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Anthonia Ani looks forward to July with expectation. It is around the time that secondary schools in the Kwamba local government of Niger State hold ceremonies for graduating students, and her small store, offering food items needed to prepare the day’s ‘Item 7,’ was a popular destination for them, some of whom had become ‘regular customers’.

Ani’s goods are part of the many goods loaded onto trucks that leave Onitsha’s main market, a sprawling square where everything from textiles, electronics, cosmetics, to food items is traded. From there, goods snake their way through the country, feeding small shops like hers.

‘It’s the peak season of our business,’ said Ani, who runs the shop with her husband. But this year was disappointing. She told BusinessDay that she didn’t experience sales as usual, as schools and other consumers cut down on spending to save costs.

‘Anybody coming now will say that they just have to manage what they have,’ she said. ‘In fact, they are not inviting parents for the graduations anymore, they want only the graduates. The amount of spices and the condiments they bought compared to what they need has dropped.’

Ani’s experience is not isolated and rather reflective of a cautious population who, with rising prices and limited income, realise they can no longer afford what they used to, and now seldom visit the market.

The output of Nigeria’s trade sector is on a downward slope for the third straight quarter, according to the latest GDP figures released by the National Bureau of Statistics. And compared to last year, it experienced a slowdown in the first half.

Output dropped from 2.04 per cent between September and December 2024 to 1.78 per cent in the first quarter of 2025. By the second quarter, it headed downwards once more to a 1.29 per cent growth.

The sector’s GDP growth in the first half of the year dropped by 0.53 per cent compared to last year, stunting its contribution to total GDP.

Experts say low consumer purchasing power, influenced by double-digit inflation, has discouraged big purchases from micro, small, and medium enterprises (MSMEs)-which make up per percentage of Nigerian businesses.

‘We have weak consumer demand at the moment,’ said Femi Egbesola, president of the Association of Small Business Owners Association of Nigeria (ASBON). ‘Even though data shows there’s a form of stability, inflation (rate currently at 20.12) is still very high compared to other nations. And because inflation is high, the take-home of an average worker is low in terms of purchasing power.’

He said that people now buy less than they used to and concentrate on basic needs. ‘And for that reason, the trade would definitely slow down because the demand slows down.’ Victoria Babalola, a Lagosian, is one of those people who have watched their purchasing power slip despite earning three times the country’s minimum monthly wage of N70,000, a salary which many Nigerians, especially in the informal sector, still earn below.

Her salary has not changed, but food prices have.

‘Foodstuffs are more expensive now compared to last year,’ she told BusinessDay. ‘The money you used to buy one kilo of chicken one year ago might only buy you half a kilo now.’ A bowl of custard, which she enjoys, now costs 100 per cent more than it did a year ago. Her appetite has had to adjust to the times. ‘I don’t even order out anymore,’ she said.

She now spends with caution, leaving just enough money in the bank in case of rainy days. ‘If life throws you lemons, you want to quickly make lemonade,’ she said.

Adeleke, like Babalola, considers himself a victim of the economy. A family man who leaves home to guard gates in Lekki, one of Lagos’s wealthy neighbourhoods, for a little over the minimum wage, he regrets not being able to buy as much as he could.

‘Before, I can buy one bag of rice. Now it’s very expensive, so I will just buy half bag. It’s not easy oh,’ he told BusinessDay. Low demand means traders are being forced to drop prices of their products to encourage patronage, squeezing their profit margins thin with little left to compensate for operational costs.

The journey from Onitsha comes with layers of added cost, including port charges and clearing fees in Lagos, where the goods sit for a week, incurring demurrage. This comes with haulage costs, which have surged with rising diesel and petrol prices.

Bad roads also increase travel time, truck maintenance, and the risk of goods being damaged or spoiled.

‘Transportation alone takes a greater part of what one can gain from the goods,’ Ani said. She told BusinessDay that even when food prices come down, her prices must remain up or else she runs into a loss.

As many businesses require adequate power to survive, many shops around here resorted to buying small fuel-powered generators to run their businesses, due to the unsustainable power supplied from the national grid, which comes with high electricity bills.

‘They say they prefer to buy the fuel at that high rate, than to be paid money for what they will not even make any profit out of it.’

