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The Nigerian government in the 2024 fiscal year generated a total of N20.98 trillion in revenue, which represents an 18.9 percent decline compared to the N25.87 trillion estimate in the 2024 budget.

According to the 4th quarter budget implementation report published by the Budget Office, the total retained revenue of the Federal Government (excluding GOEs) stood at N19.87 trillion in the year. This represents a decrease of N3.13 trillion (13.62 per cent) from the 2024 budget estimate of N23.015 trillion.

BusinessDay’s analysis of the report showed that FG’s share of oil revenue stood at N6.26 trillion, as against the N8.176 billion estimate in the budget. The government had expected N2.04 trillion quarterly revenue from oil sources; however, it received a total of N1.39trillion in the first quarter, N1.325 trillion in the second quarter, N1.92 trillion and N1.616 trillion in the third and fourth quarters, respectively.

FG’s total share of non-oil revenue stood at N5.011 trillion in the period, as against a total of N3.569 trillion estimated in the 2024 budget.

A breakdown of the total non-oil revenue indicates that FGN’s share of the Company Income Tax was N2.605 trillion in 2024, as against the N1.427 trillion budget estimate. The total revenue from Value Added Tax (VAT) was N868.86 billion, as against N512.83 billion. It generated N1.361 trillion from Customs and N31.22 billion from Electronics Money Transfer (Stamp Duties), higher than the N1.287 trillion and N24.39 billion budget estimate. Also, FG’s total share of Solid Minerals and mining revenue stood at N11.33 billion in 2024, as against N4.56 billion. Revenue from the federation account levies stood at N144.63 billion, as against N248.26 billion.

A total of N3.675 trillion was reported as FGN’s Independent Revenue, N1.100 trillion as retained revenue from Government Owned Enterprises (GOEs).

Grants and Donor Funding contributed largely to the total revenue recorded by the FGN in the period under review, accounting for N 1.206 trillion of the entire revenue. Other contributors include Share of Education Tax (TETFUND), Domestic Recoveries and Signature Bonus, which accounted for N1.637 trillion, N519.16 billion and N369.58 billion, respectively.

However, there were no revenue receipts from the Windfall Tax and the Exchange Rate Differential during the review period.

According to the budget office, ‘The gross non-oil revenue in the year amounted to N16.094 trillion, representing an increase of N5.286 trillion (48.91 per cent) above the annual estimate of N10.80 trillion. This results from the improved performance of some of the non-oil revenue items compared to their corresponding annual budget estimates.

‘A total of N15.066 trillion gross oil revenue was collected in the year, as against N19.99 trillion projected for the 2024 budget. This represents a decrease of N4.929 trillion (24.65 per cent) below the 2024 budget estimate.’

Governor Bassey Edet Otu of Cross River State has inaugurated the Governing Council of the Cross River State College of Agriculture, Science and Technology, Obubra, with a charge to the members to drive innovation, research, and ethical governance in advancing agricultural education and food security in the State.

Speaking during the inauguration ceremony held at the State Executive Chambers in Calabar, Otu emphasised that agriculture remains the backbone of Cross River’s economy and a key driver of employment, industrialisation, and poverty reduction.

‘Agriculture is the mainstay of our State’s economy and a unique sector that can lift our people out of multidimensional poverty because of its boundless value-chain potentials and food security guarantee,’ the Governor stated.

He described the college as a vital institution for producing middle-level manpower that would sustain the state’s agricultural transformation agenda. The governor urged the new Governing Council to ‘hit the ground running’ by formulating strategic policies to enhance academic excellence and foster research-driven solutions in agriculture.

‘Today’s world is driven by innovation and technology,’ Otu said. ‘You must encourage research that increases crop yield, reduces labour intensity, maximizes land use, and drives the agricultural revolution in our state.’

The governor further tasked the council to identify both short and long-term infrastructural needs for government consideration, while stressing that financial transparency and community harmony must guide their administration.

‘My government is anchored on ethical governance; financial probity must be your watchword,’ he charged. ‘You are expected to account for every fund allocated to your institution.’

Governor Otu also called for cordial relations between the college and its host community, urging proactive engagement and patronage of local services such as security, cleaning, and gardening to strengthen community cooperation.

Responding on behalf of the Governing Council and management of the institution, Gertrude Njar, chairman, expressed deep appreciation to the governor for the trust reposed in them, describing their appointment as ‘a favour with quantum of grace.’

‘We are eternally grateful to Your Excellency for finding us worthy to serve,’ she said. ‘We assure you that we will approach this assignment with dedication, diligence, and unwavering commitment.’

Njar, a professor, commended Governor Otu for the swift passage of the College of Agriculture (Amendment) Bill, which upgraded the institution to a College of Agriculture, Science, and Technology, describing the legislative process as ‘record-breaking and unprecedented.’

She highlighted the vast potentials of the College in agro-based ventures such as poultry, fish, honey, and snail farming, as well as grasscutter rearing, all of which, she said, could boost the State’s internally generated revenue and enhance youth training and employment.

‘The College has the potential to contribute immensely to environmental sustainability through tree planting, which will improve forest cover, reduce carbon emissions, and mitigate ozone layer depletion,’ Njar stated.

