Author: The Nation

  • Unlocking the Kanu logjam

    Unlocking the Kanu logjam

    •Apparently, legal justice is not enough to restore peace to the South East

    Mazi Nnamdi Kanu, now a celebrity of sorts, is such a complex personality. Among the Igbo people of the South East region, he is either a hero (to his followers and friends) or a villain to the millions who have suffered the loss of limbs and property. Others are so bitter about him that a mention of the ñame could make those who have lost family or relations throw up.

    When Justice Kolawole Omotoso of the Federal High Çourt, Abuja finally delivered the judgment in the seven count charge preferred against him by the Department of State Services, the matter further divided the country. Beyond his kith and kin in the East, most people in other parts of the country where he had courted enemies by his caustic broadcasts on the illegal Radio Biafra channel were predominantly pleased that he got what he deserved. Some even, as the prosecution led by Adegboyega Awomolo, SAN, canvassed, felt he deserved the ultimate senence-death.

    However, the case against Kanu, leader of the separatist Indigenous People of Biafra, is not that straightforward. Yes, on November 20 he had his day before the Court of Justice, it is obvious that what he got was just legal justice, which no one could fault, but the broader matter of social and political justice is still hanging, waiting for resolution.

    Ideological and philosophical matters are hardly settled and not simply determined using the law of the land. In countries like the United Kingdom where the Irish Republican Army raged for decades and thousands were killed, the conflict could not be resolved by the many convictions of the zealots secured in the law courts.

    In South Africa where the white supremacists had imposed the apartheid system, peace could not be restored until both sides, the blacks and whites negotiated the way forward. It is obvious that more than five decades after the civil war was lost and won, the people of the region continue to nurse a breakaway impulse for the region from Nigeria, and irrespective of whatever a figure like Kanu could have done to hurt the people, many of them still blame it on the Nigerian state. More than other parts of the country, words like marginalisation are thrown around more among Ndigbo. According to the law of the land, Kanu still has the opportunity of appealing the Omotoso verdict, but legal minds have argued that he stands little chance of being freed in the higher courts. One, because evidence adduced against him was so weighty that hardly could any judge have found him a lacuna for freedom.

    Second, because he muddled up his case by his mannerism in court that is so documented by the trial judge, and his dismissal of his lawyers, including such members of the inner bar like Kanu Agabi, SAN, a former Attorney General of the Federation and the respected Onyechi Ikpeazu, SAN. The shabby treatment he gave his counsel right in court tended to support the charges against him as it suggests he is a violent man. He literally refused to submit to the authority of the court trying him. Third, some of those who could have pleaded his cause have been pushed away.

    The question that should bother all is: what is the way forward? There is no doubt that men of the uniform are hurt, deeply hurt. They lost so many men, equipment and limbs. The social schism in the country has become deeper by the activities of IPOB and Eastern Security Network, its violent wing, both established and run by Kanu’s men. Certainly no government would easily gloss over the feeling of the armed forces and other security forces. Yet, the logjam must be broken, somehow.

    Nnamdi Kanu is locked away in the Sokoto correctional centre, the heart of the caliphate that he had so vigorously campaigned against, and on which he chose to hang the travails of his people. A lot would depend on President Bola Tinubu to find political solution that would assuage the feelings of all involved. The first step to finding an out-of-court settlement to the conflict is for Nnamdi Kanu to be willing to make critical concessions. So far, he is yet to display remorse or convince the state that he would be willing to embrace peaceful conduct. To be released and bring an end to the apartheid regime, the venerable Nelson Mandela agreed to drop violent protest and lead the African National Congress into cooperating with the state, even after he had been in jail for 27 years.

    The Igbo leaders must be involved and ensure that a more moderate leader emerges. It does not appear that Nnamdi Kanu has the temperament to drive the process. How could he be persuaded to step aside or assume a less prominent position? How would they all accept the minimum conditions put forward by the government? What concessions would the federal government come up with? What role would leaders of the other regions play in resolving the conflict?

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    The international community may have to play some part in the same way that organisations like the Red Cross and the United Nations played in similar situations in other countries. If Israel and Hamas could negotiate through third parties, Nigeria would have to explore means of finding peace. At a time when the Northern parts of the country are boiling, we have to ensure that we secure the whole of the South. There is no doubt that bringing the East on board could be more difficult than the procedure adopted to bringing peace to the Niger Delta under the Jonathan administration. The Biafran Spirit has been on for so many decades and even children who were yet unborn by 1970 when the war ended have imbibed the ideology. This would therefore necessitate getting the diplomatic expertise of persons who had participated in such negotiations to drive the process.

