The Nation Newspaper

Category: Business

  • NCC hires PwC to study competition level in telecom sector

    NCC hires PwC to study competition level in telecom sector

    Telecom sector regulator, the Nigerian Communications Commission (NCC) yesterday said it has hired a consulting firm, PricewaterHouseCoopers (PwC), to conduct an independent, data-driven study on the level of competition in the nation’s telecom sector.

    This is coming about 13 years after such a study was conducted and subsequent approval of a 50per cent tariff adjustment to mobile network operators (MNOs) by the regulator last year.

    Head, Competition and Tariff at the NCC, Mrs Omotayo Mohammed, in her opening remarks at the Stakeholders’ Forum on the Study on the Level of Competition in the Nigerian Telecom Industry held at Ikeja Sheraton Hotel,  Lagos, yesterday, noted that the telecom market has evolved significantly over the past years.

    According to her, revenue models have shifted, investment patterns have changed, and new forms of market interaction have emerged. “We are witnessing rapid technological change, evolving consumer expectations and usage patterns, rising investment costs, and heightened competitive pressures.

    Concurrently, concerns around barriers to entry, market concentration, sustainability of smaller players, and quality of service continue to warrant careful consideration. These dynamics highlight the importance of continuous validation of competition policy assumptions against current market evidence,” she said.

    She underscored the need for commitment to a sector that has become the backbone of the nation’s digital economy, contributing about 9.1per cent to national GDP as at Q3 2025. “The telecommunications sector serves as a critical enabler of growth, inclusion, innovation and service delivery across all sectors of the economy,” Mrs Mohammed said.

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    According to her, competition is the engine that drives innovation, affordability, and consumer choice.

    “But competition must also be fair, effective, and sustainable. Our task as a regulator is to strike the right balance, one that protects consumers, rewards efficiency and investment, and keeps the market open to new ideas and new entrants.

    “The last comprehensive, industry-wide competition study undertaken by the Commission was concluded in 2013. A few targeted, bespoke studies have since been conducted across specific services and market segments such as Mobile Voice Termination Rate 2018 and Mobile Voice International Termination Rate 2022.

    “However, developments in technology, market structure, and consumer behavior now necessitate a holistic reassessment of competition across the telecommunications value chain,” she said.

    She said PwC brings to this assignment deep expertise in competition economics, market assessment, and regulatory advisory with a strong record track record of delivering robust and credible assessments for regulators across multiple jurisdictions. The engagement reflects the Commission’s emphasis on methodological rigour, analytical independence, and alignment with international best practice in competition and economic analysis.

    According to her, the study is not about naming winners or losers. It is about understanding market dynamics as they truly are, across infrastructure, services, pricing, and emerging segments, identifying any structural or behavioural concerns.

    “The Commission remains committed to its responsibility to continuously provide a conducive environment and level playing field for the effective interplay of factors that would engender a sustained market development and growth, while ensuring the provision of qualitative and efficient telecommunication services to the consumers.

    To achieve this, the study has been designed to capture both supply-side and demand-side dimensions of the market. On the supply side, it will assess market structure, levels of concentration, pricing behaviour, access to essential facilities, barriers to entry and expansion, and the intensity of competitive rivalry. On the demand side, it will examine consumer usage patterns, switching behaviour, affordability, service quality, and the extent to which consumers are able to exercise informed choice.

    Mrs Mohammed said the robustness of the study’s outcomes will depend significantly on the quality of the data that underpins the analysis. I therefore wish to emphasize the importance of timely, accurate, and complete submission of information by all service providers and relevant stakeholders when the data-gathering questionnaires are administered.

    Data submission in this context is not a procedural formality. It is a regulatory imperative. Incomplete, inconsistent, or delayed responses constrain analytical reliability and could affect the appropriateness of any regulatory measures that follow.

    She said the study is intended to be diagnostic in nature. It is not designed to pre-judge outcomes or target specific licencees. Rather, it is intended to strengthen regulatory certainty and ensure that competition-related interventions are evidence-led, proportionate, and transparent.

    Also speaking on the occasion, Director, Strategy, PwC Network, Akolawole Odunlami, said the global telecom sector is projected to reach approximately $1.3 trillion by 2028. Post-pandemic, the sector has regained momentum, but growth has not yet returned to pre-pandemic levels. Previously, the sector grew at about four per cent year-on-year; today, global growth is between two and three per cent, adding that many challenges affecting the sector are not limited to Nigeria—they are global.

