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The 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31) has opened in Antalya, Turkey, with climate leaders calling on governments to accelerate the implementation of existing commitments, expand electrification and improve access to climate finance, particularly for developing economies.

The two-week conference, scheduled to run from November 9 to 20 at the Antalya Expo Centre, brings together government representatives, climate negotiators, scientists, businesses and civil society organisations to discuss measures to address rising global temperatures and climate-related disasters.

The summit comes amid concerns about global warming, with the World Meteorological Organisation ranking 2026 among the four hottest years on record. Extreme weather events, including heatwaves, floods and droughts, are also putting pressure on economies, food systems, infrastructure and livelihoods.

Opening the conference on Monday, Simon Stiell, executive secretary of UN Climate Change, said governments must move beyond announcing climate targets and focus on translating existing commitments into measurable outcomes.

Stiell said COP31 should prioritise the implementation of agreed targets, particularly in adaptation finance, renewable energy deployment, electrification and methane emissions reduction.

He said the conference should focus on accelerating existing solutions rather than introducing additional commitments that countries may struggle to implement.

The UN climate chief called on governments to make progress towards tripling international public adaptation finance and address barriers preventing developing countries from accessing climate funding already pledged.

He also urged countries to accelerate efforts to triple global renewable energy capacity by 2030 and expand electricity grids across national borders to support the transition to cleaner energy sources.

According to Stiell, combining faster electrification with reductions in methane emissions could reduce projected global warming by approximately 0.5 degrees Celsius.

The negotiations will also cover the proposed Just Transition Mechanism, adaptation, mitigation and climate finance. Countries are expected to discuss measures to support the transition to lower-carbon economies while addressing the economic and social consequences for affected communities.

Stiell said an agreement on the Just Transition Mechanism would help countries manage the economic and social implications of the energy transition.

However, efforts by African countries to secure greater attention to adaptation finance at the opening of COP31 suffered a setback after parties failed to agree on including the issue as a separate item on the conference agenda.

The African Group of Negotiators (AGN), the continent’s negotiating bloc, had pushed for the inclusion of adaptation finance to clarify the baseline for measuring the promised increase in funding and establish how additional resources would be mobilised.

Speaking at a press briefing, Antwi-Boasiako Amoah, chair of the AGN, said the proposal had received support from several parties, expressing hope that it would be included in the conference agenda.

However, delegates failed to reach a consensus during Monday’s opening plenary.

Murat Kurum, COP31 president, subsequently ruled that the proposal would not be included as a standalone agenda item. He said its exclusion would not prevent further discussions under existing agenda items.

The decision highlights the challenges developing countries face in securing specific commitments on climate finance, despite growing demands for resources to address the effects of climate change.

Other proposals also failed to secure separate places on the official agenda, including discussions on climate-related trade matters, sustainable diets, and mountains and climate.

Comoros withdrew its proposal on sustainable diets, while issues relating to mountains and climate are expected to be addressed through consultations and research dialogues in Bonn in 2027 and 2028.

A proposed standalone agenda item on funding for the Green Climate Fund was also not adopted. However, discussions on its financing are expected to take place under existing agenda items concerning the fund’s report and guidance.

Meanwhile, the seventh review of the financial mechanism was deferred to COP32.

Beyond the negotiations, Turkey’s COP31 presidency has placed climate finance and electrification at the centre of its action agenda, with an emphasis on improving developing countries’ access to capital, technology and technical expertise needed to implement their climate plans.

Kurum said extreme heat was putting pressure on cities, agriculture and public health, while climate-related disruptions were affecting food security, migration, economic activities and national security.

He said Turkey’s presidency would be guided by three principles: dialogue, consensus and action, with the aim of translating decisions reached at the conference into practical outcomes.

Kurum also stressed the need to keep the 1.5-degree Celsius temperature limit within reach and ensure that the concerns of vulnerable countries and communities are addressed in global climate discussions.

As part of its electrification agenda, the Turkish presidency is promoting the 35-by-35 Global Electrification Pledge, which seeks to increase electricity’s share of final energy consumption to 35 percent by 2035.

The initiative covers renewable energy development, electricity grids, energy storage, energy efficiency, clean transportation and industrial development.

On climate finance, Kurum referred to the agreement reached at COP29 in Baku, Azerbaijan, where countries adopted a new climate finance goal of at least $300 billion annually for developing countries by 2035.

The agreement also called for increasing public and private climate financing to at least $1.3 trillion annually.

He said COP31 would seek to connect countries and projects requiring financing with investors and institutions through what he described as a Climate Implementation Bridge.

The initiative is intended to link climate investment opportunities with available sources of funding, particularly in developing economies where access to capital remains a constraint.

COP31 is being co-hosted by Turkey and Australia, with Turkey hosting the summit and leading the Action Agenda, while Australia’s Chris Bowen will serve as president of the negotiations.

As the conference enters its two-week programme, participating governments will face the challenge of resolving disagreements over financing, strengthening implementation arrangements and translating existing climate commitments into investments and measurable outcomes.

For developing economies facing climate-related risks, the outcome will be important in determining whether international commitments can provide the funding and support needed to strengthen

The event was billed as a birthday lecture. By the end, it was perhaps one of the largest gatherings of the elite of the legal profession, who came together in honour of one of its own, Osaro Eghobamien, who holds the distinction of Senior Advocate of Nigeria (SAN). Osaro is a man who cares about the justice system, and he has given much of his life and work to campaigning for a justice system that serves all and not just some. It is therefore not surprising that former Vice President Yemi Osinbajo, GCON, was chosen to be chairman of the occasion to explain with clarity and situate each decision coherently within the law as a whole.

