Category: Business Day

A debate is brewing within Nigeria’s tax community, sparked by a proposal for a new certification process for tax practitioners. The initiative, touted as a means to enhance competency, integrity, and self-compliance within the profession, involves a new examination, recertification requirements, and the establishment of a government-managed portal for ‘approved’ practitioners. However, the plan has raised eyebrows, with many questioning its necessity and potential implications for existing professional bodies like the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN) and the Association of National Accountants of Nigeria (ANAN).

The fundamental question at the heart of this debate is whether the proposed new certification is truly needed. Critics argue that ICAN, ANAN, and CITN already fulfil the objectives that the new system seeks to achieve. These professional bodies administer rigorous examinations and internship programmes to assess the competency of aspiring tax practitioners. They also issue practice licences, which are essential for engaging in tax-related services. Furthermore, ICAN, ANAN and CITN have established mechanisms for enforcing ethical conduct, with members facing sanctions, suspensions, or even removal from the rolls for violations of professional standards. Compliance is also a cornerstone of membership, with practitioners required to demonstrate their adherence to tax laws by filing their own returns annually.

Given the existing framework, many within the tax profession are questioning the rationale behind creating an entirely new system outside of these established bodies. Why, they ask, invest in building a parallel structure when efforts could be directed towards strengthening and refining the existing institutions? The concern is that establishing a new certification process could undermine the credibility and relevance of ICAN, ANAN and CITN, potentially leading to a fragmentation of the profession and a dilution of standards.

If the proposed certification goes ahead, the implication is clear: membership in ICAN, ANAN or CITN may no longer be the prerequisite it once was for practising taxation in Nigeria. This could create a situation where individuals holding the new certification gain an advantage over those with traditional qualifications, regardless of their experience or expertise. Such a scenario would not only devalue the hard work and dedication of ICAN, ANAN and CITN members but also create uncertainty and confusion within the tax profession.

The heart of the matter lies in accountability. Instead of adding another layer of bureaucracy and creating a potentially redundant system, efforts should be focused on holding existing institutions accountable to the standards they have already established. This means strengthening the regulatory oversight of ICAN, ANAN and CITN, enhancing their enforcement mechanisms, and ensuring that they are effectively addressing any gaps in competency, integrity, or compliance. It also requires fostering a culture of continuous professional development, where tax practitioners are encouraged to stay abreast of the latest developments in tax law and practice.

The proponents of the new certification may argue that it is necessary to address specific shortcomings within the existing system. However, it is crucial to carefully consider whether these shortcomings can be adequately addressed through reforms and enhancements within ICAN, ANAN and CITN. Creating a parallel system risks duplicating efforts, wasting resources, and ultimately undermining the very institutions that are essential for maintaining the integrity and competence of the tax profession.

The question before Nigeria’s tax community is whether this proposed certification represents the future of tax practice or merely another layer of bureaucracy. The answer will determine the direction of the profession for years to come. It is essential to engage in a thoughtful and informed debate, considering all perspectives and weighing the potential consequences of this decision. Ultimately, the goal should be to strengthen the tax profession, promote ethical conduct, and ensure that Nigeria has a competent and reliable cadre of tax practitioners who can contribute to the nation’s economic development. The road to reform should not be paved with redundancy but with a commitment to building on the foundations that have already been laid.

Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, has launched the Guide to Accessing Climate Finance, positioning the country to tap into the $2 trillion global climate economy and signaling a shift toward green, resilient, and inclusive growth.

Edun, while unveiling the guide at the 31st Nigerian Economic Summit in Abuja on Monday, described the rise in climate finance as the ‘biggest opportunity of the moment,’ urging Nigeria’s public and private sectors to act quickly or risk being left behind.

The document, developed in partnership with the UK Government through the PACE programme and the Ministry of Budget and Economic Planning, aims to help stakeholders-from ministries to MSMEs-unlock capital for climate-smart infrastructure, energy, and adaptation projects.

‘Climate spending reached $2 trillion in 2024. That’s where the money is. Nigeria cannot afford to stand on the sidelines,’ Edun said, outlining a vision that links climate action with economic competitiveness, job creation, and fiscal stability.

He emphasized that climate change is no longer a distant risk but a reality across Nigeria, from flooding in Makurdi to drying farmland in Sokoto requiring a coordinated response beyond policy statements. He described the guide as a practical tool to access ‘smart capital’ for green innovation, infrastructure, and job creation.

At the center of this effort is a newly created Green Growth Finance Coordinating Unit within the Ministry of Finance, designed to align Nigeria’s fiscal policies with its climate goals and improve the quality of bankable projects.