However, the council chairman appealed to the governor to address key infrastructural and logistical challenges facing the institution, including poor funding, dilapidated buildings, lack of vehicles, electricity, water supply, and accommodation for staff and students.

‘Of about 15 existing buildings, only two are not leaking,’ she lamented. ‘There is no electricity on campus, the generators are grounded, and water supply is grossly inadequate. We appeal for urgent intervention to enable us function effectively.’

Njar assured the governor that the council would not disappoint the confidence reposed in it and pledged to work in alignment with the administration’s ethical governance principles and agricultural development vision.

The Gertrude Njar-led Governing Council also comprises Bebia Ekpang and Lazarus Izabi-Undie as members. The institution’s management team is under the leadership of Irom Okey, rector, alongside Gabriel Osang, registrar; Ignatius Ugbeshe, bursar; Veronica Adinya, librarian; Joseph Eyamba, director of Physical Planning; and Melody Abeng, director of Works.

Aradel Holdings Plc has said its wholly owned subsidiary, Aradel Energy Limited has entered into a definitive agreement to acquire 40 percent equity interest in ND Western Limited (NDW) from Petrolin Trading Limited (Petrolin).

Aradel Energy Limited currently owns 41.67 percent of NDW. Upon completion of this transaction, Aradel’s total shareholding in NDW will significantly increase, reinforcing its strategic position within Nigeria’s upstream oil and gas sector.

Aradel stock price at N790 per share has reached its 52-week high as against a 52-week low of N401.1. Completion of the transaction remains subject to necessary regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC) and Ministerial Consent.

NDW holds a 45 percent participating interest in OML 34 (OML 34), a producing Oil Mining Lease located in the Western Niger Delta. OML 34 contains material crude oil and associated gas reserves contributing to Nigeria’s domestic energy supply and exports.

In addition, NDW owns 50 percent of the share capital of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited which operates the Renaissance Joint Venture.

Nigeria stands at a critical crossroads. As Africa’s largest population and economy, its future prosperity is inextricably linked to the quality of its infrastructure. Yet, the nation faces a staggering deficit, with its infrastructure stock at a mere 30 percent of GDP, far below global benchmarks. This article argues that closing this gap requires a fundamental shift in approach, moving beyond traditional public funding to embrace a new era of modern infrastructure financing. We critically examine innovative models from Public-Private Partnerships (PPP) and Green Bonds to blended finance and diaspora investment against the backdrop of Nigeria’s unique challenges: limited fiscal space, governance bottlenecks, and pressing environmental sustainability needs. Through a comparative analysis with peers like Egypt and South Africa and by presenting a clear policy matrix, this article demonstrates that bridging Nigeria’s infrastructure gap is not just about finding more money but about smarter, more sustainable systems that can attract long-term private capital, foster private sector participation, and build a resilient, inclusive foundation for generations to come.

Introduction: The crossroads of potential and reality

Imagine a nation with the entrepreneurial energy to dominate African tech, the agricultural potential to feed a continent, the natural resources to sustain the world at large and build industrial revolutionary projects, and the human capital to shape global innovation. Now, imagine that same nation struggling to keep the lights on, its goods trapped by dilapidated roads, and its citizens lacking access to clean water. This is the paradox of modern Nigeria. The Nigeria infrastructure gap isn’t just a statistic; it’s a daily reality that constrains growth, fuels inequality, and limits the potential of millions.

‘The Nigeria infrastructure gap isn’t just a statistic; it’s a daily reality that constrains growth, fuels inequality, and limits the potential of millions.’

The numbers are sobering. The National Integrated Infrastructure Master Plan estimates a need of $3 trillion over 30 years to bring our infrastructure to a globally competitive level. Meanwhile, our debt stock is projected to be over $97 billion in 2025, squeezing an already tight fiscal space. As one report from the Vanguard highlights, this deficit could balloon to a crippling $2.3 trillion by 2043 if not addressed with urgency and innovation. The old model, relying almost exclusively on government budgets, is broken. We are in a hole, and the first rule is to stop digging. This brings us to the central question of this paper: How can Nigeria fund large-scale, sustainable infrastructure in a fiscally constrained environment? The answer lies not in a single magic bullet, but in a sophisticated toolkit of innovative financing models that can mobilise capital from diverse sources, manage risk intelligently, and ensure that what we build today serves us well into the future. This is the imperative of modern infrastructure financing: it’s about building a Nigeria that is not only connected but also climate-resilient, socially inclusive, and economically dynamic.

Understanding the terrain: The scale of the deficit

To appreciate the solution, we must first grasp the depth of the problem. Nigeria’s infrastructure deficit is a multi-headed hydra, affecting every sector and every facet of daily life.

Energy Access / Electricity Deficit

Perhaps the most widely felt shortfall is in energy. While the official grid access rate is around 62 percent, the reality of unreliable power means that millions of households and businesses effectively live off-grid, relying on expensive and polluting diesel generators. The World Bank consistently notes that lack of access to reliable electricity is one of the most significant constraints to business growth. This crisis fuels the urgent need for off-grid and mini-grid solutions, particularly for rural electrification, where the disparity with urban centres is most acute.

