Category: Business Day

Africa has made a bold declaration on the global stage: the continent will no longer wait for external approval to power its future. That was the resounding message from the inaugural Africa Energy Investment Summit (#AEInvest2025), held this week in New York alongside the United Nations General Assembly (UNGA).

The gathering, convened by the African Petroleum Producers’ Organisation (APPO), drew African energy ministers, global investors, financiers, and industry leaders with a central goal: to position Africa at the heart of the global energy transition.

‘Why New York and not Africa?’ asked Omar Farouk Ibrahim, APPO Secretary General, opening the summit. ‘Because UNGA brings all our leaders and investors together, making it the ideal platform to connect, engage, and unlock funding for Africa’s energy future.’

Ibrahim highlighted Africa’s energy paradox: vast reserves of oil, gas, and renewable resources on one hand, yet more than 600 million people living without access to electricity. He announced that the long-anticipated African Energy Bank – an institution designed to finance African-led energy projects – has officially been established.

‘Three years after we began the African Energy Bank initiative, I am proud to say it is now a legal entity,’ Ibrahim said. ‘Member countries have deposited equity, the charter has been signed and ratified, and we have raised enough capital to begin operations.’

Heineken Lokpobiri, minister of state for petroleum resources (oil), pointed to signs of renewed investor confidence in Africa’s energy sector. ‘Nigeria’s production rose from one million to 1.8 million barrels per day, and our goal is 2.5 million. American companies are already showing strong interest in investing in Nigerian oil blocks,’ he said.

Lokpobiri argued strongly for continued fossil fuel investment, insisting Africa must chart its own course in the energy transition. ‘Africa must not be deceived into abandoning fossil fuels while the West continues to expand production. Our hydrocarbons will finance our transition – not charity, not aid,’ he said.

Equatorial Guinea’s Minister of Hydrocarbon Mining Development, H.E. Antonio Oburu Ondo, speaking on behalf of Vice President Teodoro Nguema Obiang Mangue, underscored the urgency of reclaiming financial sovereignty. ‘Africa holds 40% of the world’s natural resource discoveries yet remains at the mercy of financiers in London, Paris, and New York,’ he said. ‘Energy finance is a question of sovereignty. We must build the African Energy Bank, mobilise our sovereign wealth and pension funds, and secure Africa’s rightful place as a global energy leader.’

James Shindi, CEO of Brevity Anderson, producers of #AEInvest2025, said the New York event marked just the beginning. ‘This is the first in a series and we will be back next year, even bigger and better,’ he said.

As the summit closed, one theme resonated from the halls of New York to capitals across Africa: the continent intends to take ownership of its energy destiny – on its own terms.

I should not have bothered recounting all his Nigeria-centric engagements because Alhaji Aliko Dangote (AAD) has severally said so himself, but I do not want to be accused of plagiarism. Check out his speeches at the Guardian 2015 Man of the Year award, the Nigerian Economic Summit, the Katsina Economic and Investment Summit, the Nigerian-Kenyan business summit, when the VP visited his refinery and at the Corporate Council for Africa event. In all these, he declared his commitment to turning around and diversifying the economy, working hard to take the economy to the next level, building a refinery that is higher than the combined capacity of all refineries, a fertilizer capacity that is ten times more than what is available in Nigeria today, generate 12000MW, more than thrice what Nigeria currently generates and export refined oil rather than importing and creating Jobs elsewhere, list his refinery et al on the NSE and help NSE to outgrow Johannesburg Stock Exchange and how the rate of youth unemployment in Nigeria gives him sleepless Nights(a statement even our PMB has not made), assuring that Nigeria( and Africa) would soon become the world’s food basket. AAD has said and continues to say the right and heartwarming things. Unfortunately, however, these are the kinds of statements that should emanate from Kemi Adeosun, Godwin Emefiele, Udo Udoma, whoever is the chairman of the EMT, and, in sane climes, from the president himself.

‘Furthermore, given the strategic importance of AAD to the fate and fortunes of Nigeria, shouldn’t the government purchase a key-man insurance cover on the man?’

So, like the only rich man in the village, AAD has taken on all the responsibilities. Already other villagers are grumbling: The Ogun State governor complains that Dangote trucks destroy the roads; Ndigbo say the only Dangote investments in Ala-Igbo are deaths and traffic jams caused by his reckless drivers and his trucks; the FCT in 2016 rejected his Salah gifts; some people complain that he cornered an unfair share of our forex, enjoys great tax waivers, is becoming monopolistic and is muscling out other players, citing his spat with Otedola, Ibeto and BUA. Our only luck so far is that Dangote does not overtly throw his weight about.

If he were to behave as some of his drivers..

The Federal Government, on the other hand, is lying low and idling around as AAD undertakes his numerous responsibilities, being his greatest cheerleader and praying that AAD lives long to solve all our socio-economic problems (as PMB did on his 60th BD). Shamefully, rather than do SOMETHING about our pitiable petroleum situation, Ibe Kachikwu publicly begged AAD to finish his refinery ahead of schedule because the government’s promise to end fuel importation in 2019 was based on the refinery! Just imagine that: the government makes a promise to Nigerians and depends on AAD to fulfil the promise! Even Oxfam recently urged AAD and 4 others to use their wealth to end poverty in Nigeria.

