Category: Business Day

Nigeria must urgently pursue deep structural reforms to avoid an employment crisis by the end of the decade as its working-age population is projected to surge to 168 million by 2030, the Nigerian Economic Summit Group (NESG) has said.

The Group highlighted this on Monday during the launch of its landmark report at the ongoing 31st Nigerian Economic Summit (NES#31) in Abuja.

The report, titled From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria, emphasizes the urgent need for a national agenda to create 27 million formal jobs by 2030 – an average of 4.5 million jobs per year – to prevent rising unemployment as Nigeria’s population rapidly grows.

The NESG report paints a stark picture of Nigeria’s labour market, with over 90 percent of workers engaged in informal employment, and more than 80 percent are concentrated in low-productivity sectors.

Without significant reforms, the group warns, the country could face a doubling of unemployment and underemployment rates over the next five years, trapping millions in vulnerable, low-wage work.

‘This is not just a labour market issue; it is a huge development challenge,’ Wilson Erumebor, Senior Economist at the NESG, said during his presentation of the report.

‘Without decisive reforms to create decent and productive jobs, an entire generation risks being trapped in vulnerable work that neither lifts families out of poverty nor moves the nation forward.’

The report identifies five key challenges stifling productivity and job creation: a shallow private sector base, widespread skills mismatch, poor educational outcomes, growth concentrated in sectors that do not generate large-scale employment, and critical infrastructure gaps, particularly in power and logistics.

To address these constraints, the NESG has proposed the Nigeria Works Framework – a six-pillar strategy focused on improving productivity across the economy.

The framework includes investing in skills for productivity, driving sectoral engines of growth such as manufacturing and ICT, supporting enterprise-led growth, formalising the informal economy, strengthening institutions and data systems, and adopting productivity as a core national metric.

‘The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion, while simultaneously laying the foundations for long-term transformation that secures prosperity for every Nigerian,’ Niyi Yusuf, Chairman, NESG said.

The report singles out four sectors – manufacturing, construction, ICT, and professional services – as holding the highest potential for large-scale job creation and productivity growth.

The NESG argues that targeted investments and policy alignment in these areas can unlock significant employment opportunities, especially for Nigeria’s growing youth population.

The Economic and Financial Crimes Commission (EFCC) on Monday, arraigned Oguibe Nkwachukwu, an accountant, and his company, Wifamapp Royalty Global Limited, for allegedly stealing ?200 million belonging to his former employer, Travelstar Web Logistics Limited.

The defendants were brought before R.A. Oshodi, Justice of the Lagos State High Court, Ikeja, on a 13-count charge bordering on stealing and dishonest conversion of funds.

According to the EFCC, Nkwachukwu, while serving as an accountant at Travelstar Web Logistics Limited, allegedly diverted several sums of money entrusted to him by the company for personal use.

One of the counts stated that he ‘dishonestly converted to his own use the sum of $36,000, property of Travelstar Web Logistics Limited,’ in violation of Sections 280(1)(b), (2)(f), and 287 of the Criminal Law of Lagos State, 2015.

Another count alleged that between January and July 2018, he converted an additional $156,000 belonging to the same company while acting as its accountant.

Nkwachukwu pleaded not guilty to all charges when they were read to him.

Prosecution counsel, A.A. Usman, subsequently requested a trial date and urged the court to remand the defendant at a correctional facility pending trial.

However, defence counsel, Kelvin C. Uzozie, informed the court that a bail application had been filed on behalf of his client and prayed that he be held in the EFCC’s custody instead.

Oshodi adjourned the case until October 17, 2025, for a hearing on the bail application and ordered that the defendant be remanded at the Kirikiri Correctional Centre in Lagos.

Two and a half decades after opening its gates to its first set of students, Whitesands School in Lekki, Lagos, stands as a living testament to a vision that began with simplicity but grew into a legacy of excellence, moral, academic, and human.

At its 25th anniversary celebration, the air was thick with nostalgia and pride. Alumni, parents, teachers, and administrators gathered not just to mark time but to reflect on how far the institution had come in shaping young men into disciplined, value-driven citizens.

