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Stakeholders in Nigeria’s risk management sector have opposed a bill before the House of Representatives seeking to establish the Chartered Institute of Enterprise Risk Management of Nigeria, describing it as unnecessary and a duplication of existing legislation.

In a memorandum submitted to the House Committee on Commerce, Victor Olannye, Registrar of the Chartered Risk Management Institute of Nigeria (CRMI), said the proposed law overlaps with the functions of the already established Chartered Risk Management Institute of Nigeria, created by Act No. 39 of 2022.

‘Upon careful review of the bill, we wish to draw the Committee’s attention to certain issues surrounding the proposed legislation, specifically its overlap with existing laws and its implications for the integrity of the legislative process,’ Olannye stated.

He noted that the 9th National Assembly had passed the Chartered Risk Management Institute of Nigeria Act in 2022, which was duly assented to by the President and gazetted, conferring full legal status on the institute.

‘The Act comprehensively governs and promotes the practice of risk management in Nigeria, including professional certification, regulation, and the advancement of the profession,’ he said. Olannye explained that the primary objective of the proposed Chartered Institute of Enterprise Risk Management of Nigeria-to control and promote the practice of risk management-is already fully covered by the 2022 Act. ‘As such, the proposed bill duplicates functions and responsibilities already legislated under the existing law,’ he added.

He warned that the legislature has consistently frowned upon the unnecessary proliferation of professional bodies, particularly where their mandates are already covered by existing legislation.

‘Creating overlapping institutions not only leads to inefficiency and confusion within the profession but also undermines the integrity of the legislative process,’ Olannye said.

The CRMI therefore urged the House Committee to drop the bill.

Responding, Ahmed Munir, Chairman of the House Committee on Commerce, reaffirmed the 10th Assembly’s commitment to transparency, inclusiveness and people-oriented legislation aimed at driving Nigeria’s economic growth and institutional reform.

Munir said the House remained focused on ensuring that every proposed law reflects the genuine needs of Nigerians.

Delta Government has approved the disbursement of N10 billion to settle pension liabilities arrears from past administrations in the state.

The state Commissioner for Works, (Rural Roads) and Public Information, Charles Aniagwu, who briefed press, said the approval was part of the decisions reached at the State Executive Council meeting held at Government House, Asaba on Thursday.

He said the meeting was presided over by the Deputy Governor, Sir Monday Onyeme, adding that Gov. Sheriff Oborevwori was on official engagement outside the state.

Aniagwu was flanked by his counterparts from Economic Planning, Mr. Sonny Ekedayen; Housing, Mr Godknows Angele respectively and the Chief Press Secretary to the Governor, Sir Festus Ahon.

He said the council deliberated on several life-impacting memos cutting across social investment, infrastructure, and governance reforms.

According to Aniagwu, the N10 billion disbursement is in fulfillment of governor’s promise to ease the hardship of pensioners and to defray inherited pension liabilities.

‘At today’s meeting, we approved the disbursement of.N10 billion to begin the process of defraying pension arrears.

‘A committee has been set up to ensure the funds get to deserving beneficiaries without bias or interference.’

He said the move was part of the administration’s broader commitment to improving the welfare of citizens under the M.O.R.E Agenda and making life more livable for senior citizens who had served the state diligently.

The commissioner also said that the council also reviewed timelines for key infrastructure projects, including two major flyovers in Agbor (Uromi Junction) and Ughelli (Otovwodo Junction), being handled by Julius Berger Nigeria Plc.

‘The Agbor flyover, initially scheduled for completion in 24 months, has been revised to 18 months, while the Ughelli flyover has been reduced from 24 to 14 months.

‘These adjustments are aimed at delivering the projects faster to ease movement and boost economic activities’.

He said the council also considered the Medium-Term Expenditure Framework (MTEF) which was presented by the Commissioner for Economic Planning, as part of preparations for the 2026 budget, for onward presentation to the State House of Assembly.