Transport Infrastructure / Road Networks

Our transport infrastructure is the circulatory system of the economy, and it is clogged. Only about 15 percent of our roads are paved, and a significant portion of the federal network is in deplorable condition. The International Trade Administration points out that logistics costs in Nigeria are nearly double those of regional peers, making our goods less competitive and increasing the cost of living for everyone.

Water, Sanitation and Hygiene (WASH)

In Water, Sanitation and Hygiene (WASH), the gaps are a matter of public health. Access to safe water remains below 70 percent, with urban-rural disparities starkly evident. Recurring cholera outbreaks are a tragic testament to the weaknesses in this sector. Similarly, irrigation infrastructure is severely underdeveloped, with only about 1 percent of cropland irrigated, leaving our agricultural sector, and our food security, at the mercy of rainfall.

ICT Infrastructure / Digital Connectivity

Finally, while Nigeria has made impressive strides in mobile telephony, ICT infrastructure/digital connectivity remains a patchwork. Broadband penetration is around 45 percent, but the quality and affordability of service, especially in rural areas, lag behind. In a digital age, this is a direct constraint on education, e-governance, and the tech ecosystem.

To put this in a regional context, and to learn from our peers, let’s look at a comparative analysis. The following table reveals how differences in policy, financing innovation, and governance shape infrastructure outcomes.

This comparison is illuminating. It shows that while Nigeria has begun experimenting with innovation, we lag in the consistent infrastructure policy and governance that gives investors the confidence to commit to the long term. South Africa’s mature markets and Egypt’s decisive central execution offer different, but valuable, lessons.

Modern infrastructure financing: The toolkit for transformation

So, how do we bridge this chasm? The solution lies in a diversified portfolio of modern financial instruments, each designed to address specific challenges of capital, risk, and sustainability.

Public-Private Partnerships (PPP)

Public-Private Partnerships (PPP) are often the first model that comes to mind, and for good reason. A well-structured PPP brings private sector efficiency, expertise, and capital to public projects. Think of the Niger Dry Port or Olam Nigeria’s integrated rice projects. These successes, as analysed by AfriFund Capital, show that when risks and returns are shared fairly, everyone wins. The key is a robust legal framework and unwavering government commitment to contract sanctity.

Green bonds / Blue bonds

Nigeria made history as the first African nation to issue a sovereign green bond, raising N75.69 billion by mid-2025. Green bonds are a powerful tool for directing capital specifically towards environmental sustainability. They fund projects in renewable energy, climate adaptation, and clean transportation. The next frontier is Blue Bonds, focused on preserving water resources and marine ecosystems. As noted by IOSR Journals, this not only raises capital but also sends a strong positive signal to the global ESG (Environmental, Social, and Governance) investment community.

Blended finance

For projects that are socially essential but may not offer sky-high commercial returns, blended finance is a game-changer. This model uses strategic public or philanthropic capital to ‘de-risk’ investments and attract larger volumes of private capital. For instance, a development bank might provide a concessional loan or a grant to cover the initial, riskiest phase of a rural electrification project, making it palatable for private solar companies to come in and operate it. It’s about using public money smarter to crowd in private investment, rather than replacing it.

Infrastructure funds and credit enhancement

We have powerful domestic institutions that can act as catalysts. The Nigeria Infrastructure Fund, managed by the Nigeria Sovereign Investment Authority (NSIA), has over $2.6 billion in assets to co-invest in critical projects. Even more critical is the role of risk mitigation/credit guarantees. Institutions like InfraCredit provide guarantees for infrastructure bonds, making them attractive to our massive domestic pension funds, which hold over N19 trillion in assets. By mitigating default risk,

InfraCredit unlocks long-term Naira financing, a crucial step towards sustainability, as highlighted by the IISD.

We also have the Ministry of Finance Incorporated, MOFI, with various products to meet the financing needs of Nigeria’s teeming population. E.g., its recently launched product, MREIF, managed by ARM Pensions, gives all Nigerians the opportunity to own their own homes.

The vanguard of innovation: Other progressive models

Beyond these well-known models, a world of innovation awaits:

Islamic Finance (Sukuk): Nigeria has already used Sukuk bonds successfully for road projects. These Sharia-compliant instruments open the door to vast pools of capital from the Middle East and Asia.

Infrastructure Debt Funds: Specialised funds, like the one pioneered by Chapel Hill Denham, pool capital from institutional investors specifically for infrastructure debt, providing a dedicated and scalable vehicle.

Diaspora Investment: The Diaspora Impact Fund taps into the wealth and patriotic sentiment of Nigerians abroad, allowing them to invest directly in tangible projects like hospital upgrades and solar farms, and this is where a combined group of Avanoo Capital and Whitehall Capital could come in handy to facilitate financing from foreign multilateral entities.

Real Estate Investment Trusts (REITs): Pools of capital listed on the capital market that invest in property or infrastructure assets. REITs give local and foreign investors indirect ownership in income-generating infrastructure (e.g., toll roads, energy grids). Benefit: mobilises domestic savings, institutional capital, and international funds for urban and housing infrastructure, while enhancing market liquidity and transparency.