    The ball is in the court of Mazi Nnamdi Kanu. He has to show that he is willing to cooperate with the governors of the East for whom he had little respect, and the leadership of the Ohanaeze Ndigbo. Nigeria must move forward. To develop, the tempest in the various parts of the country has to subside. In the East, freedom for Kanu has become necessary, but it has to be at a cost. The haemorrhage must stop. This includes economic haemorrhage that came from the shutdown on Mondays. The Igbo people are industrious traders and businessmen and should be free to transact their businesses in accordance with the laws of the land.

    Truly, all hands must be on deck.

  • Foundation offers free prostate cancer screenings

    Foundation offers free prostate cancer screenings

    How Foundation has partnered Palmars Hospital, Port Harcourt, and SYNLAB Nigeria, Lagos, to offer free prostate cancer screening.

    It is part of the foundation’s commitment to advancing men’s health and improving early detection of the ailment.

    Men aged 40 to 65 who register this month will receive free prostate cancer screening.

    Registrations from January will get a 50 per cent discount, ensuring access to affordable preventive healthcare.

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    The foundation said the programme will raise awareness about prostate cancer, a common yet least discussed health concerns among men, while encouraging regular screening as vital for early detection and improved outcomes.

    It said: “The initiative forms part of the foundation’s broader Prostate Cancer Awareness Campaign, which promotes open conversations on men’s health, supports preventive habits, and strengthens community partnerships to expand access to essential healthcare services.

    “The public is encouraged to take advantage of this opportunity. Details are available on the HOW Foundation website: http://www.thehowfoundation.net.”

  • Praise Concert to drive spiritual awakening

    Praise Concert to drive spiritual awakening

    The Third Asher Praise Concert is set to hold on December 27, attracting thousands of worshippers to the Solution Arena, Onipanu, on Ikorodu Road, Lagos. The 2025 edition, with theme: “The Breaking – Court of Repentance,” signals a renewed emphasis on repentance, spiritual awakening and deep worship engagement, organisers said.

    Founded by Adegoke Adedamola, the concert has grown into a spiritual and cultural movement, combining music, revival and community impact.

    This year’s edition features some of the most influential voices in contemporary Nigerian gospel music.

    Among them is Sunmisola Agbebi-Okeleye, whose youthful worship style has attracted a nationwide following, and Favour Ojo, known for her gentle, angelic tone.

    Olayinka Erinle, Tunde Ara and emerging cultural worship minstrel, Joanna Obasi, are also billed to minister, together with rising worship talent, Naomi Odukoya.

    The concert will also feature high-energy praise sessions, led by Tosin Bee, ensuring a balanced worship atmosphere – from solemn moments of repentance to joyful celebration.

    Beyond music, Asher Praise Concert continues its tradition of compassion-driven outreach.

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    During the event, 200 widows will receive food items and relief materials under the “Do You Love Me?” initiative, powered by the Rose in the Desert Foundation.

    Organisers say the outreach has become a core expression of the concert’s mission to reflect the heart of Christ during the festive season.

    A special prayer session for “kingdom financiers” tagged “Believers committed to advancing the gospel through their resources,” will also take place, following what organisers describe as divine instruction received during planning.

    In a notable shift, the 2025 edition features a strong representation of female ministers, which organisers say reflects obedience to spiritual prompting and a posture of humility for the season.

    The sermon will be delivered by Pastor Victor Oba, who is expected to preach on themes of repentance and restoration, drawn from the Book of Joel.

  • Partnership to boost cross-border payment integrity

    Partnership to boost cross-border payment integrity

    Seamfix has partnered Pan-African Payment and Settlement System (PAPSS), operated by Afreximbank, to deepen trust, compliance and governance in real-time cross-border payments in Africa.

    The collaboration will deploy PGATE, a compliance and transaction-governance platform developed by Seamfix, to strengthen oversight of payments flowing through the PAPSS network.

    The platform integrates identity, payment behaviour and regulatory checks into a single workflow, giving central banks, commercial banks and other financial institutions greater visibility on cross-border transactions without slowing settlement times.

    Under the partnership, PAPSS will drive adoption of the platform on its network of central banks and financial institutions, while Seamfix will build, operate and maintain the system under a vendor-financed model.

