deliver massive compute power without compromising efficiency or uptime. Schneider Electric said its new reference designs address those challenges by combining tested blueprints with ‘plug-and-play’ interoperability across critical systems.

‘Schneider Electric is streamlining the process of designing, deploying, and operating advanced AI infrastructure with its new reference designs,’ said Jim Simonelli, Senior Vice President and Chief Technology Officer at Schneider Electric. ‘They are future-ready, scalable, and co-engineered with NVIDIA for real-world applications – enabling data center operators to keep pace with surging demand for AI.’

The controls reference design connects edge devices and facility systems across NVIDIA GB300 NVL72 and NVIDIA GB200 NVL72 deployments, using MQTT protocols to bridge OT and IT environments. According to Schneider, this allows operators to optimize uptime by monitoring power profiles, managing redundancy across cooling and power distribution, and feeding critical infrastructure data into digital twins and enterprise systems.

NVIDIA welcomed the move as part of a broader shift toward integrated data center design. ‘We are entering a new era of accelerated computing, where integrated intelligence across power, cooling and operations will redefine data center architectures,’ said Scott Wallace, Director of Data Center Engineering at NVIDIA. ‘With its latest controls reference design, Schneider Electric connects critical infrastructure data with NVIDIA Mission Control, delivering a rigorously validated blueprint that enables AI factory digital twins.’

Blueprint for AI Factories

The GB300 NVL72 reference design provides the foundation for AI factories powered by clusters of up to 1,152 GPUs. Using liquid-to-liquid coolant distribution units and high-temperature chillers, the design enables data centers to host multiple GB300 NVL72-based clusters while maintaining efficiency.

Schneider Electric also integrates its ETAP and EcoStruxure IT Design CFD models, enabling operators to simulate power and cooling scenarios before deployment. These digital twin capabilities are intended to reduce deployment risk and optimize performance for unique applications.

The latest announcement builds on nine previous AI reference designs Schneider has produced for scenarios ranging from prefabricated modules to retrofit data centers.

By providing proven, documented frameworks for power and cooling at AI scale, Schneider Electric and NVIDIA are seeking to ease one of the biggest bottlenecks facing data center operators: how to support the next wave of GPU-driven computing without sacrificing efficiency or resilience.

Nigeria’s healthcare system is facing a growing shortage of orthodontic specialists, leaving many patients without access to timely and affordable care. The concern was brought to the fore as the newly elected President of the Nigerian Association of Orthodontists (NAO), Idia Ize-Iyamu, pledged to confront the challenge head-on during her tenure.

Orthodontics, a branch of dentistry that deals with correcting irregularities of the teeth and jaws, has become an area of rising demand in the country. However, the number of trained orthodontists remains alarmingly low compared to Nigeria’s vast population of more than 200 million people. Experts say this shortage has created long waiting periods, high treatment costs, and a widening gap in access between urban and rural communities.

Ize-Iyamu, a professor of orthodontics and former dean at the University of Benin’s Faculty of Dentistry, said her administration will prioritise the training of more specialists. She stressed that access to quality orthodontic care should not be limited to the elite few who can afford treatment abroad or at expensive private clinics.

‘We cannot continue to run a system where less than 200 orthodontists are expected to serve millions of people across the country. This imbalance leaves many Nigerians untreated, especially children, whose conditions worsen with age,’ she said while addressing members of the association.

The shortage has far-reaching consequences. Malocclusion (poor alignment of teeth) is not merely a cosmetic issue, experts argue, but one that can affect speech, chewing, oral hygiene, and even self-esteem. In many cases, untreated dental problems in children lead to lifelong complications. Yet, with few orthodontists spread across major cities like Lagos, Abuja, and Port Harcourt, patients in smaller towns and rural communities often have no access at all.

The association says part of the problem lies in limited training opportunities. Orthodontics requires years of specialised postgraduate training, but Nigeria has only a handful of accredited programs. Even then, these programs admit a small number of candidates each year due to resource constraints.

