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With over $4.6 billion in tech start-up investments flowing into Nigeria since 2020 and a rapidly expanding youth population driving innovation, Africa is well-positioned to capitalise on the $3.4 trillion market potential of the African Continental Free Trade Area (AfCFTA), according to Benjamin Kalu, Deputy Speaker of the House of Representatives.

He said the continent’s growing connectivity and entrepreneurial energy present a unique opportunity to transform Africa into a unified, competitive economic powerhouse.

Kalu, who was represented by Wole Oke, a lawmaker, spoke at the 2025 Innovate Africa Conference held at the ECOWAS Secretariat in Abuja on Thursday, reflecting on Africa’s mixed progress since the end of apartheid and the dawn of globalisation.

He noted that while Africa has recorded major milestones in connectivity, innovation, and trade, the continent still faces structural weaknesses that limit inclusive growth.

‘Africa today is more connected than ever before. We have the fastest-growing youth population in the world, with 60 percent of Africans under 25. Nigeria alone has attracted over $4.6 billion in tech start-ups and investments since 2020,’ he said.

Kalu cited the African Continental Free Trade Area (AfCFTA) as a game-changing initiative that could unlock a single market of 1.3 billion people and a combined GDP of $3.4 trillion.

However, he cautioned that Africa’s economies remain ‘dangerously dependent’ on a narrow range of exports and growth drivers.

‘Manufacturing still accounts for only 10 percent of GDP far below the 25 percent target,’ he said.

‘Our infrastructure deficit, estimated between $30 billion and $170 billion annually, costs us about 2 percent of GDP growth every year.’

He described this as Africa’s enduring paradox, growth without transformation, opportunity without diversification, and potential without productivity.

‘The challenge of Africa is not just to grow, it is to transform. It is not just to export more, it is to diversify. It is not just to participate in the global economy, it is to shape it’, Kalu said.

He urged African governments to muster the political will to make the difficult choices required for industrialisation, skills development, and institutional reform

Also speaking, Nyesom Wike, minister of the Federal Capital Territory (FCT), said that Africa’s struggle with underdevelopment is rooted in a pervasive culture of transactional and mediocre leadership that prioritises personal gain over public service.

Wike said the continent’s enormous natural wealth and human potential have been stifled by self-serving politics and weak governance systems that have failed to translate resources into shared prosperity.

‘Africa today stands at a historic crossroads. On one hand, we are blessed with immense natural wealth, youthful energy, and creative potential; yet we continue to grapple with weak institutions, infrastructural decay, poverty, and widespread unemployment. This is the paradox of our age how can a continent so richly endowed remain so constrained?’ Wike declared in his keynote address titled ‘Reimagining Africa’s Leadership and Investment.

The former Rivers State governor lamented that since independence, Africa’s political trajectory, whether under military or civilian rule has often been shaped by conspiracies and personal ambitions detached from the national interest.

‘Our post-independence experience has been one of groping in the dark. Many leaders emerged unprepared for the weight of national responsibility. Consequently, we keep experimenting with the fundamentals of development-basic infrastructure, healthcare, credible institutions, and functional economies. The result has been decades of missed opportunities’, he said.

Wike called for a shift from transactional leadership, driven by patronage, short-term gain, and power politics to transformational leadership anchored on vision, courage, and accountability.

‘The time has come to move beyond transactional leadership to embrace transformational governance that empowers rather than exploits, serves rather than rules, and builds rather than blames,’ he said.

He urged African leaders to rediscover the ethos of servant-leadership defined by empathy, humility, and a shared sense of responsibility.

‘Africa needs servant-leaders, not bosses who command, but mentors who inspire. Leadership is not about power or position; it is about trust, service, and shared purpose,’ he added.

Citing Abuja’s ongoing infrastructural renewal, Wike said tangible progress is possible when political vision is matched with accountability and commitment.

‘In Abuja, we have seen how infrastructural renewal, anchored on commitment and accountability, can redefine a city’s identity and inspire public confidence. Roads once impassable now connect communities, and abandoned spaces now thrive with enterprise’, he said.

Wike also commended President Bola Tinubu’s ‘courageous and reform-driven leadership,’ particularly his decision to remove fuel subsidy, an unpopular policy he said previous administrations lacked the will to implement.

According to him, Tinubu’s drive to decentralise governance, devolve development through regional commissions, and strengthen security institutions represents a decisive step toward genuine national transformation.

‘Leadership remains the fulcrum upon which the destinies of nations turn. When leadership is visionary, accountable, and courageous, even the most daunting obstacles can be transformed into opportunities,’ Wike said.

In her opening address, Uloma Onyebuchi, president and founder of Innovate Africa Corporation, said Africa’s transformation must begin internally, with Africans taking ownership of their development narrative and rejecting dependency on foreign models.

‘Africa’s development story must be written by Africans themselves. Sustainable progress starts from within with governance that inspires trust, technology that connects us, and leadership that empowers communities’,

she said.

Describing Innovate Africa as more than a conference, Onyebuchi said the initiative represents a movement to celebrate African excellence, amplify local innovation, and challenge outdated systems that limit the continent’s potential.

‘This isn’t just another event. It’s a movement that celebrates African excellence, amplifies local innovation, and challenges us to think boldly about the future we are building together’, she told delegates.

She called for deeper collaboration across sectors and nations, stressing that Africa’s growth would accelerate through shared ideas, digital inclusion, and visionary leadership that empowers the next generation.

‘The future of Africa depends on our ability to collaborate to turn ideas into impact and innovation into purpose.

