Category: Business Day

Nomba, a Nigerian business-focused digital banking platform, has secured a $3 million debt facility through CardinalStone Finance Company Limited to expand its cross-border payments infrastructure and strengthen its operations in the Democratic Republic of Congo.

The funding will provide Nomba with additional US dollar liquidity through its banking relationships in Hong Kong and Singapore, as the company positions the DRC as a strategic hub for facilitating trade between Central Africa and Asian markets.

The facility comes as African businesses trade across borders but continue to face challenges including limited access to foreign currency, slow settlement times and fragmented payment infrastructure.

Nomba said it has spent the past 18 months building payment infrastructure designed to make it easier for businesses to move money across borders by combining banking relationships, global payment access and local market expertise.

The company is using its DRC operations as a gateway into Central and East Africa, with plans to expand into Zambia and Uganda.

Nomba currently processes more than $480 million in monthly cross-border payment volumes across its DRC operations and its Canadian-licensed money service business. The company is targeting more than $1 billion in monthly cross-border transaction volume as it expands its payment infrastructure.

It is also preparing to raise between $20 million and $50 million in additional financing in the coming months to support further expansion across key trade corridors.

According to Nomba, the wider group, including its operations in Nigeria and the DRC, is profitable, providing a foundation for its next phase of expansion.

Yinka Adewale, chief executive officer of Nomba, said the new facility would enable the company to expand liquidity and strengthen payment corridors connecting African businesses with international markets.

‘African businesses are trading more with the rest of the world every year, but the infrastructure to support that trade is still catching up,’ Adewale said.

‘This facility gives us more room to move more liquidity, more corridors and faster settlement. It is also a strong signal of confidence in what we are building for the next generation of African businesses.’

Adewale said Nomba plans to continue scaling its cross-border infrastructure, expand into additional African markets and deepen payment links between Africa and its trading partners in Asia.

The company’s expansion reflects growing interest among African financial technology firms in building infrastructure that supports international trade rather than focusing solely on domestic payments.

While digital payments have expanded across Africa, cross-border transactions remain more complicated. Businesses often face delays in settlement, high transaction costs, limited foreign exchange liquidity and different regulatory requirements across markets.

Nomba is betting that stronger financial infrastructure can help address some of these challenges and make it easier for African businesses to pay suppliers, receive international payments and participate in global trade.

Ayoola Adeola, managing director of CardinalStone Finance, said the financing reflected confidence in the growth potential of cross-border payments and the role of financial infrastructure in connecting African businesses to global markets.

‘This transaction reflects our confidence in the growth opportunity presented by cross-border payments and the role innovative financial infrastructure can play in connecting African businesses to global markets,’ Adeola said.

‘We are pleased to have structured this $3 million debt facility to support Nomba’s expansion as it builds capacity across key Africa-Asia trade corridors.’

The latest funding gives Nomba additional financial firepower as competition intensifies among African fintech companies seeking to capture a growing share of cross-border payments.

For Nomba, the DRC is expected to play an important role in that strategy, serving as a bridge between Central and East African markets and international trading partners.

With monthly cross-border payment volumes already exceeding $480 million and a target of more than $1 billion, Nomba is now betting that the next phase of Africa’s fintech growth will be driven by the infrastructure that helps businesses move money beyond their home markets.

Uba Sani, Governor of Kaduna State, has said that Nigeria generated approximately N21.6 trillion in revenue in the first half of 2026, representing a 49% increase over the corresponding period of 2025.

Sani stated this on Wednesday in Kaduna at the 160th edition of the Joint Revenue Board meeting, themed ‘One Year of Tax Reform: Assessing Progress and Addressing Challenges’.

The governor said the increase reflected improved revenue mobilisation following reforms to Nigeria’s tax and revenue administration.

He commended President Bola Tinubu for what he described as a bold decision to reform the country’s tax architecture through new legislation, including the law that transformed the former Joint Tax Board into the Joint Revenue Board.

According to Sani, the reforms are intended to simplify the tax environment, reduce multiple and overlapping taxation, deploy technology and e-invoicing to minimise revenue leakages, and strengthen revenue administration.

He said the reforms should also make tax compliance easier and improve the relationship between government and taxpayers.

