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At least 50 Nigerian healthcare companies are in advanced funding discussions under a $2 billion long-term financing facility being mobilised by the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) to accelerate local manufacturing and reduce dependence on medical imports.

Dr. Abdu Mukhtar, PVAC’s national coordinator, disclosed this during his keynote address at SPANINNOVATE 2025, a two-day conference and exhibition organised by the Scientific Products Association of Nigeria (SPAN), in Lagos, where both organisations signed a Memorandum of Understanding (MoU) to strengthen Nigeria’s healthcare and scientific manufacturing ecosystem. Mukhtar said the PVAC initiative, launched by president Bola Ahmed Tinubu in October 2023, is designed to unlock investment opportunities and industrial capacity across the pharmaceutical, diagnostics, life sciences, and hospital sub-sectors, transforming Nigeria from a heavy importer into a self-sufficient producer of essential medical products.

‘We have engaged Development Finance Institutions (DFIs) and secured commitments, notably $1 billion from one partner and pound 1 billion from another, to support feasible, bankable healthcare projects. These instruments include loans, equity, and guarantees, often at single-digit interest rates and with tenors of up to 20 years to 25 years, far preferable to current commercial bank rates,’ Mukhtar said.

He noted that PVAC has developed a pipeline of 81 companies across pharmaceuticals, diagnostics, and hospital services, with about 50 of them now actively seeking funding and progressing through due diligence with partner financiers.

According to him, the financing effort is part of PVAC’s broader plan to increase local production of essential medicines to 70 per cent by 2030, reduce outbound medical tourism, and create thousands of new jobs within Nigeria’s healthcare value chain.

Mukhtar listed PVAC’s ongoing interventions to include fiscal incentives such as zero duty and zero VAT on imported raw materials and machinery for local production and capacity-building initiatives like the Manufacturing Academy (Empower Academy), designed to train technical personnel across Nigeria and the wider West African region.

He added that the Initiative has also established Medipool, a group purchasing organisation that aggregates demand and provides reliable market offtake for locally manufactured healthcare products. ‘We are building a fully integrated value chain, from policy to finance to infrastructure, that ensures the Nigerian healthcare industry is globally competitive. Our MoU with SPAN will strengthen collaboration in quality assurance, human capital development, and industrial linkages across the scientific products sector,’ Mukhtar said.

Nigeria currently imports over 70 per cent of essential medicines, 99 per cent of medical devices, and nearly 100 per cent of vaccines, a situation Mukhtar described as untenable for a country of 230 million people. With the $2 billion PVAC facility and its pipeline of 81 local firms, the country may finally be on course to reverse that trend, creating a new era of self-reliance in healthcare manufacturing and positioning Nigeria as a regional hub for medical and scientific products.

The high point of the SPANINNOVATE 2025 conference was the MoU signing between PVAC and SPAN, a move both parties described as a milestone for Nigeria’s healthcare industrialisation agenda under the Renewed Hope framework.

‘This partnership with SPAN will not end on paper; it will translate into real action and measurable impact. We are committed to seeing results,’ Mukhtar assured.

Dr. Kate Isa, SPAN president, who led the signing ceremony, said the agreement formalises collaboration between both organisations to deepen scientific research, promote local manufacturing of laboratory and medical products, and strengthen regulatory standards.

‘This partnership underscores our shared belief that science and innovation must drive sustainable development. SPANINNOVATE is not just an exhibition, it is a platform where industry, academia, and government connect to transform ideas into tangible products that can compete globally,’ Isa said. Founded in 1988, SPAN represents manufacturers, importers, and distributors of scientific and laboratory products in Nigeria. The association’s work spans strategic advocacy, capacity development, and quality standards enforcement across the country’s scientific products value chain.

Isa emphasised that Nigeria must move from consumption to creation by building local capacity in scientific manufacturing and reducing dependence on foreign inputs.

Representatives from TETFund, Standards Organisation of Nigeria (SON), Lagos State Environmental Protection Agency (LASEPA), and the Lagos State Government were also present at the event, pledging continued support for the country’s scientific and industrial development goals.

