The Nation Newspaper

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  • Freight forwarders pledge support for Fed Govt’s reforms

    Freight forwarders pledge support for Fed Govt’s reforms

    Freight forwarders have hailed the economic reform agenda of President Bola Tinubu as captured in the Renewed Hope Agenda.

    They also commended ongoing transformation in the aviation sector led by the Minister of Aviation and Aerospace Development, Barr Festus Keyamo (SAN) and Managing Director and Chief Executive Officer, Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Kuku.

    The freight forwarders, acting under the aegis of Association of Nigeria Licensed Customs Agents (ANLCA), Murtala Muhmmad International Airport chapter, spoke against the background of the recent issues they have with charges at the airport.

    Chairman of the chapter, Temitope Akindele, in a note, said the agents commend the giant strides of the economic reforms of Mr President that have elicited the attention of the international community and had become a reference point for other countries.

    READ ALSO: The dynamics of Kano governor’s defection

    He said while the association has been supporting the government’s reforms, it shall continue to do so because the reforms are yielding tangible results. He however said there is need for synergy and understanding among the stakeholders in the sector for maximum result.

    Giving a background to the issue of multiple charges which the group is kicking against, he said: “It all started in year 2005, when Federal Airport Authority of Nigeria (FAAN) suddenly came and demolish our secretariat, our monument of peace, a structure we built with about N150 million. FAAN demolished our secretariat that took us six years to raise money to build without prior notice.  After the demolition, we roamed round for about five years without a shelter under which we could do business and contribute to the economy.”

    He said before the demolition, agents were paying N2 per kilo, adding that in 2010, FAAN came up again that they want to make an increment to N7 per kilo but we did not agree to that because the secretariat that was pushed down, nothing had been done to it.

    “We told FAAN that if there will be an increment, it must give us a site where we can build another structure. In that very 2010, we had 17 meetings we had with all the stakeholders, and FAAN agreed to give us a site on which we built our secretariat now and we have been paying the N7 per kilo since then.

    “Ordinarily, the money we are paying, to us, we see it as illegal because FAAN has sold its statutory rights to the cargo handlers, and the cargo handlers are SAHCOL and NAHCO, the two cargo handlers that are at the airport. NAHCO collects money on behalf of FAAN and so does SAHCOL. They collect N25 per kilo, each, and remit it to FAAN. Number two, airlines also collect N5 per kilo, and remit to FAAN.

    “Now, FAAN will come to us again to collect money. We see this as multiple charges, but even at that, we didn’t care. Now, FAAN came up again this year and increased the charges from N7 to N20, almost 200 per cent. FAAN didn’t tell us before the increment. We wrote a series of letters to FAAN seeking audience but FAAN ignored us,” he said.

    Akindele said the FAAN Act 2022, which has about nine parts made provisions for the involvement of stakeholders in the management of the facility.

    He said the Act did not make provision for multiple charges, adding that it made provision for FAAN to provide operational base for stakeholders.

    While acknowledging the power of FAAN to impose charges, he said such an action should involve stakeholders.

    He said: “What we are saying is that, FAAN should call us for a meeting. Ordinarily, inside the Act 2022, it was specifically mentioned there that if anything should happen, they should engage the stakeholders.

    “And who are the stakeholders? We are three. Number one is the freight forwarders. Number two is the cargo handler. And number three is the airlines because they are the ones collecting money on behalf FAAN.

    “We are now appealing to Honourable Minister of Aviation, Festus Keyamo (SAN) to intervene because he built his reputation as a human rights lawyer fighting for equity and justice. Let him give us an opportunity to state our case. We have been supporting the New Hope Agenda of Mr. President and we shall continue to support to support him because we are seeing the dividends of the president’s reforms.”

  • How Nigeria can move from potential to economic prosperity, by NRS boss

    How Nigeria can move from potential to economic prosperity, by NRS boss

    For Nigeria to attain sustainable economic growth and prosperity, there must be a paradigm shift from  dependence on raw materials’ exports to one that embraces ideas, innovation and production of complex products, the Chairman, Nigeria Revenue Service (NRS), Dr Zacch Adedeji, has said.

