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Nigeria must demonstrate openness, fairness, and predictability to attract sustainable capital inflows, according to Olaniyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), who noted that Nigeria’s foreign direct investment remains weak despite slight improvements in fiscal conditions.

In his opening statement at the ongoing Nigerian Economic Summit in Abuja on Monday, Yusuf said that the way Nigeria treats its domestic investors will serve as a signal to foreign investors assessing the credibility and stability of the country’s business environment.

He stressed that policy predictability, investment protection and transparent mechanisms for resolving business disputes are critical to rebuilding trust in the economy.

‘How we treat domestic investors will provide the right signals for foreign investors,’ Yusuf said, urging the government to prioritise clarity and continuity in economic policy.

The NESG chairman noted that while Nigeria’s fiscal condition has improved, the economy continues to face persistent inflationary pressures, high debt-service obligations, and subdued investor sentiment.

‘Our fiscal condition has improved, while expectation pressures persist, and the fiscal debt remains the same, widening to ?15.5 trillion in 2024. Debt levels are stable, and the debt-to-GDP ratio of 40.6 per cent remains much the same, with a high debt-to-service ratio. Foreign capital is close to the boundary, yet foreign direct investment remains weak,’ he said.

Yusuf reminded participants that policy credibility, incentives, and social competitiveness are essential to attracting long-term capital from both domestic and foreign investors. He said Nigeria’s economic story is one of transition of undeniable progress amid sustained fragility.

According to him, the NESG’s last three macroeconomic outlook reports have outlined a roadmap for economic transformation built around three key phases: stabilisation, consolidation, and acceleration.

‘Today, we can say that the stabilisation phase is materialising, albeit painfully and with fragility. But stabilisation, as necessary as it is, is not the destination, and so cannot be the end of our journey. If we stop here, we risk losing the progress that has been so courageously won’, he said.

The renovation of the Wole Soyinka Centre for Culture and Creative Arts (National Arts Theatre) with N68 billion by the Central Bank of Nigeria (CBN)-led Bankers’ Committee opens a new chapter for global relevance for Nigeria’s arts and culture. The project championed by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee opens new opportunities for financial institutions to invest and support the Federal Government’s vision of a $1 trillion economy. For the CBN Governor, Olayemi Cardoso, the investment remains one of Bankers Committee’s deliberate investment in Nigeria’s cultural future.

The Central Bank of Nigeria (CBN)-led Bankers’ Committee commitment to the creative economy came to the fore last Wednesday when the Wole Soyinka Centre for Culture and Creative Arts (National Arts Theatre) was reopened in Iganmu, Lagos.

The event, attended by President Bola Ahmed Tinubu was opportunity to highlight the CBN’s commitment to private sector-led investment in the arts and culture space.

Cardoso had lauded the role of the Bankers’ Committee in bringing back the moribund national edifice back to life.

President Tinubu further directed Cardoso to float National Arts Theatre Endowment Fund that would ensure continuous maintenance of the national edifice.

‘It has been a wonderful evening, and I have enjoyed myself. It is now left for Cardoso and others to put together an endowment fund, and I will contribute to it. It’s not a bad thing for us to use this opportunity to create jobs, maintain accessibility, and commitment. This place will not go dry again’, President Tinubu said.

The event was attended by the First Lady, Senator Oluremi Tinubu, Governor of Lagos State, Babajide Sanwo-Olu; the Honourable Minister of Art, Culture, and the Creative Economy, Hannatu Musawa and other dignitaries.

President Tinubu said there was no controversy in the National Theatre renaming Wole Soyinka Centre for Culture and Creative Arts, adding that he considered Prof. Wole Soyinka’s contributions to the arts and culture.

‘Prof. Wole Soyinka is one of the greatest assets of the world. So, the renaming could not have gone to anyone else,’ he said.

President Tinubu advised that Nigerians stop talking about Nigeria in a negative way. ‘Let us all come together to rebuild Nigeria. The youths should also renew their hope in Nigeria and work together for her continued greatness,’ he said.

Bankers’ Committee funding

Cardoso said the Bankers’ Committee committed N68 billion into the remodeling of the National Arts Theatre.

‘The Central Bank of Nigeria, the Bankers’ Committee, the Lagos State Government, and the Ministry of Art, Culture, and the Creative Economy came together with a shared purpose to deliver this national project, with the Bankers’ Committee alone committing approximately N68 billion, not as corporate social responsibility but as a deliberate investment in Nigeria’s cultural future,’ Cardoso said.

He said that the project stands as proof that when the public and private sectors unite behind a shared national purpose, there is no limit to what Nigeria can achieve.

He disclosed that 65 years after our nation’s founding, Nigeria’s creative spirit remains alive, pervasive, and shaping global culture.

