Category: Business Day

From the discussions at GITEX Nigeria, held earlier this month in Abuja and Lagos, one message was clear: Africa’s digital transformation is already underway. Government leaders, investors, and entrepreneurs gathered to chart how technology can drive the continent’s next chapter of growth. For IFC, it reaffirmed a central conviction: artificial intelligence (AI), when scaled responsibly, can fuel inclusive growth and job creation at scale.

Artificial intelligence is redefining global economies. Studies suggest AI could contribute up to $15 trillion to global GDP by 2030, one of the most significant productivity shifts in modern history. Research also shows it could boost labour productivity by 0.6 percentage points annually through 2040. For Africa, with over 60 percent of its population under 25, rising smartphone penetration, and a vibrant entrepreneurial culture, AI offers a pathway to leapfrog longstanding barriers and create jobs at scale.

‘In finance, AI credit-scoring tools used by fintechs are enabling millions of unbanked individuals and small businesses to access loans, fuelling entrepreneurship and inclusion.’

AI is already reshaping sectors linked to the Sustainable Development Goals. In Nigeria’s Edo State, a teacher-led pilot using GPT-4 helped 800 students achieve learning gains equivalent to two years in just six weeks. In Senegal, IFC invested in Kera, a digital health platform whose AI-driven insurance product has cut claims processing from months to seconds, making healthcare more affordable and accessible. In finance, AI credit-scoring tools used by fintechs are enabling millions of unbanked individuals and small businesses to access loans, fuelling entrepreneurship and inclusion.

Today, three priorities stand out as Africa charts this AI-powered future:

1. Africa needs strong digital foundations.

To seize this opportunity, Africa must first address the basics. Today, only 36 percent of Africans have internet access, while unreliable electricity and limited data centre capacity slow adoption.

In fiscal year 2024, IFC committed a record $8.5 billion to digital infrastructure across Africa, including investments in data centres, fibre networks, and broadband. That same year, we invested $1.1 billion specifically to boost digital connectivity. This includes backing Raxio Group’s Tier III data centre expansion across six countries and financing to expand WIOCC’s subsea cables and fibre in Nigeria, DRC, and South Africa. In Lagos, IFC-backed Rack Centre became the first EDGE-certified green data facility in Africa, setting a global benchmark. In Ethiopia, a $1.3 billion collaboration with Safaricom is expanding access to 4G and 5G networks.

These infrastructure projects reduce data costs, connect communities, and enable scalable digital services. These foundational investments are vital for AI-powered innovation to take root and position Africa for global competitiveness.

2. Startups as engines of jobs and innovation

Startups are where innovation meets opportunity. Africa’s startups are solving real-world challenges, from financial inclusion and healthcare access to supply chain inefficiencies. The Google-IFC e-Conomy Africa 2020 report states that Africa’s internet economy could grow from $180 billion by 2025 to $712 billion by 2050, roughly 8.5 percent of GDP.

IFC supports this ecosystem with a $275 million Venture Capital Platform and a $120 million Startup Catalyst Program, which have supported over 1,200 startups spanning fintech, healthtech, edtech, and climate tech. In Nigeria, IFC invested $110 million in TradeDepot, a B2B e-commerce platform empowering women-led retailers with credit and digital tools. Wave Mobile Money is scaling financial inclusion in West Africa; Andela has trained over 175,000 African technologists, creating pathways to global markets; and IFC’s TechEmerge programme is piloting AI diagnostics in Nigeria and Kenya.

Together, these efforts have created over 300,000 jobs, with more than 100,000 women employed, showing that Africa’s entrepreneurial ecosystem can deliver jobs, innovation, and inclusion.

3. Private capital is central to Africa’s AI future.

Public funds alone will not drive Africa’s digital transformation. Currently, less than 1 percent of global AI investment flows into emerging markets beyond China. The role of private capital through equity, blended finance, and public-private partnerships is essential, and it must step up.

IFC is helping catalyse that shift. We partner with African private equity firms such as Africa Capital Alliance, Verod, Uhuru, and Cardinal Stone, combining capital with governance and market expertise to grow resilient, scalable businesses. Our investments also emphasise sustainability, such as the $500 million RIPLE initiative, ensuring that digital growth aligns with climate goals.

Across Africa, IFC’s role is to de-risk investments, crowd in private capital, and create models that can scale across borders.

A shared vision for inclusive development

AI is not just about algorithms and data; it’s about people. It is about equipping young Africans with digital skills, giving small businesses access to new markets, and building infrastructure that is affordable, green, and inclusive.

But the future hinges on today’s choices: governments must set policies enabling digital economies, investors must bring long-term capital, and entrepreneurs must keep driving bold ideas. IFC’s role is to stand at the centre of this ecosystem as a partner and facilitator.

The question for Africa is no longer whether to embrace AI. It is about how inclusively, how quickly, and how boldly the continent moves to make AI a driver of shared prosperity.