    Adedeji, who made the submission yesterday while delivering the maiden Distinguished Personality Lecture of the Faculty of Administration, Obafemi Awolowo University (OAU), Ile-Ife, Osun State, stressed the need to rethink growth through the lens of complexity, by not just producing more of the same stuff.

    The Special Adviser on Media, to the NRS chief, Dare Adekanmbi, in a statement, said Adedeji, in the lecture entitled, ‘From Potential to Prosperity: Export-led Economy’,  lamented that Nigeria possesses a high-tech oil sector and low-productivity informal sector, and lack the vibrant labour-absorbing industrial base that serves as a bridge to higher complexity.”

    He said Nigeria witnessed stagnation in its exportation drive for three decades between 1998 to 2023, and only added six new products in its export basket list between 2008 and 2023, adding that “because of our current position, the Harvard Atlas concluded that we are positioned to take advantage of very few opportunities to diversify using what we already know.”

    READ ALSO: President rallies relief materials to affected Kwara communities

    Adedeji urged Nigeria to learn from the world by comparative study of success and failure like Vietnam, Bangladesh, Indonesia, South Africa and Brazil.

    “We are not just looking at numbers in a vacuum; we are looking at the strategic choices made by nations like Vietnam, Indonesia, Bangladesh, Brazil and South Africa over the same 25-year period,” saying “while there are many ways to underperform, the path to success is remarkably consistent: it is defined by a clear strategy to build economic complexity.

    “When we put these stories together, the divergence is clear. Vietnam used global trade to build a resilient, complex economy, while the others remained dependent on natural resources, or a single low-tech niche.”

    Continuing, Adedeji said “there are three big lessons here for us in Nigeria as we think about our roadmap. First, avoiding the resource curse is necessary, but it is not enough. You need a proactive strategy to build productive capabilities,” he added..

    He said “Vietnam’s success came from integrating itself into Global Value Chains (GVCs). They positioned themselves as the assembly hub for the world’s electronics, importing high-tech parts and exporting finished products.This allowed them to “borrow” technology and management skills from abroad to build their own know-how.

    “Nigeria, on the other hand,” he posited, “remains a supplier of raw materials to these chains, not an active participant within them. We must realise that productive capabilities are not permanent. The examples of South Africa and Brazil show us that you can actually lose your industrial edge if you are not careful. Over-reliance on the easy path of resource extraction creates economic and political incentives that crowd out the difficult, long-term work of building an industrial base.”

    He said that for Nigeria, which is at an even earlier stage of development and even less diversified than these nations, the warning is stark. “Relying solely on our natural endowments isn’t just a path to stagnation; it’s a path to regression. The global economy increasingly rewards knowledge and complexity, not just what you can dig out of the ground. If we want to move from potential to prosperity, we must stop being just a source of raw materials, and start being a source of ideas, innovation, and complex products.

    Adedeji said that President Bola Tinubu has already begun the difficult work of rebuilding the economy to ensure collective knowledge to innovate, produce and build a resilient economy.

    “The journey from potential to prosperity” in his word, “is not a short one, but with the right map and the right resolve, it is a journey we can finally complete,’ he added.

  • UBA reaffirms commitment to Benin Republic’s economic growth

    UBA reaffirms commitment to Benin Republic’s economic growth

    Group Managing Director/CEO, United Bank for Africa (UBA), Oliver Alawuba, has reinforced the bank’s commitment to deepening and facilitating Republic of Benin’s economic growth, through dedicated support for its transformative infrastructure and development projects.

     Alawuba made this disclosure during a high-level strategic working visit to the country on the 28th of January 2026.

    The one-day engagement, which focused on strengthening ties with the government, key corporate clients, and the bank’s internal team, underscored UBA’s integrated approach to fostering economic growth.

