Nigeria’s transport crisis deepens despite massive investment

Sixty-five years after independence and decades of investment in infrastructure, Nigeria’s transport system remains a key barrier to economic growth.

Experts say the sector is approaching collapse, unable to meet the needs of a growing population or support development goals.

Despite allocating billions of naira to roads, railways, airports, and waterways, Nigeria continues to grapple with a fragmented, underperforming network that increases business costs and hampers productivity.

Samuel Odewumi, a former dean of the Faculty of Transportation and Logistics at Lagos State University of Science and Technology (LASUSTECH), told BusinessDay that transport policy remains reactive and poorly coordinated across all levels of government.

Odewumi said, ‘Nigeria’s population has more than doubled since 1990, but our infrastructure has not kept pace. This gap creates bottlenecks, slows economic activity, and raises logistics costs.’

He warned that without urgent reforms, the system could face long-term breakdown.

Odewumi identified overreliance on roads as a central issue. While a small fraction of Nigerians use air travel, most depend on road transport, much of which is deteriorating.

‘Our roads are not only overused, but misused. Trucks often carry 90 tons on roads designed for 30. That causes rapid damage, and repairs are often ineffective,’ he said.

He noted that seasonal rainfall compounds the problem, eroding road surfaces and worsening infrastructure already under strain.

He also criticised the state of rail transport, pointing out that only a few lines – Lagos-Ibadan, Abuja-Kaduna, and Warri-Itakpe – are functional, and even those operate below capacity.

‘The Warri-Itakpe line has been down for over two months. A single locomotive has served the route for years with limited maintenance. That’s not viable,’ he said.

He expressed concern over Nigeria’s reliance on Chinese loans for rail development, warning that maintenance and repayment are becoming difficult.

He also cited the lack of coordination among federal, state, and local governments as a persistent challenge.

‘Responsibility is often unclear. State and local governments frequently wait for federal action. As a result, many feeder and rural roads are neglected,’ he said.

Odewumi called for stricter freight regulations and a shift toward rail and inland waterways for moving goods. He emphasised the need for a multimodal system that integrates road, rail, air, and water transport and for policies that prioritise efficiency over political optics.

‘We can’t build enough roads to meet demand. Cargo from Lagos to the East should move by rail or sea, not trucks,’ he said.

He noted that transport inefficiencies raise operating costs, discourage investment, and reduce national competitiveness.

Odewumi also criticised the prevalence of tricycles and mini-buses in urban centres, describing them as indicators of underdevelopment.

‘When small vehicles dominate city transport, it reflects poor planning. One train can move thousands. A mini-bus moves a dozen – with greater risk. We must invest in safer, more efficient systems,’ he said.

He argued that sustainable solutions lie in clear policy, effective leadership, and private sector involvement.

‘Transport can be self-financing. Government should focus on creating an environment that supports private investment and long-term planning,’ he said. ‘At 65, Nigeria should not still be struggling with basic transport issues.’

Isa Emoabino, a fellow of the Nigerian Society of Engineers and former chairman of the Nigerian Institution of Highway and Transportation Engineers, echoed similar concerns.

He said that despite policy reforms and budgetary allocations, including N256.8 billion in the 2025 federal budget, Nigeria’s transport system remains inadequate.

‘At 65, our transport sector should be enabling growth. Instead, it’s holding us back,’ Emoabino said.

He pointed out that road infrastructure has not kept pace with population growth or economic targets.

‘There’s a significant infrastructure gap, and existing assets are poorly maintained,’ he said.

He also questioned the proposed 5 percent fossil fuel tax for road maintenance, urging transparency and clear application of funds.

‘People will only support taxes when they see how the money is spent. The process must be accountable,’ he said.

He linked poor road conditions to rising insecurity. ‘Most kidnappings and robberies happen on bad roads, where vehicles are forced to slow down,’ he said.

He added that improved infrastructure would lower logistics costs, ease food distribution and help stabilise inflation.

While acknowledging progress in rail development, he said it is still insufficient.

‘From 1960 to 1990, we neglected rail. Everything shifted to roads – and that’s why they deteriorate faster,’ he said.

He called for bulk cargo and petroleum to be moved via pipelines and rail, rather than by trucks.

‘Transporting petroleum by road damages infrastructure and increases risks. We have alternatives but don’t use them effectively,’ he said.