    Odunlami said in sub-Saharan Africa, while the subscriber base continues to grow, most operators are experiencing declining average revenue per user (ARPU).

    “Another significant trend is changing consumer behavior. Today’s consumers are digital-first. They no longer simply purchase connectivity—they seek experiences powered by connectivity.

    “For consumers, it’s not just about buying data; it’s about self-service applications, replacing physical experiences with digital ones. Data is the enabler of these experiences. Similarly, the rapid growth of entertainment and social media positions connectivity as a social access point to the world.

    “Globally, telecommunications operators are rethinking their business models. Success is no longer defined solely by data offerings but by integrating lifestyle services into the data experience. Through platforms, users can now access health services, utilities, and even fintech solutions. Over-the-top (OTT) services—such as WhatsApp and Teams—illustrate how traditional voice and messaging services are shifting, with data serving as the backbone. Revenue is moving from traditional models to OTT services.

    “Consumer communication is now experience-driven. For instance, I can call a team member anywhere in the world using Teams—data enables the experience, not just the call. Globally, some mobile network operators (MNOs) have integrated lifestyle services into their apps, allowing users to pay for utilities, access medical services, and engage with fintech offerings. Today’s 21st-century consumer demands connectivity that powers these experiences,” he said.

    Another trend is the rollout of 5G and, eventually, 6G. By 2028, 5G is projected to account for 64per cent of global connectivity. However, adoption in Nigeria and sub-Saharan Africa remains constrained due to infrastructure limitations, low investment in R&D, and slow uptake of 5G-enabled devices. Short- to medium-term adoption in sub-Saharan Africa is projected at 14–17per cent, far below the global average. Government investment in infrastructure and R&D is crucial to accelerate this growth.

    Competition in the sector is also evolving. Beyond new entrants, innovative business models and connectivity options are reshaping the market. Globally, for example, AI has driven significant economic growth, with the U.S. seeing 90per cent of first-half 2025 growth attributed to AI investments in hyperscale data centers. In Nigeria, while more data centers are emerging, investment in AI-capable infrastructure remains limited. A conducive regulatory environment is essential to support such advancements.

    The Nigerian telecommunications sector has evolved significantly between 2000 and 2025. Growth was explosive from 2000 to 2005, scaled between 2005 and 2015, and slowed between 2015 and 2023 due to market maturity and economic factors like the MDC rebasing. Sector studies conducted by the NCC have also evolved: the 2015 study focused on industry-wide competition, while more recent studies target specific segments, such as co-location, infrastructure, and voice and data.

    Market dominance can arise from four factors: innovation, investment, go-to-market strategy, or anti-competitive practices. Regulatory focus is on ensuring that leadership gained through anti-competitive practices does not undermine the market. Sustainable market leadership is encouraged when achieved through innovation, superior investment, and effective market strategies.

    “The current study by NCC and PwC is diagnostic and data-driven, aiming to Assess market dynamics, structure, concentration, and operator behavior; Identify significant market power and its impact on competition; and Enhance regulatory oversight and review existing frameworks.

    “Others are promote fair competition and provide evidence-based recommendations to foster innovation and service quality; and develop the capacity of the regulator to continuously assess competition and make informed decisions,” he said.

    He said the scope includes independent, evidence-based assessment of market structure, pricing, entry and expansion barriers, consumer behavior, and service quality. Accurate, timely, and complete data submission from stakeholders is critical. Interviews, both virtual and in-person, will follow initial data collection to ensure comprehensive engagement.

  • World Bank: inflation decline drives 5.6% growth prospect

    World Bank: inflation decline drives 5.6% growth prospect

    The World Bank Group yesterday projected two-year 5.6 per cent growth in low-income countries driven by stronger domestic demand, exports recovery, and easing inflation.

    In its latest Global Economic Prospects report, the global lender said despite 2026–27 growth prospects, the income gap between developing and advanced economies will continue to narrow.

    “Per capita income growth in developing economies is projected to be three per cent in 2026, about a percentage point below its 2000-2019 average. At this pace, per capita income in developing economies is expected to be only 12 per cent of the level in advanced economies,” it said.

