Category: Business Day

The Future of Jobs report 2025 by Lagos state employment trust fund (LSETF) reveals that 65 percent of Nigerian employers cite skill gaps as a major barrier to organisational transformation.

In addition to the skills gap, half of employers report difficulty attracting talent, resistance to organisational change, and regulatory inflexibility. Limited investment capital further compounds the challenge.

As global labour trends accelerate, driven by technological disruption, demographic shifts, and the green transition, experts say that Nigeria must urgently invest in human capital to remain competitive.

Nigeria mirrors many global trends but faces unique challenges. Artificial Intelligence (AI), machine learning specialists, data analysts, and sustainability experts are the top growth roles, with net increases of 82 percent, 41 percent, and 33 percent respectively.

Digital transformation is also reshaping employer priorities. Network and cybersecurity skills are in highest demand, with 87 percent of Nigerian employers identifying them as critical, well above the global average of 70 percent. Other sought-after competencies include AI and big data proficiency, systems thinking, customer service, and global citizenship.

The World Economic Forum’s Future of Jobs report 2025 also notes that 170 million jobs are expected to be created globally over the next five years, with 92 million jobs displaced, and over a billion will evolve in form and function. These projections, based on a survey of over 1,000 large enterprises across 55 economies, signals a shift in the nature of work. Across international markets, roles such as big data specialists, fintech engineers, AI and machine learning experts, and software developers are surging in demand. The green economy positions autonomous vehicle engineers, environmental scientists, and renewable energy experts are also climbing the ranks.

Conversely, traditional roles like bank tellers, postal clerks, and administrative assistants are experiencing steep declines. Employers globally are prioritising analytical thinking, cybersecurity, and digital literacy, alongside soft skills like creativity, adaptability, and lifelong learning. Nigeria’s labour landscape: Opportunities and challenges

Based on the report, 73 percent of Nigerian employers advocate for increased government funding, while 40 percent stress the need for improved transport infrastructure to support workforce mobility.

Organisations must also play their part by embedding upskilling into corporate culture and strengthening change management strategies. Without such commitment, Nigeria risks falling behind in the global race for talent.

The report notes that public-sector investment in reskilling is vital. Stakeholders across government, industry, and education must collaborate to ensure Nigerian talent is future-ready. While the CV may still hold relevance, the future belongs to those who can adapt, learn, and lead in a world defined by change.

The skills gap is not merely statistics, but a barrier to growth, innovation, and inclusion.As technological disruption, climate imperatives, and economic uncertainty reshape the global labour market, Nigeria must act decisively.

It is that time of the year where we mark yet another Independence Day. It is both a blessing and a burden to be alive and to live through another chapter in our national story. We gather in ceremony and celebration, with flags, parades and speeches across states and, of course, in Abuja. But beyond the festivity, it is truly a day we need to ask ourselves, what kind of independence have we truly gained?

Please, do not misconstrue this to be an attempt to diminish our sovereignty, but a necessary question for a people who must look honestly at their journey. At independence, our aspirations were simple and noble: that Nigerians would govern themselves, manage their own resources, and build institutions that served the people. Self-rule was supposed to mean more than flag-waving; it was meant to deliver education, health, security, food, justice and opportunity. But if we judge our progress by these standards, can we honestly say that independence has translated into meaningful freedom for the average Nigerian?

Indeed, we declared ourselves free from British colonial rule in 1960, and ever since, we have governed ourselves. Yet freedom in name is hollow if it is not matched by freedom in substance, freedom from poverty, from disease, from insecurity, from ignorance. Self-governance without progress is a cruel joke.

Take the Nigerian economy, for instance; one of the clearest measures of progress is per capita income, which divides national output by population. Over the last decade, Nigeria has witnessed a shocking reversal. According to a recent media report, between 2014 and now, average per capita income has fallen from about US$3,223 to roughly US$877, a decline of nearly 73 percent. This collapse means that even as nominal GDP may grow, the average Nigerian is getting poorer. The World Bank places Nigeria at 146th out of 191 countries in GDP per capita, while the IMF has ranked us among the 12 poorest nations in the world by the same measure.

Behind these numbers is human suffering. More than 40 percent of Nigerians live below the national poverty line, representing over 82 million people, while multidimensional poverty, which combines deprivation in education, health, and living standards, affects over 63 percent of the population. Oxfam estimates that more than 112 million Nigerians live in poverty. This is staggering for a country that is Africa’s largest oil producer and one of the continent’s biggest economies. Independence, in this sense, has not translated into liberation from want.

Inequality further distorts the picture. The richest Nigerians have grown obscenely wealthy while millions remain trapped in destitution. The Gini coefficient stands at about 0.35, but beneath that statistic lies a brutal reality: the top 10 percent of Nigerians earn 42 percent of national income, while the top one percent alone earn thirty-seven times more than the bottom half combined. Studies suggest that inequality, more than unemployment or inflation, has driven the rise of poverty in Nigeria. Independence was meant to end exploitation, yet our own structures have entrenched it.

Education and health are equally grim indicators. Nigeria today has the highest number of out-of-school children in the world, with more than 10 million children of school-going age excluded. Those who are in school often face poor learning outcomes, with many unable to read or do basic arithmetic at the end of primary education. The World Bank estimates that a child born in Nigeria today will be only 36 percent as productive as they could be with access to quality education and health, the seventh lowest figure globally.

In healthcare, the statistics are just as damning. Public health spending remains only about four percent of GDP. Life expectancy is among the lowest in the world, and preventable diseases continue to claim thousands of lives. Outbreaks like diphtheria, which recently caused more than 1,200 deaths, expose systemic vulnerabilities. Millions of Nigerians are pushed into deeper poverty each year because they must pay catastrophic medical bills out-of-pocket. These are not markers of a nation that has truly freed itself.