Mr. Opeyemi Eniola, Lagos state’s senior special adviser on Basic and Secondary Education, reaffirmed the government’s commitment to STEM education and innovation, noting that the state has invested N1 billion in research grants and deployed over 5,000 km of fibre-optic infrastructure, expanding to 6,000 km under a $22 million connectivity project.

Officials from SON and LASEPA also highlighted the importance of standards compliance, environmental monitoring, and laboratory modernization, as prerequisites for sustainable national development.

Yushau Shuaib, Editor-in-Chief of PRNigeria and Chief Executive Officer of Image Merchants Promotion Limited (IMPL), has inducted 10 Nigerian youths into the PRNigeria Fellowship, as part of his ongoing initiative to empower young people in the field of communication.

Shuaib explained that the training, organised by PRNigeria in collaboration with the National Information Technology Development Agency (NITDA), aims to equip youths with practical skills in effective information gathering and dissemination.

Speaking with journalists shortly after the induction ceremony held in Ilorin, Kwara State, Shuaib noted that the evolution of technology and the dominance of social media have transformed communication practices, making it essential for young people to be properly guided.

‘We realised that with the advent of technology, social media is gradually taking over traditional media in areas like advocacy, sensitisation, and awareness creation. The youths have the tools but many don’t know how to use them effectively.

‘Ethics in journalism, public relations, fact-checking, and the use of artificial intelligence are among the core areas we train them on, so they can use communication tools wisely,’ he noted.

Shuaib revealed that the fellowship programme, which began last year, initially trained 30 participants across Kano, Kwara, and Abuja. 10 from each state and continued this year with another 10 inductees in Ilorin, bringing the total beneficiaries to 50 youths so far.

He added that the initiative provides participants with free access to professional knowledge that would otherwise cost hundreds of thousands of naira if pursued online.

‘We are training them not only to become Fellows and Ambassadors of PRNigeria but also Ambassadors of Nigeria,’ he said.

Also speaking at the event, Saudat Abdulbaki Salah, Professor Mass Communication at the University of Ilorin, described communication as an intentional act that requires understanding one’s audience to ensure clarity and effectiveness.

‘As a communicator, you need resilience, determination, composure, and intentionality to communicate effectively.

‘Feedback is what makes communication complete. When your audience responds in the way you intended, it shows that you are both on the same page,’ she explained.

She further emphasised the difference between listening and hearing, urging communicators to always set clear and measurable objectives relevant to their message.

Adebisi Adams, the team leader of the PRNigeria Young Fellows, appreciated the organisers for the intellectual empowerment and practical exposure gained during the training.

‘We have learnt that the world needs voices that disseminate information with clarity and factual evidence to dispel misinformation and help build a better society,’ he said.

Bassey Otu, Cross River State Governor, on Tuesday, presented a total budget outlay of ?780.59 billion for the 2026 fiscal year to the State House of Assembly, describing it as a ‘Budget of Inclusive Growth’ designed to consolidate on the gains of his administration’s People First philosophy.

Presenting the Appropriation Bill before lawmakers in Calabar, Otu said, ‘I approached the task with a profound sense of duty, obligation, and determination to the development of our dear state.’ He noted that the annual budget presentation transcends bureaucratic ritual, stressing that ‘it is a sacred social contract between government and the governed, a public declaration of collective intent to enhance the well-being of our people.’

Unveiling his 2026 fiscal vision, Otu said the new budget was the outcome of ‘wide-ranging consultations with civil society, private sector players, NGOs, and the general public.’ He noted that his administration would henceforth measure development through the Human Development Index (HDI) rather than GDP. ‘We will judge progress by how much better our people live, learn, and thrive,’ the governor said, promising expanded access to education, healthcare, and electricity for rural entrepreneurs.

Otu announced a shift in development assessment from Gross Domestic Product (GDP) to the Human Development Index (HDI), stressing that 2026 will focus on expanding access to education, health, and social protection. ‘The impact of development must be felt in the lives of our people,’ he said. The governor further revealed plans to operationalize the Cross River Social Investment Programme (CRSIP), designed to empower the elderly, women, youth, and vulnerable groups through a non-political, multi-sectoral framework.