Crowdfunding (Digital Infrastructure Platforms): Digital platforms allow individuals/institutional investors to co-invest in infrastructure or real estate for as little as USD 10. Nigeria’s Coreum and Realty Africa platform models show growing traction. Benefit: Democratises investment, mobilises small-scale domestic and diaspora funds, and improves transparency and civic engagement.

Cooperative financing and housing schemes: Local cooperatives pool resources to develop roads, water projects, and affordable housing for members (monthly contributions, collective savings). Benefit: Empowers local/community-driven development, reaches low- and middle-income groups left out by commercial banks, and builds stakeholder buy-in.

The path forward: Weaving finance into a sustainable fabric

Raising capital is only half the battle. How we deploy it determines our success. Sustainable infrastructure development must be our guiding star.

This means integrating off-grid and mini-grid solutions into our national energy strategy to tackle the electricity deficit head-on. It means mandating green building standards for new housing and using modular construction techniques to build faster, cheaper, and with less waste. It means ensuring that every kilometre of new road networks and every new ICT infrastructure project is designed with climate resilience and digital inclusivity in mind.

Ultimately, financing and sustainability are two sides of the same coin. Investors are increasingly mandated to allocate capital to sustainable projects. By aligning our national needs with global ESG trends, we make Nigeria a more attractive and competitive investment destination.

Conclusion: Building a legacy

Bridging Nigeria’s infrastructure gap is the defining challenge of our generation. It is not merely an economic imperative but a moral one. The task is Herculean, but the tools are within our grasp. The era of modern infrastructure financing offers a path out of the quagmire, a path paved with innovative financing models that leverage private sector participation, de-risk investment through credit guarantees, and are channelled through robust infrastructure funds.

The journey requires more than just financial engineering; it demands a revolution in infrastructure policy and governance. We must strengthen our institutions, enforce the rule of law, and foster a culture of transparency and accountability. The comparative analysis with Egypt and South Africa shows that the countries that succeed are those that get the governance fundamentals right.

The question is no longer if we can close the gap, but whether we have the collective will to embrace the new, to build sustainably, and to invest in a future where Nigeria’s infrastructure is no longer a barrier to its potential but the very engine of its greatness. Let us choose to build that future.

.seen spurring FDI into the country

.to improve sovereign credit ratings

The naira has seen slight gains since the delisting of Nigeria from the Financial Action Task Force (FATF) Friday.

‘It means a whole lot. Naira and Rand have gained almost one percent since the news. It is now N1490 in the parallel market,’ Bismarck Rewane, CEO of Financial Derivatives Company, said.

The FATF announced the delisting at its Plenary in Paris, France, today. The FATF is the world’s foremost standard-setting body for combating money laundering, terrorist financing and proliferation financing.

‘ This is a big deal because it opens up the country for FDI and engagement from the West, especially,’ Tayo Oviosu, CEO of Paga said. This decision follows Nigeria’s successful and timely completion of its FATF Action Plan, marking over two years of sustained effort, reform and inter-agency coordination aimed at strengthening the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

‘Well, first it’s a well done to CBN, NFIU and EFFC for doing the hard work to get us back into compliance,’ Tayo Aduloju, CEO of NESG said.

In February 2023, the FATF placed Nigeria on the grey list. The message from the global community was clear: the nation needed more vigorous enforcement, better coordination, and greater transparency. Rather than treat this as a setback, Nigeria viewed it as a call to action.

At an event at the London School of Economics recently, CBN Governor Yemi Cardoso announced that the bank has integrated AI into its monetary policy framework for macroeconomic forecasting and decision-making. The CBN has therefore joined other central banks like the European Central Bank, the Bank of Canada, the Bank of Indonesia, etc., in adopting this cutting-edge technology in its core operations. The fireside discussions at LSE, moderated by Professor of Economics Helen Ray, provided Cardoso an opportunity to speak on inflation, interest rates, recapitalisation in the banking industry, cryptocurrency, the bond market and a whole range of other issues. The governor said the bank will soon issue a statement on the operations of cryptocurrency in the country and acknowledged its importance to young Nigerians.

‘There should be a limit to political sophistry. The technology can easily provide current estimates of GDP growth and inflation and help identify potential risks and vulnerabilities in the financial system.’

On interest rates, he acknowledged they’re still uncomfortably too high but noted that moderation would soon set in and lending rates will begin to slide south, and with the disappearance of arbitrage in the FX market, the banks should begin to fund the real sectors. There are five months left to the March deadline on recapitalisation. Cardoso said many banks have already met the threshold (N500 billion for international banks, N200 billion for national and N50 billion for regional), but those that are unable to achieve the target within the deadline should be prepared to downgrade their licence or merge with others.