The event, marked by mass, speeches, and nostalgic reunions, unfolded as both a thanksgiving and a reflection on a journey defined by vision, perseverance, and faith.

Founded in 2000 as the maiden project of the Ikota Educational Foundation (IEF), a non-profit NGO registered in Nigeria, the Lekki-based school was conceived as a model for holistic education. The foundation’s goal was to provide an environment where academic excellence and moral formation go hand in hand, with faith and family at the centre.

A vision rooted in character and faith

For Lorenzo David, the pioneer principal, Whitesands was more than an academic experiment, it was a mission. Recalling the early days, he described the challenges of starting with a small team and limited infrastructure but a deep conviction to build ‘men of integrity and service.’

‘When we began, the classrooms were still being completed,’ he said while speaking with journalists at the 25th Anniversary. ‘But the spirit of the school was alive, the desire to form young men who not only excel academically but live by values that endure beyond the classroom.’

Those early values, he explained, were anchored in Christian principles, discipline, and respect. The principal’s words drew nods from former students and parents, many of whom recalled similar experiences of formation that have guided them decades later.

The parents who took a leap of faith

Among the audience sat Ebiyemi Pinnick, father of the first admitted student, who recounted the uncertainty and faith that marked his family’s decision to enroll their son, Raymond Amanze Pinnick, in a yet-to-be-tested school.

‘Some of my friends said we were careless parents,’ he laughed. ‘When we came here 25 years ago, some buildings were still under construction. We didn’t know what would become of it. But we trusted the people behind the project, they looked serious.’

That leap of faith, he said, has since been rewarded. ‘Today, when I look at my son and other alumni, I see that while the boys were playful then, they were being built in character. They’ve become disciplined, responsible men,’ Pinnick said proudly. ‘I think I got more out of this school than my son probably did.’

His story mirrors that of several founding parents who took a chance on a school that was, at the time, little more than a bold idea and a promise of formation.

Forming men beyond academics

For the early graduates of Whitesands, the school’s most enduring legacy lies not just in academics but in moral grounding. Michael Agbim, a member of the pioneer set of 2006 and now a creative director and entrepreneur, said his six years at Whitesands shaped his values and work ethic.

‘You can get math and English anywhere,’ he said. ‘What set Whitesands apart was its deep-rooted Christian foundation, daily mass, meditation, and moral talks. It wasn’t just about academics; it was about building your conscience.’

He also credited the school’s community model, one that involved parents, teachers, and students, for giving him a sense of belonging.

‘The school always emphasised that education is a partnership. Parents were part of everything, from uniforms to formation activities. That made a difference,’ Agbim noted.

For Tosan Ayokunmi Wiltshire, the third head boy and now supervisor for Information, Intergovernmental Relations and Budget at Apapa Local Government, the Whitesands experience gave him confidence and a moral compass to navigate public life.

‘Whitesands was one of the greatest things that happened to me,’ he reflected. ‘It gave me the moral values and the confidence to take on the world. When we left school, we felt we were the best things after sliced bread,’ he laughed. ‘That aura stayed with us.’

Wiltshire believes the alumni community has much to give back. He revealed ongoing efforts to formalise an alumni bursary and scholarship fund to support indigent students.

A moral compass that transcends religion

For Pelumi Ladenegan, who is now a lawyer, Whitesands’ moral formation transcended religious boundaries.

‘I’m not a Catholic,’ he said, ‘but the moral teachings here were profound, sacrifice, kindness, orderliness, and punctuality. These are things I still carry with me 19 years later.’

Looking back on his school days, Ladenegan spoke fondly of the teachers who helped shape his journey, among them Tayo Fagbule, now the Editor of BusinessDay. ‘Mr. Tayo wasn’t just a teacher; he was like family, an uncle figure who guided me beyond the classroom,’ he recalled.

Asked if he would consider enrolling his future children at the school, he didn’t hesitate: ‘By the grace of God, absolutely.’

Strengthen family involvement in students’ growth

For Emeka Enemuoh, the current principal, the milestone is both a celebration and a reaffirmation of purpose.

‘Whitesands has never been just about academics,’ he said. ‘Our goal has always been to form men of character, men who will contribute meaningfully to society. We want our students to stand out, not only in their professions but in integrity and service.’