He also urged the government to implement the National Road Fund and Federal Roads Authority laws, already passed but not yet operational.

‘The frameworks are there. What’s missing is action,’ he said.

He linked transport failures to food insecurity, saying many farmers cannot move their produce, leading to waste and higher prices.

‘If transport doesn’t work, food can’t move – and that affects both availability and cost,’ he said.

He called for a national transport strategy focused on sustainable funding, consistent maintenance, and integration across modes.

‘We need less talk and more execution. Fixing transport is key to fixing the economy,’ Emoabino said.

However, Chris Itsede, executive chairman of Polar-Afrique Consulting, said road construction is already contributing to economic activity.

He cited shorter travel times, lower transport costs, and improved access to markets, healthcare, and education as indicators of progress.

‘Road projects are enhancing regional connectivity. Farmers can reach markets faster and reduce post-harvest losses,’ he said.

He noted that construction creates jobs across sectors – for engineers, technicians, and suppliers – and stimulates local economies.

‘Better roads attract investment, support small and medium businesses, and help drive growth,’ Itsede said.

He acknowledged that road infrastructure is expensive but said long-term benefits outweigh the costs.

‘Efficient logistics improve productivity. Roads connect people and goods,’ he said. ‘As Nigeria continues to invest in infrastructure, road development will remain central to inclusive growth.’

Still, many experts agree that roads alone cannot deliver the impact needed.

Roads account for more than 90 percent of internal cargo transport, yet many are in poor condition. Rail services remain limited, and inland waterways are underused.

Without coordinated reforms and integrated planning, Nigeria’s transport system may not only fail to support growth – it could actively hinder it.

EFCC arrests Kaduna fuel station manager over alleged N500m fraud

Operatives of the Kaduna Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested Abdulazeez Gbadebo, a station manager with Emadeb Energy Service Limited, over allegations of diverting company funds amounting to N500 million.

The arrest followed a petition by the energy company after an external audit allegedly uncovered fraudulent practices.

According to the petition, Gbadebo was accused of illegally diverting and selling bulk petrol, with proceeds reportedly channeled into his personal bank accounts.

Preliminary investigations by the EFCC revealed that the suspect allegedly sold petrol and diesel in bulk directly to private individuals while manipulating pump meters to cover his tracks.

The anti-graft agency said these schemes enabled him to bypass company accounts and conceal the scale of the alleged fraud. During the operation, EFCC operatives reportedly recovered high-value assets suspected to be proceeds of crime.

Among the items seized were an ash-coloured Mercedes Benz, three Mini Coopers, a white Mercedes Benz GLK, property documents linked to the Kaduna Geographical Information System (KADGIS), a certificate of occupancy, a three-bedroom detached bungalow, and three landed properties.

The EFCC confirmed that Gbadebo is currently in custody and would be charged to court as soon as investigations are concluded.

The commission reiterated its commitment to tackling fraud and financial crimes.

Mammoth crowd gather in Plateau ahead of Tinubu’s visit for Lydia’s funeral

A large crowd has gathered at the General Yakubu Gowon Airport in Hiepan, Barkin Ladi local government area of Plateau State, in anticipation of the arrival of President Bola Ahmed Tinubu, who is visiting the state to attend the burial ceremony of Lydia Yilwada, mother of Nentawe Yilwada, the National Chairman of the All Progressives Congress (APC).

The president is also expected to meet with Christian leaders during his visit.

Security has been heightened around key locations in the city, particularly the airport and major roads leading to the town.

Party faithfuls, local residents, and political associates began trooping into Jos as early as Friday evening in what is shaping up to be a significant political event.

As part of his itinerary, President Tinubu is scheduled to address Christian leaders in a closed-door meeting expected to focus on national unity, peacebuilding, and inclusive governance. Political analysts view the engagement as a strategic move aimed at strengthening the president’s relationship with key blocs in the region.

Meanwhile, Governor Caleb Mutfwang of Plateau State had assured a rousing welcome for the president.

Speaking on Friday at an alumni lecture at the University of Jos, the governor said, ‘The people of Plateau will come out en masse on Saturday to welcome Mr. President.’ He added that the visit was significant for the entire state.

