After 128 years of enforced exile, the arc of history bowed—at last—toward justice. The return of 119 Benin Bronzes from the Netherlands was not merely a diplomatic gesture but a thunderclap of reckoning, rippling through the deep wounds of colonial injustice. For Nigeria, this moment transcends restitution— it is the restoration of sovereignty and stolen glory, reports Associate Editor ADEKUNLE YUSUF
In a moment steeped in symbolism and solemnity, the rhythmic pulse of Nigeria’s cultural heartbeat grew louder on June 19. At the stately National Museum in Onikan, Lagos, under the attentive gaze of dignitaries, scholars, curators and traditional emissaries, 119 pieces of Nigeria’s soul—looted Benin Bronzes—were formally handed back by the Kingdom of the Netherlands. With this gesture, the world witnessed more than the return of bronze and ivory—it witnessed a nation’s rebirth, the rekindling of ancestral memory, and a powerful act of historical correction.
For over a century, these masterpieces—cast with divine reverence by Edo artisans between the 15th and 19th centuries—had languished in glass vitrines across Europe, severed from their spiritual and ceremonial context. Displayed as exotic curios in faraway lands, they told fragmented stories without the rhythm of drumbeats, the whisper of incantations, or the presence of the Oba. But on this day, the past began to mend itself.
The saga of the Benin Bronzes began in blood and fire. In 1897, British imperial forces under Admiral Sir Harry Rawson unleashed a punitive expedition that razed the ancient city of Benin to the ground. The kingdom’s artistic treasures—bronze plaques, ivory tusks, commemorative heads, and royal regalia—were pillaged in one of the most violent cultural thefts of the colonial era. Thousands of these sacred artefacts were scattered across Europe and North America, auctioned in London salerooms, and housed in imperial museums. Among these cultural refugees, 119 eventually made their way to Dutch institutions, including the Wereldmuseum in Leiden. Until now, there they remained—detached, mis-contextualised, admired but misunderstood.
“This is more than restitution. It is a divine intervention,” proclaimed Oba Ewuare II, traditional ruler of the Benin Kingdom, during the return ceremony. Though represented by his daughter, Princess Iku Ewuare-Aimiuwu, his words resounded with ancestral gravity. These artefacts, he reminded the world, were never just art—they were carriers of spiritual lineage, repositories of Edo cosmology, and instruments of royal protocol.
Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, captured the national mood succinctly: “They are the living embodiment of the soul and spirit of the Benin Kingdom.” She called it a restoration of Nigeria’s dignity and a reawakening of pride. “Each bronze,” she said, “tells a story not just of craftsmanship, but of a people whose history can no longer be told solely through the lens of loss.”
Indeed, the timing is no coincidence. Global winds have shifted. Western institutions, long bastions of colonial memory, are now contending with calls for ethical accountability. A wave of cultural reckoning is sweeping the globe. Germany has pledged to return over 1,100 Benin Bronzes, with at least 20 already back in Nigeria as of December 2022. The Smithsonian Institution and other U.S. museums have repatriated 29 pieces. Even traditionally reluctant institutions in the UK—like the Horniman Museum—have returned 72 artefacts, though the British Museum remains legally restrained by archaic legislation.
The Netherlands’ action, guided by a 2025 advisory committee on colonial collections, sets a new benchmark. Its Ambassador for International Cultural Cooperation, Dewi Van de Weerd, eloquently declared: “When individuals understand their roots, they can shape their future.” Her words resonated as much with curators as with children in Benin City, who now grow up seeing their heritage not in European textbooks, but in living, breathing artefacts at home.
But what becomes of the returned treasures? Will they vanish into dusty storerooms or fragile cases? Nigeria has long faced criticism over its lack of world-class preservation infrastructure. The answer now lies in the unfolding vision of the Museum of West African Art (MOWAA)—a 21st-century institution being sculpted in Benin City, where the Bronzes were first cast. Designed by renowned architect Sir David Adjaye, EMOWAA promises more than a repository; it will be a living museum—a crucible of culture, memory, research, and performance. Situated on a 6-hectare campus, it will house climate-controlled storage, conservation laboratories, exhibition halls, and even a guesthouse for scholars and artists. It signals a definitive riposte to critics: Nigeria is ready to safeguard its legacy on its own soil.
Germany is already co-financing one of MOWAA’s key pavilions. The Netherlands is exploring museum partnerships and research collaboration with Nigeria’s National Commission for Museums and Monuments (NCMM). This is restitution as relationship-building, not merely object-swapping. It is decolonisation by dialogue. Olugbile Holloway, Director-General of NCMM, called the handover “a collective victory,” noting that no single government or individual could claim credit. He reminded the public to see the artefacts not merely as ancient objects, but “as embodiments of the spirit and identity of the people from which they were taken.” For Holloway, the artefacts are tools of education, memory and healing—vehicles for intergenerational storytelling.
Beyond the bronzes lies a larger battlefield: the future of museums. The restitution of African artefacts is catalysing a global transformation in how institutions collect, interpret and display heritage. The “Healing the Museum” initiative in Europe, for example, now brings artists and curators together to decolonise the very spaces where narratives are shaped. Museums in France, Belgium and Scandinavia are rethinking their acquisition histories and launching provenance research teams.
Meanwhile, art activists across Africa—Ghana, Senegal, Sierra Leone—are forging a pan-African alliance for ethical restitution and shared exhibitions. What was once an academic debate has become a street-level campaign, a diasporic movement, a generational demand. In this landscape, Nigeria’s cultural diplomacy shines as a model of assertiveness and grace. Culture Minister Musawa praised President Bola Tinubu for his unwavering support of these efforts. “We are reclaiming our past,” she said, “to build the foundation of our future.”
The restitution conversation is expanding. While Benin Bronzes remain the most visible symbols of colonial theft, Nigeria’s stolen heritage stretches further: the Nok terracottas, the Yoruba ibeji figures, the Ife bronze heads. Each return raises the same questions: Who owns culture? Who decides how history is told? NCMM is actively engaging multiple institutions, tailoring strategies to local laws and sensibilities. Some agreements involve long-term loans; others include shared curation rights or rotating exhibitions. This mosaic approach reflects both pragmatism and persistence. As Holloway disclosed, meetings are ongoing with Germany’s ambassador, aiming for the return of over a thousand pieces already earmarked in signed agreements.
Repatriation is not just about justice; it is also an economic catalyst. With the birth of MOWAA and the return of its royal treasures, Benin City is poised for a renaissance in cultural tourism. Local hotels are expanding, artists’ cooperatives are emerging, and international scholars are planning sabbaticals. The museum is expected to attract thousands of visitors annually, igniting revenue streams for artisans, tour guides, curators, and communities. This mirrors a broader shift across Africa, where cultural capital is increasingly seen as an engine for development. From Rwanda’s Kigali Genocide Memorial to Senegal’s Museum of Black Civilisations, heritage institutions are becoming central to both nation-building and creative economies.
Perhaps the most profound aspect of restitution is its emotional weight. For elders who remember oral tales of Oba Ovonramwen’s exile, and for schoolchildren seeing a Benin plaque for the first time, these artefacts are not merely relics. They are bridges—connecting memory with identity, the present with the past. Scholars describe it as a restoration of fractured identities. Artist Peju Layiwola, whose grandfather’s palace was raided during the 1897 expedition, has spent decades campaigning for these returns. For her, these objects animate ancestral memory. “They aren’t just art—they are living,” she insists. “They breathe the stories of our people.”
When the first batch of bronzes arrived quietly at the Oba’s Palace in Benin City days before the public ceremony, the silence was telling. It wasn’t a spectacle; it was a spiritual reunion. The ancestors had come home. Yet the journey is not over. The British Museum still holds roughly 900 Benin Bronzes, constrained by legal stipulations. France’s process remains slow. Vast troves of African artefacts remain hidden in the archives of private collectors, uncatalogued and inaccessible.
But the tide is turning. Each return builds momentum. Each ceremony inspires a new generation. Each partnership unlocks further potential. And while the Benin Bronzes are the most iconic of Nigeria’s repatriated treasures, they are only the beginning of a deeper movement: a reweaving of cultural dignity, an affirmation of selfhood, and a demand for global equity. The message is clear: the story of African art is no longer being told from abroad. It is being written, spoken, and lived at home.
Price and exchange rate stability are key roles of the Central Bank across the world. The drop in Nigeria’s inflation rate in May has been attributed to changes in macroeconomic dynamics as well as monetary-fiscal policies alliance. Analysts view the moderation in May’s headline inflation at 22.97 per cent as a positive outcome of improved FX stability, easing energy prices, and a slowdown in money supply growth, writes Assistant Editor COLLINS NWEZE
The drop in Nigeria’s inflation rate for May 2025 was not accidental—it was the result of deliberate and sustained monetary policy reforms by the Central Bank of Nigeria (CBN). Key among these were stabilising the foreign exchange market, strengthening the naira, and tightening liquidity to curb excess money supply. According to the National Bureau of Statistics (NBS), the inflation rate eased to 22.97 per cent in May, down from 23.71 per cent in April, marking a clear signal of policy impact.