Despite the band system introduced by the government to regulate tariffs, many of the vendors do not even know what band they are on or how much electricity they use, she confirmed. They are simply charged intermittently based on the size of their shops.

As for Ani, there are no more lights in her shop, not from the national grid or from a mobile generator. ‘I don’t need it,’ she claimed.

Egbesola pointed to how a cocktail of barriers, including high costs of importations, borrowing costs and currency devaluation, leaves many businesses in a tight place

He said they are now seeking locally sourced raw materials to replace those from the expensive port.s

‘They are also doing backward integration, and you know when we do less import, definitely trade will shrink,’ he said.

While the Central Bank insists that liquidity has improved, businesses say access is still limited and unpredictable. ‘Scarcity is still there, and you know when there’s scarcity, organisations, particularly manufacturing companies, will not be able to import in their raw materials, their equipment, as they should, and when that happens, their production will slow down.’

When production slows, there are fewer goods for wholesalers, distributors, and retailers to buy and resell. With fewer goods flowing through the economy, the trade sector’s margins shrink, which shows up as slower trade GDP growth.

Despite the drag, trade continues to dominate Nigeria’s GDP profile, contributing over 18 per cent in the latest rebased figures, ahead of sectors like crop production and manufacturing. Experts warn, however, that dominance should not be mistaken for resilience.

‘The implication is that if nothing is done, it will continue to reduce revenue that government is supposed to get, which will also rub off on infrastructural development and other social safety nets that it’s supposed to provide,’ Egbesola said.

If reforms succeed in easing the barriers-by widening access to foreign exchange, lowering borrowing costs, and creating consistent trade policies-activity could rebound. More trade would mean higher revenues for the government, healthier businesses, and stronger household spending power.

He said if trade can be supported to grow as it should, companies will make more money.

‘This money will trickle down to average Nigerians and to better the lot of our lives. You will see more activities, both businesses, both households, both socially will improve.’

With estimates suggesting that Nigeria needs around $100 billion in investments each year for the next decade to help improve its infrastructure, there’s a huge opportunity for positive change and economic growth. Many of us notice the everyday challenges, like power outages, busy health facilities, traffic congestion, and a shortage of affordable homes. These issues can present challenges that sometimes slow down progress, making it more difficult for businesses to thrive and for Nigeria to compete on a global level. However, they also highlight areas where targeted investments and innovative solutions can make a real difference for our communities and our economy.

For years, the government has attempted to bridge this gap through budgetary allocations and borrowing from both domestic and foreign sources. While these efforts are commendable, they have proven insufficient. The reality is apparent: Nigeria cannot rely on public finance alone. Mobilising private capital, especially from institutional investors, is one of the sustainable pathways to financing infrastructure that will power our economic growth.

Pension funds and opportunities in infrastructure

Among global private capital pools, pension fund assets are particularly well-suited for investments in infrastructure. As managers of long-term savings, pension fund capital is naturally aligned with the nature of long-term capital infrastructure investment requirements. Moreover, investment in infrastructure assets can deliver steady, inflation-linked cash flows over an extended period. Globally, infrastructure has evolved into a defensive asset class, enhancing yields, diversifying portfolios, and providing essential services.

In Nigeria, despite the modest growth in infrastructure investments, this potential remains somewhat underutilised. According to the Pension Funds Operators Association of Nigeria’s (PenOp) recent flagship Infrastructure report [RA1], pension fund investment in infrastructure is still around 1.3 percent of total assets under management, even though regulations permit allocations of up to 10 percent. Historically, pension fund administrators have been cautious, citing concerns around project bankability, regulatory bottlenecks, and the overarching responsibility to safeguard contributors’ capital.

The inaugural PenOp Infrastructure Report provides valuable insights into how pension fund managers perceive the infrastructure asset class. The findings are instructive. Half of the fund managers surveyed identified the lack of bankable projects as the most significant barrier to investment. At the same time, 55 percent believe that infrastructure is the most attractive alternative asset class, and more than half are actively scouting opportunities. The report makes it clear that while challenges remain, there is a strong appetite within the pension fund industry to channel more capital into infrastructure, provided the right conditions are in place.