‘This edifice has stood for nearly half a century as a proud symbol of our heritage. Completed in 1976 and inaugurated at FESTAC ’77, it became a beacon of African creativity and a repository of our shared history,’ he said.

He said that in 2020, the Federal Government approved a landmark public-private collaboration: the transfer of the Theatre and its estate into a special partnership with the Central Bank, on behalf of the Bankers’ Committee.

‘What began as an ambitious vision to reimagine an aging monument as a world-class creative hub has today become a stunning reality. The journey was not without challenges. Structural complexities, contractual issues, and even the global pandemic extended the timeline far beyond expectations,’ he said.

‘ This was a project especially close to the President’s heart, and it was his vision that transformed it from a restoration into a symbol of national renewal. By renaming the National Arts Theatre as the Wole Soyinka Centre for Culture and Creative Arts in July 2024, President Tinubu charted a bold course to place creativity at the heart of Nigeria’s renaissance,’ he said.

Cardoso explained that the Wole Soyinka Centre is more than a renovation; it is a rebirth.

‘Its iconic silhouette has been preserved while delivering world-class performance halls, cinema spaces, exhibition galleries, an African literature library, rehearsal rooms, media and medical facilities, and fully modernised infrastructure. The surrounding grounds now offer gardens, outdoor exhibition areas, upgraded access, and seamless integration with the Lagos Blue Line rail, placing culture at the heart of city life,’ he said.

Nobel Laurette, Prof. Wole Soyinka, said that before the renovation of the edifice, he thought it was irredeemable but the Bankers’ Committee made me to eat my words.

He said the Bankers’ Committee had done a great job, and brought the edifice to global standards.

He said that with the recreation of the edifice, Nigerians can now watch Africa Theatre at home instead of traveling abroad,’ he said.

On his part, Governor Sanwo-Olu reflected on the deep historic significance of the event.

He described the reopening of the Theatre as more than a renovation, it was a cultural and spiritual rebirth. He recalled that nearly 50 years ago, the same venue hosted FESTAC ’77, a pan-African celebration of culture and unity. The event, he said, demonstrated Africa’s capacity to use culture as a unifying force.

The renaming of the Theatre in honour of Wole Soyinka, he added, reflects both respect for a national icon and Nigeria’s cultural ambition on the global stage.

Sanwo-Olu highlighted the collaboration behind the transformation of the Theatre. He credited the Federal Government, CBN, Bankers’ Committee, and Lagos State for the successful execution of the project. He also noted that Lagos contributed additional land for the development and ensured direct connectivity to the Lagos Blue Line Metro, placing infrastructure and accessibility at the core of the revitalised complex.

How it started

The Memorandum of Understanding (MoU) for the handing over of the National Arts Theatre to the Bankers’ Committee by the Federal Government was signed in February 2021, and had initial completion timeline of 15 months, and estimated cost of N21.3 billion

Themed the ‘Lagos Creative and Entertainment Centre’, the project is expected to restore the glory of an iconic building by aligning most of the fabric and equipment and facilities in the building with the aesthetics of the 21st century.

Cardoso had earlier commended the work done and the vision that has repositioned the Theatre to a world class status.

He said: ‘Well, firstly, it is highly commendable what we are seeing here today. One has to commend the vision and resources of the Bankers’ Committee for doing this. It has been a long, hard road, and if it was not for the belief and the commitment of those sponsors, this would never be realized.’

He explained that it would have been a great disservice to the country if this was not achieved, because embedded in the theatre is a lot of the history and culture of the Nigerian people.

He said the Bankers’ Committee had a vision, and were determined to surmount all the obstacles in getting the theatre to where it is today.

‘For me as a Lagosian, I grew up here, and saw this in 1977 when we had FESTAC and subsequent times, we used to come here to have different events and activities and we were very proud of what we had as Lagosians. Sadly, the edifice, which was iconic at a time, fell into a state of abandonment,’ he said.

‘So, to have been able to live today, to see this massive transformation to a world class structure is again a testimony to the Nigerian spirit. For those who are going to be using the edifice and those whom it is home to their profession, it is a giant step forward. It is something that we all as Nigerians should be extremely proud of,’ he added.

He said the difficult work on the theatre has already been done, adding that not just the Bankers’ Committee, but all Nigerians should take pride in defending the Theatre.

‘This is a very, very, very major reflection. And when you go around and you see, and some of you have toured already, you will see that a lot of our culture is embedded in the structures here. So, it is beyond just an edifice. It is what it represents.’

‘Going forward, I am very certain that the partnership that has taken place between the private sector and public sector that has resulted in this, that spirit, in conjunction with the Nigerian people, will take us to the next level,’ he said.

