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Nigeria’s share of debt as a percentage of its gross domestic product (GDP) is expected to drop in 2025, the first time in more than a decade, helped by stronger growth and a more stable exchange, according to the World Bank.

‘The debt-to-GDP ratio is projected to decline from 49.2 percent in 2024 to 39.8 percent in 2025, the first decline in more than a decade; and the debt service to revenue dropped significantly to levels not seen in many years,’ the Washington-based lender said in its Nigeria Development Update report, ‘From Policy to People: Bringing the Reform Gains Home’, Wednesday.

‘Fiscal resilience, stronger growth, and exchange rate appreciation have helped ease debt pressures.’

Nigeria’s total public debt surged by N27.72 trillion to N149.39 trillion as at first quarter of 2025, largely due to a weak naira that’s continued to balloon the country’s external obligations.

But a stronger growth that rose to its highest in five years in the second quarter to 4.23 percent and a naira that’s been stable all through the year is expected to reduce debt burden.

The Adamawa State Government has released N300 million as a matching grant into the Child Nutrition Fund aimed at intensifying efforts to combating malnutrition across the State.

Speaking during the inauguration of the State Council on Nutrition under the Federal Nutrition 774 Initiative, Governor Ahmadu Umaru Fintiri represented by Kaletupwa Farauta his Deputy, noted that the Administration had consistently increased budgetary allocations to nutrition over the past six years.

Farauta described malnutrition as a ‘silent calamity’ that threatens the future of children in the State.

‘Malnutrition impairs growth, learning, and cognitive ability. It threatens our human capital and undermines development,’ she said.

She reaffirmed the State Government’s commitment to supporting vulnerable populations through innovative platforms and interventions. She also charged local Government chairmen, who serve as focal persons for the initiative, to replicate its success in their respective LGAs.

Earlier, Uju Vantasia, the Senior Special Assistant to the President on Public Health and Focal Person on Nutrition in the Office of the Vice President, described malnutrition as ‘Nigeria’s quietest but deadliest emergency.’

‘One in every three Nigerian children under five is stunted, and nearly half of all child deaths in the country are linked to malnutrition,’ she stated.

‘This, Your Excellency, is not just a health issue it is a national emergency hiding in plain sight. It knows no religion, ethnicity, or boundary. It is the language of inequality and poverty, and we must respond with urgency, strategy, and unity’, she added.

Vantasia urged both State and Federal Governments to see nutrition investment as critical to national development.

‘For every $1 invested in nutrition, we gain $23 in economic returns. That’s almost four times what we get from infrastructure investment,’ she added.

The Nutrition 774 Initiative, which aims to strengthen nutrition governance and intervention across Nigeria’s 774 Local Government Areas, is a flagship project under the Office of the Vice President.

Edo State House of Assembly on Tuesday passed the 2025 Supplementary Appropriation Bill, of N779 billion naira presented by the Governor Monday Okpebholo for passage.

Governor Monday Okpebholo had earlier on Monday presented the Supplementary budget of N779 billion to the House for consideration and passage.

The passage was sequel to the consideration of the report submitted by Fada Egberemolen, Chairman House Committee on Appropriation.

Lawmakers, in separate submissions, said the Supplementary Bill would fastrack the development of all ongoing projects in the State as the dry season draws near .

On his part, Fada said the Supplementary Appropriation Bill would address all pressing financial needs and support all ongoing developmental efforts across the state.

The Supplementary Budget of ?799 billion represents an increase of N125 billion in the N675 billion earlier passed by the house in December 2024.

In the same vein, the House confirmed nine nominees for the Ecological Funding Management Commission and the Edo State Lottery Regulatory Commission while a nominee was confirmed as Commissioner-designate in the State Executive Council.

This followed the presentation of a report by Jonanthan Ibhamawu, chairman Committee on Rules, Business, and Government House for consideration.

According to the confirmation the nominees for the Edo State Lottery Regulatory Commission include, Frank Okiye as Chairman, Elvis Uwadia, Ndidi Akhimie, Habibat Yakubu as Members.

The confirmed nominees for the Ecological Funding and Management Commission are Blessing Aigbonmere as Executive Chairman, Felix Ivbade as Executive Director (Projects), Ivie Uwaifo as Executive Director (Administration), Khadijat Yusuf as Executive Director (Finance)

The House also confirmed Omoh Annabor, as Commissioner for the Edo State Executive Council.

When Luis Franceschi, assistant secretary general of the Commonwealth, took the stage at the BeDoCare 2025 conference in Nairobi, he began not with policy jargon or diplomatic niceties, but with a story about fried spiders and scorpions in Bangkok.

Africa, he said, has been ‘eating spiders and scorpions,’ trying to cleanse corruption with new laws instead of building justice.

‘No matter how much we fry a spider, it remains a spider,’ he said. ‘And no matter how much chilli you sprinkle on a scorpion, it remains a scorpion.’

Beneath the humour was a truth about the continent’s governance model, one that mirrors a system where leaders and institutions act rationally in their self-interest, even when it undermines the collective good.

‘The more laws we pass, the less justice we seem to have,’ Franceschi said. ‘Without justice as the foundation, even the strongest bridges and the best airports will eventually collapse, they are houses built on sand.’