Broad money (M2) growth also moderated significantly, averaging 1.3 per cent month-on-month and 20.3 per cent year-on-year in 2025, compared to 5.6 per cent and 75.5 per cent respectively in 2024. The CBN’s latest quarterly economic report for Q4 2024 shows strong FX inflows—$61.2 billion net, up 99 per cent year-on-year—with gross inflows up 21 per cent quarter-on-quarter to $27.8 billion. FX outflows also rose by 31 per cent to $10.4 billion.
Like other central banks globally, the CBN has remained laser-focused on inflation. Its adoption of an inflation-targeting framework and the tightening of the Monetary Policy Rate to 27.5 per cent are strategic tools to restore macroeconomic stability and reinforce investor confidence.
Naira appreciates and how inflation works
Specifically, the naira appreciated by 0.7 per cent month-on-month, closing at N1,586.15/$1.00. Additionally, prices in the energy sector declined by 0.4 per cent month-on-month in May. The monthly energy deflation was likely supported by reductions in Premium Motor Spirit (PMS) prices by Dangote Petroleum Refinery (and select independent marketers) which brought ex-depot prices down to a range of N875.00 to N905.00/litre across states and regions.
In emailed report to investors, Managing Director, Afrinvest Nigeria Limited, Ike Chioke, stated that
while the positive strides in consumer price dynamics (especially core inflation) could set the stage for a potential rate cut by the MPC in second half of this year, persistent risks in the food sector – stemming from agrarian and structural factors – are potent headwinds ahead. According to the report, sustained currency appreciation and the lagged impact of PMS price cuts in late May are likely to counteract the impact of holiday-induced price hikes in some core items and keep the sub-component inflation modest.
Inflation remains one of the most discussed yet misunderstood economic concepts. Economists generally agree that inflation refers to a sustained increase in the general price level of goods and services over time. It is typically measured using indicators such as the Consumer Price Index (CPI) or the implicit price deflator for Gross National Product (GNP). A commonly used expression for inflation is “too much money chasing too few goods,” highlighting how increased money supply can outpace output, thereby weakening a currency’s purchasing power. When inflation occurs, money buys fewer goods. For example, if N10.00 buys 10 shirts today, but prices double, that same amount will only buy five shirts—demonstrating a clear decline in real value.
Recent macroeconomic signals offer cautious optimism. A slowdown in food prices and a 7% dip in petrol costs are notable, alongside positive feedback from the GDP rebasing exercise. These developments hint at an improving inflation trajectory. According to Bismarck Rewane, CEO of Financial Derivatives Company Limited, a stronger oil sector could drive more stable fuel prices and higher government revenues, enhancing economic stability.
The Economic Intelligence Unit (EIU) forecasts a 4% rebound in retail sales in 2025, with consumer spending expected to rise to $127 billion. Input from monetary authorities has also contributed to cooling inflation. Charlie Bird, Director of Trading at Verto, noted that rising crude oil prices, FX stability in NAFEM, narrow parallel market spreads, and growing reserves all point to positive inflation outcomes—signaling stronger prospects for economic recovery and price stability.
Speaking during Cordros Asset Management seminar titled: “The Naira Playbook”, he said positive impact of CBN’s reforms has continued affect the market and economic indicators positively. Also, inflation targeting framework, which replaces the exchange rate targeting framework, aligns with the apex bank’s determination to bring inflation upsurge under control in line with its price stability mandate.
Analysts said the various oil price shocks, Covid-19 pandemic, and most recently, the war between Russia and Ukraine, and Israel and Iran have resulted in various shocks to the global economy, requiring changing responses to subdue the monetary and fiscal authorities in the advanced and emerging market economies.
How low inflation supports economy
The Comercio Partners, in its 2025 macroeconomic outlook, highlighted that the rebasing of Nigeria’s Consumer Price Index (CPI) to 2024 would also create statistical effects that could lower inflation figures. From the stabilisation of exchange rates, the normalisation of energy prices following the subsidy removal to improved liquidity in the forex market, the economy has what it takes to achieve price stability within the year.
The Comercio Partners reports emphasised the importance of local refining capacity expansion, particularly with the launch of the Dangote Refinery. This development is expected to reduce the impact of exchange rate fluctuations on energy prices. By relying more on domestically refined petroleum, Nigeria is likely to see a reduction in energy price volatility.
This, combined with a more stable exchange rate, is expected to lower production and transportation costs, creating a positive ripple effect throughout the broader economy. According to Ifeanyi Ubah, head of investment research and global macro strategist, “We expect headline inflation to decrease to around 15 percent in the first half of 2025, indicating a gradual return to economic stability.”
The report also emphasised the importance of local refining capacity expansion, particularly with the launch of the Dangote Refinery. This development is expected to reduce the impact of exchange rate fluctuations on energy prices. By relying more on domestically refined petroleum, Nigeria is likely to see a reduction in energy price volatility. This, combined with a more stable exchange rate, is expected to lower production and transportation costs, creating a positive ripple effect throughout the broader economy.
In its efforts to tame inflation, the CBN recently hosted the Monetary Policy Forum 2025, featuring fiscal authorities, legislative, private sector, development partners, subject-matter experts, and scholars with the theme: “Managing the Disinflation Process.” The forum is a major push to improve monetary policy communication, foster dialogue, and collaborate on critical issues shaping monetary policy.
During the event, CBN Governor, Olayemi Cardoso, explained that the apex bank’s focus is to sustain price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship. He said the apex bank is continuing its disciplined approach to monetary policy, aimed at curbing inflation and stabilising the economy.
“These actions have yielded measurable progress: relative stability in the FX market, narrowing exchange rate disparities, and a rise in external reserves to over $40 billion as of December 2024.”
Cardoso reiterated that the goal of the CBN is to ensure that monetary policy remains forward-looking, adaptive, and resilient. In addressing our economic challenges, collaboration is key: “Managing disinflation amidst persistent shocks requires not only robust policies but also coordination between fiscal and monetary authorities to anchor expectations and maintain investor confidence,” Cardoso said.
“Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship,” he added.
The CBN also focused on strengthening the banking sector, introducing new minimum capital requirements for banks (effective March 2026) to ensure resilience and position Nigeria’s banking industry for a $1 trillion economy. These reforms and developments reflect the Bank’s commitment to creating an enabling environment for inclusive economic development. However, achieving macroeconomic stability requires sustained vigilance and a proactive monetary policy stance.
“As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and staying focused on its core mandate of price stability,” Cardoso stated. He said moving from the exchange rate targeting framework to the inflation targeting framework aligned with the apex bank’s determination to bring inflation upsurge under control in line with its price stability mandate.
Inflation uptick has remained a major concern to the CBN and is the time to use monetary policy tools to control it. Already, the data from the National Bureau of Statistics (NBS) showed that Inflation Rate i n Nigeria increased to 34.80 per cent in December from 34.60 percent in November of 2024. Inflation Rate in Nigeria is expected to be 32.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts’ expectations.
Market data showed that the various oil price shocks, Covid-19 pandemic, and most recently, the war between Russia and Ukraine, have resulted in various shocks to the global economy, requiring changing responses to subdue the monetary and fiscal authorities in the advanced and emerging market economies. To address these shocks, the CBN plans to migrate from an exchange rate targeting framework to phased migration and now inflation targeting framework. The CBN has been controlling the growth of money supply to achieve price stability, but is seeking a change of strategy to achieve better results.
World Bank growth projection
The World Bank recently gave a positive verdict on Nigeria’s economic growth trajectory, highlighting three-year unbroken growth for the country. In the bank’s Global Economic Prospects for June, the bank posited that Nigeria will have three-year unbroken growth records- growing at 3.6 per cent in 2025, 3.7 per cent in 2026 and 3.8 per cent in 2027. The World Bank, however, slashed its global growth forecast for 2025 by 0.4 percentage point to 2.3 per cent, saying that higher tariffs and heightened uncertainty posed a “significant headwind” for nearly all economies.
In its twice-yearly Global Economic Prospects report, the bank lowered its forecasts for nearly 70 per cent of all economies – including the United States, China and Europe, as well as six emerging market regions – from the levels it projected just six months ago before U.S. President Donald Trump took office. The bank stopped short of forecasting a recession but said global economic growth this year would be its weakest outside of a recession since 2008. By 2027, global gross domestic product growth was expected to average just 2.5 per cent, the slowest pace of any decade since the 1960s. The bank said global inflation was expected to reach 2.9 per cent in 2025, remaining above pre-COVID levels, given tariff increases and tight labour markets.
