Category: Business Day

Centre for Promotion of Private Enterprise (CPPE) has urged the federal government to focus on deepening revenue diversification, enhancing spending efficiency, and aligning fiscal outcomes with real economic performance, as reforms boost economic outcomes.

Muda Yusuf, Chief Executive Officer, (CPPE) made this call in a policy brief sent to BusinessDay.

According to Yusuf, the two major reforms: removal of fuel subsidy and the unification of exchange rates, have significantly boosted government revenues, expanded fiscal space, and improved the capacity for public investment.

He explained that with limited fiscal space, spending efficiency is paramount. He added that spending on infrastructure, productivity, food security and human capital development should be priority areas for government.

‘Nigeria’s fiscal and tax reforms have delivered important progress in expanding revenue and improving fiscal sustainability. The next phase must focus on deepening revenue diversification, enhancing spending efficiency, and aligning fiscal outcomes with real economic performance.

‘With prudent management, stakeholder collaboration, and social sensitivity, these reforms can lay a solid foundation for a more resilient, productive, and inclusive Nigerian economy,’ Yusuf said.

Yusuf explained that collections from Value Added Tax (VAT) and Company Income Tax (CIT) have also increased, reflecting stronger compliance and a gradual recovery in economic activities, with subnational governments reporting higher revenues and increased allocations to agriculture, infrastructure, and social development.

He said, ‘Recent reforms have driven strong nominal revenue growth: fuel subsidy removal freed trillions of naira in fiscal resources, exchange rate unification boosted naira-denominated oil revenues. VAT and CIT collections improved through enhanced compliance and enforcement.

‘Despite these advances, the real fiscal impact is tempered by high inflation and exchange rate pressures. It is therefore important to assess fiscal outcomes in both nominal and real terms to maintain credible expectations and policy balance.’

He stressed the need to adjust fiscal assessments for inflation and exchange rate effects; communicate outcomes transparently, improve tax efficiency, expand the tax net, and optimize non-tax revenues and national assets.

Other recommendations include support for fiscal autonomy, accountability, and efficient resource use in states, implementation of tax reforms with flexibility, maintaining continuous dialogue with stakeholders and refine policies as needed.

The Lagos State Government has announced that construction work on the $3 billion Green Line Rail project, which will connect Marina to the Lekki corridor, will officially begin in December 2025.

This was confirmed by the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, in a statement shared on the official X account of the Lagos State Government on Monday.

According to Osiyemi, the project is one of the most ambitious transport initiatives in the state’s history and will be implemented in phases over a period of two to three years. The first phase will run from the Lekki First Tollgate to Epe, while the second phase will extend from Marina, including a section that will run partly on water.

He explained that the government had completed extensive feasibility studies and held several meetings with residents, traditional rulers, and business owners along the Lekki-Epe corridor to minimize disruption once construction begins.

‘The government has carried out wide stakeholder engagements and feasibility studies along the Lekki-Epe Expressway corridor because the Green Line project will commence in December,’ Osiyemi said. ‘It will take about two to three years and will come in phases, beginning from Marina to Epe. The first phase runs from the Lekki First Tollgate to Epe, and the second phase, starting from Marina, will be on the water.’

The announcement comes as the state government intensifies enforcement activities along the Lekki-Epe Expressway to clear encroachments and restore wetlands that form part of the project’s right-of-way. Authorities have also begun relocating roadside traders, removing illegal structures, and improving drainage channels in preparation for the rail line.

The Green Line is designed to ease traffic congestion on the ever-busy Lekki-Epe corridor, one of the fastest-growing urban areas in Lagos. The area has witnessed massive expansion due to new residential estates, shopping malls, and major investments such as the Lekki Free Trade Zone, Dangote Refinery, and the Lekki Deep Sea Port.

The 70-kilometre Green Line will run from Marina on Lagos Island to the Lekki Free Trade Zone, featuring 17 stations spread across a combination of elevated and ground-level tracks. The route will pass through Victoria Island, Lekki, Ajah, Sangotedo, and Epe, linking major residential and commercial areas.