If we remain faithful to that endeavour, the law will not always be simple, but it will remain intelligible; it will not always be unanimous, but it will remain principled; and, above all, it will continue to command confidence because it is seen to rest on reason rather than mere authority.

‘The prevalence of unresolved conflicting decisions may be an index of institutional weakness – not necessarily of bad faith, but of a system that has not equipped itself with sufficiently clear rules for managing internal conflict.’

He is associated with arguably the most transformative justice system review in Nigeria when he served as Commissioner for Justice in Lagos State. In his opening remarks themed ‘Clarity, consistency and confidence in the administration of justice’, Professor Osinbajo highlighted the certainty of the law as being fundamental to any civilised notion of justice or the rule of law, maintaining that ‘such is the foundational nature of certainty and consistency of laws that the Hon Justice Agim of the Supreme Court warned that ‘if we cannot be sure what the law is at any time, then there is no law.”

Justice Agim was reading the lead judgement in a case where the court had to consider one of the most egregious situations of conflict in the decisions of the Court of Appeal; the case was Manasseh v Goshwe. The Court of Appeal had removed Plateau Governor Caleb Mutfwang over defects in the PDP’s internal congress. The Supreme Court overturned the Court of Appeal.

Nomination disputes were pre-election matters outside the tribunal’s jurisdiction; rival parties lacked standing to challenge them. But similar wrong reasoning had already cost PDP legislators their seats, but their own appeals ended at the Court of Appeal, leaving them without further recourse and their constituents without their elected representatives. Delivering the lead judgement, Agim JSC condemned the disregard of settled precedent. He said, ‘The deliberate refusal of courts to follow the established precedents of this court on principles that have become trite and elementary, having been subject to restatements in an unending line of cases, is of grave concern. It has very serious implications for the sustenance of the rule of law, peace, order and security of society.’

According to the jurist, ‘An essential requirement of law is certainty of content and application. Once this certainty is removed, it ceases to be law and becomes a tool to be used manipulatively at the whims and caprices of those of us in whom the society has invested its trust to guard and enforce the law truthfully, objectively, and fairly without fear or favour to yield substantial justice at all times for the public benefit. It amounts to judicial misconduct of a very extreme proportion for a judicial officer to disregard clear provisions of the Constitution and other legislation and the precedents of this court. The whole engagement from the High Court to the Court of Appeal amounts to illegitimate adjudication or false judicialism, a flagrant and oppressive abuse of judicial process in an unprecedented manner. I will not say more on this. These few words are enough for us all.’

The former vice president said Justice Agim laid bare the enormity of the challenge and that the severity of his rebuke of the Court of Appeal reflects the magnitude of the danger posed to Nigerian society. He noted that ‘precedent sets the guardrails for judicial power; without guardrails, power slips into impunity. One of the worst consequences of a failure to follow precedents is the catastrophic impression of judicial corruption or compromise.

‘An impression that is notoriously difficult to shake off and is sufficient to erode the credibility of our system of justice. Once citizens believe that outcomes turn on influence rather than law, even unimpeachable judgements of our courts – which are clearly in the majority – struggle to command confidence. But conflicting appellate decisions cannot be attributed simply to judicial malfeasance.’

‘In the vast majority of cases, they reflect genuine uncertainty about the rules for reconciling competing authorities – a challenge shared by many common-law jurisdictions. Our task this afternoon is therefore to add our thoughts to developing a coherent framework of principles, grounded in scholarship and faithful to the Constitution, to guide both lower courts and the Supreme Court in resolving conflicts, including those within its own decisions.’

Preparing the ground for the debate that followed that afternoon, Justice Peter O. Affen of the Court of Appeal was asked to deliver a keynote address. He had earlier been described by Professor Osinbajo as ‘a jurist whose erudition, clarity and commitment to justice have earned him the respect of the practising bar and legal academia alike, making him eminently suited to this task.’