‘The objective, therefore, should not simply be to collect more revenue. It should be to build a tax system in which compliance becomes easier, enforcement becomes more intelligent and voluntary participation becomes the norm rather than the exception,’ Sani said.

Sani also said Kaduna State’s internally generated revenue had risen from barely N4 billion to about N10 billion monthly under the leadership of the immediate past Executive Chairman of the Kaduna State Internal Revenue Service, Jerry Adams.

He commended Adams and the KADIRS team for the reported improvement, saying stronger domestic revenue mobilisation would enhance the capacity of governments to finance development.

The governor said Kaduna had continued to invest in technology-driven revenue collection, professionalise its revenue workforce and strengthen taxpayer education and engagement.

He said the State’s revenue strategy is focused on expanding the tax base rather than placing a heavier burden on existing compliant taxpayers.

‘Our objective is not simply to increase collections, but to build a revenue system that is broader, fairer, more efficient and more sustainable,’ he said.

Sani said effective tax administration should be based on fairness, transparency and predictability rather than coercion.

He also commended Zach Adedeji, Chairman of the Nigeria Revenue Service, for his role in advancing the tax reform agenda.

Sani said the success of the reforms would ultimately depend on translating legislation into effective administration and building greater confidence among taxpayers.

‘Above all, we seek to establish a relationship with taxpayers based not on fear, but on clarity, fairness and mutual responsibility,’ he said.

Adedapo Adewale Ishola (born 3 March 2003) is a Nigerian content creator and pumping machine engineer from Lagos State, Nigeria. He is known for creating comedy and entertainment-oriented content and is also the founder of Empire Flow, a business involved in the repair and servicing of pumping machines.

Adedapo Adewale Ishola was born on 3 March 2003 in Lagos State, Nigeria. He is from the Ajeromi-Ifelodun Local Government Area of Lagos State.

Ishola completed his secondary education in Lagos and is currently seeking admission into a higher institution.

Ishola began creating content in 2020 during the lockdown period. Before beginning his content creation career, friends, classmates and teachers had encouraged him to pursue content creation because of his ability to entertain people and make them laugh.

Initially, Ishola regarded content creation primarily as a recreational activity rather than a professional career. He eventually began creating content in 2020 and continued developing his style and presence across social media platforms.

In 2022, after completing secondary school, Ishola temporarily stopped creating content because of financial difficulties associated with continuing his education. During this period, he decided to acquire a vocational skill that could enable him to generate income and support his education.

He subsequently trained as a pumping machine engineer, specializing in the repair and servicing of pumping machines.

After beginning to earn income from the trade, Ishola purchased his own smartphone, having previously relied on friends’ phones to record his content. He then resumed his content creation activities.

Ishola experienced increased public recognition in 2025, which marked a significant period in the development of his content creation career.

Alongside his activities as a content creator, Ishola works as a pumping machine engineer. His work involves the repair and servicing of pumping machines.

He is also the founder of Empire Flow, a business that provides pumping machine repair and servicing services.

Ishola has identified audience engagement and low views as some of the challenges associated with content creation. He has described the process of developing ideas, filming and editing content as demanding, particularly when completed content receives less engagement than expected.

To address these challenges, he focuses on improving subsequent content rather than allowing poor performance to discourage him. His approach involves attempting to make each new piece of content better than the previous one.

Ishola has expressed an interest in expanding his career into the Nigerian film industry. His long-term vision is to participate in major film productions and contribute to projects produced to international and streaming-platform standards.

He intends to continue developing his career in content creation while pursuing further education and maintaining his engineering business.

The Republic of South Africa has reaffirmed its commitment to ensuring safe and seamless travel for Nigerian visitors, while deepening tourism, trade and cultural ties between both countries.

This was the key message at the South Africa Tourism Connect, held Wednesday, September 2, 2026 at Heritage Place, Ikoyi, Lagos.

The event brought together South Africa Tourism Board, The Nigeria South Africa Chamber of Commerce, South African Airways and Nigeria’s top travel trade bodies, National Association of Nigeria Travel Agencies (NANTA) and National Association of Nigeria Tour Operators (NATOP).

Delivering the opening remarks, Bobby Moroe, the Acting High Commissioner and Consul-General of South Africa, addressed concerns around safety and the treatment of foreign nationals in South Africa.