Governor Otu said the proposed ?780.59 billion budget marks a 17 percent increase over 2025, with N519.6 billion (67%) earmarked for capital expenditure and ?260.96 billion (33 percent) for recurrent spending. The sectoral distribution, he said, allocates N421 billion to the economic sector, N163 billion to social services, N164 billion to general administration, N28 billion to law and justice, and N3.6 billion to regional development. ‘This budget,’ Otu concluded, ‘is designed to strengthen our revenue base, drive human capital development, and secure a prosperous, peaceful, and resilient Cross River State.’

Reflecting on the 2025 fiscal performance, the governor stated that last year’s ‘Budget of Sustainable Growth’ was revised from N538 billion to N642 billion following improved revenue inflows and prudent management of resources. ‘We cannot spend an extra kobo without the legal instrument of appropriation,’ Otu declared, underscoring his administration’s commitment to transparency and ethical governance. He explained that the supplementary budget became necessary due to urgent road repairs, rural electrification, and counterpart funding for national and international projects. ‘We also introduced the Maternal and Neonatal Mortality Reduction Initiative to combat preventable deaths among mothers and infants – a project that required immediate funding,’ he added.

Highlighting the 2025 budget performance, Otu described it as ‘one of the best in the country.’ He said: ‘Our budget is performing optimally. Cross River ranked number one nationwide in routine immunization coverage with 95 percent, a clear proof that our People First agenda is working.’ He listed major road projects including the Adiabo-Ikoneto Road, the dualization of the Esuk Utan-Depot Road, and the Yahe-Ebo-Wanakom-Wanikade axis as evidence of infrastructure-driven progress.

The governor also pointed to remarkable gains in power and health sectors. ‘We have lit up our cities with solar-powered streetlights and energized rural communities through solar mini-grids,’ he said. He added that health facilities across all three senatorial districts had been renovated and equipped, while the new General Hospital in Ikom nears completion. ‘Every School of Nursing in Cross River has now met accreditation standards,’ he affirmed.

Otu further disclosed that work on the Obudu Passenger and Cargo Airport had reached an advanced stage, while pre-construction negotiations for the Bakassi Deep Seaport were ongoing. ‘We are not just providing infrastructure,’ he said with conviction, ‘we are building the future, restoring Cross River as a maritime and logistics hub in West Africa.’

On the administrative front, the governor announced that his government had implemented the national minimum wage across all tiers, cleared the first tranche of gratuities for retirees, and commenced the second. He also revealed that ‘fibre optic connectivity has been extended across MDAs for efficient service delivery,’ while land administration had been digitized with resumed issuance of Certificates of Occupancy.

Africa has the potential to become a significant player on the international scene and is at an exciting turning point in the information technology (IT) industry. Africa has a younger, more active population than any other continent, with over 1.4 billion individuals, more than 60 percent of whom are under 25. Thanks to more affordable cellphones and improved mobile networks, internet connectivity has rapidly increased throughout the continent, rising from 28 percent five years ago to 43 percent now, according to ITU 2025 estimates. The African Private Equity and Venture Capital Association reports that the startup industry is also flourishing, attracting nearly $8 billion in investments in the previous year. This essay presents a clear strategy for Africa to become a leader in IT. We cover five main areas: strong digital setup, building skills, sparking new ideas, smart policies, and embracing new tech. Using simple ideas and real insights, this roadmap offers practical steps to help Africa move from the edges of the digital world to its centre, aiming for 15 percent of the global IT business by 2030.

Building a strong digital setup: The base for IT success

Africa needs a solid digital foundation that can manage large numbers of people and data if it wants to be a leader in IT. Smart, cost-effective solutions that prioritise efficiency and the environment may address issues like patchy internet, power outages, and excessive expenses.