    Alawuba, who spoke during the courtesy meeting with the Senior Minister of Finance, Economy, and Cooperation of Benin, Romuald Wadagni, highlighted the bank’s ongoing as well as future support for the Government of Benin’s transformative infrastructure and development projects.

     “Our presence in Benin is that of a committed stakeholder, and we see our role as a catalyst that will continue to collaborate in turning the vision of Benin’s strategic development plans into a tangible, bankable reality,” he said.

    READ ALSO: President rallies relief materials to affected Kwara communities

    He further expressed the bank’s appreciation for the government’s partnership, specifically acknowledging the land allocated to UBA Benin as compensation for its former main branch, which was acquired for public utility.

     “The government’s gesture is a powerful symbol of trust and mutual respect, and it signals a partnership that we look forward to, and most importantly, we are eager to build a new landmark on that foundation, and one that will facilitate even greater service to the Beninese people,” he added.

    Alawuba was joined by the CEO, UBA Africa, Sarata Koné Thiam, while Minister Wadagni was accompanied by the Director of the Debt Department, Hugues Oscar Lokossou.

    Moving beyond government dialogue, Alawuba’s itinerary included strategic corporate visits to reinforce client relationships, where he held meetings with top-tier clients, including Fludor and AKRAKE, to discuss evolving banking needs and explore collaborative opportunities

    While addressing them, Alawuba expressed gratitude for their support and positioned UBA as a crucial partner for industrial growth.

     “We are equally grateful for the steadfast trust you place in UBA as your financial partner, and this trust is not something we take for granted; it is the foundation upon which we build deeper, more supportive collaborations”

     “To this end, I want to personally assure you that all your requests and concerns will continue to receive our immediate and focused attention. My directive to the team is clear: we will expedite every necessary action to structure a solution that effectively hedges your risk and supports the fluidity of your operations. UBA is here to facilitate your business momentum,” he emphasized.

    Alawuba’s visit culminated in a Town Hall meeting with UBA Benin staff at the Novotel Hotel, where the achievements of the staff were celebrated, and morale was boosted.

  • Nigeria eyes $1.5b share in global $7.7tr halal market

    Nigeria eyes $1.5b share in global $7.7tr halal market

    The Federal Government yesterday launched Nigeria’s National Halal Economy Strategy, as it moved to position the country to tap into the $7.7 trillion global halal market and diversify the economy through exports, industrial value chains and ethical finance.

    President Bola Tinubu unveiled the strategy at the State House, Abuja, describing it as a signal of Nigeria’s readiness to take a “huge chunk” of a global market expected to add an estimated $1.5 billion to the nation’s gross domestic product (GDP) by 2027.

     Represented by Vice President Kashim Shettima, President Tinubu said “it is with this sense of responsibility that I formally unveil the Nigeria National Halal Economy Strategy”.

     In a statement by his Senior Special Assistant on Media and Communications, Office of the Vice President, Stanley Nkwocha, Tinubu said “this document is a declaration of our promise to meet global standards with Nigerian capacity and to convert opportunity into lasting economic value”.

    READ ALSO: The dynamics of Kano governor’s defection

     The Vice President called for “disciplined, inclusive, and measurable” implementation, stressing that the strategy must translate into “jobs, exports, and shared prosperity across our nation.”

     He announced that the strategy committee would be chaired by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, whom he described as “supremely competent.”

    Shettima outlined the plan’s key ambitions up to 2030, including expanding halal-compliant food exports, developing pharmaceutical and cosmetic value chains, positioning Nigeria as a halal-friendly tourism destination, and mobilising ethical finance at scale.

    According to him, the combined efforts “are projected to unlock over twelve billion dollars in economic value, while strengthening food security, deepening industrial capacity, and creating opportunities for small-and-medium-sized enterprises across our states.”

    Addressing concerns linking halal to religious affiliation, Shettima said the global halal economy had outgrown “parochial interpretations,” explaining that it is now defined by “trust,” with systems that emphasise “quality, traceability, safety, and ethical production.”