‘Let’s make today a celebration of Africa’s potential and a reminder that the future truly begins here’, Onyebuchi said.

This year’s edition of Innovate Africa, themed ‘Reimagining Africa’s Leadership and Investment,’ focused on redefining the continent’s leadership model and harnessing its youthful population to drive industrialisation and sustainable development.

Your corporate retreat is not an event; it is a strategic execution laboratory. In Nigeria’s high-stakes business environment, a ‘nice’ retreat that doesn’t deliver measurable ROI is simply a waste of precious capital.

For decades, I’ve seen businesses, large and small, miss the mark, mistaking expensive venues and team games for genuine strategic work. An unforgettable retreat isn’t about the venue; it’s about the unforgettable results you achieve.

Forget generic checklists. This is my Blueprint for Transformative Results. Right here, are the six mandatory steps to ensure your next retreat is the single most profitable investment you make this year.

The 6 Mandates for Guaranteed Retreat ROI

1. Define The Crisis (Not the Agenda)

Before you book a resort, identify the 1-3 most expensive problems your business is facing. Be blunt and honest about it, even if it is talent drain, cash flow issues, or market volatility. The retreat agenda must be explicitly designed to solve those crises.

The Mandate: Identify the core problem. Set SMART goals (Specific, Measurable, Time-bound) that directly address it.

The Edge: Gather input via surveys beforehand. Organizations that incorporate employee input see 27% higher engagement and a clearer problem definition (Gallup).

2. Engage the Objectivity Anchor (The Facilitator)

Leaving the most important strategic work to an internal leader, the CEO or an executive, is recipe for bias and stifled debate. You need an external expert to manage the process, not the content.

The Mandate: Secure an experienced, objective external facilitator. They maintain focus, mediate honest dialogue, and deploy proven frameworks (like Root Cause Analysis or OKRs).

The Edge: Organizations using external facilitators report 30% better outcomes because they successfully mitigate internal politics and foster genuine truth-telling.

3. Dedicate 60% to Execution, Not Discussion

An agenda dominated by presentations and social activities is a failure. Time away must be aggressively dedicated to high-leverage strategic work.

The Mandate: Dedicate 60% of time to strategic planning, execution alignment, and real-time problem-solving sessions. Use the remaining time for targeted leadership development and trust-building.

The Edge: We use a structured timeline to resolve 1-3 key business challenges during the retreat, leading to 15% faster solution implementation (Bain and Company).

4. Anchor Decisions in Data, Not Instinct

In a volatile economy, gut feelings are a risk. Every major decision made at the retreat must be backed by current metrics and market trends.

The Mandate: Integrate data-driven analysis into every session. Present key performance metrics, customer insights, and market trends to force informed debate.

The Edge: Teams that use analytics effectively are 23x more likely to outperform competitors (McKinsey). We turn data into an immediate competitive advantage.

5. Forge Unbreakable Accountability

The single biggest reason most retreats fail is the lack of follow-up. Plans are worthless without a strict accountability framework.

The Mandate: Assign clear owners, deadlines, and tracking systems (like project management tools) for every action item before the team leaves the venue.

The Edge: Businesses with clear accountability structures are 50% more likely to achieve their goals (Gartner). The retreat concludes with a structured six-month follow-up plan, not just a handshake.

6. Measure the Money Saved

Demonstrate your ROI to the board and stakeholders. Your retreat must be recognized as a value-generating investment.

The Mandate: Define success metrics upfront (e.g., projected cost savings, revenue from new ideas, increase in cross-functional project success).

The Edge: Organizations that measure retreat outcomes report 25% higher satisfaction among stakeholders. We provide a detailed post-retreat report showcasing the tangible ROI achieved.

Ready to Engineer an Unforgettable Result?

I am Coach Dapo Onamusi. My two decades of expertise are focused on the design and expert facilitation of strategic retreats that deliver unparalleled, measurable value in the Nigerian context.

I don’t just help you organize; I help you transform. Let’s stop planning events and start engineering the results that will drive your business growth.

Design isn’t just what happens in Figma; it’s what happens to the business because of it. Every design choice you make carries financial weight. The right experience converts; the wrong friction leaks revenue. When you start seeing design as a growth engine, not a garnish, your impact multiplies.

Good design makes buying decisions an easy next step.

For years, design has been treated as surface work, what happens after the ‘real product’ is built. But every designer who’s watched users abandon a page knows the truth: a confusing interaction is a financial loss.

‘Design isn’t just cosmetic; it’s commercial.’

When we designed HostFi, a crypto-finance platform for African businesses, one of our biggest wins wasn’t adding features; it was removing friction. We simplified the onboarding flow from five steps to three conversational screens.

That wasn’t luck. It was designed to turn clarity into profit. Because when companies start thinking of design as a profit centre, not a cost, they begin to measure what truly matters: activation, retention, and trust.

Every decision has an economic impact

Across every project I’ve worked on, from fintech to SaaS to logistics, I’ve seen the same pattern: trust and clarity are currency.

A confusing balance screen doesn’t just frustrate users; it erodes confidence, and confidence drives transactions. A cluttered dashboard doesn’t just look messy; it slows decisions, and slow decisions cost money.

For Jetvision, a logistics SaaS platform for transport and delivery operations, that truth became obvious. Dispatchers were drowning in information; they had data, but it was all over the place. So, we redesigned the dashboard to highlight only what mattered most: exceptions, alerts, and revenue performance. Decision time dropped, and operational bottlenecks nearly halved.

That wasn’t ‘design polish’. It was design ROI, turning usability into efficiency and efficiency into margin.