    Global inflation is projected to edge down to 2.6 percent in 2026, reflecting softer labour markets and lower energy prices. Growth is expected to pick up in 2027 as trade flows adjust and policy uncertainty diminishes.

    In 2026, growth in developing economies is expected to slow to 4 percent from 4.2 percent in 2025 before edging up to 4.1 percent in 2027 as trade tensions ease, commodity prices stabilize, financial conditions improve, and investment flows strengthen the World Bank Group’s Chief Economist and Senior Vice President for Development Economics, Indermit Gill disclosed that with each passing year, the global economy has become less capable of generating growth and seemingly more resilient to policy uncertainty.

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     “But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets. Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s, while carrying record levels of public and private debt. To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalize private investment and trade, rein in public consumption, and invest in new technologies and education,” he said.

    In addition, developing economies need to bolster their fiscal sustainability, which has been eroded in recent years by overlapping shocks, growing development needs, and rising debt-servicing costs. A special-focus chapter of the report provides a comprehensive analysis of the use of fiscal rules by developing economies, which set clear limits on government borrowing and spending to help manage public finances.

    These rules are generally linked to stronger growth, higher private investment, more stable financial sectors, and a greater capacity to cope with external shocks.

    World Bank Group’s Deputy Chief Economist and Director of the Prospects Group, M. Ayhan Kose, said that with public debt in emerging and developing economies at its highest level in more than half a century, restoring fiscal credibility has become an urgent priority.

     “Well-designed fiscal rules can help governments stabilize debt, rebuild policy buffers, and respond more effectively to shocks. But rules alone are not enough: credibility, enforcement, and political commitment ultimately determine whether fiscal rules deliver stability and growth,” he said.

    More than half of developing economies now have at least one fiscal rule in place. These can include limits on fiscal deficits, public debt, government expenditures, or revenue collection.

    The report explained that developing economies that adopt fiscal rules typically see their budget balance improve by 1.4 percentage points of GDP after five years, once interest payments and the ups and downs of the business cycle are accounted for.

    “Use of fiscal rules also increases by 9 percentage points the likelihood of a multi-year improvement in budget balances. However, the medium- and long-term benefits of fiscal rules depend heavily on the strength of institutions, the economic context in which the rules are introduced, and how the rules are designed, the report finds.

    According to the report, the global economy is proving more resilient than anticipated despite persistent trade tensions and policy uncertainty. Global growth is projected to remain broadly steady over the next two years, easing to 2.6 percent in 2026 before rising to 2.7 percent in 2027, an upward revision from the June forecast,” it said.

    Also, the resilience reflects better-than-expected growth, especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026.

    “Even so, if these forecasts hold, the 2020s are on track to be the weakest decade for global growth since the 1960s. The sluggish pace is widening the gap in living standards across the world, the report finds: at the end of 2025, nearly all advanced economies enjoyed per capita incomes exceeding their 2019 levels, but about one in four developing economies had lower per capita incomes,” it said.

    In 2025, growth was supported by a surge in trade ahead of policy changes and swift readjustments in global supply chains. These boosts are expected to fade in 2026 as trade and domestic demand soften. However, the easing global financial conditions and fiscal expansion in several large economies should help cushion the slowdown, according to the report.

  • Nigeria’s entertainment, media revenues to hit $4.9billion

    Nigeria’s entertainment, media revenues to hit $4.9billion

    Total revenues from Nigeria’s Entertainment and Media (E&M) sector are projected to grow from $4.5 billion in 2025 to $4.9 billion this year, with the creative economy contributing two per cent.

    PwC Nigeria, which gave this projection, said the $4.9 billion growth is driven by demographic trends, streaming adoption, and strong and expanding adoption of digital distribution channels.

    PwC, in its ‘2026 Nigeria Economic Outlook: Turning Macroeconomic Stability into Sustainable Growth’ released last week, said the projected growth of Nigeria’s E&M sector reinforces its position as Africa’s fastest-growing E&M market.

    Providing more details, PwC said Over-The-Top (OTT) video, cinema, music radio and podcasts constitute the creative economy segment which will account for two per cent of the total E&M sector revenues in 2026.

    The Outlook, which was made available to The Nation, specifically said growth is increasingly digitally led, with OTT video revenues rising from $33 million to $37 million and music, radio and podcasts expanding from $67 million to $73 million, reflecting rising streaming and audio consumption.