    He noted that these principles appeal widely to consumers and investors seeking certainty in how goods are produced, financed and delivered.

    The Vice President also said several western economies have integrated halal into their export and quality-assurance systems, naming the United Kingdom, France, Germany, the Netherlands, the United States, Canada, Australia and New Zealand as among leading producers, certifiers and exporters of halal food, pharmaceuticals, cosmetics and financial products.

    “The halal economy is a global market framework rooted in standards, safety, and consumer trust, not geography or belief,” he said.

    Shettima said the strategy was inspired by the Tinubu administration’s commitment to diversify exports, attract foreign direct investment and create sustainable jobs across the federation.

    He disclosed that it was developed through partnerships involving the Halal Products Development Company (HPDC), a subsidiary of the Saudi Public Investment Fund, alongside Dar Al Halal Group Nigeria, with technical backing from institutions including the Islamic Development Bank and the Arab Bank for Economic Development in Africa.

    The Vice President also linked the initiative to Nigeria’s recent state visit to Türkiye, which he said reinforced the country’s drive to build a globally competitive halal ecosystem.

    A major outcome of that visit was the signing of an agreement on Halal Quality Infrastructure between Nigeria and Türkiye, aimed at strengthening standards, accreditation, certification and quality assurance systems to boost international acceptance of Nigerian halal products and services.

    Speaking at the event, Oduwole said the strategy was a public-private collaboration shaped through extensive stakeholder engagement.

    She said the private sector led the drive to make it a “whole-of-government and whole-of-country intervention,” with the Office of the Vice President coordinating ministries, departments and agencies, while her ministry played a pivotal role.

    “What the Halal Strategy has done for Nigeria is to position us among countries that export Halal-certified goods across the world,” she said.

    Oduwole added that Nigeria would leverage the African Continental Free Trade Area (AfCFTA) to expand exports of halal-friendly goods across Africa and beyond, stressing that participation would be voluntary.

    Also speaking, Chairman and CEO of Dar Al-Halal Group Nigeria Limited, Alhaji Muhammadu Dikko Ladan, said an export programme was already underway through the Ministry of Industry, Trade and Investment to onboard Nigerian companies into the Saudi Arabian market and other destinations.

    He described the strategy as a landmark opportunity that would create market access and attract foreign direct investment.

    In a message from the French Embassy, Financial Counsellor Carole Lebreton, representing French Ambassador Marc Fonbaustier, said the strategy was significant for Nigeria–France relations, noting that France was exploring more ways to build socio-economic bridges with Nigeria.

    She said the French government was ready to support Nigeria’s export drive, especially in food, cosmetics and pharmaceuticals.

    Other dignitaries at the unveiling included the CEO of the Nigeria Export Promotion Council, Mrs. Nonye Ayeni; Managing Director of the Bank of Industry, Mr. Olasupo Olusi; and the Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle Johnson.

    The strategy, developed by HPDC of Saudi Arabia, is an outcome of the bilateral cooperation agreement signed between Nigeria and HPDC in February 2025 at the Makkah Halal Forum, aimed at deepening Nigeria–Saudi economic relations, improving market access and integrating Nigeria into international halal value chains.

  • Customs, NDLEA foil N4.7b drug shipment

    Nigeria Customs Service (NCS) and the National Drug Law Enforcement Agency (NDLEA) have foiled a N4.7 billion drug shipment at Lagos’ Tin Can Island Port, intercepting a 40-foot container used to smuggle 2,366 packs of cannabis indica through the nation’s busiest maritime trade corridor.

    The consignment, concealed inside three used vehicles, the Customs command said yesterday in a statement by its spokesperson, Oscar Ivara, was handed over to the National Drug Law Enforcement Agency (NDLEA), following a joint, intelligence-led examination that also uncovered a Colt MK IV .45 calibre pistol with an empty magazine.

    The seizure, he said, highlights how criminal networks attempt to exploit legitimate import channels, raising costs for compliant shippers and reinforcing the need for tighter port surveillance.