He explained that the school’s philosophy of integral education, a balance of intellectual, moral, and spiritual development, remains its strongest pillar.

‘We don’t only teach students to excel in exams. We train them to think critically, act responsibly, and live with purpose. Every teacher here understands that we are not just teaching subjects; we are forming lives.’

Reflecting on the vision behind making Whitesands a day school, he said it was a deliberate choice to ensure that parents remained active participants in their children’s upbringing.

‘It’s a day school because of our philosophy,’ he explained. ‘We want parents to see their children every day, to be part of their growth. If you send your child to a boarding school, you may not really know what’s going on until a term later. Here, the feedback is daily, and that makes all the difference.’

He added that the school’s emphasis on discipline and personal responsibility was designed to complement the home. ‘Education doesn’t happen in isolation,’ he said. ‘It happens when the school and the family work together. That’s why we made sure our model fostered that partnership.’

The 25th anniversary thus became more than a celebration, it was a testimony to a vision that continues to bear fruit, one generation of boys at a time.

As the countdown to the January, 2026 effective take off of two landmark Tax Reform laws gathers steam, wrong narratives and misconceptions about aspects of the new tax laws have also been on the increase. While some of the misconceptions are borne out of innocent ignorance, others are mostly from a place of political mischievousness. In this Explainer I will be addressing the misconceptions around the income tax provisions in the Nigeria Tax Act, 2025.

Over the past couple of months, I have noticed the following misconceptions and wrong narratives around the issue of income tax, many of which emanate from individuals or businesses who have clearly been evading income taxes:

1. Nigerians pay higher income taxes from January 1, 2026

2. Money in individual bank accounts would be automatically taxed by the government

3. Federal government is desperate to raise revenue by taxing the income of Nigerians heavily.

4. Tax laws will stifle productivity

I will briefly touch on each of these misconceptions, providing clarifications in layman terms.

Higher or Lower Income Taxes for Individuals?

The reality is that the income tax paid by MAJORITY of Nigerians will reduce following the new personal income tax provisions in the Nigerian Tax Act, 2025 that exempted individuals earning N800,000 and below per annum from paying income tax. What this means is that Nigerians earning minimum wage or below will pay zero income tax.

I understand some will argue that minimum wage is N70,000 per month, which translates to N840,000 per annum and ordinarily means a minimum wage earner still has N40,000 above the N800,000 exemption threshold that is subjected to an income tax of 15% under the new tax law. That is correct, but here is the catch, there is what is called TAXABLE INCOME and is not necessarily equivalent to the total income of an individual.

Taxable income is simply the part of the total income that can be taxed after allowable deductions have been made. Under the NTA 2025, you can deduct the following from your GROSS income to get your TAXABLE income:

a) NHIS contribution (5% of salary for most employees)

b) Annual rent (corresponding to 20% of the rent up to a maximum of N500,000)

c) National Housing Fund deduction (2.5% of gross pay)

d) Employee Pension contribution (8% of employee salary)

e) Life insurance premium for you and your spouse

In other words, a minimum wage earner claim some or all of these deductions and these will certainly drive down the taxable income within the exemption threshold of N800,000 per annum.

Let us do a practical calculation for an individual earning N70,000 monthly (minimum wage) who pays an annual rent of N200,000 in addition to NHIS, NHF and contributory pension deductions.

His gross annual income = N840,000

Pension contributions = N67,200

NHF deduction = N21,000

NHIS deduction = N42,000

20% of Annual Rent = N40,000

By the time you make these allowable deductions from the N840,000 gross income, the individual’s TAXABLE INCOME becomes N710,800. This falls well within the exemption threshold which means the individual will not pay any income tax.

If an individual earns N80,000 monthly, and we use similar deductions for NHIS, NHF and CPS while raising annual rent to N300,000 with 20% amounting to N60,000, the individual will still be exempt from paying income tax as the taxable income would be N799,200 – within the N800,000 tax exemption threshold. Even when we calculate for an individual earning an annual gross income of N1.2m, the individual may even fall within the tax exempt status depending on the deductions he or she claims or at worst the individual may just be taxed an effective tax rate of 2.5% under the new law as against 4.6% under the old law.