This visit marks President Tinubu’s first official stop in Plateau State since assuming office, and it comes at a time of delicate political and religious dynamics in the North.

Observers say the event could set the tone for renewed political engagement between the federal government and Northern Christian communities.

Global leaders unite at Bridgforte Dialogues to reimagine inclusive financial systems

Policymakers, regulators, innovators, private sector leaders and philanthropists have said that the best way to confront the challenges of financial inclusion is for the government and private sector to co-create policies, monitor outcomes together, and build incentives for long-term commitment.

They insisted that there is a need to chart actionable pathways for inclusive and resilient financial systems.

These were the major takeaways from the inaugural Bridgforte Dialogues Roundtable held on the sidelines of the 80th United Nations General Assembly.

The programme with the theme: ‘Financial Inclusion Towards 2035: Shifting Power, Shaping Systems,’ held at the Harvard Club of New York City, was convened in collaboration with the Aspen Institute Financial Security Programme and ConsumerCentriX.

Adrienne Harris, Superintendent of the New York State Department of Financial Services, said that the role of New York is to protect consumers and ensure an inclusive financial system.

According to her, the mission of New York is to globally maintain a thriving marketplace for both traditional institutions and innovators.

Sanusi Lamido Sanusi, the Emir of Kano, while reflecting on Nigeria’s long journey toward financial inclusion, said that despite the push for a cashless Nigeria, 65 percent of transactions are still in cash.

The former Central Bank of Nigeria Governor urged the participants to reckon with this gap amid the global push toward digital economies.

Soraya Hakuziyaremye, Governor, National Bank of Rwanda, in his virtual contribution at the programme, charged all stakeholders to co-create policies, monitor outcomes together, and build incentives for long-term commitment

Mohammed Umaru Bago, Governor of Niger State, called for stronger government leadership.

According to him, the government must lead on financial inclusion with sound policies, resilient infrastructure, and above all, investor protection. Clear laws and strong regulations are essential to ensure durable policies and lasting confidence.

Contributions from private sector leaders, including Africa’s celebrated fintech unicorns, added momentum, including from Shola Akinlade (Paystack) and Gbenga Agboola (Flutterwave), who highlighted Africa’s opportunity to break down borders through digital innovation and Bola Adesola (Ecobank Nigeria), who emphasised the role of trust and partnerships in advancing inclusion.

Participants proceeded to curated table discussions to identify blind spots in current strategies and co-create practical recommendations. The dialogue culminated in a plenary exchange, where perspectives from regulators, entrepreneurs, and philanthropists converged on the urgency of cross-sector collaboration to dismantle systemic barriers.

Commenting on the partnership, Ida Rademacher from the Aspen Institute Financial Security Programme said the roundtable is an exciting step to align private, public, and philanthropic leadership and consumer-centred insights to build a more responsive, beneficial financial infrastructure for the future.

Aishah N. Ahmad, CFA, Convener of the Bridgforte Dialogues, closed with a call to action: ‘Today we proved the power of an unusual conversation, candid, cross-sector, and bold. We tackled trust, the government’s role, disruptive technologies like DeFi, and the leadership needed for true transformation. Facilitating this dialogue has been a privilege, but the real work begins now, and I am committed to carrying it forward with urgency and resolve.’

The Bridgforte Dialogues align with UNGA 80’s theme ‘Better Together’ and anticipate the upcoming second world summit for social development, reinforcing that the future of inclusion lies in ensuring historically underrepresented voices are at the center of shaping global agendas.

Nigeria at 65: 11 times Nigeria stood out on the global scene

Sixty-five years(65) is no small journey. For Nigeria, it is a story stitched together by resilience, culture, and a spirit that refuses to go unnoticed. Every Independence Day comes with reflection: the struggles, the progress, the imperfections, but it also reminds us of how often Nigeria has turned the world’s gaze in its direction.

It is in the aromas of our food that now cross oceans, the beats of Afrobeats that fill arenas thousands of miles away, the strokes of Nigerian artists commanding millions in London auctions, and the moments when athletes, filmmakers, or leaders have written Nigeria’s name into global history. These are not just flashes of fame; they are milestones of identity, pride, and influence.

As Nigeria marks 65 years of independence, here are eleven times the country stood out on the global scene.