The Central Bank of Nigeria (CBN) has sustained strategic interventions aimed at bolstering foreign reserves, stabilising the naira, and maintaining robust dollar liquidity in the market. As global oil prices surge—fuelled in part by heightened tensions between Israel and Iran—Nigeria finds itself navigating a mix of economic risks and potential windfalls. Brent crude futures for July delivery have spiked by over nine per cent, reaching $75.15 per barrel—the highest level since early February. Analysts note that the apex bank is already capitalising on the oil price rally to deepen recent gains in foreign reserves and strengthen the naira’s stability, writes Assistant Editor COLLINS NWEZE.
Oil prices spiked over the weekend following a major pre-emptive strike by Israel on Iran, raising fears of a broader conflict in the Middle East and potential disruptions to key oil supply routes. Brent crude futures for July delivery jumped more than nine per cent, hitting $75.15 per barrel—the highest since early February. West Texas Intermediate (WTI) crude also surged, climbing to $74 per barrel at its peak, reflecting a 10 per cent gain.
While markets are closely watching the fallout on Iranian oil production, analysts warn that escalating tensions around the Strait of Hormuz—the world’s most critical oil chokepoint—could spark a sharp and sustained rally in global oil prices. The development carries significant implications for Nigeria, which relies heavily on oil exports for revenue. A sustained rise in crude prices could boost the country’s dollar earnings, improve its foreign exchange reserves, and support greater exchange rate stability.
Already, the outlook for the naira has improved, with oil prices crossing the Federal Government’s 2024 budget benchmark of $75 per barrel for the first time this year. In addition to favourable oil prices, recent structural reforms by the Central Bank of Nigeria (CBN) have helped correct long-standing imbalances in the economy. Nigeria’s Gross Domestic Product (GDP) grew by 3.4 per cent in 2024, with Q4 performance reaching 4.6 per cent—the strongest quarterly growth recorded in more than a decade.
Nigeria’s economy is showing signs of steady recovery, with inflation gradually easing and the prices of essential food items like rice and beans beginning to stabilize. Alongside this welcome development, the Central Bank of Nigeria (CBN) has recorded a fivefold increase in net foreign reserves, while the Naira exchange rate continues to gain ground after months of volatility. These macroeconomic improvements are the result of deliberate policy actions taken by the apex bank under the leadership of Governor Olayemi Cardoso. Beyond the anticipated boost in oil revenue—especially amid global tensions threatening oil supply—Cardoso is driving a broader strategy aimed at diversifying dollar inflows into the economy.
Informed by China’s export-led growth model, the CBN has advocated for a competitive exchange rate policy that encourages export-driven development. Cardoso has urged Nigerian businesses to adopt export-oriented strategies by tapping into high-potential sectors such as agriculture, manufacturing and the creative industries. The emphasis is on adding value—moving from raw material exports to finished goods—thereby boosting foreign exchange earnings and industrial capacity.
To reduce dependence on imports and build local capacity, the CBN is also pushing backward integration across key sectors. Cardoso recently advised telecom companies to begin producing vital components like SIM cards, cables and towers locally. During a meeting in Abuja with Airtel Africa’s Group CEO Sunil Taldar, he explained that such efforts would reduce pressure on foreign exchange, create jobs, and stimulate the real sector. Taldar, in turn, lauded the CBN’s ongoing reforms and reaffirmed Airtel’s commitment to local production and expanding financial inclusion through digital technology. The telecom sector, long reliant on imported equipment, is now seen as ripe for transformation through domestic innovation and manufacturing.
The creative economy is also under the spotlight. Cardoso highlighted its capacity to attract up to $25 billion annually through exports of music, film, crafts, and digital content. He encouraged creatives to leverage digital platforms, global tours, and international collaborations to deepen Nigeria’s export footprint. Market confidence is also rebounding, as foreign portfolio investors (FPIs) return to Nigeria’s FX market, buoyed by improved transparency, stronger fundamentals, and effective CBN interventions. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), noted that despite global uncertainties, Nigeria is beginning to look like a more attractive destination for capital flight from riskier markets.
However, in Nigeria, there is historically a positive correlation between crude oil prices, GDP growth and stock market performance. “The outlook for the Nigerian stock market is therefore likely to be positive in the current context,” Yusuf said.
He said the surge in crude oil price would impact on Nigeria’s forex earnings, oil being the biggest forex earner for the country. “This development would also positively impact the country’s foreign reserves, ensure better forex liquidity and ultimately the stability of the naira exchange rate.
“The oil sector currently accounts for significant amount of government revenue. An improvement in crude oil price would therefore have a significant impact on government revenue. An improvement in revenue would positively impact fiscal consolidation and hopefully moderate the growth of the fiscal deficit.
“Investments in the oil and gas sector would post better returns if the conflict persists. High oil price is good news for upstream oil and gas investors,” Yusuf said.
Oil revenue target
Also, the possibility of Federal Government achieving N19.5 trillion oil revenue target for the year rose with the soaring prices of crude oil over Middle East crisis. Analysts at Afrinvest West Africa, said that Federal Government’s projected oil revenue of N19.5 trillion will be on track. They highlighted that, based on previous macro commentary, the Federal Government needs to deploy a more prudent framework that prioritises sustainable budget growth.
There is also a high possibility that budget deficits for the year could reduce below N17 trillion, reducing total debt stock. To turn sustain revenue surge, the analysts recommended some measures the FG can take to sustain the improved macroeconomic environment. Firstly, with the increase in revenues and substantial reduction in PMS, Electricity and FX subsidies the FG should be deploying more resources towards critical infrastructure development while also tackling insecurity headlong to support improved productivity in the agrarian communities.
Secondly, the FG needs to prioritise optimising revenue potentials by strategically using the instrumentality of the state to end crude oil theft and boost aggregate output to the target 2.06mbpd level. Also, as recommended by the World Bank reducing the cost A of governance would be pivotal to Nigeria’s revitalisation drives, given the current disturbing level of debt profile.
Understanding telecoms Sector
According to the Nigerian Communications Commission (NCC), the total active telephony subscribers increased by 3.2 per cent month/month to 164.93 million in December 2024. The increase reflects the gradual recovery in the subscriber base following the conclusion of the NIN-SIM linkage program by mobile service providers in September. Analysing the market share by operators, MTN Nigeria led by 51.4 per cent with 84.61 million subscribers, Airtel Nigeria followed with 34.4 per cent (56.62 million subscribers), Globacom with 12.2 per cent (20.14 million subscribers) and 9mobile with 2.0 per cent (3.28 million subscribers). At the same time, the total number of internet subscribers rose by two per cent month/month to 139.28 million in December.
Looking ahead, analysts at Cordros Securities said they expect subscriber base recovery through SIM reactivation initiatives, especially from market leaders – MTN Nigeria and Airtel Nigeria. According to the National Bureau of Statistics (NBS) third quarter 2024 Gross Domestic Product (GDP) report, the information and communication sector, is made up of telecommunications and information services; publishing; motion picture, sound recording and music production; and broadcasting.
Views from stakeholders
The Executive Secretary of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), Gbolahan Awonuga, said that aside telecom operators, other key business owners and entrepreneurs can also invest in the local manufacturing of key components in telecoms operations. He said: “We have to look inwards and get Nigerian companies to produce these key components in telecom operations locally. Government also has a role to play, by ensuring that key infrastructure especially power is available. We do not want a situation where locally produced inputs, will become more expensive than imported versions.”
Awonuga said that telecom sector plays key roles in banking services, including enabling digital payments and ensuring security of transactions. He said banking and telecom sectors have more to gain if backward integration thrives in the country adding that government has significant role to play to make the move a success.
Research Head, Cowry Asset Management Limited, Charles Abuede, said the CBN governor’s call was to discourage the importation of foreign services into Nigeria, especially when efforts can be made to develop such services locally. “The high demand for foreign exchange by telecom operators has further pressured the naira due to increased demand for the dollar. However, with adequate infrastructure development and a conducive operating environment facilitated by regulators, these challenges can be mitigated,” he said.
According to Abuede, “given Nigeria’s FX policies, illiquidity in the foreign exchange market, and infrastructure deficits, I think increased investment in the telecom sector would enable operators to embrace backward integration. This would allow them to manufacture key components, such as SIM cards, locally. As a result, production costs could decline—provided the operating environment remains stable. This will improve profit margins and enhance both top-line and bottom-line growth in the long run”.