Aniagwu disclosed that government terminated some non-performing contracts across the state to ensure efficient project delivery and value for money.

‘Some contractors have failed to meet performance expectations, and since the government promptly mobilizes and pays for certified work, we cannot allow delays or negligence,’ he said.

According to him the affected projects include the Igbodo Junction-Ubulu-Uku to Ogwashi-Uku Road, which will be re-examined and re-awarded to a competent contractor in line with the governor’s resolve to open up communities across the 25 local government areas of the state.

He said that the council also approved for the formal presentation of the Staff of Office to His Royal Majesty, Engr. Mike Oghenovo Orugbo, Okporua I, the Ovie of Udu Kingdom, following his installation by the kingmakers of the kingdom.

He reaffirmed the administration’s commitment to people-oriented governance, transparency, and accelerated infrastructural renewal across the state.

Aniagwu said: ‘Gov. Oborevwori has made it clear that projects must deliver value to Deltans. Where contractors fail, we will not hesitate to act in the interest of our people.’

He assured that this current administration would continue to prioritize human welfare, infrastructural development, and institutional reforms aimed at sustainable growth and prosperity for the people.

On his part, the Commissioner for Economic Planning, Ekedayen, explained that the council approval of the MTEF was a necessary requirement for the preparation of the 2026 budget.

He said that relevant parameters have been considered for the MTEF, based on current realities, adding that 1.7 million barrels per day crude oil production.

He added that the official exchange rate of N1,500 to a Dollar, Gross Domestic Product (GDP) of 3.4 per cent and an inflation rate of about 23 per cent plus the state internally generated revenue were also taken into consideration.

According to him, no fixed amount has been pegged as the state budget for 2026 until the MTEF gets the nod of the State House of Assembly.

‘But there will be at lest 50 per cent rise in our 2026 budget above what we have this year. On our budget performance, capital projects and current expenditure recorded about 96 per cent and 86 per cent as at June.’

Also speaking, the Commissioner for Housing, Angele, disclosed that the state government also approved the construction of Judges quarter of 10 four-bedroom duplexes in two locations; Asaba and Warri.

According to him, five four-brooms duplex will be constructed in Asaba, while another five would be constructed in Warr/Osubi axis.

Angele said that the approval was in fulfilment of the governor’s pledge and effort to carry all arms of government: the executive, legislature and judiciary in terms of infrastructure development and provision of accommodation for all.

Switch, Sterling Bank’s cross-border payments and diaspora banking platform, has partnered with Thunes, a global payments network based in Singapore. The collaboration will allow Nigerians in the UK and Europe to instantly fund their Naira accounts at home, with no additional fees.

The new service enables customers to link their UK or EU bank accounts to Switch and transfer money directly to Nigeria in seconds. It supports British pound (GBP) and euro (EUR) transactions to the naira (NGN). More currency options, including USD and CAD, are expected soon.

Through the partnership, Thunes’ Direct Global Network has been integrated into Switch’s infrastructure. It is noted that this ensures instant settlements, transparent foreign exchange rates, and zero transfer charges. Ayodeji Saba, Head of Switch and Remittance at Sterling Bank, described the partnership as a turning point for Nigerians in the diaspora.

‘This is about speed, simplicity, and control,’ Saba said. ‘Nigerians in the UK and Europe can now link their pound or euro accounts directly to Switch and instantly top up Naira for bills, family support, or investments at home.’

He added that the service is secured with BVN and NIN verification, offering a smooth and compliant transfer experience.

‘With Switch and Thunes, Nigerians abroad can top up their Naira accounts in seconds, starting from £10 or pound 10, with zero fees,’ he said. ‘It’s instant, seamless, and secure – setting a new benchmark for Africa’s diaspora banking experience.’ Daniel Parreira, Senior Vice President for Sales, Africa, at Thunes, said the collaboration will make cross-border payments more accessible and transparent for Nigerians.