But it was the governor’s announcement on the CBN’s use of AI in managing monetary policy that captivated attention most because such applications undoubtedly have far-reaching implications. The CBN has always grappled with a myriad of challenges like inflation volatility, external shocks due to fluctuations in commodity prices, exchange rate volatility, disconnect between policy rates and lending rates, fiscal challenges, security challenges and limited institutional capacity in managing its monetary policy. By adopting AI, the CBN hopes to address these problems and achieve a lot more, notably in the accuracy and timeliness of its monetary policy forecast. The bank should also be able to process vast amounts of data like texts, images and statistics to provide a more comprehensive understanding of economic trends. AI algorithms are capable of identifying complex patterns and relationships in data, thus enabling the CBN to make more accurate predictions about inflation, growth, and other key economic indicators.

The CBN will also process real-time analysis of economic indicators like unemployment, GDP, balance of trade, and the purchasing managers’ index, allowing central banks to respond quickly to changes in the market. The Tinubu administration has often spoken of its determination to achieve a GDP of $1 trillion by 2031. Many analysts have debated the feasibility of this goal. With AI, the CBN should be in a position to advise the government on the practicability and possibility of building a trillion-dollar economy in just under six years. There should be a limit to political sophistry. The technology can easily provide current estimates of GDP growth and inflation and help identify potential risks and vulnerabilities in the financial system.

Coup rumours and uncertainties

Last week, Nigeria’s military authorities announced that some senior military officers have been arrested and are under investigation for gross indiscipline and violation of military ethics. The cryptic announcement set off a chain of speculations in the media, with some reporting that the officers were arrested for a coup that was set to take place on October 1. The Defence Headquarters soon dismissed the reports, insisting that its earlier announcement did not mention a coup. While the DHQ is busy denying, some newspapers are digging into the story. Premium Times and Sahara Reporters were the first to boldly report that the officers are being investigated for an alleged coup plot. The Daily Trust of October 20 went further to report that ‘a former governor from one of the Southern States is said to be under investigation for his alleged connection to the army officers detained over an alleged coup plot.’ The paper says the former governor had allegedly financed the plot, which was scheduled to take place on October 25. I have since compiled a list of all former governors from the 17 Southern states. Many of them are too old – some in their late 80s.

Nigerians are waiting anxiously for details of this story, and the earlier the military announces its findings, the better it is for the polity and the health of our democracy. Rumours of coups create uncertainties and anxieties and are capable of weakening the polity. This is why it’s not healthy for the authorities to keep the nation in suspense for long. During the Second Republic, the Shagari administration promptly announced arrests of certain military officers and civilians for complicity in the alleged coup plot. They were subsequently tried and jailed by the Federal High Court in Lagos (not a military tribunal). During the military rule between 1984 and 1999, several coups and coup plots were announced. But last week’s statement by the Defence Headquarters would be the first indication of such a plot since the return to democracy in 1999. The revelations of the identities of the individuals implicated in the latest attempt and the details of their plot will make for interesting reading this year-end.

The crypto market is gearing up for another pivotal phase as BlockDAG’s presale continues its upward climb, now having raised over $432 million and drawing major attention from the global community. At the same time, Solana (SOL) is preparing for a possible breakout toward $500 amid a confirmed bullish setup, while Stellar (XLM) begins to recover as technical signals turn positive.

Across the market, participants are shifting toward projects with proven delivery and strong fundamentals. Solana’s expanding network, Stellar’s DeFi adoption, and BlockDAG’s structured roadmap all reflect the broader move from speculation to consistent progress.

Among these names, BlockDAG’s hybrid consensus design, growing testnet activity, and its upcoming live AMA on Binance position BDAG as the best crypto coin to buy in October 2025.

Stellar (XLM) Technical Trends Indicate a Possible Recovery

Following several weeks of decline, Stellar (XLM) is beginning to stabilize after a 7.26% drop to $0.3027. The coin remains below major moving averages, including the MA-20 at $0.3643, MA-50 at $0.3699, and MA-200 at $0.3298. However, technical readings like RSI at 26, Stoch RSI at 17, and CCI at 109 suggest that selling pressure may be fading, setting the stage for a short-term bounce.

Stellar (XLM) technical analysis points to solid support near $0.2871 and resistance around $0.3298. The asset may continue trading sideways in this range until stronger buying momentum emerges.

Beyond price action, Stellar continues to push forward with real-world adoption through cross-border payment collaborations across Africa and Southeast Asia, alongside DeFi integrations such as Remittix. These moves strengthen its long-term positioning, even as short-term charts show hesitation.

Analysts expect this consolidation phase to persist, but a clear reclaim of $0.33 could mark a key turning point, confirming that bearish momentum has weakened. Supported by rising network activity, Stellar’s path toward recovery appears increasingly likely as market sentiment improves.

Solana (SOL) Eyes $500 as Bullish Setup Takes Shape

Solana (SOL) continues to hold firm around $200, with technical experts predicting a breakout at $258 that could lead to a push toward $502. Market analyst CryptoPulse highlights that Solana’s weekly chart is forming a cup-and-handle pattern, a common bullish indicator that often signals major upward continuation.

This structure, along with Solana’s resilience at the $200 mark, has reinforced optimism surrounding its next potential leg higher. Analyst CryptoJelle added that Solana has exited an 18-month reaccumulation phase, reflecting renewed confidence and broader participation from long-term holders.