The CBN under Cardoso has carried out several efforts to improve the functioning of the FX market. This has led to good results with average daily turnover in the Nigerian Autonomous Foreign Exchange Market increased by 226 per cent in the first half of last year when compared to the same period in 2023. Foreign portfolio inflows have increased by over 72% during this period, while foreign exchange reserves have risen from $32bn in May 2023 to over $40bn.
This represents the equivalent of eight months’ import cover and marks the highest reserve level in nearly three years. The market has also supported over $9bn in capital outflows over the past year as investors were able to freely repatriate capital and dividends without the need to wait for several months as experienced in the past. These results, Cardoso said, reflect improved confidence in the reforms he embarked on.
“In addition, we witnessed a $6 billion current account surplus in the first half of 2024 as a result of the impact of these reforms. Reduction in petroleum product imports supported by improved domestic refining capacity, a growing focus on non-oil exports and higher remittance inflows helped to support the positive current account balance,” he said.
When the Federal Government unveiled plans for the 700-kilometre Lagos–Calabar coastal highway — stretching across Lagos, Ogun, Ondo, Edo, Delta, Bayelsa, Rivers, Akwa Ibom, and Cross River states — many Nigerians greeted it with scepticism. The sheer scale of the project made it one of the most ambitious infrastructure undertakings in recent history. In this report, YINKA ADERIBIGBE and NTAKOBONG OTONGARAN assess the progress made so far and the road still ahead.
The Lagos-Calabar Coastal Highway, one of the most ambitious infrastructure projects in Nigeria’s recent history, is gradually taking shape along the country’s southern shoreline.
Spanning nine coastal states that include Lagos, Ogun, Ondo, Edo, Delta, Bayelsa, Rivers, Akwa Ibom and Cross River, the 700-kilometre highway is being developed under an EPC+F (Engineering, Procurement, Construction plus Financing) model.
Hitech Construction Limited is the principal contractor, with approximately 30 per cent of funding provided by the Federal Government and the rest sourced from private and international financiers.
Its completion, the Federal Government says, will herald a new era of economic opportunity by opening up trade, tourism and logistics across the Atlantic corridor.
The project was officially inaugurated on May 26, 2024, by President Bola Ahmed Tinubu in Lagos. The first 30‑kilometre stretch from Ahmadu Bello Way, Victoria Island to Eleko Village on the Lekki Peninsula was inaugurated between May 26 and 31, 2025. It marked a significant milestone in the administration’s infrastructure push under the Renewed Hope Agenda.
In the early morning hush of Victoria Island, President Tinubu stepped forward with purpose, inaugurating what he described as “Nigeria’s most ambitious infrastructure project in decades.” The flag off, attended by the Minister of Works, David Umahi, state governors and senior government officials, was a showcase of optimism. Tinubu hailed the highway as more than a road: “a symbol of hope, unity and prosperity for our people.” He compared its potential impact to international coastal corridors, predicting that it could generate billions in future trade, logistics and tourism.
The same day, President Tinubu also inaugurated complementary expressways linking interior states to the coastal belt. These included the Sokoto–Badagry route and other major corridors designed to support cross-border trade and regional integration.
Hitech’s Project Director, George Clinton highlighted the use of innovative rigid concrete pavement, which offers longer lifespan and reduced maintenance. The road is being built using 11-inch thick concrete slabs, reinforced with 20mm rebar, and laid over a stabilised sub-base to withstand the weight of heavy trucks and high traffic volume, especially crucial for coastal weather conditions and saline environments.
Umahi emphasised that all materials, including cement and steel, would be sourced locally, providing a boost to local industry and employment. Special engineering measures, such as geotextile stabilisation, deep trench sand-filling and pile-supported bridges, were being adopted to navigate swampy terrain and waterlogged soils typical along the Atlantic corridor.
At the inaugural ceremony, the minister projected that the highway would give over 30 million Nigerians better access to economic opportunities, reduce travel time and strengthen national unity by bridging the gap between Southwest and Southsouth communities.
However, the inauguration was not without controversy. Hundreds of buildings were marked for demolition along the path of the road’s right of way. Early estimates suggested more than 750 homes and business premises had already been affected in the Lagos corridor alone. In response, the government pledged a fair compensation programme and encouraged affected parties to see the project’s long-term national value.
By May 31, 2025, the first section of the highway had reached completion and was officially inaugurated. Though only 30 kilometres long, it symbolised the administration’s commitment to pushing forward with the Renewed Hope Agenda, a cornerstone of the Tinubu presidency.
On June 12, 2025, we set out to experience the new highway firsthand, driving from Kilometre Zero with the goal of reaching Kilometre 30. What we encountered was an impressive, yet incomplete corridor, part of it stunning in design and finish, others still mired in construction, waiting to catch up with the vision.
The drive began on a high note. From the Victoria Island entry point, the highway unfolds in clean, wide lanes, a three-lane dual carriageway, expanding to four lanes in some segments. Made of concrete, the road was firm under the tires and smooth to navigate. Streetlights stood neatly spaced. Drainage channels were in place. The Atlantic Ocean sparkled to our right, lending the entire route an almost cinematic charm.
For those first several kilometres, it didn’t just feel like new infrastructure. It felt like the beginning of something transformative. You could imagine one day cruising from Lagos to Calabar without a single pothole or traffic choke point, just the sea breeze and open road.
But progress has its interruptions. Around Jakande, the carriageway bound for Victoria Island was incomplete, stretching as an unpaved strip of dry ground for hundreds of metres. Traffic was diverted to the completed outbound side, with barriers guiding the way.
A bridge, its skeletal frame of rebar and formwork rising across the coastal landscape, stood as a promise of future connectivity but was, for now, impassable. Construction workers in reflective vests moved around the site, guiding machinery and hauling materials as the structure gradually took shape.
In the absence of a completed bridge or full pavement, vehicles, commercial buses, private cars and even trucks were diverted onto a temporary access path carved through the sands. This detour, engineered with layers of compacted laterite and stabilised with periodic grading, had been shaped to allow continued access through the corridor.
Road signs and concrete barriers guided traffic in both directions, but the dust churned by passing tyres lingered in the air like a reminder of how much remained to be done.
At Kilometre 15, the character of the road changed completely. The concrete surface gave way to loose sand. Though activity was limited due to the public holiday, the signs of ongoing work were all around – sand piles, demarcated pathways and sections of reclaimed land waiting for further treatment. The terrain looked tamed but not yet conquered.
Here, a site engineer who identified himself simply as Okey, was supervising the extension of the pavement base, a crucial phase in the construction of the highway’s substructure.
“This area looks calmer, but there’s still a lot of coordination involved. The goal is to meet the target date set by the government. We’re confident we’ll meet it, provided weather conditions remain favourable,” he said.
At this section, construction teams were completing the sub-base and base course layers of the roadway, two essential strata that ensure the longevity and structural integrity of the pavement.
According to Engineer Okey, granular sub-base (GSB) material had been compacted to design thickness, followed by the placement of a cement-stabilised base (CSB), a layer mixed with a calculated percentage of cement to enhance load-bearing capacity and prevent sub-grade failure.
“We’re also installing geotextile layers in select portions to improve soil reinforcement and prevent moisture infiltration from the swampy sub-soil beneath,” he added.
He noted that precision is critical at this stage. “Once the base course is completed and cured, we begin the pavement slab casting using dowel bars and expansion joints in line with standard concrete pavement design. This is what gives the highway its durability under heavy axle loads,” he further explained.
Further along, near the Ogombo area, the road came to an abrupt stop. The surface ended at a swampy expanse a soggy terrain that swallowed all traces of pavement. Here, according to a member of staff, was Kilometre 22, work was still at the earliest phase, according to one of the project engineers involved in the soil excavation efforts.
Dressed in a reflective vest, he explained that sand-filling and soil testing were underway to stabilise the swamp so construction could link up with crews working inward from kilometre 30. It was a demanding stretch, and clearly one of the most challenging parts of the project.
“This terrain is tricky,” said the Engineer (who didn’t want his name in print because he is not authorised to speak on the project), who has been stationed at the Ogombo segment since April.
“But our geotechnical assessments have given us a path forward. We’re laying the groundwork to ensure it meets structural safety standards. We’re on schedule, and the machinery is ready to scale up.”
While the engineers move sand and concrete in pursuit of a national dream, others are trying to rebuild their lives from the dust left behind.
Getting to Jakande area, there is Mrs Helen Alade, who once operated a successful car wash business just off the main road. Her property, like many others, was marked for demolition to make way for the highway. “I lost my shop in March of 2024. It was painful. But I’ve managed to rent a small space further down the street. Business is slow, but we manage,” she said.
Mrs Alade expressed cautious optimism about the project. “It affected me financially. But if this road brings the kind of development they’re talking about, then maybe it was worth the sacrifice.”