According to the NAO, collaboration with government and universities is crucial to expand training capacity. Prof. Ize-Iyamu has also called on policymakers to invest in dental health infrastructure, provide incentives for young dentists to specialise in orthodontics, and create opportunities for continuous professional development.

Stakeholders note that brain drain is another serious challenge. Many young Nigerian dentists who receive specialised training abroad often remain overseas, where working conditions, pay, and research opportunities are more attractive. This exodus further depletes the pool of local specialists, compounding the crisis.

The situation has also fueled inequality in healthcare. Orthodontic treatment in private clinics can cost anywhere from ?500,000 to ?3 million depending on the severity of the case, a price far beyond the reach of average Nigerians. Without a strong public healthcare system to subsidise treatment, orthodontic care is becoming a privilege for the wealthy.

Parents like Mrs. Chinyere Nwosu in Enugu express frustration over the lack of affordable care. ‘My daughter has badly misaligned teeth. We were told she needs braces, but the cheapest we found was over ?700,000. It’s heartbreaking because we know it will affect her confidence, but we cannot afford it,’ she lamented.

Health experts argue that awareness is also a major barrier. Many Nigerians only seek orthodontic treatment when conditions become severe, often due to ignorance about early intervention. The NAO says public education campaigns will be scaled up to ensure parents know when to bring children for check-ups, ideally between ages seven and nine.

Ize-Iyamu noted that tackling the shortage requires a holistic approach combining training, policy, awareness, and international collaboration. She expressed optimism that with the right partnerships, Nigeria can build a stronger orthodontic workforce.

Her election as NAO president has been described by colleagues as timely, given her experience in both academia and practice. Supporters believe her leadership could mark a turning point for orthodontic care in Nigeria.

‘Nigeria has the talent, the passion, and the patient demand. What we need is investment, planning, and commitment. Orthodontic care should not be a luxury it should be a standard part of our healthcare system,’ she concluded.

The National Working Committee (NWC) of the People’s Democratic Party (PDP) has at its meeting held on Tuesday, pursuant to its powers under the Constitution approved the dissolution of the Akwa State Executive of the party.

Consequently, the NWC approved the composition of a 31-member caretaker committee to run the affairs of the Akwa Ibom State Chapter from Tuesday, September 30th, 2025 for a period not exceeding three months, or until such a time a new State Executive Committee would be elected in the State.

BusinessDay reports that the members of the Akwa Ibom State PDP Caretaker Committee, including Igwat Umoren, Chairman; Harrison Ekpo, Deputy Chairman; Borono Bassey, Secretary; and Ewa Okpo, a Lawyer, as the Publicity Secretary. Others include Emman Mbong, Organising Secretary; Aniekan Asuquo, Youth Leader; Mary Silvia Abara, Woman Leader; Enoch Enoch, a Lawyer as Legal Adviser.

Also appointed are Aniebiet Cornelius, Member; Udim Peters, Member; Ayanime Obot, Member; Ofon Michael, Member; Esther Bassey Effiong, Member; David Umanah, Member; Usenmfon Ibanga, Member; and Unwana Assam, Member; among others.

Debo Ologunagba, the National Publicity Secretary of the party, who made the announcement in a statement made available to the media, called ‘on all leaders, critical stakeholders and teeming members of our Party in Akwa Ibom State to remain united and continue to work together for the progress of the Party.’

BusinessDay fruther reports that since Governor Umo Eno defected from PDP to the All Progressives Congress (APC) in June, 2025 the party has been unable to assert itself as an opposition party in Akwa Ibom State.

Nigeria and the Caribbean nation of St. Kitts and Nevis recently entered into a reciprocal visa-free travel agreement, allowing citizens of both countries to visit each other for up to 90 days without the need for a visa.

This arrangement, which came into effect in this September 2025, marks the first time Nigeria has extended such privileges to a country outside Africa.

The agreement is widely seen as a strategic move to deepen ties between Africa and the Caribbean, with implications for tourism, trade, and cultural exchange. Entry requirements and travel implications

The visa waiver follows a series of high-level engagements between President Bola Tinubu and Terrance Drew, prime minister of St. Kitts and Nevis.