The government, representing the Nigerian village, enjoys the positive externalities from the big man without thinking, ‘What if!’ What if AAD wobbles or goes to bed and does not wake up early enough? What if a strategic shift occurs in the organisation or if future Dangotarians are not as cool-headed and Nigeria-centric as AAD? The other day, AAD closed his $20m tomato factory and his Tanzanian $500m cement factory, which cost $4m to power monthly. The health of the Nigerian stock market depends on whether the prices of AAD stocks are rising or falling. What has the government done to create other AADs? Where are the other big men in Nigeria, including those whose kids party across the globe regularly? Why can’t they stand up and be counted? What is the Economic Management Team doing if AAD addresses the challenges of unemployment, diversification, food security, forex conservation, power generation and road construction? Should we not outsource economic governance to him while the presidency manages politics and revenue sharing and makes excuses for the foreign herdsmen? Or more charitably, why not send Osinbajo and the EMT on sabbatical to AAD?. Furthermore, given the strategic importance of AAD to the fate and fortunes of Nigeria, shouldn’t the government purchase a key-man insurance cover on the man?

Meanwhile, I urgently need a Dangote sticker for my rickety car. Travelling from Lagos to the East has suddenly become herculean, and I strongly believe that a Dangote sticker will clear the way for the son of man. As I was concluding this piece, I received the news that a townsman, Law Onyemelukwe of Lafenax Ltd, was named the overall best customer of Dangote Cement for 2017! So, I am vicariously among those enjoying the AAD Effect; at least I can brag: my townsman is AAD’s best customer! That may even get me through the police, customs, FRSC, civil defence and other unclassified checkpoints when next I travel along the Lagos-Onitsha route. But I will also petition the Federal Character Commission to investigate the 2017 AAD awards: the names of the top prize winners (Onyemelukwe, Okika and Ezenyili) did not reflect federal character!

Kano State Governor, Alhaji Abba Kabir Yusuf, has announced new opportunities in school feeding, healthcare, and foreign investments for the state following Kano’s participation at the 80th Session of the United Nations General Assembly (UNGA80) High-Level Week in New York.

The governor, who was represented at the event by the Emir of Kano, His Highness Khalifah Muhammad Sanusi II, and the Director-General of the Kano State Investment Promotion Agency (Kan-Invest), Muhammad Naziru Halliru, said the engagements created fresh avenues that will boost human development and economic growth across Kano.

One of the major outcomes was the discussion on school feeding programmes. Emir Sanusi met with Kenyan entrepreneur and founder of Food4Education, Wawira Njiru, to explore collaboration aimed at expanding school feeding in Kano. The talks also involved the possibility of accessing African Development Bank funds already earmarked for African school feeding initiatives. Governor Yusuf explained that such a move was vital in tackling malnutrition among pupils, keeping children in school, and raising academic performance. He stressed that investing in children’s nutrition was an investment in Kano’s future, since well-fed children are more likely to stay focused in class and become productive citizens.

The delegation also highlighted Kano’s healthcare needs and reforms during engagements with global stakeholders. At the Bill and Melinda Gates Foundation Goalkeepers Event, the team presented Kano’s challenges in maternal health, immunisation, and access to primary healthcare. Governor Yusuf emphasised that forging global partnerships in the health sector was crucial to addressing service delivery gaps, especially in rural communities. He explained that the administration was already working to expand health facilities, ensure steady drug supply, and recruit more healthcare professionals to meet the growing needs of the people.

On the economic front, Kano showcased its vast investment opportunities at the Global Compact: Unstoppable Africa and the Cavista Holdings/Corporate Council on Africa Summit. The state presented itself as a potential hub for global investors by stressing its market size, agricultural resources, and skilled workforce. Yusuf revealed that the state government would soon unveil a five-year multi-sectoral investment strategic plan that would serve as a roadmap for attracting foreign direct investment, expanding job opportunities, and increasing internally generated revenue. He declared that Kano, being Nigeria’s most populous state, was positioning itself as the leading investment hub not just in Northern Nigeria but in the entire country.

The governor commended Emir Sanusi for representing Kano with distinction at UNGA80. He said the emir’s international recognition, experience in economic matters, and global contacts gave the state an advantage during its engagements. Sanusi, a former governor of the Central Bank of Nigeria and a respected voice on financial inclusion, was well received at the various side events, where he reinforced Kano’s commitment to reforms and global cooperation. Yusuf described the emir as a strong ambassador for the state whose presence elevated the quality of the conversations held with international partners.

According to the governor, Kano’s participation in UNGA80 is in line with his administration’s broader vision of linking the state to global networks of development, investment, and innovation. He maintained that Kano could not rely solely on internal resources to meet its pressing challenges in education, healthcare, and the economy. Instead, it must embrace global partnerships that can provide funding, technical expertise, and new ideas. He noted that the results of these efforts were already showing in the interest expressed by international partners and organisations that engaged with the Kano delegation.

Observers believe Kano’s involvement at UNGA80 could prove to be a turning point if the discussions lead to concrete outcomes. The possible partnership with Food4Education, for example, could have a major impact on thousands of children in public schools by improving access to meals and encouraging attendance. Similarly, the state’s pitch at international investment summits may attract new industries that would create jobs, stimulate commerce, and reduce poverty.