Opportunities for growth, challenges to overcome

Infrastructure investment is about enabling growth and improving lives. The PenOp report highlights power and transport sectors as the most attractive destinations for pension fund investment, given their direct impact on industrialisation, trade, and productivity. There is also rising interest in agriculture and healthcare – two sectors critical to Nigeria’s human and food security. Agriculture requires modern storage, logistics and irrigation systems to unlock its potential, while healthcare needs upgraded facilities to meet the demands of a growing population.

Still, unlocking pension fund capital for infrastructure will require deliberate action. The report underscores the importance of credit enhancements to mitigate risks, transparent and consistent project execution to build confidence, and regulatory reforms and tax incentives to encourage investment. Nigeria needs a wider ecosystem of de-risking instruments, policy consistency, and credible pipelines of investable projects to crowd in pension capital.

Stanbic IBTC as a viable infrastructure financing conduit

Stanbic IBTC Infrastructure Fund continues to play a catalytic role in infrastructure investment while advancing dialogue, transparency and knowledge-sharing within the industry. We are convinced that access to credible data on projects is vital for informed decision-making about the broader infrastructure asset class.

At Stanbic IBTC Asset Management, we prioritise curating value-creating and value-enhancing projects underpinned by sustainability and impact themes that deliver on critical outcomes to investors and other stakeholders.

Stanbic IBTC Infrastructure Fund has taken a lead on infrastructure financing in Nigeria, having supported projects with a cumulative value of ?280 billion since inception. Aggregate revenues of the sponsors that Stanbic IBTC Infrastructure Fund has supported since inception are in excess of ?900 billion. The Fund has made cash returns of over 35 percent to its investors, and its unit price has appreciated by 13 percent from ?100 per unit at inception to ?113 per unit as of 30 June 2025. In under four years of operation, the Fund has paid over ?24 billion in cash distributions to investors from a capital base of ?70 billion. Projects financed by the Fund have significantly impacted local communities, generating over 5,000 direct and indirect jobs across various sectors. In addition to boosting employment, investments in road infrastructure under the RITC scheme have enhanced public infrastructure, providing reliable transport solutions to commuters and delivering essential healthcare services to individuals.

In 2025, we launched our ?350 billion Stanbic IBTC Infrastructure Growth Fund (SIIGF) – the core mandate is to provide equity investment into infrastructure projects in Nigeria and Pan Africa. Our pipeline of infrastructure investment remains robust as we continue to mobilise domestic institutional capital as well as foreign capital at scale. With each of our projects, we are supporting the creation of a pathway to sustainable financing of infrastructure projects, reducing reliance on external borrowing, stimulating industrialisation, and improving the quality of life for millions of Nigerians. Achieving this requires coordinated action from government, regulators, development finance institutions (DFIs), and the private sector to create an enabling environment that gives pension funds the confidence to participate in infrastructure investment. This is too important a task to be left to any one stakeholder.

The federal government has unveiled a Forest Guards Initiative, aimed at flushing out bandits, kidnappers, and other criminal elements operating from Nigeria’s forests.

The initiative, formally launched by Nuhu Ribadu, National Security Adviser (NSA), during the opening of the Federal and States Security Administrators’ Meeting (FSSAM) at the National Counter-Terrorism Centre (NCTC) in Abuja on Thursday, is expected to deploy a massive force of over 130,000 armed forest guards across Nigeria’s 1,129 forest and game reserves.

Ribadu said the initiative, approved by President Bola Ahmed Tinubu, is a decisive step towards reclaiming ungoverned forest areas that have become strongholds for violent groups responsible for widespread insecurity, kidnappings, and rural violence.

‘We are taking the fight to where the criminals hide. The Forest Guards Initiative is a bold step to secure our forests, restore peace to rural communities, and deny bandits and kidnappers freedom of action’, Ribadu declared.

According to the NSA, the first phase of the operation will begin in seven frontline states, Adamawa, Borno, Niger, Kebbi, Kwara, Sokoto, and Yobe before expanding to other parts of the country.

He described the initiative as a key component of the Tinubu administration’s broader national security agenda, which prioritizes rural safety, environmental protection, and the restoration of peace in communities most affected by violent crime.

Ribadu noted that the forest guards will be specially trained, well-equipped, and coordinated through a joint command structure to ensure intelligence sharing, rapid response, and effective territorial coverage. ‘The forests have long provided sanctuary for criminal networks. We are changing that narrative by establishing a strong, permanent security presence in these areas’, Ribadu said.

