Category: Business Day

The Independent National Electoral Commission (INEC) last Thursday hosted a European Union (EU) Follow-Up Mission to review progress on recommendations made by the EU Election Observation Mission (EU-EOM) following Nigeria’s 2023 General Elections.

Receiving the delegation, Mahmood Yakubu, Chairman of the Independent National Electoral Commission (INEC), said the Commission welcomed the EU’s sustained engagement with Nigeria’s electoral process, noting that this was the first time a sitting INEC Chairman would host such a follow-up mission.

Yakubu recalled that in previous years, INEC had received EU Chief Observers, including Santiago Vincenzo in 2017 and Maria Karina in 2022. He commended the EU’s consistency in monitoring Nigeria’s elections since 1999, describing it as a key partner in electoral reform.

On the 2023 EU-EOM report, Yakubu explained that the Mission had made 123 recommendations, out of which 10 were directly addressed to INEC.

He disclosed that the Commission had already implemented administrative actions on several of the recommendations and was working with stakeholders on those requiring broader reforms.

‘Some recommendations require constitutional amendments and legislative action, while others call for collaboration with political parties, civil society, the judiciary, and the media,’ the INEC Chairman said.

‘We have acted on those within our administrative purview, and we await ongoing discussions on legal and policy reforms with the National Assembly.’

Yakubu emphasised that INEC had published its own comprehensive review of the 2023 elections and that both reports were available on the Commission’s website. He stressed that electoral reforms remained urgent, particularly as preparations for the 2027 General Elections gather momentum.

‘We look forward to the National Assembly’s consideration of strategic electoral reforms. Without clarity in the law, we cannot finalize regulations, guidelines, or training manuals for future elections,’ he stated.

Speaking on behalf of the EU delegation, Barry Andrews, member of the European Parliament and Chief of Mission for the EU Follow-Up Mission, said the EU was impressed by Nigeria’s efforts to implement the recommendations despite constitutional and time-related constraints.

Andrews noted that the EU deployed one of its largest observation missions for the 2023 polls, underscoring Nigeria’s importance in Africa and globally. ‘We are here to review progress, to listen, and to share international best practices that strengthen democracy,’ he said.

He added that while significant steps had been taken, further work was required, particularly on constitutional reforms, transparency in result publication, and inclusivity in the electoral process.

‘We acknowledge that many reforms require legislative and constitutional changes, which are complex. But we are encouraged by the level of engagement and progress already recorded,’ Andrews said.

The EU delegation, which has been in Nigeria for the past three weeks, will continue consultations with stakeholders including civil society, political parties, and the media before concluding its mission.

Both INEC and the EU reaffirmed their commitment to deepening Nigeria’s electoral credibility ahead of the 2027 polls, stressing that international observation remains a vital tool for improving electoral standards and democratic governance.

If you are a leader in a Nigerian organisation, you have possibly felt the pressure to stay relevant and to succeed. The race for efficiency, the demand for innovation, and the relentless pace of global competition all add pressure to the way and manner in which businesses thrive in Nigeria. Certainly, you have also heard of the buzzword: Artificial Intelligence. But what if I told you that AI is even far more than a trendy tech term? It’s the most powerful lever we have in the world today that helps to achieve true organisational performance in this new era we have found ourselves in – the Tech Revolution.

Data doesn’t lie, as can be seen from recent reports, indicating that over 70 percent of Nigerians are already using generative AI tools, and a staggering 93 percent of businesses are adopting AI technologies. The train has left the station. The question for Nigerian leaders is no longer if you should get on board, but how you can use AI tools to drive your business to its desired destination of peak performance.

‘The objective is to automate repetitive operations so that our team may focus on more creative, strategic, and human-centred work. It is essential to create a robust digital economy in Nigeria.’

The Nigerian reality: A landscape ripe for AI

Let’s be honest. We have particular challenges. Nigeria faces significant obstacles to the deployment of AI, including unstable power, infrastructure limitations, and a shifting legal environment. However, we lose sight of our unique advantages when we only focus on these challenges. Our government is moving ahead with ambitious plans like the Nigerian National AI Strategy, our fintech sector is among the very best in the world, and our teeming populace is very young, dynamic, and tech-savvy.

This is the moment. AI aims to enhance our distinct human spirit rather than replace it. The objective is to automate repetitive operations so that our team may focus on more creative, strategic, and human-centred work. It is essential to create a robust digital economy in Nigeria.

From manual grind to automated growth

What does this change actually look like in real life? From abstract to actionable, let’s go. Taking the robot out of the human by relieving your team of time-consuming, repetitive duties is frequently the first step in using AI solutions.

Imagine your HR department using solutions like SeamlessHR to automate payroll, or your finance staff no longer drowning in manual invoicing. This dream is not a pipe dream. For example, Cancel.ai reduces turnaround time by more than 50 percent for Nigerian financial institutions involved in processing high transaction volumes. The effect is evident: automation has resulted in considerable time and cost reductions for 75 percent of Nigerian enterprises.

The first step towards productivity driven by AI is this. It’s about changing roles, not losing your job. It’s about increasing the efficiency, effectiveness, productivity and capability of your team.

Data-driven decision-making: The new superpower

The table above highlights a critical shift. The most significant advantage of AI might be its power to turn data from a buried asset into your most strategic counsel. This is where we move from efficiency to excellence.

Across our key sectors, AI in finance/agriculture/healthcare/education is proving its worth:

Finance: Companies like Carbon and CapitalSage use AI for real-time fraud detection and smarter credit scoring, expanding financial inclusion.

Agriculture: Smallholder farmers are using AI for yield prediction, leading to crop improvement of up to 40 percent.

Healthcare: AI models are helping to halve blood delivery times and combat the scourge of counterfeit drugs.

Education: AI-enabled edtech platforms are boosting student test scores by an average of 32 percent.

Case study 1:

AI-powered SaaS solutions are intended to identify and reduce internal hazards in businesses. Across HR, legal, and compliance activities, its platform offers intelligent compliance management, real-time risk detection, and insights into employee engagement. While Risk-HR employs AI to evaluate ethics and integrity in hiring and workforce management, the E-Commander application assists organisations in preventing and managing human hazards at scale. Through early risk identification, organisational integrity protection, and resilience enhancement, these solutions provide immediate return on investment. Kreeno Consortium helps Nigerian companies implement cutting-edge AI risk management solutions that improve security, compliance, and trust. To learn more about this, send an email to [email protected].