Yusuf assured the people of Kano that his administration would not allow the outcomes of UNGA80 to end as mere conference appearances. He pledged that all commitments made in New York would be followed up and converted into tangible results for the benefit of the state. He added that his government was not interested in attending global meetings for photo opportunities but was determined to bring back solutions, partnerships, and investments that would directly improve lives.

Morolake Emokpaire is the Marketing Lead of Cadbury Nigeria Plc. Morolake, who assumed office in 2021 and loves, lives, and breathes marketing, is taking the 60-year-old resilient Cadbury Nigeria to greater heights. In this interview, Morolake, whose principle is to grow the next generation of marketing leaders, said her purpose is to create brands that are timeless and bigger. Daniel Obi brings the excerpts.

Cadbury Nigeria recently clocked 60 years; kindly take us through this milestone from a brand perspective.

Hearing the word ’60’ literally gives me joy because it speaks to so many things. It speaks to stability and resilience. A 60-year-old man or woman in our culture has entered the League of Elders. They are also the custodian of culture and a custodian of wisdom and tradition.

For us at Cadbury Nigeria Plc, it is beyond just the group of brands. We have been a part of Nigerian families across generations. Our brands hold stories. I have heard consumers tell me that the first time they encountered a TomTom brand was from their grandmother’s handbag.

Just last month, I met a lady who mentioned to me that Cadbury Nigeria actually supported her through school, through a corporate social responsibility (CSR) programme in the 80s, when students of indigent parents were supported with our products’ lunch packs.

‘Your SWOT analysis helps you identify key things to do over the next three to five years. You then build strong plans that you constantly review or track to see where you have shifted. You execute and you track, and then you put control measures in place to check.’

Today, those students are mums, and they hold those memories about our brands.

Another thing that is very critical to point out is the fact that our journey is also synonymous with trust. Wherever you see the Cadbury logo, you know you can trust the brand. When you also hear the word ‘Cadbury’, the first word that comes to mind is ‘legacy’. The legacy of snacks that are here to delight you and beverages that sustain you during the morning – and we have seen this across products, across brands and across people.

I hear some people say that Cadbury Nigeria, and especially its Bournvita brand, are considered elitist brands. Do you agree?

In brand-building, we tend to be aspirational. Aspirational in the sense that we give consumers something to look up to, but we are also quite accessible. This year, we were in the Southeastern states for the August Women’s Forum, going into the grassroots to give the women a taste of the product, rejoicing with them, and sitting as they deliberated on the future of their communities. So, I don’t agree with the word ‘elitist’. We reflect what we aspire to be. Maintaining accessibility is critical through our consumer engagements. During holidays, we partner with mums to keep their children active through Bournvita Tech Boot Camp. Also, there is a size of Bournvita for every pocket.

Do you worry about competition in the Nigerian market?

It is not about worrying about competition, but if you do not get competition, you will fall into the trap of complacency. I wouldn’t use the word ‘worry’ as much as our competition reminds us of the challenges that we still need to surmount or overcome. But we are quite confident in our strengths across the brands. We are confident in the support we have from our investors and our parent company, which is Mondelez International.

We are also quite confident in the legacies that our brands have left and the handholding that is going across one generation to another. As we are relevant to the Baby Boomers, we have solid programmes and initiatives with the Millennials.

You would see some of our brands reaching out to the Gen Zers. We have products that are also reaching out to the Alphas. That is where our strength lies-the ability to stay relevant to whatever generation of Nigerians, and even West Africans-and that is where we draw a lot of our confidence from as well.

What has kept TomTom so enduring and lasting for over 50 years in the Nigerian market?

It is basically an inspirational essence. TomTom leverages its ability to inspire Nigerians to breathe better. For instance, if you had to sing, you would need TomTom to clear your throat and to refresh your breath. It does not stop there; the functionality of breathing is rational.

When you tell people to breathe, it is asking them to push through their challenges. We are asking them to take a pause and take a deep breath. When you are faced with challenges, when you are faced with tension, you need to breathe, have confidence, refocus and then go ahead to take on that challenge again. We have partnered with you to breathe and to inspire you.

As CMO of a multinational organisation, what does it take to build a lasting brand?

It starts with a timeless vision. A strong ambition that is even larger than the brand itself. For instance, TomTom’s purpose is to inspire Nigerians to breathe better. It looks like just simple words, but it literally guides everything we do on the brand. Brand-building has critical touch points-analysing the market, the competition, and your SWOT analysis. Your SWOT analysis helps you identify key things to do over the next three to five years. You then build strong plans that you constantly review or track to see where you have shifted. You execute and you track, and then you put control measures in place to check.

The brand vision itself has to be timeless. It guides the pillars of building an ideal product mix, from your product formulation to your pricing, to the distribution, to communication, and across the critical parts of building strategy up until execution. But you must start with a compelling vision.

Government agencies are coming up with policies that affect marketing. To what extent have some policies influenced the market-based strategy of companies?

We appreciate our regulators. They help ensure sanity within the system, but not without some discomforts. For instance, taxation directly affects a lot of our strategies and our budgets.

You would see that over the past couple of years, the price of packaged goods has been on the rise because organisations are in business to make profits. A lot of pressures eventually get passed down to the consumers. You have seen some multinationals exit the country in the last five years. For those of us who remain committed, we are under pressure to continue to do it sustainably. High taxation also limits the amount we can spend to excite and delight the consumers.