    The initiative aligns with PAPSS’s drive and responds to increasing demand from financial institutions for clearer, identity-linked insight as transaction volumes in Africa continue to rise.

    Group Chief Executive Officer of Seamfix, Chimezie Emewulu, said the partnership was designed to ensure that confidence keeps pace with the rapid growth of digital payments.

    “Payments move fast in Africa, but trust must move with them. This partnership helps banks and regulators see what they need to see, at the moment they need to see it, without getting in the way of the transaction,” he said.

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    PGATE is powered by Seamfix’s Fixiam identity engine and is designed to link customer identities, detect fragmented transactions and flag suspicious patterns. It provides pre-transaction screening, quota governance, consent management and auditable trails that regulators can review after settlements.

    The development also supports broader efforts under the African Continental Free Trade Area (AfCFTA) to simplify cross-border payments and reduce dependence on costly currency conversions and delays.

    Both organisations said joint stakeholder sessions will begin shortly, ahead of a proof-of-concept with selected central and commercial banks.

    PAPSS is a continental payment and settlement system backed by Afreximbank and the African Union, aimed at enabling real-time cross-border payments in local African currencies.

    Seamfix is a technology company that builds digital identity and compliance infrastructure used by banks, telecoms and governments. The company was co-founded by Chimezie Emewulu and Chibuzor Onwurah on the belief that secure digital identity is essential for inclusion and access to services.

  • ‘Don’t compromise on PLWDs’ welfare’

    ‘Don’t compromise on PLWDs’ welfare’

    Kehinde Oshilaja Foundation has urged the government to intensify its commitment to the welfare and protection of Persons Living with Disabilities (PLWDs).

    Speaking in Lagos at an awareness and advocacy programme to celebrate World Disability Day, Coordinator, Kehinde Oshilaja, said welfare of persons with disabilities should be prioritised, ‘’especially during festive periods when support is important.’’

    He said: “As the Yuletide approaches and celebrations take place globally, all tiers of government must prioritise the welfare of people living with disabilities. Their needs should be factored into social intervention programmes, health care delivery and educational support.”

    Oshilaja noted that meaningful inclusion, accessible infrastructure, free education and health care, as well as employment opportunities were critical to improving the quality of lives of PLWDs.

    The programme drew support from religious leaders across faiths.

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    During the Jumat service at Lagos Central Mosque, the Chief Imam of Lagos State, Sulaimon Abdulnalla, called on the government to emulate best global standards in disability care.

    At a Sunday service at the Redeemed Christian Church of God (RCCG), Alago Meji, Lagos, Pastor Balogun Ayobami offered special prayers for persons with disabilities and declared that they would experience divine restoration and favour.

    Traditionalists added their voices. At the Ijo Orunmila Ato, Lagos Mainland headquarters, the Chief Priest, Ademola Fabunmi, hailed individuals and organisations for caring for persons with disabilities and advised monarchs to use their influence and resources to uplift the vulnerable in the society.

    The World Disability Day celebration ended with renewed calls for collaborative action involving government, religious bodies, traditional institutions, organisations and individuals to ensure persons with disabilities were not only protected, but also fully integrated into the society.

  • FRC chief to inductees: uphold integrity

    FRC chief to inductees: uphold integrity

    Executive Secretary of Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, has urged inducted estate surveyors and valuers to uphold ethics, integrity, and professionalism.

    He stressed that their work carries legal, financial, and national implications, making accuracy and accountability non-negotiable.

    Dr. Olowo spoke in Lagos as guest speaker at 2025 induction for members of Nigerian Institution of Estate Surveyors and Valuers (NIESV).

    The ceremony, which ushered members into the community of professional valuers, symbolises continuity, renewal, and deepening tradition of excellence.

    He urged the inductees to produce reports that would withstand scrutiny of auditors, regulators, investors, and the courts.

    Dr. Olowo added: “As you take your professional oath, I urge you to embrace continuous learning. Valuation is dynamic. Markets evolve, standards change, regulatory expectations shift, and the world increasingly demands transparency.

    “You must equip yourselves with the knowledge and discipline to remain relevant, compliant, and competitive. Uphold the ethics of your profession. Avoid conflicts of interest. Document your assumptions rigorously.

    “Challenge information that appears unreliable. Produce reports that can stand scrutiny of auditors, regulators, investors, and courts. Above all, be honest in your methods, in your judgments, and in your interactions with clients and stakeholders”.