According to a 2024 GSMA report, new approaches to mobile network construction can reduce costs by 40 percent. By combining equipment from many manufacturers, these techniques enable businesses to put up fast internet, such as 5G, more quickly and affordably. This has the potential to link an additional 900 million people by 2030, facilitating online services, smart gadgets, and video chats in both urban and rural areas.

Satellite services can provide high-speed internet in remote places where most people dwell without the need for kilometres of cables. Combining this with local data processing speeds up key tasks such as online health checkups and farm supply tracking. Small solar-powered data hubs can operate dependably even in the absence of constant energy, handling vast volumes of data each day while saving on data transfer.

Big data centres are also important, as they are meant to be energy efficient and environmentally benign. They can cut power consumption in half by using improved cooling and clean energy sources, as well as technologies that adjust to the workload automatically. Growing them to handle vast volumes of data by 2030 would result in a robust African online network that keeps information safe and local while meeting large computing demands.

Together, these aspects – improved networks, satellite reach, and green data hubs – provide a flexible infrastructure that is resistant to weather and online threats, making Africa a go-to destination for digital services.

Growing top IT talent: From learning to creating

The World Bank expects that Africa’s 700 million young people will become 10 million skilled IT workers by 2030. This entails utilising innovative educational tools that reach out to everyone while focusing on genuine results.

Learning platforms enabled by smart software can personalise lessons to each individual, analysing how they study and perform to provide the optimal path. This triples the speed of learning compared to traditional techniques, training a million developers annually in skills such as app development, internet security, and smart systems. Running these on shared computing resources ensures quick feedback and helps more people complete their courses.

Digital certificates maintained securely online make talents easy to demonstrate anywhere in the world. Short training programmes, such as three-month courses, allow participants to work on real-world projects while learning to launch apps and automate operations. Graduates often earn 40 percent more and contribute to a $100 billion online employment market.

Programmes to reintegrate talented Africans living overseas provide tax incentives for their ideas as well as cheap employment opportunities in digital hubs. This intends to attract 100,000 specialists who will share their knowledge on sophisticated themes. Adding virtual simulations for practice without real equipment helps produce a competent group as strong as the best in the world, with several already leading free online initiatives.

Sparking a creative ecosystem: Turning ideas into big wins

Moving from ten major success stories in 2024 to 100 by 2030 will necessitate technologies that accelerate new ideas. Safe testing zones for new apps in finance, health, and farming allow authors to experiment safely while tracking progress to ensure compliance with regulations.

New funding methods based on online communities can raise $1 billion a year with modest costs, allowing ordinary people to invest and vote on projects fairly. This allows for more varied creators and provides better returns than traditional investments.

Online sharing spaces, now numbering 50, contribute to the development of local language tools such as voice assistants for half a billion users. In Nigeria, where thousands of new companies are receiving billions of dollars in capital, mobile apps and secure data arrangements are driving growth, with software exports anticipated to add 20 percent to the economy by 2030.

These tools make the process easier: test ideas safely, secure finance online, and expand through shared networks, resulting in massive hits faster than anywhere else.

Policies and leadership: Supporting safe growth

Good regulations are needed for long-term success, with a focus on keeping data local and employing technology fairly. The requirement for the majority of data to remain in Africa with strong protection procedures facilitates the secure exchange of information across borders for activities like online shopping.

A continent-wide guide for smart technology establishes fair norms, audits for biases annually and fines major rulebreakers. A $50 billion fund headed by African leaders invests in safe online systems that protect against future dangers and has already invested in hundreds of new enterprises this year.

Leading in new tech: Africa’s jump forward

To stay competitive, Africa should concentrate on online communities, smart systems, advanced computing, and combining technology and biology. Smart farming tools use satellite imagery and ground data to assist millions of small farmers in increasing their crop yield by 25 percent. Automated agreements in online trading systems reduce border problems by one-third.

Investing in superfast computing solves difficult problems rapidly. Working with global partners on next-generation internet, the goal is to achieve superfast speeds by 2030 for applications such as 3D meetings. The objective is to have full-speed internet by 2026, a million smart tech professionals by 2028, $100 billion in sales by 2030, and the top spot in smart tech by 2035, thanks to new wireless and brain-like chips.