Michael Emeka, a trader whose electrical materials shop was dismantled at the start of the project lamented over the loss of his source of livelihood.
“It was my only source of income. I have since moved into a container shop nearby. Business is yet to bounce back, but I believe it will. This road will bring more people and, hopefully, more customers,” he said.
Another displaced business owner, Mama Ngozi, who now sells food out of a makeshift kiosk, told The Nation:
“Before the demolition, I had a proper place. Now I sell by the roadside. It’s tough, but I see that this project is bigger than just us. If it connects Nigeria better, then we just have to endure,” she said.
Their stories echo across the highway’s 30-kilometre stretch. These are stories of loss, adaptation and quiet resilience. Each voice, though scarred by disruption, carried a note of hope. These business owners see not just the bulldozers that took their shops, but the possibilities of a better tomorrow.
At that point, the road ended for now, having reached the edge of what was accessible. The drive home offered time to reflect.
The Lagos–Calabar Coastal Highway is both a feat of engineering and a work in progress. From kilometre 0 to kilometre 15, it inspires confidence; a stretch of road that proves Nigeria can build big and build well. But from Jakande to Ogombo, the reality of ongoing construction and environmental challenge sets in.
Yet, despite the dust and delays, the vision is visible. The road may be incomplete, but it is no longer a dream. Each kilometre paved, each swamp reclaimed, each lane striped is a step toward connecting the country’s coastal spine.
In Jos — the Tin City — hope now rides on four wheels. With the inauguration of 15 brand-new metro buses, Governor Caleb Mutfwang is not just reviving Plateau’s transport system but restoring trust in public service. Associate Editor ADEKUNLE YUSUF reports that it’s a bold move signalling renewed momentum and inclusive development
In the ancient city of Jos—cradled by rolling hills and tempered by a climate often likened to the Mediterranean—change is taking shape not just in rhetoric but in real, tangible movement. On Thursday, June 12, 2025, amid warm applause and renewed civic pride, Governor Caleb Mutfwang of Plateau State inaugurated 15 gleaming new metro buses—an unmistakable symbol of a government in motion and a people rediscovering momentum. With this second rollout, the state’s public transit system now boasts 30 modern vehicles—a milestone many in the “Tin City” consider nothing short of a renaissance for mobility and economic resilience.
For the thousands of residents who traverse the bustling arteries of Jos daily—from Terminus Market to Rayfield, from Bukuru to Angwan Rukuba—this development signals not just an improvement in convenience, but a recalibration of trust. Public transport, long fraught with broken-down buses and unreliable service, is being reimagined as a dignified, affordable and efficient system under the revived Plateau Express Service. It’s a revival that has found its muse in a governor whose philosophy of governance is grounded in access, equity, and infrastructural renewal.
“Plateau Express Service began many years ago and has gone through numerous challenges. But I am proud to say that the last time Plateau Express truly served the people of Plateau was under the last PDP administration. And today, again under a PDP-led government, we are proud to align with the initiatives of Mr. President.
“When Mr. President came into office, he charged governors across the country to do everything possible to alleviate the suffering of the people. We believed one of the key sectors to address the challenges brought by the removal of fuel subsidy was transport. And so, we decided that the best way to bring subsidy directly back to the people was through the transport sector. I’m glad to say that today, we now have a functional transport service within the metropolis, benefiting our people immensely,” he said.
That statement reverberated through the crowd not just as political sentiment, but as a solemn reminder of lost time and wasted opportunity. The Plateau Express Service was once a crown jewel in the state’s public infrastructure ecosystem. But over the years, what began as a noble institution—tasked with making intra-city and intercity travel safer and more affordable—gradually became another relic of neglect. Rust replaced reliability. Now, it is roaring back to life. Mutfwang’s decision to breathe life into the transport system is not isolated. It sits squarely within a broader vision to reposition Plateau State as a model of developmental governance—one where mobility is not a privilege but a public right; where transport is not just about buses, but about access to opportunity.
The governor’s move gains even more gravitas against the backdrop of Nigeria’s recent economic shifts—particularly the fuel subsidy removal that sparked widespread hardship. While debates rage over its long-term merits, there is a consensus that the immediate blow has been deeply felt by ordinary Nigerians. Transport fares surged. Mobility shrank. Families adjusted their routines. In response to President Bola Tinubu’s directive urging state governors to cushion the blow for citizens, Governor Mutfwang’s government chose a strategic, people-first response—reinvest in mass transit.
“We believed one of the key sectors to address the challenges brought by the removal of fuel subsidy was transport,” Mutfwang said. “And so, we decided that the best way to bring subsidy directly back to the people was through the transport sector.” By opting to make transportation more accessible rather than offering mere cash handouts or sporadic relief items, the governor has demonstrated a commitment to sustainable empowerment over temporary appeasement. Each of the 30 buses now navigating Jos roads is a promise kept—and more than that, a visible testimony to a shift in governmental priorities. These aren’t refurbished or second-hand “Tokunbo” vehicles hurriedly imported to meet a deadline. They are brand-new investments, fully funded from the state’s constitutional allocations. Not a single naira came from federal grants or donor agencies.
In a political era where ribbon-cutting ceremonies are often followed by silence or broken systems, the Plateau State government is charting a different path—one where accountability meets ambition. And ambition there is. Governor Mutfwang has already hinted at “Plateau Express 3.0”, a future iteration of the transport vision that will further expand fleet size, routes, and digital ticketing systems. “Institutions don’t just succeed by themselves,” the governor added. “They thrive under clear and patriotic leadership.”
The metro buses may have captured headlines, but they are only one piece of a sprawling developmental puzzle taking shape under Mutfwang’s watch. On the same day the buses were unveiled, the governor also commissioned a new laboratory and paediatric ward at the Plateau State Specialist Hospital, an administrative block and a refurbished Joshua Dariye Hall at the Plateau State Polytechnic in Barkin Ladi, and critical roads and bridges in Utonkon and Abattoir areas of Jos. These investments signal a multi-sectoral commitment to rebuilding Plateau’s public service architecture.
Moreover, the administration is undertaking bold steps to revive other state-owned enterprises that once defined Plateau’s economic landscape—Jos International Breweries, Payam Fish Farm, Hill Station Hotel, Plateau Hotel, and ASTC. These are not vanity projects. They are strategic revival points aimed at job creation, skills transfer, and industrial regeneration. One of the most memorable moments during the bus launch came not from a speech or a statistic, but from a seat behind the steering wheel. For the first time in Plateau State history, a female driver officially joined the Plateau Express Service—a subtle yet powerful symbol of inclusivity and empowerment.
Governor Mutfwang beamed with pride as he recalled how, during his tenure as a local government chairman, he ensured three girls joined nine boys for automotive training. Today, that investment has borne fruit—challenging stereotypes and breaking gender barriers in a sector traditionally dominated by men. This is no token gesture. It is part of a broader gender empowerment policy that the governor is implementing through the Plateau Gender Policy and Youth Empowerment Scheme.
Jos is not just any city. Once the glittering capital of Nigeria’s tourism and mining hub, it has endured decades of social unrest, infrastructural decay, and political apathy. Yet, beneath its turbulent history lies a resilient spirit, waiting for the right leadership to awaken it. Governor Mutfwang’s efforts are reviving that spirit. As more buses hit the streets, they carry more than passengers. They carry school children to class, traders to markets, civil servants to offices, and patients to hospitals. They carry mothers with hopes and youth with dreams. In doing so, they carry trust—one trip at a time. It is that restored trust—between government and governed, between institutions and citizens—that may prove to be the greatest achievement of all.
While Plateau State is historically known for its mineral wealth, especially tin, the Mutfwang administration is signalling a shift—from extractive economics to inclusive development. And the transport sector is emerging as the metaphor for that shift: modern, purposeful, and grounded in public good. Already, plans are underway to transform the Jos Airport into an international cargo hub, further integrating the city into global value chains. Conversations with the federal government on reviving and modernising railway infrastructure are also gaining traction. These initiatives, taken together, paint a compelling picture: a government moving from reaction to strategy, from patchwork to progress.
The Plateau State Government has also recently reached a strategic agreement with the Nigerian Institute of Transport Technology (NITT) to establish a Compressed Natural Gas (CNG) conversion centre and a Liquefied Natural Gas (LNG) Mega Station in Jos—marking a significant step toward modernising the state’s transport infrastructure and promoting cleaner, more sustainable energy solutions. Disclosing this during the presentation of his ministry’s scorecard, the State Commissioner for Transport, Jatau Gyang Davou, revealed that a suitable location has already been identified for a temporary operational site, pending a refurbishment of the facility to meet required standards. According to him, the project represents a major leap in the state’s ambition to align with global trends in energy transition and environmentally friendly transportation.