Food security is another test of sovereignty, and here again we fail. Despite vast arable land and a favourable climate, nearly 31 million Nigerians are experiencing acute food insecurity this year, according to the United Nations. Agriculture contributes about 23 percent of our GDP, but productivity per hectare is low, post-harvest losses are enormous, and insecurity continues to drive farmers off their land. Inflation, currency instability, and poor infrastructure compound the crisis. In a land where the soil could feed the continent, hunger has become widespread.

And then there is insecurity. No measure of freedom is meaningful if citizens live in fear of violence. From insurgency in the northeast to banditry in the northwest, herder-farmer clashes in the middle belt, kidnappings in the south, and robberies everywhere in between, insecurity is a national plague. Millions have been displaced, livelihoods destroyed, and communities left at the mercy of armed groups. This is not the freedom our founding fathers envisioned.

Governance and corruption remain the greatest betrayals of independence. At independence, the promise was leadership with integrity. But for decades, our leaders have squandered resources and mortgaged the future. Oil revenues that should have transformed our infrastructure, schools, and hospitals have too often been stolen or mismanaged. Institutions meant to safeguard accountability are weak, and political office has too often become a vehicle for private enrichment rather than public service. We claim the privilege of making our own decisions, but too often those decisions benefit the few at the expense of the many.

Taken together, these failures reveal a sobering truth: we are independent in name, but in substance we remain shackled. No colonial governor rules us today, but poverty, ill health, hunger, violence, and corruption bind millions in chains as real as those of the past. The tragedy of our independence is that while the Union Jack no longer flies over our soil, too many Nigerians live lives as limited and precarious as they did under foreign rule.

Yet this need not be the final word. If independence is to mean anything, we must act to redeem it. That means reorienting the economy to deliver inclusive growth, investing in value-added industries rather than exporting raw materials, supporting small and medium enterprises, and stabilising our macroeconomic environment. It means deep reforms in education and health: making learning outcomes, not just enrollment, the priority; expanding universal health coverage; and investing in early childhood nutrition and care. It means strengthening social safety nets and redistributive mechanisms so that inequality does not hollow out society. Above all, it means confronting corruption and insecurity with seriousness, rebuilding trust in public institutions, and enforcing the rule of law.

Independence is not merely for leaders. Citizens, too, must demand accountability, resist the lure of ethnic and religious politics, and engage actively in civic life. Independence without responsibility is a betrayal of our own destiny. Our media, civil society, and institutions must act not as cheerleaders for power but as watchdogs for the people.

As we raise our flags and sing our anthems, let us not deceive ourselves. We cannot keep celebrating rituals while the substance of independence remains elusive. This day should be a call to conscience, not a comfort for complacency. If we want the next 65 years to be different from the last, we must build a Nigeria where independence is felt in the classroom, the hospital, the farm, the market, and the home. We must build a country where freedom is not just the absence of colonial rulers, but the presence of justice, dignity, opportunity, and prosperity for all.

So, fellow Nigerians, I ask again: what kind of independence did we truly gain? If the answer is only symbolic, then our task is to make it substantive. The flag will mean little until every Nigerian child can dream and every Nigerian adult can live with dignity. May God bless the Federal Republic of Nigeria, and may our independence one day be as real as we proclaim. Happy 65th Independence Anniversary.

Chukwuemeka Ezike is a public affairs commentator and analyst. A passionate Nigerian, he is committed to using his voice to challenge national complacency and inspire conversations that lead to accountability and progress

Nigerian Exchange Group (NGX Group) has reinforced its role as a trusted catalyst for market development by convening a high-level stakeholder dialogue on the Capital Gains Tax (CGT) provisions within the Tax Reform Act 2024, set to take effect in January 2026.

The virtual forum brought together issuers, investors, intermediaries, and regulators in a constructive exchange aimed at deepening understanding of the new tax regime while ensuring that market competitiveness remains a priority. The dialogue provided critical clarity on key provisions and created an avenue for stakeholders to share perspectives that will help shape implementation.

Speaking on the importance of resilience and investor confidence, Temi Popoola, GMD/CEO of NGX Group, noted: ‘Reforms of this scale raise important questions for issuers and investors alike. Our priority is to ensure the capital market remains attractive and forward-looking. By creating forums like this, we provide clarity, enable dialogue, and help the market adapt to fiscal changes in ways that support long-term growth.’ A key focus of the dialogue was the introduction of a 30 percent tax rate on gains from the disposal of shares-aligned with Nigeria’s corporate income tax. Participants emphasized the importance of ensuring Nigeria’s competitiveness compared with other African markets. Other issues raised included the determination of base cost, with recommendations for prospective calculation from the Act’s effective date, and the treatment of cross-listed securities, flagged as an area requiring careful guidance to avoid compliance complexity and double taxation.

Providing further clarity, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, explained that the reform is structured to protect retail investors, with a N150 million annual exemption threshold that places 99.9 percent of individual investors outside the scope of CGT. He added that while the standard rate is 30 percent, a reduced 25 percent CGT will apply when proceeds from share sales are reinvested in fixed income securities or other non-equity assets, whereas reinvestments into Nigerian companies – whether listed or unlisted – remain exempt. This, he emphasized, is designed to channel more capital into productive equity that drives growth, jobs, and long-term market sustainability.

Umaru Kwairanga, Chairman of NGX Group, highlighted the importance of NGX’s convening power: ‘At NGX Group, we believe that significant policy shifts must be clearly understood and calibrated to preserve market confidence. Our core function is to facilitate this essential engagement between policymakers and the market to ensure reforms translate into sustainable, long-term economic growth.’

Participants widely acknowledged the forum as timely and constructive, with NGX Group once again demonstrating leadership as a convener of solutions-driven dialogue. By facilitating this engagement, NGX Group has strengthened its position as an indispensable bridge between government and industry, ensuring that tax reforms are implemented in a manner that safeguards market vitality while supporting Nigeria’s broader economic goals.