     The Command’s Area Controller, Comptroller Frank Onyeka, said the interception followed coordinated profiling and examination carried out on January 28 with NDLEA and Department of State Services (DSS) operatives.

    READ ALSO: President rallies relief materials to affected Kwara communities

    “Today, we inform you of developments in securing our borders, aligning with the 2026 International Customs Day theme of vigilance and commitment,” Onyeka said.

    According to him, officers discovered the drugs packed in 55 jumbo bags inside the container, which had been deliberately masked with used vehicles—a Hyundai Santa Fe, Toyota Sienna and Toyota Matrix, to evade detection.

    “A 40-foot container was found to contain 2,366 packs in 55 jumbo bags of cannabis indica,” he said.

    Onyeka added that the operation reflects a shift toward risk-based enforcement at the ports, where intelligence and inter-agency collaboration are increasingly central to safeguarding trade flows and public safety.

    “Interestingly, we apprehended one suspect in connection with the seizure,” he said, warning the Service would not tolerate drug smuggling or any form of transnational crime that threatens national security and public health.

    Receiving the consignment, NDLEA Commander, Tin Can Island, Solomon Omotoso, praised the collaboration, noting its importance to maintaining the credibility of Nigeria’s seaports.

    He assured that the agency would pursue comprehensive investigations and diligently prosecute all those involved in line with the provisions of the law.

  • Post-harvest equipment coming for Nasarawa farmers

    Post-harvest equipment coming for Nasarawa farmers

    The Federal Government has flagged off the distribution of processing and post-harvest equipment to farmers and agribusiness groups supported by the Value Chain Development Programme (VCDP) in Nasarawa State, as part of efforts to strengthen agribusiness and enhance food security.

    The flag-off ceremony, held in Lafia during a two-day working visit to the state, was led by the Minister of Agriculture and Food Security, Senator Abubakar Kyari.

    He said the intervention was designed to add value to agricultural produce, reduce post-harvest losses, empower women and youth farmers, encourage competitiveness, and boost productivity.

    According to the minister, the equipment will also support enterprise growth, deepen market participation, and expand opportunities for rural employment.

    READ ALSO: The dynamics of Kano governor’s defection

    Senator Kyari explained that the programme, implemented in partnership with the International Fund for Agricultural Development (IFAD), is aimed at addressing structural constraints in the rice and cassava value chains through integrated investments in production, aggregation, processing, infrastructure, market access, and institutional strengthening, in alignment with the National Agricultural Technology and Innovation Policy (NATIP).

    He underscored the programme’s alignment with the agricultural transformation agenda of the President Bola Ahmed Tinubu-led administration, stating that “agriculture must deliver results, food for our people, jobs for our youth, income for our farmers, and stability for our nation.”

    He added, “Under Mr. President’s leadership, agriculture is being transformed into a modern, market-oriented and private-sector-driven enterprise, with Nasarawa State leading the way.”

    The minister further highlighted the Nasarawa Agro-Commodity Company (NASACCO) and the One-Stop Investment Centre (OSIC) as key initiatives strengthening the state’s investment climate.

    He commended Governor Abdullahi Sule for his commitment to large-scale cultivation, noting that the state’s efforts would help boost domestic food supply, stabilise prices, conserve foreign exchange, and create jobs.

    Pointing to visible outcomes of federal-state collaboration, Senator Kyari said functional aggregation centres, modern processing facilities, and strengthened producer organisations were already making an impact. “These interventions are creating jobs, stabilising rural incomes, and strengthening Nasarawa State’s contribution to national food security,” he said.

    In his remarks, Nasarawa State Governor, Engr. Abdullahi Sule, said the state government had aligned its agricultural programmes with the Renewed Hope Agenda of President Bola Ahmed Tinubu, aimed at economic diversification and wealth creation for Nigerian farmers.

    He noted that ongoing reforms in the sector would empower youth and women farmers, increase production, and improve internally generated revenue.