The controversy over the academic records of Nigeria’s Minister of Innovation, Science and Technology, Uche Nnaji, took a new twist on Monday after his media aide, Robert Ngwu, accused Enugu State Governor, Peter Mbah, of being behind what he called a ‘sponsored smear campaign’ to destroy the minister’s reputation.

Speaking at a press conference in Abuja, Ngwu denied claims that his boss forged his university and National Youth Service Corps (NYSC) certificates, describing the allegations as politically motivated and meant to tarnish Nnaji’s image. He said Governor Mbah was using his influence to sponsor negative stories against the minister because of political rivalry.

According to Ngwu, ‘All these sponsored events are being coordinated by Governor Peter Mbah of Enugu State. The governor has made Chief Uche Nnaji the scapegoat for all his problems.’

He alleged that Mbah, who is reportedly seeking a second term in office, sees Nnaji as an obstacle to his rumoured plan to defect from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC).

Ngwu also claimed that Nnaji had formally applied to the University of Nigeria, Nsukka (UNN), to release his academic transcript to clear his name, but the institution allegedly refused to comply, even after a court order. He said they received information that the minister’s academic file was being held in the office of the Vice-Chancellor, Simon Ortuanya.

‘Why would the file of a serving minister of the Federal Republic be sitting in your office under lock and key?’ Ngwu asked.

He also addressed concerns over differences in the names on Nnaji’s documents ‘Nnaji Uchenna’ and ‘Uche Geoffrey Nnaji’ saying the variation was normal in Igbo culture. He explained that ‘Uchenna’ and ‘Uchechukwu’ mean the same thing, ‘the will of God,’ and are often used interchangeably.

Ngwu insisted that Nnaji graduated from UNN in 1985 and said the university confirmed this in writing in December 2023.

However, this claim contradicts a BusinessDay investigation released recently, which reported that Nnaji submitted forged university and NYSC certificates to President Bola Tinubu and the Nigerian Senate during his ministerial screening in 2023.

It was reported that UNN had disowned the degree certificate the minister presented, saying that though he was admitted in 1981, he did not complete his studies and was never awarded a degree.

In a response to a Freedom of Information request dated October 2, UNN’s Vice-Chancellor, Prof. Simon Ortuanya, confirmed that the university had no record of Nnaji graduating. This contradicted an earlier letter from the university’s Registrar, Celine Nnebedum, in December 2023, which had confirmed his graduation but was later withdrawn in May 2025 when the university said it could not find his name in the 1985 graduation records.

The investigation by BusinessDay also revealed that in a court affidavit, Nnaji himself admitted that UNN never issued him a degree certificate and that he ‘never collected one.’

In September, Nnaji filed a lawsuit at the Federal High Court against the Minister of Education, the National Universities Commission (NUC), UNN, and its Vice-Chancellor. The minister asked the court to stop the university from ‘tampering’ with his academic records. The case came up for hearing on Monday, with Senior Advocate of Nigeria, Sebastian Hon, representing Nnaji.

Meanwhile, the Enugu State Government has denied any involvement in the controversy. Speaking through the Director of Information in the Ministry of Information and Communication, Chukwuemeka Nebo, the government said Nnaji should face his own issues instead of dragging the state into his personal troubles.

‘The honourable minister must carry his own cross and clear his name before Nigerians,’ Nebo said, dismissing claims that Governor Mbah was sponsoring any campaign against him.

He criticised Nnaji’s decision to send his aide to speak on his behalf, saying it raised more suspicion. ‘Why would a man accused of forging his academic certificates call a press conference and fail to show up?’ Nebo asked. ‘If he truly has nothing to hide, why send proxies who cannot answer basic questions?’

The Enugu government also listed a number of questions the public expects Nnaji to answer particularly about his degree and NYSC documents.

Among them were whether Nnaji truly presented a UNN degree certificate to the Senate during his screening, despite admitting in court that the university never issued him one. The statement also questioned the authenticity of his claim that he graduated in July 1985 when records showed he was retaking a course called Virology (MCB 431) as late as 1986.

It cited letters from UNN showing that he failed the course twice and applied again in January 1986 to retake it, paying a resit fee of four naira.

The government also raised doubts about his NYSC certificate, noting inconsistencies in the document. According to them, Nnaji’s NYSC certificate indicated he began service in April 1985 three months before his supposed graduation and served for 13 months instead of the standard 12.

The document was reportedly signed by Col. Animashaun Braimoh, who was not even NYSC Director-General at the time. The numbering on the certificate also appeared suspicious because it contained an alphabet, which NYSC certificates issued in 1986 reportedly did not have.

‘Is it true that Nnaji’s NYSC certificate bears the number A231309, which includes an alphabet, when certificates from that period only had six-digit numbers?’ Nebo asked.

He added that Nigerians deserve to know how the minister obtained the certificate he submitted to the Senate if, as he claimed in court, the university never issued him one.

‘These are the clarifications Nigerians are asking for,’ Nebo said. ‘If the minister truly has nothing to hide, he should face the nation and clear his name instead of accusing others.’