Leadership

1. Dr Ngozi Okonjo-Iweala becomes the first woman and first African to lead the World Trade Organisation (2021)

In March 2021, Nigeria’s own Dr Ngozi Okonjo-Iweala made global history when she assumed office as the Director-General of the World Trade Organisation (WTO). Her appointment was not only groundbreaking as she became the first woman and the first African to hold the role, but also a testament to her decades-long career in international finance, economics, and development. Known for her fierce intellect, reform-driven leadership, and unwavering commitment to equity in trade, Okonjo-Iweala’s rise reinforced Nigeria’s influence on the world stage and inspired millions across Africa.

Food

1. Hilda Baci breaks the Guinness World Record for longest cooking marathon (2023)

On Monday, 15 May 2023, at 7:45 am, Nigerian chef Hilda Effiong Bassey, popularly known as Hilda Baci, made history in Lagos by breaking the Guinness World Record for the longest cooking marathon by an individual. She surpassed the previous record set in 2019 by Lata Tondon of India (87 hours 45 minutes), reaching an extraordinary 93 hours and 11 minutes. This feat trended globally, putting Nigerian cuisine at the centre of international conversations.

2. Adejoké Bakare becomes the first black woman to receive a Michelin star in the UK (2024)

In 2024, Nigerian-born chef Adejoké Bakare made history as the first Black female chef in the United Kingdom to be awarded a Michelin Star for her London restaurant, Chishuru. Celebrated for its modern take on West African cuisine, Chishuru’s menu draws heavily from Bakare’s Yoruba heritage, with dishes such as pepper soup, fermented rice pancakes, and grilled meats presented with refined, contemporary flair.

3. Hilda Baci sets record for the largest serving of Nigerian jollof rice (2025)

On 12 September 2025, during the World Jollof Festival in Lagos, Hilda Baci once again put Nigeria on the map. Partnering with Gino Nigeria, she prepared asun jollof rice over a nine-hour period, creating a staggering 8,780 kilograms (19,356 lb 9 oz) of the dish. Officially recognised by Guinness World Records, it was celebrated as the largest serving of Nigerian-style jollof rice ever made.

Music

1. Wizkid Sells Out London’s O2 Arena Three Nights in a Row (2021)

In November 2021, Nigerian superstar Wizkid became the first African artist to sell out the London O2 Arena for three consecutive nights during his Made in Lagos tour. The first show sold out in 12 minutes, the second in just 2 minutes, and the third followed quickly due to overwhelming demand. The feat cemented Wizkid’s status as a global Afrobeats ambassador, proving the genre’s growing influence on the world stage.

2. Tems becomes first Nigerian female artist to sell over 10 million units in the US (2025)

On Tuesday, 30 September 2025, Temilade Openiyi, professionally known as Tems, reached a historic milestone by becoming the first female Nigerian artist to sell over 10 million units in the United States. The confirmation came from Chart Data on X (formerly Twitter). The achievement centres on her collaborative single ‘WAIT FOR U’ with American stars Future and Drake, which officially crossed the 10 million sales mark. This record-breaking feat cements Tems’ position as one of Nigeria’s most successful global music exports.

Culture and creative arts

1. Ikorodu Bois take Nigerian creativity global (2020-2021)

The Ikorodu Bois, a Nigerian online comedy group, have carved a niche for themselves by recreating multi-million dollar Hollywood trailers, music videos, and photos with everyday items and pure ingenuity. Their viral re-enactments caught the attention of international filmmakers, including the Russo Brothers, who invited them to the premiere of Extraction 2. In 2021, their influence went even further when they were featured in a Netflix Oscar Weekend Film Brand Campaign, showcased on the giant screens of Times Square, New York City. This came after Netflix gifted them professional filming equipment in recognition of their unique talent.

Nollywood

1. Nollywood recognised as the world’s second largest film producer (2009)

In 2009, Nigeria’s film industry achieved a landmark recognition when the United Nations Educational, Scientific and Cultural Organisation (UNESCO) declared Nollywood the world’s second largest film producer, officially edging out Hollywood from the position. Only India’s Bollywood remained ahead. The announcement, made simultaneously at the UN headquarters in New York and UNESCO’s office in Paris, followed a global cinema survey by the UNESCO Institute of Statistics.