‘South Africa remains safe for legitimate travellers. Incidents reported in mainstream and social media should not be taken as a representation of the average South African or the entire country,’ Moroe stated.

‘The South African Government condemns criminality. Crime has no nationality.’

He further referenced the South African Constitution, which affirms that ‘South Africa belongs to all who live in it,’ while distinguishing between illegal migration and undocumented migration.

Mohammed Kwajaffa of South African Tourism Board, said:

‘Nigeria remains one of our most important source markets. We are here to rebuild confidence, showcase new experiences, and make it easier for Nigerians to explore South Africa beyond the usual destinations.’

Kemi Leke-Bamtefa, South African Airways, added: ‘Connectivity is key to tourism growth. SAA is committed to providing reliable airlift and competitive fares that will encourage more Nigerians to travel for business, leisure and family.’

Yinka Folami, President, NANTA, noted: ‘At NANTA, we have the membership strength and pan-african outlook to sell South Africa, what we need is for history, education, and perception gaps to be addressed squarely, to restore confidence. Nigeria-South Africa relationship strengthens Africa.’

Bolaji Mustapha, President, NATOP said: ‘Tour operators want to package South Africa as a safe, diverse and affordable destination. The conversations today give us the tools to do that better. Joint marketing with the South African Tourism Board should be revisited.’

Iyke Ejimofor, Executive Secretary, Nigeria-South Africa Chamber of Commerce, stated: ‘Tourism and trade go hand in hand. When Nigerians travel to South Africa, they also do business. We must protect that corridor.’

Stakeholders agreed to intensify joint marketing campaigns targeting Nigerian travellers, improve information sharing on safety, visa requirements and new tourism products, strengthen air connectivity and trade-tourism linkages between both countries and engage communication positively to provide education, situate history, and correct lingering perception.

The South Africa Tourism Connect is part of ongoing efforts by the South African Government and its tourism partners to correct perception and position South Africa as a top destination for Nigerian leisure, business, and diaspora travellers.

Nyesom Wike,Federal Capital Territory Minister, has defended the inclusion of individuals undergoing Economic and Financial Crimes Commission (EFCC) investigations in political campaign organisations, asserting that being under probe does not legally or practically disqualify anyone from canvassing for votes.

Wike made the remarks during a media parley broadcast on Channels Television following public criticism over the appointment of suspended Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, to President Bola Tinubu’s 2027 presidential campaign council. Edu was suspended in January 2024 over allegations of financial impropriety and subsequently investigated by the EFCC. She was named Director of Women Mobilisation for the All Progressives Congress (APC) campaign structure.

Addressing what he characterised as media double standards regarding campaign appointments, the former Rivers State governor argued that being investigated without a formal court conviction should not stall an individual’s political engagement. He pointed out that Nigerian political history includes precedents where individuals facing active criminal charges or EFCC probes contested and won public office, including governorships.

‘You were asking the moral justification of putting someone who has an EFCC case in a campaign council,’ Wike said. ‘Now, somebody cannot be in a campaign to canvass for votes for a particular person, but somebody who has an EFCC case can contest an election and win an election?’

Wike pushed the argument further, stating that even individuals serving prison sentences or those previously linked to high-profile state allegations retain the informal capacity to urge supporters to vote for specific candidates. He challenged the notion that political parties must exclude members from campaign roles merely because an investigative body is looking into their conduct.

The debate surrounding Edu’s political return gained traction after APC Presidential Campaign Council spokeswoman Kemi Asekun-Shittu defended the decision during an interview on Channels Television’s Morning Brief. Asekun-Shittu emphasised that Edu has not been declared guilty of any crime and noted that it would be unfair to stall her political career after nearly two years of investigation.

He added that campaign appointments remain an internal party matter subject to review. Still, he maintained that every citizen retains the right to participate in political activities until proven guilty by a court of law.

The Oyo State Police Command has arrested six suspects linked to the possession, circulation and alleged production of counterfeit Euro currency, following a successful patrol operation by operatives of the Command.

Ayanlade Oluseyi Olayinka, Deputy Superintendent of Police and Police Public Relations Officer (PPRO), Oyo State Police Command, in statement, said on the 1st September 2026, at about 7:30 p.m., operatives on township patrol around the Labo-Wesley area intercepted three men travelling on a motorcycle.