Their meetings held earlier this year in Abuja and later in Saint Lucia, laid the groundwork for broader cooperation with the Organisation of Eastern Caribbean states

The waiver applies to holders of ordinary, official, and diplomatic passports, although travellers are still required to meet standard entry conditions. These include presenting a valid passport, proof of onward or return travel, and completing arrival documentation upon entry.

Travel information to St. Kitts and Nevis

Getting a flight to St. Kitts and Nevis from Nigeria can be challenging for Nigerian passport holders, as it typically requires two or three layovers or stopovers in Europe that necessitate Schengen visas, or a layover in North America that requires transit visas.

Also, direct flights between Nigeria and St. Kitts and Nevis are rare.

However, a recent charter flight from Abuja to Basseterre marked a historic milestone, establishing the first direct air link between West Africa and the Caribbean nation.

Air Peace also made headlines in June this year with a 10-hour non-stop flight earlier this year, signalling growing interest in bridging the two regions.

For those planning on visiting St. Kitts and Nevis (SKN), here’s what you need to know:

St. Kitts and Nevis uses the Eastern Caribbean Dollar (EC$ or XCD), pegged at a fixed rate to the USD. As of today, 1 EC$ is around N549.

Flights from Lagos (LOS) to Basseterre (SKB) averages $1,175-$1,852 (about N1.8m-N2.9m at current rates), depending on the season and airline.

For a single person, the monthly expenses are around EC$3,500-5,000 (around N1.9m-2.8m), covering rent, food, and basics.

Cultural exchange and shared celebrations Travellers from Nigeria can consider visiting St. Kitts in December and January during the Sugar Mas carnival, while Nevis can be visited in late July for Culturama.

These festivals, are similar to Nigeria’s own cultural events such as the Calabar Carnival and the Osun-Osogbo Festival, and involve music, dance and masquerade. The best time to visit the islands is during the dry season, which runs from December to April, coinciding with peak tourist activity and major cultural events.

Citizenship, residency and long-stay options

For Nigerians considering longer-term opportunities, St. Kitts and Nevis has a popular and established Citizenship by Investment programme.

This scheme allows individuals to obtain citizenship through financial contributions to government-approved projects or real estate investments.

When you acquire citizenship under the St. Kitts and Nevis citizenship program, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent.

Applicants can include a spouse, children under 26, and parents aged 55 and over, as well as to add dependents after citizenship has been granted to the main applicant.

St. Kitts and Nevis is a member of the Commonwealth, which entitles its citizens to certain privileges in the UK and other Commonwealth countries

There is no minimum stay required.

Requirements

To qualify for citizenship, the main applicant must be over 18 years of age, meet the application requirements, and select one of the following options:

Sustainable Island State Contribution (SISC)

A non-refundable contribution of $250,000 to SISC for an applicant and up to three qualifying dependents

$50,000 for each additional qualifying dependent over 18

$25,000 for each additional qualifying dependent under 18

A minimum non-refundable contribution of $250,000 to a public benefit unit in an Approved Public Benefit Project

The purchase of real estate with a minimum value of $325,000 from an approved real estate development, or a minimum of $325,000 for a condominium unit or $600,000 for a single-family private dwelling. The real estate purchased under both options can be resold after seven years under certain conditions

The Nigeria Customs Service (NCS) has introduced its One-Stop-Shop (OSS), a project expected to reduce cargo clearance time to 48 hours.

The unveiling happened in Abuja, where Adewale Adeniyi, the Comptroller General of Customs, met with senior officers to discuss the Service’s modernisation agenda.

‘The OSS initiative will not only shorten clearance time from 21 days to 48 hours, but it will also strengthen trader confidence, restore transparency, and make our operations more business-friendly,’ the CGC said.

He said that under the OSS framework, all Customs Units will work jointly on flagged declarations, eliminating multiple checks and reducing delays. Consignments cleared under the OSS will not be subject to re-interception. Adeniyi said the project is in line with global best practices and the federal government’s Ease of Doing Business policy. He stressed that the reform is designed to ‘sanitise operations, reduce duplication of efforts, and ensure predictability in Customs procedures.’