A continent full of laws, empty of trust

The Venezuelan-born Kenyan citizen spoke with the candour of an insider who has seen too many well-written constitutions crumble under bad politics.

Across Africa, he said, citizens live under some of the world’s most elaborate legal systems. Yet, trust in government, parliaments, and courts is falling. Afrobarometer data shows that the share of Africans who prefer democracy has fallen from 73 percent in 2014 to 66 percent in 2024, while trust in courts and parliaments is plummeting.

Franceschi argued that the continent has become obsessed with legislating problems instead of fixing them. When corruption scandals break out, leaders rush to create new agencies or committees. When the public loses faith in elections, governments announce constitutional reviews.

‘We keep sealing holes in the wall,’ he said, ‘instead of fixing the foundation.’

It is a pattern ordinary citizens recognise. Every reform comes with fanfare, yet the results are painfully familiar. Jobs remain scarce, prices keep rising, and people still bribe to access services that should be free. The incentives for those in power never change.

The cost of corruption, counted in schools and hospitals

Franceschi broke down what corruption really costs Africa. Each year, the continent loses between $100 billion and $148 billion to financial crimes, money siphoned through trade misinvoicing, inflated contracts, and procurement fraud.

‘If we used that money well,’ he said, ‘Africa could build 200,000 new schools, 10,000 hospitals, 10,000 kilometres of paved roads, and still have billions left for refineries and innovation.’

By comparison, all the development aid Africa received last year was only US$36 billion, four times smaller than what corruption drains annually.

This, he suggested, shows that the continent is not poor but poorly governed. The wealth that should serve millions often ends up concentrated in the hands of a few, politicians, contractors, and cronies. The costs are spread thinly across society, in classrooms without chairs, hospitals without oxygen, and youth left idle without jobs.

When democracy becomes a game of appearances

Franceschi’s critique went further. He said the decline of trust is not only economic but political. ‘In at least five of our so-called African democracies, opposition leaders are in prison,’ he said. ‘We are invited to observe elections where there is only one horse in the race, no matter how different the colours look.’

His words echoed a familiar frustration: elections have become rituals rather than choices. Leaders speak of democracy while bending institutions to protect themselves. The public sees through it but feels powerless to change it.

Yet Franceschi did not dwell on despair. He cited examples of hope, Mauritius, Botswana, Ghana, Malawi, and Zambia, where leaders have lost elections peacefully.

In those places, he said, trust, not law, is the real backbone of democracy. ‘Trust cannot be legislated,’ he warned. ‘But without it, no law can save a country.’

When technology meets ethics

Midway through his speech, Franceschi introduced ‘Avatar Ministers.’ Developed by the Commonwealth, these digital assistants for health, law, and finance will help presidents make faster, evidence-based decisions.

The idea is simple, he said, it uses artificial intelligence to simulate expert advice, improving coordination in countries where bureaucracy is slow and expertise scarce.

Still, Franceschi’s point was not about machines replacing people. ‘Even an avatar cannot fix moral failure,’ he said. Technology can assist leadership, but it cannot substitute integrity.

In that sense, the avatars symbolise Africa’s double-edged modernity: governments chase innovation and digital solutions, while the ethical foundations of governance remain weak. The future, Franceschi implied, cannot be built on code alone.

The real infrastructure is character

Franceschi ended his address with a reminder that Africa’s greatest infrastructure project is not a highway or a port, but character.

Quoting Singapore’s Lee Kuan Yew, he said the three pillars that transformed Singapore, meritocracy, pragmatism, and honesty, can do the same for Africa if leaders embrace them.

‘Leadership requires both competence and character,’ he said. ‘It is not enough to be a skilled professional; you must also be a good human being.’

Africa’s biggest challenge, he argued, is not external interference or lack of resources but a moral crisis within.

‘We cooked the spiders and scorpions ourselves,’ he said. ‘The West may have helped, but we served the meal.’

Redleaf Solutions is known for its expertise in ELV (Extra Low Voltage) systems. How has the company leveraged this specialisation to create comprehensive, integrated fire safety solutions that go beyond traditional fire alarms?

At Redleaf Solutions, our deep understanding of ELV systems, combined with close partnerships with leading OEMs, enables us to integrate advanced technologies into our fire safety solutions. We don’t just provide traditional fire alarms; we offer a holistic approach that combines fire detection, alarm systems, and emergency response protocols. By leveraging our expertise in ELV and our collaborations with manufacturers, we can incorporate smart technologies and automation. This integration allows for real-time monitoring and alerts, significantly enhancing responsiveness and overall safety. Such comprehensive solutions are crucial for creating a safer environment for both commercial and residential properties.

Nigeria faces unique challenges in fire safety, including inadequate infrastructure and a lack of public awareness. What are the biggest hurdles you’ve encountered in implementing modern fire suppression and alarm systems, particularly in residential and commercial buildings?

Implementing modern fire suppression and alarm systems in Nigeria certainly presents some challenges, but we are equipped to tackle them head-on. Our design capabilities are tailored to meet the unique needs of both new and existing buildings. We have extensive experience installing sophisticated systems in newly constructed properties, ensuring they are fully compliant with contemporary safety standards.