He stated that a search conducted on them led to the recovery of 89 pieces of suspected counterfeit pound 100 notes, with a total face value of pound 8,900.

The suspects were identified as Tijani Saheed, 50, who was found in possession of the suspected counterfeit currency; Oni Oladapo, 67, who is alleged to have supplied the money; Adebayo Saheed, 52, who was the second passenger on the motorcycle; and Hammed Karemu, 25, the motorcycle rider. The circumstances surrounding the involvement of each suspect are being subjected to further investigation.

During investigation, the suspects confessed to the commission of the crime and led operatives to the location where the suspected counterfeit currency was allegedly purchased. A forensic sweep of the premises resulted in the recovery of exhibits suspected to have been used in the production of the counterfeit notes and the arrest of the alleged producer, bringing the total number of suspects arrested in connection with the case to six.

All six suspects are currently in police custody and are cooperating with the investigation. Upon conclusion of the investigation, the suspects will be charged to court for prosecution in accordance with the law.

Abimbola Ayodeji Olugbenga, the Commissioner of Police, Oyo State Command, commended the operatives for their vigilance and professionalism.

He assured members of the public that the Command remains resolute in its efforts to disrupt criminal networks and protect residents and legitimate businesses from economic and financial crimes.

The Covenant University Alumni Association (CUALA) is positioning Artificial Intelligence (AI) and technology skills at the centre of Nigeria’s evolving labour market as more than 500 professionals prepare to meet over 25 employers and industry leaders at its 2026 Career Fair in Lagos.

The career fair, scheduled for Saturday, September 5, 2026, at 68/69 Morisson Crescent, Oregun, Lagos, will focus on how AI, technology, innovation and changing workplace practices are reshaping the skills employers need and how professionals build careers.

Themed ‘Shaping the Future of Work,’ the event reflects a growing shift in the Nigerian employment market, where professionals are increasingly required to adapt to technology-driven changes while employers seek talent capable of working in an AI-enabled environment.

Organisers said the fair is designed not merely as a recruitment event but as a platform for connecting job seekers and professionals with employers, mentors and industry leaders while helping them understand the changing demands of the workplace.

Participating organisations include Moniepoint, FPG Technologies, Digivant Pay, Nigerian Exchange Group (NGX), Olam Agri, Pierrine, Vendor Credit and Kuda Microfinance Bank, among others.

Segun Aremu, president of CUALA, said the initiative was aimed at using the association’s alumni network to create opportunities for professionals and strengthen connections across Nigeria’s career ecosystem.

‘The CUALA Career Fair reflects the Association’s commitment to using the strength of its alumni community to create meaningful opportunities for the next generation,’ Aremu said.

He added that the association intended to develop the fair into a platform that continuously unlocks opportunities across the career ecosystem.

The focus on AI comes as technology increasingly changes the nature of work, with employers placing greater emphasis on digital capabilities, adaptability and the ability to use emerging technologies alongside traditional professional skills.

For Nigerian professionals, the challenge is therefore shifting from simply securing employment to remaining relevant as technology changes job roles and creates new categories of work.

Sophia Ukoni, CUALA’s vice president, Careers, said the event was designed around the different career needs of professionals, including people seeking their first jobs, changing careers or looking for opportunities to advance. ‘We designed the CUALA Career Fair around the reality that career needs are not one-size-fits-all,’ Ukoni said.

The programme will feature industry insights, live interviews, employer engagement, networking sessions, career development discussions, CV clinics and recruitment conversations, giving participants direct access to organisations seeking talent.

The participation of employers across financial technology, technology, agriculture, capital markets and other sectors also gives the event a broader dimension, potentially exposing professionals to the changing skills requirements across multiple industries.

CUALA said the fair is open to graduates of Covenant University, Landmark University and members of the general public seeking to future-proof their careers.

Admission is free, with registration available through CUALA’s official social media platform.

The event comes at a time when Nigeria’s workforce faces the twin challenge of unemployment and a mismatch between the skills available among job seekers and those increasingly demanded by employers.

By placing AI, technology and innovation at the heart of its career programme, CUALA is betting that future employability will depend not only on academic qualifications but also on professionals’ ability to continuously acquire new skills and adapt to technology-led changes in the workplace.