    Olowo, reminded the inductees that the day’s event was a milestone and also a beginning step for them.

    “You are stepping into a field that holds enormous opportunity; opportunity to shape national development, to deepen financial transparency, to restore public trust, and to strengthen accountability in both the private and public sectors.

    “As a regulator, I can assure you that the FRC values the role of the valuation profession. We consider you indispensable partners in the journey toward a more credible financial reporting regime, a stronger capital market, and a more resilient national economy,” the FRC boss said.

    Dr. Olowo stated that FRC, through the Directorate of Valuation Standards, has invested significantly in building capacity.

    “Not too long ago, the Council concluded the Nationwide Training Tour on valuation for Financial Reporting, where we engaged about 1000 professionals across the cities of Lagos, Abuja, Port Harcourt and Kaduna.

    “The Council has also integrated Valuation for Financial Reporting methodologies into all its training programmes. We have also developed the Valuation for Financial Reporting guide and distributed it at no cost to professionals in all our engagements.

     “The Directorate of Valuation Standards of the FRC is not merely a desk; it is an emerging institution within the FRC, established to regulate valuation for financial reporting, develop guidance materials, review valuation practices through inspection activities, and ensure that valuation reports used in financial statements meet the standards expected of a modern, transparent, and credible economy,” he said.

    He emphasized that the Directorate of valuation standards at the FRC remains not just as a partner in professional growth, but it also a regulator.

    “It will support you through training and engagement, but it will also hold you accountable to the responsibilities you accept today,” Dr. Olowo added.

    Dr Olowo further reminded the inductees that they are not merely joining a profession, but are becoming custodians of trust.

    “You will be producing valuation reports that have legal, financial, and reputational implications for organisations. Your assessments of fair value will influence decisions on loans, investments, mergers and acquisitions, insurance claims, government asset management, and even court proceedings.

    “When companies publish their annual financial statements, your work will be embedded in the figures that investors use to decide whether to buy or sell shares. Regulators will depend on your work to assess solvency, capital adequacy, and compliance.

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    “Government agencies will rely on your valuations to make infrastructure and policy decisions. In other words, you are entering a profession where accuracy is not just desirable but is compulsory. Where integrity is not just admired but is demanded, and where negligence is not merely unfortunate, but is consequential,” he said.

     Speaking about the synergy between the FRC and the NIESV, Dr. Olowo described it a partnership worth celebrating.

    “Over the last several years, both institutions have worked side by side, not as parallel organisations but as complementary pillars of the same accountability system. This relationship was most clearly demonstrated in the development of the Valuation for Financial Reporting Regulation, a landmark regulatory instrument that will soon reshape how valuation is conducted in the context of financial reporting in Nigeria.

    “This regulation did not emerge from a vacuum. It was the product of deep collaboration, intense technical work, and the generous contribution of many seasoned NIESV members who served on the Technical Working Group.

    “The Valuation for Financial Reporting Regulation now awaits Ministerial approval to become fully effective. This final step is procedural but essential, as it ensures that the regulation carries the full weight of law and is enforceable within the financial reporting ecosystem,” he added.

    The FRC boss urged every inductee to take note of this: “The moment this regulation becomes effective, compliance will not be optional. It will be binding. It will determine the acceptability of valuation reports used in financial statements. It will guide auditors in identifying deficiencies, and it will inform the FRC’s inspection and monitoring work. In this new dispensation, your expertise must not only be sound, but it must be compliant.”

  • Alumna: UI is a launchpad for success

    Alumna: UI is a launchpad for success

    University of Ibadan is more than a higher institution. It is a launchpad that prepares people for success, Mrs. Bola Olajomi-Otubu, alumna and chief executive officer of Beige Spaces Limited, a design and construction firm, has said.

    Speaking at the Class of 2025 convocation, Olajomi-Otubu described UI as a foundational “training ground” and a “refining fire” that has shaped every aspect of her life. She said the university has played a pivotal role in her personal and professional journey.

    “University of Ibadan is not just another university. It is where my foundation for success was built. It is a training ground and, in many ways, the refining fire that set me up for success,” she said.

    Olajomi-Otubu noted that she is a proud second-generation alumnae. Her father, the Elesugbon of Esugbon, Obaruwa I, Amusat Hassan, and retired professor of Zoology, is also an alumnus who spent more than four decades at the institution. Two of her sisters also graduated from UI.