‘By joining Thunes’ Direct Global Network, Switch customers in the UK and Europe will enjoy instant and dependable transactions,’ he said. ‘It gives the diaspora more control over their finances and immediate access to funds at home.’

The move comes as competition intensifies in Nigeria’s remittance and cross-border payments market. In recent months, fintechs such as Moniepoint have expanded aggressively into global transfers with the launch of MonieWorld. Platforms like Flutterwave’s Send, Grey, and LemFi are also targeting the same segment, offering instant remittances and multicurrency accounts to millions of diasporan Africans. Industry analysts say these innovations reflect growing efforts to capture Nigeria’s $20 billion annual remittance inflow, one of the largest in Africa. The market has become a key battleground for banks and fintechs seeking to build loyalty among the diaspora community and drive foreign exchange liquidity into the country.

Thunes operates one of the largest global payment networks, connecting over 7 billion mobile wallets, bank accounts, and 15 billion cards across 130 countries. It processes payments in more than 80 currencies and partners with major firms including Uber, PayPal, Revolut, Deliveroo, and Remitly.

Why is customer service such a critical pillar for sustainable business growth, especially in today’s competitive market?

Customer service is the heartbeat of any successful enterprise, irrespective of where it is located or the sector in which it does business. In an environment where products and prices are often similar, service becomes the true differentiator.

It’s the human connection that builds trust and loyalty. Customer service is not a department. It is a culture that defines how an organisation interacts, solves problems, and creates value at every touchpoint. There is sufficient evidence that when customers feel heard, respected, and valued, they don’t just stay; they become ambassadors of the brand. That’s why for any business that truly seeks sustainability, every week should be Customer Service Week.

‘Accessibility is an essential part of customer service. A great product means little if it’s not easily available. That’s why we’re strategically expanding our retail and service station network nationwide.’

Customer Service Week is celebrated globally to highlight the importance of customers in business success. What does this week mean to you as an executive?

For us at Pinnacle Oil and Gas, Customer Service Week is not just another date on the corporate calendar – it is a reaffirmation of who we are and what we stand for. Our business philosophy has always been built around the customer. This should ideally apply to any business that is interested in a long-term future.

For us, every litre of fuel we dispense, every jerrycan of lubricant we produce, and every service we render is ultimately aimed at making our customers’ lives easier, safer, and more productive. In particular, this year’s Customer Service Week theme, ‘Mission: Possible’, strongly aligns with our culture. We believe that excellent service is not just possible; it is the standard we must deliver consistently. Customer Service Week allows us to pause, reflect, and celebrate the people who make our work meaningful, our customers and our frontline staff who embody our values daily.

You mentioned that service excellence should be a standard for all organisations. Can you elucidate?

The ideology of constantly improving service excellence and delivery should permeate all sectors, whether it be retail, telecommunications, media, manufacturing or pure service delivery. This is because the nature of our age and evolving society demands that organisations should continuously push to do things better.

Innovation, for us, is not limited to technology; it’s about constantly finding smarter, faster, and more efficient ways to serve our customers.

From product formulation to station design to customer feedback systems, we are continuously improving. For example, we have introduced automated customer feedback systems across retail stations. Through a simple QR code, customers can share their experiences instantly, allowing us to respond and improve in real time.

Operationally, our Lekki Free Zone facility remains one of the most advanced petroleum storage and distribution infrastructures in West Africa. It significantly reduces vessel turnaround times, improves supply chain efficiency, and ultimately translates into a more stable, reliable fuel supply to our stations nationwide. In essence, innovation at Pinnacle means anticipating customer needs before they even articulate them – and then exceeding their expectations.

Let’s talk about Pinnacle’s network expansion. How does this fit into your vision for customer service excellence?

Accessibility is an essential part of customer service. A great product means little if it’s not easily available. That’s why we’re strategically expanding our retail and service station network nationwide. We are currently in the process of opening new service stations in key cities and locations across the country, including Lagos, Enugu, and Abuja, as well as other parts of the country.