‘Every click, label, and layout is either driving growth or leaking it.’

The business layer of design

The best designers don’t just ship interfaces; they ship outcomes.

When I was working on a fundraising platform for startup founders looking to raise funds, we reimagined how startup founders built financial models. Instead of dumping users into a spreadsheet-like form, we created a guided visual experience that helped them model revenue and expenses in minutes.

The result? Founders completed setup faster and converted to paid plans more often. That’s not just UX success; that’s measurable business impact.

‘Good design doesn’t just look good; it performs.’

Design decisions that multiply value

I think of design ROI in three layers:

Design that sells: removing friction at the point of conversion. Every click saved is revenue earned.

Design that retains: consistency and trust that keep people coming back. Retention is the quietest form of growth.

Design that saves: scalable systems that reduce cost and dev cycles. Efficiency is profitability in disguise.

When you see design through this lens, Figma stops being a canvas and becomes a business tool. You’re not just arranging elements; you’re optimising outcomes.

Speaking the language of ROI

Designers who understand revenue earn influence. Because when leadership asks, ‘How does this design move our numbers?’, they’re not doubting your value; they’re asking you to speak their language.

And we can.

Simplifying onboarding reduces customer acquisition cost.

Improving clarity increases activation rates.

Streamlining dashboards reduces support costs.

When design teams measure success in outcomes, not aesthetics, they move from being service providers to strategy partners.

‘ROI through design isn’t about doing more; it’s about proving the work works.’

From creator to strategist

Early in my career, I cared about pixels. Now, I care about progress. Before I start any project, I ask, ‘What metric is this design meant to move?’

That question changes everything. Suddenly, the button you adjust isn’t about taste; it’s about conversion. The layout you refine isn’t about alignment; it’s about retention.

This is the evolution from creator to strategist. From designer to decision-maker.

Design isn’t subjective. ROI isn’t either. Every product decision, from the way you structure a form to how you visualise data, affects how money flows through the business. That’s the real power of design: not just to make things look good, but to make things work better.

So the next time you open Figma, remember: you’re not just designing a screen. You’re designing an economy.

Governor Umar Namadi of Jigawa State on Friday inaugurated the State Council on Nutrition 774, reaffirming his administration’s commitment to combating malnutrition and strengthening food security across the state.

The inauguration followed a courtesy visit by Mrs. Uju Rochas-Anwuka, Senior Special Assistant to the President on Public Health (Office of the Vice President), who was in Jigawa for the official launch of the Nutrition 774 initiative, a key component of President Bola Tinubu’s Renewed Hope Agenda.

Speaking during the visit, Rochas-Anwuka said the initiative was conceived by Vice President Kashim Shettima to address the growing challenge of malnutrition nationwide.

‘The Nutrition 774 of the Renewed Hope Agenda was initiated by the Vice President, as a flagship response to the devastating impact of malnutrition and its consequences on our society,’ she said. ‘Development partners have shown strong commitment to supporting this effort and working closely with states to deliver tangible results.’

In his remarks, Governor Namadi commended the Vice President for prioritising nutrition, noting that Jigawa has been a pioneer in implementing community-based solutions.

‘Your visit will further strengthen our efforts on nutrition,’ Namadi said. ‘Jigawa has been at the forefront of tackling malnutrition in this country, but we are yet to achieve what we want. Our Masaki Programme, established in 2020, has driven grassroots nutrition awareness and intervention. You cannot address nutrition from the office, you must go to the mothers, educate and support them.’

He disclosed that the Masaki Programme has reached over 1.3 million beneficiaries since inception, with ?13.5 million allocated monthly to sustain its operations. The governor added that the scheme would be reviewed and expanded to increase its impact. Namadi also highlighted other state-led interventions such as the Tom Brown Supplement Programme, which has trained 600 women to produce and package nutritional supplements for local distribution in partnership with NAFDAC and local governments.

According to him, the state government has earmarked N250 million annually for the procurement of Ready-to-Use Therapeutic Food (RUTF) in collaboration with UNICEF, while members of the State House of Assembly contribute N300 million yearly to support community nutrition projects. The newly inaugurated council will be chaired by the governor, with membership drawn from key ministries, including Budget and Economic Planning, Finance, Agriculture, and Basic Education. The Permanent Secretary of Budget and Economic Planning will serve as secretary.

Governor Namadi assured that Jigawa aims to be the first state to fully implement the Nutrition 774 project.

‘Our health budget now exceeds the Abuja Declaration benchmark to show how central health and nutrition are to our 12-month agenda,’ he said. ‘Nutrition provisions are being mainstreamed across education, health, women affairs, and agriculture to ensure a multi-sectoral approach.’

The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to strengthen financial sector regulation and deepen economic cooperation between both countries, in line with Africa’s broader goals of integration and financial stability.

‘Cardoso said the CBN had been ‘fortunate’ to have implemented reforms early, allowing the economy to build resilience and buffers against potential shocks.’

The agreement, signed on the sidelines of the 2025 International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, D.C., will enable the two apex banks to exchange technical assistance, enhance payment systems, and support financial sector development.

CBN Governor Olayemi Cardoso signed on behalf of Nigeria, while Manuel Antonio Tiago Diaz, governor of the Bank of Angola, signed for his country. Both leaders said the MoU ‘aligns with Africa’s broader goals of economic integration and financial stability’ and marks a ‘critical development’ in efforts to deepen bilateral cooperation and technical exchange.