In his remarks, Muhammed Danjuma, Permanent Secretary of the Special Services Office, described the Forest Guards Initiative as a ‘security game-changer’ that reflects unprecedented collaboration between the Office of the National Security Adviser (ONSA), the Federal Ministry of Environment, and state governments.

Danjuma explained that the programme would not only target criminal activities but also help safeguard environmental assets and protect vulnerable rural populations who have borne the brunt of insecurity in recent years.

He, however, cautioned that the initiative’s success would hinge on political will, adequate funding, and consistent cooperation between the federal and state governments.

‘This is a long-term investment in peace and stability. If properly sustained, it will change the security landscape of Nigeria’s rural communities’, Danjuma added.

Nigeria’s startup ecosystem is one of the most vibrant on the continent. Venture funding has flowed into fintech, healthtech, and mobility startups. Hubs in Lagos, Abuja, and Port Harcourt are buzzing with innovation, and founders are increasingly building with a global outlook.

Yet, beneath this energy lies a stubborn reality: too many Nigerian startups struggle to scale sustainably.

While capital, a fledgling regulatory environment, and the prevalence of poor infrastructure dominate conversations about barriers to growth, one critical factor is often overlooked: digital sales capability. In other words, our startups know how to build, but too few know how to sell effectively at scale.

Building without selling: The common trap

Across Nigeria’s ecosystem, a familiar pattern emerges. A startup secures seed funding, builds a promising product, and gains early adopters, only to stall when it comes time to expand. The reasons vary: long sales cycles, fragmented market infrastructure, and limited access to high-quality buyer data. But at the heart of the issue is a missing engine for predictable revenue: a modern, data-driven sales system.

Unlike in markets where a startup can ‘plug into Stripe’ and unlock instant payment rails, Nigerian startups face fragmented infrastructure. To serve a pan-African market, they often stitch together multiple providers, each with its own requirements, compliance hurdles, and onboarding processes.

This complexity elongates sales cycles and forces teams to reinvent the wheel rather than scale a tested sales playbook.

Why digital sales matters

Digital sales are more than cold calls or closing deals. It is the discipline of engineering revenue growth. It combines structured go-to-market strategies, customer intelligence, automation, and global best practices to convert innovation into commercial traction.

Done well, digital sales deliver three critical benefits to Nigerian startups:

Revenue resilience

In volatile markets, predictable revenue is the best hedge against uncertain funding cycles. Sales-led companies can survive funding winters by monetising customers instead of relying solely on venture capital.

2. Global market access

With structured outbound sales, Nigerian startups can sell across borders from day one. Talent in Lagos can close clients in London or São Paulo, expanding total addressable markets far beyond local constraints.

3. Investor confidence

Venture capitalists are no longer satisfied with ‘growth at all costs’. They demand sustainable unit economics. A strong digital sales system demonstrates scalability, improving both valuation and investor confidence.

Lessons from global and African startups

Companies like Salesforce, HubSpot, and Stripe grew into global giants because they paired product innovation with sophisticated revenue engines. Even within Africa, fintechs such as Flutterwave and Paystack have shown that commercial excellence is as important as technical ingenuity. Their success demonstrates a clear truth: growth is not accidental; it is designed.

For Nigeria’s ecosystem, this means founders must prioritise building sales teams as deliberately as they build engineering teams. Without this, even the most innovative products risk becoming ‘zombie startups’, alive but unable to grow.

What needs to change

To unlock the full potential of Nigeria’s startup economy, three shifts are essential:

Founders must treat sales as a core competency.

From day one, startups should invest in structured go-to-market strategies, not treat sales as an afterthought once funding runs low.

2. Talent development in sales must accelerate.

Nigeria has a growing pool of engineers, but we need just as many skilled sales professionals. This is why I co-founded Tech Sales Starter, a digital-first training platform that has already trained over 300 Nigerians in tech sales, with a 65% job placement rate. By equipping young professionals with practical skills and connecting them to global opportunities, initiatives like this prove that Nigeria can build the commercial talent needed to fuel startup growth.

3. Investors should incentivise revenue discipline.

Rather than celebrating vanity metrics, investors should back startups that demonstrate strong sales conversion, customer retention, and scalable revenue processes.