On Thursday last week, the naira converged at N1,455 per dollar in both the official foreign exchange (FX) market and the parallel market, effectively closing the exchange rate gap.

Foreign exchange speculation in Nigeria has fallen to an all-time low as the gap between official and parallel market rates continues to narrow sharply. The naira, which has sustained a strong rally across markets in recent months, trades at N1,480 per dollar at the parallel market and N1,470.26 per dollar at the official window as of Monday, October 6, 2025.

Analysts attribute the rebound to a surge in external reserves to $43.05 billion and a marked decline in speculative trading, reflecting renewed investor confidence driven by the Central Bank of Nigeria (CBN)’s ongoing reforms.

‘When I assumed office, I made a commitment that by the time I leave the Central Bank, no one would need to know anybody to get their business done. That was particularly important for the foreign exchange market, which had been plagued by inefficiencies and favouritism,’ said Olayemi Cardoso, governor of the, while addressing participants at the Bank’s annual lecture series held at the Lagos Business School last week.

He explained that the journey toward a more transparent and inclusive foreign exchange market has been long and demanding but ultimately rewarding. ‘In the past, people had to rely on connections to access foreign exchange for travel or business, but that was never a sustainable model. Things are now different. With the support of commercial banks and Chief Executive Officers present here, I must say a big thank you to them for their collaboration. Today, Nigerians can use their naira debit cards when they travel abroad, something that once seemed impossible,’ Cardoso stated.

Describing the development as a ‘major step in the right direction,’ he added, ‘It is transformative, it is not a passing phase, and it is here to stay. Going forward, you can expect to see more initiatives like this that will continue to strengthen confidence and encourage transparency in the foreign exchange market.’

Cardoso’s remarks reflect a broader transformation unfolding in Nigeria’s foreign exchange ecosystem, one defined by reduced speculation, improved liquidity, rising foreign reserves, and stronger market confidence driven by reforms under his leadership.

A country’s currency is an instrument of national pride. For the naira, a turbulent past that saw it lose significant value is gradually giving way to recovery. The ongoing rebound is being driven by stronger demand for the local currency, reduced speculative activity, and rising foreign reserves.

The forex reforms introduced by the CBN under Cardoso’s leadership are now yielding results, curbing speculative trading, narrowing market disparities, and restoring stability.

The apex bank has taken major steps to keep the naira stable in line with its exchange rate objective, boosting foreign exchange supply to retail end users, reducing distortions, and maintaining effective reserves management. Injecting liquidity into the market and enforcing compliance with FX regulations have reduced sharp depreciation pressures and increased foreign investor interest in the domestic economy.

Naira stability has also been supported by inflows from Foreign Portfolio Investors (FPIs), contributions from International Oil Companies (IOCs), and CBN interventions to authorised dealers. Renewed investor confidence has encouraged higher foreign participation, driven by a more transparent FX framework and improving macroeconomic fundamentals.

The CBN governor recently disclosed that Nigeria’s gross external reserves rose to $43.05 billion as of September 11, 2025, compared to $40.51 billion at the end of July 2025, providing an import cover of 8.28 months. ‘Similarly, the second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in the first quarter of 2025,’ Cardoso said at the 302nd Monetary Policy Committee meeting held in Abuja.

FX Speculations Dip

A Bureaux De Change (BDC) operator in Marina, Lagos, Garuba Sarki, said many dealers have incurred heavy losses as they sold below purchase rates due to the narrowing exchange rate gap.

‘I know some BDC operators that sold dollars below the purchasing rate. This is expected to continue in the weeks ahead. Also, the expected dollar inflows to the economy will help strengthen the naira’s position against the dollar,’ he said.

Analysts at Commercio Partners attributed the rally and narrowing gap to stronger demand for the naira, reduced speculative trading, and improved reserves.

Ifeanyi Ubah, head of Research at Commercio Partners, expressed optimism that the positive sentiment would be sustained in the near term, supported by increasing external buffers.

‘Nigeria’s rising external reserves are reflecting a healthier external position for the country. With reserves strengthening, speculative activity subsiding, and oil earnings supporting inflows, many market watchers believe the naira’s current rally has a stronger foundation compared to previous cycles of volatility,’ he said.

However, experts caution that sustaining this momentum will depend on maintaining macroeconomic discipline, boosting crude oil production, and diversifying export earnings.

Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), credited the naira’s ongoing stability to the CBN’s reforms.

He highlighted key policies such as the FX Code, improved investor confidence, and pro-investment initiatives that have effectively curtailed speculation. The FX Code, he said, comprehensively addresses standards for market conduct and operations among financial institutions, entrenching transparency, accountability, and compliance.

Gwadabe noted that all institutions engaged in the FX market are required to submit detailed implementation plans to the CBN on how they intend to achieve full compliance with the Code, approved and signed by their boards.