The Bankers’ Committee also, funded the prototype cluster located to the north of the National Arts Theatre, labelled the ‘Signature Cluster’ consisting of a building each for Music, Film, Fashion and Information Technology verticals.

The main contractor for the project is Cappa and D’Alberto Limited while the Electrical Sub Contractor is being handled by Nairda Limited, and VACC Limited is in charge of the Mechanical Sub Contractor.

The aim is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

According to the Bankers’ Committee, a portion of the site was earmarked for the construction of the ‘Signature Cluster’, which consists of one building each for Fashion, Music, Film and IT.

The committee, said each structure was uniquely designed to function independently, yet providing the opportunity for extensive collaborations between the different creative communities.

The 44-hectare site adjourning the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT).

The Bankers Committee said the project will deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

X-raying the National Arts Theatre

The National Arts Theatre stands as one of Nigeria’s most iconic landmarks.

Analysts believe the project will open financing opportunities for commercial banks when activities fully commence after the renovation.

On October 5, 2019, President Muhammadu Buhari approved the reconstruction of the National Theatre in Iganmu, Lagos, into a world-class convention center for the development of the creative sector in diverse areas, including entertainment, movies, music, fashion, and Information and Communication Technology (ICT).

As the initial investment in the creative industry, the government expects to create at least one million jobs when the project begins operations.

In 2022, the CBN and the Bankers’ Committee collectively agreed to invest over N65 billion to rehabilitate the National Arts Theatre and restore it to its former glory. This effort has been carried out in collaboration with the Federal Ministry of Information and Culture (FMIC), the Ministry of Youth and Sports Development, and the Lagos State Government.

Analysts said banks have opportunity to finance activities at the National Theatre but that depends how it is managed. According to them, there would be a lot of activities such as cultural, training schools, events, and skill development, among other activities that will require banks involvement.

Governor Hope Uzodinma of Imo State has tasked the Board and Management of the Anambra-Imo River Basin Development Authority to work hard in order close the gaps that exist in water sector, agriculture, power, food security, livestock among others in the South-East and Nigeria, in the course of discharging their duties.

He gave the challenge when he received the Agency’s new team led by Emmanuel Anosike, the Chairman and a Senator on a courtesy visit at the Government House Owerri.

Governor Uzodinma urged the Board and Management to galvanise the Agency’s programmes to be able to address critical areas that exist in the areas within their mandate.

The governor, who congratulated members of the team on their appointments, advised them to avoid project duplication, but cooperate with State Government-owned agencies to harmonise their projects to get the SMEs, adding, ‘and call us for any possible assistance or support.’

He expressed confidence in the integrity of the new Board, given the background of the Chairman, Anosike, and the Managing Director of the Agency, Emeka Nduka whom, he said, ‘are very conversant with the original objectives for setting up that platform and the expectations of the people, and how the organisation will, in collaboration with other agencies, facilitate development in all sectors of the economy.’

Governor Uzodinma advised the Board to avoid project duplications and cooperate with State Governments to address the needs of the people. ”As you do that not only Imo State, the South East but Nigeria will be better for all of us,’ he stressed.

He further urged the Board to hit the ground running as Imo State is indeed happy to play host to the Agency and has them as partners.

‘If you desire more land, don’t hesitate to approach the government. We need to plant what we eat and eat what we plant,” Uzodinma noted.

Earlier, Anosike said that their visit was ‘to pay courtesy call on the host Governor, Senator Hope Uzodinma after the inauguration of the Board in May, 2025.’

He expressed appreciation to President Bola Tinubu for finding them worthy of the appointment and to Governor Uzodinma for his magnanimity, recommendation, and facilitating their appointments in November last year.

This year, the Nigerian Economic Summit (NES) is themed with ‘Reform,’ to highlight how structural reforms can be accelerated to consolidate economic stability, foster inclusive growth, and position Nigeria to achieve its long-term development agenda.

For 31 years, the Nigerian Economic Summit Group, which organises the Summit, has brought private sector leaders and senior public sector officials to discuss and dialogue on the future of the Nigerian economy.

As Nigeria navigates an increasingly complex economic and geopolitical environment, the 31st Nigerian Economic Summit (NES #31) provides a timely platform for critical reflection, coordinated dialogue, and urgent collective action

The Nigerian Economic Summit as an annual event, brings together chief executives/top-level operators from the private sector and very senior government officials to discuss how best to develop the Nigerian economy and monitor the progress that is being made.

The Summit’s primary focus is the short to medium-term policy direction while giving priority to the national interest in the context of the evolving global economy, says NESG.

It also describes the annual Nigerian Economic Summits as a means for improving and generating better domestic policies via cooperation.