Edun acknowledged a key challenge: the shortage of investment-ready proposals, which has limited Nigeria’s access to global funds.

He announced plans to expand Nigeria’s sovereign green bond programme to include state-level issuances, supported by credit guarantees and risk-sharing mechanisms to attract private capital.

The government is also integrating climate goals into national and subnational budgeting and strengthening institutional capacity to meet international fund accreditation standards.

Referring to national initiatives such as the Distributed Access Renewable Energy (DARE) Scalar, which aims to provide power to 17.5 million Nigerians through off-grid solutions, and Mission 300-a continent-wide programme backed by the World Bank and AfDB to connect 300 million Africans to electricity-Edun positioned Nigeria as a major beneficiary.

The country’s carbon markets initiative is expected to unlock $2.5 billion in finance and create more than two million green jobs by 2030.

He commended the Development Bank of Nigeria for securing Green Climate Fund accreditation and pledged support for other institutions to do the same, highlighting transparency and coordination as essential to delivering measurable impact. Nigeria will continue to engage global partners at platforms such as the World Bank, IMF, AfDB, G20, and COP30 in Brazil next year.

Edun linked climate action to inclusive growth, noting, ‘Everyone who can switch has switched to solar. These technologies are now mainstream. We must ride this wave. It is not a burden-it is an investment in our youth, our economy, and our future.’

Ifeanyi Ugwuoke, national team leader of the Partnership for Agile Governance and Climate Engagement (PACE), also launched the Guide to Accessing Climate Finance during the summit, aiming to improve Nigeria’s access to climate funding.

Ugwuoke highlighted the importance of financing in addressing climate change, describing it as an existential threat that requires adequate funding for effective action.

The guide serves as a resource for state governments and eco-friendly businesses seeking to access available global and local climate finance. While these funds exist, Ugwuoke noted that access depends on meeting specific eligibility criteria, which the guide helps users understand.

He explained that the guide outlines 18 investable climate funds and provides tools for assessing readiness, meeting funding conditions, and developing strategies to secure and use the funds. Ugwuoke noted that Nigeria is already facing the effects of climate change, including flooding, desertification, deforestation, and waste management challenges-areas requiring urgent investment in sustainable infrastructure.

Ugwuoke stressed the need for coordinated efforts, stating that building climate-resilient systems depends on targeted financing. He added that while the launch is a key step, the next phase involves making the guide available through an online platform for use by public and private stakeholders.

PACE will also offer technical support under its National Fragile Governance and Climate Engagement Program to help governments and businesses conduct assessments, identify gaps, and develop responses to access funding.

Ugwuoke urged stakeholders to act, saying the guide is not just a document but a tool for action. With it now available, leaders must respond to the challenges of climate change.

The guide is now available through the PACE online platform and government portals.

Escalating geopolitical tensions, piracy, and environmental threats are putting the world’s most vital maritime oil and gas routes under severe strain, posing a growing danger to global energy security.

Rystad Energy’s latest analysis, the world’s five key maritime chokepoints, narrow sea routes critical to the global flow of crude oil and liquefied natural gas (LNG), are becoming increasingly unstable.

In 2023, these chokepoints carried an estimated 71.3 million barrels per day (bpd) of oil and petroleum products and 26 billion cubic feet per day (Bcfd) of LNG. By 2024, the figures had fallen to 65 million bpd and 24.8 Bcfd, respectively, reflecting the impact of conflict and insecurity on global trade routes.

While part of the decline is due to temporary disruptions such as Houthi rebel attacks near Yemen and tensions between Iran and Israel, Rystad noted a deeper structural shift as vessels and cargoes are increasingly rerouted via the Cape of Good Hope and alternative pipelines.

The US, with its growing domestic production, remains less exposed than Asia and Europe, which rely heavily on the Strait of Hormuz and the Strait of Malacca for transport, leaving China acutely vulnerable.

‘We have identified the five chokepoints most at risk, assessed the threats they face and outlined the far-reaching consequences for global energy markets,’ said Mrinal Bhardwaj, Senior Analyst, Upstream Research, Rystad Energy.

‘Any disruption at these chokepoints could shatter supply chains, trigger sharp spikes in energy prices and inflict severe economic damage worldwide.’

He added that insurance premiums and freight rates have already surged in response to the instability, warning that a full closure of any chokepoint could lead to extreme price volatility and test the resilience of global supply chains.

About three-fourths of the world’s oil trade passes through maritime chokepoints, with one-fourth via the Strait of Malacca and one-fifth through the Strait of Hormuz.