The tax band is progressive in nature and only makes the rich with reasonably much higher annual gross income to pay a little more than before, which is a fair system. Although, depending on the deductions they may claim, they can end up paying lesser income tax than before. This in itself opens a lot of opportunities for the economy especially the life insurance sector as well as the health sector since one can actually sign up for health insurance and/or life insurance in order to pay lesser income tax while at the same time benefiting from quality all-round cheaper healthcare offered by the NHIS for the family.

Below is a demo tax calculation for an individual earning an annual gross income of N50 million. The individual lives in an apartment he purchased with a bank loan of N80 million at an annual interest rate of 27% with a five-year tenor, making his annual interest payment to be approximately N4.32 million. This particular individual also makes N5 million contribution towards his pension and another N2.5 million NHIS contribution that covers himself, his spouse and four kids.

After deducting N5 million pension contributions, N2.5 million NHIS contribution and N4.32 million interest payment, his taxable income out of the N50 million gross income becomes just N35.18 million. However, this N35.18 million is not taxed a flat rate of 23% (under the old law, income above N3.2 million is taxed a flat rate of 24%), rather it is progressive – the first 800k is 0%, next N2.2m is taxed at 15%, next N9m is taxed at 18%, next N13m is taxed at 21% while the next N25m is taxed at 23%.

The income tax of this individual under the new tax laws is N7.02 million, which is basically 14.0% of his gross income – just 1.1% higher than his effective tax rate under the old laws. This is still by far very fair when you consider what is obtainable in many other countries of the world where effective tax rate can get to as high as 60% of taxable income.

Will income tax be automatically deducted from bank accounts?

The simple answer is NO. Taxes would not be automatically deducted from the bank account of Nigerians.

This misconception is probably because of the provisions in section 29 of the Nigeria Tax Administration Act which mandates banks and other financial institutions to furnish the tax authority on a quarterly basis information (name and addresses) about their customers with cumulative monthly transactions of N25 million and above for individuals or N100 million and above for a body corporate. Even though the information will help a tax authority know those ELIGIBLE taxpayers evading taxes, the provision does not amount to automatic deduction of taxes from the accounts.

Crucially, if your monthly cumulative transactions as an individual does not amount to N25 million and above or from N100 million for corporate bodies, this provision does not concern you in any way. Only about 5% of the population have bank accounts that have more than half a million in them. So, in essence, more than 90% of Nigerians, which includes all the poor and vulnerable people in Nigeria are not affected by this provision.

Is the Federal Government desperate to raise revenue by taxing the income of Nigerians heavily?

Again, the simple and short answer is NO!

The reforms in the income tax laws are not particularly meant for the federal government to raise more revenue by taxing Nigerians heavily, the reverse is actually the case. The tax laws are meant to relieve poor Nigerians of tax burden. Meanwhile, the greatest beneficiary of personal income tax revenues are the states because Section 3(2) of the Nigeria Tax Administration Act confers jurisdiction on the state tax authority in respect of tax on the income, profit or gains of individuals residing in a state. Therefore, personal income tax is part of the IGR sources of state governments.

The FG only retains income taxes from personnel of the armed forces and personnel of the Nigerian Foreign Service in addition to non-residents (those not living in Nigeria) who derive income or profit from Nigeria. Under the new tax laws, the FG has even exempted members of the armed forces from paying income tax. So, the federal government cannot raise revenue from the income of civilians living in Nigeria as that is the exclusive preserve of the states.

Also, the fact that the tax laws exempted Nigerians earning below N800,000 per annum from income tax shows that the tax laws are not necessarily about raising revenues but reducing tax burden on Nigerians so that they can have more disposable income. The tax laws simply tried to focus on increasing tax compliance by the high-income earners with the state governments being the ultimate beneficiary in any case.

Will the tax laws stifle productivity?

Definitely NOT!

The new tax laws are primarily meant to boost productivity and not stifle it. This is not difficult to prove. First, the wide range of exemptions for both individual taxpayers and small businesses clearly indicates an intention to bring relief to low income individuals and small businesses. Section 56 of the Nigeria Tax Act pegs the income (profit) tax rate for small businesses at 0%.