This year, starting today, it is convening national and global leaders in government, business, politics, civil society, and academia through a hybrid summit platform of in-person and virtual dialogues to deliberate on the theme ‘ Reform imperative: Building a prosperous andinclusive Nigeria by 2030.’

The five sub-themes: Driving Industrialisation-Led Growth; Unlocking Investments Amid Global Trade Shifts; Building Infrastructure for Competitiveness; Advancing Inclusion for Shared Growth; and Strengthening Institutions for Sustainable Impact, capture some of the most pressing concerns in Nigeria today, for the country’s survival now and to thrive and be relevant in the future.

These conversations aim to mobilise multisectoral action, influence public policy, and strengthen Nigeria’s capacity to deliver on its development commitments, NESG said on its website.

Niyi Yusuf, chairman of the NESG, underscored the urgency of the theme, describing it as ‘a reflection of where we are as a nation, and a call to action on what must be done if Nigeria is to truly prosper.’

He explained that over the past three decades, the Nigerian Economic Summit has evolved through five defining phases of Nigeria’s economy-from the pre-reform crises of the 1980s and 1990s, to the reform push of the 2000s, the traction of Vision 20:2020, and the volatility of recent years marked by recession and a pandemic.

He added that at every turning point, whether in pensions, agriculture, or energy reforms, the Summit has remained Nigeria’s foremost dialogue platform for shaping national priorities and building consensus between government and the private sector.

On the country’s current reality, Yusuf emphasised the need for a second wave of structural reforms, building on the tough policy choices already undertaken in recent years.

The Summit seeks to:

· Forge consensus on Nigeria’s reform trajectory, balancing stability and inclusion

· Develop sector-specific reform strategies for sustainable growth;

· Galvanise stakeholder input into the National Medium-Term Development Plan (2026-2030);

· Scale subnational reform models for national adoption; and

· Strengthen public-private-development partnerships for reform delivery.

The Nigerian economy

Nigeria’s socio-economic indicators have not been impressive in the last few years. While it appears that the economy has improved, culminating in a 4.23 percent growth in the second quarter of 2025, most of it is elusive.

It is eluding a vast majority of Nigerians and has not been able to reduce poverty or lead to the creation of sufficient jobs.

Despite headline inflation slowing to 20.12 percent in August 2025 and food inflation to 21.87 percent, Nigeria still faces severe and increasing food insecurity, with 31 million people facing acute hunger, according to the World Food Programme.

Also, a November 2024 report by the NBS shows that two out of three Nigerian households are going hungry, with families skipping meals as they cannot afford enough food.

Notwithstanding the above, Nigeria as a country holds a bright prospect. Its ever-vibrant youthful population is seen as a great asset that, if well harnessed, should spur accelerated development.

It is also Africa’s most populous nation with an estimated 230 million people. The population has helped boost consumer spending and consolidated it as a strong consumer market.

The population growth rate at 2.1 percent per year could see it become the third most populous country in the world with 300 million people by 2050.

The people must be fed with staples such as rice, beans, yams, and medicines, among others, providing opportunities for food, pharmaceutical, and other companies.

However, Foreign Direct Investments to keep the population productive have been on the decline. On the bright side, portfolio investors are upbeat.

President Bola Tinubu’s recent reforms, including ending a decades-old petrol subsidy and unifying the exchange rate, which has been sluggish for about a decade, has made dollars available in the economy, exchanging for N1,475.34 per dollar, according to data from the Central Bank of Nigeria (CBN).

What happens after the summit?

After the 27th Nigerian Economic Summit, all the discussions from the Summit are curated into a compendium called – Green Book. The Green Book is presented to the Federal Executive Council for implementation via the Federal Ministry of Finance, Budget and National Planning, according to information on NESG’s website.

According to the organisation, the annual Nigerian Economic Summits have, over the years, contributed to improving domestic economic policymaking. The Nigerian Economic Summit remains a significant forum for sharing information. A substantial proportion of NES recommendations over the years have since become part of government policy, NESG says.

Millions of Nigerians are registering to vote at a pace that surpasses the last electoral cycle, according to data from the Independent National Electoral Commission (INEC).

Although this development has been widely applauded, it is prompting cautious optimism about what it could mean for political participation ahead of the 2027 elections.

Over 4.4 million Nigerians have registered in just four weeks of the ongoing nationwide Continuous Voter Registration (CVR), which is nearly one-third of the total new registrations recorded during the entire lead-up to the 2023 elections.

Out of that number, young people between the ages of 18 and 34 account for about 2.92 million, while students represent a quarter at 1.11 million.

Political experts say if the registration momentum is sustained, the country could deliver the largest voter roll in a single cycle.