2. ‘Mami Wata’ makes Nollywood history at Sundance (2023)

In 2023, Nollywood achieved a historic milestone with the premiere of ‘Mami Wata’, a black-and-white fantasy thriller directed by CJ Obasi and produced by Oge Obasi, at the Sundance Film Festival – the world’s largest indie film festival. This was the first time a Nigerian feature film screened at Sundance, signalling Nollywood’s growing relevance on the global stage. The film went on to secure major accolades, including the 2023 National Film and Video Censors Board (NFVB) Award, and achieved even greater recognition when it earned an Oscar nomination for Best International Film in 2024.

Sports

1. Chioma Ajunwa Wins Nigeria’s First Olympic Gold (1996)

At the Atlanta 1996 Olympics, Chioma Ajunwa made history by leaping 7.12m to win the women’s long jump, becoming Nigeria’s first and only individual Olympic gold medallist. She was also the first Black African woman to win Olympic gold in a field event. Ajunwa’s legacy is even more remarkable as she remains the only woman to have competed at both the FIFA Women’s World Cup as a footballer and the Olympics as a track and field athlete.

2. Tobi Amusan Becomes Nigeria’s First World Athletics Champion (2022)

On 24th July 2022, Tobi Amusan made history in Oregon, USA, becoming the first Nigerian athlete to win a World Athletics Championship gold medal. Competing in the women’s 100m hurdles, she not only secured victory but also shattered the world record with a time of 12.12 seconds in the semifinal, before clocking a wind-assisted 12.06 seconds in the final. Her triumph was celebrated worldwide, with the International Federation of Athletics (World Athletics) and FIDA (International Federation of Women Lawyers) hailing her as a beacon of inspiration.

Naira ends week with N14.98 gain on sustained liquidity

The naira closed the four-day trading week with N14.98 gain in the official foreign exchange (FX) market following sustained liquidity.

After trading on Friday, the naira appreciated by 1.02 percent week-on-week as the dollar was quoted at N1,465.67 compared to N1,480.65 quoted last week Friday at NFEM according to data from the CBN.

The CBN data showed that the naira witnessed a 0.7 percent or N10.67 for the four-day trading week to N1,465.67 on Friday from N1,476.34 closed on Monday at NFEM.

On a day-on-day trading account, the naira depreciated by 0.7 percent to N1,465.67 on Friday, down by N10.44 compared to N1,455.23 traded on Thursday at the NFEM, CBN data indicated.

The local currency strengthened by N35 or 2.4 percent week-on-week to close at N1,460 per dollar on Friday up from N1,495/$1 on Friday last week in the parallel market also known as the black market.

Daily, the naira weakened by N5 on Friday to N1,460 as against N1,455 closed on Thursday in the black market.

Nigeria’s external reserves rose 2.2 percent month-on-month to $42.35 as of September 30, 2025, up from $41.42 recorded at the beginning of the month, data from the CBN indicated.

Olayemi Cardoso, governor of the CBN has said that recent reforms in the foreign exchange market have helped restore investor confidence and boost the country’s external reserves, which now stand at over $42 billion.

Speaking at the maiden edition of the CBN’s lecture series at the Lagos Business School (LBS), Cardoso said ‘on foreign exchange, we introduced a willing buyer, willing seller framework and unified the multiple exchange rate windows. We also cleared the backlog of verifiable foreign exchange commitments, which has helped restore market confidence.’

He added that the Bank has taken deliberate steps to attract diaspora inflows and investment, ‘we created new channels to facilitate diaspora remittances and encourage investment, most notably through the Non-Resident Nigerian (NRN) platform, which enables Nigerians abroad to open bank accounts seamlessly from anywhere in the world.’

Cardoso emphasised that these reforms are part of a broader strategy to strengthen the economy and ensure long-term stability in the financial markets.

Yemi Kale, Group chief economist and managing director of Afreximbank, said the introduction of a more flexible exchange rate regime acts as a natural shock absorber, allowing the currency to adjust gradually to fluctuations in oil prices or global economic conditions, rather than triggering sudden crises in the balance of payments.

Me Cure Industries pays N600m dividend

Me Cure Industries Plc shareholders were rewarded with a dividend payout of N600 million, translating into 15 kobo per share.