The path forward

Nigeria has no shortage of entrepreneurial talent or global ambition. What it lacks is an equally strong culture of digital sales excellence. By embedding sales as the missing link in our startup economy, we can shift from a cycle of building and stalling to one of building and scaling.

Through my work at AiPrise and Tech Sales Starter, I’ve seen firsthand how digital sales innovation can transform both companies and careers. If we embed sales excellence as deeply as we embed technical excellence, Nigeria’s startups will not only grow at home but also redefine how the world sees African innovation.

In a world where capital is cautious and competition is fierce, those who sell best will win.

The management of Dangote Petroleum Refinery has dismissed reports alleging that it is importing finished petrol (Premium Motor Spirit, PMS) with high sulphur content into Nigeria, describing such claims as false, malicious, and misleading.

In a statement issued on Friday, the company clarified that the cargo being referenced is an intermediate feedstock and not finished petrol. It explained that, as a world-scale complex refinery, Dangote processes a range of crude oils and intermediate feedstocks, a globally accepted practice aimed at optimising production efficiency and product quality.

‘The cargo in question is an intermediate feedstock, not finished petrol, and will be fully refined in our units to meet both Nigerian and international quality standards,’ the company said.

Dangote further noted that its operations within a Free Trade Zone are strictly regulated, adding that the refinery refines and sells only high-quality fuels that comply with all regulatory specifications.

The company emphasised that its exports of petroleum products to the US and Europe, some of the most strictly regulated markets in the world, demonstrate its adherence to global benchmarks. ‘All imports are accompanied by quality certificates and shared transparently with regulators,’ the statement continued. ‘Dangote Petroleum Refinery is also willing to make these documents available to the public in the interest of full transparency and accountability.’

Reaffirming its commitment to Nigeria’s energy independence, the refinery pledged to maintain the highest standards of quality, transparency, and environmental responsibility.

‘Dangote Refinery remains fully committed to advancing Nigeria’s energy independence, upholding the highest standards of quality and transparency, and delivering cleaner fuels for Nigeria and beyond,’ the statement concluded.

The Dangote Petroleum Refinery, Africa’s largest industrial complex, commenced operations to transform Nigeria into a net exporter of refined petroleum products, thereby reducing the country’s reliance on imported fuel.

The National Single Window (NSW) initiative, a major reform aimed at streamlining trade processes, improving transparency, and speeding up cargo clearance will lower business costs and boost operational efficiency at Nigeria’s ports.

Tola Fakolade, Director of the National Single Window Project and Head of Secretariat made this known at the National Single Window Stakeholders’ Forum held Thursday in Lagos.

Participants included representatives from the Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Export Promotion Council (NEPC), Nigerian Investment Promotion Commission (NIPC), Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), Association of Nigerian Licensed Customs Agents (ANLCA), National Association of Government Approved Freight Forwarders (NAGAFF), and the Truckers Association of Nigeria, among others.

Fakolade said at the forum that the initiative demonstrates President Bola Tinubu’s determination to build a competitive, technology-driven trade environment.

The NSW, according to Fakolade, will function as a digital platform connecting all government agencies involved in import and export procedures on a single online system, removing duplicate documentation and minimising physical interactions that often fuel inefficiency and corruption.

‘It is the President’s desire to see importers and exporters carry out their businesses seamlessly,’ Fakolade stated. ‘The era of diverting consignments and investments to neighbouring ports due to inefficiencies and high costs will soon be over. This initiative will simplify and harmonise trade processes while cutting transaction time and cost.’

He disclosed that the project has entered its crucial development and integration phase after more than a year of assessments and requirements analysis, with an operational target set for Q1 2026.

‘Achieving seamless integration at this stage is essential. We are ensuring that all technical and institutional frameworks are aligned to deliver on schedule,’ he added.

The forum, jointly organised by the National Single Window Secretariat and the Nigeria Customs Service (NCS), convened stakeholders from trade, logistics, maritime, aviation, and regulatory sectors to assess project progress and strengthen collaboration ahead of deployment.

Fakolade further disclosed that integrating the NSW with the African Continental Free Trade Area (AfCFTA) framework would create new opportunities for Nigerian exporters by reducing trade costs, enhancing supply chain visibility, and improving regional competitiveness.