The meeting included discussions about the Service’s accountability framework, including a new central dashboard that tracks clearance times, interventions, and stakeholder satisfaction.

Adeniyi assured the Customs Area Controllers that the reform would be piloted at Apapa, Tin Can Island, and Onne Ports before being rolled out nationwide, adding that the initiative is fully supported by the NCS Act 2023 and aligned with the World Trade Organisation’s Trade Facilitation Agreement (TFA).

A framework for understanding how Nigeria’s economy works and why it doesn’t work

A stagnant economy, specifically the lack of innovation, is Nigeria’s disease, and its richest men are the most prosperous symptom. They profit not by solving problems, but by profiting from them. To continue our discussion on this lack of innovation, I would like to propose a framework to unpack this very paradox.

As a lowly accountant, not an academic, I offer this with the appropriate disclaimer: may I present, for your consideration, the Framework of Opportunity, Oligopoly, and Distortion? You can call it the F.O.O.D. framework – because if you follow the framework, you are guaranteed to eat well.

The framework unfolds something like this:

Someone somewhere outside of Nigeria comes up with an idea, innovation or invention.

That idea, innovation or invention turns out to be something that Nigerians find useful because it solves an existing problem for them.

Nigerians then begin to import a product that is the embodiment of that idea, innovation or invention, proving that there is a market for it in the country.

At this point, the well-connected Nigerian ‘entrepreneur’ spots an ‘opportunity’ and gets to work on ‘import substitution’.

The case is made that this thing that was invented elsewhere and has proven to be a solution to a problem Nigerians had is costing the nation ‘scarce foreign exchange’ and ‘exporting jobs’ while at the same time ‘importing poverty’ (to be fair to the entrepreneur, Nigerians also fall for this argument and even amplify it themselves).

The ‘opportunity’ is straightforward – since the thing being imported is already proven to have a market, the goal is to ban or tariff the imports while replacing it with your own ‘locally manufactured’ version.

If all goes well (especially if the product is not easy to smuggle), you will make a lot of money because the price of the imported product plus the high tariffs you’ve lobbied government to place on them will determine the price of the local version of the product, i.e., price of local version = price of foreign version + import tariffs and duties. In other words, Nigerians will see no benefit from the product being manufactured close to them at home, other than some nebulous ‘foreign exchange savings’ or local pride.

The problem lies not just in the disease but in the flawed cure. While import substitution is not itself a major crime, it becomes one when it is held up as the primary path to wealth. This creates a dangerous psychological signal: when the richest men profit from protectionism rather than innovation, they become the aspirational models for a generation. The result is a vicious cycle where this self-replicating behaviour stagnates the entire economy.

Case study for F.O.O.D.: BUA Foods Plc

A few weeks ago, Nigerian newspapers were awash with the news that BUA Foods Plc, owned by one of the nation’s richest men, Abdulsamad Rabiu, had become the most valuable listed company in the country by market capitalisation:

Market capitalisation of BUA Foods Plc, owned by Nigeria’s second richest man, Abdul Samad Rabiu, has soared to N10.3 trillion as of Friday, August 8, following an 8.7 percent rise in its share price to N574.9, making it the most valuable stock on the country’s bourse.

This historic feat came barely one week after the fast-moving consumer goods giant recorded the highest profit in six years, supported by a 36 percent rise in revenue to N913 billion and a stable naira that returned the manufacturer to FX gain after swimming in losses in the past year.

‘That is wonderful news,’ I hear you say, not least for the owner who pocketed an incredible N216 billion in dividends ($135 million) out of this performance (even though the company is ‘listed’ on the Nigerian Stock Exchange, Abdulsamad Rabiu owns 95% of its shares, a story for another day).