    The PwC report noted that mobile internet penetration, cheaper data plans, and smartphone adoption continue to shift consumer behaviour towards on-demand and digital-first content, particularly among Gen Z and millennial audiences.

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    It further stated that continued investment in fibre rollout and Five Generation (5G) deployment is expected to unlock new digital experiences and monetisation opportunities, supporting further E&M sector expansion beyond 2026.

    Investment in the creative sector through various government and private sector interventions such as the Creative Economy Development Fund, the report said, may also drive the growth in the sector this year.

    The adoption of technology in the creative sector surged in 2025, driven by private sector involvement and government measures such as the National Council for Arts and Culture (NCAC’s) launch of the Council for Creative Technology Futures (CCTF).

    The CCTF serves as a high-level platform for policy, strategy, and implementation, harnessing technologies such as Artificial Intelligence (AI), Augmented and Virtual Reality (AR/VR), Web3, and blockchain across more than 49 creative industry sectors.

    The CCTF will guide the creative industries into a digitally empowered future, equip creators with global tools and market access, and strengthen Nigeria’s position as a cultural and technological powerhouse.

    PwC said this year, the sector is set for strong tech-driven growth, powered by government initiatives like Investment in Digital and Creative Enterprises Program (iDICE), rising Venture Capital (VC) funding, and global success in Afrobeats and Nollywood.

    “We expect wider use of AI for content creation, OTT streaming, AR/VR experiences, and gaming supported by 5G expansion,” the report by the multinational professional services company said.

    The iDICE is a Federal Government’s initiative promoting investment in digital and creative industries. It is part of Nigeria’s efforts to build back better, greener, and more inclusive, and to create more sustainable jobs for its youthful population.

    The $617.7 million program targets Nigerians aged 15 to 35 years who are involved in innovative, early-stage, technology-enabled start-ups or in creative sector micro, small and medium sized enterprises.

    The program is co-financed by the Federal Government through the Bank of Industry (BoI), African Development Bank (AfDB), the Agence Française de Développement (AFD) and the Islamic Development Bank (IsDB).

    Despite the positive outlook for Nigeria’s E&M market this year, PwC Nigeria said funding gaps, infrastructure constraints, and piracy risks may limit upside, though targeted public and private investment could support growth.

  • NiMet opens AI team for weather predictions

    NiMet opens AI team for weather predictions

    The Director-General, Nigerian Meteorological Agency (NiMet), Prof. Charles Anosike, has inaugurated the Artificial Intelligence (AI) Research and Integration Team of the Agency to boost weather predictions.

    The DG explained that the team was set up as part of the Agency’s drive to strengthen innovation, digital transformation, and service delivery in meteorological and climate services.

    The agency also said it has concluded a comprehensive review of its Conditions of Service, as part of measures to align its human resource framework with contemporary public service standards and its evolving operational mandate.

    Prof. Anosike said the inauguration of the team was in line with NiMet’s commitment to complement decades of physics-based forecasting with emerging AI-driven approaches, adding that it also aligns with the Federal Government’s digital transformation agenda and the ongoing modernization of meteorological services in Nigeria.

    The team is tasked with identifying opportunities, standards, and best practices for the application of artificial intelligence in meteorology, and with driving the integration of AI-based tools into NiMet’s operational forecasting systems.

    The initiative is expected to enhance the speed, accuracy, and accessibility of weather predictions through hybrid AI–traditional forecasting models.

    Prof. Anosike explained that building internal AI capacity was critical to sustaining NiMet’s leadership in technological innovation among government agencies, while ensuring that emerging technologies are responsibly deployed to support aviation safety, agriculture, disaster risk reduction, and national development.

    Members of the AI Research and Integration Team were drawn from the various units in the agency.

    According to a statement by the Director of Human Resources Management and Administration of NiMet, Dr. Nasir Sani, the staff condition of the service review process was driven by collaboration between NiMet’s Management and the recognised staff unions.

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    Dr. Sani noted that through sustained dialogue, extensive consultations, and mutual understanding, both parties worked collectively to produce a revised Conditions of Service that addresses critical issues of staff welfare, career progression, professionalism, and institutional efficiency, while supporting the Agency’s core mandate of delivering timely and accurate weather and climate services.