As part of its ongoing commitment to fostering a safe and inclusive online environment, TikTok, in partnership with the Centre for Analytics and Behavioural Change (CABC), is convening a series of Women in Media Safety Roundtables across Sub-Saharan Africa.

The roundtables, which took place in Lagos and Abuja, aim to deepen the collective understanding of tech-facilitated gender-based violence (tFGBV) and drive collaborative action, particularly for women in the media industry. These multi-stakeholder sessions brought together journalists, digital safety experts, civil society representatives, regulators, and content creators. The goal is to support women’s voices while building safer digital communities.

‘Addressing issues such as tech-facilitated gender-based violence requires more than just policies; it demands deep listening, data-driven insights, and collaboration across sectors. Through these workshops, we’re bringing together the lived experiences of women in media with research-backed strategies to co-create safer digital environments. We are pleased to partner with TikTok in this important initiative that places community voices and local context at the centre of online safety,’ said Kim Thipe, executive director, Centre for Analytics and Behavioural Change (CABC).

As the digital landscape evolves, women and other vulnerable communities continue to face unique online threats that can limit their expression and participation. TikTok is committed to learning from those on the frontlines, including local journalists and media practitioners, to evolve its safety tools, policies, and enforcement strategies.

‘At TikTok, we believe that to truly understand our local community, we must first understand their world. We recognise the diversity of our global community and the importance of understanding what helps them feel safe so they are empowered to have their best experience. As we learn more, we do more. We value the participation of the Nigerian media industry in helping us create a safe and creative platform; not just for content creators, but for all users,’ said Duduzile Mkhize, TikTok outreach and partnerships manager, Sub-Saharan Africa.

The roundtables are not just conversations; they are opportunities to reshape digital spaces into safer, more inclusive environments. By bringing together those on the frontlines of tackling gender-based violence, including civil society organisations, community leaders, journalists, and survivors, TikTok is ensuring that interventions are rooted in lived realities. By opening this dialogue, TikTok continues to strengthen its safety efforts in Nigeria and across Sub-Saharan Africa, while also raising awareness of its existing tools and resources. Most importantly, these conversations aim to build lasting trust and partnerships that empower women and marginalised communities to speak freely, participate fully, and thrive online without fear.

‘At TikTok, safety is at the heart of everything we do. These roundtables are about listening to people with lived experiences, learning from local communities, and building solutions together. Because creating safe spaces online isn’t just about technology, it’s about humanity,’ Mkhize added.

‘We commend TikTok’s proactive engagement with professionals in the media space as well as creators, through these Safety Roundtables. Tackling tech-facilitated gender-based violence requires a united front, and we welcome TikTok’s commitment to working alongside government, civil society, and industry to build safer digital spaces. Empowering women to participate fully and safely in media is not just a digital issue; it is a democratic imperative,’ said Abiodun Essiet, senior special assistant to President Bola Ahmed Tinubu GCFR on community engagement, North Central.

The Women in Media Safety Roundtables represent a tangible step in TikTok’s broader mission to foster a safer, more inclusive environment. Through open dialogue, shared insights, and actionable solutions, TikTok is reaffirming its commitment to building a platform that uplifts and protects its diverse communities.

Justice Emmanuel Subilim of the National Industrial Court, Abuja, has restrained the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) from embarking on its planned industrial action against Dangote Petroleum Refinery and Petrochemicals FZE.

The order, delivered on Friday, followed an ex parte application filed by Dangote Refinery. The court also restrained the Nigeria National Petroleum Company (NNPC) Limited, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Nigerian Upstream Petroleum Regulatory Commission from cutting crude and gas supplies to the refinery.

The application was argued by Senior Advocate of Nigeria George Ibrahim, who told the court that Dangote Refinery, as a licensed producer and distributor of petroleum and petrochemical products, provides essential services to the Nigerian economy and the public.

He warned that any disruption would endanger energy security and create hardship for millions of Nigerians.

Ibrahim noted that the refinery had recently faced incidents of sabotage at its plant, raising grave safety and health concerns.

He explained that management responded with a reorganisation that led to a small number of staff being relieved of their duties, a move communicated to all workers on 25 September 2025.

He said reports later emerged alleging that the dismissals were linked to union membership, with PENGASSAN claiming more than 800 workers were affected.

Dangote Refinery denied the allegation in a press statement, stressing it was not opposed to unionisation and that over 3,000 Nigerians remain in its workforce, with only a negligible number affected by the restructuring.

The lawyer also drew the court’s attention to a letter dated September 26, 2025, in which Lamumba Ighotemu Okugbawa, PENGASSAN’s General Secretary, warned the Minister of Petroleum and Gas that the union would take action to ‘force the refinery to its knees’ unless the affected workers were reinstated.

In his ruling, Justice Subilim held that the balance of convenience favoured the refinery, as allowing the strike to proceed would irreparably harm its business and cripple the provision of essential petroleum services to the public.

He ruled that restraining the respondents was necessary to preserve industrial peace and protect energy supply pending the hearing of the substantive suit. The restraining order will last for seven days.

The judge ordered that the ruling, along with a motion on notice, be served immediately on all defendants. The case was adjourned to October 13, 2025 for hearing of the motion.

China has announced plans to establish Africa’s first local insulin production facility in Nigeria, a project expected to end the country’s reliance on imported insulin and position it as a hub for medical biotechnology on the continent.

The move, announced by Yu Dunhai, China’s Ambassador to Nigeria, comes as both nations deepen economic cooperation through major infrastructure, health, and education partnerships.

Dunhai also reaffirmed Beijing’s commitment to strengthening its partnership with Nigeria, describing bilateral ties as a growing ‘comprehensive strategic partnership’ that is expanding across political, economic, and cultural spheres.

Dunhai made the remarks on Wednesday night at a reception in Abuja to celebrate the 76th anniversary of the founding of the People’s Republic of China.

He said the year 2025 was a ‘pivotal moment’ for China’s development, China-Africa relations, and global diplomacy.