Strengthening Africa’s financial backbone

Under the new framework, both institutions are expected to establish a bilateral forum for the reciprocal exchange and sharing of technical assistance to enhance capacity in executing central banking functions.

They will cooperate in the cross-border supervision of authorised institutions, exchange cybersecurity information, and collaborate on licensing, supervision, resolution planning, and implementation of resolution measures for cross-border financial establishments.

The MoU also calls for transparent and smooth periodic information exchange, with defined procedures to govern it. The cooperation will extend to exchange control, financial markets, foreign reserve management, currency management, and economic research.

It will also cover payment, clearing, and settlement systems management, banking supervision and regulation, financial sector development, and efforts to combat money laundering and terrorism financing.

According to both governors, the ‘outcome of the MoU implementation will be a win-win for both parties.’

Laying the foundation for financial integration

The partnership comes at a time when African central banks are seeking to consolidate regional financial cooperation as a means of driving economic stability and integration.

A financially stable Africa, the statement said, ‘comes with great benefits for the continent.’ Beyond creating a larger single market, such stability would increase intra-African trade, boost productivity and competitiveness, and help attract more foreign direct investment.

The MoU, according to both central banks, will serve as a platform for institutional collaboration that promotes stability and strengthens the capacity of regulators to manage emerging risks in the financial system.

Nigeria showcases reform progress in Washington.

As part of efforts to boost investor confidence and strengthen Nigeria’s economic outlook, the CBN Governor and Doris Uzoka-Anite, the Minister of State for Finance, held a high-level engagement with global investors during the IMF and World Bank Annual Meetings.

They were joined by CBN Deputy Governor (Economic Policy) Mohammed Abdullahi, Special Adviser to the President on Finance and the Economy Sanyade Okoli, and other senior officials.

The session provided a comprehensive update on Nigeria’s macroeconomic reforms, fiscal-monetary coordination, and policies shaping the country’s growth trajectory.

Governor Cardoso highlighted ‘sustained stability in the foreign exchange market, steady accumulation of external reserves, and growing investor participation across fixed income and equities.’

He said, ‘Nigeria’s focus remains clear: strengthening our fundamentals, advancing reforms, and unlocking opportunities for sustainable investment and growth. We are encouraged by the progress made so far and remain confident that ongoing reforms are laying a stronger foundation for a more resilient economy.’

The Nigerian delegation reaffirmed the government’s commitment to policy consistency and continued reform momentum, creating an environment that is open, transparent, and attractive to long-term capital.

Participants at the meeting expressed optimism that Nigeria’s strengthened institutions, enhanced investor trust, and ongoing reforms will continue to drive sustainable growth and broaden opportunities for all stakeholders.

Building a resilient economy

Cardoso, who also led the Nigerian delegation to the meetings, said at the Intergovernmental Group of Twenty-Four (G-24) press briefing that ‘Nigeria’s economy has been fully restructured and is now resilient, with huge buffers against global risks.’

He noted that ‘the naira has equally emerged as a competitive currency, with the economy witnessing positive trade balances and large businesses moving from imports to exports of locally produced goods and commodities.’

According to him, ‘the positive economic indicators have combined to create resilient and strong buffers, keeping the economy in great shape.’

On the impact of trade tariffs, the CBN Governor said, ‘For us again, oil is basically the only commodity that was so exposed to the tariffs, and the impact of that was relatively modest. We now have a more competitive currency, with the result that, for once, we have a situation where we have a positive balance of trade surplus, and we expect it to be six percent in GDP for some time.’

He added, ‘So basically, what is happening is a complete restructuring of the economy, where we are encouraging people to go into domestic production and, of course, discouraging imports.’

Cardoso said the CBN had been ‘fortunate’ to have implemented reforms early, allowing the economy to build resilience and buffers against potential shocks.

The CBN Governor also praised the G-24’s role in ‘finding solutions to global challenges through dialogue and exchange of ideas with global financial institutions,’ noting that although global growth remains slow, ‘it is not as behind as would have been expected.’

IMF applauds reforms.

The IMF has credited Nigeria’s monetary tightening and exchange rate reforms for helping reduce inflation and restore market confidence.

Abebe Selassie, director of the IMF’s Africa Department, said the reforms ‘played a significant role in the gradual drop of the inflation rate to 18.02 per cent in September.’

He said, ‘The Fund is encouraged by the September inflation rate but advised that the government do more to bring down the cost of living for the people.’

Nigeria’s inflation rate declined to 18.02 percent in September 2025, down from 20.12 percent in August, marking a six-month streak of decline and the lowest in over three years.

Selassie added that the reforms ‘will further support the projected 3.9 per cent growth for 2025 and 4.1 per cent growth for 2026.’

He explained that to rein in inflation, the CBN ‘tightened policy aggressively, raising rates by more than 800 basis points and strengthening liquidity management.’

He also commended the bank’s decision to ‘halt central bank financing of government beyond statutory limits and re-anchor monetary policy on its core mandate’, describing it as instrumental in the inflation decline.

The IMF said Sub-Saharan Africa remains resilient, projecting growth of 4.1 percent in 2025 and a modest pickup in 2026, supported by macroeconomic stabilisation and reform efforts in key economies.

However, Selassie warned that overlapping monetary, fiscal, and external vulnerabilities persist. ‘Uncertainty remains, and risks are tilted to the downside,’ he said. ‘Domestic revenue mobilisation and strengthened debt management can help bolster macroeconomic stability while funding essential development needs.’

He added that ‘average public-debt ratios have stabilised but at an elevated level’, with debt-service burdens rising and crowding out development spending in several countries, including Nigeria and Kenya.