So what does this company actually do? Here, taken from the company’s own website, is a list of the products it sells:

This list is as much about what is on it as what is not on it. But let’s start with what is on there. Sugar – sits behind up to 70% duties, made up of 10% import duties (ID) and 60% Import Adjustment Tax (IAT) plus VAT. These tariffs apply to raw cane and refined sugar. Chapter 17 (PDF, page 71)

Flour – sits behind 70% duties (20% import duties plus 50% IAT) plus VAT. This applies to wheat and meslin flour and is an ‘improvement’ from the previous 100% tariff. Chapter 11 (PDF, page 55)

Pasta – Spaghetti and noodles are actually on the Nigerian Customs import prohibition list (number 7), i.e., they are banned. However, on the tariff list, pasta sits behind 20% import duties plus VAT. Chapter 19 (PDF, page 76)

Edible Oils – These are palm and vegetable oils, and they sit behind 10% import duties and 25% IAT for crude palm oil and other types of palm oils, i.e., a total of 35% tariffs. Refer to Chapter 15 (PDF, page 65). Refined vegetable oils are on the banned list above (number 4).

Rice – Semi-milled or wholly milled rice and broken rice sit behind 60% tariffs (10% import duties and 50% IAT), while brown rice sits behind 30% tariffs (10% import duties and 20% IAT). Chapter 9 (PDF, page 53).

This case study of BUA Foods perfectly illustrates the F.O.O.D. framework. The company has built a vast empire by only concerning itself with products shielded by heavy government tariffs. This strategy reveals everything: the real blueprint for their success is best understood by noting what is not on their product list – and why those unprotected goods will likely never be.

Consider the humble Nigerian yam. This is a product and sector desperately in need of innovation, plagued by endemic problems from planting to harvest. The scale of these challenges is vividly captured in an NPR report from a few years ago:

But in the past few years, Nigeria’s yam yield has dropped to its lowest level in two decades, according to the United Nations, even though the area of land under cultivation is rapidly rising.

‘For a large number of farmers, seed yam is a big problem,’ said Robert Aseidu, West Africa research director for the International Institute of Tropical Agriculture (IITA), a nonprofit research organisation based in Nigeria. ‘It’s only now that we’re seeing how big a problem this could become.’

The trouble stems from the way yam is grown by Nigeria’s small farmers. New tubers grow directly from planted pieces of old ones, rather than from seed. Traditionally, farmers will set aside the smaller yams from each harvest to use as seed yams for the next season and take the bigger ones away to eat or sell. Having a big enough harvest to be able to keep your own seed yams is a mark of a farmer’s competence; buying them at the market is considered bad luck.

At the same time, yams are clonal, meaning that each tuber is genetically identical to its ‘parent’. So farmers are essentially planting the same yams over and over again, with none of the routine genetic mutation that typically occurs between generations to help ward off pests and diseases. And because farmers tend to set aside the worst yams as parents, they’re unintentionally practising a kind of anti-Darwinian ‘survival of the scrawniest’.

‘When you have this recycling over so many years, then they keep accumulating pests and diseases, and then productivity keeps reducing until you get to a stage where it’s no [longer] economical to plant anything,’ says Beatrice Aighewi, a yam specialist at IITA.

That cycle is reaching a crisis point, forcing a reconsideration of the longstanding stigma against buying seed yams. Adaikwu opened her business a few years ago to take advantage of the emerging market. She sources good seed yams from around the country and reproduces them in her field. One of her first big hits was a high-yielding, disease-resistant variety that earned the nickname ‘Mecca Approaches’ because of a reputation that it could help farmers earn enough money to make the pilgrimage to Islam’s most holy site.

Nigeria leads the world in both the production and consumption of yams. Yet it still struggles to meet its own demand, hampered by systemic issues throughout the supply chain, such as the ones listed above. It is therefore profoundly telling that one can build the country’s largest and most valuable food company without ever touching a product so central to the Nigerian experience.

Nowhere in BUA Foods Plc’s 2004 annual report is there a single mention of yams. The document similarly omits any dedicated research and development function or a clear RandD line item in its financial statements – a vague reference to ‘research funding’ on page 79, tied to education, is the most you’ll find. Under ‘Product Innovation’, the company describes adding premium pasta and semolina as its method of ‘staying ahead of industry trends’. Let me be clear: this is not merely Nigeria’s largest food company. It is the most valuable company in the country, full stop.