Chinedu Obi, a political analyst and director-general of the Inter-Party Advisory Council, believes the surge could be driven by unfavorable conditions due to difficult government policies and the desire for change.

‘I believe that anyone who has been in this country in the last two years with the difficulty we’ve faced would quickly want to get registered to effectively participate in deciding who governs the country, knowing that the action or inaction of any elected government can translate into our prosperity or otherwise,’ he said.

Obi said Nigeria could register well over 30 million more new voters. urging the government and all relevant stakeholders to invest in voter education.

‘I think there’s a need for us to do more voter education, to encourage people to know the need to participate in the election.’

For Innocent Okechukwu, a political observer, the numbers shows a strong early signals of a potentially highly competitive electoral environment. According to him, the surge could point to young and energised electorate, preparing to push harder for change than in 2023. He said it also raises the stakes for INEC to deliver credible polls.

‘Youth-driven movements, like what was seen in the #EndSARS era or the ‘Obidient’ wave in 2023, could re-emerge with greater scale and organisation. For the ruling All Progressives Congress (APC), which faces mounting criticism over economic hardship, the surge poses both opportunities and risks,’ he said.

Armsfree Ajanaku, executive director of the Grassroots Centre for Rights and Civic Orientation, described the trend as a good development.

‘The millions that have turned out is an indication that the Nigerian people still believe that democracy is the preferred vehicle for the realisation of their national aspirations,’ he said.

The youth-led surge brings back memories of the 2023 elections, when young people rallied around the Obidient Movement led by Peter Obi. That wave was driven by anger over poor governance, corruption, and insecurity, especially among urban youth. Even though Obi did not win, his campaign changed the political conversation and showed that Nigeria’s youth could shape national outcomes.

Before that, the #EndSARS protests of 2020, led by young Nigerians against police brutality, had already revealed the power of youth mobilisation. Although the protests were crushed, they created a generation of politically-aware citizens who now seem determined to turn activism into votes.

Regional disparities

INEC data show that regional disparities are emerging in the early phase of the exercise. The South-West is leading in new registrations, while the South-East trails far behind.

Osun State recorded the highest number nationwide with 552,045 registrations, followed by Lagos with 488,523. The least are Ebonyi, Abia, and Enugu, with 4,024, 3,532, and 1,839 registrations, respectively.

According to Okechukwu, the South-East figures raise questions about voter confidence, security concerns, or disillusionment with electoral institutions following the 2023 experience. He cautioned that the low numbers could further marginalise the region politically unless parties and civil groups step up mobilisation.

He added that the early lead in the South-West could consolidate its influence in determining the 2027 outcome.

For Obi, the low figure in the southeast could be a loss of faith in the system. ‘In the last election, many Nigerians believed that the outcome of that election wasn’t exactly consistent with their expectations, particularly in the presidential election, where many felt that the person they voted for didn’t win. You know that the South-East voted massively for a particular candidate in that election. Maybe there could be an apathy for registration, which is a function of those who feel that their votes don’t count,’ he said.

On the figures in the South-West, Ajanaku said local political projections have been driving registration turnout.

‘In Osun State, for instance, there will be an off-cycle governorship poll in 2026. So, it is clear local political actors are driving the registration process, which is a good thing.

‘Other regions lagging behind should also mobilise the people to go register. In all, political actors should engage the process and stop all forms of disinformation targeted at undermining the electoral process,’ he urged.

Nigeria’s Pension Fund Administrators (PFAs) will require N276.8 billion to meet the new minimum capital requirement announced recently by the National Pension Commission (PenCom).

Under the new framework, capital requirements are now tied to the size of Assets Under Management (AUM), meaning the country’s seven largest PFAs – Stanbic IBTC Pensions, Access ARM, Leadway Pensure/Pal, NPF Pensions, Premium Pensions, Trustfund Pensions, and FCMB Pensions – must raise additional capital on AUM exceeding N500 billion.

The firms are expected to inject billions of naira in fresh capital to meet the December 31, 2026 compliance deadline

PenCom, in a circular issued on September 26, 2025, announced a revised minimum capital requirements for Licensed Pension Fund Administrators (LPFA) and Pension Fund Custodians (PFCs)

Under the new framework, PFAs with AUM below N500 billion will require at least N20 billion in capital, while PFAs with AUM of N500 billion and above will require N20 billion, plus one percent of the portion of their AUM above N500 billion.

PenCom said the minimum capital for Special Purpose PFAs are -NPF Pensions Limited, N30 billion; and the Nigerian University Pension Management Company Limited, N20 billion.

Meanwhile, capital requirement for existing PFCs is N25 billion + 0.1 percent of AUC, while the minimum requirement for a new PFC Licence is N25 billion.