Tax reforms are showing results.

The IMF also commended Nigeria’s tax reforms and the determination to raise non-oil revenue. Division Chief, Fiscal Affairs Department, Davide Furceri, said, ‘Nigeria has done significantly well in improving revenue through tax reforms and streamlining the tax code.’

He explained that on the revenue side, there is scope to improve mobilisation through tax administration reforms, noting, ‘Actually, Nigeria has done quite a lot in the past years. Many of the laws that have been passed have tried to streamline the tax code.’

Furceri added, ‘These are policies that go in the right direction. On the spending side, there is scope to improve efficiency and increase social spending to address social vulnerability in the country.’

Toward a more stable continent

The CBN-Bank of Angola MoU marks a tangible step toward financial cooperation and integration in Africa. By emphasising shared technical capacity, regulatory alignment, and transparent information exchange, both central banks say they expect the partnership to be a ‘win-win’ outcome that enhances their respective financial systems.

As the two countries move to implement the agreement, the collaboration is expected to help consolidate Africa’s financial architecture, support investment, and promote the continent’s long-term vision of a stable and integrated economy.

Benedict Oramah’s Naira-for-crude idea has pushed Nigeria’s external reserves to a six-year high of $42 billion dollars, marking one of the most transformative economic interventions in recent years.

The initiative, conceptualised by Oramah, the outgoing president of the African Export-Import Bank (Afreximbank), has been hailed as a landmark innovation in economic management and local currency stabilisation.

Eric Intong, acting managing director of client relations at Afreximbank, disclosed this while speaking on the ‘Innovative Naira-for-Crude Initiative’ at the Afreximbank Legacy Conference and Investiture in Cairo. He said the initiative reflects the vision and practical solutions for which Oramah and Afreximbank have become known across Africa. ‘We have done so many initiatives, and some of us have had the privilege to work directly with Professor Benedict Oramah, or as I always call him, President,’ Intong said. ‘We chose to highlight one of those initiatives to bring to the fore the kind of intervention for which the bank was set up.’

Intong explained that the Naira-for-Crude initiative was born out of a need to address the pressure on Nigeria’s foreign reserves and the rising inflation caused by the importation of petroleum products. He said over 30 African countries depend heavily on imports and commodity exports, which make up about 80 percent of their foreign exchange earnings, exposing them to global commodity shocks.

‘In 2024, when we made this proposal to the Federal Government, about one-third of Nigeria’s foreign reserves was being used to import petroleum products. This put enormous pressure on the Central Bank’s reserves, with inflation at over 34 percent and the cost of living extremely high,’ he recalled. ‘Fuel queues were long, and as the regional chief operating officer in Abuja at the time, I often stayed up at night issuing trading letters to ensure fuel availability. It was very challenging.’

He said Oramah examined the problem and saw a solution within the Petroleum Industry Act (PIA) of 2022, which provided that 445,000 barrels of crude oil produced by Nigeria be reserved for domestic consumption. Oramah questioned why crude meant for domestic use was sold in dollars and the refined products also bought in dollars. Since both were domestic transactions, he proposed that they be traded in Naira, thereby saving scarce foreign exchange and strengthening the local currency.

Afreximbank, working with the Ministry of Finance and the Federal Inland Revenue Service, presented the idea to President Bola Tinubu, who embraced it and secured the Federal Executive Council’s approval on July 29, 2024. An implementation committee was immediately set up, with membership drawn from Afreximbank, NNPC, the Central Bank of Nigeria, refineries including Dangote Refinery and Warri Refinery, and other modular refineries, under the chairmanship of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. A sub-technical committee was chaired by FIRS chairman and presidential adviser on revenue mobilisation, Zacch Adedeji. Afreximbank was appointed as the structuring and advising bank, with the additional role of setting the exchange rate for the initiative. Since both crude and refined products were to be traded in Naira, the bank was mandated to fix a stable rate, at least for three months, to ensure predictability. ‘President Oramah gave me the mandate to represent the bank in the committee,’ Intong said.

The committee worked out the operational framework, signed the implementation modalities, and began allocating crude to refineries in Naira. ‘We discovered that when one allocates one million barrels of crude, it does not yield an equal quantity of refined petroleum products. You get about 50 percent Premium Motor Spirit, about 30 percent diesel, and others. Therefore, to get the value equivalent of PMS in crude, you need to allocate about twice the amount. These were some of the nuances and logistical challenges we addressed,’ he explained.

Since the launch of the initiative, 59 cargoes of crude have been allocated, leading to a $6.8 dollar balance of payment surplus in 2024. Nigeria’s external reserves rose to forty-two billion dollars, the highest level in six years, while petroleum importation dropped by 40 percent as more refined products became available domestically. The average importation cycle for petroleum products, which used to take about three weeks, was reduced to two, while petrol prices dropped to as low as N800 per litre. Inflation, previously above 34 percent, fell to about 18 percent.

‘This initiative was not designed for profit. Afreximbank did not earn any interest or fees from it. We intervened because the bank was established to use banking as a tool for Africa’s development. When President Oramah grew the balance sheet of the bank to its current level, he made it possible for us to undertake initiatives like this. For us, banking is just an instrument; our true mission is development,’ Intong said.