There is increasing scrutiny on nutrition communication as well, involving sugar content and other ingredients. With that, it forces us to be more discriminatory in how we build our products.

A lot of our ingredients are quite expensive. Sometimes, we have to take the hits on our margins, which then affects what we are also able to do. We are looking forward to continued collaboration with our regulatory bodies and partners to see how many of these initiatives could be done in transition, or if there could also be relief.

There is a policy against foreign models in Nigerian brand communication. Do you see that as punitive?

I am very passionate about Africa. I think that a united Africa and an empowered Africa position us to be a global force. I am passionate about using our brands to showcase our culture, using our brands to showcase our people, and using our brands to tell the story of Nigeria and Africa to the world. We use local models to drive our brand communication.

Many brands are adopting influencers in marketing. What role does influencer marketing play in shifting perception about brands and driving sales?

They do create a halo effect or positive association with the brands. But I must also call out the need to exercise caution in the identification and the deployment of influencers because a couple of them have gone awry. When choosing influencers for us in Mondelez, the first thing that we look for is the brand fit. The ability of that influencer to embody the ambition of the brand and to humanise the brand.

When we are looking for an influencer, we ask ourselves: if TomTom were a human being, would this individual fit? Is this individual able to humanise the brand? The second question is also looking at the ethical considerations or the ethical influence of that influencer.

For each of our brands, when we break out our brand story, we look for individuals who can help us tell that story vividly and reach their own follower base.

Would you consider AI adoption in marketing as a disruption or an opportunity?

It is an opportunity because most successful brands today will need to understand how to leverage AI and traditional marketing to have the ability to blend. AI enables us to deliver hyper-personalisation. We can deliver tailored content to scale. The algorithm helps us to learn user behaviour and understand preferences at a rapid rate. What traditional marketing helps do is to deliver that warmth and the understanding and the context of culture that AI cannot replicate.

The government has come up with a ‘Nigeria First policy’. How would that help in driving local consumption and help Cadbury Nigeria?

One of the things Mondelez is committed to is that we say ‘local first’ but not ‘local only’. In terms of our strategy and product direction and innovation, it is always local first. In terms of content, a lot of flexibility has been given to generate campaigns of content based on local insight. So, localisation is a big deal for Cadbury Nigeria.

Napoli earned their first points in this season’s Champions League with a hard-fought 2-1 victory over Sporting Lisbon in Naples, thanks to a brace from Rasmus Hojlund and two assists from Kevin De Bruyne.

The Denmark striker struck in each half to give the Serie A champions a vital win in front of a relieved Stadio Diego Armando Maradona crowd.

Both goals came from De Bruyne’s precision passes, denying Sporting, who had drawn level in the 62nd minute through a Luis Suarez penalty.

‘It was a tough start to this campaign in the Champions League. we showed our character today and played really well against the Portuguese champions,’ said Hojlund after the match.

‘Kevin is a legend of football. He has so much quality that every time he has the ball all I have to do is find space, and I know he’ll find me.’

De Bruyne’s performance was especially encouraging for Napoli fans after recent tension with coach Antonio Conte.

The Belgian midfielder had reacted angrily to being substituted during Sunday’s 2-1 defeat at AC Milan, but he dismissed any rift with Conte.

‘There was never any problem. I’m a winner, and I want to play and make a difference. Everything has been said,’ De Bruyne told Sky. ‘There isn’t any problem, neither with the team nor the boss. I want to play football and enjoy it and move on.’

Napoli’s opener came in the 36th minute when De Bruyne slipped a perfect ball to Hojlund, who finished coolly past Rui Silva.

Sporting equalised when Suarez converted from the spot, but De Bruyne again made the difference 11 minutes from time, curling in a teasing cross that Hojlund nodded home for the winner.

United States embassies and consulates worldwide say they will reduce public communications while Washington remains in shutdown.

In notices posted on official accounts, the missions said routine updates would be suspended ‘until full operations resume’, with exceptions only for urgent safety and security information.

However, the embassies noted that scheduled passport and visa services would continue ‘as the situation permits.’

Some of the embassies that issued the notice include those in Nigeria, Ghana, London, and Bangladesh.

The announcement comes as much of the US federal government halts operations following a funding impasse between President Donald Trump’s Republican Party and opposition Democrats.

The shutdown took effect at midnight after lawmakers failed to reach a deal. Trump has spent the past nine months cutting the size of the federal workforce, fuelling tensions over the current standoff.

Trump previously oversaw the longest shutdown in US history – a 38-day standoff from December 2018 to January 2019, which ended only after air traffic controllers walked off the job, forcing a temporary closure of LaGuardia Airport in New York.

This time, the president has threatened mass layoffs of federal workers, a move that could deepen the crisis if carried out.

The ongoing accusation gaining traction in the north, that Tinubu is short-changing the region in terms of project allocation, as well as political appointments, is driven heavily by partisan politics, says Abdulaziz Abdulaziz, Presidential aide on Print Media.

According to him, the Tinubu administration has been very considerate with the region, as several high-profile projects are in various stages of completion in most of the Northern states; this is something the people in the region should be grateful for.

Abdulaziz stated this recently in Kano, while interacting with members of the Kano `Correspondents` Chapel, noting that President Tinubu has also been magnanimous enough to continue with several projects started by the Buhari administration.