As part of the broader collaboration, the Ministry of Transport has also concluded discussions with NITT to establish a full-fledged Training and Learning Centre in Jos, with commencement planned for September 2025. The Commissioner emphasized that this initiative stems from the urgent need to build a pool of skilled professionals—including drivers, technicians, and transport managers—who will effectively manage and sustain the state’s growing investments in the transport sector. “The institute will offer a range of professional and academic programs, including short- and long-term certificate courses, National Diplomas (ND), Advanced National Diplomas (AND), Postgraduate Diplomas (PGD), and Master’s degrees in transportation and logistics,” Hon. Davou stated.
Further reinforcing the state’s commitment to energy-efficient transportation, the Commissioner announced that the Ministry has secured approval from Greenville LNG Limited to establish a CNG conversion centre in Jos. This facility is expected to serve not only Plateau State but also neighbouring states across Nigeria’s north-eastern region, positioning Jos as a key player in the country’s transition to alternative fuels. To support this development, the government has approved a five-hectare parcel of land for the commencement of this foreign direct investment. The Commissioner noted that while the Certificate of Occupancy is currently being processed by the Ministry of Lands, Survey, and Town Planning, full project execution is expected to begin within six months.
On the policy front, Davou revealed that Governor Mutfwang has granted official approval for the development of a comprehensive, multimodal transport policy and master plan for Plateau State. The policy document, to be prepared by NITT, will serve as a data-driven, pragmatic framework to guide transport infrastructure planning and development across the state. “When completed, this transport policy and master plan will provide Plateau with a strategic blueprint for inclusive and sustainable mobility,” the Commissioner explained. “It will integrate road, rail, air, and non-motorised transport options, thereby strengthening Plateau State’s status as a regional hub for logistics, trade, and economic growth.”
The initiatives, he added, reflect the administration’s vision to transform Plateau into a modern, efficient, and environmentally responsible transportation landscape—one that empowers local professionals, attracts private investment, and contributes to Nigeria’s broader national development goals.
For a state long battered by infrastructure neglect, the arrival of 30 new buses is more than logistical progress. It is a statement. It is a reintroduction of governance that listens, acts, and delivers. The buses might be painted in colours and logos, but their real hues are those of hope, access, and progress. Governor Mutfwang ended his address with a call for collective responsibility: “We must protect these investments—not for me, not for my administration, but for the benefit of current and future generations.” It is a call worth heeding. Because in the story of a Tin City reclaiming its shine, every citizen has a role. Every street holds potential. And every ride on the Plateau Express is a journey towards the Plateau ideal—rising, thriving, and moving forward.
President Bola Tinubu’s foreign policy marks a clear departure from the past, signalling Nigeria’s renewed determination to reclaim its voice on the global stage. Rooted in strategic realism and national interest, his administration’s diplomatic drive is not just about international recognition—it’s a calculated effort to attract investment, boost security cooperation and enhance development at home. In this special report, Assistant Editor BOLA OLAJUWON examines how Tinubu’s global moves are reshaping Nigeria’s fortunes from within
In today’s interconnected world, domestic and foreign policy are no longer separate spheres. What happens beyond a country’s borders can profoundly shape its internal affairs—and vice versa. Recognising this, the administration of President Bola Ahmed Tinubu has sought to align Nigeria’s international engagements with domestic realities, blending both without compromising national interests.
Foreign policy, in essence, is the formal, legal, and authoritative expression of a nation’s interests, articulated through the constitutional mechanisms of the state. It represents a strategic course of action undertaken by a government to pursue specific goals, and is often seen as the international extension of domestic priorities.
Since gaining independence, Nigeria’s foreign policy has traditionally revolved around key pillars: the eradication of colonialism and imperialism in Africa, the promotion of friendly relations and cooperation among African nations, and a strong commitment to Africa as the cornerstone of its diplomatic engagements. Nigeria also embraced non-alignment during the Cold War, advocated peaceful resolution of conflicts, and upheld the territorial integrity and sovereignty of fellow African states—anchored on non-interference in their internal affairs.
A strategic shift from the past
Under President Tinubu, however, a notable shift is taking shape. The administration has begun redefining Nigeria’s external relations through a lens of pragmatic national interest, recalibrating the country’s Afrocentric foreign policy to drive economic diplomacy and real development outcomes. From the moment he was sworn in as Nigeria’s 16th President, Tinubu signalled a break from business as usual. His inaugural address sent a clear message—both to Nigerians and the international community—that his presidency would be defined by decisive action.
Understanding that foreign policy cannot be divorced from internal realities, Tinubu immediately confronted long-standing economic challenges. He made a bold declaration: “Fuel subsidy is gone.” He followed this by unifying the multiple exchange rates, ushering in major economic reforms aimed at restoring investor confidence and spurring growth. These actions, while welcomed by financial markets and international observers, have also triggered significant domestic repercussions—including rising inflation and a surge in poverty. Yet, the Tinubu administration appears committed to staying the course, guided by the belief that long-term gains will outweigh short-term pain.
Despite the hardship accompanying his reforms, President Tinubu has managed to rein in key labour unions—including the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), and unions in tertiary institutions—through the introduction of palliatives and salary increments for workers. Within months of assuming office, he suspended the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa. He also dismissed several ambassadors, dissolved governing boards of federal parastatals, agencies, institutions, and government-owned enterprises. Behind the scenes, he has waged a quiet but resolute war against corruption and economic sabotage. The result: a more transparent fiscal system that has improved monthly revenue allocations to the various tiers of government.
In a significant move, Nigeria has cleared its outstanding debt to the International Monetary Fund (IMF), including the $3.4 billion emergency loan received during the COVID-19 pandemic. However, the country will continue to make annual payments of about $30 million in Special Drawing Rights (SDR)-related charges for the foreseeable future. Demonstrating commitment to decentralised energy reform, Tinubu signed the Electricity Act into law, empowering states, companies, and individuals to generate, transmit, and distribute electricity. While the removal of fuel subsidy has saved trillions of naira, he has simultaneously approved relief measures and palliatives to help states cushion the impact on citizens. Tinubu’s assertive posture on domestic and West African issues reflects a deliberate foreign policy strategy. He has consistently signalled to the international community his intent to restore confidence in Nigeria’s fiscal governance and economic direction.
At global platforms such as the G-20 Summit, the China-Africa Cooperation meeting, and the BRICS forum—comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates—President Tinubu has made strong representations for Nigeria, projecting the country as a serious player on the global stage. He has also negotiated key bilateral agreements with international partners to advance Nigeria’s interests.
Gains of the 4-Ds diplomacy strategy
After settling into office, President Tinubu unveiled a robust foreign policy framework popularly referred to as the “Tinubu Doctrine” or the 4-Ds Diplomacy Strategy. This approach is anchored on four pillars: Democracy, Development, Demography, and Diaspora engagement, each designed to reposition Nigeria globally while driving national progress. The first pillar underscores Tinubu’s commitment to democratic governance and political stability in West Africa. As Chairman of the Economic Community of West African States (ECOWAS), he has taken a firm stance against military takeovers, demanding a return to democratic rule in countries such as Niger, Mali, and Burkina Faso. His assertiveness may have influenced the formation of the Alliance of Sahel States (Alliance des États du Sahel – AES) by these military-led governments in response to ECOWAS pressure.
On the development front, the Tinubu administration has prioritised strategic partnerships and foreign investment to boost economic growth. A major milestone includes the African Development Bank (AfDB) tripling its agricultural interventions in Nigeria—from $500 million to over $1 billion. Additionally, during the G-20 Summit in New Delhi, Indian firms pledged an impressive $14 billion investment into Nigeria’s economy. In another significant deal, John Deere, an American agricultural machinery giant, is set to establish a tractor assembly plant in Nigeria, further energising the agricultural sector. Meanwhile, China has reiterated its commitment to completing key railway infrastructure projects, including the Lagos-Ibadan, Abuja-Kano, and Port Harcourt-Maiduguri lines.
President Tinubu recognises that Nigeria’s youthful population is one of its greatest assets. His administration is working to harness this demographic dividend by promoting innovation, entrepreneurship, and productivity among young Nigerians. This focus is not only aimed at domestic empowerment but also at engaging the global Nigerian community. The administration’s diaspora diplomacy strategy seeks to integrate the skills, investments and influence of Nigerians abroad into national development efforts. Key initiatives include the Diaspora Mortgage Scheme, designed to provide affordable housing for Nigerians living overseas, and the proposed $10 billion Diaspora Fund, intended to support infrastructure and development projects.