    Earlier, in her welcome address, the National Programme Coordinator of the FGN/IFAD-Value Chain Development Programme, Dr. Fatima Aliyu, said the initiative supports rice and cassava smallholder farmers through a value-chain approach to enhance productivity, promote agro-processing, and increase access to markets.

    She added that the programme would transform rural agriculture by improving food security, raising incomes, and creating new employment opportunities.

    Speaking on behalf of beneficiaries, the Chairman of the Ashangwa Rice Innovation Platform, Patience Wombo, pledged that the association would maintain and protect all facilities provided by the VCDP to ensure increased production, packaging, and distribution of agricultural products.

    In a related event, the minister commissioned several FGN/IFAD-VCDP projects in Lafia, including the Value Chain Innovation Rice Processing Centre in Ashangwa, the Gidi Gidi Garri Processing Centre, and the Agi Alo Rice Processing Centre, among others.

    Highlights of the two-day working visit included the distribution of agricultural inputs comprising 46 tricycles, 16 rice steam parboiling machines, 18 rice milling machines, 10 rice de-stoning machines, three rice colour-sorting machines, 11 digital weighing scales, two rice de-husking machines, four cassava grating machines, four cassava manual fryers, three automated framers, and three hydraulic pressers. The visit also featured a courtesy call on the Governor of Nasarawa State.

  • MTN mulls IHS acquisition

    MTN mulls IHS acquisition

    MTN Group, Africa’s largest mobile network operator, is in advanced discussions to acquire the remaining 75 per cent stake in IHS Holdings Limited, aiming to gain full ownership of the tower infrastructure company.

    The potential deal could be priced near IHS’s last trading value on the New York Stock Exchange as of February 4, 2026. MTN, like many operators, has relied on third-party tower companies such as IHS to host its network equipment.

    IHS Towers, founded in Nigeria in 2001, has grown from a homegrown startup into one of the world’s largest independent tower companies, operating roughly 40,000 towers across Africa, Latin America, and the Middle East.

    Listed on the New York Stock Exchange, the company has seen a notable financial rebound, with a market capitalisation of $2.76 billion. Its share price on Thursday, February 5, 2026, was at $8.23

    This acquisition would mark a significant shift in MTN’s strategy, bringing tower infrastructure back in-house after years of outsourcing to specialized operators like IHS.

    READ ALSO: President rallies relief materials to affected Kwara communities

    The deal is expected to have a material impact on MTN’s share price, prompting the company to advise shareholders to exercise caution in trading until further updates.

    MTN already holds a significant stake in IHS and maintains a deep operational partnership across multiple African markets. IHS Towers boasts a global footprint, managing approximately 40,000 towers spanning Africa, Latin America, and the Middle East.

    Based on industry data, IHs serves as a critical backbone for mobile connectivity in emerging markets, with MTN as its largest customer.

    If the deal falls through, MTN said it would continue exploring options to unlock value from its IHS investment, consistent with its disciplined capital allocation strategy.

  • Nigeria, others get rating improvements

    Nigeria, others get rating improvements

    A comprehensive review of Africa’s sovereign credit ratings for the second half of last year has  revealed a continent making significant yet uneven progress on economic reform, with positive developments outnumbering setbacks for the first time in years.

    The Africa Sovereign Credit Rating Review, a collaborative effort between the African Peer Review Mechanism and the United Nations Economic Commission for Africa, documented how nine African countries received credit rating upgrades during the period from July to December 2025.

    These improvements signal growing confidence in the region’s economic management, even as challenges around debt sustainability persist.

    Nigeria received a positive outlook revision from S&P, reflecting improvements in economic management and external balances following comprehensive fiscal, monetary, and exchange rate reforms. According to the report, Nigeria’s stronger medium-term growth prospects have been supported by policy changes designed to address long-standing structural challenges in Africa’s largest economy.

    The positive outlook change places Nigeria alongside Uganda, Rwanda, and Cape Verde as countries where rating agencies see potential for future upgrades if current economic trends continue.