The administration of Umo Eno, governor of Akwa Ibom, is institutionalising a system of quarterly financial disclosure and public project reviews as part of a broader fiscal strategy aimed at keeping Akwa Ibom’s finances open to scrutiny while maintaining a no-new-borrowing policy.

The approach, according to the state government, is designed to give citizens regular access to information on how much the state receives, where the money comes from and how public funds are deployed across ministries, departments and agencies.

Under the arrangement, the ommissioners for Finance and Economic Development and Budget Planning coordinate quarterly presentations of the state’s financial position, including statutory federal allocations, internally generated revenue and expenditure across government institutions.

Capital expenditure is also broken down by project, allowing stakeholders to track spending beyond the headline figures contained in the annual budget.

The government says the reports are subsequently published on the official state portal, providing citizens, civil society organisations, the media and other stakeholders with an opportunity to examine the state’s revenue and expenditure patterns.

The system also provides comparative figures from previous quarters, enabling observers to assess changes in government revenue, spending and project implementation over time.

The development comes as the administration faces scrutiny over the size of its expenditure and its pledge to avoid new borrowing.

Akwa Ibom’s 2026 budget stands at N1.584 trillion, with the government positioning the spending plan as a vehicle for infrastructure development, economic expansion and human-capital investment.

The administration has also introduced periodic Project Delivery and Performance Review Meetings, where ministries, departments and agencies are required to report on the status of government projects.

At the meetings, officials provide information on the level of execution, funds released and expected completion timelines.

The government says the meetings are deliberately structured to extend beyond the traditional government bureaucracy, with participation from civil society groups, youth organisations, women’s groups, traditional institutions, religious bodies, the judiciary, security agencies and the media.

The objective is to make project implementation a subject of public accountability rather than an internal government process.

The N201.7bn spending controversy

The transparency drive has become particularly significant following controversy over Akwa Ibom’s first-quarter 2026 fiscal figures.

A report questioned the state’s financial position after citing figures showing N201.73 billion in expenditure against N163.26 billion in revenue inflows during the first quarter.

On the face of those figures, expenditure exceeded revenue by about N38.47 billion, prompting questions over how the state financed the gap, particularly against Governor Eno’s position that his administration would not rely on borrowing.

The government, however, argues that interpreting the quarterly figures as evidence of a fiscal deficit requiring new borrowing would ignore the structure of the annual budget and the timing of government revenue and expenditure.

According to the administration, the N201.73 billion expenditure represented only part of the state’s N1.584 trillion 2026 appropriation.

Its argument is that government expenditure does not necessarily move in lockstep with revenue receipts within individual quarters. Capital projects, for example, may require significant payments at particular points in their implementation, while revenue inflows can be uneven.

The administration therefore maintains that a temporary gap between quarterly inflows and outflows does not automatically constitute unsustainable fiscal imbalance or evidence of undisclosed borrowing.

Instead, it says such expenditure can be supported through accumulated fiscal buffers, treasury savings and other retained funds.

That distinction is central to the government’s defence of its no-borrowing policy.

Building without debt?

Governor Eno’s fiscal philosophy is increasingly being defined around the idea that government should preserve fiscal space while directing available resources towards projects capable of expanding economic activity.

Rather than finance recurrent expenditure through debt, the administration says it is prioritising infrastructure and other productive investments that can generate wider economic benefits.

The logic is straightforward: roads, public infrastructure and other capital projects can stimulate private investment, improve economic activity and ultimately expand the state’s revenue-generating capacity.

The administration describes this as a counter-cyclical approach to budgeting, spending during periods when such investment is needed to support economic activity while relying on accumulated fiscal buffers rather than immediately resorting to borrowing.

But the strategy also places a premium on transparency because a no-borrowing claim is difficult to independently assess without regular disclosure of government finances.

That is where the administration’s quarterly reporting mechanism becomes significant.

By publishing revenue and expenditure information and subjecting projects to periodic reviews, the government is effectively creating a recurring audit trail through which citizens can assess its fiscal claims.

Borrowing claims face legal test

The administration has also rejected suggestions that it could be accumulating undisclosed debt behind its no-borrowing policy.