    He stated: “With the backing of the current administration, the review was diligently advanced through the appropriate channels and has now received the necessary approvals from relevant oversight authorities.

    “These include clearance from the Federal Ministry of Aviation and Aerospace Development and the Office of the Head of the Civil Service of the Federation (OHCSF), among other statutory bodies, thereby formally validating and operationalising the revised Conditions of Service for NiMet staff.

    “The updated framework introduces clearer guidelines on appointments, promotions, career progression, and disciplinary procedures, while also improving provisions on staff welfare, leave entitlements, and work–life balance. It further standardised procedures to ensure fairness, transparency, and accountability, and aligns fully with Federal Civil Service rules and best practices”.

    He further explained that beyond policy alignment, the revised Conditions of Service are expected to enhance staff motivation and morale, thereby improving productivity and more efficient service delivery across the Agency.

    “The review underscores NiMet’s commitment to creating a conducive work environment, strengthening human capital development, and equipping its workforce to deliver weather and climate information that is critical to national development and safety”.

    The Management encouraged all staff to familiarise themselves with the revised Conditions of Service, noting that it serves as a comprehensive guide to their rights, responsibilities, and career development within the Agency.

    The Agency reaffirmed its commitment to continuous institutional reforms aimed at promoting efficiency, staff welfare, and excellence in service delivery as part of its broader mission to support Nigeria’s socio-economic development through reliable and timely meteorological services.

  • NERC: 38% of electricity generating plants available

    NERC: 38% of electricity generating plants available

    The Nigerian Electricity Regulatory Commission (NERC) yesterday said only 38 per cent of power generating plants were available for dispatch in December 2025.

    It was an indication that 62 per cent capacity of plants were not available for dispatch.

    Of the 13,625 Mw Installed capacity in the Nigerian Electricity Supply Industry (NESI) in the period under review, only an average of 5,151MW was the available capacity.

    7,0474Mw of the installed capacity was not available for dispatch, according to the December 2025 Factsheet on the Operational Performance of Power Plant, The Nation obtained yesterday.

    NERC noted that the average hourly per generation recorded was 4,367Mw.

    The document said the top 10 largest energy producers accounted for 81 per cent of the total energy generated during the month.

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    The plants were Egbin 1, Delta 1, Kainji 1, Zungeru 1, Afam 2, Shiroro1, Jebba 1, Okapi 1, Ihovbor 2, and Geregu 1.

    Of the the 10 plants, only Zungeru 1 generated 100 per cent of its capacity being 700Mw.

    Ihovbor 2, according to NERC, produced 99 per cent being 459Mw out of 491Mw while Jebba recorded 538MW being 93 per cent of its 578MW.

    The factsheet also said Kainji 1 generated 564Mw of 760Mw, which is 74 per cent of its capacity.

    NERC added that Egbin produced 320Mw of 582MW while Afam 2 generated 115Mw being 18 per cent of its 650Mw capacity.

    Of the 26 power plants in the grid, in the period under review, only 18 were operational.

  • Eko Disco gets MD

    Eko Disco gets MD

    The Eko Electricity Distribution Company (Eko Disco) has appointed Wola Joseph-Condotti as its new Chief Executive Officer following the resignation of Rekhia Momoh, who had led the company for nearly two years.

    Until her appointment, Joseph-Condotti was Group Managing Director and Chief Executive Officer, West Power & Gas Limited, the former core investor in Eko Disco and eight other subsidiaries with diverse interests across the energy sector.

    Her elevation comes at a moment of unusual strategic significance for the electricity distribution company, following a landmark ownership transition and renewed investor interest in Nigeria’s power distribution segment.

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    She is a recognised thought leader in the energy sector, with a strong focus on renewable energy, sustainability, and carbon markets. Prior to her current role, she served as the pioneer Chief, Legal & Company Secretariat at EKEDP, and held various key positions including Head of Regulatory Compliance and Chief Human Resources and Administration Officer.

    Joseph-Condotti holds a law degree from the University of Ibadan, an LLM from Harvard Law School and an MBA from INSEAD Business School.