Case study 2: GROK as a tool for peak performance

Grok, developed by xAI, is built for peak performance in AI-assisted tasks, offering real-time data access for up-to-date insights, superior reasoning for complex problem-solving, and reliable high-volume performance even under heavy usage. It personalises responses by adapting to user preferences, boosting efficiency in specialised domains like creative writing or strategic planning. With multimodal capabilities including image analysis, coding, and interdisciplinary tasks, Grok seamlessly supports diverse professional needs. Its chain-of-thought architecture ensures logical, step-by-step solutions, making it especially powerful for STEM and enterprise applications. By combining adaptability, speed, and accuracy, Grok empowers users to optimise workflows, research, and decision-making. Available to SuperGrok and Premium+ subscribers, Grok positions itself as a top-tier AI tool for developers, researchers, and professionals aiming for maximum output quality.

This is the essence of peak performance with AI – making smarter, faster, and more impactful decisions that were previously impossible.

Your roadmap to leveraging AI tools

Feeling inspired but wondering, ‘How do I start?’ The journey to business automation in Nigeria doesn’t have to be daunting. Here’s a simple, phased approach:

1. Diagnose and prioritise: Audit your operations. Where are the biggest bottlenecks? Which tasks are highly repetitive? Start there.

2. Get your data house in order: AI runs on data. Begin by ensuring your data is clean, structured, and secure, with an eye on compliance with the Nigeria Data Protection Act (NDPA).

3. Start with a pilot project: Don’t boil the ocean. Choose one department or a single process for your first AI initiative. A small win builds confidence and provides proof of concept.

4. Invest in your people: The future of work in Nigeria is human-AI collaboration. Partner with training hubs like AI Saturdays Lagos to upskill your team. Encourage a culture of education rather than fear.

5. Pick the correct partners: You don’t need to perform all the work yourself. Work together with reputable AI companies like Zoho or regional experts who are aware of our situation, like Zummit Africa.

Taking responsibility for your steps

We must accept accountability along with this authority. The use of AI responsibly cannot be compromised. This entails:

Being ethical: Make sure your AI systems are impartial, equitable, and subject to human supervision. Preserve privacy by following data privacy regulations and being open and honest with clients about the use of their data.

Emphasising augmentation: Don’t just replace your staff; use AI to elevate them. Make a commitment to redeploying and retraining talent.

The future is now

Artificial intelligence for business in Nigeria is not a distant future; it is the present-day key to unlocking unprecedented growth, innovation, and competitiveness. The tools are here, the talent is emerging, and the success? stories are already being written.

The call to action for every Nigerian leader is clear. Stop viewing AI as a complex IT project. Start seeing it as a strategic partner for achieving peak performance with AI. Let’s automate the mundane, analyse the profound, and empower our people to do what they do best via innovate, connect, and lead. Let’s build a future where Nigerian organisations aren’t just participants in the global economy but front-runners.

Utica Capital Limited has launched a N20 billion closed-ended venture capital fund to accelerate investment and deepen the growth of Nigeria film industry.

According to the company, the venture capital registered and approved by the Securities and Exchange Commission (SEC) of Nigeria aims to reduce the N200billion funding gap in Nigeria’s film industry.

Adesegun Akin-Olugbade, chairman, Board of Directors, Utica Capital while speaking at the launch of the initial N5 billion tranche of Series 1 of the Utica Film Fund said the fund was released to boost the competitiveness of the country’s film industry at the global level.

‘Nollywood is more than entertainment. It is a cultural powerhouse, a billion-dollar industry, and one of Nigeria’s greatest exports to the world. Every day, over 35 million people consume Nollywood content. Our films travel across borders, shape perceptions of Africa, and provide livelihoods for millions. Yet, for too long, this industry has been underfunded, relying on personal savings, informal loans, and small-scale investors,’ Akin-Olugbade said.

According to him, despite global ranking and audience, the country’s film industry has suffered underfunding, insisting that the newly launched fund will open doors for investors to invest in the film industry.

‘We are not just launching another investment product; we are making history. For the very first time in Nigeria, and indeed in Africa, the Securities and Exchange Commission has approved a specialised Venture Capital Fund dedicated to the film industry. The Utica Film Fund is, therefore, a pioneer, blazing the trail where finance and creativity intersect.

‘With a structured, SEC-approved, professionally managed vehicle, we are creating a channel for institutional and high-net-worth investors to participate in the growth of Nollywood and to earn competitive, risk-adjusted returns while doing so. This is not charity; this is smart investing, backed by rigorous due diligence, strong governance, and a diversified portfolio strategy,’ he said.

The chairman urged investors to leverage the funding not just for profit but also for cultural preservation and growth of the Nigeria film industry.

‘We invite pension funds, insurance companies, asset managers, and private investors to seize this unique opportunity. By investing in the Utica Film Fund, you are not only securing attractive financial returns, you are also investing in Nigeria’s cultural legacy, job creation, and global reputation. This is the beginning of a new chapter. A chapter where Nollywood is no longer underfunded, but rather, globally empowered,’ he added.

Ola Belgore, Managing Director of Utica Capital lament the absence of institutional capital in the industry despite proof of strong return, insisting that the firm through the U-film investment is here to bridge the gap.

He said, ‘Nollywood is not just an industry. It is a vital force, the second-largest film industry in the world, producing more than 2,500 films each year, reaching over 35 million viewers daily, and generating over N14.5 billion in export earnings in the first half of 2024 alone.

‘Yet, for all its scale and influence, Nollywood remains deeply underfunded. More than 95 percent of its financing still comes from personal savings and informal loans. Institutional capital is almost absent, despite clear and consistent proof of strong returns. That is the gap we are here to close.’

He said the 10-year investment is structured to invest in high-growth opportunities across the entire film value chain including production, distribution, streaming, infrastructure, and licensing.

According to Belgore, possible return on investment through the fund stands at a net internal rate of return of 58.2 percent over the life of the fund, with an average gross IRR of 89.4 percent.