Strong trading volume around support levels and steady developer engagement continue to power the Solana (SOL) bullish setup. Technical experts view $258 as a pivotal neckline, surpassing it could quickly trigger the projected run toward $500. While minor pullbacks may occur, sustaining the $190-$200 zone remains vital for ongoing strength.

Overall, Solana’s setup signals the start of a new growth cycle, placing it among the best crypto coins to buy for those eyeing the next major wave in altcoins.

BlockDAG’s $432M Presale Momentum Builds Ahead of Binance AMA

While Solana and Stellar focus on key market levels, BlockDAG continues to capture global attention with its impressive presale growth and ongoing technical advancements. The project is set for one of its most anticipated events yet, as it joins the Binance AMA this Friday, October 24, at 3 PM UTC. The session will share insider insights, new roadmap milestones, and updates leading into Keynote 4 and GENESIS DAY.

Currently in Batch 31 at $0.0015, BlockDAG has raised over $432 million, sold more than 27 billion BDAG coins, and onboarded over 312,000 holders worldwide. Additionally, over 20,000 hardware miners have been delivered, while its X1 app miner community has now exceeded 3.5 million users, signaling strong real-world traction ahead of the mainnet release.

A standout feature within the ecosystem is the Awakening Testnet, offering an advanced EVM-compatible setup with over 1,400 transactions per second, live blockchain explorers, NFT integration, and built-in wallet connectivity. This testnet has already gained steady participation from developers, further proving BlockDAG’s strength as a hybrid Layer-1 combining PoW security with DAG performance.

As preparations for GENESIS DAY and Keynote 4 continue, BlockDAG is entering its final stage before launch, focusing on mainnet activation, miner deployment, exchange listings, and full ecosystem rollout. Its referral system remains a key community driver, rewarding 25% to referrers and 5% to referees, helping to fuel widespread adoption.

These transparent structures and community-driven mechanics make BlockDAG one of the best crypto coins to buy in 2025, not for hype but for its delivery-focused execution and clear development timeline.

Final Outlook

With Solana’s bullish setup hinting at a breakout and Stellar’s charts showing signs of a gradual rebound, the market is refocusing on projects that offer lasting growth and operational clarity. Among them, BlockDAG continues to stand out, supported by over $432 million raised, millions of active miners, and an expanding user network.

As the Awakening Testnet scales and Genesis Day draws near, BlockDAG remains the best crypto coin to buy for those who value consistent delivery over speculation. Its strong presale presence, exchange preparation, and growing ecosystem position it not just as another market contender but as a project reshaping the future of decentralized technology.

Nigeria, Kenya, and South Africa are not only outpacing global benchmarks but also setting the tone for how the continent’s media is created, consumed, and monetised, PwC’s latest Africa Entertainment and Media Outlook 2025-2029 has revealed.

Nigeria remains the fastest-growing entertainment and media (EandM) market in Africa, projected to grow at a 7.2 percent compound annual growth rate (CAGR) to reach a market value of $5.8 billion by 2029.

‘Nigeria’s EandM growth is driven by a predominantly young population and rapid digital innovation that’s reshaping how content is created, consumed, and monetised,’ said Udochi Muogilim, technology, media, and telecommunications leader at PwC Nigeria.

By 2029, 84 percent of advertising spend in Nigeria will be digital, surpassing the global benchmark of 80 percent. Retail display and paid search are among the fastest-growing segments, reflecting the dominance of mobile-first consumer behaviour, the report stated.

Kenya’s EandM market is expected to expand at a 5.2 percent CAGR, reaching $5.2 billion by 2029. The country also leads globally in internet advertising growth, forecast to grow at a 16 percent CAGR, the fastest in the world.

South Africa remains the continent’s largest EandM market, projected to hit $17.4 billion (R321.2 billion) by 2029, though with a slower growth of 3.5 percent CAGR.

Connectivity continues to fuel this evolution, with 5G adoption in South Africa poised to surpass 4G soon after the forecast period, while Nigeria now has over 107 million internet users.

Africa’s entertainment and media (EandM) industry is entering a new era defined by digital innovation, mobile-first consumption, and the growing influence of artificial intelligence (AI), the report stated.

‘Despite global economic pressures, Africa’s leading EandM markets are showing resilience and momentum,’ said Charles Stuart, PwC’s Africa entertainment and media leader. ‘These figures reflect more than recovery-they signal a structural shift toward scalable digital platforms, youth-driven engagement, and new monetisation models.’

PwC urges stakeholders, from creators and investors to regulators, to turn insight into action through investment, innovation, and partnerships that strengthen Africa’s digital and creative economies.

Digital advertising and OTT streaming platforms are transforming how audiences engage with content. South Africa alone is expected to add 1.4 million new streaming subscribers by 2029, with ad-supported models gaining traction across the continent.

Meanwhile, gaming and esports are emerging as major revenue drivers. Nigeria’s gaming industry, projected to grow at a 7.6 percent CAGR, is expected to surpass traditional television revenue by 2028.

Generative AI is also revolutionising storytelling and content production. From South African studios using AI for personalised media experiences to startups across the continent creating local-language content, AI is amplifying Africa’s creative diversity.