Its position is that domestic or external borrowing by a state government is subject to statutory and legislative processes, including appropriation and disclosure through the state legislature.

Consequently, the government argues that allegations of clandestine borrowing should be backed by evidence rather than inferred simply from quarterly expenditure exceeding revenue.

The controversy nevertheless highlights a broader challenge confronting subnational governments: ‘how to demonstrate fiscal sustainability when expenditure and revenue do not always align within the same reporting period.’

For Akwa Ibom, the answer under Eno appears to be greater disclosure. Rather than waiting for annual budget implementation reports or external scrutiny, the administration is seeking to make fiscal reporting a recurring feature of governance.

Its project review meetings similarly seek to connect financial expenditure with physical results, an important distinction in assessing whether public spending is translating into completed infrastructure and services.

The emerging model therefore combines three elements: quarterly fiscal disclosure, public monitoring of projects and a stated prohibition on new borrowing.

Whether that model ultimately delivers the fiscal discipline claimed by the administration will depend not only on the volume of information released, but also on how independently citizens, legislators, civil society and the media can interrogate the figures.

For now, however, the Eno administration is presenting the system as a deliberate attempt to move Akwa Ibom away from opaque, personality-driven governance towards a framework in which public spending can be regularly measured against approved budgets and visible project outcomes.

The broader test will be whether the transparency mechanisms survive political cycles and become permanent institutions of state governance.

If sustained, the approach could give Akwa Ibom a more structured mechanism for demonstrating how public money moves from revenue collection to budget allocation, project financing and eventual delivery.

That, ultimately, would determine whether the state’s no-borrowing policy is merely a political pledge or a sustainable fiscal model capable of preserving financial stability while continuing to fund development.

Olusegun Obasanjo, former Nigerian President, has laid out a socio-economic equation for the continent’s transport and hospitality sectors, warning that regional aviation cannot survive on infrastructure alone without the foundation of good governance and widespread economic prosperity.

Speaking as the Special Guest of Honour at the opening of the AeroWest Summit 2026 in Lagos, the former head of state challenged policymakers, airline executives, and investors to look beyond terminal buildings and route maps, targeting the root causes of underdevelopment that keep African skies underutilised.

‘For aviation to fly, there must be passengers,’ Obasanjo stated plainly, mapping out the interlocking chain required for industry growth. ‘For passengers to be available, there must be prosperity. For prosperity to exist, there must be a thriving economy. For a thriving economy to be there, there must be good governance.’

Addressing the summit’s theme-‘Financing Connectivity: Unlocking Aviation and Tourism Growth in West and Central Africa’-Obasanjo argued that connectivity cannot thrive in a policy or economic vacuum.

Rather than pointing fingers at a lack of natural sites or geographical assets, Obasanjo identified a persistent failure to preserve, package, and value the rich cultural and natural heritage already present across West and Central Africa.

Strategic Partnerships: Aviation regulators and tourism authorities must break out of institutional silos to build synchronised, cross-sector plans.

Grassroots Capacity Building: Hospitality and visitor management training must extend into local communities to ensure authentic guest engagement.

Heritage Conservation: Governments must actively safeguard natural ecosystems and historical landmarks to render them viable for global and regional visitors.

Cultural Integration: Travel operators must focus on creating meaningful, immersive connections between visitors, host communities, and regional history.

The former president issued a stern warning against producing empty declarations that yield no practical follow-through.

He charged the organisers, delegates, and attending government representatives with a strict mandate of operational continuity and accountability.

‘This summit is the beginning, and it should not be the end,’ Obasanjo warned the assembly. ‘We must get it right.’

Obasanjo’s urgent call to action was picked up directly by summit convener Ola Wright, CEO of the West Africa Tourism Organisation (WATO). Reinforcing the former president’s diagnosis, Wright noted that Africa’s primary issue has never been a lack of world-class attractions or compelling historical narratives.

Instead, the continent continues to suffer from chronic underinvestment and severely fragmented transit networks that turn short regional trips into costly, multi-leg ordeals.

Ola Wright, Summit Convener and CEO of the West Africa Tourism Organisation (WATO), observed that Africa has never lacked breathtaking world-class destinations or captivating cultural stories.

Rather, the continent has been held back by decades of chronic underinvestment and wildly fragmented transit networks that make travelling between neighbouring nations a frustrating ordeal.