‘Of late, we have been hearing some people saying What is the president doing in the north? Beyond new projects, which there are many of them to count, when President Tinubu came, there were so many projects in the northern part of Nigeria. A lot of them were at a very early stage of commencement. I tell people, if this man is wicked or doesn’t like the north, he could leave these projects to be abandoned.

‘He can also withhold financing. If there is no financing, these projects will stagnate, and they will die naturally. But none of these projects that he inherited, which are massive, have actually stopped. And these projects are in billions of dollars.

‘If you look at the very important energy projects for northern Nigeria. The Ajaokuta-Kaduna-Kano gas pipeline, the AKK, was something that when we came, was not up to 50%. It has been continued. We are nearing completion.

‘This is somebody who is faithful. As I said, if he had wished, he could have sabotaged the funding for it or redirected the money to something else. If you look at the Kolmani oil prospecting, it’s ongoing. It’s something that was at an infancy level when this government came, but it’s continued.

‘If you look at the Abuja-Kaduna-Kano Road, it is a very important road. If not because of the altercation with Julius Bega that led to cancellation, revocation of the contract and the re-award, otherwise, it would have been completed by now.

‘But now, I drive from Abuja to Kaduna to Kano. At different points, you see the projects going on. The portion that remains between Zaria and Kano is almost completed. They are laying asphalt. If you come from Suleja, from the Suleja axis, you see work is ongoing on reinforced concrete. That is iron and concrete. That is very durable work that has been done. This project, the government devoted over N400 billion to complete it.

‘If you come to the Kaduna-Kano rail line, it was a stage when this government came in. But this government has continued. So many other projects like that. The Kano-Katsina-Maradi rail line is ongoing at a very speedy pace.

‘In fact, they are working literally 24 hours. Because I pass by the places on weekends and I see them working. If you go just outside Kano, around Janguza, once you cross the bridge from BUK, you will see them working up to now, as we speak. And so are so many other places and other projects like that.

‘I say the greatness of a government, for me, is in the way it continues with the project it inherited. The norm, usually in Nigeria, is that every government tries to do something new. So that it will be praised for doing this. Yet billions and billions of Naira get wasted in abandoned projects. But this president has strong faith in Northern Nigeria. And he is a nationalist. And that is why he has devoted a lot of attention and resources to ensure that projects in Northern Nigeria are not halted because a southerner is now the president.

‘No, he sees them as Nigerian projects. And coming to the new roads and other infrastructure, everywhere there are roads dotting Northern Nigeria and other infrastructure that the president is doing. If you look at it, people complain about the coastal highway.

‘But look at the Sokoto-Badagry Road. It’s a bit longer than the coastal highway. Only the coastal highway, because of the terrain, may be more expensive. But this one is a virgin road that is connecting communities, connecting businesses, connecting social interactions between the farthest place in the north to the creeks down south.

‘And along the road, there are economic activities that are being carried out along with the road, including dams, farming clusters, and all that. And this is why it is a very noble project. Over 60% of it is in Northern Nigeria.

‘And the work is ongoing on that. And work is ongoing from different sides, so that no part is left behind. In fact, on the northern plank, I think right now there are about three lots that are concurrently taking place. From Sokoto, it has started. From Kepi, it has started. So, this shows that the government is serious about. It’s not something that is just a name. It’s something that the government is doing to bring prosperity among our people and to also ease the movement of goods and services. That is a very important corridor for livestock and also goods from the south.

‘And on the other side, you know, there is the other road from Lagos to Abuja that is also being done, which is also connected. And then the Port-Harcourt -Maiduguri Rail line, the government has gotten funding for it, and work is starting. And that is also one very massive project that is to the advantage of Northern Nigeria.

‘So, talks about lopsided projects and all that, as I said earlier, are largely political. And the people saying those are not genuine. They say that those who advance their own political causes do so not because they mean what they say. Because any objective analyst, as I just pointed out, any objective analyst will see the economic benefits of this.

‘Sometimes people are myopic about issues like this. A country is not built in a fragmented arrangement. You can’t develop an economy in fragments. It has to be holistic. And some things are done not because maybe the president is from Kano or the president is from Ibadan, but because Kano or Ibadan is important and therefore needs to be developed along that line. For example, there were talks about when the Federal Executive Council approved the upgrade of Abuja and Lagos airports.

‘People were saying all manner of things. But any objective person would know, especially any modern educated person, that anywhere in the world, there are hubs. And you can’t say that you develop your airport or ports at the same rate because they don’t have equal importance. You can say because you say you like equity or you approve equity. And you say you will go and spend N300 billion to develop an airport based on equity. When nobody goes there, when there is no economic activity there.

‘But Lagos is a hub for Nigeria. Not even for Nigeria, you can say, even for West Africa. But modestly, we can say that for Nigeria, it is an airport that carries more than 70% of our passenger traffic. More than 70% of our passenger traffic is in Lagos. So why don’t you develop it? If you go to the UK, they have Heathrow in London. And Heathrow is not the same as maybe the airport in Sheffield or the one in Liverpool. It can be. If you go to Dubai, United Arab Emirates, people sometimes, especially people who are not really educated, don’t even know that Dubai is a city in a country called the United Arab Emirates.

‘But because the authorities understand the importance of having a hub and developing it, and that hub will end up servicing the country. So, Dubai is developed deliberately so that it keeps attracting money for the rest of the country. There are other cities. Even the capital, Abu Dhabi, is not a hub compared to Dubai.