Nigeria also recorded $20 billion in diaspora remittances in 2023, representing a substantial inflow that bolstered foreign reserves and supported economic stability. In a further boost to the agriculture sector, Brazil is investing approximately $8 billion in Nigeria through the Green Imperative Project (GIP). This initiative aims to empower small-scale farmers across all 774 local government areas, improve food security, and catalyse private sector participation in agricultural value chains.
The administration has also introduced a bold economic directive known as the Nigeria First Policy, which prioritises the procurement of locally manufactured goods and services in government contracts. Announced by the Minister of Information and National Orientation, Mohammed Idris, after a Federal Executive Council (FEC) meeting, the policy is expected to be formalised through an executive order. It is geared towards boosting indigenous industries, promoting domestic production, and reducing Nigeria’s dependence on foreign imports. “This policy means Nigeria comes first in all procurement processes. No foreign goods or devices that are already produced locally will be procured without a clear and justified reason,” he stated.
Delay in appointing Nigeria’s heads of missions abroad
Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has acknowledged delays in the appointment of the country’s ambassadors but insisted that the execution of Nigeria’s foreign policy has not been hampered as a result. According to him, the absence of formally appointed heads of missions has not led to a suspension of diplomatic activities at Nigerian embassies. President Tinubu had recalled all serving ambassadors in October 2023. While replacements have not yet been named, Tuggar downplayed concerns that the prolonged vacancy might weaken Nigeria’s bilateral engagements or frustrate the nation’s foreign policy objectives. He reassured stakeholders that the embassies remain functional and committed to advancing Nigeria’s interests.
Highlighting his ministry’s achievements, Tuggar noted that Nigeria is being repositioned on the global stage with renewed national pride, improved global perception of Nigerian citizens, increased trust in the Nigerian passport, and a deliberate pursuit of economic diplomacy aimed at removing barriers for Nigerian businesses abroad. “Imagine a Nigeria where every citizen walks into an embassy, airport, or business negotiation not with fear or intimidation, but with confidence. Imagine a Nigeria whose passport opens doors, whose businesses lead global markets, and whose voice is not just heard but respected. That Nigeria is no longer a dream—the foundation is being laid through President Tinubu’s 4-D foreign policy doctrine,” the minister declared.
Addressing the security situation, Ambassador Tuggar stated that despite lingering concerns, Boko Haram has been significantly degraded, and the government is actively pursuing efforts to rehabilitate and reintegrate individuals affected by the insurgency. However, the Chief of Defence Staff, General Christopher Musa, noted that the resurgence of attacks in Nigeria’s Northeast is linked to terrorist movements and activities across the broader Sahel region. The Boko Haram insurgency began in July 2009, when the Islamist extremist group launched an armed rebellion against the Nigerian state. Although the group has splintered and weakened over time due to military operations, it continues to pose threats alongside other factions and bandit groups.
N4.91 trillion for defence and security
In a bold reaffirmation of his administration’s commitment to national security, President Tinubu earmarked a record N4.91 trillion allocation for defence and security in the 2025 fiscal year. This marks a significant increase in funding following the upward review made in the previous year. Explaining the rationale behind the increased allocation, Tinubu said: “While addressing the critical sectors essential for growth and development, we envision securing our nation. Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and our police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory.”
He further underscored the importance of equipping Nigeria’s security forces with modern tools and technology, noting that enhancing morale among service members is a top priority for his government. “The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shield and protectors of our nation. Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty.”
NiDCOM deepening engagement with Nigerians in the diaspora
The Nigerians in Diaspora Commission (NiDCOM) has remained active in advancing safe, orderly, and regular migration while strengthening Nigeria’s engagement with its diaspora community across the globe. Key strides made by the Commission include the review and implementation of Nigeria’s Diaspora Policy, capacity-building for staff through training programmes and study tours, and joint awareness campaigns on the dangers of irregular migration. These campaigns were undertaken in partnership with international agencies like the International Organisation for Migration (IOM).
Notably, NiDCOM has played a vital humanitarian role in facilitating the rescue and repatriation of Nigerians stranded in conflict zones such as Libya, Ukraine, and other troubled regions worldwide, thereby reinforcing Nigeria’s global consular presence and commitment to the welfare of its citizens.
Experts react
Reacting to Tinubu’s mid-term achievements in an interview with The Nation, Prof. Kayode Soremekun, a Nigerian academic, author and the third Vice-Chancellor of Federal University Oye Ekiti, Ekiti State said talking of achievements in the area of foreign policy, Nigerians have to appreciate that foreign policy achievements are not very easy to quantify. “This is because, as far as foreign policy is concerned, it has what you can call the quality of evolving realities. The first thing I want to say in this respect has to do with what the Tinubu administration inherits in the area of foreign policy.
“And in this respect, I must confess that the optics are not looking good, or rather, the optics did not look good. This is because Nigeria, a country that was once a reference-point in the world as far as African issues are concerned, became something of a backwater in global politics.
“For instance, at a point in time when policemen were required for peacekeeping duties in Haiti, in the Caribbean, the world turned to Kenya. When medical doctors and medical students, i.e., Palestinians, were required to complete their respective courses in another country, they turned to South Africa. And talking of South Africa, it looks as if increasingly South Africa continues to champion African causes.
“And to that extent, South Africa is seen now in contemporary international relations as the hub. So like I said, the optics are very bad. We need to ask ourselves, why are the optics bad? The optics are bad simply because at the domestic level, the Nigerian social formation is yet to acquire a vibrant profile.
“Basically, when we talk of foreign policy, we are only talking of a dynamic that stems from domestic politics, or a dynamic that stems from domestic situations. And the Nigerian domestic situation is not on the positive side. One, we are indebted to the international financial institutions.
“Two, the basics that should propel an economy are not still there in Nigeria. I’m referring here to the fact that Nigeria lacks a petrochemical industry. Nigeria lacks power.
“Nigeria, till now, does not have a steel industry. And when you don’t have these three variables, your foreign policy is bound to be flabby. Another interesting example, which shows up Nigeria in a very negative light, is that till date, Nigeria has no airline. There is no air carrier.
“So, in the light of this, Nigeria’s foreign policy under Tinubu has not been able to acquire a vibrant profile. But then, if we know the way forward, then the problem is half solved. In other words, for Nigeria’s foreign policy to acquire some fibre, to acquire some strength, to acquire some direction, the domestic base must be solidified. For instance, we must have a steel industry. We must have a coherent power system. We must have a petrochemical industry.
On non-appointment of envoys to foreign missions, Prof. Soremekun said: “I must also mention that, till date, our embassies are yet to have substantive ambassadors. And since this is the case, our foreign policy under this administration has not been able to acquire the right kind of traction.”
To Paul Ejime, a global affairs analyst and independent consultant on communications, media development, and governance issues, President Tinubu’s mid-term foreign policy performance presents a mixed bag of outcomes. Ejime said: “He came in, talked about trying to be more assertive and bold in terms of how Nigeria will rediscover its leadership position both at the regional and global level. He was fortunate, he was made the Chairman of Economic Community of West African States (ECOWAS). And with that, he also launched what he called the four Ds, doctrine, diplomacy, talking about development, democracy, demography, and diaspora. And then, he later came up with what he called the Renewed Hope Agenda.
“It hasn’t been that rosy at home from the economic standpoint. He came in and then removed the fuel subsidy. But many thought that perhaps, well, it might be reasonable and an economic decision that Nigeria was bound to take anyway. But the point is how prepared, what was put in place to cushion the effect, because it is the fact that we are now having issues in terms of inflation, in terms of foreign exchange rate, and so on and so forth. And the fact that many Nigerians are complaining that their purchasing power has reduced and many are now finding it difficult to put food on the table.
“So, it is that domestic policy where you now extrapolate it to the regional level.
“And I think ECOWAS under him made the mistake of mishandling the question of particularly that of Niger, when they came up with trying to invade or trying to remove the military leaders by force. That was an unpopular decision that has snowballed into three countries, Mali, Burkina Faso and Niger, now exiting ECOWAS and then forming what they call the Alliance of Sahel States.
“But you will also question if 150 or 100 ambassadors cannot do, whether the president in his position will be able to achieve much if he decides to run a Nigerian foreign policy without ambassadors.”
But, former Director-General, Nigeria Institute of International Affairs (NIIA) Prof. Bola Akinterinwa submitted that the achievement of President Tinubu in foreign affairs in the past two years may be difficult to objectively ascertain simply because foreign policy focus, foreign policy objectives and seeds are planted, but it takes time for the planted seeds to grow.
“However, when we look at the approach to the conduct and management of Nigeria’s foreign affairs, it is significant to note that Foreign Affairs Minister, Yusuf Tuggar came up with the diplomacy of four Ds. That is, development, democracy, demography, and diaspora. This in itself is quite commendable.”