‘A fully functional National Single Window will give Nigerian businesses a cost advantage and increase their participation in intra-African trade,’ he said.

Panelists at the forum shared perspectives on their agencies’ roles in supporting implementation, while acknowledging persistent challenges such as multiple cargo inspections, non-harmonised documentation, and infrastructure constraints. They assured participants that ongoing inter-agency coordination would ensure a smooth transition to the new system.

The session featured open discussions on timelines, integration readiness, and stakeholder responsibilities, with government officials assuring that measures were being implemented to guarantee the sustainability of reforms.

The organisers said the forum was designed to foster collaboration, alignment, and ownership among trade facilitation stakeholders, while providing updates on project milestones, hosting a stakeholder town hall to address questions and gather feedback, and announcing the expected launch timeline and pre-implementation readiness plans.

Participants expressed optimism that once operational, the NSW would drastically reduce clearance time, cut logistics costs, and make Nigeria’s ports globally competitive.

‘This project is a game-changer for Nigeria’s trade ecosystem,’ Fakolade declared. ‘When fully implemented, it will deliver measurable benefits to businesses, government revenue, and the wider economy.’

Analysts believe the National Single Window initiative, has long been recognised as a critical enabler for Nigeria’s trade modernisation and port reform agenda.

By connecting all trade-related agencies and stakeholders on one platform, it promises to transform Nigeria into a more efficient, transparent, and investor-friendly trade hub in West Africa.

Drug-resistant infections now kill more Africans than HIV/AIDS or malaria, signaling a new era of global health insecurity, according to Gatefield, a public strategy organisation.

If unchecked, Gatefield warned that antimicrobial resistance could claim 10 million lives annually by 2050, surpassing cancer as the world’s leading cause of death.

According to the organisation, Africa’s health systems are under unprecedented pressure; from rising chronic diseases, drug-resistant infections, to underfunded mental and women’s health services which threaten millions of lives.

‘Warning signs are clear: one in three adults has high blood pressure, one in three people can obtain antibiotics without a prescription, and when antibiotics fail, even simple infections can turn deadly. The erosion of basic health protections threatens to reverse decades of progress in life expectancy, economic growth, and stability’, the organisation stated.

In addition, it noted that fewer than 8% of people across the region have health insurance, even as the burden of chronic diseases rises faster here than anywhere else in the world.

‘Nearly one in four African lives is cut short by non-communicable diseases (NCDs) such as heart disease, cancer, and diabetes. Behind these numbers lies a deeper crisis of access, equity, and investment. Africa carries 25% of the world’s disease burden but receives only 3% of global health spending. Each year, 150 million Africans face catastrophic health expenses that push families into poverty, underscoring the fragility of financing systems’, the statement added.

Gatefield further expressed concerns that women’s health and mental health remain critically under-resourced with 116 million Africans living with mental health conditions, yet less than 2% of global health funding targets the crisis. Against this backdrop, the organisation explained that the Gatefield Health Summit 2025 in Abuja from October 22 will convene global and regional leaders to define a new agenda for resilient health futures, noting that Sub-Saharan Africa stands at a defining moment for health resilience.

‘Health resilience begins with systems that anticipate shocks, whether pandemics, drug resistance, or financial strain, and protect the most vulnerable. It demands stronger domestic financing, data-driven governance, and innovation in community- and at-home care’, Omei Bongos, public health lead at Gatefield said.

‘The Gatefield Health Summit 2025 will convene policymakers, researchers, and private sector leaders to redefine resilience across Africa. From food and funding to women’s health and medicines, the agenda recognizes the shared truth that health systems must be built to endure,’ Shirley Ewang, advocacy lead at Gatefield said.

Confirmed speakers include leaders from The World Bank, International Diabetes Federation, Pathfinder International, Policy Innovation Center, Society for Family Health, and the South African Medical Research Council.

In today’s technology-driven world, semiconductors are the invisible engines powering everything from smartphones and data centers to electric vehicles and renewable energy systems. As the global demand for these microchips skyrockets-expected to reach over $1.2 trillion by 2030-a fierce race is underway among nations to dominate the semiconductor industry, which is a race that Nigeria is now strategically entering.