Each station will feature modern designs with pedestrian bridges, elevators, escalators, and ticketing systems similar to those on the Blue Line and Red Line rail projects. A major depot will be built near Sangotedo to house and maintain trains, while a 15-hectare parking area is planned near the Lekki Free Zone to support park-and-ride commuters.

Trains on the Green Line are expected to run in eight-car B-type sets, reaching speeds of up to 100 kilometres per hour, with a minimum waiting time of three minutes between trains. The line is projected to carry up to 35,000 passengers per hour in each direction, significantly cutting travel time between Marina and Epe to under one hour.

The Green Line project is estimated to cost about $3 billion (roughly ?4.5 trillion at current exchange rates). According to reports, the Federal Government has committed ?146.14 billion as part of its counterpart funding in the 2025 budget.

A tripartite agreement has also been signed with the China Harbour Engineering Company (CHEC) to design, finance, construct, and operate the line under a public-private partnership model.

On April 9, 2025, the Lagos Metropolitan Area Transport Authority (LAMATA) released a detailed video presentation outlining the project’s design, alignments, and financing structure. The presentation confirmed that construction will be handled by CHEC, while LAMATA will oversee operations once the project is completed.

Transport experts and urban planners have welcomed the project but raised concerns about some aspects of the design, especially the spacing between stations. Some analysts believe that the long gaps between stops in areas like Victoria Island and Lekki Phase 1 could limit access for commuters and reduce ridership.

They also questioned whether the eight-car train configuration would be enough to meet long-term passenger demand given the rapid population growth in the Lekki axis. Experts have recommended adding more stations in densely populated areas and integrating the Green Line with other existing or planned rail lines to ensure smooth connections.

For many residents of the Lekki-Epe corridor, the Green Line project offers hope for a long-awaited solution to daily traffic gridlock. Commuters currently spend up to four hours traveling between Lekki and Lagos Island during peak hours.

However, there are also concerns about potential disruptions during the construction phase, particularly regarding road diversions, noise, and property displacement. The state government has promised to provide timely information, compensate affected residents, and minimize the impact on daily life.

The Commissioner assured Lagosians that the government’s priority is to provide a reliable, efficient, and affordable transportation system that meets the needs of a growing city.

‘The Green Line project is not just about transportation,’ Osiyemi said. ‘It’s about improving the quality of life, attracting investments, and creating jobs. It will open up new economic opportunities across the Lekki-Epe corridor and beyond.’

The Green Line is part of the broader Lagos Rail Mass Transit (LRMT) network, which includes the already operational Blue Line and the ongoing Red Line project. The long-term plan envisions six major rail lines across Lagos, forming the backbone of an integrated public transportation system that combines trains, BRT buses, and ferries.

The Department of State Services (DSS) has warned against one Victor Onyedikachi Godwin, a dismissed officer allegedly impersonating its personnel to defraud unsuspecting Nigerians.

The agency, in a statement, said Godwin had been parading himself as a serving DSS operative and carrying out fraudulent activities under the guise of official representation.

‘The Department of State Services (DSS) hereby alerts members of the public of the activities of one Victor Onyedikachi Godwin, a dismissed staff.

‘He is reportedly engaging in unscrupulous activities, including using the name of the Service to defraud unsuspecting members of the public. Members of the public are therefore advised to desist from any dealings with him’, the statement read.

The DSS urged citizens to be vigilant and verify the identity of anyone claiming to represent the Service before engaging in any form of transaction or commitment.

It advised that all legitimate enquiries or complaints should be channelled through its official contact lines, telephone number 09088373515 or email [email protected].

Reaffirming its commitment to integrity and accountability, the Service warned that anyone found impersonating its personnel or engaging in related fraudulent acts would be prosecuted.

The agency added that the latest advisory follows a similar warning issued last week concerning Barry Donald, another dismissed officer, who was also accused of impersonating DSS officials to swindle members of the public.

According to the DSS, such cases of impersonation threaten the Service’s integrity and public confidence, adding that it will continue to expose and prosecute those attempting to exploit its name for criminal gain.

The Congress of University Academics (CONUA) has distanced itself from the ongoing ASUU strike, directing its members to remain in classrooms and continue academic activities, in a move that underscores the division within the university academic unions.

Niyi Sunmonu, CONUA’s president, in a statement, dismissed reports that have been suggesting its involvement in the ongoing strike.