He did not disappoint, even if he began with a caveat to allow him to speak ‘extrajudicially’. Not being a lawyer, this writer benefitted immensely from the wisdom of two lawyers who flanked him. The respected judge got the gathering laughing when he said he would stand by the established protocol, being a man who was used to being addressed as ‘my lordship’ by all who came before his court. He said, ‘Consistency gives stability to principle. Clarity makes judicial reasoning intelligible. Coherence enables individual decisions to fit within the larger fabric of the law. These are not abstract ideals. They are disciplines of judging, and they bear directly upon the confidence which the public, the Bar and the courts themselves are entitled to place in the judicial process. Our common law heritage teaches a simple truth: the law must be reasonably predictable. Citizens plan by it. The Bar argues for it. The bench decides by itself. That predictability rests substantially upon judicial precedent (or stare decisis): the discipline of standing by things already decided. It is in the courts that the citizenry primarily feels the keen cutting edge of the law; thus, one thing we cannot shy away from is that unless the courts are equipped to perform their roles properly, none of the objectives of a democratic society can be realised.’ According to him, ‘Aside from the challenge of being treated as the perennial poor cousin of the political branches, a branch of government sustained principally by judgement cannot afford to speak in uncertain or discordant voices: coherence is the currency of its authority. Yet the Nigerian experience presents a recurring difficulty: what should the Court of Appeal, or indeed a court of trial, do when the Supreme Court itself appears to have given inconsistent decisions on the same issue? ‘The problem,’ he argued, ‘is not merely theoretical. Conflicting appellate pronouncements have persisted in important areas of Nigerian law, including but not confined to: labour and employment law, particularly the jurisdictional boundaries of the National Industrial Court and the applicability and scope of limitation laws; jurisdiction generally; locus standi; election petition timelines and electoral matters generally; the relationship between garnishee proceedings and applications for stay of execution; admissibility of registrable instruments; the distinction between final and interlocutory decisions; questions of appellate procedure, including how and when an appeal to the Supreme Court is validly initiated, and until recently whether appeals could lie directly from the directions of the LPDC. At the level of the Court of Appeal, a recurring nagging conflict was whether the CBN is a public officer for purposes of garnishee proceedings. There is conflict even in how to resolve conflicting decisions. The irony is unmistakable: stare decisis, a doctrine designed to secure certainty and predictability, may itself become a source of uncertainty where the precedents said to bind do not speak with one voice. The prevalence of unresolved conflicting decisions may be an index of institutional weakness – not necessarily of bad faith, but of a system that has not equipped itself with sufficiently clear rules for managing internal conflict. My principal argument is that the answer does not lie in merely directing lower courts to choose but in supplying principled rules and placing the primary responsibility for authoritative resolution where it belongs: with the Supreme Court. Now, the proper business of the Supreme Court is to take cases that establish principles of general application. As Oputa, JSC, explained in Nwadike v Ibekwe, ‘The Supreme Court should really not be bothered with messy issues of fact. It should be given ample time and opportunity to concentrate on and shape the law of this country and also interpret the Constitution. These two functions are those that rightly belong to any country’s court of last resort.” He said whether we have given our top court the required time and opportunity to discharge its critical gatekeeping role is an open-ended question. My admittedly limited research did not disclose any other final court to which appeals lie as of right, and this makes the Supreme Court of Nigeria the most overworked and overburdened final court: a fact acknowledged even by ardent critics of its work.

In conclusion, the judge said, ‘Ultimately, certainty of precedent exists not for judges alone. It exists for the lawyer who must advise, the public authority which must act according to law, the citizen who must regulate conduct, and the litigant entitled to expect that materially similar cases will be governed by coherent legal principles.

‘The proper treatment of conflicting judgements is therefore not merely a technical matter of appellate practice. It is an indispensable element of the rule of law. In the end, coherence, clarity and consistency are not standards by which judges stand outside the judicial process and assess others. They are disciplines to which all of us who exercise judicial power must continually submit ourselves. No court is insulated from difficult choices, and no judge is beyond the possibility of error. The necessary humility is captured by the famous expression ‘We are not final because we are infallible, but we are infallible only because we are final.”

He maintained that ‘what sustains the authority of the judicial process is the constant endeavour to reason from principle, to explain with clarity, and to situate each decision coherently within the law as a whole. If we remain faithful to that endeavour, the law will not always be simple, but it will remain intelligible; it will not always be unanimous, but it will remain principled; and, above all, it will continue to command confidence because it is seen to rest on reason rather than mere authority.’

I had admitted earlier that I am not a lawyer but a journalist. If the points as put forward by the former vice president and the judge are so commonly known, why is it the case that one of Nigeria’s greatest challenges is that of a corrupt and even a failed justice system? One common answer I heard from those who attended was that of the corrupt process for the selection of judges in Nigeria. Some are appointed judges because they have been sponsored by one politician or another. Some are denied appointment because they are perceived to be too forthright and must thus be kept far from the bench. Several specific cases were presented to me which cannot be printed here for their sordid nature. And fingers were pointed at the judicial council, the NJC, as the place where the cleanup must begin. I rest my case.

Development finance and other multilateral institutions, including the World Bank (500m), AfDB(200m), EBRD ($100m) and the European Union (pound 22m), have committed over 40% of the funding requirement for Nigeria’s 90,000km fibre-optic cable rollout plan (Project BRIDGE) – taking nationwide coverage to c. 125,000km once completed. The next step is private capital mobilisation through Quest Merchant Bank – advisor to the Federal Ministry of Communications, Innovation and Digital Economy. Nigeria’s digital future now hinges less on ambition than on the ability to raise requisite financing. The gap on this $2bn mission-critical project currently stands at $1.2bn, and closing this will likely turn on the Federal Government’s willingness to absorb risks investors cannot price, e.g., weak demand/utilisation, adverse currency fluctuations and project delays (right-of-way approvals).

In 2001, GSM spectrum was auctioned to private operators in what was widely regarded as one of the most successful and transparent regulatory events in African history. As a result, Nigeria leapfrogged landline usage in what was ultimately a paradigm-shifting event for per capita productivity across the country. Here the returns were clear, and, therefore, the opportunity was funded overwhelmingly with private capital. The next leap – to cloud and AI – runs on fibre, and the returns are less transparent.

BRIDGE stands for Building Resilient Digital Infrastructure for Growth and is the Federal Government’s plan to lay 90,000 km of new fibre-optic cable, taking Nigeria’s fibre backbone from 35,000 km today to 125,000 km and reaching all 36 states. The plan was approved by the Federal Executive Council in 2024. BRIDGE is an open-access wholesale model whereby the single company will build, own and operate the network – selling capacity to telcos, ISPs and data centre providers. As a public-private partnership, the government seeks to own 25%-49%, while private investors hold the remainder (with operational control). The aim is ultimately to increase Nigerian broadband users from 92m to 150m by 2030 while facilitating a 17% reduction in wholesale broadband prices and connections for c. 60,000 public institutions (schools, hospitals, and police stations).