He also highlighted another of Oramah’s creative concepts, the National Export Revenue Acceleration Facility, designed to fast-track projects capable of generating foreign exchange within three years. ‘The idea is that if there is a project that will generate foreign exchange after completion in three years, why not find a way to complete it now so that it starts generating foreign exchange immediately? That is what the initiative is all about, and it is another example of his creative thinking,’ Intong said. He added that the success of the Naira-for-Crude initiative was made possible because of the completion of the Dangote Refinery. Working with the Central Bank of Nigeria and Access Bank, Afreximbank structured a three-phase financing arrangement that enabled the refinery’s completion. ‘At that time, the Gulf of Guinea produced more than five million barrels of crude per day, but less than five percent was refined locally. We exported crude and imported refined products at great cost. Because of the National Export Revenue Acceleration Facility, we not only provided financing but also helped ensure the refinery could begin operations,’ he said.

Intong concluded that the initiative demonstrates the importance of strong African financial institutions capable of driving development. ‘President Oramah built Afreximbank into such an institution. He is a leader who leads by example, one who rolls up his sleeves, works through the night, and ensures things get done. I remember many nights of meetings and email exchanges at 2am or 3am. That is the leadership we are celebrating today,’ he said.

International banks are increasingly withdrawing from Africa because they consider doing business on the continent too risky and not sufficiently profitable, according to Idrissa Diop, Director of Compliance at Afreximbank.

Speaking to journalists ahead of the Legacy Conference and Investiture in Cairo, Diop explained that the withdrawal of global financial institutions reflects growing concerns about risk management and profitability.

He said Afreximbank’s role is to bridge this gap by demonstrating that Africa is not as risky as it is perceived to be, provided that investors understand and comply with the continent’s diverse regulatory frameworks.

‘Across Africa, there are thousands of regulations that we constantly monitor to ensure that our operations and those of our partners are not disrupted. When we lend money to a bank or an institution, we want to ensure that those funds are used responsibly, do not distort the bank’s capital ratios, and are not directed toward sectors vulnerable to money laundering or terrorist financing,’ Diop said. ‘It’s not enough to talk about money; it’s equally vital to ensure that money is channeled through secure and compliant systems. That is the essence of compliance.’

He noted that Afreximbank established the Afreximbank Compliance Forum to strengthen regulatory collaboration and promote understanding of compliance across the financial sector. ‘Compliance is both the entrance and exit door of an organization. Everything we do is framed by regulation just as journalists must ensure that what they write aligns with the reality of the facts they report. Similarly, banks must ensure that all their transactions comply with the rules,’ he said.

According to him, every transaction carried out by Afreximbank across 54 African countries must adhere to regulatory standards. ‘We realized that we cannot talk about trade without framing it around security, and compliance is the foundation of that security,’ he said. ‘Security means being able to trace the source and destination of funds, knowing that the money coming from China was sent by a specific person or company and that the funds going into Africa are destined for a particular country, bank, and customer. This level of traceability ensures transparency and trust in financial flows.’

HSBC Holdings plc – The UK-based bank announced in September 2024 that it would withdraw from South Africa, where its presence dated back to 1995.

Société Générale S.A. – The French bank has been gradually exiting a number of African subsidiaries. For example, in May 2024, it announced its exit from Ghana after about 20 years of operations.

Barclays plc – Barclays’ retreat from Africa has been underway for some time. For example, it reduced its shareholding in South Africa’s Absa Group to a non-controlling stake and exited the region more comprehensively.

This year marks the tenth edition of the Afreximbank Compliance Forum, which has previously been hosted in South Africa and Senegal. The 2025 edition will take place in Kigali, Rwanda, in partnership with the Central Bank of Rwanda (Rwanda National Bank).

Diop explained that ‘Afreximbank does not want to be perceived as negligent or complicit by providing financing without understanding who is ultimately behind a transaction. When money is misused, whether for terrorism, money laundering, or other illicit purposes, it damages the economy and tarnishes the reputation of institutions like ours,’ he said.

He added that Afreximbank ensures that every financial institution or corporate entity receiving its funding is properly organised, adheres to regulations, and manages the funds responsibly for the wider benefit of the economy.

This year’s forum in Kigali will be organised in collaboration with the Central Bank of Rwanda and ESAAMLG (Eastern and Southern Africa Anti-Money Laundering Group), a regional body under the Financial Action Task Force (FATF). Last year’s edition in Dakar was hosted in partnership with GIABA, which performs a similar role in West Africa. These partnerships, Diop said, demonstrate Afreximbank’s commitment to strengthening countries’ anti-money laundering (AML) frameworks and supporting them in exiting FATF’s grey list.

‘We have seen countries such as South Africa, Nigeria, and Senegal dealing with gray-listing challenges, and our collaboration with these entities helps them improve their regulatory systems. As the African Trade Bank, part of our mandate is to promote intra-African trade under the African Continental Free Trade Area (AfCFTA). However, this mandate must be built on a foundation of security and compliance,’ he said.

At the Kigali conference, discussions will cover topics such as artificial intelligence in transaction monitoring, sanctions, regulations, beneficial ownership, and illicit financial flows. Diop said these discussions will complement the upcoming trade finance seminar in Abidjan and further strengthen the framework for secure trade and responsible finance across Africa.

The event will bring together central bankers, financial intelligence units, commercial banks, and traders to explore how intra-African trade can be made more secure. ‘For instance, if someone wants to export groundnuts from Mali or Burkina Faso to Kenya, they must understand the export requirements of Kenya’s central bank. That understanding is compliance, it ensures trade is protected and prevents banks from being accused of facilitating money laundering or terrorism financing,’ Diop said.