He said, ‘U-Film offers attractive returns. The projected multiple returns on invested capital stand at approximately 4.5 times over the life of the fund. Importantly, Utica Capital will invest alongside our partners, ensuring our interests remain fully aligned with yours.’

The MD added that the fund goes beyond financial performance, expanding to other areas like job creation with thousands benefitting directly and indirectly, across the creative and production value chains while increasing foreign exchange inflows through strategic partnerships with global streaming platforms.

‘Most of all, it is about national pride; telling Nigerian stories with Nigerian voices, and sharing our culture with the world,’ he added

Belgore call on investors to queue on not only for investment return but also the growth of Nigeria’s film industry

‘The Utica Film Fund is now officially open for subscription, but only to qualified investors under Nigerian SEC regulations. The minimum investment is set at ?10 million for high-net-worth individuals and ?100 million for institutional investors. Investors can choose to subscribe in either Naira or U.S. Dollars.’

The initiative, according to the firm also aligns with the Federal Government’s agenda to diversify the economy, strengthen the non-oil sector, and establish Nigeria as a cultural and creative hub on the global stage.

Let’s talk about the Global Debt Initiative, which is taking centre stage at GITFiC.

Over the past years, we noticed that solutions designed outside Africa for Africans were not helping the continent’s financial architecture.

This highlighted the need for an integrated, indigenous African financial architecture, cooked by Africans, made for Africans, and implemented by Africans. This vision gave birth to the Global Debt Initiative last year, bringing together specially invited stakeholders for its inaugural edition.

The process began with initial foresights, which we then presented to our stakeholders, organised in tiers. Our tier-four global stakeholders included the African Development Bank, engaged through a published position paper, the United Nations via the office of the Secretary-General, the ECOWAS Bank for Investment and Development, and other tier-one and tier-two partners. These discussions were fruitful, with the African Development Bank contributing significantly under the guidance of the then-president’s appointed vice president.

The Secretary-General also contributed, delegating UNECA’s West African Director to act on his behalf. Numerous other stakeholders provided input as well.

Today, this collaborative effort has resulted in a holistic position paper that laid the foundation for the entire Global Debt Initiative conversation.

One challenge Africa faces is the credit rating issue. Are we bringing both borrowers and lenders into the conversation? Are they part of what is happening here?

When we began this conversation last year, we reached out to major global credit rating agencies, SandP, Moody’s, and Fitch, inviting them multiple times to join the discussion.

But developing an African solution that gains global acceptance is no easy task. In one 45-50-minute session with Fitch, they made it clear that even the African Union cannot compel their participation. Such conversations, they said, are simply not in their interest.

Still, the African Union, through its F4 structure, plans to establish an African Credit Rating Agency, integrated with the African Stock Exchange and the African Central Bank. At the AU conference in Accra last year, Nigeria even presented the proposed headquarters for the Central Bank, signalling strong continental progress.

While we may eventually not need global agencies, we still rely on them now; they determine international borrowing limits and convey our economic performance to the world. Even when unfavourable, their assessments set the global narrative.

At GITFIC, we counter this by publishing monthly debt situation reports with robust statistics for all 54 African member states, challenging the conventional international narratives.

Let’s talk about the AfCFTA Tertiary Student Congress, which is a major highlight of what is going on during GITFIC.

If you have followed GITFIC closely, you would know that we have been part of the AfCFTA conversation since 2018 in Kigali. The very nomenclature of AfCFTA inspired the third edition of our conference at the African Union headquarters in Addis Ababa in 2019.

At that event, we pledged that we would never relent in our activities around the AfCFTA until it became impactful, until it reached the peak of its goals. We committed ourselves not to let go. Since then, we have carried out several sensitisation initiatives across Ghana and in other African countries, organising multiple international conferences. At these gatherings, we brought in experts, chief trade negotiators, and central as well as regional banks. For instance, when the Pan-African Payment and Settlement System (PAPSS) was launched, we brought stakeholders to Accra to discuss its implications. We have worked with every major actor you could think of in the ecosystem to ensure that education and sensitisation organising around the African Continental Free Trade Area became part and parcel of daily economic discourse.

We also introduced the tertiary student clubs, which currently exist in universities across Ghana and Togo, and we are gradually expanding to other member states. The aim is to enhance youth involvement in AfCFTA through the educational sector.

That’s not all. Earlier this year, in March, at the World Bank office in Accra, we launched a curriculum on the AfCFTA. Stakeholders gathered to discuss and review the curriculum, which was designed to be adopted by universities across the African continent. At present, three universities are already teaching this curriculum, and more institutions are applying to adopt it. We are rolling out this adoption in phases.

The need to extend sensitisation further among the youth is what inspired the creation of the AfCFTA Tertiary Student Congress. This congress will provide a centralised platform every year for universities to send student representatives. These students will engage in deep discussions on policies and policy-related issues within Africa’s education sector, particularly how they intersect with the sustainability of the AfCFTA. Each congress will also serve as an opportunity to elect new executives for the various student clubs annually.

This is what led to the establishment of the inaugural Tertiary Student Congress, which is being integrated into the second Global Debt Initiative conversation this October.

What outcomes are you expecting from the students themselves?

The students will be directly involved in policy matters related to intra-African trade. They will participate in discussions around entrepreneurship and industrialisation, because young people are at the centre of Africa’s future. When they leave school and graduate, the question is: how can they incorporate these principles into their daily lives to strengthen intra-African and inter-African trade?

If you don’t involve students at this formative stage, if you don’t immerse them, and I use that word deliberately, into AfCFTA, you risk losing out on sustainability. You also risk limiting the initiative from reaching its full potential. So, these are the activities we want to instill in the students: policy on intra-African trade, policy on industrialisation, policy on entrepreneurship, policy on education, and policy coherence.

In short, policy is the recurring theme. We want students to own these discussions, benefit from them, and then use them to their advantage after graduation.

Invitations have already gone out through diplomatic channels to universities across the continent and even to African institutions in the diaspora. The students will come to Accra to discuss AfCFTA, explore its opportunities, and define their roles in ensuring its realisation. They must make sure that AfCFTA does not end up as another nine-day wonder or a myth.