Each station is designed with customer convenience in mind, safe fuelling areas, clean restrooms, convenience stores, and customer-friendly layouts. Of course, these service stations will be staffed with well-trained personnel who will ensure that more Nigerians can experience the Pinnacle standard of service wherever they are.

Your organisation has made significant investments in infrastructure over the years. Could you share some highlights of these investments and their national impact?

One of our most significant achievements is the Pinnacle Offshore Intake and Storage Facility – a landmark investment that has revolutionised the way petroleum products are received and distributed in Nigeria. This facility enables direct offshore discharge of petroleum products, reducing logistics bottlenecks and demurrage costs. We have also invested heavily in our truck loading gantries, automation systems, and quality control laboratories to ensure every product meets the highest standards.

In addition, we are investing in human capital development through continuous training in customer engagement, health and safety, and technical operations. Our investment has been driven by the philosophy that the Nigerian people deserve only the best, and we continually raise the bar in response to the evolving demands of society.

One of Pinnacle’s fast-growing product lines is its range of lubricants. What makes Pinnacle’s lubricants unique in the Nigerian market?

Our lubricant line, branded as Pinnacle Pibreum and Dyzeum, is a product of advanced engineering and a deep understanding of Nigeria’s driving conditions. Every formulation is designed to withstand heat, dust, and heavy traffic. The formulation of the products was based on research in a market where consumers are increasingly demanding high-quality products that also fulfil the constraint of affordability. We like to say that our lubricants are tested by engineers and trusted by engines.

How do you ensure product quality and authenticity, given the challenge of counterfeit products in the market?

Quality assurance is a non-negotiable part of our business. Every batch of lubricant is tested in-house with advanced technology to verify performance and durability.

We have unique tamper-proof packaging in place. We also work closely with the Standard Organisation of Nigeria (SON) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to maintain compliance and consistency with nationally set standards.

Most of your executives emphasise the slogan ‘reaching the pinnacle’. How does this reflect your approach to business and customer engagement?

That slogan encapsulates our philosophy: helping every customer, employee, and partner reach their own pinnacle of achievement. We see ourselves not just as an oil and gas company, but as a partner in progress – powering the aspirations of Nigerians in every sphere of life.

This is something that is lacking in Nigeria, where many organisations still do the barest minimum in terms of customer satisfaction. But I acknowledge that as technology develops and more people disseminate information faster, many organisations are putting in place measures that have drastically improved customer service. But clearly, more needs to be done at various levels of our society.

Finally, what message would you like to share with Pinnacle’s customers this Customer Service Week 2025?

To all our customers across Nigeria, we say a heartfelt thank you. You are the reason we exist, the reason we innovate, and the reason we strive to be better every single day. As our founding father often says, ‘At Pinnacle, service excellence is not a destination. It’s a continuous journey. Our goal is to keep powering lives, fuelling progress, and helping every customer reach the pinnacle of their ambitions.’

Romano Nigeria has once again reaffirmed its position as a leader in the men’s grooming industry, proudly clinching the coveted ‘Outstanding Fragrance of the Year’ award at the prestigious Edge Awards 2025.

The recognition is a testament to Romano’s commitment to delivering world-class fragrances that blend sophistication, confidence, and timeless appeal for the modern Nigerian man. Competing against top international and local brands, Romano stood out for its distinctive range of products – Romano Classic, Romano Attitude, Romano Force, and Romano Gentleman in Deodorant sprays, deodorant roll-ons, and EDPs, each tailored to reflect a unique personality and lifestyle.

Speaking on the award, the management of Romano Nigeria expressed gratitude to loyal consumers who have embraced the brand over the years. ‘This achievement reflects the trust and preference of Nigerian men who choose Romano to define their style and presence. Winning this award motivates us to keep innovating and delivering fragrances that inspire confidence and leave a lasting impression,’ the company stated.