At the launch of the FX Code, Cardoso emphasised integrity, fairness, transparency, and efficiency as essential principles for sustaining Nigeria’s economic growth. The Code, built on six core pillars, ethics, governance, execution, information sharing, risk management, and compliance, aligns with international standards while addressing Nigeria’s unique market challenges.

According to Cardoso, ‘The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.’

Reforms Reshaping the Market

Beyond the FX Code, the CBN also introduced the Electronic Foreign Exchange Matching System (EFEMS), a tool proven in other economies to improve transparency, eliminate speculative distortions, and provide real-time market information.

Additionally, the apex bank lifted the 2015 restriction on 41 items from accessing FX at the official market to stimulate trade and investment.

These measures underscore the CBN’s commitment to creating an enabling environment for inclusive economic growth. However, Cardoso maintains that achieving lasting macroeconomic stability will require vigilance and proactive monetary management.

Gwadabe added that these policy shifts reflect Cardoso’s determination and creativity in ensuring sustained forex inflows that remain accessible to businesses and end users.

How It Started

When Cardoso assumed office in October 2023, he prioritised rebuilding Nigeria’s economic buffers and strengthening resilience. At the time, the FX market was burdened by over $7 billion in outstanding commitments and multiple exchange rate windows that encouraged arbitrage.

‘Over the past year, we have undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency. This unification has enabled us to clear the outstanding foreign exchange obligations, giving businesses, ranging from manufacturers to airlines the confidence to plan and invest in the future. To further enhance functionality, we are introducing an electronic FX matching system, which has proven effective in other markets,’ Cardoso explained.

Foreign capital inflows remain central to Nigeria’s economic stability. The CBN has since expanded sources of FX inflows, supporting manufacturers, investors, and retail users through improved access and simplified processes.

The Bank has encouraged diaspora remittances through new products, licensing additional International Money Transfer Operators (IMTOs), adopting a willing-buyer, willing-seller model, and ensuring timely naira liquidity access for IMTOs, all aimed at boosting inflows and promoting growth.

Policies Supporting Remittance Inflows

In further efforts to stabilise the naira, the CBN introduced two new financial products for Nigerians in the diaspora, the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account, designed to streamline remittances, attract investments, and promote financial inclusion.

The CBN said the initiative provides a secure and efficient platform for managing funds and investing in Nigeria’s financial markets. Non-Resident Nigerians can now remit foreign earnings into Nigeria and manage funds in foreign currency or naira, supporting family maintenance, education, and healthcare.

The investment account enables diaspora Nigerians to participate in the local financial markets, investing in bonds, fixed deposits, equities, government securities, and mortgage products. Both accounts offer currency flexibility and convertibility at prevailing exchange rates.

These innovations align with the CBN’s goal of doubling formal remittance receipts within a year, a move expected to deepen confidence in Nigeria’s financial system and enhance economic stability.

Mohamed Touhami el Ouazzani, Western Union’s regional vice president for Africa, noted in his report ‘Diaspora Remittances: The Power Behind Africa’s Sustainable Growth’ that remittances, beyond being financial flows, change lives. In 2023 alone, Africa received $90 billion in remittances, an amount comparable to the GDP of several nations.

He said, ‘Remittances symbolise deep ties that keep communities connected across borders. Families with breadwinners abroad depend on these funds for their daily needs, laying foundations for broader financial stability.’

According to him, every remittance is a seed of change, a deliberate investment in Africa’s future. By channeling these funds into key sectors, the diaspora is not just sending money home but building resilient economies across the continent.

As the power crisis in Nigeria shows no sign of improvement, a renewable energy company and strategic partner of LONGi, WERAN Solar Co., Ltd, Shanghai, has partnered with Nigerian solar system installers, unveiling different size of affordable inverter to help tackle the country energy crisis.

Speaking recently at an installers’ training and partnership forum held in Lagos, Deputy Managing Director of WERAN Africa, Pepper Guo, said the firms inverter products were affordable and was a long-term investment for households and businesses struggling with power shortages.

Guo stated that the company viewed Nigeria as a key hub for its African operations, which necessitated it investment by setting up branches in some states.

‘We did not come to Nigeria for a short-term market. We came because we see the potential of this country and want long-term development here.

‘Our goal is to build partnerships, share the future together, and provide quality solar solutions that Nigerians can rely on,’ Guo said.

Marketing Manager Ngoziukwu Livingstone, who spoke on behalf of the company, stated that the event was necessary for the installers to be able to distinguish the company products, especially, knowing which is high-quality and low-quality solar panels in the market.

‘ One of the reason of organising this event, is to teach them how to identify original products, understand efficiency standards, and meet us directly to ask questions’, he said.

One of the highlights of the training was WERAN’s authentication system, which allows installers to scan a code at the back of each solar panel to confirm its originality.

The event which was well-attended brought together solar installers from across Lagos State and Nigeria

to educate them on the latest photovoltaic technologies and address challenges in differentiating genuine solar products from fake or substandard ones flooding the market.