Industry data show that Stanbic IBTC Pension Managers, with an asset under management (AUM) of N5.895 trillion and shareholders’ funds of N45.41 billion as of the end of 2024, has one percent of its excess AUM estimated at N53.945 billion. This means the firm needs N73.945 billion in total capital, leaving a shortfall of N28.535 billion to meet the new minimum requirement.

Also, Access ARM Pensions, which managed N3.5 trillion in assets and had shareholders’ funds of N22.781 billion at the end of 2024, has one percent of its excess AUM estimated at N30 billion. It therefore needs N50 billion in total capital, translating to a N28.535 billion shortfall under the new rule.

Following its merger with PAL Pensions, Leadway Pensure now manages N1.811 trillion in assets. Its one percent excess AUM stands at N13.113 billion, bringing the total capital requirement to N25.513 billion in order to meet the new N33.113 billion benchmark.

Other leading PFAs and their estimated additional capital requirements include: NPF Pensions, N22.585 billion; Premium Pensions, N18.724 billion; Trustfund Pensions, N4.920 billion; and FCMB Pensions, N12.002 billion

Rufus Baba, an insurance sector analyst, shared analytical data on the recapitalisation of PFA in his X handle, questioning the rationale behind the increment by the industry regulator.

According to him, it is curious that PFAs with no balance sheet risk need more capital than regional banks, citing Providus Bank, a regional financial institution.

According to him, the guideline simply means that the big PFAs will perpetually raise capital as their AUM grows.

Daddy Jide, another analyst, in his X handle, said the exercise will lead to mergers and acquisitions, noting that the level of capital increment will make the industry less attractive for investors, citing low return on investment.

In the released guidelines signed by A. M. Saleem, director, Surveillance Department, PenCom said the review is to enhance the financial stability, operational resilience, improve service delivery and long-term viability of the PFAs and PFCs.

PenCom said since the last review of the minimum capital requirement for PFA business in April 2021, the pension industry has witnessed significant changes in terms of the geometric growth of the AUM.

‘PFAs are therefore required to maintain adequate capital to sustain the achievements of the Contributory Pension Scheme (CPS) after 21 years of existence, support on-going pension reform initiatives aimed at positioning the Nigerian pension industry to respond to macroeconomic pressures, and deployment of adequate resources to effectively fund operations, improve service delivery and ensure long-term sustainability.’

Nigeria is facing a chronic infrastructure deficit that could erode the gains of the ongoing reforms, slow economic growth, and further strain citizens’ living standards.

Africa’s most populous nation has an infrastructural gap estimated at $100 billion annually and projected to reach $878 billion by 2040, according to a report by credit rating agency AugustoandCo. The size of the gap means budget funding alone won’t cut it.

The country needs a more creative and sustainable means of financing to bridge what the World Bank says it would require investment spending of $3 trillion over the next 30 years to bridge.

Nigeria’s current infrastructure stock constitutes only 30 percent of GDP, far below the World Bank’s benchmark of 70 percent. Similarly, the nation ranks behind 23 other African countries on the African Development Bank’s Africa Infrastructure Development Index (AIDI), underscoring the need to increase investment spending on infrastructure to remain competitive.

Mobilising private capital like the idle pension funds or Sukuk Sharia Compliant instruments could be a game-changer for a country undergoing its boldest strings of reforms since independence.

A Sukuk, an Islamic type of bond specifically used in Nigeria for infrastructure projects, has gained traction in recent times after its first issuance in 2017, worth N100 billion.

While the federal government and state governments like Osun, Katsina, and Gombe have tapped into the instruments for infrastructural financing, the new Investment and Securities Act 2025 now gives local governments explicit authority to issue municipal bonds and Sukuk in what’s expected to drive development at the grassroots levels, according to Akeem Oyewale, chief executive officer of Marble Capital.

‘Nigeria needs humongous infrastructure development over the next couple of years. The benefits of issuing Sukuk are huge if we have all three tiers of government in that space,’ Oyewale said in an interview on Channels recently.

But structural and capacity cum leadership understanding of its issuance could limit success and investors’ appeal, especially at the local government levels, Oyewale said.

The federal government’s allocation of N5.99 trillion (10.8% of the 2025 budget) for infrastructure, though doubled year-on-year, is inadequate compared to the $100 billion annual target set by the Master Plan. Addressing this deficit means increased private-sector investment.

However, private investment in Nigerian infrastructure has been low, totaling $8.4 billion from 2013 to 2023, compared to South Africa’s $17.2 billion, data from AugustoandCo show.

Institutional assets, including pension and insurance funds, now exceed $100 billion. Yet less than 5 percent is invested in infrastructure, compared to 15 percent in South Africa.