In section 147 (page 331) of the Nigeria Tax Administration Act, a small company is defined as a company with an annual gross turnover of N100m or less and with total fixed assets not exceeding N250m. This is basically 90% of businesses in Nigeria. A tax law that exempts over 90% of businesses in the country from paying profit tax cannot be stifling productivity under any circumstances!

In fact, the same section 56 of the Nigeria Tax Act pegs the profit tax rate for larger companies at 30% with a proviso that this rate shall be REDUCED to 25% from a date to be determined in an order issued by the President on the advice of the National Economic Council. This provision was a compromise position reached to allay the fears of the Nigerian Governors Forum who felt the initial proposal to progressively reduce CIT for large companies to 25% by 2030 would likely reduce revenue inflows into the federation account since CIT revenue is shared by the three tiers of government.

The provision allows the eventual rate reduction to happen when the states (who are represented in the National Economic Council) are confident that such a reduction will not adversely impact on the federation revenue inflows. The Council will then advise the President to proclaim the order reducing CIT to 25%. If the new tax laws were to be anti-productivity, the company income tax rate would have been jerked up to above the 30% rate in the old Income Tax law.

Conclusion

From the foregoing, it is evidently clear that the income tax provisions in both the Nigeria Tax Act and the Nigeria Tax Administration Act are people-friendly, business-friendly, pro-poor and formulated to stimulate productivity by reducing the amount of money businesses pay as profit taxes or eliminating the profit tax entirely for small businesses. It is important that states through their tax authorities massively educate residents on the correct provisions of the tax laws especially as it pertains to income taxes.

As I conclude, I must emphasise that tax is an obligation that citizens owe their country. There is no valid excuse for any ELIGIBLE taxpayer, especially those who are not classified poor, to shy away from paying their fair share of taxes. This also applies to eligible corporate taxpayers. The new tax laws makes tax evasion more difficult and will bring many eligible taxpayers, hitherto avoiding taxes, into the tax net. As more high net worth individuals and entities are captured in the tax net, they will have more motivation to demand for accountability from elected and appointed leaders across the three tiers of government who manage these tax revenues. This is potentially a very good news for accelerated national development.

The Chartered Institute of Personnel Management of Nigeria (CIPM), the apex regulatory body for Human Resource Management in Nigeria, has once again demonstrated its central role in shaping the future of people management in the country.

At a high-profile sensitisation workshop held at the Office of the Head of the Civil Service of the Federation (OHCSF), Abuja, Didi Esther Walson-Jack, the Head of the Civil Service of the Federation, unveiled The HR Initiative – a landmark reform aimed at professionalising Human Resource Management within the Federal Civil Service.

In her keynote address, Walson-Jack stressed the urgent need to reposition HR in government, describing it as the ‘nervous system of any effective organisation.’

She outlined that the reform, anchored on global best practices, would ensure that career progression into directorate-level roles requires professional certification in Human Resource Management.

Crucially, the OHCSF reaffirmed that CIPM is the only institution with statutory authority to certify HR professionals in Nigeria, in line with its enabling Act.

This positions CIPM as the indispensable partner in delivering the professionalisation agenda.

Mallam Ahmed Ladan Gobir, President and Chairman of the Governing Council of CIPM welcomed the reform, describing it as ‘a defining moment for Nigeria’s public sector.’

He noted that with CIPM’s decades-long commitment to advancing HR standards, the Institute is fully prepared to guide the civil service through this transformation.

‘CIPM is proud to play a pivotal role in shaping a new era of professionalism, competence, and accountability in the Federal Civil Service. This reform reinforces our mandate to develop ethical and world-class HR practitioners who drive sustainable people and organisational performance,’ Gobir said.

The HR Initiative will introduce a national HR competency framework, accreditation by CIPM and international partners, curriculum review for Management Development Institutes, and a transition plan requiring officers in HR roles to commence certification within 12 months. By January 2026, preference in HR postings will go to certified or actively certifying professionals.

The reform is in line with the Federal Civil Service Strategy and Implementation Plan 2021-2025 (FCSSIP25) and will institutionalise HR as a specialised, professional function rather than a generalist administrative role.