Challenges and fixes

With 600 million people without electricity, new high-efficiency solar installations can power thousands of local networks. To combat escalating online threats, rigorous security layers protect critical components. Eco-friendly loans, which have already garnered billions of dollars this year, have the potential to address $80 billion in annual funding deficits.

Conclusion: Africa’s rise in IT

This plan positions Africa to capture $500 billion in IT revenue by 2030, creating 20 million jobs through collaborative efforts and significant investments. Early wins demonstrate that it is possible. Leaders should initiate network tests; new enterprises should participate in language projects; and funders should support online investments. Africa’s digital future seems bright.

Mohammed Badaru, minister of defence, has urged the newly appointed service chiefs to adopt a unified, strategic, and decisive approach in addressing Nigeria’s security challenges.

Badaru made the call on Tuesday in Abuja during a maiden courtesy visit by the military chiefs, led by Olufemi Oluyede, chief of defence staff, to the Ministry of Defence.

According to a statement by Mati Ali, the minister’s media aide, the visit was attended by Waidi Shaibu, chief of army staff; Idi Abbas, chief of naval staff; and Sunday Aneke, chief of air staff.

The minister underscored the importance of synergy among the armed forces and the ministry, stressing that effective coordination and a shared sense of purpose were vital to strengthening national defence operations. He added that the meeting demonstrated his commitment to fostering a cohesive defence leadership built on mutual trust, collaboration, and accountability. ‘The visit marks the beginning of a renewed drive toward a unified strategy and decisive action in safeguarding Nigeria’s territorial integrity and national interests under the guidance of President Bola Tinubu,’ the statement read.

Just four years after Nigeria finally enacted the long-awaited Petroleum Industry Act (PIA) in 2021, the Federal Government is already proposing significant amendments. At the centre of this review is a controversial plan to transfer concessionaire powers, currently held by the Nigerian National Petroleum Company (NNPC) Limited, to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The government defends this proposed amendment as a way to plug fiscal leakages and enhance transparency. However, many energy stakeholders argue that the move could create a dangerous conflict of interest, undermine contractual stability, and erode the very governance reforms the PIA was enacted to achieve.

‘If the regulator becomes too powerful, wielding both commercial and regulatory authority, it risks institutional overreach. Civil servants, not entrepreneurs, would control billions of dollars in petroleum contracts. That is a recipe for delays, indecision, and, worse, corruption.’

The PIA, when passed in 2021, was praised for clearly separating regulatory and commercial roles in the oil and gas sector. It assigned regulatory oversight to the NUPRC and commercial responsibility to NNPC Ltd, an arrangement designed to eliminate conflicts of interest and attract investor confidence.

But the proposed amendment blurs those lines by positioning NUPRC as both regulator and concessionaire, the entity that issues petroleum licences and also signs production agreements with operators.

‘This is a classic conflict of interest scenario,’ says Ayodele Oni, energy lawyer and partner at Bloomfield Law Practice. ‘The regulator would now be issuing licences to itself, sanctioning itself, and policing contracts in which it is financially interested.’

Globally, best practices demand that regulators remain neutral and free from commercial entanglements. If the NUPRC becomes both umpire and player, its objectivity will be compromised, and its decisions will be subject to scrutiny or legal challenge.

Equally troubling is the potential disruption of existing Production Sharing Contracts (PSCs) and Joint Venture (JV) agreements, which together account for more than 70 percent of Nigeria’s crude output. PSCs, dominant in deepwater operations, produce over 43 percent of Nigeria’s oil, while JVs account for about 30 percent, according to NUPRC and OPEC data.

These contracts were signed with NNPC as the government counterparty, and transferring concessionaire status to a different entity, NUPRC, without renegotiating those contracts introduces significant legal uncertainty.

According to Babajimi Ayorinde, partner at TNP and an energy law expert, regulators should never be parties to the same contracts they are meant to supervise. ‘It distorts market competition and undermines the independence required to enforce industry rules,’ he notes.