Nigeria’s emergence as a semiconductor hub is not just a possibility; it’s crucial. The continent’s growing digital economy, expanding tech ecosystem, and youthful population demand homegrown solutions that reduce dependency on foreign imports and supply chains vulnerable to geopolitical disruptions. Africa’s digital economy is projected to reach $712 billion by 2050 with Nigeria as the largest contributor. Nigeria’s GDP is estimated at $243 billion in 2024, supported by a population exceeding 220 million, with over 60% under the age of 25. By establishing Nigeria as a centre for semiconductor innovation and manufacturing, we can fulfill a continental need and position Africa as a serious player in the global chip economy. We believe Nigeria has the potential to become Africa’s semiconductor hub, placing the country and the continent to compete with global tech powers. This is not just about manufacturing chips; it’s about building a sustainable ecosystem that drives innovation, economic growth, and technological sovereignty across Africa.

Why is this important? Currently, the semiconductor industry is concentrated in a few countries, leaving Africa heavily reliant on imports. Taiwan, South Korea, and the United States account for over 70% of global semiconductor manufacturing capacity. This dependency exposes the continent to supply chain disruptions and inflated costs, limiting access to critical technology. Nigeria, with its vast market, growing tech ecosystem, and young, talented workforce, is uniquely positioned to change this narrative.

Our vision is bold: to develop indigenous semiconductor capabilities that meet local and Africa’s needs while competing on the global stage. We have established at Amal Semiconductor Manufacturing Company Limited, a fabless ecosystem along with our partners; we are pioneering the first assembly, testing and packaging (ATP) of various chips (QFN, QFP, CSP and many more types in the works). We are investing in research and development, talent cultivation, and strategic partnerships to build the first foundry in Africa that will be tailored for Africa’s unique challenges-such as energy efficiency, affordability, and durability in diverse environments.

Establishing Nigeria as a semiconductor hub requires more than technology; it demands collaboration among government, industry, academia, and investors. We are actively engaging policymakers to create an enabling environment that supports innovation, attracts investment, and encourages local manufacturing. At the same time, we are partnering with universities and technical institutions to nurture the next generation of engineers and designers who will drive this industry forward.

The benefits of a thriving semiconductor sector are transformative. Beyond technology, it will diversify Nigeria’s economy, create high-value jobs, strengthen supply chains, and boost exports. More importantly, it will empower Africa to take control of its digital future, reducing dependence on external suppliers and fostering resilience in the face of global uncertainties.

This vision aligns with a broader continental need, it is not just about building a Nigerian semiconductor, it’s about transforming Africa’s largest economy. It’s about sovereign technology and making Nigeria an exporter of technology-from dependent to self-sufficient. As Africa accelerates its digital transformation, the demand for chips will grow exponentially. Nigeria’s leadership in semiconductor innovation can serve as a catalyst for regional collaboration, integrating African markets and building a robust technology ecosystem that uplifts the entire continent.

Our journey reflects this ambition. From pioneering indigenous industrial equipment to advancing semiconductor research, we are committed to positioning Nigeria as a global player in the chip economy. The road ahead is challenging, but the opportunity is immense. With strategic focus, investment, and collaboration, Nigeria can claim its place among the world’s technology leaders.

The race for Silicon Africa is on. Nigeria is ready to lead.

The Economic and Financial Crimes Commission (EFCC) has arraigned Ngozi Olejeme, former Board Chairman of the Nigeria Social Insurance Trust Fund (NSITF), before the Federal High Court in Maitama, Abuja, over allegations of laundering public funds amounting to ?1 billion.

Olejeme appeared before Emeka Nwite (Justice) on Wednesday, where she faced an eight-count charge bordering on money laundering, conversion, transfer, and possession of proceeds of unlawful activity.

According to the EFCC, the offences were allegedly committed during her tenure as NSITF board chairman in 2012.

The commission alleged that Olejeme used her position to divert large sums of money belonging to the agency through companies linked to her.

One of the charges accused her of indirectly converting ?321.6 million, paid into the account of Adin Miles International Ltd with Sterling Bank Plc on February 9, 2012, knowing the funds were proceeds of unlawful activity.

The EFCC maintained that the act contravenes Section 15(2)(b) and is punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011, as amended in 2012. In another count, the anti-graft agency alleged that Olejeme procured one Chuka C. Eze to convert $2 million into naira for payment to the same company, Adin Miles International Ltd, despite knowing that the funds were proceeds of an unlawful act.