With this development, CIPM’s leadership as the statutory regulator of HR practice in Nigeria is further consolidated.

The Institute remains committed to partnering with government, professional bodies, and international organisations to ensure that Nigeria’s Federal Civil Service becomes globally benchmarked, citizen-focused, and future-ready.

The Federal Government has announced sweeping reforms to modernise agricultural education as part of efforts to strengthen food security and create employment opportunities for young Nigerians.

This is contained in a statement on Sunday in Abuja by the Director of Press and Public Relations at the Federal Ministry of Education, Folasade Boriowo.

Boriowo said the initiative, jointly driven by the Federal Ministries of Education and Agriculture and Food Security, aimed to update agricultural curricula and attract greater youth participation.

She quoted the Minister of Education, Tunji Alausa, during the official presentation of the new Agricultural Curriculum Framework reform, as saying that the reform was a pivotal step toward repositioning agriculture as a pillar of national development.

Alausa explained that the initiative aligned academic training with President Bola Tinubu’s vision for a technology-driven agricultural sector.

He expressed concern over the declining enrollment in agricultural programmes across tertiary institutions in spite of significant government investment in the sector.

‘Statistics from the 2024 Unified Tertiary Matriculation Examination (UTME) revealed that 47.92 per cent of admission slots allocated to agricultural courses remain unfilled.

‘Agriculture is a major national priority, but enrollment in agricultural courses in higher institutions is dropping.

‘In the last three years, there have been thousands of open slots, but only a fraction has been taken.

‘This is a serious gap, especially in an area that should ensure food security for Nigeria and make the country an export hub for agricultural products,’ he said.

However, Alausa noted that vocational and technical agricultural training had seen increased interest among young Nigerians.

‘Out of more than 900,000 Technical and Vocational Education and Training (TVET) applications recently received, more than 210,000 were for livestock farming alone.

‘Agriculture overall ranked close to garment making, which recorded more than 260,000 applicants.

‘This shows that young Nigerians are eager to gain practical agricultural skills, but the outdated tertiary curriculum has not kept pace with modern realities,’ he added.

The minister reaffirmed the government’s commitment to updating the curriculum to meet industry needs and support economic diversification.

He cited the Republic of Benin’s cotton processing success as a model for Nigeria’s efforts to link education with industrial value chains.

‘Benin moved from earning 500 million dollars in raw cotton exports to 12 billion dollars in processed products, employing more than 25,000 young people.

‘Nigeria will replicate this success through curriculum reform and practical agricultural education that supports our production zones and export diversification goals,’ Alausa said.

Also speaking, the Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi, emphasised that achieving food sovereignty required a comprehensive review of agricultural education.

‘As Nigeria seeks to diversify, we need more people engaged in agricultural enterprise. Food security cannot be achieved without aligning our education and training systems with national priorities. ‘Our curriculum must equip graduates not just with theoretical knowledge but with practical skills and innovation to drive agricultural transformation,’ Abdullahi said.

Unlike advanced economies, where it is given, mortgage in Nigeria and, indeed, most of Africa, is a daydream, and those who desire it simply indulge in wishful thinking.

This is because, as an immature economy, policies in Nigeria change frequently, disrupting long-term planning and investor confidence. For instance, inconsistent foreign exchange policies affect lenders with dollar-denominated funding.

Similarly, shifts in regulatory capital requirements, monetary tightening, or sudden withdrawal of subsidies directly impact mortgage pricing and supply. Leapfrog

Experts are of the view that long-term housing finance thrives in stable, predictable policy environments which explains why they canvass dialogue between the government and mortgage stakeholders.

For affordable mortgage to be possible and accessible to those who need it, the government-mortgage stakeholders dialogue is not only urgent, but also essential to create enduring frameworks.

Additionally, some lessons have to be learnt from successful housing finance models around the world that can offer valuable insights for reforming Nigeria’s mortgage system.

‘One critical lesson is the role of government-backed guarantees, such as those provided by the Federal Housing Administration in the United States. These guarantees reduce the risk for lenders, making them more willing to extend long-term credit, particularly to first-time and low-income buyers,’ Adedeji Ajadi, CEO, Mortgage Banking Association of Nigeria (MBAN), said.