Scalable cloud, AI and even the CBN’s recent data localisation policy initiative rest on cheap, reliable backbone capacity – hence the mission-critical tag earlier. Broadband penetration has risen steadily in Nigeria (of course predominantly in urban areas), standing at 57% as of July 2026. Internet traffic is up c. 47% yoy, and ICT is the second-largest contributor to real GDP as of Q2 2026. The demand is there. This is the route through which a large share of Nigeria’s underemployed but capable workforce can move out of poverty and into the earning, spending middle, with real pathways to income, education and innovation.

So where do things stand? Quest Merchant Bank is the transaction advisor and invited interested parties to pre-qualify in April 2026 (two years after the programme was approved by the executive council). Bridge OA – the operating entity – was incorporated in August 2026. The federal government’s equity stake is funded partly with sovereign loans from development institutions. No ‘private’ capital has yet been confirmed. As of September 2026, officials said a significant private offer was being concluded, but no terms have been published – the official project timeline from the Ministry is for September 2030.

Now, having sat on the investor side of the table – both institutional and ‘in-house’ for a project feasibility perspective – there are a couple of key points to address in making the decision to participate. First, demand risk. Who are the off-takers here? Major telcos and ISPs already have their own fibre footprint, so what makes them willing buyers? Focus on routes not already covered is key. Take-or-pay agreements materially derisk this programme for both those with existing routes and those looking to tap into this infrastructure and establish their own broadband service goals. The federal government also has an important role to play on the demand side as an anchor tenant for the c. 60,000 public institutions it plans to connect.

There is also the currency risk. A significant amount of CAPEX for BRIDGE will be priced in USD (cables and other equipment). If the naira devalues, the returns profile diminishes significantly against funds already deployed in dollars. Now, the straightforward indexing of tariffs to the dollar would defeat the point of cheaper broadband. Better tools exist, such as extending concession terms in a devaluation scenario and refinancing dollar debt into naira once the network is operating. There will also likely be some USD revenue coming from subsea cable backhaul and international bandwidth customers, which would serve to offset some of this risk. Tax incentives could also form a part of the mitigation package to assuage investor concerns around long-term capital deployment and associated currency risk.

Finally, project delay risk relating to state-level hurdles. 13 states have so far waived right-of-way (RoW) charges, with 16 having adopted the N145 per metre rate recommended by the National Economic Council. There is, of course, still exposure from the remaining seven states that have not complied. Signed RoW agreements would need to be a condition precedent to private capital commitments. There has also been a proposal from the APC chairman (in October 2026) that all federal and state road contracts include telecom ducts – thereby lowering future build costs and shortening delivery timelines.

Worth noting the proposed $1bn Microsoft/G42 data centre in Kenya stalled largely because requests for government-backed payment guarantees were turned down. Nigeria will face the same requests, and deciding how to manoeuvre around this will be key to progressing.

The prize for getting financing right is increased fibre coverage, ultimately supercharging productivity. Coupling this with training and skill development for the cloud computing and AI age will help leverage the abundance of human capital we have at our disposal over time. This was witnessed in India following its 1991 reforms, seeing software exports grow from c. $700m in 1995 to c. $4bn by 2000. Indian engineers became a trusted global supplier, and software services exports reached $205bn in 2024-2025. One thing India pursued fervently was the establishment of technology parks, which gave exporters the high-speed links not readily available on the rest of the network – the same fibre + talent formula is applicable in Nigeria. 3MTT (the ‘3 million Technical Talent’ government programme designed to train 3 million technical specialists and help create 2 million digital jobs) has trained about 135k-160k people, with 1.87m in the pipeline. Andela, Decagon and Semicolon already place engineers remotely and (excluding Andela) have strong pipelines of would-be engineers ready to be trained. Like India, Nigeria has an English-speaking workforce. Unlike India, we conveniently share the European working day (similar time zones). Enhanced broadband coverage and penetration are what turn those advantages into exports.

The ultimate project owner here is our Minister of Communications, Innovation and Digital Economy, and he – I’m sure – will be focused on two measures: date of financial close (private capital) and kilometres laid each quarter to reach the September 2030 target. A public quarterly scorecard is an important part of keeping accountability and transparency toward this all-too-important endgame. In 2001, private capital paid for the leap because returns were plain. This time the government’s job is to make returns visible by assuming risks investors will struggle to price (favourably).

Aigboje Aig-Imoukhuede, Access Holdings chairman, urges African banks to prioritise business and infrastructure financing over mere profitability.

Aigboje Aig-Imoukhuede has warned that Africa’s economic growth will remain limited unless its banks move beyond profitability and financial stability to finance businesses, infrastructure, and job creation.

He also called for globally competitive African banks, easier access to credit, and deeper financial integration before the continent pursues a common currency.

Speaking at the closing session of the Africa Financial Summit (AFIS) 2026 in Luanda, Angola, Aigboje Aig-Imoukhuede said Africa could no longer afford a financial system in which banks remain profitable while businesses struggle for funding and millions face limited economic opportunities.

‘A banking system can be, can be as safe as you want it to be, it can be profitable, but then it can still serve an economy that is very underperforming,’ he said.

Addressing the summit’s theme, Making Capital Count: Unlocking Growth Through African Finance, he urged governments, central banks, and financial institutions to measure their success by their contribution to economic development and improved living standards.