    She likened the university’s impact to the strength of a building’s foundation. “When I think about UI, I think of foundations that are strong, steady and enduring. As head of a construction and design firm, I know that a building that will stand tall must rest on the right foundation. The same applies to life.”

    Addressing the chancellor, vice chancellor, faculty members and graduating students, she congratulated the Class of 2025 for their perseverance through academic hurdles and strike disruptions. She said returning to UI felt like coming home, recalling her childhood years in the University Staff School, Abadina College, and Department of Psychology, where she formed lasting relationships.

    Olajomi-Otubu reflected on sacrifices, late-night reading sessions and friendships built along the way, saying these experiences serve as the “foundation stones” upon which graduates must build their lives. She urged them to draw strength from the resilience instilled by their time at UI.

    Sharing her journey from psychology graduate to human resources professional and later to construction entrepreneur, she recounted losing a job before eventually leading a company that employs nearly 60 professionals.

    “That is how strong the foundation this university gave me is. I can rebuild, pivot or completely change my path because I carry the lessons I learned within these great walls,” she said.

    She explained that building anything meaningful in life requires more than resources, stressing that “faith” is a critical component of progress. “Life after UI will test your resolve. There will be days when your plans collapse like an unreinforced structure. In those moments, remember your foundation and the lessons you learned here.”

    Shifting to spiritual insight, she said faith in God has remained her compass, adding that she has learned to choose courage over fear. She encouraged graduates to embrace patience, discipline and values that produce lasting success.

    “Choose the hard and the right over the easy and the quick. Real success is not instant. It is slow-cooked like smoky jollof rice. Good things take time,” she said.

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    She cautioned graduates against the illusions created by social media and advised them to be mindful of the digital footprints they leave behind. “The world is loud, especially online. Loud is not always right. The internet does not forget. Stillness is power.”

    Olajomi-Otubu advised the graduating class to focus on building character, relationships and legacy rather than following fleeting trends. “Anyone can hustle, but few can build. Build something that lasts longer than you.”

    She emphasised the value of community, diversity of thought, and resilience, noting that life in Nigeria often presents difficult challenges. “In Nigeria, life does not throw lemons. It throws pepper, pepper pro max. Learn to make pepper soup on your way to greatness.”

    Referencing outstanding UI alumni such as Nobel Laureate Prof. Wole Soyinka, Chinua Achebe, Prof. Olikoye Ransome-Kuti and Prof. Grace Alele-Williams, she described them as “giants” whose legacies continue to inspire new generations.

    “We see farther today because they stood tall yesterday. You, the Class of 2025, now join this extraordinary lineage. You are the next set of shoulders for others to stand on.”

    She urged the graduates to step into the world as “builders of the future,” confident in their purpose, faith and integrity. “Believe that your story matters. Believe that you can rise from pepper to purpose. Your purpose will be your compass.”

    Concluding her address, she charged the class: “Go forth. May your foundations hold strong, your faith shine bright and your future stand tall.”

  • Call for FIRS chair to ‘step aside’ vain

    Call for FIRS chair to ‘step aside’ vain

    Technical Assistant on Broadcast Media to Executive Chair of Federal Inland Revenue Service (FIRS), Arabinrin Atoyebi, has criticised Arewa Consultative Youth Movement for demanding that FIRS Chair, Zacch Adedeji, step aside “ambiguous, spurious and veiled” allegations.

    Atoyebi said the call should be ignored, noting that the group failed to mention any  offence committed by Adedeji.

    She described the accusation of an “unstated lifestyle” as baseless and suggested that the campaign appears to be an attempt to undermine one of the country’s most productive economic institutions.

    The technical assistant said the group’s action is “akin to one hiding behind a finger,” insisting it was an effort to malign a “resourceful and cerebrally adroit” leader at a time he is contributing to stabilising the nation’s finances.

    Atoyebi questioned why, despite numerous national challenges, the movement chose to target the FIRS—an agency she said has played a major role in reducing the country’s dependence on borrowing and restoring a progressive tax system that protects financially vulnerable Nigerians.

    She added that under Adedeji’s leadership, FIRS has introduced major tax reforms, blocked leakages, and boosted revenue generation to support President Bola Tinubu’s economic agenda.

    The chairman’s aide noted that that the Adedeji has met and surpassed set benchmarks while also improving staff welfare and morale.