The company grew its revenue by an impressive 45 percent in the financial year ended December 31, 2024, increasing from N31.7 billion in 2023 to N46 billion, although profit before tax (PBT) declined moderately by 8.3 percent to N3.3 billion, down from N3.6 billion in 2023 due to tough operating environment.

Despite significant macroeconomic headwinds, including inflationary pressures and high interest rates, the revenue growth was driven by a strong focus on cost optimisation, product innovation, and regional market expansion.

Similarly, profit after tax (PAT) decreased by 20 percent, from N2.9 billion to N2.3 billion.

‘This performance underscores the dedication, innovation, and adaptability of our management and staff in navigating a challenging business landscape. During the year, we launched 10 new products and commenced exports to neighbouring West African markets, further deepening our regional presence. In line with our growth strategy, we continued significant investments in facility upgrades to meet global Good Manufacturing Practice (GMP) standards. Our Lagos industrial complex now houses six standalone, NAFDAC-approved production plants, enhancing output capacity across tablets, capsules, and syrups.

‘On the innovation front, our in-house Research and Development team continued to develop new products, several of which are now awaiting regulatory approval from NAFDAC. We remain committed to the highest standards of corporate governance, transparency, and ethical conduct. Throughout the year, the Board worked closely with management to strengthen internal controls, ensure regulatory compliance, and manage emerging risks.

‘In alignment with the Nigerian Code of Corporate Governance and international best practices, our governance structure continues to evolve. We are prepared to take advantage of emerging opportunities,’

Samir Udani, chairman, Me Cure Industries said at the company’s Annual General Meeting in Lagos at the weekend.

Shareholders commended the performance against the backdrop of the inclement operating environment.

Bisi Bakare, coordinator, Pragmatic Shareholders Association said: ‘Despite the challenges in the economy, Me Cure was able to grow its revenue by 45 percent. This shows resilience. The company also rewarded the shareholders with 15 kobo dividend per share. This is also commendable. Itsinvestment in 10 new products will boost revenue in the nearest future.’

Another shareholder also noted that the decision of the founder of Me Cure Industries to invest in Nigeria would encourage more foreign investors to do the same.

He commented the initiative and advised shareholders to patronise the company’s products as a way of supporting its operations. The shareholder urged the company to take advantage of the new government policy on tariffs to boost its operations and expand activities to more African countries.

How Nigerians joined Indians at the top of UK’s foreign landlord league

Nigerians are now among the biggest foreign landlords in Britain, joining Indians at the top of the UK rental market as property investments surge.

When Lagos entrepreneur Chika Okeke and bought her first buy-to-let flat in Manchester last year, she wasn’t chasing prestige. She was chasing stability. ‘The system here is clear, the rental demand is strong, and the property pays for itself,’ she told told Times UK.

She is part of a powerful wave of Nigerians reshaping Britain’s rental property market. Alongside Indians, Nigerians now dominate UK buy-to-let company ownership.

Fresh data from estate agency Hamptons shows that in the first half of 2025, Nigerians set up 647 buy-to-let companies, second only to Indians, who established 684. Together, both groups have topped the rankings for three years in a row, ahead of Poles and other European migrants who once led the space.

Why the UK?

The appeal is simple: transparency and yields. In Nigeria, investors grapple with opaque land registries, erratic policies, and unreliable tenants. In the UK, rental yields in northern cities reach 9-10 per cent, compared with an average of 7 per cent nationwide.

‘You can buy a house in Leeds and have tenants lined up immediately,’ said Uche Eze, a Nigerian mortgage broker in Birmingham. ‘Back home in Lekki, you might wait months to collect rent. Nigerians see the difference and move fast.’

Migration and money

The surge mirrors migration flows. Between 2019 and 2023, 127,000 more Nigerians and 178,000 more Indians arrived in the UK, according to the Office for National Statistics. As these groups settle, many are using property investment as both a wealth-building tool and a hedge against economic volatility back home.

For affluent families in Lagos and Mumbai, UK property doubles as accommodation for children in school and a long-term rental income stream. For professionals in the diaspora, it is the fastest route to building generational wealth. The tax edge

The smart money is in company structures. Buying through a limited company allows landlords to deduct 100 per cent of mortgage interest and expenses, while paying 19-25 per cent corporation tax instead of up to 45 per cent income tax.