  • Oil rises to $64 on Iran-related disruptions, Venezuela supply

    Oil rises to $64 on Iran-related disruptions, Venezuela supply

    Brent hit $64 per barrel yesterday as oil prices surged over multiple market-related concerns, including risks of Iran-related supply disruptions and uncertainties over the future of supply in Venezuela returning to focus.

    In the fresh price surge, the Brent price rose to $64.01 per barrel, up 0.7 per cent after closing at $63.55 on Monday. The US benchmark West Texas Intermediate (WTI) was at $59.83 per barrel, up around 0.8 per cent from the previous close of $59.35.

    Reports that the US President Donald Trump has been briefed on options beyond conventional air strikes against Iran, including cyber and psychological operations, amid ongoing protests strengthened geopolitical risk perceptions in the markets.

    Officials said the potential operations could target Iran’s command structure, communications networks and state-controlled media, but stressed that no final decision has been made and that diplomatic channels remain open.

    White House Press Secretary Karoline Leavitt has said Trump’s priority on Iran is diplomacy, while noting that the military option remains on the table.

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    These developments have raised concerns that escalating tensions in the Middle East, home to a significant share of global oil reserves, could disrupt supply, putting upward pressure on prices.

    Trump’s announcement that countries trading with Iran would face a 25% tariff in their trade with the US described as “firm and final” has further increased market uncertainty. Experts warn that such tariffs could heighten the risk of a trade war that may weigh on global growth and reignite inflation.

    Meanwhile, Trump said talks with Caracas were “going very well” following the detention of Venezuelan President Nicolas Maduro, adding that the purchase of 50 million barrels of Venezuelan oil is on the agenda and that $4.2 billion worth of oil is already en route to the US.

    He also said he was dissatisfied with Exxon’s stance on Venezuelan oil projects and was considering excluding the company from oil tenders in the country.

    Experts say these remarks are being interpreted by investors as a sign that Venezuela’s investment environment remains unpredictable and commercial uncertainties persist.

    This could prompt foreign investors to act more cautiously, limiting medium- and long-term production growth expectations and weakening supply growth prospects.

    Concerns over the independence of the US Federal Reserve (Fed) also remain in focus. Former Fed chairs stressed that the central bank’s independence is critical for economic performance, describing the reported “criminal investigation” involving Fed Chair Jerome Powell as an unprecedented attempt to undermine that independence through prosecutorial channels.

    While the market impact of the investigation has so far been limited, analysts expect debates over the Fed’s institutional independence to be among the main themes for financial markets this year.

    Rising concerns over Fed independence are supporting oil prices in the short term, while medium-term gains are being capped by economic uncertainty and risks to the demand outlook.

  • UK investors drive 65%of Nigeria’s foreign inflows

    UK investors drive 65%of Nigeria’s foreign inflows

    Nigeria attracted about 65 per cent of its current foreign capital inflows from United Kingdom investors over the past year, with investments including $7.5million into Babban Gona and $40.5million into Johnvent Industries, the Federal Government has said.

    The Federal Ministry of Industry, Trade and Investment, in the document titled ‘2025: A Defining Year for Nigeria’s Industry, Trade and Investment’, stated that investors from the United Kingdom contributed significantly to the rising investment inflows in the country.

    The document reviewed reforms and outcomes under the Renewed Hope Agenda of President Bola Tinubu. According to the ministry, the strong UK inflows followed the activation of the UK–Nigeria Enhanced Trade and Investment Partnership and broader reforms aimed at restoring investor confidence and improving market access.

     “UK investors now account for approximately 65 per cent of recent inflows, including $7.5million into Babban Gona and $40.5million into Johnvent Industries,” the Minister of Trade & Investment, Jumoke Oduwole, stated. She described the investment growth as evidence of renewed confidence in Nigeria’s reform trajectory.

    The ministry noted that 2025 marked a defining phase in Nigeria’s economic repositioning, as coordinated reforms across investment attraction, trade expansion, and institutional strengthening translated policy intent into measurable outcomes.

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    It noted that Nigeria recorded a decisive turnaround in investment attraction under President Tinubu, with the government responding strategically to global economic headwinds and “clearly signalling that Nigeria is open for business.”

    It added that Nigeria significantly strengthened its investment facilitation architecture during the year, shifting from passive promotion to an active, systems-driven model that reduced information gaps, improved project visibility and enhanced the bankability of investment pipelines.