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    Describing the attack as a direct assault on the administration’s economic recovery efforts, Atoyebi called for an urgent investigation into the sponsors of the campaign, insisting that those behind it “qualify as enemies of the state.”

    She highlighted the positive impact of Adedeji’s reforms, including improved revenue generation and reduced pressure on Nigeria’s external reserves, which she said have risen to an all-time high of $45 billion—bolstering global confidence in Nigeria’s economy.

    Atoyebi maintained that patriotic Nigerians are well aware of those working diligently for the country’s progress, urging the Arewa Youth Movement to retrace its steps rather than align with forces bent on stagnating national development.

    She concluded that with two years of “superlative performance,” Adedeji deserves support, not distractions, stressing that anyone interested in succeeding him should wait for the completion of his tenure rather than sponsoring “empty statements” to destabilise the system.

  • Razzl promotes self expression with campaign

    Razzl promotes self expression with campaign

    Razzl, carbonated soda drink, has unveiled a powerful message, Normal is Boring. In a campaign, it  celebrated originality, bold self-expression, and the beauty of being different.

    To bring this message to life, Razzl teamed up with two expressive and original entertainers, Brain Jotter and Emmanuella, to lead a youth-driven digital movement that flipped judgment into confidence. Through humour, creativity, and chaos, both creators showed fans what it means to embrace their originality.

    Their videos gained thousands of engagements within hours of posting, sparking conversations on social media. That same day, Normal is Boring trended on Twitter (X), with fans and creators joining to celebrate authenticity in their own unique ways.

    Razzl stands for versatility and flavourful expression. Each flavour represents the idea that you don’t have to fit into one box. You can be as bold, colourful, and spontaneous as you want to be.

    Razzl’s Normal is Boring campaign did not just celebrate creativity, it also rewarded it. Forty most creative entries in Nigeria shared the N4 million prize, turning their moments of originality into rewards.

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    Toyin Nnodi, Marketing director,  said: “Razzl is a youthful brand, and the campaign is a call for bold self-expression. It is a reminder to the young that they don’t need to fit in when they have to stand out.

    Originality and uniqueness are what define us. We are amazed by the size and quality of entries received. It shows that Nigeria’s youth are ready to own their uniqueness and shine through them.”

    In Nigeria, people who think differently are often labelled as “weird.” But as this campaign showed, those same people are the ones who start trends, lead conversations, and influence culture. Razzl is giving that boldness a flavour, a taste of authenticity, originality, and creativity.

    By embracing the unfiltered energy of youth culture, Razzl has built a refreshing connection with its audience, not just as a beverage, but as a badge of confidence. The campaign demonstrated the power of digital storytelling in shaping youth conversations, turning social media into a playground for creativity, originality, and confidence

  • Experts say $20.98bn FX inflows signal growth for businesses, economy

    Experts say $20.98bn FX inflows signal growth for businesses, economy

    With Nigeria’s oil revenue underperforming, the surge in forex inflows is providing vital buffers for the economy. Central Bank of Nigeria-led reforms have attracted US$20.98 billion in foreign capital in the first ten months of the year. Experts say the development will strengthen FX liquidity, improve businesses’ access to foreign exchange, and signal a clear resurgence in investor confidence, with expectations of even greater inflows in the months ahead, reports Assistant Editor COLLINS NWEZE

    The sustained growth in forex inflows into Nigeria’s economy reflects both financial sector stability and rising investor confidence in the domestic market. In the first ten months of 2025, foreign capital inflows reached US$20.98 billion, representing a 70% increase over total inflows for 2024 and a remarkable 428% surge compared to the US$3.9 billion recorded in 2023. This trend highlights growing interest in Nigerian assets from both domestic and global investors.

    The uptick in capital inflows is closely linked to reforms introduced by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, who assumed office in October 2023. Prioritizing economic resilience and investment appeal, the CBN implemented policies aimed at rebuilding Nigeria’s financial buffers. Key measures included currency reforms, unification of exchange rates, and the clearance of over US$7 billion in FX backlogs. These initiatives improved transparency in the forex market, enhanced investor confidence, and positioned Nigeria as an attractive destination for capital.