Private equity and venture capital flows to Nigeria reached $1.2 billion in 2023; however, a significant portion of this was directed towards infrastructure.

‘A trust deficit drives this underinvestment; policy inconsistency, currency volatility, and weak contract enforcement all weigh heavily,’ Teslim Abass, an infrastructure investment analyst wrote in an opinion piece in June, 2025 on BusinessDay.

Abass cited limited data availability, policy uncertainty, currency volatility, perceived risks as some of the factors holding private capital in infrastructural development.

Private capital mobilisation has worked elsewhere. India’s highway sector attracted $20 billion in private investment between 2018 and 2023, resulting in 50,000 kilometres of new roads. Nigeria has a dynamic private sector and a growing institutional investor base.

Deficits in power, health, transport stall growth

Nigeria, Africa’s top crude producer, is targeting a 7 percent annual growth in the next two years and an economy worth $1trillion by 2030.

But with widespread infrastructural gaps, the ambitious growth plan may be stalled.

The country’s infrastructure challenges are vast. Nigeria’s road network, crucial for trade and mobility, spans around 195,000 kilometres.

Yet over 70 percent of these roads are in poor condition, according to the Federal Ministry of Works.

This gap is driving up transportation costs, delaying deliveries, and limiting access to markets, especially for small businesses and farmers, which further stokes of living crisis for Nigerians, whose spending power has been eroded.

Despite being the cheapest means of transportation and capable of moving freight and passengers across longer distances more efficiently, rail transport constituted less than 1 percent of the transportation industry’s contribution to Nigeria’s gross domestic product (GDP) in 2023, which further intensifies the load on roadways.

Power generation remains a bottleneck. Installed capacity stands at 12,500 megawatts (MW), but average output is just 4,000 MW due to transmission losses and gas supply issues. This leaves Nigeria’s per capita electricity consumption at just 144 kilowatt/hour (kWh) annually, far below the global average of 3,131 kWh, according to the World Bank.

Limited power generation means businesses spend an estimated $29 billion yearly on backup energy sources like diesel generators, data from the International Finance Corporation revealed.

‘This considerable deficit hampers economic growth, sustainable development, and poverty alleviation,’ AugustoandCo wrote in a recent report.

Dideolu Falobi, managing director of Kresta Laurel, a Lagos- based electro-mechanical company argued that investors are willing to pour in billions in capital for infrastructure if the country’s justice system is overhauled to guarantee investors security.

‘One of the biggest challenges we have with infrastructure funding is our legal system. A legal system that doesn’t guarantee justice on time discourages investors,’ Falobi said.

‘Nigeria has a very good Return on Investment. People will bring in funds when there’s a system that makes people feel secure.’

The Federal Ministry for Economic Cooperation and Development (BMZ) of the German Government, in collaboration with World Food Programme (WFP) and Care Nigeria is set to empower a total of 6,389 households in Yobe State.

Abatcha Abubakar, the Area Manager, Care Nigeria, stated this to newsmen at state level stakeholders inception meeting on resilience and social cohesion (peace) held in Damaturu, Yobe State.

According to him, the Resilience and Social Cohesion (Peace) Project is a joint initiative that seeks to restore essential services and rebuild livelihood to drive sustainable transformation in the state.

He said the households would be trained and empowered with agric inputs, crops processing machines and stipends to improve their livelihood.

He added that the program was funded by the Federal Ministry for Economic Cooperation and Development (BMZ) of the German Government, in partnership with World Food Programme (WFP), UNICEF and Care Nigeria.

He further said the project goals were to increase the productivity and revenue of 6,389 smallholder farmers and households in the agric value chain and improve the economic status of 31,945 individuals.

According to him, the project is targeting 5 wards in Jakusko LGAs to ensure that those households improved their dietary diversification and access to financial services through Village Savings and Loan Association (VSLAs).

‘We implement crop production initiatives where project participants are grouped together and provided with inputs to build their resilience and self-sufficiency. Additionally, we have an Income Generating Activity (IGA) aimed at improving household finances. Through IGAs, we form groups and equip them with agro-processing machines, enabling them to generate income beyond farming.

‘Furthermore, these groups are organized into Village Savings and Loan Associations (VSLAs), a tool we use globally. VSLAs empower women to save and contribute to a collective fund, providing mutual support.

‘The initiative aims to support 6,389 households through agricultural interventions. We’ll provide seeds for crops like maize, groundnuts, and rice, focusing on wet season farming. Additionally, we’ll promote vegetable gardening, encouraging participants to cultivate backyard gardens.

‘This effort seeks to improve livelihoods and prevent households from falling into food insecurity. Furthermore, selected households will receive a monthly stipend for six months. We’re also constructing warehouses to support these initiatives.’ He said.