Also speaking at the event, especially on the rise in cost of Inverter and panel in recent years, WERAN’s Sales Director, Quasim Lawal, disagreed with perceptions that prices had risen over the last few years.

According to him, contrary to public belief, solar prices have not significantly increased. Since President Bola Tinubu’s administration removed certain import duties on solar raw materials, more companies are entering the market.

‘ I think the difference lies in premium products, which naturally cost more than mass-market alternatives,’ he said.

The sales Director, equally called for stronger government policies to regulate the industry, likening the need for a solar regulatory body to the role of NAFDAC in the pharmaceutical sector.

‘There is no effective regulation for solar products in Nigeria. Many fake and adulterated products enter the market because there is no strict quality control. This makes it hard for sincere firms like us to compete,’ he said.

To address affordability challenges, he revealed that while it operates on a business-to-business model, Nigerian banks such as Sterling, Wema, and Fidelity now offer renewable energy financing packages, enabling households to access loans to pay for solar installations in instalments.

Speaking on what distinguishes WERAN’s panels with others in the market, Lawal stressed that the firm’s premium 610W HPVC panels, produced in collaboration with LONGi, are being sold at a discounted rate, far lower than the international market price.

‘We have also partnered with global inverter and battery manufacturers, including Deye and Lithium Valley, to ensure durability and complement the quality of its panels.’

Despite successive government efforts and investment Nigeria energy crisis has persisted for decades, with many Nigerian and businesses relaying on generators or other alternatives.

About half of the population have no access to power, making demand for

renewable energy rising daily.

However, many Nigerians can’t afford especially since the advent of the current administration which initiated reforms which has push more Nigerians into poverty.

Since its establishment in 2015, WERAN has expanded rapidly across Asia, the Middle East, and Africa. Its Nigerian subsidiary, set up in 2024 in partnership with Rayonannce Energy FZE, runs a warehouse in the Lekki Free Trade Zone to serve the West African market.

With the Federal Government targeting renewable energy to power millions of homes by 2030, stakeholders believe that partnerships between global companies like WERAN and local installers will play a critical role in bridging Nigeria’s energy gap.

Nigeria must address the challenges limiting agricultural productivity in the North in order to effectively combat hunger and avert a bigger humanitarian crisis, according to a joint report by the World Food Programme (WFP) and the African Development Bank.

Despite vast arable land, Northern Nigeria continues to face high food insecurity, soaring malnutrition rates, and the nation’s highest food inflation, challenges the report links to climate shocks, insecurity, and weak economic structures.

The joint assessment argues that scaling up agricultural investment in the North could be the game-changer needed to tackle Nigeria’s worsening humanitarian crisis and chronic hunger.

‘While humanitarian interventions such as food and cash assistance have helped meet urgent needs, they were not strategically designed to strengthen local food systems or support recovery,’ the report noted.

It stressed that linking food aid to local sourcing, storage, and processing would have amplified the economic impact within affected communities. ‘Tying cash transfers to local markets and smallholder farmers ensures money circulates within the region, empowering producers and boosting food supply,’ it added.

Currently, more than 31 million Nigerians face severe food insecurity, with about five million concentrated in Borno, Yobe, and Adamawa states. In the same region, nearly 2.3 million people remain displaced by conflict, according to WFP data.

Recent funding cuts by the United States have worsened the crisis, leaving thousands of families without food aid and exposing the fragility of Nigeria’s humanitarian response.

The report also revealed that previous assistance models often benefited markets outside the conflict zones. ‘Cash transfers and food purchases largely flowed to distant suppliers, bypassing local producers,’ it said. ‘This approach met immediate needs but failed to build resilience or stimulate regional food economies.’

Analysts say redirecting investment toward agro-processing, input supply, and logistics in the North would not only improve food availability in the country but also create jobs and reduce reliance on imports.

The report concludes that integrating humanitarian aid with agricultural investment offers Nigeria its best chance to curb hunger, rebuild livelihoods, and drive long-term food security.

Investment opportunities for stronger food systems

The report highlights two critical, high-impact investment opportunities to strengthen Northern Nigeria’s food system, while boosting food security in the country. They include improving on-farm storage to curb post-harvest losses and revitalising local milling capacity in Northern Nigeria to boost food security and stimulate regional trade.

These investment cases are presented as illustrative examples, designed to showcase the scale of opportunities and the potential returns from targeted agricultural investments. They are not prescriptive blueprints, but practical insights into how well-placed capital can address two of the region’s most pressing challenges: widespread post-harvest losses and limited wheat processing capacity.

By tackling these bottlenecks, the WFP suggests that investors and policymakers can unlock significant economic value, strengthen local supply chains, and lay the foundation for a more resilient and self-sustaining food system across the country.

Nigeria’s pathway to progress

To drive sustained growth and build stronger food systems, the report outlines five strategic pathways that guarantee growth and progress of Nigeria’s food systems. These include, aligning humanitarian response with local economies, investing in stability where it exists, building crisis-resilient food systems, embedding long-term thinking in humanitarian action, and applying lessons proactively.