For older buildings that weren’t originally designed for modern fire safety solutions, we pride ourselves on our innovative retrofit strategies. This allows us to integrate cutting-edge technology seamlessly, enhancing safety without compromising the integrity or aesthetics of the structure.

Furthermore, we recognise the importance of public awareness in fire safety. We are committed to supporting educational programs that foster greater understanding and vigilance within communities. By raising awareness and promoting best practices, we hope to contribute positively to fire safety culture in Nigeria, ensuring that both residential and commercial spaces are better protected for everyone.

The use of technology like video-based fire detection is a key part of your offerings. Can you elaborate on how these advanced technologies improve response times and help prevent major disasters compared to conventional systems?

Video-based fire detection systems utilise sophisticated algorithms to identify smoke and flame presence in real-time, allowing for faster incident recognition compared to traditional smoke detectors. By integrating these systems into our fire safety offerings, we can drastically reduce response times, diminishing the potential impact of a fire. This technology also allows for remote monitoring, ensuring that incidents can be detected and addressed even if personnel aren’t physically on-site. The shift from reactive to proactive measures in fire safety is crucial in preventing major disasters.

Redleaf Solutions has worked on projects for major clients, including Main One Tier Three Centre and the Central Bank of Nigeria. How do the fire safety requirements for critical infrastructure differ from those of a commercial or residential property, and what specific solutions do you provide?

The fire safety requirements for critical infrastructure, like data centres and financial institutions, are significantly more stringent. These facilities require redundancies and advanced systems to ensure 24/7 operational integrity. Our approach involves implementing tailored solutions that prioritise risk assessment, resilience, and compliance with industry regulations. This often includes sophisticated fire suppression systems, enhanced detection technologies, and thorough training programs that cater to the unique challenges posed by such critical environments.

The Fire Service Regulations of 2019 and other national codes are vital for the industry. How does Redleaf Solutions ensure its systems and practices are not only compliant but also set a new standard for fire safety in Nigeria?

At Redleaf Solutions, we recognise that compliance with safety codes involves all key stakeholders in the building design process. It starts with the architects, who lay the foundation for safety in their designs. The main contractor, as the primary builder, plays a crucial role in ensuring that these designs are executed with meticulous attention to detail. Then we, as the installers, are responsible for implementing fire systems in accordance with the appropriate standards, ensuring they perform to the required levels.

Finally, the landlord or facility manager must prioritise ongoing maintenance and upkeep of the equipment to maximise both the lifespan of the systems and the safety of the facility. Each element of this value chain is critical for designing a safe building, ensuring that from conception to operation, safety is always at the forefront.

Training and maintenance are crucial for the long-term effectiveness of any fire safety system. How does Redleaf Solutions ensure its clients and the broader public are adequately prepared to respond to a fire emergency and maintain their equipment?

Education is the cornerstone of adequate fire safety. Redleaf Solutions provides comprehensive training programs tailored to the specific needs of our clients, ensuring that their personnel are well-prepared for fire emergencies. Additionally, we offer ongoing maintenance services and refresher training sessions to keep safety protocols top of mind. Our vision is to create a culture of safety that empowers individuals and organisations to act confidently in the event of a fire emergency.

From a business perspective, what are the key factors driving the growth of the fire safety industry in Nigeria, and what is your outlook on the future of this market?

Several factors, including increased urbanisation, a growing awareness of safety standards, and the need for compliance with emerging regulations, influence the growth of the fire safety industry in Nigeria. As businesses expand and infrastructure develops, the demand for advanced fire safety solutions will continue to rise. My outlook for this market is optimistic; with the right investment in technology and education, we can significantly elevate fire safety standards across the nation.

Looking forward, what new technologies or services is Redleaf Solutions exploring to further enhance fire safety and protection of lives and assets in Nigeria?

We’re continuously exploring innovations in fire safety technology, including the implementation of AI and machine learning to enhance predictive capabilities in fire detection. Collaborating with tech partners allows us to stay at the forefront of industry advancements, ensuring that we can provide our clients with the best possible solutions for protecting lives and assets.

But make no mistake, it’s equally important to remember that all forms of fire detection play a critical role in alerting people to a fire outbreak. Research shows that working smoke alarms can reduce the risk of death in a reported fire by about 50%.

This highlights the necessity of combining modern innovations with proven fire detection systems to ensure maximum safety.

At Redleaf Solutions, our mission is clear: to revolutionise fire safety in Nigeria through innovation, education, and unwavering integrity.

Every year brings a new list of names said to shape the global economy, but in 2025, power in Africa looks different. The most influential business leaders in Africa today are not just running companies; they are shaping how technology, money, and resources move around the world. Their decisions are felt in markets, boardrooms, and even households.

What stands out about this year’s figures is how wide their influence has become. Some lead the charge in artificial intelligence, others in energy, finance, or digital infrastructure. Yet what links them all is their ability to stay relevant in a world where industries evolve faster than ever.

This list is not ranked in any particular order. Instead, it highlights the business leaders setting the tone for what progress, innovation, and power mean in Africa today.