The envoy highlighted China’s Global Governance Initiative (GGI) as a framework for shared progress, noting that Nigeria’s recent endorsement of the policy underscores Abuja’s growing influence on the world stage.

‘Days ago, the Nigerian government issued a statement to endorse the Initiative. China deeply appreciates this support and backs Nigeria’s greater role internationally,’ he said.

Dunhai also reflected on China’s domestic achievements, praising its transformation over seven decades as ‘miraculous.’

He pointed out that China had lifted over 800 million people out of poverty, achieved a GDP of more than $18 trillion in 2024, and consistently contributed over 30 percent to global economic growth.

The ambassador said China’s modernization drive would emphasize peace, development, and mutual benefit, adding: ‘We are eager to share development opportunities with African countries, including Nigeria.’

Underscoring outcomes of China-Nigeria cooperation, Dunhai cited the Lekki Deep Sea Port and the Abuja Water Supply Project.

He described Lekki Port as a new ‘national gateway’ projected to generate $360 billion in economic benefits and create 170,000 jobs over the next 45 years.

On water infrastructure, he noted that the Abuja Water Supply Project, completed in June 2025, now provides clean water for nearly 3 million residents of the capital city.

The ambassador also disclosed ongoing talks with Nigerian authorities to establish Africa’s first local insulin production facility.

‘This project could end Nigeria’s reliance on imported insulin and position the country as a hub for African medical biotechnology,’ he said.

Dunhai emphasized cultural and educational exchanges, citing the recognition of Nigeria’s first female train driver, Issah Abiola, known in China as Bai Yang, who was recently honoured with China’s prestigious Friendship Envoy Award.

He also welcomed the Federal Government’s move to include Mandarin Chinese in the national senior secondary school curriculum, saying the initiative would foster deeper understanding between both peoples.

‘China stands ready to deepen cooperation with Nigeria across various sectors,’ he stressed.

He further pledged to align Beijing’s policies with President Bola Tinubu’s ‘Renewed Hope’ agenda.

Barau Jibrin, Deputy Senate President represented by Babangida Hussaini (Senator) echoed the ambassador’s sentiments, noting that Nigeria and China share a symbolic bond in celebrating their national days on October 1st.

He said the relationship has matured into a comprehensive strategic partnership, reflected in Chinese-backed projects in roads, railways, power plants, and industrial parks across Nigeria.

‘Chinese enterprises and investments are visible in every corner of Nigeria, contributing to the modernization of our infrastructure,’ he said.

Jibrin also praised President Tinubu’s 2024 state visit to Beijing as a turning point in bilateral relations.

He expressed optimism about future collaborations under Nigeria’s 10-Year Development Plan and China’s Belt and Road Initiative, describing them as ‘opening new opportunities for growth, connectivity, and shared prosperity.’

On people-to-people relations, Jibrin highlighted the thousands of young Nigerians currently studying in China, alongside the growing visibility of Nigerian culture in Chinese society.

He assured that the National Assembly would continue to promote parliamentary diplomacy as part of efforts to strengthen ties.

Owerri, the Imo State capital, is wearing regal looks, as the state prepared to receive President Bola Tinubu to commission legacy projects executive by the Governor Hope Uzodinma’s administration.

BusinessDay gathered that the state is hosting a mini convention of the All Progressive Congress (APC), as all the 24 APC Governors, will be present, with party delegates coming in from across the 36 states.

It was also gathered that Governor Siminalayi Fubara of Rivers State is also expected to be at the event.

Aside from the Governors, Kayode Egbetokun, Inspector General of Police, traditional rulers and all the local government, are also mobilised for the event.

The state capital is wearing a new look, following massive clean up mobilisation by the state government to clear up the streets, weeding grasses along the road sides and preparing the venues where the President will have the events.

One of the projects lined up for commissioning include the flyover built by the government at the over the area known as ‘ Control’

The state government has cordoned off traffic along the newly constructed fly over at the Control, as the President is expected to commission the bridge

Some of the residents who spoke to BusinessDay around the flyover commended Governor Hope Uzodinma for making the project a reality.

Faith Osuji who sells her wares along the Bank Road noted that ‘ Do you know how long we have suffered because of this project? We are happy that the government has finally completed it’

‘ Our advice to the Governor is that they should not allow miscreants hide under the overhead bridge so that they will not use their as their hideouts.

A bus driver, who simply identified himself as Chidi, also hailed the Uzodinma’s administration for giving infrastructure in the state a face lift.

‘ Governor Hope has tried, but the only challenge is insecurity,’ he said.

Chidi who declared that Owerri, the state capital has enjoyed relative peace in recent times, said the reverse is however the case in the rural areas

‘ Let him work with the Federal government to address the insecurity in the local governments.

‘ We still find it difficult to travel to our villages, especially on market days’

Declan Emelumba, the Imo State Commissioner for Information who spoke with BusinessDay, said the state is fully prepared to receive the President

‘As you can see, we are fully ready to host Mr. President and his team in Owerri, today,’ the commissioner said.

The whole town is agog, the President will be unveiling the legacy projects of this administration

These include the Owerri to Mbaise road project, the over head flyover bridge at control, which had lingered on for several years

The Emmanuel Iwuanyanwu Center, is a 10,000 capacity edifice.

Speaking on security, the Commissioner noted that the state has overcome the ‘ Seat at home’ threats adding ‘ This does not apply in Imo’.

‘The Governor has done a lot to make Imo comfortable for our people, therefore, no one in his right senses will work against his or her own people,’ Emelumba said.

‘Looking ahead, the next phase goes beyond connectivity. Our goal is a robust, resilient, safe, and secure internet for all citizens, businesses, and government. That will require a revised National Telecommunications Policy. Work on this, led by the Federal Ministry of Communications, Innovation and Digital Economy, will begin in Q4 this year.’