‘We are seeing a convergence of technology, creativity, and consumer demand that is unlocking new opportunities across the value chain,’ said Nana Madikane, PwC Africa’s Technology, Media and Telecommunications Industry Leader.

‘The challenge now is to scale infrastructure, support local content creation, and build inclusive digital ecosystems,’ Madikane said.

A new global report by Cloudward has revealed that Nigerians, like millions across Africa, are paying nearly the same amount for Netflix subscriptions as viewers in richer countries, yet earning far less, underscoring a widening affordability gap in global streaming access.

The report, which compared the cost of a standard Netflix subscription to the median monthly salary in 100 countries, shows that residents in African nations, including Nigeria, have to work far longer hours to afford the same subscription that Europeans can pay for in minutes.

In Nigeria, where the standard Netflix subscription costs $7.99 (approximately N11,000 at the prevailing exchange rate), the median monthly income remains low compared to global standards.

The analysis highlights that the relative cost of streaming is disproportionately high for Nigerians, reflecting a deep structural imbalance between income levels and global digital pricing models.

While the report did not rank Nigeria among the most expensive markets in absolute dollar terms, it found that the time-equivalent cost, the number of hours or days an average worker must work to afford a subscription, remains significantly higher in Nigeria and other African countries than in Europe or North America.

For instance, a Norwegian earning a median monthly salary of $5,434 only needs to work about 24 minutes to afford Netflix’s standard plan, which costs $12.46 in that country. In contrast, residents of Rwanda, with a median monthly salary of just $39.95, must work more than four days to pay for a $7.99 plan, the same price Nigerians pay.

The study found that seven out of the top ten countries where people work the longest to afford Netflix are in Africa, including Rwanda, Ethiopia, Zimbabwe, Niger, Benin Republic, Angola, and Zambia. This, the researchers note, underscores the persistent economic inequality embedded in global pricing structures.

Cloudward’s analysis shows that Netflix’s pricing model is largely decoupled from local income realities, instead shaped by factors such as licensing costs, market competition, and broadband penetration. This means that even in countries where disposable income is low, residents often pay similar subscription rates as those in wealthier regions.

‘Equal pricing does not mean equal affordability. While Netflix has introduced lower-cost mobile plans in some countries, standard subscriptions remain out of reach for millions in lower-income economies,’ the report stated.

Across Africa, the affordability divide is clear. In Botswana, where the median salary is $405.71, residents work about three hours and 28 minutes to pay for Netflix. In contrast, Ethiopians and Rwandans must work two days and over four days, respectively, to afford the same service. For Nigeria, where inflation, naira devaluation, and low purchasing power continue to squeeze households, the report’s findings mirror a broader trend: global digital services remain pegged to dollar economies, leaving consumers in developing markets at a disadvantage.

Tech analysts say this disparity goes beyond Netflix and points to the larger digital affordability crisis in Africa. While internet access and streaming demand are rising, subscription costs for platforms like Netflix, Spotify, and YouTube Premium remain tied to Western pricing logic, with little adjustment for local income conditions.

‘Streaming is meant to democratize entertainment. But in reality, affordability has become a new digital divide. Nigerians may have access to content, but sustaining subscriptions monthly is still a luxury for many,’ Jide Awe, tech analyst, said, reacting to the report.

The issue is compounded by recurrent price hikes and foreign exchange fluctuations. In recent years, Netflix has revised subscription prices in parts of Africa, citing inflation and higher content licensing fees. With exchange rates climbing, Nigerian users effectively pay more each year, even when the nominal dollar price remains unchanged.

Despite these challenges, Netflix remains one of the continent’s most popular streaming services, with millions of users in Nigeria and South Africa leading subscription numbers. Its investments in Nollywood productions and local storytelling continue to attract new audiences.

However, Cloudward’s findings raise questions about the sustainability of this growth in the face of economic strain and income disparity*.

Awe warn that as long as pricing fails to reflect local realities, the streaming market in developing economies will remain under-penetrated, with many users forced to rely on shared accounts or mobile-only plans.

Ultimately, the report reinforces a long-standing concern among economists and digital rights advocates: the global uniformity of tech pricing often masks deep local inequality.

Benedict Oramah, the outgoing President of the African Export-Import Bank (Afreximbank), has been described as ‘the living AI of our time’ for his visionary and decisive leadership that reshaped Africa’s economic resilience.

Robert Ochola, chief executive officer of Africa Nenda, made the remark during the Afreximbank Legacy Conference and Investiture held in Cairo, Egypt, where he spoke on ‘Helping Countries Adjust to Health and Economic Shocks’.

Reflecting on his early days at the Bank, Ochola drew a vivid comparison between artificial intelligence and Oramah’s human ingenuity.

‘I did a small experiment,’ he said. ‘One of the things we hear a lot about today is artificial intelligence. So, I asked ChatGPT to imagine being in 2015 and design a nine-month program focused on local currency stabilisation, rapid forex liquidity, and backstops for trade. The results were logical, but they lacked the human vision and urgency that the continent needed then. That’s why I like to say President Oramah was our living AI but with a crucial difference. He didn’t just generate solutions in minutes or hours; he conceived bold ideas, took decisive action, and inspired the courage and urgency Africa desperately needed, not just at that time, but throughout his presidency.’ Recalling the economic turbulence of 2015, Ochola said the continent was facing a crisis similar to the ‘lost decade’ of the 1980s, when collapsing commodity prices and shrinking global demand left African nations struggling with severe liquidity shortages. ‘Some nations, like Sierra Leone, were left with only two trade instruments and credit lines to sustain their economies,’ he said.