Aliko Dangote

In 2025, Aliko Dangote remains a defining force in African business. The Nigerian entrepreneur and chairman of the Dangote Group has built a diversified industrial empire spanning cement, sugar, salt, fertiliser, and oil refining, making it West Africa’s largest conglomerate. At the centre of his achievements stands the $20 billion Dangote Petroleum Refinery near Lagos, the largest single-train refinery in the world, capable of processing 650,000 barrels of crude oil per day. Since becoming operational in early 2024, it has been hailed as a milestone for Nigeria’s quest for fuel self-sufficiency and a major step toward regional energy independence. Beyond oil, Dangote’s businesses continue to drive industrial growth across Africa, from Dangote Cement’s infrastructure footprint to Dangote Sugar Refinery, NASCON Allied Industries, and the Dangote Fertiliser Plant, which supports agricultural productivity across the continent. As of October 2025, Dangote’s net worth is estimated at $24.9 billion.

Johann Rupert

Johann Rupert, South Africa’s richest man with an estimated net worth of $14.6 billion, is the chairman of Compagnie Financière Richemont, one of the world’s largest luxury goods groups. Nicknamed ‘Rupert the Bear’ for his cautious market outlook, he oversees a portfolio of iconic brands including Cartier, Montblanc, and Jaeger-LeCoultre. He founded Richemont in 1988 after spinning off assets from the Rembrandt Group (now Remgro), growing it into a powerhouse of craftsmanship and global prestige. Beyond Richemont, Rupert chairs Remgro Limited, a diversified investment firm with stakes in over 30 companies, and owns 27% of Reinet Investments, a Luxembourg-based firm managing his family’s long-term assets. A passionate conservationist and philanthropist, he also chairs the Laureus Sport for Good Foundation and the Peace Parks Foundation, which promote youth empowerment and environmental preservation across Africa.

Mohammed Dewji

Mohammed Dewji, Tanzania’s only dollar billionaire with an estimated net worth of $2.2 billion, is one of East Africa’s most influential business leaders. As CEO of MeTL Group, he transformed his family’s small trading company into a diversified conglomerate spanning textiles, food processing, agriculture, energy, and manufacturing across eight African countries, including Uganda, Kenya, and Ethiopia. Under his leadership, MeTL’s revenues surged from $30 million in 1999 to over $2 billion by 2022, employing more than 34,000 people and contributing around 3.3% of Tanzania’s GDP. The group’s vast operations, from edible oils and beverages to logistics and petroleum-make it one of Africa’s largest privately owned enterprises. Beyond business, Dewji is a committed philanthropist. Through the Mo Dewji Foundation, he funds education, healthcare, and clean water projects nationwide.

Strive Masiyiwa

Strive Masiyiwa, Zimbabwe’s first billionaire with an estimated net worth of $1.3 billion, is one of Africa’s most influential technology and telecom pioneers. After years of government resistance, he founded Econet Wireless Zimbabwe in 1998, igniting Africa’s mobile revolution. Today, he owns 38% of Econet Wireless Zimbabwe and 33% of EcoCash, a leading mobile money firm, under his wider Econet Group. Masiyiwa also holds a major stake in Liquid Intelligent Technologies, a private company delivering fibre optic and cloud services across the continent. In 2025, his tech company, Cassava Technologies, partnered with Nvidia to build Africa’s first AI factory in South Africa-a landmark for the region’s digital future. Alongside his wife, Tsitsi, he runs the Higherlife Foundation, funding education for thousands across Africa. Masiyiwa has also served on global boards including Netflix, Unilever, and the Gates Foundation.

Prateek Suri

Widely regarded as the ‘Technology Tiger of Africa,’ Prateek Suri is the founder, chairman, and CEO of Maser Group, a fast-growing multinational with ventures in consumer electronics, AI, mining, and infrastructure. With an estimated net worth of $1.9 billion, he is recognized as the youngest and richest Indian in Africa, representing a new wave of tech-driven industrial leadership. Founded in 2012, Maser began as just another electronics trading firm before evolving into a global brand producing affordable, high-quality devices for African markets. Its breakthrough smart TVs reshaped home entertainment, with over 800,000 unit’s sold and $1 billion in annual revenue by 2024. Suri later launched MDR Investments, Maser’s venture arm focused on infrastructure and emerging tech. Through the Maser Foundations, he funds education, healthcare, and digital skills initiatives promoting sustainable development across Africa.

Nicky Oppenheimer

Nicky Oppenheimer, one of South Africa’s richest men with a net worth of $10.5 billion, is the former chairman of De Beers, the world’s top diamond company. A third-generation heir of the Oppenheimer dynasty, he led the firm into a new era of transparency through the Kimberley Process, which certifies conflict-free diamonds. In 2012, his family sold it’s 40% stake in De Beers to Anglo American for $5.1 billion, ending over 80 years of family control. Today, Oppenheimer invests across Africa through Stockdale Street and Tana Africa Capital, focusing on agriculture, consumer goods, and renewable energy. A passionate conservationist, he co-owns Tswalu Kalahari, one of South Africa’s largest private game reserves, and helped create the Diamond Route. He also co-founded the Brenthurst Foundation to promote African development and donated $110 million to support South African small businesses during the pandemic. In 2014, he launched Fireblade Aviation, a luxury charter service based in Johannesburg.