Look at the European Union; it took them nearly 30 years to build their union into what it is today. However, in Africa, we believe that we can achieve progress much faster because we have an energetic, educated, and well-equipped youth population. This is why we are gathering students for the first-ever Tertiary Student Congress on the African continent: to instill ownership of AfCFTA in them, promote the expansion of student clubs, and support the adoption of the AfCFTA curriculum in more universities.

How will the outcomes of GITFIC be monitored after the conference?

We have a peer review team that handles follow-up. If you check our website, you’ll see that each year, after our annual meetings, we publish both an action plan and a communiqué. The action plan outlines responsibilities: who is to do what, which stakeholder or partner is expected to carry out which task, and timelines for delivery.

The peer review team monitors these activities closely and ensures implementation. For example, under our ‘GITFIC Agenda 2031’, which encompasses both the Global Debt Initiative and the AfCFTA Implementation Initiative, there is a dedicated committee serving as the peer review backbone. This committee ensures that every action plan under both initiatives is brought to its logical conclusion with tangible success stories and impact outcomes.

The point is to prevent our resolutions from ending up shelved in offices and libraries. And that approach has been successful year after year, which is why we continue to get concrete results.

How do you envision GITFIC’s role in shaping debt, trade, and finance policy, not just in Ghana, but across Africa, in the next five to ten years?

Well, as I mentioned earlier, we have the ‘GITFIC Agenda 2031’. It is a six-year development plan that has been formally adopted by the government and integrated into Ghana’s 50-year development plan. The National Development Planning Commission is leading its implementation, with full support to make it succeed.

Within these six years, we expect member states to drastically reduce their debt levels to create fiscal space for economic growth. That is the priority. Second, we aim to establish the most practicable debt sustainability mechanisms through the creation of debt clubs and creditor clubs. You asked earlier whether creditors themselves are engaged. Yes, they are.

For example, in a meeting we had just last week with the United Nations, organised by the Chief of Cabinet of the Secretary-General, we discussed how the UN could help facilitate meetings with creditors, including the Paris Club, multilateral creditors, bilateral creditors, and both private and public lenders. These engagements will continue in the coming weeks and months after the second conference, as we explore practical solutions.

Interestingly, when the Secretary-General himself joined the Global Debt Initiative, his call exceeded our expectations. He said, ‘Is it possible for us to have another round of 100 per cent debt cancellation?’ and he believed our platform could serve as the pathway to that outcome. That is why the UN has aligned itself with the initiative, aiming to spearhead and champion a new wave of debt cancellation.

So, as we expand our engagements with both creditors and debtor nations, initially focused on Africa but now also including the Global South, our objectives are clear: reduce debt drastically, implement strong debt management practices, and ensure nations do not relapse into unsustainable borrowing.

At 65, Nigeria is old enough to command respect, yet young enough to reinvent itself. But instead of marking this milestone with pride, many Nigerians have chosen to curse the country, to refuse to celebrate her, and to dismiss her future as hopeless. This trend is not only dangerous, it is self-destructive.

Words create perception.

Nigeria is not just a government; it is her people. When we curse Nigeria, we curse ourselves. When we brand our country as corrupt, hopeless, or irredeemable, we reinforce the very stereotypes outsiders already hold against us. We are the first ambassadors of Nigeria, and the words we use shape both global perception and our national identity.

Other nations face deep flaws. The United States struggles with racism and inequality, the UK with economic stagnation and disunity, and the EU with political fractures. Yet, their citizens rarely call their countries worthless. They criticise, yes, but they also defend. That balance is why they maintain global respect. Meanwhile, many Nigerians reduce their contributions to WhatsApp rants and social media curses.

A call to build, not just complain

Nigeria does not need more spectators; she needs builders. If all we can offer at 65 years of independence is condemnation, then history will count us complicit in the very decline we complain about.

Here is what real engagement looks like:

Organise politically: If the existing parties have failed us, let us create a new one not driven by moneybags but by like minds. A party built on brains, not bullion vans. One that thrives on ideas, strategy, and a clear manifesto rather than cash politics.

Step up and step in: Criticism from the sidelines will not fix Nigeria. Some of us must run for office, starting at the local level. Others must lend expertise to credible candidates. When your children ask what role you played, it will not be enough to say you forwarded complaints on WhatsApp.

Share solutions across sectors: We can build citizen-led organisations that track government promises, monitor manifestos, and demand accountability. If leaders promise 1,000 schools, we must count them. If they pledge roads, we must check if they were built. Accountability is not foreign; it is local, and it begins with us.

Leverage our connections: Let’s face it, every Nigerian knows someone in government. A friend, a cousin, a classmate, a neighbour. Instead of gossiping about failings, let’s use these connections to push for reforms and real change.

Nigeria happened to us.

Nigeria is not an abstract idea; it is us. It is our families, our communities, our future. To curse Nigeria is to curse ourselves. To abandon her is to abandon what is possible.

This Independence season, let us resolve to move beyond lamentation to organisation, beyond cynicism to activism, and beyond criticism to contribution. Nigeria at 65 is not the end of the story. It can be the beginning of a new chapter, but only if we write it together.

The Central Bank of Nigeria (CBN) is launching a phased operational overhaul of the Nigerian Fixed Income Market starting in November. The initiative aims to significantly boost transparency and efficiency across Nigeria’s financial ecosystem.

The first phase of the reform is set to begin in November. As detailed in a formal communication signed by Okey Umeano, Acting Director of the Financial Markets Department, the CBN will be taking full, direct control of both the trading platform and the settlement process for all fixed income transactions.

‘This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the Bank’s established settlement system for financial market transactions,’ the statement read.

This market intervention is a key part of broader financial market reforms. The CBN’s core objective is to enhance regulatory oversight and strengthen the market’s ability to effectively support the transmission of monetary policy and, ultimately, foster economic growth.

The first phase of the overhaul is structured around four key milestones. It begins with User Acceptance Testing (UAT), which is scheduled for the second week of October 2025 and involves comprehensive testing of the new settlement infrastructure.

Following successful UAT, a Pilot Phase will run concurrently with the existing system to guarantee operational stability before full migration.

The first major step, Go-Live 1 (Settlement Process), is slated for November 3, 2025, marking the full migration of fixed income market activities to the new settlement process.