‘Serious investors don’t buy in their personal names anymore,’ explained Bola Adebayo, a Nigerian property consultant in London. ‘The company route makes the numbers add up.’

Hurdles in the market

Yet the market is not without obstacles. Non-UK residents now pay a 7 per cent stamp duty surcharge, while buy-to-let mortgage rates have risen from 3.25% in 2021 to over 5.2% today. By 2028, landlords will also have to upgrade properties to meet higher energy efficiency standards.

‘It’s costly,’ said Okeke, who is already budgeting for energy upgrades. ‘But compared to the uncertainty at home, it’s still a better deal.’

As Strategy that endures

Despite the headwinds, Nigerians and Indians remain the most aggressive foreign landlords in Britain. Average rents in England and Wales are up 34 per cent in five years, now at £1,372 a month, ensuring steady returns.

‘There’s peace of mind in knowing your money is in a system that works,’ Eze said.

Or as Okeke put it: ‘In the UK, even while I’m asleep, my property is working for me.’

NELFUND disburses ?107.7bn to 581,878 students as interest-free loan scheme cuts dropout rates

The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed a total of ?107.7 billion to 581,878 student beneficiaries across the country, in a move that is already reducing dropout rates and widening access to tertiary education.

According to the agency, the disbursement covered ?61.3 billion in institutional fees and ?46.3 billion in upkeep allowances.

By the close of the 2024/2025 academic session portal on September 30th, 2025, 846,462 applications had been received. The portal is scheduled to reopen in October for the 2025/2026 academic session.

Akintunde Sawyerr, Managing Director, NELFUND, emphasised that the loans are structured on zero interest, a decision taken to make the scheme more attractive in light of economic challenges and public scepticism towards borrowing.

‘Given the word ‘loan’ has often carried a negative perception in Nigeria, we deliberately chose to make this scheme interest-free. Our research showed that this would encourage more students to stay in school and pursue tertiary education,’ Sawyerr said.

He explained that before the establishment of NELFUND, many students who had spent three or four years in school were forced to drop out due to sudden financial setbacks in their families. The introduction of the scheme, he noted, has significantly reduced dropout rates and encouraged more young people to transition from secondary to tertiary education. The loan comes with flexible repayment terms. Beneficiaries are not required to make any repayments during their studies or national service year, with repayment obligations beginning two years after completion of the NYSC program.

For those in formal employment, employers are mandated to deduct 10% of the beneficiary’s salary and remit it to NELFUND. However, repayment halts if the individual loses their job, making it effectively a pay-as-you-earn scheme.

Sawyer also stressed that while the terms are soft, the scheme is not a grant. He urged students to be deliberate in choosing courses of study that are aligned with employability and national development needs.

‘The word ‘loan’ serves as a reminder that repayment is expected. We want beneficiaries to think carefully about their choices so they can secure careers that enable them to repay comfortably,’ he added.

He added that with its interest-free structure and supportive repayment plan, the NELFUND loan scheme is emerging as one of the softest and most student-friendly education finance initiatives, with early evidence showing positive impact on Nigeria’s education retention and access.

Tanker fire claims lives, destroys vehicles on Abeokuta-Sagamu Expressway

An unconfirmed number of people have died in a tanker fire accident that broke out around 1am on Friday along the Abeokuta-Sagamu Expressway in Ogun State.

Babatunde Akinbiyi, spokesperson for the Ogun State Traffic Compliance and Enforcement Agency (TRACE), said the incident occurred after a 33,000-litre petrol tanker overturned due to excessive speeding and spilt its contents on the highway. The impact of the crash triggered a fire that spread to nearby vehicles and electric poles, destroying a truck, a tow vehicle, and a power cable supplying electricity to Mowe and surrounding communities. ‘Though the casualty figures cannot be ascertained presently, rescue and emergency services made up of TRACE, Ogun State and Nestlé PLC Fire Service, FRSC, and the Police are still on the ground to restore normalcy and orderliness after quenching the fire and carrying out the decantation process,’ Akinbiyi said.

He added that traffic in the area had been diverted to a single lane as responders worked at the scene, urging motorists to remain calm and cooperate with diversions and rerouting put in place by TRACE, the police, fire service, FRSC, Amotekun, and the NSCDC. ‘Any inconveniences as a result of this unfortunate incident are highly regretted,’ he said.