Another thing that has to happen, according to Ajadi, is the development of secondary mortgage markets, which help to free up capital for new lending. He explained that, by allowing mortgage lenders to sell off existing loans, they can recycle funds and maintain liquidity, ultimately expanding access to mortgages.

Adedeji, who is also the executive secretary of the association, added that inclusive credit scoring also emerges as a transformative approach, pointing out that in many advanced markets, lenders increasingly rely on alternative data, such as rent history, utility payments, and mobile money transactions, to assess creditworthiness.

‘This broadens the pool of eligible borrowers, particularly those in the informal sector who may not have traditional credit records. Subsidised interest schemes targeted at low- and middle-income households further enhance affordability,’ he explained.

It is expected that these these programmes reduce the effective interest rates on mortgage loans, making monthly payments more manageable and encouraging uptake among underserved demographics.

Digitising land registries is another game-changing reform, because by reducing fraud, ensuring transparency, and speeding up property verification, digitised systems allow for quicker loan approvals and greater investor confidence in the housing market.

To achieve this goal, integrated housing-finance strategies are crucial. Successful systems align housing finance with urban planning and development efforts. This means coordinating land use, infrastructure development, and mortgage financing in a holistic manner to ensure sustainable housing delivery.

Collectively, these lessons point toward a more inclusive, efficient, and scalable housing finance ecosystem, one that Nigeria can adopt to meet the growing needs of its population.

A functional mortgage system depends, to a large extent, on interest rates in the financial system. In Nigeria, the rates are just too high at between 17 percent and 27 percent. Ajadi suggests that to effectively bring down these rates and extend loan tenures in the mortgage market, some steps have to be taken.

‘An ensuring access to long-term capital is crucial. This can be achieved by deepening the secondary mortgage market through institutions such as the Nigeria Mortgage Refinance Company (NMRC), which plays a vital role in providing long-term liquidity to mortgage lenders.

With more refinancing options available, lenders are better positioned to offer affordable and longer-term mortgage products. Secondly, subsidised financing must be part of the solution. Government interventions, including special interventions like MREIF and Family Homes Funds, targeting low- and middle-income earners, can significantly reduce the cost of borrowing, making home ownership more accessible to many people,’ he said.

The National Commission for Museums and Monuments (NCMM) has signed a Memorandum of Understanding (MoU) with Crimson Fusion Curators to embark on a monumental documentation project: ‘A Window into the Soul of a People: 8,000 Years of Art in Nigeria.’

This is a landmark step to safeguard and celebrate Nigeria’s cultural identity.

Project scope

The initiative will trace the unbroken story of Nigerian creativity – from the 8,000-year-old Dufuna Canoe and Nok terracottas, through the luminous bronzes of Ife and Benin, to the bold visions of contemporary artists shaping the global stage. Projected to span over 750 pages, the archive will be one of the most ambitious scholarly and visual undertakings in the history of Art in Nigeria.

Voices of leadership

At the MoU signing, Olugbile Holloway, director-general of NCMM, underscored the significance of the collaboration: ‘This initiative will go a long way in dispelling the misconception of us being primitive or unable to create enduring masterpieces. Even when the Ife heads and Benin bronzes first stunned the world, deliberate efforts were made to deny Nigerians full credit. This partnership is about reclaiming that narrative and presenting our heritage as it deserves to be seen.’

For Oriiz U. Onuwaje, griot, designer, curator, and publisher, the project is the continuation of a lifelong commitment to heritage storytelling. He created and edited ‘The Benin Monarchy: An Anthology of Benin History’ – popularly known as The Benin Red Book – which has become a touchstone of Nigerian cultural preservation.

Reflecting on the new MoU, Onuwaje said: ‘Our art must be properly recorded and presented because documentation is not a luxury – it is cultural survival. When we strengthen our claim to it, we unlock its economic potential and assert our identity as the art superpower we truly are. In over 35 years in this business, I have not seen an art economy truly blossom in Nigeria – the simple reason is a critical lack of documentation.’