Strait of Malacca: Asia’s Energy Lifeline

The Strait of Malacca is the world’s largest trade chokepoint, handling approximately 24 million bpd of oil and gas. This narrow passage between the Indian Ocean and the Pacific Ocean is a critical corridor for transporting most of the Middle Eastern crude oil and liquefied natural gas (LNG) to Asia, including major consumers China and Japan.

China accounts for the largest share of crude and condensate imports through this route, representing 50 percent of the total volume, while Saudi Arabia is the leading exporter, contributing with 25 percent of the share.

Since the pandemic, oil and gas flow through the Strait had increased by 2.1 million bpd as of 2024. Although the route is known for piracy and theft, no major incidents have been reported this year.

Strait of Hormuz: The World’s Most Critical Chokepoint

The Strait of Hormuz, situated between Iran to the north and Oman and the United Arab Emirates to the south, is particularly vital. Approximately one-fifth of the world’s maritime oil and condensate trade, along with nearly half of the Middle East’s daily oil and condensate production around 14 million bpd, passes through this narrow waterway to major Asian markets such as China and India.

To be more precise, about half of Saudi Arabia and the UAE’s daily oil and condensate exports, and roughly one-fourth of China’s daily oil and condensate demand, are shipped through the strait. It is also a key route for LNG, with about one-fifth of globally traded LNG volumes passing through it.

Qatar exports about two-thirds of its daily gas production, roughly 16.3 Bcfd, through the strait to countries including China, India and South Korea. In the past five years, China’s LNG imports via the Strait of Hormuz have increased by approximately 2.5 times, reaching 2.7 Bcfd.

‘The strategic importance of the Strait of Hormuz was underscored during the recent Iran-Israel conflict, when Iran’s parliament proposed a bill to close it, although the plan was reportedly deferred,’ said Bhardwaj.

According to him, if the strait were to be closed, it could disrupt nearly half of Middle Eastern oil exports, severely impacting global oil and gas transportation. ‘This would likely lead to a sharp increase in global oil prices and raise energy import costs for dependent nations, affecting the entire oil and gas supply chain.’

To reduce such risks, countries in the region have developed alternative oil transport routes. These include Saudi Arabia’s East West Crude Pipeline, which has a capacity of 5 million bpd, the UAE’s Abu Dhabi Crude Oil Pipeline, with capacity of 1.8 million bpd, and Iran’s Goreh Jask pipeline, which provides an additional export route bypassing the Strait of Hormuz.

Suez Canal and Bab el-Mandeb: Red Sea Instability

The Bab el-Mandeb Strait has become the Middle East’s second major chokepoint and another potential threat to the stability of global oil and gas trade.

The narrow waterway connects the Red Sea with the Gulf of Aden and the Arabian Sea, serving as a critical route for ships transiting between the Suez Canal and the Indian Ocean.

Egypt’s Suez Canal, along with the 2.5 million bpd SUMED pipeline, link the Red Sea to the Mediterranean, forming a vital corridor for global energy flows.

Before a wave of Houthi attacks targeting commercial vessels and tankers in late 2023, the Bab el-Mandeb Strait accounted for around 12 percent of global seaborne oil trade.

However, the surge in attacks in December 2023 caused daily shipping volumes through the Strait to drop by nearly 50 percent within just six months. Traffic has remained below normal levels ever since.

A potential full closure of the strait would force vessels originating in the Gulf of Aden to bypass the Suez Canal entirely, redirecting them around the Cape of Good Hope. This detour significantly increases voyage times and freight costs, adding further pressure to already strained global energy supply chains.

Turkish Straits: Europe’s Strategic Crossroads

The Turkish Straits, a narrow and strategically critical maritime route connecting the Mediterranean Sea and the Black Sea, are key to global energy transportation.

Comprising the Bosporus and Dardanelles, the Turkish Straits handle around 3.5 million bpd of crude oil and 0.5 Bcfd of LNG, or about 5 percent of global maritime oil trade. The route is critical for transporting Russian and Caspian oil to both European and Asian markets.

Transit volumes fell during the Russia-Ukraine conflict but recovered to 3.4 million bpd in 2023. Still, the narrow waterways face risks from congestion, accidents, and political interference. Alternative routes include the Baku-Tbilisi-Ceyhan and Iraq-Turkiye pipelines.

Cape of Good Hope

At the southern tip of Africa, the Cape of Good Hope has re-emerged as a key bypass route amid Red Sea tensions. Once handling around 6 million bpd, traffic surged 50 percent to 8.7 million bpd in 2024 as shippers avoided the Suez Canal.

Around 40 percent of oil via the Cape now goes to China, with about one-third coming from the US and a quarter from South America. Middle Eastern producers like Saudi Arabia and Iraq have also diverted exports to Europe through this route.