Nassef Sawiris

Nassef Sawiris, Egypt’s wealthiest businessman with an estimated net worth of $8.9 billion, is one of Africa’s most influential industrialists. A member of the prominent Sawiris family, he has built a global portfolio spanning construction, chemicals, sports, and finance. As Executive Chairman of OCI Global, Sawiris oversees one of the world’s largest nitrogen fertiliser producers, with plants in Texas and Iowa and shares listed on Euronext Amsterdam. He also chairs Orascom Construction, a leading engineering and infrastructure firm traded on the Cairo Exchange and Nasdaq Dubai. Beyond industry, Sawiris is a major sports investor. Alongside American billionaire Wes Edens, he co-owns V Sports, which controls Aston Villa F.C. in England and Vitória S.C. in Portugal. He also holds a 5% stake in Madison Square Garden Sports, and nearly 6% in Adidas, plus an investment in Arkema SA. Through the Sawiris Foundation for Social Development, he funds education, healthcare, and empowerment initiatives across Egypt.

Nathan Kirsh

Nathan ‘Natie’ Kirsh, Eswatini’s most prominent billionaire with a net worth of $8.1 billion, built his fortune across global trade, food distribution, and real estate. His journey began in 1958 with a corn milling venture in Eswatini, which evolved into a thriving international business empire. Kirsh first found major success in wholesale food distribution in apartheid-era South Africa before expanding into supermarkets and property development. His greatest achievement is Jetro Holdings, a U.S.-based cash-and-carry group that owns Restaurant Depot and Jetro Cash and Carry, two of America’s largest wholesale suppliers serving small stores and restaurants. Kirsh owns 70% of Jetro, the foundation of his wealth. Beyond the U.S., he has major real estate investments in the U.K., Australia, and Israel, and through the Kirsh Foundation, he supports women’s empowerment and financial literacy in Eswatini.

Mike Adenuga

Mike Adenuga, Nigeria’s second richest man with an estimated net worth of $6.8 billion, is a defining figure in Africa’s telecommunications and oil industries. Through his company Globacom, he revolutionised Nigeria’s mobile landscape, building one of the nation’s largest networks with over 60 million subscribers. Globacom’s Glo-1 submarine cable, stretching 6,100 miles from Lagos to the United Kingdom via Ghana and Portugal, remains a cornerstone of West Africa’s digital infrastructure, dramatically improving connectivity and data capacity across the region.Adenuga’s influence extends beyond telecoms. His oil exploration company, Conoil Producing, is one of Nigeria’s most successful indigenous operators, managing six oil blocks in the Niger Delta. He also owns 74% of Conoil Plc, a leading petroleum marketing firm listed on the Nigerian Exchange, and holds a 6% stake in Sterling Financial Holding, strengthening his foothold in the nation’s financial sector.

Patrice Motsepe

Patrice Motsepe, South Africa’s renowned mining magnate and philanthropist, is the founder and chairman of African Rainbow Minerals (ARM) – a company that has become a powerhouse in Africa’s mining sector. With an estimated net worth of $3.5 billion, Motsepe made history in 2008 as the first Black African billionaire to appear on the Forbes list. In 1997, Motsepe began acquiring underperforming gold mine shafts, transforming them into profitable ventures and setting the foundation for ARM’s success. His strategic vision later led to the creation of African Rainbow Capital in 2016, a private equity firm dedicated to driving investment across the African continent. Beyond mining, Motsepe holds a stake in Sanlam, one of South Africa’s largest financial services firms. His leadership extends into sports, where he serves as President of the Confederation of African Football (CAF) and owns Mamelodi Sundowns FC, one of Africa’s most successful football clubs.

The Nigerian Exchange (NGX) is on course to close 2025 with gains of about 51 percent, its best since 2020 (50%), extending a rally that has cemented its place among Africa’s best-performing markets this year.

The benchmark All-Share Index has advanced 39.5 percent year-to-date as of October 5, with Cordros Securities projecting an additional 11.9 percent gain in the final quarter that would lift full-year performance to around 51.4 percent and push the index beyond the 154,000-point mark.

The Lagos-based research firm says the rally reflects four reinforcing pillars: easing inflation, a more stable currency, resilient corporate earnings, and sustained institutional inflows. ‘Market sentiment has been buoyed by the interplay of policy reforms and earnings resilience,’ Cordros noted, adding that inflation is on track to moderate to 17.5 percent by November, while the naira has strengthened 3.9 percent year-to-date.

Unlike the liquidity-fueled post-COVID rebound of 2020-21, this year’s surge is anchored in fundamentals. Banks (+39.6%) have benefited from higher interest income, industrials (+41.9%) from resilient demand, insurers (+65.9%) from regulatory reforms, and consumer goods stocks from stronger margins after mid-year FX stability. The oil and gas sector has been the laggard, down 7 percent, as Dangote Refinery’s operations disrupted pricing dynamics.

Performance across the year has been shaped by distinct quarterly drivers. Modest Q1 gains of 2.7 percent gave way to a 13.6 percent advance in Q2 as disinflation and lower yields revived risk appetite. Q3 proved the strongest, with an 18.9 percent jump boosted by robust half-year earnings and cheap valuations. Insurance stocks surged further in August on the back of the new Nigerian Insurance Industry Reform Act (NIIRA), though momentum wavered late in the quarter amid profit-taking and only modest support from a 50bps MPR cut.