Finally, the second major step, Go-Live 2 (Trading Platform), is targeted for December 1, 2025, and will activate the CBN-sponsored trading environment for Primary Dealers, Market Makers (PDMM), Pension Fund Administrators (PFAs), and other authorised participants.

The CBN acknowledged FMDA’s pivotal role in developing Nigeria’s financial markets and called for continued cooperation.

‘We look forward to your continued partnership as we work together to deliver a more efficient, transparent, and resilient fixed income market,’ the Bank stated.

BusinessDay Maritime Conference ‘Strengthening Nigeria’s Maritime Business: Bridging Policy Gaps and Optimising Global Competitiveness,’ on 30th September convened a who’s-who of shipowners, regulators, lawyers, port operators and freight forwarders to confront a blunt truth: Nigeria’s maritime promise is real, but the system that should turn that promise into jobs, exports and revenue is fragmented – and running out of runway.

Frank Aigbogun, Publisher/CEO of BusinessDay, set the tone in his opening: ‘Nigeria’s maritime sector is not a side note to our economy.’ He urged delegates to stop talking about potential and start converting assets into measurable economic value.

Keynote: law, policy and a hard look at implementation

Mfon Usoro, national president, Chartered Institute of Logistics and Transport Nigeria, delivering the keynote address

Mfon Usoro, president, Chartered Institute of Logistics and Transport (CILT) Nigeria, in her keynote address, set the tone with the masterfully crafted theme, ‘Bridging Policy Gaps and Advancing Maritime Competitiveness: A Roadmap for Nigeria’s Future.’ Her central argument: Nigeria already has many of the policies it needs; the gap is implementation.

She laid out a simple taxonomy of maritime business: ship ownership and operations at the centre, surrounded by maritime technology, seafaring manpower, ports and logistics, and supporting services (finance, law, insurance). ‘It is the crux of the matter. All the other ones around it operate around the main shipping itself,’ she said.

On indigenous shipping, she was pointed and practical. Recalling the Obasanjo government’s ill-fated fleet purchase, she warned that ‘operation of a ship profitably is not like buying a car. You have to prepare the structure, the manpower, the marketing assessment, everything before you buy the ship to ensure the sustainability of the business.’

She rejected the narrative that Nigeria lacks policy: ‘I don’t agree that we don’t have policies. We have a lot of policies,’ she said, citing the Nigerian Maritime Administration and Safety Agency (NIMASA) Act (2007) and the legal instruments that create incentives for Nigerian ownership (national-carrier status with 60% Nigerian ownership and 70% Nigerian officers, for example). Her challenge to the room: after enactment, where is the delivery?

She backed that diagnosis with market numbers: Q1 2025 merchandise trade stood at ?38.30 trillion, of which crude accounted for ?11.90 trillion – ‘there’s cargo outside of crude,’ she emphasised – and the Nigerian Ports Authority (NPA) recorded 4,100 seagoing vessel calls in 2021, none flying the Nigerian flag.

Goodwill messages: private sector, states, and forwarders weigh in

The conference threaded practical examples through policy prescriptions.

Representing NLNG Shipping and Marine Services (NSML), Ladu spoke for the group and for the absent managing director, Abdul Khadir Ahmed, stressing that policy must translate to technical capacity. NSML runs 13 vessels for clients and maintains a Maritime Centre of Excellence in Bonny – a model, he said, of deliberate domestic skill development: ‘With the right policy and the right skill set we can actually do it as a country.’

Anambra State’s commissioner for Transport, Patricia Igwebuike, pitched a subnational perspective. She called Onitsha River Port a priority and urged inter-agency collaboration and capacity building: ‘It’s not just that you have a river port. You must get the capacity building, the training, and the interaction with others in the sector.’

From the freight-forwarding community, Godfrey Emeka Nwosu, general secretary, National Association of Government Approved Freight Forwarders (NAGAFF), speaking for Tochukwu Ezisi, president, NAGAFF, said the sector’s future will be defined by ‘digital transformation, regulatory harmony and empowerment of local operators,’ urging professionalism, transparency and partnership between government and private operators.

The fleet gap and the cargo guarantee that never arrived

Usoro had earlier, in her keynote address, exposed the fatal flaw in Nigeria’s national-carrier policy: political promises of cargo guarantees were never operationalised. She recalled the Nigerian Fleet Committee effort (with private entrepreneurs and foreign partners ready to take minority shares) – and the dealbreakers: ‘Where is the cargo?’ potential partners asked.

The NIMASA Act’s Section 36, she said, anticipates this by guaranteeing cargo (a minimum share of federal, state and local government cargo, 50% of dry and liquid bulk, and 50% of international aid cargo) for vessels granted national-carrier status. But she cut to the core: ‘The ministry could not give this guarantee because they don’t own cargo. NIMASA does not generate cargo.’ In short, legal guarantees exist on paper; the operational plan – cross-ministerial, cross-agency cargo allocation and fiscal incentives – does not.

Logistics performance and the ‘whole-of-government’ fix

Usoro weaponised data to press the point. Nigeria ranks 88th of 139 on the World Bank Logistics Performance Index (LPI), with low scores across customs efficiency (2.6), infrastructure (2.4), international shipments (2.5), logistics competence (2.3), tracking (2.7) and only relative strength in timeliness (3.1). ‘Isn’t that a shame?’ she asked.

Her prescription: a whole-of-government approach. The Ministry of Marine and Blue Economy cannot run the show alone. ‘The silo approach does not work. It has to be a Nigerian project, not a NIMASA project,’ she said – demanding ministerial coordination, integrated budgets and enforceable implementation committees that include finance, works, ports, customs, immigration and state and local governments.

Regulation, taxes and enforcement: a legal voice

The keynote-author and legal veteran returned to practical fixes: cut the number of agencies operating in ports (more than the eight authorised is a routine violation), reduce punitive taxes on shipowners and replicate aviation’s spare-parts exemptions for shipping: ‘It is not rocket science. shipping deserves the same treatment – zero importation tax,’ she insisted. ‘We must reduce the number of agencies at the ports and enforce discipline.’

Panel 1 – policy and infrastructure: the central diagnosis

Moderated by Kenneth Jukpo, managing director, JUKKEN Consults Limited, the first plenary brought together environmental, legal and operational lenses.