Despite longer journeys and higher costs, traders see the Cape as one of the world’s safest maritime routes, higlighting its growing role in ensuring energy security.

Financial institutions must maintain transparency in agent deployment. Principals are required to publish updated lists of all their agents on their official websites. Each branch of a Principal institution must display the list of agents operating within its locality. Furthermore, any institution operating as a Super Agent must have at least 50 active agents spread across Nigeria’s six geopolitical zones.

The CBN also emphasised that all agent banking transactions must be conducted through a dedicated account or wallet with the Principal. Payment terminals such as PoS devices must be linked exclusively to these accounts. Agents operating outside of this arrangement will violate the guidelines. The agent, in such cases, shall be held personally responsible for any misconduct, and such actions may serve as grounds for contract termination and regulatory sanctions.

On the issue of enforcement, the CBN stated that it may take corrective action against any Principal or Super Agent whose agents repeatedly breach regulations. These actions may include blacklisting from participating in agent banking services. In situations deemed appropriate by the regulator, the CBN may also issue direct instructions for remedial measures to be taken by the Principal or the agents concerned.

The guidelines also include provisions for technology standards. The CBN mandates that all technological systems used in agent banking must ensure secure transmission of transaction data and seamless interoperability with the national payments infrastructure. Customers must receive immediate value for transactions, and in the event of a failed transaction, reversals must be processed without delay. All successful transactions should generate receipts or acknowledgements for customer records.

Agent banking platforms must automatically enforce daily transaction limits and reject unauthorised or suspicious transactions. There must be real-time monitoring of transactions, electronic audit trails to support dispute resolution and oversight, and all settlement records must be stored for a minimum of five years or longer, as required by law. The systems must also be equipped with features that prevent agents from exceeding their permitted transaction limits.

The CBN reiterated its commitment to fostering an inclusive, secure, and efficient financial system. It urged all deposit money banks, other financial institutions, and payment service providers to comply strictly with the new guidelines. The apex bank added that it will continue to monitor the agent banking sector and issue further guidance as necessary to ensure alignment with its regulatory objectives.

Medplus and Mobihealth International are partnering to deepen the nationwide adoption of telemedicine across Nigeria.

This follows the recent nationwide launch of telehealth hubs aimed at offering convenient and accessible doctor consultations.

The partners disclosed that the Medplus-Telehealth collaboration aims to enhance patient care by closing the gap between pharmacy visits and doctors’ follow-ups.

‘Through this strategic alliance, customers across over 150 Medplus stores in 19 states can now walk in and consult licensed doctors virtually, access genuine medications, and receive quick access to primary health care,’ Joke Bakare, founder/CEO, Medplus, said in a statement.

She noted that the innovative partnership is capable of transforming access to primary care one pharmacy at a time, and disclosed that the is at the forefront of transforming pharmacy care in Nigeria.

‘Our partnership with Mobihealth ensures that every Medplus store is not just a place to buy medicine, but a gateway to timely, affordable, and trusted healthcare services,’ Bakare said.

Funmi Adewara, founder/CEO, Mobihealth, stated that the partnership is a major milestone in their mission to make healthcare accessible to all Nigerians.

‘By embedding telehealth hubs in Medplus stores, we are offering people the power to consult a doctor – anytime, anywhere – at an affordable rate, while ensuring genuine medication is always within reach,’ Adewara said.

According to her, the partnership is designed to offer in-store telehealth hubs with private booths and diagnostic support for virtual doctor consultations, walk-in and virtual access to medical care, and e-prescriptions filled on-site or delivered to customers’ doorsteps.

‘This initiative is particularly impactful for busy urban dwellers and underserved populations who often face long wait times, high costs, or limited access to quality medical professionals.’

Nigeria has recorded a 66 percent increase in the number of operational oil rigs, marking a rebound in upstream activity, driven by recent executive orders aimed at reforming the country’s oil and gas industry.

Data from the Organisation of the Petroleum Exporting Countries (OPEC) showed that Nigeria operated 15 rigs in August 2025, up from 9 in May.

This is the second-highest rig count the country has recorded this year, indicating renewed investor confidence and improved security in key oil-producing regions.

Data from OPEC showed that Nigeria recorded 12 rig counts in January, 10 in February and March, respectively, 11 in April, 9 in May, 11 in June and 13 in July.

Recent upstream reforms

In May, President Bola Tinubu signed an Executive Order that introduces performance-based tax incentives aimed at reducing costs, boosting revenue, and attracting new investment into Nigeria’s upstream oil and gas sector.

The new directive, Upstream Petroleum Operations Cost Efficiency Incentives Order (2025), builds on the success of his administration’s 2024 reform package, signalling a continued commitment to overhaul the country’s energy sector.