    As a result, the ministry said four priority projects valued at $13.7billion progressed, representing a conversion rate of over 25 per cent from the $50.8billion worth of signed Memoranda of Understanding.

    “Through structured deal origination, the Federal Ministry of Industry, Trade & Investment (FMITI) has proactively built a de-risked pipeline exceeding $5billon across priority sectors,” the ministry stated, adding that the approach supported investors “from first engagement to firm commitment.”

    The ministry linked the growing UK inflows to sustained bilateral engagements and trade modernisation efforts, noting that Nigeria deepened investment pipelines through high-level missions to the UK and other key economies.

    It said these engagements reshaped investor perceptions and strengthened Nigeria’s relevance within global investment circles, delivering “tangible gains” in deal quality and investor confidence.

    Beyond foreign capital, the ministry highlighted progress in export-led growth, reporting that non-oil exports grew by 21 per cent to $12.8billion in the first half of 2025, nearly double the $6.5billion target.

    The growth contributed to a N12trillion trade surplus in the period, while overall trade value expanded by 14 per cent, driven by targeted trade reforms, improved export processes and increased value addition.

    Nigeria’s leading non-oil exports included cocoa and cocoa derivatives, sesame seeds, cashew nuts, shea butter, ginger, hibiscus flower, rubber, palm oil derivatives, fertilisers, cement and liquefied natural gas.

    The ministry noted that it worked with the Nigerian Export Promotion Council to train 27,352 exporters, certify 200 micro, small and medium enterprises for international trade and support 3,047 farmers through the distribution of hybrid seedlings.

    Furthermore, it stated that Special Economic Zones generated over $500milio in export revenues and created more than 20,000 direct jobs through the Nigerian Export Processing Zones Authority and the Oil and Gas Free Zones Authority.

    On macroeconomic performance, the ministry said bold reforms, including foreign exchange liberalisation, fuel subsidy removal and monetary tightening, helped restore investor confidence.

    It noted that the Nigerian Exchange ranked fifth among the world’s top-performing stock exchanges in 2025 and fourth in Africa, as combined foreign portfolio investment and foreign direct investment reached nearly $14billion between the first quarter and third quarter, surpassing total inflows in 2024.

    Foreign portfolio investment led the recovery, rising to $12.99billion, while foreign direct investment increased by 700 per cent quarter-on-quarter in Q3 2025 to reach $936million year-to-date.

    On domestic capital, the ministry said the Federal Government rolled out investment retention and expansion strategy anchored on Nigerian investors, whom it described as “the first and most enduring vote of confidence in the economy.”

    It cited the hosting of Nigeria’s first Domestic Investors Summit, where 75 per cent of investor issues were resolved on the spot and all were closed within five working days, as a shift from ad-hoc engagement to an execution-driven model.

    Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, also led company visits across manufacturing, agro-processing, electric vehicles and industrial clusters to resolve bottlenecks and support reinvestment.

    The ministry further said Nigeria advanced its leadership under the African Continental Free Trade Area, securing appointment as Co-Champion of the AfCFTA Protocol on Digital Trade alongside Kenya and South Africa.

    Looking ahead, the ministry said it would build on the momentum in 2026 by focusing on execution and verifiable impact, with investor playbooks in priority sectors such as solid minerals, digital trade, the creative economy and climate-smart industrialisation.

    “Collectively, these results affirm that 2025 marked a decisive inflexion point for Nigeria, restoring investor confidence, strengthening competitiveness, expanding exports, and laying the foundation for sustained and inclusive growth,” the ministry stated.

  • NBS to revise inflation reporting after December artificial spike

    NBS to revise inflation reporting after December artificial spike

    Nigeria’s National Bureau of Statistics (NBS) will change the way it calculates inflation as last year’s rebasing measure could make December’s year-on-year inflation appear artificially high, the agency said yesterday.

    The rebasing, the first in 15 years, set December 2024 as the index reference point, a move officials said would distort December data without reflecting actual price trends. December inflation data is due to be published tomorrow. Analysts are predicting a sharp rise in the headline figure to 30 per cent.

    “The widely reported 30 per cent figure for December is only a projection and not from the bureau,” said Ayo Anthony, Head of Prices at NBS. Consumer inflation peaked near 35 per cent in December 2024 before falling sharply after the statistics office revised its base year, and as food prices decelerated.