So, in Niger, it’s the same thing. What is the percentage of our revenue coming through the artery of Lagos? It’s a lot. So why don’t you develop it? Because it’s just like a milking cow. If you have a cow that gives you a lot of milk, you should also take care of it so that you will get more milk from it. You can’t say that because the cow is this or is that, I won’t take care of it.

Because the most important thing is that when you feed it well, you will also get a lot of milk. So, if our airport is an ISO, and this is our major entry point, and then some investors or some people are not keen on coming because they feel we don’t have the right facilities, and some airlines cannot land, we are losing. So we ought to be very patriotic and genuine in terms of assessing some of these things’, he explained.

It is worrisome that President Tinubu is taking more loans despite the fact that Nigeria is having problems with the increasingly high cost of debt servicing. Debt servicing is taking more than 27 percent of Nigeria’s 2025 budget. Nigeria’s debt is about $100 billion, with $45.9 billion in external debt and $51.2 billion in domestic debt.

The budget for debt servicing is more than the budget of education, health and defence put together in the 2025 budget. President Tinubu is paying more attention to obtaining more loans and less attention to the economic consequences of the high cost of debt servicing in Nigeria.

Since assuming office in May 2023, President Bola Ahmed Tinubu has presided over what is becoming one of Nigeria’s most aggressive borrowing campaigns in recent history. In just two years, Nigeria has secured $29.2 billion in loans, a massive financial commitment that will shape the nation’s economic trajectory for decades. While many Nigerians seem focused on day-to-day survival, the mounting debt quietly grows in the background, accruing interest and setting the stage for future repayment by citizens, including those yet unborn. Tinubu’s $29.2 Billion Debt Train: Who’s Driving, and Who’s Paying?

Nigeria’s increasing loans and high cost of debt-servicing obligations pose a significant risk to the country’s economic stability and development. Public debt has surged rapidly in favour of unproductive rather than productive capital projects. This cycle has been exacerbated by the devaluation of the naira and persistent fiscal deficits. As of the first quarter of 2025, Nigeria’s public debt stood at ?149.39 trillion, a sharp increase from ?121.7 trillion in the same period of 2024. The Debt Management Office (DMO) reported that domestic debt comprised ?78.76 trillion (52.7%) of this total, while external debt was ?70.63 trillion (47.3%). This places the country’s debt-to-GDP ratio at 52 percent, a level that exceeds the legal threshold of 40 percent. According to a forecast by BudgIT, total public debt could reach ?187.79 trillion by the end of 2025.

Nigeria’s debt service to revenue ratio (DS/RR) has been a significant concern, but recent reform efforts have shown improvement, though it remains high by international standards. President Tinubu stated in November 2024 that the ratio dropped to 65 percent from about 97 percent when he took office in May 2023, though the AfDB reported it rose to 77.5 percent in 2024. The World Bank recommends a ratio not exceeding 22.5 percent, highlighting Nigeria’s challenges in managing its debt service obligations relative to its revenue. World Bank benchmark: The World Bank suggests a ratio below 22.5 percent as a sustainable level. Nigeria’s debt servicing ratio reached critical levels, sometimes exceeding 97 percent (meaning nearly all revenue went to debt servicing).

Presidential claims (Nov 2024):

President Tinubu reported a significant reduction to 65 percent in late 2024, from approximately 97 percent when his administration began.

AfDB Findings (July 2025):

A recent report indicates the ratio increased to 77.5 percent in 2024. Impact of reforms:

The government’s removal of fuel subsidies and unification of the exchange rate have helped increase revenue, but the gains have not yet matched the scale of spending needs.

Nigeria’s 2025 national budget includes a significant allocation for debt servicing, with figures ranging from ?13 trillion to ?16.3 trillion, representing a substantial increase from previous years. This allocation, which some reports state is 25 percent of the budget, has raised concerns among economic analysts due to its large size relative to other sectors and potential impact on the nation’s debt-to-GDP ratio. While the government is exploring ways to reduce its debt burden and improve revenue, challenges remain in achieving macroeconomic stability and fiscal sustainability.

Proposed Budget Size: Reports vary, but the budget is around ?55 trillion.

Debt Servicing Allocation: Ranging from ?13 trillion to ?16.3 trillion, depending on the report and specific framework used.

Budget Deficit: The proposed budget includes a deficit of approximately ?13.39 trillion.

One of the promises made by Nigeria’s President Bola Tinubu on assumption of office was that his administration would cut down on the over-reliance on borrowing for public expenditure. In fact, Tinubu said he was going to curtail the government’s borrowing so as to reduce the debt service burden on the country. Besides, Tinubu told Nigerians that his ‘fuel subsidy is gone’ pronouncement on May 29 would lead to significant savings and resource reallocation for the country. ‘We shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions,’ he had said.

But many Nigerians were taken aback when the president sought the approval of the National Assembly for his government to access fresh external loans of $7.8 billion and pound 100 million as contained in the 2022-2024 borrowing plan of the federal government, despite having full knowledge of the country’s debt challenge.

Nigeria’s debt is worrisome because the public debt stock reached 149.39 trillion naira (approximately US$97 billion) by Q1 2025, a significant increase from the previous year. This brought the debt-to-GDP ratio to 52 percent, exceeding the 40 percent legal limit and raising concerns about the country’s fiscal sustainability and its ability to service its debt. Experts and lawmakers are alarmed by the rapid debt growth and the low returns on borrowed funds, which may require urgent parliamentary attention, transparent practices, and fiscal reforms to avoid potential economic catastrophe.