Ayorinde cites operational issues that could arise: ‘If the NUPRC fails to fulfil its obligations under a PSC, would it sanction itself? Would it sue itself? This arrangement is legally and operationally awkward.’

Beyond legal concerns, the proposed change may slow down operational decisions, particularly in capital-intensive projects like deepwater drilling or gas processing. Investors and operators depend on quick, commercially rational decisions, something a bureaucracy-anchored regulator may be ill-equipped to deliver.

Nigeria is already struggling to meet its OPEC crude oil production quota of 1.5 million barrels per day (bpd). In August 2025, the country averaged only 1.434 million bpd, according to OPEC secondary sources, falling short once again. Any disruption that slows contracting, funding, or project execution would worsen this shortfall, further harming public revenues and FX earnings.

Jide Pratt, COO of AIONA and country manager of TradeGrid, warns that the amendment undermines the core governance logic of the PIA. ‘This proposal is an aberration,’ he says. ‘The NUPRC should not hold commercial responsibilities. The path forward should be expanding private-sector participation in JVs, not turning the regulator into a quasi-commercial entity.’

Pratt suggests that rather than transferring concessionaire powers, the government should encourage NNPC to divest JV interests to qualified private players while retaining minority stakes, thus freeing capital and enhancing efficiency.

The proposed amendment comes at a particularly fragile time for Nigeria’s upstream oil industry. Global energy majors Shell, TotalEnergies, and ExxonMobil are scaling back or divesting Nigerian assets. The reasons: rising security risks in the Niger Delta, weak contract enforcement, regulatory unpredictability, and global shifts toward energy transition.

Introducing legal and institutional ambiguity into existing oil contracts could further dampen sentiment. Investors value legal clarity, transparent regulatory frameworks, and predictability. If concessionaire rights are transferred without clear transitional provisions or stakeholder consent, Nigeria may deter the very capital it desperately needs.

As Oni puts it, ‘Investors will pause, delay, or cancel projects if they sense that Nigeria’s petroleum framework is unstable. This amendment, in its current form, sends the wrong signal.’

To avoid this, he recommends the introduction of strong safeguards: A clear transition framework for existing contracts;

governance firewalls within the NUPRC to separate its regulatory and commercial functions, and independent oversight mechanisms to avoid abuse of powers or regulatory capture.

Ironically, the PIA itself was designed to address decades of inefficiency, opacity, and politicisation in the oil and gas sector. The proposal to reassign powers from NNPC, long accused of inefficiency, to NUPRC might seem like a move to enhance transparency. But trading one flawed setup for another is not a reform.

If the regulator becomes too powerful, wielding both commercial and regulatory authority, it risks institutional overreach. Civil servants, not entrepreneurs, would control billions of dollars in petroleum contracts. That is a recipe for delays, indecision, and, worse, corruption.

Nigeria must tread carefully. There is merit in reforming the NNPC’s inefficiencies, but it must not come at the cost of eroding the foundational principles of the PIA. For us, a more viable approach would be strengthening NNPC’s commercial transparency through board reform, audits, and partial privatisation; maintaining regulatory independence for NUPRC; encouraging private capital in JV and upstream operations; and clarifying the legal status of existing contracts before any legislative amendment.

The PIA is still in its infancy. Tinkering with its structure, without broad industry consultation, legal safeguards, or operational clarity, risks destabilising Nigeria’s fragile petroleum ecosystem. Reform must be pursued, but not in a way that reverses progress.

Atedo Peterside, the founder of Stanbic IBTC Bank, has blamed Nigeria’s persistent economic challenges on entrenched corruption and what he described as ‘state capture’ by a few powerful individuals who manipulate public institutions for private gain.

Speaking at the 2025 Nigeria Economic Policy Forum held in Lagos over the weekend, Peterside said that Nigeria’s economy continues to underperform despite its vast human and natural resources because key sectors remain controlled by vested interests that resist reforms and transparency.

‘The biggest problem confronting Nigeria is not a lack of ideas or policies,’ he stated. ‘It is that the people benefiting from the current system of corruption and state capture do not want change. They are comfortable with inefficiency because it serves their narrow interests.’