Olejeme, however, pleaded not guilty to all eight counts when they were read to her in court.

Emenike Mgbemele, EFCC’s prosecuting counsel, requested the court to fix a date for trial, stating that the commission was ready to call 14 witnesses to testify against the defendant.

However, Emeka Ogboguo, defence counsel, drew the court’s attention to a pending bail application and prayed that his client be granted bail pending the commencement of trial.

Nwite subsequently released the defendant to her counsel and adjourned the case to November 17, 2025, for the hearing of the bail application.

Olejeme, who chaired the NSITF during the administration of former President Goodluck Jonathan, has been under EFCC investigation for several years over alleged diversion of funds meant for the agency.

I woke up early in the week to the tragic news of the passing of a promising Arise News anchor and producer, Somtochukwu, popularly known as Sommie. At only 29 years old, she had cut a niche for herself and was on a steady rise. Described by colleagues and friends as warm and giving positive energy, Sommie was a sight for sore eyes, on television and off-screen. She was a lawyer by training and a journalist by calling. She combined anchoring with production and reporting. It is rare to find someone in the newsroom who can do all of these and do them well.

Sommie was one of those who, like a lot of us in this male-dominated field, chose to set herself apart through a dint of hard work, resilience and personal determination; she worked her way up against gender expectations. Arise describes her as a cherished member and a vibrant voice who was warm and highly professional.

‘As the story goes, she got no immediate help, lying on that concrete floor, fighting for her life. At the site of a crisis, the robbers fled, knowing that if security operatives arrived, they would not stand a chance.’

I have sat in my quiet room to ask all the questions a veteran in the industry would ask. How? Why? What next?

The family of Somtochukwu, who was said to have waited 10 full years before she came along, feels like they have been hit by a tonne of bricks.

Nobody can feel their pain like they do. An achiever, a superstar – how do they recover? Her mother must have spoken to her through the crisis. The fear, the trepidation. Our hearts are saddened by this needless death.

What were the armed robbers thinking? What drives them? And to what end? I am truly befuddled.

We now know that in the haze of the robbery and the confusion that set in, Somtochukwu, fearing for her life as the invaders knocked hard on her door, decided that it was better to jump to safety so she would not encounter these persons who might bring her grievous bodily harm.

As she lunged forward from her balcony, she might have gauged her chances. She would have thought it was not so far off or even thought about how much time she had before they broke in and what they could have done to her. A beautiful, brilliant woman whose skin glittered like silk – what thought occupied her pretty brain before she jumped? But not used to jumping such heights, Sommie landed in a bad way and required immediate medical attention.

As the story goes, she got no immediate help, lying on that concrete floor, fighting for her life. At the site of a crisis, the robbers fled, knowing that if security operatives arrived, they would not stand a chance.

Then the police vehicles arrived a tad too late into the operation, and what I heard is that the police complained of no fuel in their car to ferry Sommie to the hospital. Merde! So, Sommie’s mum, who does not live in Abuja, sent her friend, who travelled from another part of Abuja, to take our dear Somtochukwu to the hospital. Meanwhile, the clock is ticking; Somtochukwu has a medical emergency. But the dance drama in the hospital numbed me. Police report or nothing. But she was not shot. She did not even see the armed robbers. She simply jumped out of fear and hurt herself very badly.

What is the protocol for admitting a patient who needs urgent medical attention to the hospital? So I understand gunshot wounds. What about someone who was fleeing from danger and hurt herself? If Somtochukwu had a cut as a result, would the response be the same? Just being in an armed robbery environment as a victim requires a police report before a government hospital attends to you?

I just wonder! Because the story ends tragically and Somtochukwu dies in such a tragic manner, insecurity, healthcare and the men and women in this national tragedy need to reflect. How did we get here?

At 65 years of age, citizens and institutions cannot continue to give Nigeria a bad name to hang it.

Somtochukwu paid the ultimate price. So sad. My heart goes out to her parents, Arise TV and the NBA, as well as all citizens, for this tragic loss.

As the investigation continues, our prayer is that all those involved, both the physical (armed robbers) and others whose failure to do something to save a life by omission/commission, are all brought to book.

May Somtochukwu’s gentle soul rest in peace. Amen.