    READ ALSO: The dynamics of Kano governor’s defection

    The recognition comes as the country returned to international markets in November with a substantial 2.35 billion dollar Eurobond issuance that attracted over five times oversubscription, demonstrating strong investor appetite despite high coupon rates of 8.63 percent for a ten-year bond and 9.13 percent for a twenty-year bond.

    Among the notable success stories, Morocco regained investment-grade status after Standard & Poor’s upgraded its sovereign rating, citing sustained fiscal consolidation and robust economic diversification across tourism, manufacturing, and renewable energy sectors. The North African nation reduced its fiscal deficit to 3 percent of GDP while implementing structural reforms in tax and social security that reinforced investor confidence.

    South Africa achieved its first sovereign upgrade in nearly two decades, with S&P restoring confidence in the country’s fiscal trajectory. The upgrade reflected narrowing fiscal deficits, a projected third consecutive primary surplus, and reforms that reduced contingent liabilities at state-owned enterprises, particularly in the troubled energy sector.

    Ghana and Zambia, both of which have been navigating complex debt restructuring processes, received upgrades from multiple rating agencies. Ghana’s improvements were supported by sustained progress on external commercial debt restructuring and macroeconomic stabilization under International Monetary Fund-backed reforms. Zambia’s upgrade reflected significant advances in restoring stability following its 2020 default, with the country introducing an innovative pilot program allowing mining companies to make tax payments in yuan to reduce currency conversion costs when repaying Chinese creditors.

    However, the review also documents significant setbacks for some nations. Senegal experienced rating cuts from both Moody’s and S&P after audits revealed previously undisclosed debt that significantly increased the country’s debt burden. Madagascar faced a downgrade following political instability triggered by a military takeover, while Botswana’s rating suffered due to weakened fiscal buffers amid collapsing diamond revenues.

    The report highlighted persistent structural challenges in how global rating agencies assess African economies.

    Authors noted that agencies often lag behind real-time economic progress, with ratings failing to reflect meaningful improvements in fiscal management and structural reforms.

     The sovereign ceiling framework continues to constrain domestic institutions, making it difficult for well-managed African banks and corporations to receive ratings higher than their sovereign governments. A particularly contentious issue involves how agencies assess domestic financing strategies.

    The report argued that increased local debt issuance is often viewed negatively as a fallback from lost external access, rather than recognized as a proactive policy choice that reduces foreign exchange exposure and strengthens domestic financial systems.

     Senegal’s successful $5.3 billion fundraising through the West African Economic and Monetary Union regional capital market, which saw all issuances oversubscribed, was largely overlooked by rating agencies that focused instead on debt sustainability concerns.

    Looking ahead, the report recommends that rating agencies strengthen their capacity to reflect real-time economic progress through institutionalised dialogue platforms with African governments. It called for broader credit assessments that recognize strategic domestic borrowing as legitimate policy choices rather than signs of distress, and urges adaptation of global rating frameworks to account for informal economies, structural reforms, and development priorities unique to African contexts.

  • Excitement as Joy Tambou becomes Chief Protocol to AGN President

    Excitement as Joy Tambou becomes Chief Protocol to AGN President

    Curvy and hardworking Nollywood actress and producer, Joy Tambou has been appointed Chief Protocol to the newly elected president, Actors Guild of Nigeria (AGN) Alhaji Abubarkar Yakub Sanusi.

    Tambou with other members of the AGN president’s kitchen cabinet were inaugurated on January 29, 2026 by outgoing president, Chief Ejezie Emeka Rollas (OON) in Abuja.

    While appreciating President Sanusi as well as the guild’s secretary, Ambassador Ifeoma Okeke including the entire exco and team, excited Tambou promised to be fully committed to working hand-in-hand with the elected leadership to ensure order, excellence, respect, and seamless representation of the guild.