The Edge Awards, known for spotlighting excellence across industries, recognized Romano for consistency in quality, unique scent formulations, and the brand’s impact in shaping the grooming choices of today’s man.

With its bold and refreshing variants, Romano Classic for timeless elegance, Romano Attitude for the confident go-getter, Romano Force for the dynamic and adventurous, and Romano Gentleman for the refined modern man, Romano continues to set the standard for men’s fragrances in Nigeria.

This milestone not only celebrates Romano’s excellence but also strengthens its promise to remain the go-to fragrance for men who value sophistication and individuality.

Glocient Hospitality has called for strategic planning for sustainable investment in Nigeria’s hospitality industry.

Glocient, the hospitality management and development company of Ikogosi Warm Springs Resort and Conference Center, Ekiti State, made the call at the Hospitality Enterprise Network (HEN) 2025 Conference, through Francis Ogosi, its hospitality manager.

The conference, which saw industry experts deliberating on the future of investment across Africa’s growing markets, also witnessed other events such as: product sales, experiential marketing, industry insights, business-to-business-customers (B2BC), collaborations, brand/product exposure, networking, and exhibitions.

Speaking at a panel session of the conference titled ‘Risk, Reward and Reality: Is Hospitality Still a Smart Investment?’, Ogosi shared some of the most practical insights, reflecting Glocient Hospitality’s expertise that has seen Ikogosi Warm Springs Resort and Conference Center, emerging the best Holiday Resort in Nigeria for two years in a row.

His insights also delved into the opportunities and challenges shaping the sector, especially in the remote parts of the country.

Ogosi identified security challenges and the rising cost of operations as two of the biggest risks that investors must carefully evaluate when considering hospitality projects in Nigeria. He highlighted that while the market remains full of promise, success cannot be achieved without proper groundwork. According to him, investors must conduct comprehensive feasibility studies, prepare accurate pre-opening budgets, and develop a clear understanding of the Nigerian model of doing business before embarking on new projects.

‘Hospitality in Nigeria remains an attractive opportunity, but success depends on preparation and local awareness. Investors must do their studies, plan their budgets carefully, and acknowledge the operating realities on the ground. With the right approach, the rewards remain significant,’ Ogosi stated.

He further emphasized that hospitality investment in Nigeria requires a balance of resilience, adaptability, and long-term strategy. Despite the evident risks, the hospitality manager noted that the sector continues to present strong growth potential, driven by business tourism, leisure travel, domestic tourism, and the increasing demand for MICE (Meetings, Incentives, Conferences, and Exhibitions).

The session offered valuable perspectives for investors, operators, and policymakers seeking to navigate Nigeria’s evolving tourism and hospitality market. It reinforced the importance of strategic planning, sustainability, and collaboration as the sector positions itself for long-term growth.

The Ghana International Trade and Finance Conference (GITFiC) has advised African countries to adopt a collective approach to the United States’ newly announced global reciprocal tariffs. The group said a united response will give the continent a stronger voice in global trade negotiations and protect vulnerable economies from potential shocks.

On April 2, 2025, U.S. President Donald Trump declared ‘Liberation Day’ at the White House and unveiled a sweeping tariff policy aimed at resetting global trade relations. The plan introduces a baseline 10 percent tariff on nearly all U.S. imports, with higher rates-some as steep as 50 percent, targeted at 60 countries. The tariffs will take effect in phases between April 5 and April 9.

The policy, according to the Trump administration, is designed to promote ‘fair and equitable trade practices.’ But analysts warn that it could deepen global trade tensions and disrupt supply chains already struggling from inflation and slow recovery in key markets.

Smaller economies such as Lesotho, Cambodia, Laos, and Madagascar face the steepest tariffs, ranging between 47 and 50 percent. Washington argues that these measures will push developing nations to reform their trade structures and grow local industries. In contrast, larger economies have been largely spared. The United Kingdom, Brazil, Singapore, and Chile are subject only to the 10 percent baseline rate. Analysts see this as a calculated move to preserve key partnerships and prevent large-scale retaliation. Ghana, Togo, and Morocco also fall under the 10 percent bracket.