    “This spike is not the real inflation rate; it is an artificial spike caused by the base effect from rebasing. “We are removing the single-month index reference period and replacing it with a 12-month reference period for 2024 to report actual inflation,” Anthony said.

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    Anthony noted that while countries like South Africa and Kenya use a one-month base, Nigeria’s sharp price increases make that method unsuitable. Prior to last year’s rebasing, Nigeria rebased its inflation data in 2009.

    “We haven’t rebased in 15 years, so some of the base effect playing out is due to that lag,” said Bonaventure Nwosu, Head of Communications at NBS. “Whatever spike you see for December is a one-off and should not be interpreted as real inflation. From January 2026, figures will normalise and reflect actual market conditions.”

    The bureau said the new methodology will provide a clearer picture of inflationary pressures in Africa’s most populous nation.

  • Multipolitan: AI, orbital infrastructure, others reshaping statehood

    Multipolitan: AI, orbital infrastructure, others reshaping statehood

    Emerging technologies such as artificial intelligence (AI), blockchain, the metaverse, and orbital infrastructure are fundamentally reshaping statehood, governance, and citizenship, The Digital State Project, a new report has said.

    The report which was released yesterday during an online media interaction by Multipolitan, a platform for borderless living, noted that as nations confront rapid technological change and rising expectations from digitally native citizens, the report explores a future where governance is no longer bound solely by geography.

    From on-chain citizenship and e-governance protocols to agentic nation states, space sovereignty, and the metaverse as a medium for human connection, The Digital State Project mapped the frontier of what comes next for states and institutions worldwide.

    Speaking on the report, the CEO & Co Founder of Multipolitan, Nirbhay Handa, said: “We will soon log into nations, not just fly into them. For centuries, geography shaped sovereignty. In the digital-first era, sovereignty will be shaped by digital identity systems and the rules that govern them.”

    Across eight contributions, The Digital State   mapped how governance is evolving at the intersection of identity, intelligence, mobility, climate resilience, and space, with Handa exploring how Web3, blockchain-based identity, and digital citizenship are creating borderless systems where belonging is chosen rather than inherited in Nations as a Service.

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    Similarly, James Ellsmoor examined what constitutes statehood when physical territory disappears discussing Tuvalu’s pursuit of safeguarding its sovereignty through digital means Redefining Sovereignty in A Digital World.

    CEO of RNS.ID, William Wang, discussed how Palau’s Digital Residency Program extends sovereign identity beyond geography under Identity without borders.

    CEO of Prestidge Group and OLTAIR and advisor to INTERPOL on metaverse investigations Briar Prestidge,  explored how immersive environments are becoming the next frontier for identity, empathy, and nation branding in Where The Virtual Meets The Human.

    Hrish Lotlikar showed how augmented reality, Web3, and decentralised ownership are transforming cities into interfaces  where creativity, commerce, and culture converge on top of the physical world in Cities As Living Interfaces.

    Oleksandr Bornyakov outlined how Ukraine built one of the world’s most advanced digital governance systems in From Diia To AI-Powered Governance.

    Former CIO of Estonia, Luukas Ilves, described how Ukraine’s AI-driven governance model is setting new standards for how governments can use intelligent agents to automate, anticipate, and personalize public services in From Digital States to Agentic States .

    Multipolitan said The Digital State Project was designed as a toolkit, not a think piece – distilling real-world lessons from leaders already building digital public services, identity systems, and new sovereign infrastructure.

    It is intended to be useful to government leaders and regulators modernizing identity and service delivery; founders and builders designing products for borderless users and compliant ecosystems; and investors and institutions tracking where governance, AI, mobility, and infrastructure converge

    The Digital State Project is produced of Multipolitan explored how technology is reshaping the foundations of governance, identity, and citizenship – asking one central question: What does it mean to be a citizen, a state, or a society in the digital age?

    Headquartered in Singapore, Multipolitan builds freedom infrastructure for globally mobile individuals by combining a product-led immigration platform with a mobility app that makes it simple to live, work, and thrive anywhere. Launched in 2024, Multipolitan was co-founded by Handa, former Group Head at Henley & Partners, and Lee Smith, a serial entrepreneur who previously co-founded payment unicorn Paidy, acquired by PayPal for $2.7 billion.