Despite the ongoing de-risking trend that has seen international banks withdraw from Africa, Diop emphasised that Afreximbank remains committed to bridging the gap and connecting African economies to global finance. He cited examples such as the financing of the Dangote Refinery, explaining that all related transactions must be properly monitored to comply with international sanctions and financial regulations.

He noted that recent global developments, such as new sanctions on Russia, underscore the importance of navigating complex international rules carefully. ‘Africa continues to engage with countries like Russia, but such engagements must be conducted transparently and within regulatory limits,’ he said.

The Afreximbank Compliance Forum, he added, also aims to address the technology gap in African banking. ‘Out of 600 to 700 banks on the continent, many remain under-equipped in compliance technology. Through this forum, we are inviting global providers of compliance technologies to showcase their solutions and help African banks strengthen their systems, protect their economies, and become eligible for partnerships with international financial institutions,’ he said.

Diop emphasised that the Compliance Forum provides a vital platform to discuss regulation, sanctions, anti-money laundering measures, and the role of compliance in advancing intra-African trade. ‘We will also engage the African Union on how the AfCFTA should be implemented, as it is essentially a regulatory framework that must be understood and driven by banks. Without understanding the rules, banks risk violating regulations, facing sanctions, and losing correspondent relationships,’ he said.

He said that Afreximbank’s compliance efforts form part of a broader strategy to enhance trust, transparency, and responsible finance across Africa. ‘Trade cannot happen without compliance. That is why we say: Better Compliance, Better Trade. Every dollar that comes in or goes out must be monitored from entry to exit, to ensure transparency, security, and accountability,’ Diop stated.

Responding to a question on whether the Pan-African Payment and Settlement System (PAPSS) eliminates the need for correspondent banking, Gwen Mwaba, managing director of Trade Finance and Correspondent Banking at Afreximbank, said correspondent banking remains necessary.

‘The short answer is yes, we still need correspondent banking,’ she said. ‘Africa is still a net importer of goods such as petroleum products. Even though countries produce crude oil, they import refined products. Exporters may not have country limits or sufficient confidence in African counterparties, so they need intermediaries, correspondent banks to guarantee payments. If an Australian exporter of wheat is sending goods to Africa, they may not know who they are dealing with or may not be comfortable with the country’s risk, so correspondent banks step in to facilitate that trade.’

Mwaba added that correspondent banks also play a key role in ensuring trade integrity and trust between importers and exporters. ‘People are selling goods far away, and their main concern is to get paid. At the same time, the importer wants to make sure they receive the correct quantity and quality of goods. Correspondent banking provides that assurance. You can send money and not get your goods, or get inferior ones, so correspondent banks make trade more secure,’ she explained.

However, she said PAPSS helps fill an important gap by supporting intra-African trade. ‘PAPSS enables two African counterparties in different countries to trade in their local currencies. If someone in Malawi buys goods from Kenya, they can pay in Malawian kwacha through PAPSS, and the Kenyan supplier will receive Kenyan shillings. This makes trade seamless and reduces pressure on the US dollar,’ she said.

Mwaba stressed that Africa suffers from a shortage of US dollars, and local currency trading through PAPSS could help stabilize exchange rates. ‘If more people trade in local currencies, we can preserve dollars for transactions that truly require them. Ultimately, this will make trade more efficient under the AfCFTA,’ she added.

Governor Babagana Zulum of Borno State, has urged the federal government to carry out an immediate and comprehensive review of Nigeria’s air safety and defence systems, following a disturbing incident in which Boko Haram insurgents deployed a drone to attack a military formation in the state.

Zulum, who made the call on Friday in Mafa town, described the development as a dangerous escalation in the operational capabilities of the terrorist group.

He warned that the successful use of drones by insurgents to target military assets exposes a major vulnerability in the nation’s airspace security.

‘One thing I want to comment on is the issue of drones. This is frightening. In Dikwa, I was told drones were used. The proliferation of drones, particularly in the hands of non-state actors, is of great concern for the entire country. We have to do something to stop the rampant use of armed drones,’ Zulum said.

The governor stressed that the incident poses a serious national security threat, not just to Borno State. ‘Our borders and airspace need to be strengthened urgently. This is the right time for the security architecture to thoroughly review and enhance the capability of our airspace to curtail the use of armed drones by terrorists,’ he added.

While commending the Nigerian Armed Forces for their efforts, Zulum urged members of the public to cooperate with security agencies by providing credible intelligence on suspicious movements and activities in their communities. ‘We are here to commiserate with the victims of the attack and to build the confidence of our people,’ he said, calling on members of the Civilian Joint Task Force (CJTF) to remain resilient and continue supporting the military’s counterterrorism operations. The governor further revealed that credible intelligence had earlier indicated plans by insurgents to attack Mafa, noting that such information was circulated to relevant authorities.

He called for stronger collaboration between federal and state governments, as well as the military high command, to address security lapses.

‘I believe there might be elements of sabotage that need to be identified and addressed. We don’t have to blame each other; we have to come together and resolve this situation,’ Zulum stated.

The Department of State Services (DSS) has activated special surveillance and counter-terror operations aimed at nipping in the bud a new wave of plots by the Islamic State West Africa Province (ISWAP), said to be active along border communities connecting Kogi and Ondo states.

The activation of the counter-insurgency measures follows a threat issued by ISWAP on Tuesday to attack the two states over ongoing intensive military operations designed to flush out elements disguising as bandits in the area.

Security sources confirmed to BusinessDay the presence of ISWAP sleeper cells in Okene, Kogi State, North-Central Nigeria.