He said the union is committed to maintaining academic stability through constructive dialogue and peaceful engagement with the government and other stakeholders.

‘It is important to emphasise that CONUA has no basis at this time to declare a dispute or embark on any strike action,’ Sunmonu said.

Sunmonu advised members to continue with their academic and administrative duties as expected.

The statement highlighted CONUA’s formal protest following its initial exclusion from the renegotiation committee of the 2009 agreement between academic staff and the federal government, which was inaugurated in October 2024.

‘The union formally protested this exclusion, which eventually culminated in a meeting with the minister of education on 11 September 2025.

We are pleased to note that the Ministry of Education has recently expanded the committee, fulfilling that promise. Until CONUA is formally brought to the table and any of the issues it has presented to the federal government becomes the subject of dispute, there is no foundation whatsoever for any strike action by CONUA.

‘Resolutions from nationwide congresses following the September 11 meeting, the national leadership reported the outcome to members across universities, after which congresses were held between September 18 and 24, 2025,’ the statement read.

Additionally, the statement states, ‘At these congresses, members unanimously reaffirmed CONUA’s principled stance that no strike action should be taken and that engagement, not disruption, remains the best path forward for the Nigerian university system.’

Recall that the Academic Staff Union of Universities (ASUU) declared a two-week warning strike from October 13, citing years of unmet demands.

And in the face of the impasse, the federal government accused ASUU of remaining uncooperative despite negotiation efforts and pleas to resolve the matter.

Besides, the Ministry of Education threatened to invoke a ‘no work, no pay’ policy, insisting that dialogue remains the most effective way to resolve disagreements.

George Akume, Secretary to the Government of the Federation (SGF), has charged Nigerian youths to take advantage of the ongoing voter registration exercise to engage in the democratic process.

This is just as he emphasised that their participation is crucial to strengthening democracy and ensuring good governance in the country.

Akume made the call when a delegation of the President’s National Youth Service Corps (NYSC) Honour Award from Benue extraction led by Simeon Aer, it’s leader, paid him a courtesy visit in Abuja.

Segun Imohiosen, the Director, Information and Public Relations, office of the SGF, in a statement , said Akume also underscored the premium the Tinubu-led administration places on the welfare of youths through empowerment and provision of an enabling environment to enable them harness their potential for national development.

He therefore urged them to participate in voter registration and vote for President Bola Ahmed Tinubu for inclusivity and sustainable development.

Akume congratulated the recipients of the President’s NYSC Honour Award for their meritorious service to their fatherland.

He also urged them not to relent in the pursuit of their dreams and aspirations in life, assuring them that they have what it takes to be where he is and even beyond. He further assured them of automatic employment to enable them to contribute their quota to national development.

Speaking earlier, Simeon Aer, leader of the delegation of the President’s NYSC Honour Award, said that the purpose of the visit was to present to the SGF the numerous awards they received in recognition of their selfless service to the nation during their NYSC.

He also presented the Female Overall Best NYSC member, Akase Patience Nguwasen, to the SGF.

Also speaking, Patience Nguwasen, the Female Overall Best NYSC member (2020-23), thanked President Bola Tinubu for the honour and also expressed her gratitude for acknowledging her contribution to the nation during her national service.

She also advised the current and prospective corps members to put the passion for service to the nation above money so that they will leave a mark after the completion of their national service.

‘The awardees were from Benue extraction, who were also among the 200 recipients of the President’s NYSC Honour Award presented by President Bola Ahmed Tinubu in recognition of their outstanding service to the nation from 2020-2023.’

When Nigeria’s House of Representatives announced yet another probe into the moribund state of the nation’s oil refineries and huge funds sunk into rehabilitating them, many Nigerians could hardly muster enthusiasm.

Many Nigerians expressed frustration that the federal government spent $18 billion to repair idle refineries, yet Aliko Dangote, an individual, built one of the largest functioning refineries from start to finish with $20 billion. Citizens are desperate for results and accountability, but the news of a fresh probe was not met with hope but with a sigh, a familiar reminder of years of fruitless investigations and unending promises.