The report stresses that humanitarian efforts must evolve beyond short-term relief to strengthen local systems and livelihoods.

‘A crisis response that builds local capacity, supports livelihoods, and aligns with long-term development goals is not just more effective – it is essential to breaking cycles of dependency,’ the report stated.

It further highlights that leveraging stable areas in Northern Nigeria for targeted agricultural and economic investments could unlock massive opportunities for recovery. These relatively secure zones, the report argues, can serve as anchors for production, storage, processing, and transport, driving regional food security and resilience.

‘These areas represent entry points for transformation,’ the report noted. ‘Ignoring them risks further decline and the loss of valuable opportunities to strengthen both local economies and national food systems.’

Currently, Nigeria stands at a critical juncture. With its infrastructure currently estimated at just 30 to 35 percent of gross domestic product (GDP), which is far below the 70 percent benchmark typical of middle-income nations. The question is no longer if the infrastructure gap should be closed, but how fast and by what means.

Recent official estimates put Nigeria’s infrastructure shortfall at $2.3 trillion over the period through 2043 under the National Integrated Infrastructure Master Plan. Meanwhile, Nigeria has committed to raising its infrastructure stock from its present level of GDP to at least 70 per cent by 2043.

‘Despite these promising steps, serious obstacles remain. Much of the funds for large infrastructure projects still come from external loans or foreign development finance institutions (DFIs). While necessary, such financing increases Nigeria’s debt burden and exposes the country to currency fluctuation risk.’

These are staggering figures dwarfing many of the past assumptions about the scale of investment needed, and they imply that incremental progress will no longer suffice.

Several recent developments show that Nigeria is beginning to mobilise resources more aggressively. The African Development Bank has invested $1.44 billion to support projects in power, transport, water, and sanitation. A $652 million package from China’s Exim Bank has been approved to build a road corridor that will serve as an evacuation route for goods from the Lekki Deep Sea Port and the Dangote Refinery.

The China Development Bank released around $255 million to help advance the standard-gauge rail project between Kano and Kaduna, a project valued at $973 million.

The Federal Executive Council has officially approved $11.17 billion for the Lagos-Calabar coastal rail line, part of a broader push to link up major coastal cities with modern rail infrastructure.

There are also commitments at the domestic level, as the Federal Government has disbursed N1.6 trillion to states (including FCT) between March 2024 and May 2025 for infrastructure and security-related projects.

Despite these promising steps, serious obstacles remain. Much of the funds for large infrastructure projects still come from external loans or foreign development finance institutions (DFIs). While necessary, such financing increases Nigeria’s debt burden and exposes the country to currency fluctuation risk.

Some ambitious proposals, like a proposed $60 billion/N100 trillion plan for 4,000 km of high-speed rail lines, have drawn sharp criticism concerning cost, timelines, technical feasibility, and whether they divert focus from already underway or critical infrastructure.

In 2024, only 20 percent of Nigeria’s budget spending was allocated to capital projects, despite the urgent need in transport, power, healthcare, and education. This reflects an imbalance between recurrent costs and long-term investment.

Large projects like the Lagos-Calabar rail line are being approved, but securing full funding, completing right-of-way acquisition, and coordinating across states remain huge tasks.

To close the infrastructure gap, Nigeria must move beyond good intentions and incrementalism, such as accelerating public-private partnerships. Given the scale of the gap (~$2.3trn), public funding alone will not suffice. The government must strengthen regulatory frameworks, de-risk projects, and make investments more attractive to private investors and institutional funds.

Prioritise projects based on impact. Instead of spreading resources thinly, focus must be on projects with high multiplier effects, major transport corridors, energy generation and transmission, water and sanitation. Resources should target projects that unlock commerce, reduce costs, improve trade, and enhance connectivity.

Boost domestic resource mobilisation. Beyond external borrowing, there is a need to raise internal revenues via better taxation and bond markets (including local-currency bonds) and encourage infrastructure finance from pension funds and domestic institutional investors.

Improve implementation capacity and governance. Many infrastructure failures stem not from lack of funds, but from delays, cost overruns, land acquisition challenges, and poor intergovernmental coordination. Strengthening capacity at the state level, streamlining approvals, and ensuring transparency will be key.

A balance between large mega projects and essential local infrastructure should be considered. While grand rail lines and coastal rail networks are critical, there should not be neglect of feeder roads, rural access routes, local grids, and basic infrastructure that directly impact citizens’ lives, commerce, health, and education.

Nigeria’s infrastructure gap is real, large, and costly, not just in dollars, but in lost opportunities: reduced economic growth, constrained trade, weakened global competitiveness, and lower quality of life. Recent commitments give cause for cautious optimism, but they also raise the bar, as much more will need to be done.

If Nigeria can sustain a disciplined, transparent, well-prioritised investment strategy, leverage PPPs, mobilise both domestic and international finance, and strengthen project execution, then the goal of raising infrastructure stock to 70 percent of GDP by 2043 may be within reach. Otherwise, the risk is that the country remains trapped in underdevelopment while its peers accelerate forward.