Christian Zionism distorts scripture to justify Israel’s occupation of Palestine, betraying Jesus’ teachings of universal love and justice, writes Reverend Frank Chikane.

In June, the Central Committee of the World Council of Churches (WCC) met in Johannesburg, South Africa. The Central Committee (CC) speaks on behalf of 352 member churches, representing more than half a billion Christians around the world. It comprises 158 members, the WCC regional presidents, and 100 advisors from the wider ecumenical movement. Its purpose is to make policy decisions and address issues affecting the life and witness of the churches. After deep lamentation and outrage as the crisis in Palestine and Israel escalates to unprecedented levels of starvation and collective punishment of the entire population of Gaza, the CC’s plenary session sounded four powerful, urgent, and long overdue calls to action.

Firstly, it called for the naming of the reality of the system of apartheid imposed by Israel on the Palestinian people. Churches, states and international institutions were urged to take a moral stand and immediately impose sanctions, divestment and arms embargoes to hold Israel accountable for its actions. Moral condemnation, after all, must have material consequences. The CC also demanded the end of the Israeli occupation of Palestine and the lifting of its unlawful blockade on Gaza. The CC also called for support for the resilience and witness of Palestinian Christian churches and communities to remain on their land and to freely practise their faith – a fundamental right that the Israeli government denies them.

Sadly, it has taken far too long for the WCC to issue a clear, truthful recognition of the roots and realities of Palestinians’ suffering and a call to the global fellowship of churches to speak with clarity, urgency, and commitment. However, these resolutions signal a bold break from past WCC positions on Israel’s eight-decade-long occupation of Palestine. Many churches and ecumenical organisations have prioritised unity, rather than justice, when it comes to the unbearable suffering inflicted by Israel on Palestinians. Some of us have skirted around this issue to keep the ‘peace’ in our congregations and to avoid offending our Jewish colleagues and risk being accused of antisemitism. This is unnecessary. As Christians, we make a clear distinction between the Jewish people, our siblings in faith, and the acts of the Israeli government that acts in the name of Zionism. As African Christians who have witnessed and experienced injustices and colonialism, standing on the side of justice should be natural to us. Our own scars of colonialism make it impossible to ignore the same pattern of land grabs, military occupation, and erasure playing out in Palestine.

God’s covenant with Abraham in Genesis 12:3, wherein He promises that ‘those who bless Israel will be blessed and those who curse Israel will be cursed’, is often wrested from its context and misquoted by the Israeli government and its Christian Zionist supporters in Africa. They want believers to accept that any critique of the state of Israel for its assault on international law and basic human rights and decency is to curse Israel and incur God’s wrath. Christian Zionism is, in fact, an annulment of everything that the just Christian gospel stands for.

It is in defence of the Christian gospel that we, as African Christians, must renounce, in the strongest terms possible, any attempts to defend the Israeli occupation and oppression of the Palestinian people using the Bible. The Christianity that Christian Zionists ask us to practise makes our faith a servant of oppression, similar to how the Bible was used to justify colonialism throughout Africa and apartheid in South Africa.

Jesus Christ Himself is Christian Zionism’s greatest adversary. Its teachings fly in the face of the central tenets of the covenant that Jesus introduced to the world. Neither Jesus nor His early apostles preached Christian Zionism. Christian Zionism distorts scripture to justify Israel’s occupation of Palestine, betraying Jesus’ teachings of universal love and justice.

Yet, some African Christian leaders and their congregations continue to misguidedly support Israel, even hosting Israeli ambassadors and government officials at their church services and praying for the Israeli military and government that is currently perpetrating a genocide in Gaza! This goes against the very essence of Amos 5:24 (NRSV), which implores us to ‘let justice roll down like waters, and righteousness like an ever-flowing stream.’

One of the central messages of the gospel is that those liberated by God cannot be made slaves by anyone. But this is exactly what is happening today in occupied Palestine. Freedom for one group cannot come through the oppression of another. Israeli security and peace cannot be built at the expense of Palestinian life, security, dignity and peace. It is time for Africa’s churches and ministries to support the WCC’s calls for justice and speak with one voice in opposing Israeli occupation, apartheid, and genocide. Africa’s silence would be a betrayal of both our faith and our history.

On October 1, 1960, Nigeria raised its green and white flag, declaring political independence. Yet independence has always been about more than politics; it is also about economics. From the trading magnates of the colonial era to the industrialists and financiers of today, Nigerian entrepreneurs have shaped the nation’s economic destiny.

As we commemorate Independence Day, it is worth reflecting on the business empires that emerged before independence, those that rose after independence, and the lessons they offer for a new generation of entrepreneurs.

The pre-independence Pioneers

In colonial Nigeria, indigenous entrepreneurs built fortunes against formidable odds. With little access to capital and markets dominated by European trading houses, they relied on vision, grit, and trust.

The following 10 figures, presented in alphabetical order, are not ranked or rated. They are highlighted as sources of inspiration for the next generation of Nigerians:

Chief Emmanuel Akwiwu – A transport entrepreneur from the Eastern Region, who built one of the early indigenous lorry fleets before independence.