The order introduces a novel incentive framework that rewards oil and gas operators who achieve verifiable cost savings based on annual industry benchmarks.

These benchmarks, which will be published by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), will be tailored to operational terrains, onshore, shallow water, and deep offshore, to reflect the diverse cost profiles across Nigeria’s upstream landscape.

‘This Order is a signal to the world: we are building an oil and gas sector that is efficient, competitive, and works for all Nigerians,’ Tinubu declared while announcing the policy. ‘It is about securing our future, creating jobs, and making every barrel count.’

The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) introduces performance-based tax incentives for upstream operators and is expected to play an instrumental role in attracting investment, driving development and unlocking greater value from the country’s oil and gas resources.

‘This recent executive order is a testament to Nigeria’s commitment to strengthening its regulatory landscape, improving fiscals and supporting revenue generation across the oil and gas industry,’ said NJ Ayuk, Executive Chairman of the AEC.

According to Ayuk, the order is expected to play a significant role in attracting new investment into the country at a time when national production goals require greater capital and technology injection.

‘The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) positions the country as a globally competitive hydrocarbon market,’ Ayuk stated.

The 2025 Executive Order is widely seen as an extension of the sweeping structural reforms initiated in 2024, which received strong praise from both local and international stakeholders in the energy sector.

The 2024 directives delivered key improvements, including enhanced fiscal terms, reduced project execution timelines, and updated local content rules aligned with global best practices, strengthening investor confidence in Nigeria’s oil and gas industry.

Highlighting the importance of economic viability, Tinubu stated, ‘Nigeria must attract investment inflows, not as an act of charity, but because investors recognise real and lasting value.’

Meeting OPEC Quota

The rise in rig activity comes as Nigeria’s crude oil production, excluding condensates, hit 1.505 million barrels per day (bpd) in June, meeting its OPEC quota for the second time this year.

This figure marks a 3.58 percent increase from the 1.453 million bpd recorded in May, representing the highest output level since January and a crucial step in the country’s bid to stabilise its oil revenue.

Meeting the OPEC quota is a significant achievement for Nigeria, which has frequently fallen short of its allocated production ceiling in recent years.

This success is expected to boost the nation’s foreign exchange earnings and provide a much-needed boost to the national budget, which is heavily reliant on oil revenue.

However, despite this positive development, Nigeria still aims for a higher production benchmark of over two million barrels per day (bpd), as set in its 2025 budget.

Nigeria’s Production target

The Nigerian National Petroleum Company (NNPC) Limited has indicated plans to lobby OPEC for a 25 percent increase in its quota by 2027, citing growing refinery capacity, including the recently commissioned Dangote Refinery, and improved production capabilities.

Bashir Ojulari, the Group CEO of the state-owned oil company, said in an Argus Media report that plans would be included in the upcoming talks over updated country capacities.

‘We believe that with the increased demand being created in-country, we are now in a better position to also seek from OPEC to increase our production quota,’ Ojulari said.

Nigeria recently commissioned the 650,000 bpd Dangote refinery, while 500,000 bpd of modular refining capacity are at ‘different stages of progress,’ Ojulari said.

‘You can imagine, over the next two years, we will be talking of (additional) refining capacity of around 1 million bpd of just Nigerian local consumption,’ Argus quoted Ojulari as saying.

Nigeria has struggled in recent years with declining production due to pipeline vandalism, oil theft, and regulatory uncertainties. However, recent steps, including improved fiscal terms under the Petroleum Industry Act and a crackdown on illegal refineries, have helped stabilise the sector.

Nigeria’s micro, small, and medium enterprises (MSMEs) are dominated by entrepreneurs in their prime working years, underscoring the age-driven dynamics of the country’s enterprise sector.

Fresh data from Intelpoint show that nearly two-thirds of MSME owners are between the ages of 26 and 45. Of this group, 33.3 percent are in the 26-35 bracket, while another 33.8 percent fall within 36-45. By comparison, only 12.1 percent of entrepreneurs are aged 18-25, 14.6 percent are between 46 and 55, and just 6.2 percent are above 56.

Intelpoint noted that ‘the age distribution of Nigerian MSME entrepreneurs shows a clear concentration in the 26-45 age bracket, which makes up roughly two-thirds of the population.’ It added that while very young adults represent just over 12 percent, ‘most business ownership starts after early adulthood,’ with the mid-life group (46-55) at nearly 15 percent and older entrepreneurs (56+) as the smallest segment.

The findings reinforce the centrality of MSMEs to Nigeria’s economy, where they contribute about half of GDP and over 80 percent of employment.