The challenge before us is immense, but the cost of failure is far higher.

Lucky Iraboro, the former chief of defence staff (CDS), has described the March 2022 Abuja-Kaduna train terrorist attack as the most difficult and emotionally draining experience of his military career.

Speaking on Politics Today, a Channels Television programme, on Monday, the retired general said the incident tested the limits of Nigeria’s security architecture and demanded the full weight of his experience as the nation’s top defence officer.

‘For me, during the time I was CDS, the security situation around the country was most troubling.

‘I think the most challenging was the incident involving the train abduction, which added to the dynamics of the challenges we were facing at the time. All the experiences one had prior to that time were deployed to ensure those who were abducted were rescued’, Irabor said.

The former defence chief recalled how the Defence Headquarters had to mobilise extensive resources, coordinate multiple security agencies, and devise complex rescue operations to secure the release of passengers kidnapped during the train attack.

Irabor said the experience not only tested the nation’s resolve but also deepened his appreciation for the courage of troops confronting insecurity in different parts of the country.

The March 28, 2022 attack shocked the nation when terrorists bombed the rail tracks and opened fire on passengers travelling from Abuja to Kaduna.

Dozens were killed, several others sustained injuries, and at least 61 passengers were abducted.

The victims were eventually released in batches, with the last group regaining freedom about seven months later.

Beyond the train attack, the retired general highlighted ongoing counter-insurgency efforts in the North-East and protection of oil infrastructure in the Niger Delta as other major priorities during his tenure.

‘Beyond that, the North-East operation was deep in my mind. Having served a greater part of my career there, I felt a need to return to ensure that operations were conducted effectively without losing our teams,’ he said.

He also stressed that safeguarding oil production was vital to sustaining the country’s economic stability.

Reflecting on life after active service, Irabor said retirement has offered him the freedom to pursue personal passions and intellectual work.

He noted that his experiences in uniform inspired his book, Scars: Nigeria’s Journey and the Boko Haram Conundrum, which explores the country’s prolonged struggle with terrorism.

The 2022 train attack triggered widespread outrage and renewed calls for stronger intelligence coordination and enhanced railway security.

Two years later, in January 2024, the Nigeria Police Force announced the arrest of one Ibrahim Abdullahi, also known as ‘Mande,’ the alleged mastermind of the attack.

According to then police spokesperson Olumuyiwa Adejobi, Abdullahi was arrested by the anti-kidnapping unit of the Kadu Chna State Criminal Investigation Department (SCID) and confessed to leading a notorious kidnapping syndicate that had terrorised the Kaduna-Abuja highway.

Irabor served as Nigeria’s Chief of Defence Staff from January 2021 to June 2023 under the administration of former President Muhammadu Buhari.

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has declared Senator Adams Oshiomhole ‘persona non grata’ following his criticism of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over its nationwide strike in solidarity with 800 engineers sacked by Dangote Refinery.

In an October 3 interview with Arise TV, Oshiomhole called PENGASSAN’s industrial action ‘hasty and unfair’ to other workers.

NUPENG responded sharply in a statement signed by President Williams Akporeha and General Secretary Afolabi Olawale, accusing the former labour leader of betraying core union principles.

‘In conclusion, the leadership of NUPENG hereby declares Senator Adams Oshiomhole persona non grata within the ranks of Nigerian Oil and Gas Workers,’ the union said.

The declaration means NUPENG will no longer participate in or endorse any labour-related event involving Oshiomhole. ‘The NLC, TUC and conscionable civil society organisations should kindly take notice,’ the statement added.

NUPENG described Oshiomhole’s remarks as a ‘betrayal of labour principles’ and a ‘distortion of established laws.’

‘We witness with utter disappointment a former labour leader now transformed into a vocal advocate for corporate oppression,’ the union said.

It stressed that PENGASSAN’s sympathy strike is protected under Section 31 of the Trade Unions Act and aligned with the global union tenet: ‘An injury to one is an injury to all.’

‘His attempts to rationalize the victimization of workers. are not only nauseating but represent a flagrant misrepresentation of Nigerian Labour Law and ILO Conventions,’ NUPENG stated.

The union accused Oshiomhole of ignoring the mass dismissal while condemning PENGASSAN’s response, calling his stance ‘an act of profound historical revisionism and political amnesia.’

NUPENG affirmed its full support for PENGASSAN and the dismissed workers, vowing to use all legal and industrial tools to seek justice.

It also urged Oshiomhole to step back from labour commentary, saying he has ‘irretrievably lost the moral right and legitimacy before Nigerian workers.’

The Kogi State Government, through the Kogi State Primary Health Care Development Agency (KSPHCDA), in collaboration with the Ministry of Health and development partners, has officially flagged off the 2025 Integrated Measles-Rubella, Polio, and HPV Vaccination Campaign, a major public health intervention aimed at protecting children and adolescents across the state from vaccine-preventable diseases.