Broader context

The initiative also builds on the experience of The Intersecting Worlds of Climate Change, the Mangroves and Art – a 2025 exhibition that fused environmental consciousness with artistic expression – underscoring the team’s commitment to using art as a lens for identity, sustainability, and resilience.

Culture strategists

To strengthen its scope, Crimson Fusion has assembled leading culture strategists and consultants. Professor Frank Ugiomoh, Chief Technical Consultant, affirmed that when Nigerians take ownership of their narratives, they tell their stories with authority and authenticity. Olaseinde Odimayo, Technical Consultant on Traditional and Contemporary Art, pledged his commitment to elevating Nigerian art to the highest possible level. Solomon Ikhioda, consultant on Design and Strategy, projected that with the right framework, Nigeria will soon see art reach unprecedented levels of market value and investment potential.

Conclusion

By combining NCMM’s institutional authority with Crimson Fusion’s editorial expertise, the partnership signals a vision of heritage as more than memory. It positions Nigerian art as a living archive – a driver of tourism, education, cultural pride, and national renewal.

SustyVibes, a youth-driven organisation promoting sustainability in Africa, has mobilised thousands of young people across 10 states in Nigeria for its 2025 Street Conference, spotlighting the growing crisis of textile waste pollution.

The annual event, held on World CleanUp Day and sponsored by the UPS Foundation, carried the theme ‘Strive for Five’, a concept rooted in research that suggests when five percent of a community commits to action, it can spark a cultural shift in sustainable practices.

This year’s focus was on textile waste, one of the country’s fastest-growing environmental challenges. With the rise of fast fashion, Nigeria’s landfills and open dumps are increasingly overwhelmed by discarded, non-biodegradable clothing, which worsens pollution and contributes to flooding in urban areas.

Aniebiet Obot, projects and partnerships director at SustyVibes, noted that the Street Conference has, since 2016, provided a platform for youths, communities, and authorities to come together in championing environmental stewardship

‘In line with this year’s World Cleanup Day, SustyVibes, supported by the UPS Foundation and working in partnership with UPS Nigeria, challenged Nigerian households and businesses to rethink what is typically considered waste, such as textile offcuts, used plastics, and bottles.

‘These can be easily transformed into valuable products like jewellery, bags, or flowerpots, as demonstrated during the DIY (do-it-yourself) training sessions provided to stakeholders,’ Obot said.

The 2025 edition was hosted simultaneously in Lagos, Abuja, Adamawa, Kaduna, Kwara, Abia, Imo, Enugu, Rivers, and Ilorin, with over 570 volunteers, mostly youths, leading activities ranging from clean-up drives to upcycling workshops.

Participants also engaged in ‘Intervibes’ sessions, where local insights and data on waste management practices were gathered.

Altogether, the effort resulted in the collection of over 2,724 kilograms of waste across the 10 cities. Beyond clean-ups, the conference encouraged community members to adopt sustainable habits such as recycling, upcycling, and sustainable fashion practices.

SustyVibes believes that by mobilising 5 percent of citizens as environmental leaders, these young changemakers can influence the remaining 95 percent of their communities to embrace a waste-free lifestyle.

The Super Eagles of Nigeria have reportedly arrived in Polokwane, South Africa, ahead of their crucial 2026 FIFA World Cup qualifier against Lesotho on Friday.

Head coach Eric Chelle and his technical staff settled in on Monday, as players began arriving from their respective clubs across Europe and Asia via Johannesburg.

Training will commence on Tuesday morning at the nearby New Peter Mokaba Stadium, the venue for Friday’s decisive Group C clash.

Nigeria will face Lesotho in Matchday 9 of the 2026 World Cup qualifiers on Friday, October 10, 2025, at the New Peter Mokaba Stadium in Polokwane.

Chelle has announced a 23-man squad for the double-header against Lesotho and Benin Republic, featuring star striker Victor Osimhen, winger Ademola Lookman, and 21 others.

The Super Eagles currently sit third in Group C with 11 points, trailing group leaders Benin Republic and South Africa by three points.

A victory in Polokwane is crucial to reigniting their qualification hopes for the 2026 FIFA World Cup, which will be co-hosted by the United States, Canada, and Mexico.