But the uneven age spread raises structural concerns. Despite their familiarity with digital tools and with high unemployment rates, young Nigerians remain underrepresented as business owners. Limited access to finance, weak entrepreneurial education, and a challenging business climate are barriers keeping them from scaling up ideas into sustainable enterprises.

Intelpoint’s analysts observed that ‘MSME activity is largely driven by individuals in their prime working years, reflecting a combination of energy, experience, and capacity to manage small and medium-scale businesses.’

At the other end of the spectrum, the marginal role of older entrepreneurs suggests gaps in succession planning and business continuity. With fewer Nigerians above 56 engaged in small-scale entrepreneurship, opportunities for intergenerational transfer of knowledge and wealth remain underdeveloped. This may also reflect broader issues around retirement savings, health security, and reduced risk appetite in later years.

Experts argue that broadening the entrepreneurial base will require targeted interventions. For younger entrepreneurs, easier access to credit, digital infrastructure, and mentorship could improve entry and survival rates. For older business owners, policies that bolster advisory roles, family succession, and financial support could help preserve enterprise knowledge and ensure stability in key sectors.

The Intelpoint survey, which covered 600 MSMEs across Nigeria’s six regions with an 84.4 percent response rate, is part of a wider effort to track how small businesses manage finance, revenue, and support systems. Its results highlight the need for tailored policies that recognize the age dynamics of Nigeria’s enterprise economy and unlock participation across all demographics.

Recently, a U.S. physician named Pamela Buchanan, MD, wrote on LinkedIn with startling candour. She spoke not of privilege but of pain. ‘We are walking away,’ she wrote, ‘not from medicine, but from a system that breaks us.’ Her post described colleagues who had abandoned their calling, sold their clinics, or switched careers altogether. One now runs a restaurant, while another runs a gym, she bemoaned. They were not defeated by science but by a system where care has become a contest between exhaustion and expense. The moral injury is shared by patients who cannot see a doctor and by professionals who can no longer bear to try.

Upon reading her post, I reached out to a few family members and friends in medical and pharmaceutical practice outside the country. They said she was actually careful in her narrative, and that reality in many places is even harsher. A comment under Dr Buchanan’s post by Nelson Arriaza-Silva, a healthcare professional, extended the narrative: ‘As a healthcare administrator with over 25 years of experience in both for-profit and nonprofit healthcare organisations, I strongly echo Dr Buchanan’s concerns. Too often, upper-level leadership prioritises maximising profits by pressuring medical providers to deliver more with less, rather than supporting the people who are at the heart of patient care..’ Then I recalled the uproar that erupted in our media space in February when Nigeria’s Coordinating Minister of Health, Professor Muhammad Ali Pate, remarked that some people from the United Kingdom and the United States were now coming to Nigeria for treatment, a claim later echoed by Vice President Kashim Shettima. Many dismissed it as improbable and baselessly political. Yet if we step away from outrage and look closely at the state of healthcare worldwide, the claim is less absurd than it first sounded.

In the United Kingdom, the National Health Service is burdened with more than seven million outstanding treatment pathways, and in the United States, the Merritt Hawkins 2024 Survey found that the average wait for a doctor’s appointment in major cities has stretched beyond a month, while the cost of routine diagnostics often rivals some families’ monthly earnings. Kaiser Family Foundation data show roughly 100 million Americans carry medical debt. What these numbers mean for ordinary people is simple. Appointments arrive too late, bills arrive too high, and conditions that could have been managed early become emergencies. Access and affordability are collapsing in systems once held up as models.

These pressures explain why a growing number of Diaspora Nigerians, and some foreigners, now schedule procedures in Lagos or Abuja or Port Harcourt rather than London or Houston. At Zenith Medical and Kidney Centre in Abuja, surgeons perform roughly a dozen kidney transplants every month, totalling over 800 successful transplants since 2019. St Nicholas Hospital in Lagos, now a regional training hub for West Africa, has surpassed its five hundredth case, and there are many more. The newly opened African Medical Centre of Excellence, backed by Afreximbank, is positioning Nigeria to compete in oncology, cardiology, and diagnostics. The meaning for patients is practical. A predictable date for surgery, a bill that can be planned for, and specialist teams that have now done these procedures at scale are powerful reasons to stay home or to come home.