Should a foreign innovator ever solve yams’ production problems, the local ‘entrepreneur’ would swiftly leverage government connections to seize the opportunity. This is the very model of innovation outsourced and rent-seeking domesticated. The business model is to use tariffs to inflate the price of imports, then price their own local product at the same level (or even above) to secure outsized profits. We’ve seen this before. When China developed waste-heat innovation for cement, the benefits weren’t passed to Nigerians; they were captured by middlemen who charged rent for the privilege of access. The F.O.O.D. framework can be observed in the country’s palm oil industry, as the players make vast profits, while you can still see palm oil production in Nigeria that looks like something from the nineteenth century.

It is for this reason that someone can get very rich in Nigeria while the country remains very poor – a malnourished economy on a diet of outsize profits. The incentive structure within Nigeria’s nominal market economy is fundamentally broken. The psychological toll is immense, as a generation learns the demonstrated truth that improving lives is optional for acquiring wealth – the F.O.O.D. framework is all that is required. Even investors and fund managers, resigned to a lack of better options, validate this model in their pursuit of returns.

When this is an economy’s only sustenance, the nation is guaranteed to starve.

When Nigeria gained independence in 1960, its founding fathers envisioned a nation that would stand tall, healthy, and prosperous.

The University College Hospital, Ibadan, stood as a beacon of modern medicine on the continent, attracting patients from West Africa and beyond.

Six and a half decades later, that dream has dimmed for many Nigerians.

Today, the health sector is at once a story of progress and paradox.

There are centres of excellence, revitalised primary health care facilities, and pioneering projects that have saved countless lives.

Yet, millions still die from preventable causes; families are pushed into poverty by medical bills, and doctors depart in droves for greener pastures abroad.

As Nigeria marks 65 years of independence, the question is clear: how is the health sector faring?

Experts say that Nigeria’s health system has evolved through alternating waves of reform and neglect.

In the 1970s and 80s, the Federal Government expanded teaching hospitals and established facilities across regions.

Following the Alma-Ata Declaration in 1978, the country embraced Primary Health Care (PHC) as the backbone of service delivery.

By 2001, African leaders, including Nigeria, signed the Abuja Declaration, pledging 15 per cent of national budgets to health.

Yet, more than two decades later, Nigeria still spends less than six per cent.

The National Health Insurance Scheme, inaugurated in 2005 and transformed into the National Health Insurance Authority (NHIA) in 2022, sought to improve financial access.

The Basic Health Care Provision Fund (BHCPF), introduced in 2014, provided a lifeline for PHCs.

In spite of these efforts, underfunding, poor governance, and a haemorrhaging workforce remain persistent challenges.

Muyi Aina, Executive Director and Chief Executive Officer of the National Primary Health Care Development Agency (NPHCDA), said 901 PHCs had been fully revitalised, while 2,700 more were undergoing upgrades, with a target to reach all 17,000 wards nationwide by 2030.

He noted that for communities where women previously delivered babies under torchlight, skilled attendance at birth and timely referrals had been instituted.

Dr Kelechi Ohiri, Director General, NHIA, said enrolment under the scheme had grown from 16.7 million to about 20 million Nigerians.

According to him, special funds such as the Vulnerable Group Fund and the Catastrophic Fund provide financial cover for cancer treatment, dialysis, and other costly care.

‘In Lagos and Kaduna States, maternal deaths dropped by 58 per cent across 32 facilities under Project Aisha, a programme combining health worker training, midwifery kits, and free caesarean sections.

‘Nationally, more than six million pregnant women have received essential micronutrient supplements,’ he said.

Nigeria has rolled out the Measles-Rubella (MR) vaccine, expanded Human Papillomavirus (HPV) vaccination, and unveiled pilot programmes for the malaria vaccine; campaigns have averted outbreaks and improved coverage.

Training has also expanded, with enrolment into nursing programmes jumping from about 28,000 to more than 115,000 in just a few years.

More community health workers are being deployed to underserved areas.

In 2025, Nigeria allocated N2.48 trillion to health, just 5.18 per cent of the national budget.