What is the scope of Nigeria’s policy environment for the telecommunications sector?

This is a good place to start. Nigeria’s telecoms journey rests on a clear policy-to-law pipeline. It began with the National Telecommunications Policy (NTP) 2000, which paved the way for the Nigerian Communications Act (2003)-the law under which the NCC, as you know it, operates today. NTP 2000 liberalised the market and, with strong political will, transformed connectivity: we moved from about 500,000 fixed lines to almost 80 million active lines in under a decade. Competition drove innovation and affordability; even with recent tariff adjustments, the average price per minute remains below the approximately ?50 per minute level at the dawn of the GSM era. That policy shift also catalysed adjacent sectors like digital payments.

Now building on that foundation, several newer policies shape today’s landscape: the Revised National Policy for SIM Card Registration (2021), which we completed implementation of last year and is now just an ongoing business-as-usual process; the National Policy on 5G, which enabled the commercial launch of 5G services; and the Nigerian National Broadband Plan (2020-2025), which expires this year-which, by the way, we have already begun engaging our Ministry on for a third iteration. There is also the National Cybersecurity Policy (2021), which led to the establishment of the sectoral Cyber Incident Response Team (CSIRT) under the NCC, and in fact, we are now finalising a telecoms sector cybersecurity framework. We also have the National Child Online Protection Policy, which guides how we safeguard users online, and the National Policy for the Promotion of Indigenous Content in the Nigerian Telecommunications Sector (2021)-a pivotal, long-term agenda to deepen local participation across the value chain.

‘Over the next year, you will see us push hard on network reliability through tighter QoS standards across the entire value chain, including with co-location service providers, alongside CNII operationalisation and real accountability via public performance dashboards-so service quality is visible, comparable, and ultimately improves.’

So, where are we today in terms of progress with these policies?

I’m glad you are asking this. Nigerians may not realise, but a lot of progress has been made with policies in our sector. Most significantly, we have dismantled monopolies and built a competitive market over the past two and a half decades. The industry has built broadband networks, which have led to local digital ecosystems emerging, most notably digital payments and e-commerce. Internet consumption continues to grow exponentially-streaming, short-form video, virtual meetings, online learning, online shopping, and the list goes on. In that sense, the NTP 2000 has largely been delivered and, in many areas, exceeded what it originally envisaged.

On specific policies: NIN-SIM linkage, like I just said, is now business as usual. After several deadline shifts, we concluded its full implementation last year, ensuring all SIMs are linked to a valid and verifiable NIN. Implementation of the National Cybersecurity Policy 2021 is ongoing. Our NCC-CSIRT has been operational for a few years; following the President’s Executive Order on Critical National Information Infrastructure (CNII) last year, we have been working with ONSA on our sector’s operationalisation, and we will be issuing a sector-specific cybersecurity framework in Q4 2025. The Child Online Protection Policy (and broader online-safety work) is still at an early stage, having only been approved in February 2023 by the previous Federal Executive Council.

On indigenous content, it is too early to appraise. It needs long-term consistency and broader reforms to succeed. Realism and consistency are key: countries that now play across the entire telecoms stack got there through decades of steady policy and disciplined execution. It is a long-term play, and we are aligning the sector accordingly. As for the National Broadband Plan (2020-2025), now in its second iteration and expiring in a year’s time, there is a lot of work still to do. Some targets may not be met, and some are no longer relevant to today’s context. We have learnt the lessons, and the next five-year plan must build in agility so we can respond to a rapidly changing environment.

Looking ahead, the next phase goes beyond connectivity. Our goal is a robust, resilient, safe, and secure internet for all citizens, businesses, and government. That will require a revised National Telecommunications Policy. Work on this, led by the Federal Ministry of Communications, Innovation, and Digital Economy, will begin in Q4 this year.

To what extent was the operators’ business environment considered in the recent tariff hike, and what is the current situation?

First, some context. We are an economic regulator as set out in the Nigerian Communications Act (2003). Our tools are grounded in competition principles to create a market where both sides get value-this means that operators can earn fair returns, and consumers get high-quality, affordable services.

Generally, consumer prices rise with inflation, and we have recently seen steeper increases as the economy adjusts to necessary macroeconomic reforms. Transport, food, and other daily items have gone up-some by more than 100%-yet telecom consumer tariffs stayed largely flat for close to a decade, often without inflationary adjustments. Meanwhile, operators’ input costs rose sharply. Just consider the diesel to power generators that run roughly 40,000 sites nationwide and the imported radio equipment at these sites, paid for in foreign exchange. So what has happened is that over time, margins were eroded and the sector became less attractive for investment. CAPEX did not keep pace with demand growth; in fact, prior to our intervention, investments were dropping. This is a sector that must invest continuously to maintain quality, especially as data consumption grows. Some operators were borrowing to buy diesel! Effectively subsidising service. When there is no cost recovery and fair returns, investors simply take their money elsewhere; it’s not rocket science.

So we faced a dilemma: how do we restore investor confidence so the necessary investments can flow while ensuring consumers still enjoy affordable, high-quality connectivity? Doing nothing would have meant continued investment decline and worsening quality. The only realistic, lawful path consistent with economic regulation was to allow tariffs to move within cost-oriented bounds.

With hindsight, the NCC could have done more, earlier, to build resilience ahead of the government’s reforms: stronger infrastructure protection, more robust operator corporate governance, QoS regulations across the entire value chain, zero-tolerance for inter/intra-industry debt, and periodic tariff adjustments in line with inflation. This is why we did not rush to approve higher tariffs. We first addressed industry debts, began to tackle infrastructure vandalism, and cleaned up industry data. Ultimately, however, the long-term solution was to permit tariff adjustments within a cost-oriented framework, just as the law envisages.