Speakers decried that many planned Inland Container Depots (ICDs) remain dormant. The Dala ICD, in Kano State, for example, ‘could produce a capacity twice the size of Apapa’ but customs have refused to resume operations there. ‘Who is Customs to say they will not resume in Dala?’ the speaker demanded – another illustration that policy without enforcement is paper.

On funding, a panellist noted successful precedents: Seychelles’ blue bond quickly mobilised capital and accelerated its blue economy; and the Lagos-Calabar coastal road financing showed that when political will, institutional support and a clear infrastructure objective align, external funding follows. The ask: shift from drafting more policy to unlocking capital via coordinated, bankable project packaging – blue bonds, Multilateral Development Banks (MDB) financing, bonds for ports and port-linked infrastructure – and empower agencies to raise finance with Ministry of Finance buy-in.

Sustainability and carbon opportunity

Felicia C. Mogo, president, African Marine Environment Sustainability Initiative (AFMESI), stressed that environmental, social, governance (ESG) is no longer optional: ‘ESG – environment, social and governance – is now what is ruling the world.’ She urged pollution controls, community inclusion, and marine-habitat protection (mangroves, seagrass, peatlands). Absent environmental integrity, she warned, grants and green finance will not flow.

On decarbonisation, the panel argued Nigeria is well placed – its crude is relatively low-sulfur – but ports must be upgraded to handle low-sulfur fuels, provide scrubber waste management, and adopt standards for vessel fuel use. One panellist who had participated in International Maritime Organisation (IMO) efforts urged Nigeria to explore carbon capture, utilisation and storage (CCUS) and emissions trading pathways: ‘We can capture carbon, utilise what is useful, and then safely store the rest in abandoned oil wells and geological formations across the country,’ he said. He also flagged mangroves – Nigeria’s mangrove forests are a global asset and a potential source of nature-based credits and debt-for-nature swaps.

Panel 2 – the single window, port community systems and digital hygiene

The second plenary, moderated by Samuel Dayo Ebidunmi (MICS), Chartered Shipbroker and Maritime/Supply Chain consultant, turned from bricks and mangroves to bytes and Application Programming Interface (APIs).

‘If you deploy technology on an inefficient system, you simply amplify inefficiency,’ Gbotolorun Babatunde Ayodele, GM, ICT, Nigerian Ports Authority, said, and added a crucial caveat: technology is an enabler, not a cure.

NPA’s current information communication technology (ICT) projects include gated access and closed-circuit television (CCTV) pilots at truck transit parks; vessel tracking and plans for Vessel Traffic Services (VTS); an electronic berth allocation system; and revenue transparency tools.

But the big game-changer, he said, is the National Single Window (NSW) – a federal platform to streamline document exchange – and the NPA’s Port Community System (PCS), which will give stakeholders shared visibility over cargo flows.

‘Information sharing and integration are key. Stakeholder resistance must be broken,’ he said, listing constraints: budget, power supply, training and legal recognition of electronic documents. His operational approach: build NPA’s internal infrastructure first, then scale integrations and system-to-system APIs rather than manual portal-by-portal access.

Port state control, security and data

Richard Olabi (speaking for Sunday Umoren, secretary general, Abuja MoU on Ports State Control) linked safety, security, environment and crew welfare. ‘Without ships, there can be no ports,’ he said. He argued that security threats across West and Central Africa have pushed up freight rates and underlined the need to harmonise port state control. He pointed to NIMASA’s C4I system at Kirikiri – integrating Automatic Identification System (AIS) for real-time maritime domain awareness – and urged alignment with NPA’s Vessel Traffic Service (VTS) for secure navigation and inspection workflows.

Freight forwarders: the single window is existential

Kingsley Igwe, registrar/CEO, Council for Regulation of Freight Forwarding (CRFFN) in Nigeria, made the clearest business case for digitalisation: ‘Everything that goes wrong in the supply chain translates directly into cost. It affects the price of goods in the market, and ultimately every Nigerian citizen.’ He positioned the national single window as Nigeria’s must-do reform: it reduces human interfaces, blocks illegal charges and enables importers/exporters to transact with regulators from a single entry point. He invited stakeholders to nationwide sensitisation events (noting an October session) and pushed for integration between NSW and the Port Community System (PCS).

Igwe also argued for professionalisation: licensing freight forwarders, haulage firms, warehouse operators and customs brokers to remove unqualified actors from the system. ‘Freight forwarding is a professional service,’ he said. CRFFN plans enforcement of licensing provisions ‘in the coming weeks.’

B’Odogwu vs Single Window – clearing up a live technical question

During QandA, a delegate asked about the practical difference between B’Odogwu (the customs electronic declaration platform) and the National Single Window. Kingsley clarified: B’Odogwu is customs-specific (harmonised system (HS) classification, duty calculation) and accessible to licensed customs brokers; the National Single Window is broader – it centralises permits and certificates from Standards Organisation of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC), CRFFN and other agencies, and will eventually embed B’Odogwu functions so a trader can process all approvals from a single login.

Real problems, practical solutions

Speakers underlined a handful of concrete priorities:

Rail and inland logistics – ports like Apapa and Tincan are river ports hemmed in by urbanisation; only Apapa currently has meaningful rail; hinterland rail and ICDs (Inland Container Depots) must be revived to decongest terminals.

Modal balance – revive barge operations and integrate them with road and rail (Ports and Terminal Multiservices Limited’s (PTML) barge movements to Mile-2 were cited as a positive experiment).

Deep seaports – dredging Apapa to ever-deeper drafts is a losing game; the panel urged investment in naturally deep drafts (16m+) at sites such as Abia and Akwa Ibom to attract mega vessels and economies of scale: ‘If we want mega vessels that offer economies of scale, we cannot continue with ports whose drafts are capped at 13 metres.’

Legal and fiscal fixes – standardise customs procedures across ports, remove punitive taxes on shipowners, adopt stabilisation clauses in public-private partnerships (PPPs) and ensure community consultation and compensation frameworks.

Data and statistics – create a single source of truth for throughput, vessel calls, detention statistics, and cargo flows to support planning and enforcement: ‘If you don’t have the information, you cannot make the right decisions.’