    The reforms have also drawn commendation from multilateral institutions such as the World Bank, which described the interventions as bold steps toward sustainable economic growth. Concurrently, Nigeria’s sovereign risk spread has fallen to its lowest level since January 2020, reversing premiums accrued during the pandemic and previous economic strains. CBN Governor Cardoso emphasised that the bank’s consistent unification of multiple exchange rate windows and the elimination of the multi-billion-dollar FX backlog have restored credibility to the market, enabling businesses to plan with confidence. The resulting surge in foreign capital inflows underscores a clear resurgence in investor trust, reflecting the effectiveness of deliberate policy measures aimed at sustaining economic growth and strengthening Nigeria’s financial stability.

    Views from stakeholders

    While US President Donald Trump’s widening trade war has taken emerging markets on a wild ride, Nigeria has quietly held its own, attracting foreign capital reassured by currency reforms and other measures designed to revive the economy of Africa’s most-populous nation. “Nigeria appears to be back in business as long-awaited economic reforms take shape,” said Emre Akcakmak, portfolio manager at East Capital. Key measures include improved currency liquidity, leeway for investors to repatriate their profit, and the stable naira. “We feel the Central Bank of Nigeria will continue to stem any sharp appreciation of the naira to limit profit taking from the fast money community,” Akcakmak said.

    “Portfolio inflows have likely been supported by improved confidence amid key structural reforms, better FX market functioning and moderating dollar-naira volatility, as well as the still-robust nominal yield buffer,” said Samir Gadio, head of Africa strategy at Standard Chartered Plc told Bloomberg. “Besides, Nigeria’s local market is seen as less correlated with global risk conditions than more liquid EM peers,” he added.

    The Nigeria’s economy and businesses will have so many things to cheer in 2025 and the impact of the economic reforms in FX market, exchange and huge budge outlays begin to pay off for them. Cardoso said story of Nigeria’s economic recovery cannot be appreciated without first recalling where “we started, because the reforms of today are borne out of a determination to change the conditions we met.” “When this leadership team assumed office, our economy faced severe macroeconomic distortions. Inflation was surging. FX liquidity had evaporated. External reserves were non-existent. Trust in economic management had weakened. Unorthodox monetary practices had eroded confidence. Businesses could not plan or price. Investors could not commit.”

    Continuing, he said: “The foreign exchange market was in paralysis. A backlog of over US$7 billion in unmet FX obligations undermined market integrity. The spread between official and parallel market rates had blown out to more than 60%, creating distortions and rent‑seeking opportunities.

    “High inflation had become normalised, stuck in double digits for most of the last 35 years and risen to 34.6 per cent as of November 2024. Food prices were crippling households. Liquidity conditions were unstable. Many businesses faced an existential threat.”

    Also, the banking sector, though fundamentally sound, was at risk of being dragged into distress by a deteriorating macro environment and inconsistent policy signals. “This was the Nigeria we inherited, not one standing at the edge of a macroeconomic precipice, but one that had already gone over the cliff. It is important to recall this not for drama, but for context: the progress we cautiously acknowledge today is meaningful only when measured against the depth of the challenges that came before it,” he said.

    Achieving economic turnaround

    According to Cardoso, over the past 12 months, Nigeria’s economy has transitioned from crisis management to laying the groundwork for a sustainable recovery. “After nearly a decade in which real GDP growth averaged about two per cent, reforms have restored momentum and confidence in our broad macroeconomic environment. Our economy grew by 4.23 per cent in the second quarter of 2025, the strongest pace in four years, driven by improvements in telecommunications, financial services, and oil production.

    “More importantly in terms of long-term stability, inflation, while still high, has moderated consistently. From a peak of 34.6% in November 2024, it has more than halved to 16.05 per cent in October 2025. This marks seven consecutive months of disinflation. Food inflation, the largest single component of the basket, fell to 13.12 per cent in October, down from 16.87 per cent in September and 21.87 per cent in August,” he said.

    This significant, steady decline in inflation is restoring real purchasing power for households and businesses. It also demonstrates disciplined execution and Nigeria’s return to orthodox monetary policy. “We continue with determination to bring inflation down further. The current double-digit rate cannot be acceptable. Price stability is the foundation of sustainable growth. Our transition to an inflation‑targeting framework is gaining traction. We have improved data analytics, strengthened communication, and ended monetary financing of fiscal deficits. These actions have strengthened monetary policy transmission and anchored expectations.

    “Our models project continued disinflation in 2026, helped by stronger domestic production, improved FX liquidity, and more disciplined liquidity management. As inflation moderates and becomes firmly anchored, we will calibrate the policy rate in line with evolving data,” he added.