Nigeria’s performance stands out across the continent. The Ghana Stock Exchange has surged 72 percent on post-restructuring optimism, while Kenya’s NSE is up 44.6 percent on strong banking stocks and currency gains. Johannesburg has climbed 30.5 percent, and the BRVM 17.8 percent. In contrast, Zimbabwe is down 5.7 percent and Botswana up just 5.6 percent. Malawi’s outsized 249 percent rally reflects inflationary distortions rather than underlying demand, while Uganda’s 22.8 percent gain underscores East Africa’s recovery.

By these measures, Nigeria ranks firmly in the top tier of African bourses in 2025, offering depth and liquidity that appeal to portfolio managers searching for stability. Domestic institutions have provided a strong anchor, with inflows exceeding N213 billion by July-well above 2024 levels-while retail and foreign flows have been more volatile. Dividend yields also remain attractive compared to fixed income, reinforcing demand.

Still, risks remain. The new capital gains tax regime could affect trading volumes if poorly implemented.

‘The rate has been raised to 25% from 10%, but the real uncertainty lies in implementation. If tax authorities assess gains based on historical acquisition prices, investors could face retrospective liabilities that materially inflate their tax burden,’ said Cordros. ‘Beyond the tax cost itself, ambiguity over how the rules will be applied creates further uncertainty, undermining investor confidence. This makes market reaction difficult to predict.’

According to the research firm, ‘On one hand, a retrospective approach could trigger near-term selloffs as investors crystallize gains, with re-entry occurring at a slower pace, resulting in weaker liquidity and heightened volatility. On the other hand, more explicit guidance and smoother implementation could limit disruptions and keep trading conditions orderly.’

Still, if projections hold, the NGX will finish 2025 as a standout performer not only in Africa but also among frontier markets globally, rivalled only by Ghana and Kenya.

‘We expect this to be the start of a gradual easing circle that reduces borrowing costs, reduces the relative appeal of fixed income, and strengthens the case for increased equity allocations.’

The Affluent Rewards Program has just launched in Nigeria. How does this reflect Visa’s broader vision for premium consumers in West Africa?

This launch marks a significant shift in how Visa is thinking about the premium consumer segments in Nigeria, not just as high-volume spenders, but as consumers whose lifestyles, aspirations, and mobility are increasingly global. For us, it’s not enough to provide seamless payments; the goal is to embed value, prestige, and relevance into every transaction. We believe affluent and mass-affluent customers should see their Visa card as more than a means to pay but, it should open doors.

In Nigeria, we’ve seen Visa do this before with our Card Linked Offers partnership via Reward to deliver hyper-personalised offers from leading global and local merchants, tailoring them based on individual cardholder behaviour.

With the Affluent Rewards Program, what we’re doing is building on that foundation: curating premium, lifestyle-driven touchpoints, offering global access but ensuring local relevance, and signalling that Visa is ready to lead the way in redefining what ‘premium payments’ mean in this region.

What trends are driving Visa to deepen its focus on affluent and mass affluent consumers right now?

We are seeing converging trends that make this a timely move. First, the recovery of travel, both within Africa and internationally, is renewing demand for payments that support more than just domestic spend. Second, digital commerce is accelerating; Nigerian consumers increasingly expect online shopping, delivery, and the ability to engage with global platforms seamlessly. Third, there is sophisticated demand: affluent consumers no longer settle for basic discounts; they expect curated, personalised experiences, fine dining, exclusive access, wellness, fashion concerns, and more.

Visa has been tracking this via our work with fintechs and banks: for example, in Nigeria, we partnered with Reward to roll out personalized, hyper-tailored merchant-funded offers via Visa Card Linked Offers. That shows consumers are ready for offers built around their tastes and spending patterns.

Finally, regulatory environments and consumer protections are improving, giving us the confidence to deliver premium secure services, because affluent customers expect high standards in fraud prevention, cross-border payments, and reliability. In summary, these trends make it clear: the time is now for Visa to double down on the premium consumer proposition across West Africa.

Cross-border commerce is central to affluent consumer lifestyles. How is Visa positioning itself as the bridge between local spending and global access?

Cross-border activity is no longer a fringe benefit; it is central to the identity of many premium customers. Whether it’s business travel, schooling abroad, e-commerce from international merchants, or payments while in transit, affluent Nigerians are living globally. Visa’s network already supports such global reach, but our ambition is to ensure that the same ease you have while abroad, or with global merchants, is felt domestically.

For instance, Visa’s Benefits and Offers platform (across Africa) already includes airport lounge access, fast-track lanes, global hotel and travel discounts, and embedded benefits in partnership with local and international brands.

The Rewards Program is designed to leverage those global-local linkages, ensuring that you earn the prestige and benefits of global travel, while also getting meaningful, elevated local lifestyle perks, whether that’s premium dining, wellness and spa experiences, or exclusive access to cultural or fashion events, plus the reassurance of trust, fraud protection, and service you expect from a top global brand.