Sir Mobolaji Bank-Anthony – Business magnate and philanthropist. Invested in real estate, aviation, insurance, and shipping from the 1940s and 1950s.

Chief Candido Joao Da Rocha – Lagos-based businessman of Brazilian descent; invested in real estate, water distribution, and banking.

Chief G.O. Adebayo Doherty – One of the first Nigerians to venture into shipping and maritime commerce, breaking a European monopoly.

Chief Hamzat Subair (Oyo) – Pioneer cocoa farmer and merchant, contributing to Nigeria’s global prominence in cocoa exports.

Sir Louis Odumegwu Ojukwu – Transport, textiles, and real estate tycoon; widely regarded as Nigeria’s first millionaire and founding president of the Nigerian Stock Exchange.

Chief Timothy Adeola Odutola – From cocoa trading to sawmilling, tyres, and manufacturing, he became one of Nigeria’s first industrialists.

Chief Igbinedion Okaigben Idahosa (Esama of Benin) – Started in timber and produce trading, later expanding into transport and hospitality.

Sir Alfred Rewane – Industrialist and political financier; combined commerce with activism in Nigeria’s independence struggle.

Chief Olatunde Johnson Shonibare – Prominent businessman and philanthropist who invested in real estate and supported educational institutions.

These pioneers proved that vision, trust, and boldness could create wealth even under colonial constraints.

The post-independence titans

Since 1960, Nigerian entrepreneurs have had to navigate military rule, policy shifts, oil booms, and global competition. Out of this turbulent context emerged titans whose influence extends across Africa and, in some cases, the world.

The following list of 10 names is again presented in alphabetical order, not as a ranking, but as inspiration for today’s entrepreneurs:

Mike Adenuga (Globacom and Conoil) – Indigenous telecom giant expanded into Ghana, the Benin Republic, and Côte d’Ivoire.

Folorunsho Alakija (Famfa Oil, Rose of Sharon) – Oil and gas exploration pioneer and a global advocate for women in business.

Aigboje Aig-Imoukhuede (Access Bank, Coronation Group) – Transformed Access Bank into a pan-African powerhouse; now expanding influence in finance and insurance.

Aliko Dangote (Dangote Group) – Cement, sugar, flour, and now petroleum refining; operations across more than 10 African countries.

Tony Elumelu (UBA, Heirs Holdings, TEF) – Banking footprint in 20 African countries, London, Paris, and New York; mentor to thousands of African entrepreneurs through the Tony Elumelu Foundation.

Mitchell Elegbe (Interswitch) – Fintech pioneer; expanded electronic payments across Africa with global partnerships.

Cosmas Maduka (Coscharis Group) – Built Coscharis into a pan-African conglomerate in autos, agriculture, and technology.

Femi Otedola (Forte Oil, Geregu Power) – Moved from petroleum marketing to power generation; active investor in capital markets.

Jim Ovia (Zenith Bank) – Founder of one of Africa’s largest financial institutions, with a presence in Ghana, Sierra Leone, South Africa, and the UK.

Benedict Peters (Aiteo Group) – Built one of Africa’s largest indigenous energy companies; diversified into power, mining, and agriculture.

These titans illustrate that Nigerian businesses are no longer confined to Lagos or Kano-they compete across Africa and influence the global economy.

Sidebar: From Pioneers to Titans – Shifts and Continuities

Pre-Independence Pioneers

Post-Independence Titans

Lesson for today’s SMEs

-Relied heavily on trust and personal reputation

-Built institutional brands with continental reach.

-Start with credibility, then scale.

-Operated within colonial restrictions, limited finance.

-Benefited from liberalisation and capital markets.

-Engage policy and position for global opportunities.

-Focused on trading, agriculture, transport.

-Expanded into industrials, finance, telecoms, fintech.

-Anticipate new frontiers (digital, renewable energy, AI).

-Wealth often stayed local or regional.

-Wealth is now continental and global.

-Design businesses to cross borders.

-Emphasised community trust and philanthropy.

-Emphasise foundations, CSR, and legacy.

-Business success is incomplete without social impact.

Lessons for the New Age

Integrity is capital – Pre-independence pioneers thrived on trust. In today’s transparent markets, credibility remains priceless.

Diversify intelligently – From Ojukwu’s ventures to Dangote’s empire, spreading risk while deepening expertise is key.

Leverage policy and partnerships – Both generations aligned with government priorities while seeking strategic alliances.

Build legacy, not just wealth – Many saw business as a platform for nation-building, not just profit-making.

Think continental, act global – Today’s entrepreneurs must see Africa as one market and the world as the next frontier.

Conclusion

At 65 years of independence (1960-2025), Nigeria is still navigating the journey from political to economic self-reliance. The stories of these 20 entrepreneurs, pioneers before independence and titans after, show that boldness and vision are timeless virtues. The pioneers built resilience out of scarcity; the titans scaled bold visions into global footprints. The next generation must combine the values of the past with the strategies of today.

The African proverb reminds us: ‘Until the lion tells his side of the story, the tale of the hunt will always glorify the hunter.’ Our entrepreneurs, past and present, are the lions telling Nigeria’s economic story, not as victims, but as empire builders.

For today’s business owners, the message is clear: honour the lessons of the past, adapt to the realities of the present, and build enterprises bold enough to shape the future. That is the true spirit of independence.