He identified poor access to working capital as a major obstacle facing small businesses, noting that many struggle to obtain financing even when supplying goods and services to financially strong companies.

‘When an SME supplies goods to a creditworthy buyer, that SME should be able to attract capital and financing at the same cost of the credit rating of that buyer immediately,’ he said.

Citing India and Brazil, he urged African banks and regulators to adopt digital invoicing systems that would improve business financing and support economic expansion.

Aigboje Aig-Imoukhuede also called for greater investment of pension funds and domestic savings in infrastructure, warning against using short-term bank deposits to finance long-term projects.

‘We can’t use bank deposits, which can be withdrawn tomorrow, to finance long-term projects which require 20-year money,’ he said.

He cited the Dangote Refinery as an example of large-scale investment opportunities and warned that excessive government borrowing could limit private-sector access to finance.

Turning to the banking industry, he said the withdrawal of some international banks from Africa had created opportunities for indigenous institutions, but warned that African ownership alone would not guarantee progress.

African economies must reduce borrowing costs, strengthen foreign exchange reserves and deepen domestic capital markets to build resilience against mounting global economic shocks, S and P Global has said, warning that sustained economic growth alone will not shield the continent from external financial pressures.

The ratings agency said Africa’s ability to translate improving economic growth into lasting financial stability would depend on how governments, banks, and corporates mobilise long-term capital, diversify funding sources and reduce their exposure to international market volatility.

Speaking during his keynote speech in Luanda on Africa’s economic resilience, Pierre Gautier, managing director – emerging and frontier markets ratings, S and P Global, projected that the continent’s median gross domestic product (GDP) growth would reach 4.6 percent over the next three years, reflecting its relatively strong performance despite successive global disruptions.

He said the continent must address structural weaknesses in its financial architecture, particularly high borrowing costs, limited foreign exchange buffers and underdeveloped local currency markets, to sustain its growth trajectory.

‘One of the critical things to make sure that Africa and many of its sovereigns can be less vulnerable to external shocks is building FX reserves,’ he said.

The assessment comes at a time when African economies are navigating an increasingly fragmented global trading environment, geopolitical tensions, tariff uncertainties and tighter international financing conditions.

According to S and P Global, the traditional global trade arrangement, in which China manufactures goods, Europe and the United States consume them, while Africa supplies critical raw materials, is gradually giving way to a system characterised by regional alliances, shifting supply chains and competition for strategic resources.

The agency believes this transition presents an opportunity for African economies to reposition themselves within global trade, particularly as demand increases for minerals critical to the energy transition and industrial development.

However, it warned that the opportunity would deliver limited economic benefits if African countries continued to concentrate on extracting and exporting unprocessed commodities.

Instead, governments must prioritise local processing, refining, and manufacturing to retain more value within their economies, generate employment and strengthen export earnings.

S and P Global argued that moving further up the global value chain could help African countries increase foreign exchange earnings and build stronger external buffers, reducing their vulnerability to sudden changes in global financing conditions.

This is particularly important because the continent’s dependence on international capital markets exposes governments and businesses to movements in global interest rates and the strength of the US dollar.

Dollar dominance raises Africa’s financing vulnerability

One of the major challenges highlighted by S and P Global is the relationship between dollar liquidity and Africa’s borrowing costs.

The agency noted that when dollar financing conditions tighten, African sovereigns typically experience higher borrowing costs in international markets, making it more expensive to refinance existing obligations and finance new development projects.

Although international financing conditions improved during 2025, the agency observed that pressures had increased since March, partly reflecting geopolitical developments and the conflict in the Middle East.

This creates a difficult financing environment for governments already grappling with competing development priorities and limited fiscal resources.

For African economies, higher external borrowing costs can also complicate debt management, increase pressure on foreign exchange reserves and constrain the capacity of governments to invest in infrastructure and productive sectors.

S and P Global therefore argued that building financial resilience requires more than maintaining economic growth. Governments must strengthen their capacity to withstand fluctuations in international capital flows.

The agency identified the expansion of foreign exchange reserves, alongside the development of domestic financing alternatives, as important measures for reducing exposure to external shocks.

Local currency markets offer alternative financing

Beyond foreign exchange reserves, S and P Global identified deeper domestic capital markets as another critical component of Africa’s financial resilience.

The agency said African countries must increasingly explore domestic funding options, including local bond markets, to reduce excessive reliance on international borrowing.

However, the capacity of domestic banks to absorb additional government debt remains relatively limited across much of the continent, except in a few countries with deeper and more developed banking sectors.

This limitation underscores the need to broaden the sources of long-term financing beyond commercial banks.

S and P Global highlighted the potential of innovative financing structures, total return swaps, guarantee-backed financing and concessional funding to expand access to capital.

It also emphasised the role of multilateral development institutions in providing long-term financing, guarantees and local currency funding that could support investment while reducing exposure to foreign exchange volatility.

The development of local currency capital markets is particularly important for African corporates seeking to raise funds without taking on excessive foreign exchange risks.

‘Currently, South Africa remains one of the few African markets with sufficiently developed local currency debt markets to support corporate bond issuance at scale, highlighting the considerable development gap across the continent.

‘Expanding these markets would allow more companies to finance long-term investments domestically while creating additional opportunities for institutional investors to deploy capital,’ he said.

Growth prospects remain strong, but inflation poses risks

Despite these structural challenges, S and P Global maintained a relatively optimistic outlook for African economic growth.

The agency attributed part of the continent’s growth potential to domestic consumption, particularly household spending, which tends to be more resilient to external shocks than export-dependent economic activities.