Last Thursday, the House resolved to set up a new joint committee to investigate the $18 billion reportedly spent on the rehabilitation of Nigeria’s four state-owned refineries between 2010 and 2024. The joint committee will be composed of members drawn from the Committees on Petroleum Resources (Upstream and Downstream), Public Accounts, Anti-Corruption, Finance, and Legislative Compliance. It is tasked with investigating the funds appropriated and disbursed for the rehabilitation of the refineries in Port Harcourt (two), Kaduna and Warri.

The committee is also to ascertain the actual status of the refineries, examine how public funds were utilised, and identify agencies responsible for any infractions or mismanagement.

A familiar drama

This is not the first time lawmakers have launched such a probe, in fact, it is one of many. Just few months back, in July 2025, the Committee on Petroleum Resources (Downstream) inaugurated technical sub-committees to investigate investments in the Turnaround Maintenance (TAM) of local refineries and why the exercise has failed to yield any results.

Before that, in 2023, the House examined the N11.3 trillion allegedly spent by the Federal Government to rehabilitate the refineries between 2010 and 2020. Neither investigation produced a conclusive report or any meaningful accountability.

Benjamin Kalu, the Deputy Speaker who presided over the session, gave the committee four weeks to report back for further legislative action. Yet, few Nigerians expect much from that timeline. Similar deadlines have come and gone in previous probes, which ended with no public report or sanction.

For many citizens, the pattern is predictable: the House announces an investigation, committees are formed, and public hearings are held. But in the end, nothing changes. This repeated cycle has eroded public confidence not only in the National Assembly but also in the government’s willingness to enforce accountability.

Chidi Omeje, a Political analyst observer, described the repeated probes as ‘mere theatrics,’ arguing that they often serve political and financial interests rather than genuine reform.

That sense of futility is widely shared among Nigerians reacting to the development on social media. ‘Point out to me any probe successfully carried out by the Senate or the House of Representatives since the return of democracy in 1999. Every probe is always an avenue for them to collect bribes from the institutions they mark out to probe, which is very bad’, Olanusu Akin wrote on X (formerly Twitter). Another user, @Briggsisgreat, posted sarcastically: ‘Oh wow, another investigation in Nigeria? Can’t wait for the thrilling sequel where absolutely nothing happens again.’ Similarly, @Okariauke commented: ‘When you hear ‘House of Representatives or Senate investigation into corruption matters,’ that only means settle us, you can’t eat all alone. I can bet that nothing would come out of the investigation.’

And for @DatKindguy, the numbers themselves are an indictment: ‘Wait I don’t get it. Dangote spent approximately $20bn to build a full scale refinery from scratch. Yet, the Nigerian government couldn’t even repair her own refineries with $18bn. This is totally absurd. It’s a huge public disgrace. The government is a joke.’

@Preston also wrote, ‘If an individual like Dangote could build a new refinery for $20 billion, then why is it so difficult for the Nigerian government to rehabilitate a once-functioning refinery? The mind-blowing thing is that they spent $18 billion and yet it’s still not working.’

The saga of Nigeria’s refineries reads like a tragic loop. Built in the 1970s and 1980s, they once symbolised industrial pride. By the 1990s, mismanagement, corruption, and neglect had reduced them to shells. Every administration since has pledged to fix them. None has succeeded.

In 2007, the Obasanjo government sold the Port Harcourt and Kaduna refineries to a consortium led by Dangote. But the sale was reversed months later by the late President Umaru Musa Yar’Adua, who argued that the assets should remain under state control. The government opted instead for ‘rehabilitation’, a decision that has cost the country billions without producing a drop of refined petrol.

In 2021, the Buhari administration approved a $1.5 billion contract to revamp the Port Harcourt refinery. Four years later, it remains inactive. Meanwhile, Nigeria continues to import fuel often from refineries abroad using its own crude oil.

Bayo Ojulari, Group Chief Executive Officer of NNPC Limited recently admitted that the refineries are still non-functional despite significant investments. He even suggested that the government may eventually sell the plants, raising new questions about transparency, fiscal prudence, and long-term energy security.

Even as billions vanish into maintenance projects that never materialise, the NNPCL continues to request fresh funds for the same purpose. The Cost of Dysfunction

Despite being Africa’s largest crude oil producer, Nigeria paradoxically spends billions importing refined fuel. The removal of petrol subsidies by the Tinubu administration in 2023 has only deepened public frustration, as fuel prices have tripled and inflation surged to record highs.