And I will emphasise: the Nigerian Communications Act (2003) does not say the NCC or the federal government should set prices. Yes, the Act requires the NCC to approve tariffs, but always in the context of preventing anti-competitive conduct, not to fix prices in a deregulated market. Our role is to ensure operators do not collude to push prices up and that no player cross-subsidises to undercut rivals unfairly. We run regular cost studies to determine price floors and ceilings within which operators can compete.

Saying all of this, the good news is that we are now seeing investments return; already, we have verified commitments of over $1 billion by operators for this year alone to expand the networks, which is significantly more than what we have seen over the past two to three years in the sector.

You mentioned tighter supervision of service quality across the value chain. What has changed?

We have stepped up oversight beyond Mobile Network Operators (MNOs) to cover every layer, especially Co-Location Service Providers (CSPs), who are arguably the most critical operators in the service-delivery chain. Co-location service providers host MNOs/ISPs at outdoor sites and provide space, power, cooling, backhaul, and security on a non-discriminatory basis. They reduce deployment costs and time-to-market. In simple terms, if there is no power, there is no service, no matter how much equipment you deploy. The major players include IHS, ATC, Pan African Towers, and Eastcastle, which I am sure most Nigerians do not know about. All the MNOs except Glo use co-location services.

So to regulate Quality of Service (QoS) properly, we updated our primary QoS instrument last year. The previous version focused on MNO Key Performance Indicators (KPI) only. The update brings all licensed operators in the service chain, including co-location service providers, into scope with clear KPIs. We also moved from state-level averages to granular LGA-level measurement and revised penalties to reflect current economic realities. For co-location service providers, the key KPI is power availability. If you look at QoS data when diesel prices spiked, QoS dipped because some providers had to adjust refuelling cycles. You know site maintenance is cash-flow intensive-the industry consumes roughly 40 million litres of diesel monthly. Another critical KPI is Mean Time to Repair (MTTR) for faults like generator failure or fibre damage. We set timelines for how quickly we expect these repairs to happen, and we are already seeing improvements in power availability and MTTR. By the way, all this KPI data is published on the NCC website.

Infrastructure disruption remains a problem. How are you addressing it?

There are intentional disruptions like theft, vandalism, and access denial due to disputes and avoidable ones, like fibre cuts from roadworks, that better coordination could significantly reduce. People often do not realise the consequences: a vandalised site can knock multiple sites offline; a burnt manhole can disrupt services over a wide area.

Luckily, we now have the right framework to act. The President’s Executive Order on Critical National Information Infrastructure (CNII) last year designated 13 sectors, including telecoms, as CNII, making intentional damage to telecoms infrastructure a criminal offence and providing a platform to work more closely with security services. We are receiving very strong support from the National Security Adviser to operationalise CNII in our sector; whenever we discuss the topic, he shows so much passion and commitment.

So, how are we going about it? Our approach is multi-tiered. We have amended co-location guidelines to include minimum security checklists (human, physical, and technological). We are running a national awareness campaign in Pidgin, Yoruba, Hausa, Igbo, and English to explain the real-world impact of vandalism and access denial. And we are building collaboration frameworks with public works authorities to cut avoidable damage, especially to fibre.

Fibre typically follows road corridors connecting communities and avoiding complex private right-of-way negotiations, but poor coordination during road construction causes repeated cuts. Federal highways are under the Federal Ministry of Works; state roads are under state ministries. We are putting MoUs in place with the Federal Ministry and priority states (Abuja, Lagos, Kano, and Kaduna) to establish a shared digital platform. The platform will work like this: work agencies will upload project plans; NCC and fibre owners will have visibility; and affected operators will receive timely notifications to relocate or activate secondary routes. India has shared lessons from a similar model, and we are confident this will help. I have personally dealt with a case where a contractor on a federal road claimed they did not even know how to contact the affected operator-that is exactly the coordination gap we are closing.

We are also mediating disputes between service providers and landlords/communities/state agencies where possible; not everything needs to end up in court. And where dialogue fails, we will work with ONSA and relevant authorities, though we hope force remains the exception. People must understand: disrupting telecoms can mean a hospital loses access to critical information or someone in distress cannot call for help.

But let us wrap up on policy and the future. If the goal is affordable, high-speed data for every Nigerian citizen and enterprise, how do we get there? We need fibre-to-buildings-homes, schools, businesses, public institutions-connectivity. We already have about 30,000 km of fibre in Nigeria, but most of it is for connecting mobile base stations, because fibre is essential to achieve 4G/5G speeds. I am fortunate to have home fibre; I use close to 1 TB a month across work, video calls, and streaming, and it costs me less than half of what the same usage would cost on a mobile network. This is not unique to Nigeria; globally, fixed fibre is cheaper per GB than mobile, because fibre is the most cost-effective technology for high-speed data. It is largely passive infrastructure, cables, ducts, and poles, and consumes significantly less power compared to active radio gear. Yes, you have to dig and manage the right-of-way, but it is undeniably the way forward. As, after all, the name ‘mobile’ implies, it is designed for mobility, while most data consumption happens indoors.

This is where government policy has now caught up. The 90,000 km national fibre project being championed by the Honourable Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, can materially expand access to affordable, high-quality data connections. It will also support local industry; for example, Coleman in the South-West manufactures fibre-optic cables locally.

Could we have been further along? Possibly. About a decade ago, regional Infraco licences were awarded to build wholesale fibre networks. When I reviewed our files at NCC, the Infraco licensees had delivered less than 10,000 km. Meanwhile, the country already had 30,000-plus kilometres of backbone fibre linking major cities and several thousand kilometres of metro fibre. The 90,000 km initiative and other players that will build fibre networks will expand both backbone and metro networks.