He warned that without confronting this entrenched system, no economic policy-no matter how well designed-will yield sustainable results. According to him, state capture manifests when political and economic elites influence government decisions, regulatory agencies, and resource allocation for personal benefit, rather than the public good.

Peterside lamented that such capture has crippled Nigeria’s potential for growth, particularly in key sectors such as oil and gas, power, and infrastructure. He noted that while Nigeria has adopted numerous economic blueprints from Vision 2020 to the National Development Plan implementation has consistently been sabotaged by rent-seeking and corruption at the highest levels.

He also cited the recurring issue of fuel subsidy fraud and opaque public spending as examples of how corruption drains national resources and widens inequality. ‘We cannot continue to spend billions subsidizing inefficiency while the majority of our citizens live in poverty,’ Peterside said. ‘The government must prioritize accountability and transparency as the foundation of economic recovery.’

The economist called on President Bola Tinubu’s administration to show political courage by dismantling monopolies and enforcing institutional independence, especially in anti-corruption agencies, the judiciary, and public procurement processes. He stressed that rebuilding public trust requires not just punishing offenders, but also ensuring systems that prevent corruption from re-emerging.

‘Institutions must be stronger than individuals,’ he said. ‘Until the rules of engagement are clear and enforced, investors both local and foreign will continue to see Nigeria as high-risk territory.’

Peterside further argued that the country’s fiscal and monetary challenges ranging from inflation and exchange rate instability to declining foreign investment are symptoms of deeper governance failures. He emphasized that Nigeria must focus on merit-based leadership, decentralization, and economic diversification to break free from its cycle of dependency and inefficiency.

In his closing remarks, Peterside urged citizens to take an active role in demanding accountability from public officials, warning that silence and complacency enable corruption to thrive. ‘The real power lies with the people,’ he said. ‘If Nigerians insist on transparency, fairness, and merit, the system will have no choice but to adjust.’

Economists and policy analysts at the event echoed his views, noting that the fight against corruption must go beyond rhetoric to concrete institutional reforms. Many agreed that restoring investor confidence and driving inclusive growth will remain impossible unless Nigeria decisively tackles the twin evils of corruption and state capture.

OpenAI has completed a major corporate overhaul, which is officially converting from a capped-profit company into a for-profit entity under a nonprofit foundation.

Under the new structure, OpenAI’s commercial operations will now sit within a newly formed public-benefit corporation, while the OpenAI Foundation, which is the rebranded nonprofit, will retain oversight and hold an equity stake in the for-profit business.

The new framework gives OpenAI flexibility to attract investment, scale its operations, and potentially prepare for an initial public offering (IPO) in the future. The reorganisation also reflects the company’s transition from a research-focused lab into a global AI powerhouse with deep commercial ties across industries. Bret Taylor, OpenAI’s chairman, stated that, ‘the recapitalisation aims to simplify the company’s complex structure while maintaining its mission to ensure that artificial intelligence benefits humanity.

‘The foundation will continue to appoint the board and oversee the company’s adherence to its public-benefit purpose,’ Taylor stated.

Microsoft, OpenAI’s long-time strategic partner, has secured an estimated 27 percent ownership stake in the restructured company. Based on OpenAI’s new $500 billion valuation, Microsoft’s share is worth more than $100 billion, solidifying its influence within the fast-growing AI ecosystem.

Nigerian states have trimmed their foreign debt stock by more than $200 million in the 2024 fiscal year, according to BudgIT’s latest State of States report.

Despite this progress, Lagos remains the most indebted subnational government in foreign currency terms, accounting for over a quarter of the total states’ external debt. BudgIT’s data shows that Lagos, Enugu, and Gombe recorded the largest reductions in foreign debt, cutting $74.56 million, $33.39 million, and $21.88 million, respectively.

Overall, 2024 fiscal year performance marks a notable improvement from the previous period (2022-2023), when total foreign debt across the states only reduced by $74 million.