Experts warn that without functional refineries, Nigeria’s economy will remain exposed to global market shocks. The government’s inability to refine crude domestically also deprives it of thousands of industrial jobs and billions in foreign exchange savings.

‘The refineries are not just assets; they’re symbols of our dysfunction. Each probe without punishment sends a message that corruption pays’, Innocent Okechukwu, a political critic, said.

As lawmakers prepare to summon ministers, contractors, and NNPC executives yet again, the prevailing mood is one of scepticism, not hope. The refineries may someday roar back to life, but until transparency and accountability become more than words, most Nigerians have stopped believing.

Folusho Odegbaike, Chief Executive Officer of HYT Consulting, has received the Outstanding Leadership and Talent Development Award at The Corporate Awards held in the United Kingdom recently.

The award, which recognises excellence in business leadership and workforce development, according to a statement, acknowledges Folusho Odegbaike’s contribution to human capital growth and organisational transformation across Africa.

Folusho Odegbaike, who has spent over two decades in the human resources industry, leads HYT Consulting, a firm that manages more than 6,000 outsourced employees across Nigeria and Ghana. Under Folusho’s leadership, the company has expanded its operations to Lagos, Abuja, Port Harcourt, and Accra, providing integrated HR strategy, learning, and performance management solutions to clients in the telecommunications, energy, FMCG, e-commerce, and financial sectors, the statement further said .

At a related UK engagement themed ‘Building Future-Ready Workforces’, Folusho Odegbaike joined global leaders to discuss leadership, employability, and workforce competitiveness in emerging markets. Folusho highlighted Africa’s growing potential through investments in talent development.

‘Africa’s greatest opportunity lies in its people. At HYT, we have seen first-hand how investing in talent can transform organisations, industries, and nations,’ Folusho said. ‘This recognition affirms our belief that when you build people, you build performance, and ultimately, you build value.’

The organisers of The Corporate Awards said the recognition underscores Folusho Odegbaike’s efforts in promoting workforce transformation, advancing women in leadership, and positioning human capital as a strategic advantage for Africa’s growth.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said that the bank will maintain its firm commitment to monetary stability as the foundation for inclusive and sustainable growth, insisting that credible reforms must be sequenced to deliver lasting confidence in the economy.

He made the remarks at London Business School’s Wheeler Institute for Business and Development during the ‘In Conversation with the Governor of the Central Bank of Nigeria’ event held on Friday, October 10, 2025, supported by J.P. Morgan and Goldman Sachs. The dialogue, moderated by Professor Hélène Rey, Lord Bagri Professor of Economics, brought together investors, academics, and policy leaders to explore Nigeria’s reform trajectory amid global financial uncertainty.

‘We stayed with orthodox monetary policy, and the economy is responding,’ Cardoso said. ‘Inflation has moderated, growth has climbed above four percent, and we’re seeing early signs of macroeconomic stability after years of volatility.’

Nkiru Balonwu, an adviser to the Governor, said the London event was part of a new era of transparency at the Central Bank.

‘Events like this reflect something central to the Governor’s leadership. Transparency, open dialogue, and learning between policymakers, academia, and markets. Across the world, central banking is evolving, and Nigeria must be part of that evolution,’ Balonwu said.

‘We stayed with orthodox monetary policy, and the economy is responding,’ Cardoso told participants. ‘Inflation has moderated, growth has climbed above four percent, and we’re seeing early signs of macroeconomic stability after years of volatility.’

Cardoso explained that the guiding philosophy of the Central Bank’s approach is sequencing, ensuring that stabilization precedes expansion. ‘You cannot have inclusive growth without first restoring confidence in the fundamentals,’ he said. ‘Stability is not the absence of change; it is the environment that allows productive change to occur.’

The governor noted that when the current reforms began, Nigeria’s economy was struggling under a combination of exchange-rate distortions, structural bottlenecks, and eroded investor trust. The priority, he said, was to re-establish macro credibility by applying disciplined, data-driven monetary policy tools.