The ceremony, performed by Ahmed Usman Ododo, governor of Kogi State, underscored the administration’s commitment to safeguarding the health and well-being of every child and adolescent in the state. The campaign marks a significant step towards the elimination of vaccine-preventable diseases and the protection of young girls against cervical cancer through the Human Papillomavirus (HPV) vaccine.

Speaking at the state flag-off ceremony held at the Old Market PHC, Lokoja, Governor Ododo described the vaccination campaign as a renewed commitment to saving lives and strengthening primary healthcare across the state, emphasising that it represents ‘a commitment to life, health, and the future of Kogi State.’

The governor reaffirmed his administration’s determination to build a healthy and productive Kogi, stressing that the vaccines are free, safe, and effective. He further urged that no child in Kogi should be left behind in the journey to a healthier life.

He called on parents, caregivers, traditional and religious leaders to support the campaign, assuring that the vaccines are completely free, safe and essential for every eligible child. He appreciated development partners and health workers for their continued support and dedication to improving the well-being of Kogi’s citizens.

Also speaking at the event, the Commissioner for Health, Abdulazeez Adams Adeiza, lauded the governor’s leadership and highlighted the growing community support for the revitalisation of Primary Health Centres across the state. He expressed gratitude to religious, traditional, and community leaders for their invaluable roles in advancing public health awareness and promotion.

Earlier in his address, the Executive Director of the Kogi State Primary Health Care Development Agency, Mu’azu Musa Omeiza, announced that Kogi State was launching a vaccination campaign targeting 1.9 million children aged 9 months to 14 years against Measles and Rubella, with additional coverage for Polio and HPV.

He explained that the campaign, running from October 6th to 15th, was a coordinated, cost-effective, and evidence-based approach to protecting the state’s future generation.

Mu’azu expressed appreciation to all stakeholders for their support and commended healthcare workers for their dedication, urging households and the media to ensure that all eligible children receive the life-saving vaccines.

In a goodwill message, Abdulrazaq Babatunde Ishola of the National Primary Health Care Development Agency (NPHCDA) praised Kogi State for achieving 100% immunisation coverage and commended Governor Ododo’s commitment to public health. He also called for the recruitment of additional frontline and auxiliary health workers to further strengthen healthcare delivery across the state.

The event underscored the state government’s unwavering commitment to bolstering primary healthcare delivery and safeguarding women’s and children’s health. It also reflected the administration’s comprehensive approach to improving healthcare access, enhancing immunisation coverage, and reducing preventable diseases across Kogi State’s communities.

Adebayo Adelabu, minister of power has announced that the federal government, in the last two years secured over $2 billion to enhance Nigeria’s access to electricity.

Adelabu disclosed this at the Nigerian Economic Summit (NES31) in Abuja. According to him, the Federal Government is leveraging bilateral funding and development finance to de-risk investments and attract private participation for access expansion across underserved and unserved communities, educational institutions, healthcare facilities and government institutions.

A breakdown of the total fund showed that $750 million was from World Bank DARES program for off-grid and mini-grid expansion, $500 million NSIA RIPLE platform to unlock private capital for renewables, and the $190 million JICA fund to complement DARES.

He said, ‘In the past two years, over $2 billion has been mobilized through key facilities, including the $750 million World Bank DARES program for off-grid and mini-grid expansion. the $500 million NSIA RIPLE platform to unlock private capital for renewables, and the $190 million JICA fund to complement DARES.

‘Collectively, these interventions are accelerating renewable energy deployment and expanding reliable, affordable power across the country.’

He explained that in the area of infrastructure development, the Federal Government has introduced targeted national programs aimed at accelerating the viability, expansion, and modernization of the national grid.

The minister noted that under the phase zero of the Presidential Power Initiative (PPI), the transmission capacity has been enhanced to achieve grid stability, and overall system reliability, with over 700MW of additional transmission capacity already achieved.

He explained that under phase one of the PPI, contracts have been signed with Siemens Energy, CMEC, Elswedy Electric, and Power China with financing arrangements underway to support implementation.

Phase one is planned to add 7000MW operational capacity to the grid. ‘In parallel to the grid expansion, generation capacity is being expanded through the rehabilitation of existing NIPP plants to unlock about 345MW, alongside the successful integration of the 700MW Zungeru Hydropower Plant into the grid.

‘Collectively, these interventions have helped sustain an average generation capacity of approximately 5,300MW in 2024 up from 4,200MW recorded in 2023.

‘Additionally, the Federal Government has operationalized the Presidential Metering Initiative (PMI) to close the national metering gap and improve sector viability. Already, N700 billion has been secured from FAAC to deploy 1.1 million meters by end of 2025, and 2 million annually over the next five years under the PMI.

‘This complements the 3.2 million meters being procured through the World Bank’s DISREP program, positioning Nigeria to close the metering gap within five years and strengthen transparency and revenue assurance across the value chain,’ he added.