    “Domestic and international observers alike have noted Nigeria’s “huge turnaround” in macroeconomic management. Our commitment remains clear: monetary policy will stay evidence-based, data-driven, and unwavering in its pursuit of price stability”.

    Bigger, stronger rebased GDP

    Nigeria’s hope of achieving $1 trillion economy by 2030 will gain significant support from the banking sector. Nigeria’s Statistician-General, Adeyemi Adeniran, had explained how the economy fared in the rebased Gross Domestic Product (GDP) report. He said: “In nominal terms, the rebased GDP for 2019 stood at N205.09 trillion N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.”

    The NBS noted that in 2019, the rebased nominal GDP at basic prices represented an increase of 41.7 per cent over the nominal GDP of 2019 of the old base year (2010), 39 per cent in 2020, 38.7 per cent in 2021, 36.1 per cent in 2022, 34.6 per cent in 2023 and 35.4 per cent in 2024. “The results show that the structure of the Nigerian economy has changed significantly with a rise in the share of agriculture and services sectors and a fall in the share of the industries sector in nominal terms, indicating a shift in the structure of the Nigerian economy than earlier reported,” the NBS boss said. Adeniran further explained that the rebasing allows the country to better reflect the realities of the economy. “It’s not just about a bigger number but about accurate, timely data that supports smarter policy and economic planning,” he said.

    Banking sector contributions

    A well-recapitalised banking sector is undeniably crucial for the growth of the domestic economy. Hence, Cardoso advised banks to prepare for a new round of recapitalisation to ensure they have the necessary capital to support the Federal Government’s plan to achieve $1 trillion Gross Domestic Product (GDP) target by 2030. He said that President Bola Ahmed Tinubu’s economic plan aims to reach a $1 trillion GDP by 2030, emphasising that the current bank capitalisation is insufficient to support such a large economic scale.

    Cardoso asked: “Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1 trillion economy in the near future? In my opinion, the answer is “No!” unless we take action. That action was the ongoing recapitalisation of banks, meant to prepare them for expansion and attract big ticket transactions to support economic growth.”

    The Policy Advisory Council report on the national economy had set an ambitious goal of achieving a GDP of $1 trillion, with clearly defined priority areas and strategies. Adeniran revealed that incorporating new and emerging sectors, updating consumption baskets and refining data collection methods helped in producing a more complete picture of national output.

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    Aliyu Ilias, developmental economist, noted that several sectors have previously remained un-captured in official data, particularly entertainment. “By rebasing our GDP now, included those areas properly. This new visibility will make Nigeria appear much stronger to foreign investors, which will naturally help us attract more capital,” he said.

    He explained that the exercise will also reveal untapped economic potential and guide government resource allocation. “It will show where we are strongest structurally, such as in mining or other emerging sectors. That insight will help the government focus its efforts more strategically.” “Finally,” he added, “it will support economic policy formulation, helping us align our strategy with the reality on the ground. We will know exactly where to put more effort.”

    Ilias explained that while this statistical adjustment does not instantly generate new revenue, it creates a more reliable framework for fiscal planning, investment strategies, and development interventions. For him, by aligning economic data with current realities, the government and private sector can more effectively target policies that stimulate job creation, improve productivity, and sustain long-term growth.

    Seun Onigbinde, director of Civic Technology Group BudgIT, said the previous rebasing underscored the substantial impact of policy changes in the services and ICT sectors, such as telecommunications deregulation and banking sector recapitalisation. “Rebasing of the GDP must reflect changes in the economy, which are a product of public policies over time,” he added.

    Rebasing is also critical for domestic policy. It allows the government to better assess tax collection efficiency, measure sectoral contributions, and design social programmes that are data-driven and results-oriented. Gabriel Okeowo, country director for BudgIT, said, “Rebasing allows planners to be more intentional about solving Nigeria’s biggest problems: poverty, infrastructure gaps, and job creation.”

    Lagos-based economist, Nelson Adedeji, explained that despite the bump in GDP size, the rebasing is never a silver bullet. “We must acknowledge that genuine economic growth extends beyond statistical adjustments. For ordinary Nigerians to experience meaningful improvement in living standards, the President Tinubu administration must complement GDP rebasing with substantive policies addressing infrastructure deficits, security challenges, agricultural productivity, manufacturing capacity, and the overall ease of doing business,” he stated.