Africa’s demographic profile also presents a significant opportunity, as its expanding population could support consumption, labour supply and long-term economic expansion.

However, the agency identified inflation as one of the most significant short-term risks confronting policymakers.

Persistent inflation could undermine household purchasing power, increase operating costs for businesses and complicate monetary policy decisions, potentially affecting investment and economic activity.

The agency therefore stressed the importance of strengthening the relationship between economic growth and financial stability, arguing that countries must reduce funding costs while expanding their revenue bases.

It identified Morocco, Botswana, and South Africa among the African sovereigns occupying a stronger position in terms of government revenue generation and debt-servicing capacity.

According to the agency’s analysis, a more resilient fiscal position is one in which governments can expand revenues while reducing the proportion consumed by interest payments.

This would create greater fiscal space for infrastructure, social investment, and productive economic activities.

Africa must turn trade fragmentation into industrial opportunity

The changing global trade environment also presents an opportunity for African countries to strengthen regional economic integration and build more competitive industries.

S and P Global said the continent could benefit from shifting supply chains and regional trade partnerships if governments invested in infrastructure, mineral processing and industrial capacity.

However, this would require a departure from the commodity-export model that has historically exposed many African economies to volatile international prices.

By developing domestic processing capacity, African countries could capture more value from their natural resources, increase export earnings and strengthen their foreign exchange positions.

The agency’s position suggests that Africa’s long-term economic resilience will depend on addressing interconnected challenges across trade, financing, fiscal management and industrial development.

Ultimately, the continent’s challenge is no longer simply how to sustain GDP growth amid global uncertainty, but how to build financial systems capable of protecting that growth from external disruptions.

A coalition of Civil Society Groups in Rivers State under the aegis of the Peoples Assembly, has launched a campaign tagged ‘No clean up in Bille, no election in the Niger Delta region’, to persuade the Federal Government to attend to gas eruption in the community.

The group made the demand in Port Harcourt, Rivers State following the continuation of gas bubbling in Bille over a year now.

The group is asking the people of the Niger Delta to refuse to vote for any candidate who would not commit to cleanup of the region, especially on the Bille gas eruption.

Prince Ekpere, of Social Action, in a press conference, lamented that since after the gas leakage in Bille over one year ago that nothing has been done to assuage the plight of the people of the community.

He warned that if nothing is done about the cleanup in the region that the people will not come out to vote in the 2027 general elections.

Bieye Renner Briggs, of the Community Environmental Protection and Health Foundation, called on President Bola Tinubu to seize his visit to Rivers State for his campaign to visit Bille Community suffering the gas eruption and see things himself.

He expressed worry why President Tinubu would only be interested in coming to Rivers State for campaign to seek for votes, but would pay deaf ears to the environmental challenges suffered, by the people.

‘For about a year, gas has been bubbling out of the ground and water of Bille Kingdom, in Degema Local Government Area, of Rivers State, saturating and poisoning the air.

‘It rises through creeks, hand dug wells, boreholes, and within any available space in and around homes, schools and many other open grounds. These gases has caught fire and exploded many times within the Bille Community’ he said

Emem Okon, Executive Directive, Kebetkache Women and Development Centre maintained that NOSDRA and NUPRC, had carried out a joint investigation visit and preliminary tests at different intervals, but no operator has yet been named as the source, and the agencies, especially NOSDRA appear to be starving of funds, noting that without federal action, nothing will change until more people die; this is a genocide in waiting.

They called on the Federal Government to declare Bille a national environmental, safety and public health emergency, move residents to safety, fund and lead an urgent effort to find and stop the gas leaks, and hold the operators accountable’ she said.

They further explained that Bille is an oil- and gas-producing riverine Ijaw kingdom within the areas of Oil Mining Leases (OML) 18 and 24, as residents report that gas began bubbling from the ground and water around October 2025. Since then, the crisis has only grown.

The group further stated that Nigerian Upstream Petroleum Regulatory Commission (NUPRC) became aware of the leak, but did nothing.

They stressed that the Peoples Assembly held a town hall meeting in Bille, convened by Social Action in Collaboration Kebetkache Women Development and Resource Centre and other civil society organizations, to address the gas eruption, environmental pollution, and threats to residents’ lives and livelihoods.

‘The community has recorded 11 deaths associated with the crisis. An independent monitoring team has also confirmed unsafe levels of methane, hydrogen sulphide and carbon dioxide in Bille, and residents report vomiting, breathing problems and other illnesses’ they stated.’

They urged the Federal Government to set up a Presidential task force that will bring together NOSDRA, NUPRC, the operators of the OMLs 18 and 24, the Federal Ministries of Health and Environment, NEMA, the Rivers State Government, Civil Society Organisations and community representatives to immediately find solutions to ending the life threatening disaster and relocate the people to a safe place with shelter, food and health services.

Bille community in Degema Local Government Area of Rivers State, is a national model for responding to similar emergencies in other Niger Delta communities, such as Uzere, Alakiri , Rumuekpe, Aleto among others.

…says families of 33 victims deserve respect

The All Progressives Congress (APC), Kwara State chapter on Monday condemned what it described as an insensitive and reckless statement uttered by the Kwara South Senatorial District candidate of the Peoples Democratic Party (PDP), Saheed Popoola, to rewrite the history of the 2018 Offa robbery, which claimed 33 lives.

Popoola had, over the weekend, admitted that he deliberately linked the incident in which people, including policemen, were killed to Saraki to settle political scores.