In his remark, Owen Maganga, the Head of World Food Programme, Damaturu Sub Office, Yobe State, said the WFP is committed to support the Livelihoods of farmers in the Northeastern region.

President Bola Tinubu is expected to return to Abuja, the nation’s capital, today after a ten-day working visit to Lagos State.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, in a statement, on Monday, said the President had arrived in Lagos on Friday, September 26, after attending the coronation of His Imperial Majesty, the Olubadan of Ibadanland, Oba Rashidi Adewolu Ladoja, in Ibadan.

‘While in the nation’s commercial capital, President Tinubu engaged with key investors, including Bayo Ogunlesi, Chief Executive Officer of Global Infrastructure Partners, and Keem Belo-Osagie, former Chairman of United Bank for Africa and Etisalat, and now Chairman of Metis Capital Partners.’

The President also received Arsenio Dominguez, Secretary-General of the International Maritime Organisation (IMO), in the company of the Minister of Marine and Blue Economy, Adegboyega Oyetola and other heads of agencies in the sector.

The President reaffirmed his administration’s commitment to developing Nigeria’s maritime industry as a viable alternative to fossil energy, during the meeting.

On the eve of Nigeria’s 65th anniversary of independence, President Tinubu visited Imo State to commission projects undertaken by Governor Hope Uzodimma.

The President also unveiled a book authored by the governor, chronicling 10 years of the APC governance in Nigeria.

He delivered the national broadcast from the State House, Dodan Barracks, on Independence Day, and later commissioned the renovated National Theatre – now renamed the Wole Soyinka Centre for Culture and the Creative Arts – where he called on Nigerians to speak positively about their country.

On Saturday, October 4, President Tinubu visited Jos, Plateau State, to attend the burial of Mama Lydia Yilwatda, the mother of Nantawe Yilwatda, the national chairman of the All Progressives Congress APC.

At the funeral, the President paid tribute to Mama Yilwatda and assured Christian communities in Northern Nigeria of his administration’s unwavering commitment to fairness and equity among all religious groups in the country.

The Federal Government has announced sweeping reforms to modernise agricultural education as part of efforts to strengthen food security and create employment opportunities for young Nigerians.

This is contained in a statement on Sunday in Abuja by the Director of Press and Public Relations at the Federal Ministry of Education, Folasade Boriowo.

Boriowo said the initiative, jointly driven by the Federal Ministries of Education and Agriculture and Food Security, aimed to update agricultural curricula and attract greater youth participation.

She quoted the Minister of Education, Tunji Alausa, during the official presentation of the new Agricultural Curriculum Framework reform, as saying that the reform was a pivotal step toward repositioning agriculture as a pillar of national development.

Alausa explained that the initiative aligned academic training with President Bola Tinubu’s vision for a technology-driven agricultural sector.

He expressed concern over the declining enrollment in agricultural programmes across tertiary institutions in spite of significant government investment in the sector.

‘Statistics from the 2024 Unified Tertiary Matriculation Examination (UTME) revealed that 47.92 per cent of admission slots allocated to agricultural courses remain unfilled.

‘Agriculture is a major national priority, but enrollment in agricultural courses in higher institutions is dropping.

‘In the last three years, there have been thousands of open slots, but only a fraction has been taken.

‘This is a serious gap, especially in an area that should ensure food security for Nigeria and make the country an export hub for agricultural products,’ he said.

However, Alausa noted that vocational and technical agricultural training had seen increased interest among young Nigerians.

‘Out of more than 900,000 Technical and Vocational Education and Training (TVET) applications recently received, more than 210,000 were for livestock farming alone.

‘Agriculture overall ranked close to garment making, which recorded more than 260,000 applicants.

‘This shows that young Nigerians are eager to gain practical agricultural skills, but the outdated tertiary curriculum has not kept pace with modern realities,’ he added.

The minister reaffirmed the government’s commitment to updating the curriculum to meet industry needs and support economic diversification.

He cited the Republic of Benin’s cotton processing success as a model for Nigeria’s efforts to link education with industrial value chains.

‘Benin moved from earning 500 million dollars in raw cotton exports to 12 billion dollars in processed products, employing more than 25,000 young people.

‘Nigeria will replicate this success through curriculum reform and practical agricultural education that supports our production zones and export diversification goals,’ Alausa said.

Also speaking, the Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi, emphasised that achieving food sovereignty required a comprehensive review of agricultural education.

‘As Nigeria seeks to diversify, we need more people engaged in agricultural enterprise. Food security cannot be achieved without aligning our education and training systems with national priorities. ‘Our curriculum must equip graduates not just with theoretical knowledge but with practical skills and innovation to drive agricultural transformation,’ Abdullahi said.