Kogi shares boundaries with 10 states; Benue in the east, Anambra in the south, Enugu in the southeast, Edo in the southwest, Ondo in the west, Ekiti in the west, Kwara in the west, Niger in the north, Nasarawa in the northeast, and the Federal Capital Territory, Abuja.

Following ISWAP’s threat, the governors of the two states called on residents of border communities to remain calm but vigilant, assuring that security in the affected areas has been strengthened to deter any attacks.

The governors’ assurance came on the heels of a recent meeting between the leadership of the DSS and the Nigerian Army from both states, held in Lokoja to discuss the security threat.

In a confidential letter addressed to the Commander of the 32 Artillery Brigade, Akure, the secret police warned of ‘imminent attacks’ by ISWAP terrorists and urged heightened surveillance and security deployment across vulnerable areas.

The letter, signed by H. I. Kana on behalf of the State Director of Security, was titled, ‘Imminent Attacks in Ondo State by Members of ISWAP.’

According to the document, the targeted communities in Ondo State include Eriti-Akoko and Oyin-Akoko in Akoko North-West Local Government Area, as well as Owo town, the headquarters of Owo Local Government Area.

‘Intelligence confirmed plans by members of Islamic State of West Africa Province (ISWAP) to carry out coordinated attacks on communities in Ondo and Kogi States anytime soon,’ the letter read in part.

‘It was further gathered that the group has commenced surveillance on potential soft targets in the above-mentioned locations. Consequently, there is a need to scale up the level of security alertness in the various communities to forestall any untoward situation,’ it added.

The security agency called for immediate action by the Army and other relevant forces to prevent the attacks, stressing the importance of community vigilance.

Olayinka Ayanlade, Ondo State Police Public Relations Officer, confirmed the development, saying the police were already acting on the intelligence.

‘That’s partly why we were in Akoko on Sunday. Everyone is taking steps to ensure no event takes us unawares,’ Ayanlade said.

The alert comes more than three years after terrorists suspected to be ISWAP members attacked St. Francis Catholic Church, Owo, on June 5, 2022, killing 41 worshippers and injuring dozens.

The suspects were later arrested by the DSS and are currently facing trial at the Federal High Court in Abuja.

Speaking on the terror plot on Wednesday, Governor Lucky Aiyedatiwa of Ondo State, urged the residents of the state to be vigilant and report any suspicious movement or strangers in their communities to the security agencies.

In a statement issued by Idowu Ajanaku, the state commissioner for Information, the government said it was aware of the security threat and had been taking necessary precautions to avert it.

The statement read, ‘The Government of Ondo State is aware of the recent security alert memo of the State Security Services addressed to the 32 Artillery Brigade of the Nigerian Army in Akure regarding a possible terrorist attack in some parts of the state, which got leaked to the media.

‘The leaked memo is part of regular intelligence reports that are routinely shared among security agencies and the government. Such reports are a normal part of security operations, aimed at identifying and preventing potential threats.

‘These intelligence reports often contain varying levels of threat assessment and are used in joint operations by security agencies to enhance vigilance and take proactive measures.

‘The public can be assured that these reports are being acted upon by the government and relevant security agencies, and necessary precautions are being taken to ensure safety and security. The emphasis remains on maintaining vigilance and cooperation between security agencies and the government to prevent and respond to any potential threats.

‘We urge all residents to remain calm and vigilant, and to report any suspicious activity to the nearest security agency. We want to reassure you that every measure is being taken to prevent any attack in Ondo State.’

The government explained it was in contact with the security agencies and taking several steps to protect residents, especially those in border communities, so Ondo could remain as one of the safest states in the country.

‘Once again, we appeal to residents to remain calm, go about their normal daily activities, refrain from taking law into their hands, cooperate with security agencies and provide any information that may help prevent any threat in any part of the state,’ the statement concluded.

Despite the official assurances, scared residents in the communities under threat have appealed to the state government and the security agencies not to take the threat lightly.

The Lagos Chamber of Commerce and Industry (LCCI) is calling for investment in modern ranching, coordinated policies, and increased financing to boost Nigeria’s livestock sector and reduce import dependency.

Gabriel Idahosa, president of LCCI, in a statement said that Nigeria must urgently invest in modern ranching, feed systems, cold-chain logistics, and dairy infrastructure to reduce dependence on imports and create new job opportunities.

Highlighting livestock sector’s deepening imbalance in the first half (H1) of 2025, where imports stood at N815 billion, which resulted in a trade deficit of N763 billion in the period, he noted that the deficit ‘underscores profound structural weaknesses in local production’. The deficit also highlights the country’s growing dependence on imported livestock products due to inadequate local capacity, he said.

Despite being home to one of Africa’s largest cattle populations, Nigeria continues to face production shortfalls driven by outdated ranching methods, insecurity, and poor infrastructure across the value chain.

However, the LCCI reiterates that, ‘within five years, Nigeria should be able to halve livestock exports through coordinated policy, financing, and security support for agribusinesses’. The livestock industry, which includes beef, poultry, and dairy production, remains largely informal and fragmented. Several players in the sector still rely on open grazing systems, which limit efficiency and increase conflict risks.

Additionally, absence of modern feed systems and cold-chain logistics weakens market competitiveness. There’s also the challenge of insufficient dairy infrastructure that has left local processors unable to meet industrial demand, forcing reliance on imported milk and animal by-products.

The LCCI, therefore, calls for large-scale investments in modern ranching systems, structured feed mills, and temperature-controlled supply chains to strengthen domestic production.

With 58 million cattle, 563 million poultry and 60 million sheep, the livestock value chain holds the key to improving income and enhancing greater output.