Still, the larger truth remains sobering. Nigeria continues to lose over a billion dollars a year to outbound medical travel. For every patient who flies in, many more still fly out. Yet beneath the imbalance lies a system in transition. The Nigeria Health Sector Renewal Investment Initiative, launched from the Presidency in December 2023, has begun to bring order to decades of fragmentation. All states and development partners have signed onto a single Compact built around one plan, one budget, one report and one conversation, which means funding and effort now meet at the same table rather than pulling in competing directions. Health insurance, made mandatory by the National Health Insurance Authority Act 2022, has moved from aspiration to enforcement. In September 2025, the Presidency directed federal ministries, departments, and agencies to enrol their employees and to link procurement, licensing, and regulatory approvals to proof of coverage, with real-time digital checks so compliance is not on paper but in practice. For workers, this means a card in hand rather than cash at the gate. For employers and providers, it means predictable pools and payments.

Between late 2023 and mid-2025, more than 3.2 million Nigerians were newly enrolled in health insurance, bringing total coverage to about twenty million people, most of them through social schemes. These are not statistics for reports. They are the difference between postponing care and walking into a facility with a defined benefit that can actually be used. The Basic Health Care Provision Fund 2.0 now channels resources directly to primary health centres, subsidising coverage for the poor and vulnerable, which means the first point of contact in the community is financed to function. Nearly ?90 billion has been sent straight to over eight thousand facilities; more than one thousand three hundred have been fully revitalised, and about five thousand more are underway. In the first quarter of 2025, thirty-seven million Nigerians sought care at primary health centres compared with ten million a year earlier. The meaning is clear. People are choosing nearby clinics again, small problems are treated before they become crises, and pressure on tertiary hospitals begins to ease.

The 2023 federal health budget rose by more than forty percent to ?1.17 trillion, matched by an ambitious vaccination drive targeting over one hundred million children. In 2024, it was increased further by 5.5 percent of total expenditure, while this year it’s about six percent of total spending-the highest in over a decade. Claims data from rural providers now feed into digital dashboards that track quality, timeliness, and use, which allows managers to fix bottlenecks with evidence rather than guesswork. Speciality capacity is also moving. Three new oncology centres have opened in Katsina, Enugu, and Benin, with three more planned, and the Presidential Initiative for Unlocking the Healthcare Value Chain has mobilised more than $5 billion in investments, including support from Afreximbank and the European Investment Bank. For Nigerians, this translates to shorter waits for biopsies and radiotherapy, more reliable imaging, and hospitals that can upgrade without spending months trapped in customs and currency shocks.

These efforts have not erased shortages, but they are visible in daily life. Federal workers now receive insurance cards at onboarding, which changes the conversation at the clinic desk from payment first to eligibility and care. Trade groups are negotiating group plans, so market women, artisans, and drivers are not priced out of care at the point of service. NHIA tariffs have been recalculated using actuarial evidence, with capitation rates up ninety-three percent and fee-for-service payments up three hundred and eighty percent. For facilities, this means salaries and supplies can be planned, stockouts become less frequent, and providers have a reason to improve patient experience. Out-of-pocket spending still sits above seventy percent of health expenditure, but the direction of travel is toward pooled purchasing rather than cash payments that push families into debt.

Nigeria’s doctors, like their peers abroad, are weary. Of about one hundred and thirty thousand ever registered, fewer than sixty thousand were active by 2023. The government has responded with a Health Workforce Migration Policy and a National Health Fellows Programme that places young professionals across seven hundred and seventy-four local governments. The intent is straightforward. Communities that have long waited for a clinician are meant to see one more regularly, and hospitals that train talent for export are meant to retain more of it. Yet even physicians who have migrated acknowledge that the systems they joined are themselves faltering under bureaucracy and burnout. What unites both experiences is not geography but exhaustion. It is the cost of caring in systems that reward throughput more than relationships.

Perhaps then, Nigeria’s talk of reverse medical tourism should not be read as self-congratulation but as a glimpse of a shifting map. Competence and confidence are no longer monopolies of wealthier nations. The future of healthcare will hinge less on where technology sits and more on where trust can be found, on which systems can deliver timely, affordable, and humane care when people need it most. For some, that place is now closer to home; for others, it remains abroad. What matters is that the boundaries of credibility are moving.

The physician who cannot prescribe an affordable drug and the patient who cannot afford to see her inhabit the same crisis of access. Until nations, rich and poor alike, make health a guarantee rather than a gamble, the queues will lengthen, the weary will walk away, and the miracle of medicine will remain incomplete. In the end, the question returns to its simplest form, asked quietly in houses and waiting rooms on every continent. Where can I find a doctor?

QNET, the global lifestyle and wellness company, has received international acclaim for its sweeping consumer protection initiative across Africa.

The global spotlight on QNET’s initiative comes amid growing concern over the economic and emotional toll of fraud worldwide.

According to the 2024 Global State of Scams report by the Global Anti-Scam Alliance (GASA) and Feedzai, global losses from scams are estimated at over $1.03 trillion in the past year, underscoring the urgent need for corporate-led consumer protection campaigns.