The new tariffs have triggered swift reactions globally. China has imposed a 34 percent reciprocal tariff on U.S. imports, while Canada introduced a 25 percent levy on certain American auto products. Canadian Prime Minister Mark Carney said the era of global trade anchored around the U.S. ‘has fundamentally changed.’ The European Union is finalising its first set of countermeasures targeting U.S. steel and may expand its response if talks collapse. GITFiC said these developments signal a turning point for Africa. ‘This moment presents both challenges and opportunities for African countries to adapt, innovate, and strengthen their collective economic future,’ it said in a statement.

The group warned that most African nations lack the economic leverage to respond individually. It urged policymakers to consider a joint strategy under the African Union to maximise impact. ‘Given that over 80 percent of African countries may lack the capacity for effective individual retaliation, a united response is recommended,’ GITFiC noted. It also called on affected nations to engage the World Trade Organization (WTO) under Article XXIII to seek consultations and dispute resolution. The group emphasised that states have the right to pursue legal recourse for damages and compensation through WTO adjudication processes.

‘Fair trade must remain the foundation of global commerce,’ GITFiC said. It added that the U.S. must recognise the interconnected nature of global trade and avoid measures that could destabilise economies still recovering from the COVID-19 pandemic.

GITFiC concluded by reaffirming its commitment to collaborate with affected countries through its Global Debt Initiative to safeguard economic progress and stability across developing economies.

The National Working Committee (NWC) of the All Progressives Congress (APC) has disqualified two aspirants, Kayode Ojo and Abimbola Olawumi, from contesting in the forthcoming Ekiti State Governorship primaries.

The party, however, cleared the incumbent Governor Biodun Oyebanji and Atinuke Omolayo to participate in the primaries scheduled to hold later this month.

Duro Meseko, the Deputy National Publicity Secretary of the party, disclosed the disqualification while addressing journalists at the end of the 179th NWC meeting of APC held on Thursday at the party’s national secretariat in Abuja.

Meseko explained that Ojo and Olawumi were disqualified for failing to meet the requirements stipulated in the APC Constitution and the Electoral Act.

‘The disqualification of these two people was predicated on the fact that they did not conform to the provisions of the constitution of the party and also the extant provisions of the Electoral Act,’ he said.

BusinessDay reports that the Ekiti Governorship primaries are billed for October 27, 2025.

Ojo and Olawumi had entered the race accusing the incumbent governor of anti-party activities and mismanagement of party funds.

The aspirants also warned that fielding Oyebanji as the Governorship candidate could affect the votes and support that President Bola Tinubu might receive from the State during future elections.

Ojo, one of the disqualified aspirants, had vowed that whether through direct or indirect primaries, he would defeat the incumbent governor if the party provided a level-playing field for all contestants.

In the same vein, the NWC announced the dissolution of the Enugu State Working Committee, a move it described as being in the interest of ‘progress, peace, stability, and tranquility’ of the party in the State.

A seven-man caretaker committee was immediately constituted to oversee the party’s affairs in Enugu pending further directives.

Meseko stated that the committee, chaired by Ben Nwoye, would be inaugurated on Friday, October 10, at the NWC Secretariat in Abuja.

Other members include Fidelia Njoe Eze, Peter Chime, Obie Aji, Chidoze Mwafo, Iman Eke and Eugene Odo, who serves as secretary.

Meseko further announced that the APC Reconciliation Committee, headed by former interim national chairman, Bisi Akande, would be inaugurated soon, alongside the timetable for the party’s ward, Local Government and State congresses.

He also revealed that public hearings on the APC constitution amendment would begin within the month, while preparations for the Anambra State campaign committee and the Osun Governorship election are expected to be concluded shortly.

‘The process for the amendment of our constitution will take effect very shortly, and public hearings will start sometime this month of October,’ Meseko said.

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.