‘The economy we met was one where confidence had eroded, in markets, in prices, and even in data,’ Cardoso told the audience. ‘The decision to return to orthodox policy was not ideological; it was practical. It was the only way to rebuild credibility.’

He said that stabilisation measures had been challenging for households and businesses, but insisted they were yielding measurable results. ‘Reforms of this magnitude are never painless,’ he said, ‘but without a stable base, even well-intentioned fiscal or social policies collapse under volatility.’

The Governor cited early indicators of progress: a narrowing exchange-rate premium, improved liquidity in the FX market, easing inflation momentum, and the return of investor inflows into fixed-income instruments. ‘Investors are watching for consistency,’ he said. ‘Our focus is to sustain stability long enough for market confidence to harden into long-term investment decisions.’

When an impact investor in the audience asked about persistently high lending rates and limited access to credit for small businesses, Cardoso stressed that the monetary tightening cycle was transitional.

‘Interest rates reflect inflation expectations,’ he said. ‘As we bring inflation down and rebuild balance-sheet confidence, rates will follow. What matters most is that credit, when it flows, is built on stability, not speculation.’

Cardoso also provided deeper insight into the bank recapitalization programme, which he framed as an ‘investment in future resilience.’ He said Nigerian banks must be equipped to finance large-scale projects, in energy, manufacturing, infrastructure, and technology – without compromising their balance sheets.

‘We want stronger, better-capitalized banks writing bigger tickets for productive sectors,’ he said. ‘This is about preparing for the scale of investment required in a trillion-dollar economy. It’s not about crisis; it’s about capacity.’

Mayokun Ajibade, Special Adviser on Financial Markets and Economic Policy, echoed the governor’s remarks, describing stability as the quiet engine of confidence

‘Fiscal and monetary coordination has improved markedly,’ Ajibade said. ‘The reforms are not isolated. They’re synchronized, fiscal discipline, FX liberalization, and banking-sector resilience all feed into the same macro story.’

Cardoso said that the next phase of reform is not just about more capital, but about capital that’s sustainable, inclusive, and forward-looking, such that aligns with the global transition economy.

‘Confidence comes from consistency. That’s why our focus has been to stabilise prices, unify the FX market, and create an environment where policy is predictable and transparent, ‘ he said.

Senator Shehu Buba, representing Bauchi South Senatorial District, has expressed optimism that the current economic hardship in Nigeria will soon come to an end.

He made the remark during the distribution of 21,000 bags of semovita to his constituents at the Jummaat Mosque in the Federal Low-Cost area of Bauchi.

The lawmaker expressed confidence that the hardship will soon come to an end, citing the progress made by the federal government under the leadership of President Ahmed Bola Tinubu in revamping the economy.

He further said the current economic hardship is being tackled from different dimension including the distribution of palliatives, an effort he has consistently undertaken, not only for his constituents but also for the people across the state.

According to him, ‘The federal government had to a large extent been able to stabilise the exchange rate of the national currency against others thereby improving imports and exports.’

He revealed that Senator Sama’ila Dahuwa, who represents Bauchi North Senatorial District, will soon join the All Progressives Congress (APC) following his resignation from the Peoples Democratic Party (PDP). He also appealed to Senator Abdul Ahmed Ningi, representing Bauchi Central, to leave the PDP and join the APC so they can collectively work toward the progress of the state and the nation.

Senator Buba also commended members of his constituency for their peaceful conduct, noting that their support has greatly contributed to the APC-led government’s efforts in delivering the dividends of democracy to the people.

He solicited for the continued cooperation of the people with the government at all levels stressing that ‘without peace there cannot be meaningful development.’

In his remarks, Abdulkadir Gyangyan, chairman of the distribution committee, explained that the exercise began with the allocation of 1,000 bags each to seven local government areas; Alkaleri, Bauchi, Bogoro, Dass, Kirfi, and Toro, while the remaining 13 LGAs will receive 500 bags each.

He added that the rest will be shared among party officials at the zonal and state levels, political organisations, as well as selected individuals and associations.

Gyangyan, who also serves as the State Organising Secretary of the All Progressives Congress (APC), commended Senator Buba for his consistent efforts in supporting his constituents, saying, ‘You have helped reduce hunger among our people.’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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