But an important regulatory intervention by the NCC is also underway. We have launched a Wholesale Fibre Study, which is likely to open up existing backbone, and any built in the future, on comparable, transparent terms so that backbone owners and Internet Service Providers (ISPs) can interconnect more easily. This should be concluded by mid-2026. We believe this intervention will be key to building dense metro fibre networks nationwide. We are also looking at growing the number of smaller ISPs nationwide; today, they are mostly concentrated in Lagos and Abuja. We need more ISPs that will build metro networks and deliver last-mile services to homes, schools, businesses, and public institutions, thereby increasing choice and competition. Lastly, on this, we are also advocating for the states’ governments to waive Right of Way (RoW) charges to encourage the deployment of fibre, and so far in the past two years, five states have totally eliminated RoW charges, making it 11 states with zero RoW charges.

My last question: we’re seeing more NCC data in the public domain. Is this part of a broader strategy?

I am glad you noticed. Yes, it is a deliberate shift. The traditional ‘command-and-control’ model, where you write a rule and enforce it to the letter, has limits in a complex, fast-moving industry with over a thousand licensees. It can be rigid, costly, and ultimately slow innovation.

While we will continue to use ‘command-and-control’, over the past two years, we have begun to complement this with information disclosure and transparency, and we will gradually tilt more towards this. We are publishing accurate, timely, accessible information on industry performance, consumer satisfaction, network performance, and more, so the public, investors, and consumers can make informed decisions. Transparency fosters accountability, encourages voluntary compliance, and lets the market reward good behaviour and expose bad practices. Operators compete not just on price or coverage, but on ethics, quality, and governance.

How has this worked in practice?

In 2017, when we revised teledensity using an updated population estimate of approximately 190 million, the figure dropped by about 10 percent. It was not a ‘headline-friendly’ move, but it signalled data integrity.

When a major operator defaulted on interconnect charges, we approved partial disconnection and issued a public notice. The result: a drastic reduction in intra-industry debt.

After last year’s subscriber-database audit, we found significant discrepancies and took the bold step of publishing the true numbers. That strengthened public trust in our data.

Under our Tariff Simplification Guidelines, operators must publish a standard disclosure table for every tariff plan-so consumers can compare like-for-like across operators. Operators must now also notify customers of major outages and log them on our public Major Outage Reporting Portal.

In early Q4 this year, we will launch a Network Performance Map on our website, showing location-level performance using crowdsourced data. From Q4 as well, we’ll publish Quality of Experience (QoE) and network performance reports for MNOs and ISPs based on the same data.

We are also revamping industry statistics to add new metrics and deeper insights.

We have also released updated Corporate Governance Guidelines for the industry. Transparency is its guiding principle: it emphasises stronger leadership structures, board independence, ESG/CSR reporting, mid-year and annual compliance reports to be made public, and the appointment of a regulatory officer in every licensed company. Together, these measures strengthen transparency and accountability and help safeguard the sector’s long-term sustainability.

Final question: As we wrap up (yes, this is really the last one!), what should Nigerians – consumers, industry, and government – expect from the NCC over the next 12-24 months?

(Laughs.) I know you said the previous one was the final question, so think of this as the ‘bonus data’ at the end of the bundle.

Three things: reliability, affordability, and transparency.

Over the next year, you will see us push hard on network reliability through tighter QoS standards across the entire value chain, including with co-location service providers, alongside CNII operationalisation and real accountability via public performance dashboards-so service quality is visible, comparable, and ultimately improves. On affordability, our focus is on enabling sustainable cost recovery and faster fibre build-out; our wholesale fibre study, which is concluding by mid-2026, would unlock more fibre build and open backbone access on fair, comparable terms. That combination is how we hope to bring high-speed, high-quality data to more homes, schools, hospitals, MSMEs, and public institutions at a better value. And on transparency, we will keep publishing clear, timely data from outage notices to QoE maps, to consumer satisfaction reports, to operator compliance reports and tariff disclosures so consumers and investors can make informed decisions.

What does this recognition mean to you personally and to the company as a whole?

This award is a validation of the hard work and commitment of our entire team. Personally, it reinforces my belief in the vision laid down by our founding partners and continually championed by the team which is building a truly African financial services firm that can compete globally. For the company, it’s both a recognition of past performance and a motivation to push further in delivering innovative, client-focused solutions.

What key strategies or innovations do you believe set your company apart from competitors in the African market?

Putting our clients at the heart of every decision has been the cornerstone of our success. We invest deeply in understanding their needs and tailoring solutions rather than taking a one-size-fits-all approach. Backed by our robust, data-driven research capabilities, we provide insights that help clients navigate complex markets and make informed investment decisions. Coupled with this, we leverage technology to enhance efficiency and transparency, and we are constantly innovating – whether in product design, execution speed, or access to markets.

With increased competition and market volatility, what strategies are you implementing to sustain this competitive edge and possibly win again in the future?

We are doubling down on innovation, diversification, and partnerships. By continuously refining our product suite, strengthening relationships with clients, and leveraging technology, we can stay ahead of the curve. Equally important is maintaining operational discipline – ensuring efficiency and resilience even in volatile market conditions.

Can you walk us through some of the biggest challenges that CardinalStone faced on the path to this achievement, and how your team overcame them?

Like many firms operating in Africa, we’ve had to navigate macroeconomic volatility, currency fluctuations, and regulatory shifts. These challenges could have slowed us down, but we responded with agility by strengthening risk management frameworks, diversifying our offerings, and investing in talent capable of adapting quickly. The steady leadership of our management team combined with the resilience of our people, has been key to overcoming these hurdles.

How has the Company tailored its services to cater to the diverse needs of investors across different African markets?

Africa is not a monolith. Each market has its own regulatory environment, investor appetite, and liquidity dynamics. We’ve succeeded by being adaptable – building local expertise while drawing on global best practices. This allows us to serve institutional and retail clients with the nuance and customisation they require.

Technology is reshaping the financial industry globally. How has digital transformation contributed to the Company’s success, and what’s next in your digital roadmap?

Technology has been a game-changer for us. From electronic trading platforms to data analytics that support smarter decision-making, we’ve embedded digital tools into every layer of our operations. Looking forward, our focus is on enhancing accessibility for retail investors and automating processes to reduce friction to better serve our clients.