Addressing journalists at the party’s secretariat in Ilorin,

Abdulwaheed Olawale Babatunde, the APC State Publicity Secretary, insisted that convict Akinnibosun and other criminals, whose court evidence linked Saraki to the Offa robbery case.

The party’s spokesman said the convicted armed robbers had, in their statements and evidence presented before the court, allegedly linked Saraki to the incident.

The APC further alleged that Yusuf Abdulwahab, a former Chief of Staff to ex-Governor Abdulfatai Ahmed, had made a statement to the police linking Saraki to the case, which was subsequently tendered and admitted as evidence in court.

‘Whether Saraki likes it or not, he is an accessory before and after the fact. The vehicles and arms were given at his instance (without which they couldn’t have attempted a robbery) and the vehicle (instrument of crime) was hidden at Government House in Ilorin after the robbery operation and later moved to the Ministry of Environment under their watch. The number plate (SARAKI) on the vehicle and their photographs together, some at the Saraki daughter’s wedding, all established a strong link with the criminals.

‘In fact, some of the armed robbers were arrested wearing clothes (asoebi) commemorating the wedding of Saraki’s child. These are boys that are very well known to Saraki and were in Saraki’s entourage when he went to pay a condolence visit to Offa following the armed robbery incident,’ he explained.

He argued that the recent comments attributed to Popoola could not invalidate the judicial proceedings or the evidence considered by the court.

‘The purport of Popoola’s statement is not lost on the people of Offa and Kwara State. A man who shamelessly admitted to lying on a matter of such magnitude and consequence has simply told the people that he lacks any credibility and is not worthy of their trust. He may well wake up tomorrow and do worse things.

‘Saraki may want to feed the national audience with distorted facts, but the people of Kwara State know the truth because they lived through the dark days under Saraki’s leadership when thugs took control and were often on rampage across the State. It is naive for Saraki to think that a volte face by the characterless Saheed Popoola or his ilk will upturn the well-documented verdict of history on how he enabled the armed robbers,’ Babatunde said.

He urged residents of Kwara, particularly those in Offa and Kwara South, to consider the importance of integrity and public trust in choosing their representatives.

The party also expressed confidence in Offa’s continued support for the APC, describing the community as historically progressive and politically conscious.

‘Offa had played a significant role in the emergence of the APC-led government in Kwara State and would not abandon the party because of political campaigns or visits by influential personalities,’ he added.

Corroborating, Abdullahi Samari,

the APC Deputy Chairman, described the development as unfortunate and inhuman, noting that the victims left behind children, wives, parents and other family members who were still living with the consequences of the tragedy.

‘I think it is rather inhuman and disturbing that an experienced politician who is looking for votes can play with people’s lives as it is now. The 33 people who lost their lives still have family members living. Some of them have children, wives and parents. How would they feel with this kind of statement coming around this time?’

‘That statement was carelessly made. Only God knows what some other people will be thinking at this time. It is rather unfortunate. We should not use everything in politics to make sure that we cause havoc to our people,’ Samari added.

He noted that the robbery case had already been determined by a competent court and that attempts to introduce alternative narratives would not change the judgment.

Samari asked security forces to charge Popoola for the reckless statement against a case already decided by court.

‘As a party, we think we need to address it. A judgment has already been given. The storytelling is immaterial, but I think it is being said to make sure they provoke people,’ he said.

HomeWork Group Africa has completed and handed over King’s Court, a 14-unit residential development in Ikeja GRA, adding to the company’s project delivery record in Lagos.

The handover took place on October 27, 2026, at the development on Adekunle Fajuyi Street. The scheme comprises fully serviced three- and four-bedroom maisonettes and marks the group’s second project completion in 2026.

The homes feature spacious living areas and kitchens, private courtyards, large windows and deep balconies. Estate amenities include power, water, security, CCTV, parking, a gym and a swimming pool.

The Group Managing Director said the completion reinforces the company’s focus on delivering homes in line with commitments made to clients.

‘God establishes the works of our hands, and now we have the thrill of yet another completion. For us at HomeWork Group Africa, King’s Court is a story of determination. We promised our clients quality homes, and despite all odds, we have delivered.’

The project follows the opening of Malvin Mall, a six-storey commercial building on Admiralty Way, Lekki, earlier in 2026.

HomeWork Group Africa is preparing to hand over two additional residential schemes before year-end. Yellowstone in Lekki Phase 1 comprises four terrace units and a penthouse, while Hines Court 2 on Freedom Way, Lekki, comprises 32 two- and three-bedroom flats.

Founded in 2008, the company reports a delivery record of more than 20 estate projects and nearly 400 units. The latest completion extends its presence across Lagos’s residential and commercial property segments

Sotel Opens Number Reservations in Nigeria: Data That Doesn’t Expire, Plus Calls and SMS

Customers can reserve memorable numbers ahead of launch, with eSIM service planned nationwide for compatible phones and physical SIM rollout beginning in Lagos through authorised agent locations.

LAGOS, NIGERIA – November 4, 2026 – Sotel, a mobile network company licensed by the Nigerian Communications Commission (NCC), is preparing to enter Nigeria’s consumer mobile market with a service designed to give customers more choice in how they stay connected and use their data. Ahead of its commercial launch, Sotel phone number reservations are now open at sotel.com, so Nigerians can pick an easy-to-remember number before the service goes live nationwide with data bundles that don’t expire, calls and SMS.

Built around the promise ‘Your data. Your pace,’ Sotel aims to give customers more flexibility in how they browse and get value from their data.