The company’s ‘QNET Against Scams’ campaign, a bold multi-country effort to combat brand misuse and educate communities on identifying fraud, earned a Gold Stevie® Award at the 22nd Annual International Business Awards (IBAs), reaffirming QNET’s leadership in promoting transparency and consumer safety.

QNET clinched three awards for its impactful communication and social responsibility efforts, at the 2025 IBAs. The company won the Gold Stevie® Award in the Brand/Reputation Management category for ‘QNET Against Scams: Rebuilding Trust Through Crisis Communication and Public Education in Ghana’, a Silver Stevie® in the Public Service category for the same campaign, and a Bronze Stevie® for ‘V-Africa 2025’, its flagship convention aimed at empowering entrepreneurs across the continent.

Launched in Ghana in 2024 and later expanded to Senegal and Sierra Leone, the QNET Against Scams campaign tackles the growing misuse of QNET’s name by fraudulent individuals and syndicates who mislead communities with false promises of jobs, visas, and quick profits. The initiative combined grassroots engagement, law enforcement partnerships, and multimedia outreach, including radio and TV spots, billboards, comic-style flyers, social media content, and dynamic street activations featuring roller-skating teams, to educate the public and rebuild trust in legitimate direct selling.

QNET’s collaboration with authorities such as Ghana’s Economic and Organised Crime Office (EOCO), the Ghana Police Service, and the Immigration Service, as well as partnerships with Nigeria’s Economic and Financial Crimes Commission (EFCC), has strengthened regional efforts to protect consumers and curb impersonation schemes. The campaign also introduced a dedicated Scam Alert portal, empowering individuals to verify claims and report fraudulent activities linked to misuse of the QNET brand.

The impact has been significant as tens of thousands of people across major cities engaged through outdoor activations and educational events, while widespread media coverage amplified the campaign’s reach and reinforced public vigilance against scams.

Speaking on the recognition, Trevor Kuna, chief marketing officer of QNET, said, ‘These awards are a validation of our efforts to fight back against those who misuse our brand name to defraud others. We are determined to protect the communities in which we operate and rebuild trust with our customers and stakeholders. Together, they affirm our commitment to responsible entrepreneurship and the values that drive us forward.’

Through its award-winning efforts, QNET continues to set a new benchmark for ethical business conduct and brand accountability in Africa’s direct selling sector, demonstrating that the fight against fraud is not just a legal obligation, but a shared responsibility to safeguard livelihoods and rebuild public trust.

AWARI, Nigeria’s lifestyle discovery platform, has secured a funding boost to scale its mission of transforming urban discovery and supporting lifestyle businesses across Africa ahead of Detty December, the country’s peak entertainment and tourism season.

The funding round, which surpassed the company’s previous pre-seed raise, was led by the Lagos Angel Network (LAN) and supported by a network of strategic investors.

Founded by entrepreneur Tannaz Bahnam, AWARI connects users with local lifestyle businesses – including restaurants, spas, gyms, shops, and events – while providing business owners with tools for visibility, bookings, loyalty management, and data-driven growth.

With over 2,450 businesses already listed across Lagos and Abuja, AWARI is redefining how residents and visitors experience Nigerian cities.

Speaking on the new funding, Bahnam, said the investment will help the company deepen its impact and strengthen its role in supporting urban living and SME growth.

‘AWARI was built to transform the way people experience their cities while helping lifestyle SMEs grow sustainably,’ she said.

‘With the support of the Lagos Angel Network and other visionary investors, we are doubling down on developing tools to strengthen communities, empower businesses, and improve everyday urban life,’ she explained.

‘And with Detty December quickly approaching, now is the ideal time for businesses to join AWARI and gain visibility during Nigeria’s peak lifestyle season,’ she added.

According to the company, the new funding will be used to scale its event ticketing platform and loyalty program, drive business engagement and user downloads ahead of Detty December and enhance its technology and content operations as it prepares to expand into Ghana, Morocco, and Qatar within the next year.

The development builds on Bahnam’s 15-year experience connecting consumers and businesses through Lost in Lagos, Nigeria’s longest-running lifestyle platform.

Through Lost in Lagos Plus magazine and its popular Restaurant Week series, Bahnam has established a strong track record of curating city experiences and supporting local enterprises.

Yemi Keri, chairperson of the Lagos Angel Network, described the company’s growth as a positive sign for Africa’s digital and SME ecosystem.

‘We are excited to support AWARI as it shapes the future of urban discovery in Africa,’ Keri said.

‘AWARI is creating real value for SMEs by helping them increase visibility, attract new customers, and thrive in competitive urban markets.’