Lagos, however, still tops the list of the most indebted states, with $1.17 billion in outstanding foreign loans-representing more than 25 percent of all subnational external debt. It is followed by Kaduna ($625.10 million), Edo ($383.05 million), Cross River ($202.46 million), and Ogun ($192.90 million).

This explains why Lagos State did not make the top 10 in the Index B and Index C rankings, which focus on debt sustainability and the ability to take on capital projects after fulfilling loan obligations and operating expenses.

Lagos, Cross River, and Delta lead as Domestic debt reduced by over N2 trillion

The report also reveals a sharp decline in domestic liabilities. In the same period, 31 states reduced their domestic debt by at least ?10 billion, with Lagos, Cross River, and Delta each cutting over ?100 billion. Altogether, subnational domestic debt dropped by more than ?2 trillion, signalling growing efforts by state governments to manage their overall debt exposure.

BudgIT attributed these improvements to tighter fiscal management and growing transparency at the state level but warns that sustainability will depend on states’ ability to grow independent revenues and control recurrent spending.

‘Between 2022 and 2023, only 15 states reduced their domestic debt, with 12 achieving reductions exceeding ?1 billion. In contrast, 2024 saw 31 states decrease their domestic debt by at least ?10 billion, with Lagos, Cross River, and Delta each reducing debt by over ?100 billion. Collectively, this led to a cumulative decline in domestic debt exceeding ?2 trillion, signalling meaningful efforts to manage subnational liabilities,’ BudgiT said in its statement.

This situation raises concerns about Nigerian states’ exposure to foreign exchange rate risks amid a volatile naira. In terms of debt composition, BudgIT’s report shows that 24 states had foreign debt accounting for more than half of their total liabilities in 2024. Eight states – Kaduna, Jigawa, Ondo, Ebonyi, Katsina, Anambra, Edo, and Kebbi – had foreign loans constituting over 80% of their total debt.

Debt sustainability ranking

The BudgIT Index C ranking, which focuses on debt sustainability, shows Akwa-ibom, Delta, Bayelsa, Zamfara, and Yobe states as the top five. In the bottom five are Kaduna, Edo, Cross river, Lagos, and Bauchi.

The ranking shows how much fiscal flexibility the states have to borrow if needed, and weighs their debt burden relative to their revenue.

According to the report; ‘states that rank lower on Index C need to check their appetite for the acquisition of more debt as they appear to be either above or very close to the solvency thresholds for debt-to-revenue ratio, foreign debt to total debt ratio, debt service-to-revenue ratio, and personnel cost to revenue ratio.’

Commenting on the report, Vahyala Kwaga, BudgIT’s Group Head of Research, said the new report shows growth and need for further reforms, especially in cutting waste.

‘This 10th edition not only reflects the story of growth and imbalance but also underscores the urgent need for reform,’ Kagawa said. ‘Fiscal sustainability requires that states look inward, improving revenue systems, cutting waste, and prioritising infrastructure and human development investments that deliver long-term value.’

The Ports Terminal Multiservices Limited (PTML) Command of the Nigeria Customs Service has intercepted two containers of unregistered pharmaceutical products worth about N200 million.

Comptroller Joe Anani, the new Area Controller, said one of the seized containers, falsely declared as supermarket items, was found to contain assorted drugs upon examination. Another marked container, and declared as magnetic resonance imaging equipment, was discovered to hold 6,262 cartons of antibiotics and other unregistered medicines.

Anani, who handed the seizures to the National Agency for Food and Drug Administration and Control (NAFDAC), said the Command would not compromise national security ‘on the altar of trade facilitation.’

Meanwhile, PTML recorded a revenue surge, collecting N350.3 billion between January and September 2025. The figure, Anani said, represents 96.6 percent of the N362.5 billion collected in all of 2024, suggesting that the Command may surpass last year’s total before year-end.

Read more: Anani takes charge at PTML Command

He attributed the growth to improved compliance, operational efficiency, and stronger cooperation among port stakeholders, despite what he called the ‘teething challenges’ of the new B’Odogwu platform.

Anani urged importers to ‘stay on the path of obedience to the law,’ saying compliance saves time, saves money, and builds a reputation for business growth.