He explained that, unlike AI which might take nine months to devise a program, Afreximbank under Oramah had just nine weeks to act. ‘At my first board meeting in December 2015 in Seychelles, the President gave us only one month to forge Africa’s financial future, and we did it through what became the Countercyclical Trade Liquidity Facility, or COTRALF,’ he said. ‘The facility provided foreign currency liquidity to central and commercial banks, enabling them to meet trade obligations at a time of crisis.’

Ochola described COTRALF as the cornerstone of innovation during Oramah’s presidency, laying the foundation for the Bank’s transformation. ‘When I joined, the Bank’s balance sheet was about $6 billion. Today, it stands at over thirty billion. That experience taught me powerful leadership lessons. As I like to say, ‘The mind once expanded shall never return to its original dimension.”

He concluded by calling Oramah’s tenure Africa’s ‘second emancipation.’ ‘The first was political liberation,’ he said. ‘But this one is an economic transformation. President Oramah reminded us that the freedom fighters who won our political independence didn’t stop there they paved the way for a new struggle, the struggle for economic empowerment and prosperity. This is the legacy we celebrate today.’

Following his remarks, Gwen Mwaba, managing director of Trade Finance and Correspondent Banking at Afreximbank, spoke about the Bank’s leadership during the COVID-19 crisis through initiatives such as the Pandemic Trade Impact Mitigation Facility (PATIMFA) and the Africa Vaccine Acquisition Trust (AVAT). ‘My presentation today is about Afreximbank redefining Africa’s economic resilience through leadership in crisis,’ Mwaba said. ‘Under Professor Oramah’s guidance, the Bank foresaw the need for African-led crisis response mechanisms. His philosophy has always been that African problems require African-designed solutions.’

She explained that when the COVID-19 pandemic struck, it triggered an unprecedented health, trade, and economic crisis that severely disrupted supply chains and created liquidity shortages. Under Oramah’s leadership, Afreximbank launched the three-billion-dollar PATIMFA program in 2020 to help African countries withstand the pandemic’s shocks. ‘The facility had three main objectives,’ she said. ‘To support liquidity and stabilise trade, to enable the procurement of medical therapeutics and equipment, and to finance industries affected by the pandemic.’

Through the liquidity support window, Afreximbank ensured that governments and businesses could continue importing essential goods and services. ‘At the onset of COVID-19, there was a massive shortage of PPE and medical supplies,’ Mwaba recalled. ‘To address this, the Bank supported the creation of the African Medical Supplies Platform, a digital marketplace that aggregated procurement orders across Africa to secure better prices and direct supply from producers, mainly in China.’

While waiting for imports, Afreximbank also financed local industries to retool their factories. ‘We supported garment manufacturers to switch to producing face masks and distilleries to produce sanitizers,’ she said. ‘By the time the first vaccine doses became available, Afreximbank had already disbursed close to ten billion dollars under PATIMFA. About seventy-nine percent of this funding went to financial institutions, seventeen percent to large corporates, and around four percent to governments.’

Mwaba also described the Africa Vaccine Acquisition Trust (AVAT), established to address Africa’s vaccine access gap. ‘It took nearly two years after the first COVID-19 vaccine was administered in the West for African nations to begin receiving doses,’ she said. ‘That inequity led to the creation of AVAT, which aimed to secure sufficient vaccines for herd immunity, mobilize funding for procurement, and create financing mechanisms for African and Caribbean countries.’

Under Oramah’s leadership, Afreximbank secured a two-billion-dollar financing package to procure vaccines through pooled procurement for 31 African and Caribbean nations. ‘We estimated that around 220 million doses would be required to reach herd immunity,’ Mwaba said. ‘We contracted firmly with these countries to make this possible.’

She added that one of the most remarkable achievements was the creation of Africa’s first-ever No-Fault Compensation Scheme, a fund designed to compensate individuals or families in rare cases of vaccine injury or death. ‘It was another first for Africa and a defining moment for the continent’s health sovereignty,’ she said.

Mwaba recalled a symbolic moment that captured African unity and determination: ‘The night the contract was signed between Johnson and Johnson, Afreximbank, and the African Vaccine Acquisition Task Team. It was close to midnight, done virtually, with Professor Oramah overseeing the signing. It was a proud moment for Africa.’

In closing, she said, ‘Professor Oramah’s leadership has transformed Afreximbank into a pillar of continental stability. His legacy is not only about the policies he changed but also about the lives he touched both within the Bank and across the continent. Through innovation and unity, Africa can chart its own destiny. Thank you, Professor Oramah, for your vision and courage.’

She concluded by introducing a short video excerpt from an upcoming documentary highlighting Afreximbank’s work during the pandemic and Oramah’s instrumental role in Africa’s crisis response.