    READ ALSO: President rallies relief materials to affected Kwara communities

    She said: “In alignment with the vision of our president, my core intention is to promote unity within the Actor’s Guild of Nigeria, strengthen collaboration among actors nationwide and support initiatives that elevate the welfare professionalism and global relevance of Nigerian actors. I am committed to working with all stakeholders to ensure that every actor feels seen, valued and empowered to thrive within the guild. This administration represents vision over division, service over status and impact over noise.”

    Tambou has produced many films as well as featured in many others such as ‘Tattered,’ ‘The Other Side,’ ‘Tangled Heart,’ ‘Caught on the Net,’ ‘Bliss of Kamara,’ ‘Unexpected Love,’ ‘Palmwine Tapper,’ ‘Seven Daughters,’ ‘Expensive Bachelor,’ ‘Drink my Tears,’ ‘When a Child Cry,’ ‘3 Days Burial’ among others.

  • Music, nightlife: Inside Nigeria’s entertainment-driven revival

    Music, nightlife: Inside Nigeria’s entertainment-driven revival

    When Tolaram Group formally took over Guinness Nigeria Plc from Diageo in 2024, expectations were high, but the operating environment was hostile. Inflation was elevated, foreign exchange volatility persisted, and consumer purchasing power remained under pressure. Rather than retreat into conservative brand spending, the new owners pursued a deliberate strategy – use entertainment and culture to reignite demand, protect brand equity, and accelerate profitable growth.

    Since the transition, Guinness Nigeria has leaned heavily into entertainment-led brand-building across its portfolio, treating music, nightlife, and lifestyle platforms as engines for scale rather than discretionary costs. The result has been a marked improvement in topline momentum and profitability, positioning the company among the strongest performers in Nigeria’s beverage sector.

    At the core of its earnings remains Guinness Foreign Extra Stout (FES), a brand that continues to command premium margins. Under Tolaram, FES has been aggressively re-anchored within urban nightlife and contemporary music culture. Carefully curated bar activations, DJ-led experiences, and cultural collaborations have reinforced FES as a symbol of boldness and originality. These engagements have helped stabilise volumes in high-margin on-trade channels while supporting price integrity despite broader consumer pressure.

    READ ALSO: President rallies relief materials to affected Kwara communities

    The spirit’s portfolio has also benefited from entertainment-driven momentum. Smirnoff, targeting youthful, expressive consumers, has deepened its association with club culture, DJs, and social nightlife experiences. These activations have expanded consumption opportunities and improved brand visibility in urban centres, translating into faster inventory turnover and stronger distributor confidence.

    Gordon’s, by contrast, has adopted a more refined entertainment footprint. Lifestyle events centred on sophistication, social connection, and premium leisure have reinforced its positioning, enabling the brand to sustain premium pricing and steady demand growth in an increasingly crowded gin segment.

    Beyond alcohol, Malta Guinness has emerged as a strategic stabiliser. Since 2024, the brand’s entertainment-led storytelling – focused on vitality, movement, ambition, and everyday wins has expanded its cultural relevance without diluting its functional equity. Music-driven campaigns and community activations have helped Malta Guinness grow volumes, particularly among younger and family-oriented consumers, supporting revenue diversification during regulatory and consumption shifts.

    Meanwhile, Orijin has continued to thrive through entertainment rooted in Afrocentric identity. By aligning with indigenous sounds, street culture, and expressive storytelling, the brand has preserved its distinctiveness in the ready-to-drink segment, delivering incremental growth without excessive promotional discounting.

    Financially, the impact has been clear. Since the Tolaram takeover, Guinness Nigeria has reported strong revenue growth, margin expansion, and a decisive return to profitability, supported by improved product mix and disciplined cost management. Analysts point to entertainment-led demand generation as a key factor enabling the company to defend margins while scaling volumes.

    Under Tolaram’s ownership, Guinness Nigeria has demonstrated that in Nigeria’s consumer market, culture is not a soft asset. When executed with discipline, entertainment becomes capital capable of driving scale, sustaining margins, and delivering shareholder value.