Merchant acceptance is crucial for affluent cardholders who travel often. What steps is Visa taking to expand acceptance both locally and globally?

Visa operates in over 200 countries and territories, and our goal is to ensure that affluent cardholders can use their cards with confidence everywhere they go. Locally, we collaborate with banks, fintechs, and merchants to expand acceptance of contactless payments and enable more seamless crossborder transactions. This ensures that affluent customers enjoy smooth, secure payment experiences both at home and when traveling abroad.

Globally, Visa’s partnerships with leading airlines, luxury hotels, and premium retailers give affluent cardholders access to exclusive rewards and offers-underpinned by Visa’s unmatched global acceptance network.

Beyond transactions and short-term adoption, what does Visa hope to achieve in terms of brand equity through this program?

At the core, this is about deepening emotional loyalty. Payments are a highly competitive space, but when a consumer sees Visa as more than a payment tool but as a partner in their lifestyle, that becomes a powerful differentiator. Through the Affluent Rewards Program, we want Visa to become synonymous with exclusivity, prestige, and trust in Nigeria. In the long term, this strengthens brand equity not just with the affluent but also with aspirational segments who see Visa as their gateway to the lifestyle they desire. It positions Visa as an enduring brand of choice, not just for today, but for future generations of consumers.

How does Visa see this program contributing to Nigeria’s broader economy and affluent/luxury ecosystem?

The affluent economy is a significant driver of growth in sectors such as hospitality, fashion, wellness, etc. By creating structured partnerships with premium local merchants, the Visa Affluent Rewards Program is not only serving cardholders, but also strengthening the ecosystem of businesses that cater to them. The program channels spending into local experiences and creates opportunities for Nigerian entrepreneurs to thrive in the premium segment. Over time, this helps build Nigeria’s reputation as a hub for world-class luxury experiences, with ripple effects across the wider economy.

Visa is known for innovation in digital payments. How will technology play a role in enhancing the Affluent Rewards Program experience for cardholders?

Technology is at the heart of this program. Affluent consumers are tech-savvy, and they expect bespoke experiences. We are leveraging Visa’s digital platforms to provide seamless access to rewards and real-time offers, through digital interfaces. Beyond convenience, technology also enables us to better understand preferences and tailor offerings in a way that feels personal.

The affluent Nigerian values memory driven rewards and family inclusive benefits. How does the Affluent Rewards Program reflect these insights in its design?

That is an excellent point. Our research shows that today’s affluent Nigerians are not only focused on personal luxury but also on shared experiences with their families. This is why we built family-inclusive benefits into the Affluent Rewards Program. For example, cardholders can access curated wellness offers designed for couples or families, and premium dining experiences to enjoy with loved ones. Beyond the transaction, we are focused on creating memories and experiences that become stories cardholders carry with them. This emotional connection deepens loyalty.

What role do partnerships with Nigerian banks and fintechs play in bringing this program to life

Collaboration is the foundation of this program. We are working closely with issuing banks to ensure seamless enrolment and cardholder servicing, and with fintechs to embed digital experiences into the program. For merchants, the value lies in targeted engagement with premium customers who are already seeking curated offers. Together, this ecosystem approach ensures that the Visa Affluent Rewards Program is not just a set of benefits, but a living and evolving experience powered by trusted partners across Nigeria’s financial and lifestyle sectors.

A man who stood firm during the troubling days of emergency rule in Rivers State has been hailed by his Bonny kinsmen for bagging appointment from Gov Sim Fubara.

His kinsmen from the Ezekiel-Hart family issued a statement toasting him as a proud son of the Island.

Austin Ezekiel-Hart just bagged appointment as permanent secretary posted to the Government House in Port Harcourt.

Idasonye Ezekiel-Hart, an engineer and head of the Ezekiel-Hart chieftaincy house of the Ancient Grand Bonny Kingdom, said in a statement Monday, October 6, 2025, that Gov Fubara did well to spot professionalism and reward it.

The head of the family said they deeply appreciated the governor for recognizing and rewarding Austin’s exemplary integrity and dedication.

‘This appointment reaffirms the values of integrity, diligence, and adherence to ethics that the Ezekiel-Hart Family holds dear. Austin’s principled stand serves as a beacon of hope in a world grappling with moral challenges, proving that individuals committed to positive change can transform society for the better.

‘The family applauds Governor Fubara’s leadership and commitment to fostering a civil service rooted in ethics, hard work, and accountability-values that once defined its legacy and continues to inspire progress.

‘Once again, we thank His Excellency for this well-deserved recognition of our son, whose actions reflect the enduring principles of our great family and contribute to a just and saner society.’

Garden City Digest gathered that Austin Ezekiel-Hart, during the six-month emergency rule in Rivers State faced significant pressure to compromise civil service due process and engage in actions that flouted established rules and ethical standards.

It was gathered that many permanent secretaries aided or supported illegalities such as undermining governance procedures and prioritizing political directives over legality.

Ezekiel-Hart was said to have refused to yield. A source said he stood firmly by his professional integrity, defending his superior (Gov Fubara) in a lawful and principled manner, even as the emergency administration sought to override standard protocols.

‘This defiance was not overt rebellion but a steadfast commitment to truth, fairness, and civil service values, resisting any directive that would violate the law, regardless of its source.’