Talent is critical in a fast-moving industry like stockbroking. What steps is the Company taking to attract, train, and retain top talent across its operations?

We prioritise creating an environment where people can grow. That means structured training programmes, mentorship, and exposure to global best practices. I’ve personally benefitted from the mentorship of our founding partners and executive directors, and we seek to cascade that culture of guidance across the organisation. Beyond this, we empower our people to take ownership of projects and encourage innovation, all within a culture of meritocracy and inclusiveness. These efforts have not gone unnoticed. CardinalStone has been recognised among the Great Places to Work, underscoring our commitment to building a workplace where people thrive. It’s this blend of growth, empowerment, and recognition that makes CardinalStone an attractive place to build a career.

Corporate governance and transparency are increasingly important. How is your company ensuring it maintains the highest ethical and regulatory standards?

We’ve built strong governance structures that are embedded at every level of decision-making. Compliance is not treated as a box-ticking exercise but as a culture. Regular audits, clear reporting lines, and a strong board oversight framework ensure that we remain accountable to our stakeholders. This commitment to transparency has been instrumental in building trust with clients and regulators alike.

Are there plans to expand CardinalStone’s footprint beyond your current markets, either within Africa or globally?

Yes, absolutely. Our strategy is to consolidate our leadership in Nigeria while exploring opportunities in key African markets where our expertise can add value. Beyond Africa, we are also building relationships with global institutional investors looking to access African opportunities. Expansion for us is about sustainability, entering markets where we can deliver long-term impact.

What message do you have for your clients, stakeholders, and young professionals looking to enter the African capital markets industry?

To our clients and stakeholders, thank you for trusting us, this recognition belongs to you as much as it does to us. We remain committed to walking this journey with you and unlocking opportunities together. To young professionals, Africa’s capital markets are full of potential. Stay curious, be resilient, and bring fresh ideas. The future of this industry depends on your innovation and courage.

Two weeks ago in this column, I argued that Africa must look beyond aid if we are to build sustainable futures. That argument was not theoretical. At last week’s United Nations General Assembly (UNGA80), I saw it in practice; African innovators, governments, and communities demonstrating that we are not waiting for permission, we are already shaping the solutions the world urgently needs.

‘The thread running through all of this is clear: innovation is not a product to be bought; it is a system to be nurtured.’

It was a privilege for eHealth Africa to co-host Africa-led Innovation: Shaping Sustainable Futures With or Without Aid, alongside PSI, Population Council, and Reach Digital Health. The title was deliberate. For too long, aid has dominated the development conversation. But in the packed room of leaders, practitioners, and funders, the energy was different. The focus was on Africa’s leadership and on the kinds of partnerships that can make our innovations last.

The global stage, the African voice

Our session was just one of many at UNGA80 grappling with the reality that the development landscape is undergoing a shift. A long-anticipated declaration on noncommunicable diseases stalled in last-minute controversy, yet what stood out to me was not the discord but the clear momentum from governments and civil society pushing for accelerated action. Similarly, bold replenishment calls in global education reminded us of the urgency; nearly 900 million children could leave school by 2040 without decisive investment.

These global debates underscore why Africa’s voice matters. We cannot afford to be mere recipients of frameworks negotiated elsewhere. We must co-create the solutions and ensure they are rooted in our realities.

Innovation as identity

Hon. Minister Chernor Bah opened our dialogue with the simple truth that ‘innovation is who we are as Africans.’ This is not new. From community systems that bridged gaps in the absence of state capacity to the digital health platforms now connecting workers across borders, our history is one of innovating out of necessity and resilience.

But as Minister Salima Bah reminded us, innovation must be sector-specific. Different challenges require tailored responses. A one-size-fits-all model of aid or investment will not deliver sustainable futures.

From shiny objects to systems

Too often, innovation is confused with technology alone. Yet as Michael Holscher observed, ‘innovation is rarely about a single shiny object.’ Policy, partnerships, and business models are just as important. Without them, even the most brilliant app or device risks fading after a promising pilot.

Fara Ndiaye underscored that accountability only works when governments, funders, the private sector, and communities move side by side. Dr Kemi DaSilva-Ibru reminded us that solutions must be designed with the most marginalised in mind. Judith Bruce made a compelling call for investment in ‘female infrastructure’ as a foundation for sustainable growth.

The thread running through all of this is clear: innovation is not a product to be bought; it is a system to be nurtured.

Health as an economic driver

Another theme at UNGA80 resonated deeply: health is not a drain on economies; it is a driver of prosperity. Vanessa Kerry, WHO’s Special Envoy on Climate and Health, captured it well when she said, ‘Health workers are the very versatile front line of responding to all the crises we see today.’ Strong health systems stabilise communities, support economic growth, and provide the resilience needed to withstand climate shocks.

The capital question

But if innovation is who we are, financing remains the test of whether it can endure. Too much capital in global health and development is rigid, short-term, and donor-driven. What Africa’s innovators need, what the world needs, is flexible, trust-based capital.

Trust-based does not mean unchecked. It means financing that respects local expertise, allows for adaptation, and creates room for growth. It is the kind of capital that recognises that those closest to the problems are often closest to the solutions. This approach is gaining traction globally, but it must become the norm, not the exception.

Building forward together

Leaving UNGA80, I felt both urgency and optimism. Urgency, because the scale of global challenges, from climate change to noncommunicable diseases to education gaps, is staggering. Optimism, because I saw first-hand the brilliance and resilience of African leaders, innovators, and communities who are already shaping solutions.

The lesson for all of us is clear. Health, education, climate, and finance cannot be siloed. Partnerships must be cross-sectoral, inclusive, and long-term. Women, girls, and marginalised communities must be at the centre. And innovation must be nurtured not as a series of pilots, but as systems built to last.

If we do this, Africa will not only shape its own sustainable future, but it will also help shape the world’s sustainable future.