Voices from the floor: inclusion, licensing and rolling out change management

Freight forwarders in the audience raised a practical and political point: they are routinely excluded from policy design despite being the operators who execute trade flows. ‘Nobody has considered how to empower the freight forwarder,’ one delegate said, calling for targeted funding and training so small- and medium-sized forwarders can buy the laptops, software and connectivity NSW will require.

Another delegate urged maximising inland waterways: ‘Let us use what we have to get what we want – jetty-to-jetty water movements can relieve roads today.’

A final practical exchange cut through to what matters: the NSW is near completion (panellists said ˜60% integrated), pilots are expected in the coming months, and legal recognition for e-documents (e-manifests, e-invoices, electronic bills of lading) must be fast-tracked. Kingsley estimated that the broad adoption of electronic documents could reduce logistics costs by up to 40%.

Closing: the ask is simple – execute, integrate, regulate

The conference closed on a procedural but symbolic note – a group photograph and a call to action from BusinessDay’s trade correspondent, Bethl Ujabi: the ‘most important part of today is the action that begins after now.’

Across plenaries, the prescriptions converged:

Stop treating maritime as a ministry project. Make it a national project with ministerial key performance indicators (KPIs) and cross-cutting budgets. ‘Whole-of-government’ was the conference watchword.

Fast-track the National Single Window and Port Community System – with legal recognition of e-documents, strong cybersecurity rules and an integration roadmap that prioritises API-to-API communication (not manual portals).

Invest in hinterlands and deep seaports rather than endlessly dredging shallow river channels.

Professionalise the supply chain through licensing, training and a freight-forwarder support fund so local operators can adopt digital freight models.

Make sustainability a funding lever – protect mangroves, pursue CCUS pilots and position Nigeria to capture nature-based credits and green finance.

Bottom line

The conversation at BusinessDay’s maritime conference was less about new ideas than about discipline: Nigeria is not short of plans or policies; what it lacks is coordinated execution, line-ministry ownership of outcomes, predictable finance and the digital plumbing to make the whole system visible and accountable.

If ministers, regulators and private investors can align, the payoff is tangible: more Nigerian ships in international trade, lower logistics costs, jobs in ship management and seafaring, and export-ready supply chains. If they don’t, the country will continue to watch foreign flags carry Nigerian trade and foreign ports reap the productivity gains.

As Mogo put it in a moment that cut through the policy layers to a political charge: ‘We have policy – now we must show the will to implement it.’ The rest, the delegates warned, will be earned – or lost – in the months after the conference.

Technology is advancing at an unprecedented rate, and terms like ‘machine learning’, ‘deep learning’, and ‘neural networks’ are no longer confined to research labs or Silicon Valley boardrooms. They are shaping how banks approve loans, how telcos manage customer churn, how oil and gas firms optimise drilling, and even how governments plan infrastructure.

For business executives and the general public, it is crucial to demystify these buzzwords. Understanding them doesn’t mean becoming a data scientist, but it does mean knowing enough to see opportunities, ask the right questions, and avoid costly mistakes.

What is machine learning?

Machine learning (ML) is the foundation of modern artificial intelligence. It’s about teaching computers to learn from data and improve over time without requiring explicit programming.

Using the banking sector as an example. A Nigerian bank handling millions of Naira transactions daily must constantly be vigilant against fraud. Instead of relying on static rules, such as flagging only large transfers, it should adopt dynamic approaches. Machine learning models can spot subtle anomalies, such as a customer suddenly making multiple small transfers late at night or unusual login behaviour from an unknown or foreign device. The system improves and becomes more effective the more transactions it analyses.

For executives, machine learning means transitioning from ‘rules-based’ systems to adaptive ones that evolve in tandem with the business environment.

What is deep learning?

Deep learning is a specialised branch of machine learning inspired by how the human brain processes information. The term ‘deep’ refers to the use of many layers of interconnected processing units. Each layer learns something more complex than the previous one.

Think of it like how a telco manages its vast customer base. A telecom operator with 50 million subscribers wants to predict which customers are likely to switch to competitors. A basic machine learning model might look at call frequency or data usage. However, a deep learning model goes further; it analyses dozens of data points, including network quality, customer complaints, payment patterns, and even social sentiment. With this, the telco can not only predict churn but also design tailored retention offers, saving millions of Naira in lost revenue.

For businesses, deep learning brings a significant change in what’s possible: automating tasks once thought to require human intelligence.

‘For business leaders, the importance of machine learning, deep learning, and neural networks lies in their potential to unlock efficiency and competitiveness.’

Neural networks explained

The engine behind deep learning is the artificial neural network (ANN). Modelled loosely on the human brain’s network of neurones, an ANN consists of nodes (neurones) connected by links. Each connection carries a weight, and as data passes through the network, these weights adjust, strengthening or weakening connections until the system produces reliable results.

In the oil and gas industry, neural networks are already being utilised to enhance exploration and drilling efficiency. Consider an upstream operator analysing seismic data. The data is massive and noisy, but neural networks can learn to detect subtle patterns that point to the presence of oil or gas reserves. The technology helps geologists reduce guesswork, saving millions in drilling costs and minimising environmental risks.

A simple way to think about neural networks is how children learn. If a child touches a hot stove, they quickly avoid it next time. Neural networks operate similarly; they ‘learn’ from errors and improve decisions over time.

Why these matter for business leaders

For business leaders, the importance of machine learning, deep learning, and neural networks lies in their potential to unlock efficiency and competitiveness. Companies that harness these tools can:

Automate repetitive processes, from banking compliance checks to telco billing queries.

Predict market trends by analysing vast volumes of structured and unstructured data.

Enhance customer experience through hyper-personalisation, tailored offers, and faster service.

Reduce risks through fraud detection in finance, predictive maintenance in telecoms, and drilling safety in oil and gas, among others.

At the same time, there are challenges, including data privacy concerns, ethical issues, high implementation costs, and the risk of overhyped expectations. Not every problem requires deep learning; sometimes simpler machine learning approaches work well.

The Human Element (Human in the Loop)

It’s easy to get carried away with the technical jargon, but ultimately, these technologies are tools. They don’t replace human judgement, creativity, or strategic thinking. Instead, they augment them. The best results come when executives combine human insight with machine-driven intelligence.