Gov Fubara was said to have spotted this and explicitly commended this during Ezekiel-Hart’s swearing-in on October 3, 2025, stating it was the reason for his merit-based elevation to Permanent Secretary, Government House, emphasizing.

Fubara said; ‘You chose to be a professional amid the chaos. This act of upholding legality served as a counter to the broader instability, where court challenges (at least five cases) contested the Sole Administrator’s powers and actions, including injunctions preventing his full resumption.’

Port Harcourt has emerged as the driving city for Nigeria’s climate change activities. This was unveiled at the TEDxPortHarcourt Countdown 2025 event which has just been concluded. This is as the Niger Delta Development Commission (NDDC) has enumerated actions it has been taking to build up its carbon credit.

Organisers said TEDxPortHarcourt was inspiring climate action and local solutions for a sustainable future.

The recently concluded ‘TEDxPortHarcourt Countdown’ was said to have gathered thought leaders, innovators, creatives, and climate champions in an inspiring call to action for a more sustainable and resilient planet.

Hosted at the EUI Center, Port Harcourt, the event brought the global TED Countdown initiative to the heart of the Niger Delta, spotlighting bold ideas and local innovations driving climate action in Nigeria.

With the theme; ‘Climate Action Now: Local Solutions, Global Impact,’ TEDxPortHarcourt Countdown was indicated to have served as a powerful platform to reimagine how communities, businesses, and individuals can contribute to reducing carbon emissions and building a greener future.

The event featured a dynamic lineup of speakers and performers who shared actionable ideas spanning renewable energy, sustainable living, environmental justice, creative advocacy, circular economy, and youth-led innovation. Attendees were challenged to move beyond awareness toward measurable action and collaboration.

L-R: Dapo Adesina Electric Mobility Promoters, Friday Ehiorobo of NDDC, Lyna Okara (a director in NDDC), Victor Antai (Executive Director, Projects, NDDC), Donald Okudu (curator and licensee) Chioma Aninwe (content designer), and Magnus Onuoha

Thus, Port Harcourt may lead Nigeria’s charge for climate change activities that may build up carbon credit for the nation.

This may be why top organisations and others in the oil region including the Niger Delta Development Commission (NDDC), TotalEnergies, Renaissance Africa Energy, technexus, Border Community Development Agency, and some volunteers joined to sponsor TEDxPort Harcourt with focus on driving climate change.

The NDDC in particular led in strong propositions as well as activities and projects already building up carbon credit including the massive solar-powered street and community lighting project, their reforestation and reclamation schemes.

The recently concluded ‘TEDxPortHarcourt Countdown’ thus gathered thought leaders, innovators, creatives, and climate champions in an inspiring call to action for a more sustainable and resilient planet.

‘This is more than a talk series; it’s a movement,’ said Donald Okudu, Curator and Primary Licensee of TEDxPortHarcourt.

The emphasis appeared to be on how Port Harcourt can lead Nigeria’s climate action. Okudu said: ‘The Countdown initiative reminds us that climate change is not a distant issue, it’s a present reality that requires bold, local responses. Port Harcourt has the potential to lead Nigeria’s climate transformation through innovation, storytelling, and community-driven action.’

Many observers at the event recalled Port Harcourt’s footprint in environment struggles and climate change advocacy with some ugly encounters including the hanging of the Ogoni 9, the Saro Wiwa global impact on environment matters, the eventual $1bn Ogoni clean up, the calls for a Niger Delta clean up, the soot echo, etc.

The event also featured immersive experiences like interactive exhibitions showcasing sustainable products and green technologies. Networking Sessions fostering collaboration between the public and private sectors.

It unveiled creative performances that used art, poetry, and music to inspire climate consciousness.

Participants left the event empowered to take tangible steps toward sustainability – from lifestyle changes to community projects and enterprise innovations.

‘Countdown is a global initiative, but its impact begins locally,’ said Samuel Ogbuku, Managing Director, NDDC.

He said: ‘By amplifying voices from the Niger Delta, we’re redefining what climate leadership looks like in Africa.’

He also showed the intentionality of climate change actions by the Commission and the many gains recorded so far with Light up Niger Delta, return of the mangrove, reforestation, channelisation schemes, etc.

According to the organisers, TEDxPortHarcourt Countdown 2025 was made possible through the support of partners and a passionate organizing team said to be committed to fostering dialogue and driving environmental responsibility in the region.

Ogbuku, whose speech was presented by Victor Antai, the NDDC executive director (projects), said Port Harcourt zone is both an energy hub and a region at the frontline of climate and environmental challenges.

The mission is: ‘To facilitate the rapid, even and sustainable development of the Niger Delta into a region that is economically prosperous, socially stable, ecologically regenerative and politically peaceful.’

He said: ‘In the search for solutions, solar power is gaining traction as a potential silver bullet to mitigate greenhouse gas emissions and save the environment.’

The CEO said the NDDC is already contributing in different ways to tackle the global problem. He mentioned what he called a groundbreaking initiative. ‘The heart of this transformation lies in solar-powered streetlights, a beacon of progress revolutionising how people live and work, with ripple effects extending far beyond the streets they illuminate.’