Wright noted that Africa has never lacked world-class destinations or compelling stories, but has long suffered from poor investment and fragmented transit networks.

‘Our challenge is not simply creating attractions, but attracting people to the attractions we have already created,’ Wright told the assembly. ‘The future of Africa’s tourism will be determined by connectivity, investments, and business integration.’

‘Our challenge is not simply creating attractions, but attracting people to the attractions we have already created,’ Wright stated. ‘The future of Africa’s tourism will be determined by connectivity, investments, and business integration.’

The three-day AeroWest Summit in Lagos gathers aviation operators, tourism stakeholders, and government delegates from West Africa, Central Africa, and the Caribbean to chart a concrete roadmap for regional integration. The event concludes on Friday, September 4, 2026

Aliko Dangote, president and chief executive of Dangote Industries Limited (DIL), has commended the Federal Government for implementing bold and transformative economic reforms that are repositioning Nigeria for sustainable growth, strengthening investor confidence, and accelerating the country’s economic recovery.

According to Dangote, the ongoing fiscal, monetary, and regulatory reforms have contributed significantly to improving macroeconomic stability, enhancing productivity across key sectors, increasing Nigeria’s attractiveness as an investment destination, and fostering a more resilient business environment.

He noted that the positive outcomes emerging from the reform agenda underscore the importance of consistent, market-driven policies in advancing national development and economic prosperity.

‘The economic reforms being implemented by the Federal Government are beginning to yield tangible results. We are witnessing improved economic activity, stronger investor confidence, increased industrial productivity, and a more resilient business environment. These measures are laying a solid foundation for sustainable economic growth and long-term prosperity for Nigeria,’ he stated

He explained that the reforms have created a more enabling operating environment for businesses, particularly large-scale manufacturing and industrial enterprises that are critical to economic diversification, job creation, foreign exchange generation, and national competitiveness. He added that government initiatives aimed at improving efficiency, promoting investment, enhancing transparency, and supporting domestic production are providing a solid framework for industrial expansion.

‘We commend the Federal Government for its courage and determination in implementing reforms that are essential for economic transformation. While every reform process comes with initial challenges, the benefits are increasingly evident in stronger economic indicators, improved business confidence, and renewed investor interest in Nigeria,’ he said.

Dangote further observed that the government’s favourable policy environment has supported the continued growth and efficient operation of the Dangote Petroleum Refinery and Petrochemicals complex, Africa’s largest integrated refining and petrochemical facility.

He noted that policy measures designed to strengthen local refining capacity, reduce import dependence, improve energy security, and encourage value addition have contributed meaningfully to the refinery’s success and Nigeria’s broader economic development objectives.

‘The progress being recorded at the Dangote Petroleum Refinery and Petrochemicals complex is closely linked to a policy environment that encourages investment, supports domestic industrialisation, and promotes self-sufficiency. These reforms are helping Nigerian businesses to plan with greater certainty, invest with confidence, and compete effectively on the global stage,’ he added.

He stated that the refinery’s increasing production capacity and expanding export footprint are contributing significantly to Nigeria’s economic resurgence by generating foreign exchange earnings, creating employment opportunities, strengthening local supply chains, and positioning the country as a leading energy and manufacturing hub

Reaffirming the group’s commitment to supporting the Federal Government’s economic agenda, Dangote said Dangote Industries Limited would continue to invest in strategic sectors, drive innovation, promote industrial development, and create sustainable employment opportunities.

‘Our vision has always been to support Nigeria’s economic development through transformative investments. Today, we are witnessing how the combination of private-sector commitment and decisive government policies can unlock unprecedented opportunities for national growth. The refinery, petrochemical operations, fertiliser production, and our other industrial investments are helping to build a more self-reliant, competitive, and prosperous economy,’ he said.

He expressed confidence that sustained reforms, policy consistency, and stronger collaboration between the public and private sectors would further stimulate economic growth, attract increased foreign direct investment, and reinforce Nigeria’s position as one of Africa’s most attractive investment destinations.

‘Nigeria is on the path to becoming one of the world’s leading industrial and economic powers. With continued policy consistency, robust private-sector participation, and investment-led growth, the future of our economy is exceptionally bright,’ Dangote added.