For example, a retail CEO doesn’t need to code a neural network, but they should know what to ask:

Do we have enough quality data to train an algorithm?

How will AI-driven insights affect customer relationships?

What guardrails do we need to ensure fairness and transparency?

Bottom line

Machine learning, deep learning, and neural networks are not abstract scientific concepts; they are practical tools shaping the present and future of business. From banks tightening fraud prevention to telcos retaining customers to oil and gas companies reducing exploration costs, the applications are tangible and measurable.

The key is not to fear the complexity but to engage with it. Executives who understand the basics will be better positioned to steer their organisations through the ongoing wave of digital transformation.

Just as electricity once transformed industries, intelligent systems powered by machine learning and neural networks are poised to do the same in our time. The question is: will your business adapt early and lead, or lag?

Over 150 children and teenagers in Lagos took bold steps toward shaping their futures at the fourth edition of Dream Big and Reach for the Stars, a youth workshop designed to help them set goals and visualise their future.

The one-day programme, organised by Amani Health Inc., a digital health organisation that bridges the gap in emotional and mental health care support for children, teenagers, and adults, was held at the Lagos Chamber of Commerce and Industry (LCCI) Conference and Exhibition Centre, Lagos.

It also drew families who joined virtually from outside the state. Participants, aged 7 to 17, took part in a Dream Board exercise where they created visual plans for their ambitions. The organisers said the activity was intended to build clarity, confidence and a sense of purpose. By the end of the day, children left with colourful boards and a shared conviction that ‘my dreams are valid.’

For parents, the impact was immediate and profound. ‘After last year’s edition, my son turned his wardrobe into a vision wall. This time, he already told me he’s putting his academics right at the top. This programme doesn’t just inspire, it changes lives,’ one mother recalled.

Another parent testified that her once-shy daughter now demonstrates stronger self-esteem and keeps a daily reminder of her aspirations.

Ayodele Fasuyi, the convener, said the initiative was born out of a desire to restore the habit of dreaming among Nigerian children, many of whom struggle with peer pressure, social media comparisons, and anxiety about the future. ‘Our goal is to show them that, no matter the noise around them, their dreams remain valid and their future is bright,’ she said.

A highlight of the workshop was a storytelling session centred on Tunde Onokoya, founder of Chess in Slums Africa, whose journey from modest beginnings to international acclaim underscored the power of resilience and focus.

Fasuyi noted that Amani Health had previously partnered with his initiative in 2023, reinforcing the theme of collaboration in youth empowerment.

Corporate sponsors, including Indomie, SunTrust Bank, Rosabon Finance, Pasta n Grills, VDL Technologies, Markov Games AI, AYITI, and Cake Allure, provided refreshments, gifts, and resources. Organisers said this support was crucial to creating a memorable, family-friendly atmosphere.

Now in its fourth year, Dream Big and Reach for the Stars has become a trusted platform for families seeking to nurture children’s growth beyond academics. Parents described it as both inspiring and practical, giving their children clarity about the future while teaching confidence and resilience.

Building on the momentum, Amani Health announced the second cohort of Excel Beyond the Classroom, a four-month skill-acquisition and mentorship programme designed to help children turn their vision boards into reality. The curriculum includes emotional intelligence, digital literacy, entrepreneurship, public speaking, and project-based learning. By the end of the programme, each child will produce a tangible product, project, or portfolio that moves them closer to their dream.

For many families, the message resonated deeply in that, in an age of distractions and uncertainty, the ability to dream big and take practical steps forward may be one of the most powerful gifts children can receive.

‘We want children to move from hope to action. It is not just about dreaming but about equipping them with the tools to make those dreams achievable,’ Fasuyi explained.

Nigeria’s Securities and Exchange Commission (SEC) is proposing N10 billion minimum capital requirement for Credit Enhancement Service Providers.

The SEC noted this in the proposed rules on Credit Enhancement Service Providers and Sundry Amendment to existing rules of the Commission.

‘Where a credit enhancement facility provider fails to maintain the minimum capital requirements prescribed by the Commission, it shall be prohibited from providing additional credit enhancement facilities until the required minimum capital is restored and shall submit a recapitalisation plan acceptable to the Commission,’ the SEC said.

Credit Enhancement Service Providers.

Credit Enhancement Service Providers, such as InfraCredit, offer financial guarantees and other mechanisms to improve the credit quality of debt instruments, making them more attractive to investors like pension funds and insurance companies, thereby unlocking capital for infrastructure and other projects. These entities help bridge the gap between the long-term capital needs of projects and the risk appetite of domestic investors.

No dividends payment except .

SEC also proposes that a credit enhancement facility provider shall not declare or pay dividends until all its preliminary and preoperational expenses have been written off, adequate provisions made for all losses, and it has met the minimum prudential requirements as specified under these Rules.

The SEC also noted that every credit enhancement facility provider shall establish and maintain a robust risk management framework approved by its board of directors to ensure that all risks inherent in its operations are properly identified, measured, monitored, controlled, and reported in accordance with best practices.

What’s more.

‘A credit enhancement facility provider shall, at all times, comply with the IFRS or such other accounting standards as may be prescribed by the Financial Reporting Council of Nigeria in the preparation of its financial statements, and in reporting its assets and liabilities,’ SEC proposes.

Commercial banks, and insurance companies registered by the Commission to provide credit enhancement services under these Rules shall be deemed to have satisfied the capital and liquidity requirements under the Rule, upon submission of a letter of good standing from the CBN or National Insurance Commission (NAICOM) confirming compliance with applicable prudential standards and shall not be required to comply with any other prudential requirement under this Rule.

‘Banks and insurance companies shall be required to submit a renewal compliance letter from the CBN and NAICOM annually, within 45 days after the end of their applicable financial year or such other period as may be prescribed by the Commission,’ SEC noted.

The sundry amendment requires among other that the cash/asset ratio for core operators in the market shall be a minimum of 60 percent in liquid assets and the cash/asset mix ratio for non-core operators shall be a minimum of 30 percent in liquid assets provided that the credit enhancement facility provider shall have a cash/asset mix ratio of 85 percent on liquid assets.