This falls far below the 15 per cent Abuja Declaration target and remains inadequate to fund infrastructure, staff salaries, and essential medicines.

In spite of this, the country remains one of the most dangerous places to give birth.

According to UN estimates compiled from 2023 figures, no fewer than 82,000 women die annually from pregnancy-related causes, accounting for 19 per cent of global maternal deaths.

Life expectancy stands at around 55 years, well below the African average of 64 and far behind Ghana (64), Kenya (67), and South Africa (64).

The doctor-patient ratio in Nigeria is estimated at 1:5,000, compared to the WHO recommendation of 1:600.

Health spending per capita hovers around 55 dollars far short of the 86 dollars minimum recommended for delivering basic services.

Regional disparities remain stark; in northern Nigeria, women are more than twice as likely to die in childbirth as those in the South. In rural communities, many facilities operate with a single nurse, compared to urban centres where specialist care is available.

Wealth also determines survival; families with insurance or savings can afford treatment, while millions of poor households must sell assets or borrow to pay hospital bills.

Simon Agwale, the Chief Executive Officer of Innovative Biotech, warned issued a warning.

‘Equity must be put first.

‘This means tailoring interventions to the needs of northern states, rural communities, conflict-affected areas, and marginalised groups who are often left behind in national health programmes,’ Agwale said.

At a PHC in Kwali Area Council, Sarah Aso, a young mother of three, sits on a wooden bench clutching her malnourished toddler.

She narrated how she had walked four kilometres to the facility, only to find the nurse absent and essential drugs out of stock.

‘For me, health care is still a gamble,’ she said.

Meanwhile, at the Federal Medical Centre, Jabi, 32-year-old Ms Blessing Alaba undergoes chemotherapy for breast cancer.

Alaba explained that her treatment costs nearly a million naira, but under the new Catastrophic Fund, half her bills were subsidised.

‘Without this support, I would have given up,’ she said.

A young doctor at the same facility, who requested anonymity, said he was preparing to write exams for a licence abroad.

‘Most of my colleagues have left; we are passionate about serving, but the pay and conditions cannot sustain us,’ he said.

Nigeria’s underfunding of health persists despite repeated promises.

Critics ask why the Abuja 15 per cent pledge remains unmet, and why leakages in procurement and mismanagement of donor funds continue unchecked.

Civil society organisations argue that health financing must go beyond international donors.

Mercy Adeojo, founder of Women Strengthening Women (WSW), was frank.

‘Nigeria must commit domestic resources and address inequities head-on; donor-driven health gains are not sustainable,’ he said.

Muhammad Pate, Coordinating Minister of Health and Social Welfare, maintained that reforms were on course.

‘We are working to revitalise PHCs, expand insurance, and strengthen governance; the road is long, but we are determined,’ Pate said.

Dr Solomon Chollom, a virologist and public health expert, insisted that deliberate reforms must follow.

Chollom urged the government to move closer to the Abuja 15 per cent target, strengthen PHCs, and retain health workers by offering rural incentives and better working conditions.

Maimuna Abdullahi, a Health Economist with the African Health Budget Network (AHBN), provided further insights.

‘Expanding insurance so that coverage becomes truly universal, especially for the poor and vulnerable, is non-negotiable.

‘At the same time, prevention must be prioritised, clean water, sanitation, nutrition, and public health measures will save more lives than treatment alone,’ she said.

Stakeholders also point to new opportunities: digital health innovations, telemedicine to bridge urban-rural gaps, and Nigeria’s participation in the African Medicines Agency to boost local manufacturing.

At 65, Nigeria stands at a crossroads; the health sector has seen pockets of progress revitalised PHCs, expanded insurance coverage, and measurable reductions in maternal deaths in some areas. Yet systemic weaknesses continue to claim lives and deepen inequalities.

The nation’s founding vision of ‘health for all’ remains within reach, but only if bold reforms are sustained and matched with political will, adequate funding, and accountability.

‘A healthy nation is a wealthy nation,’ the saying goes.

For Nigeria, observers say the next decade will determine whether its health sector can finally deliver independence, a system that truly cares for its people