The upcoming service will support mobile data, voice calls and SMS. Customers will have a choice of browsing experiences, including an option designed to help make every GB go further for data-saving customers and an option for those who aren’t part of the data-saving gang. Sotel data bundles will also come with no expiry, so customers can use the data they buy whenever they need it, without racing against a deadline. Together, these benefits give customers more choice in how and when they use their data.

For now, customers can get an early start by choosing a number worth remembering.

Through www.sotel.com, interested customers can sign in with their email address and phone number, explore the available Sotel numbers and reserve their preferred selection ahead of commercial launch.

‘We’re building Sotel around giving customers more choice in how they stay connected and use their data, with an option for the data savers and the non-data saving gang. Our data bundles don’t expire, so customers can use what they buy at their own pace. Opening number reservations is our first opportunity to introduce Sotel to Nigerians and give interested customers a chance to reserve a number they’ll be happy to use,’ said Olajuwon Abayomi, Chief Commercial Officer, Sotel.

At the commercial launch, Sotel plans to make its eSIM service available nationwide to customers with compatible eSIM-enabled phones. For customers using physical SIMs, the rollout will initially begin in Lagos, with SIMs available for pickup at authorised agent locations.

Reserving a number does not constitute ownership or immediate activation of a mobile line. When the commercial claiming window opens, customers will have 48 hours to complete the required Know Your Customer (KYC) process and claim their reserved numbers. Numbers not claimed within this period will be released in accordance with the published reservation terms. Customers will receive official instructions when the claiming window opens.

Frequently asked questions

Is reserving a number free?

Yes. Reserving a Sotel number costs nothing. Customers only provide their details to hold the number in their name until launch, and no payment is taken at this stage.

How many numbers can one person reserve?

Each customer can reserve one/up to 3 number(s) ahead of launch. Each reserved number must be claimed through KYC within 48 hours of the claiming window opening.

Which number prefix does Sotel use?

Sotel numbers begin with 07107, and customers can choose the remaining digits from the numbers available on sotel.com.

Which phones support eSIM?

Most recent smartphones support eSIM, including iPhone XS and newer models, Samsung Galaxy S and Z series phones, and Google Pixel phones, as well as some recent models from other brands. A quick way to check is to dial *#06#: if an EID number appears, the phone supports eSIM.

Where are the Lagos pickup locations?

Physical SIMs will initially be available for pickup at authorised agent locations in Lagos. The full list of locations will be shown in the Sotel app at commercial launch.

Do I need my NIN to reserve a number?

No. NIN verification is only required when claiming the number through KYC after commercial launch.

Will my current line stop working if I reserve a number?

No. Reserving a Sotel number does not affect your existing line or phone in any way.

The reservation period marks the first phase of Sotel’s market introduction.

Further details about the service and the activation process will be communicated ahead of commercial launch.

Interested customers can explore the available numbers and reserve their preferred selection at www.sotel.com.

About Sotel

Sotel is a mobile virtual network operator licensed by the Nigerian Communications Commission, offering connectivity for life in Nigeria, travel abroad and business. Its services include data, calls and SMS with data that doesn’t expire, travel eSIMs across 180+ countries, and connectivity for teams and devices such as POS terminals, trackers and smart meters. Learn more at www.sotel.com.

The gap between the official and parallel market exchange rates has widened to N69 per dollar, or 5.13 percent, from less than two percent previously, as renewed demand pressure pushes the naira lower in the parallel market.

Data collated from parallel market operators showed that the naira depreciated to between N1,410 and N1,430 per dollar on Monday.

At the official foreign exchange (FX) market, the naira depreciated marginally by 53 kobo week-on-week to close at N1,346.79 per dollar on Friday, compared with N1,346.26 traded the previous Friday at the Nigerian Foreign Exchange Market (NFEM), according to data published by the Central Bank of Nigeria (CBN).

Consequently, the gap between the official and parallel market rates widened to N69 per dollar, or 5.13 percent, on Monday from N61, or 4.53 percent, last week.

Speaking during an investor engagement in Bangkok, Olayemi Cardoso, governor of the CBN, said the gap between the official and parallel exchange rates had narrowed significantly to less than two percent from about 60 percent.

He attributed the improvement to the foreign exchange reforms introduced by the apex bank, noting that the buffers built during the reform process had helped Nigeria withstand external shocks.

‘When you travel now, you don’t have to look for foreign exchange; you can use your Naira card and pay for whatever you want,’ Cardoso said.

He argued that improved currency stability had restored confidence and predictability for businesses, travellers and investors.

Meanwhile, activity in the official FX market moderated last week, with total turnover at the NFEM window declining by 53.17 percent week-on-week to $1.92 billion from $4.10 billion recorded the previous week.

The number of transactions also fell by 21.46 percent to 1,325 deals from 1,687 deals in the preceding week.

At the interbank segment of the FX market, total turnover declined by 63.26 percent week-on-week to $556.79 million from $1.52 billion. The number of deals also dropped by 32.09 percent to 472 from 695.

Meanwhile, Nigeria’s external reserves, which provide the CBN with the capacity to support the naira and meet the country’s external obligations, declined by $130 million in one week to $55.13 billion as of November 5, 2026, from $55.26 billion recorded on October 27, 2026.

Despite the recent decline, the country’s external buffers have maintained a strong year-on-year growth trajectory, rising by 27.32 percent from $43.30 billion in the corresponding period of 2025, according to CBN data.