Amid rising global health inequities and dependence on foreign pharmaceuticals, Nigeria is quietly charting a bold, locally-driven path to healing. At the forefront is the Nigeria Natural Medicine Development Agency (NNMDA), which has recently birthed 23 scientifically validated traditional remedies. Grounded in ancestral knowledge and refined through scientific rigour, this transformation heralds a future where home-grown remedies—not foreign fixes—shape how Nigerians restore wellness, build resilience and assert sovereignty over their healthcare narrative, reports Associate Editor ADEKUNLE YUSUF
In an age dominated by innovation and rapid-fire biotech breakthroughs—where medicines are engineered in glass-walled laboratories and prescriptions often guided by algorithms—Nigeria is silently crafting a more grounded narrative: one that begins in the soil, winds through roots and leaves, and draws from centuries of inherited healing wisdom. This is not nostalgia. It is renewal. At the heart of this revival is the Nigeria Natural Medicine Development Agency (NNMDA), a relatively young yet increasingly influential government institution that has long operated beneath the radar; its ambitions often stymied by years of chronic underfunding. Now, it emerges boldly as a beacon of health innovation rooted in the country’s rich medicinal heritage.
On the second anniversary of President Bola Ahmed Tinubu’s administration, the agency unveiled something extraordinary: 23 newly developed traditional medicine products. These remedies, crafted with meticulous care and scientific rigour, address a diverse range of health challenges—from the scourge of diarrhoea and the persistent discomfort of peptic ulcers to the chronic battle against hepatitis B and diabetes, alongside formulations aimed at immune support and the natural process of aging. Each product embodies a fusion of ancestral knowledge and cutting-edge research, promising a fresh chapter in Nigeria’s healthcare narrative.
While the formal unveiling of these ground-breaking medicines is scheduled for a forthcoming ceremony, it is expected to receive the endorsement of President Tinubu—a gesture that would mark a watershed moment in the integration of traditional medicine into Nigeria’s national health agenda. This anticipated endorsement not only lends political weight to the agency’s work but also signals a broader shift in how Nigerians may begin to view and access healthcare—one that blends scientific advancement with indigenous wisdom. More than a symbolic nod, the development underscores Nigeria’s growing capacity for innovation while reaffirming the timeless relevance of nature’s pharmacy in addressing today’s myriad medical challenges.
For Prof Martins Emeje, the Director-General of NNMDA and a distinguished scholar of drug delivery and nanomedicine, this is more than institutional success. It is the rebirth of a national identity. “We didn’t just meet our target for the year,” he said with quiet pride at the agency’s public accountability event in Lagos. “We surpassed it. We promised 11 new products, but we delivered 23. That tells you the kind of transformation happening here.”
While the world often looks to the West for medical marvels, the African continent has long possessed its own pharmacy—sprawling forests, sacred groves, riverbanks, and even beneath the surface of the soil. From the spine of a fish to the bitterness of a tree bark, traditional medicine in Nigeria has been both a sanctuary and a science, passed down in oral traditions that have survived conquest and modernity. What NNMDA is doing now is not merely validating these remedies—it is refining them. Through the lens of pharmacology, nanotechnology and standardisation, the agency is crafting medicines that marry the authenticity of indigenous knowledge with the rigor of global science.
Emeje puts it succinctly: “We develop medicine from the soil, from plants, from water, from animals—even insects. One of our most expensive medicines comes from the spine of a fish.” The agency’s anti-diarrhoea remedy, created through nanotechnology from a native plant, recently clinched first prize at a national scientific conference. The formulation is so promising that the National Assembly allocated funds in the 2025 budget to advance its development. Diarrhoea is one of the leading killers of children in Nigeria, accounting for thousands of avoidable deaths annually. For Emeje and his team, this is personal. “That product is very close to our hearts. We are emotional about it—not just because we created it, but because of the lives it can save,” he said. So too with the peptic ulcer remedy. Or the hepatitis B formulation. Or the immune-boosting and anti-aging products that the agency began rolling out last year. These are not just formulations—they are lifelines, created with the needs of everyday Nigerians in mind. In rural villages where pharmacies are hours away, and in urban centres where imported drugs are too expensive for most, these products could be the difference between dignity and despair.
The unveiling of 23 new natural medicine products isn’t merely a scientific achievement—it is the quiet stirrings of a movement. These innovations span a rich spectrum of therapeutic needs, each one rooted in centuries of indigenous knowledge and refined by cutting-edge research. Among them is a peptic ulcer remedy crafted from plants, designed to offer relief without the harsh side effects of conventional antacids. For hepatitis B, a disease long underserved by accessible treatments, researchers have turned to potent indigenous herbs with broad-spectrum potential.
The range also includes a sickle cell solution formulated to work in tandem with conventional therapies, and a line of diabetes management supplements aimed at regulating blood sugar and supporting metabolic health. Immune boosters and anti-aging tonics—drawn from the adaptogenic wealth of African botanicals—speak to both preventive care and vitality. Perhaps most practically, the agency has introduced a malaria prevention kit that blends Amarus herbal tea with a mosquito-repellent cream derived entirely from local plants. Each product is more than a remedy; it is a declaration that Nigeria’s health future can be cultivated from its own soil.
In March 2024, NNMDA also quietly stepped into a new chapter in its history, achieving a significant milestone that further cements its role at the crossroads of indigenous wisdom and modern science. At a public event held at the agency’s Lagos headquarters and attended by the Minister of Innovation, Science and Technology, Chief Uche Nnaji, the agency unveiled its first set of herbal medicines developed in solid oral dosage forms—a major leap forward for a government agency once relegated to the margins of Nigeria’s health discourse. Among the innovations were medicines targeting diabetes, sickle cell disease, upper respiratory tract infections, and age-related immune decline. Developed from indigenous plants and natural compounds, the products represent a paradigm shift—offering affordable, locally sourced alternatives to imported pharmaceuticals. These formulations are not just a testament to the rich pharmacopeia found within Nigeria’s biodiversity, but also an embodiment of what is possible when traditional knowledge is refined through the rigour of scientific research.
The Minister hailed the breakthrough as evidence of the untapped potential lying within Nigeria’s natural environment, emphasising the importance of translating such scientific achievements into commercially viable health solutions. According to him, the future of Nigeria’s health sector rests in the country’s ability to harness local knowledge systems to improve health outcomes and stimulate job creation. What was once an obscure agency has now become a national model for research-driven impact. With plans underway to launch even more products, the NNMDA is making a compelling case for the revival—and mainstreaming—of traditional medicine.
Although established in 1997, NNMDA is only now stepping into its full potential. Under dynamic new leadership, the agency has evolved into a beacon of public-sector innovation—reigniting national interest in traditional medicine and repositioning itself at the forefront of health research. This recent surge in productivity marks a decisive break from its dormant past, signalling not just institutional revival, but a broader cultural and scientific awakening to the untapped power of Nigeria’s indigenous healing knowledge. “This is now a turnaround agency,” he declared, “in terms of productivity, in terms of attitude.” That turnaround isn’t happening in isolation. It aligns closely with President Tinubu’s broader directive for ministries, departments and agencies to adopt transparency, deliver value and publicly account for their achievements. In NNMDA’s case, the achievements speak for themselves.
A call for commercialisation
Innovation, no matter how ground-breaking, only matters when it reaches the people who need it – a fact NNMDA leadership clearly understands. For the agency’s products to move beyond the lab and into everyday use, strategic partnerships—especially with the private sector—are essential. “Research is just the beginning. We need industry players to step in,” he says. But this isn’t a plea for charity; it’s a call to invest in a burgeoning opportunity. With the global market for natural medicine projected to surpass $550 billion by 2030, African countries that prioritise and scale indigenous drug development today stand to become global players tomorrow.
Yet the significance of this work goes deeper than market forecasts. For decades, traditional African medicine has been dismissed through a colonial lens—seen as archaic or unscientific. In truth, its principles align with many of the ideals now championed by global wellness movements: holistic care, sustainability, and prevention. By institutionalising and innovating around this heritage, Nigeria isn’t just advancing healthcare—it’s reclaiming its cultural narrative. “We’re restoring confidence in who we are. We’re saying our roots are valid. Our science is valid. Our future is ours,” Emeje says. In a country where billions are lost annually to medical tourism and local pharmaceutical manufacturing remains limited, NNMDA’s approach is both bold and timely. This isn’t a rejection of Western medicine, but an expansion of Nigeria’s healthcare possibilities—grounded in its own soil, shaped by its own science, and powered by its own people.
A Presidential endorsement awaits
President Tinubu is expected to formally launch the new range of products in the coming weeks, in what could become a landmark moment for the traditional medicine sector. That endorsement will not only signal federal support—it will surely open doors for further investment, cross-agency collaboration and policy alignment. For Emeje and his team, the future is already in motion. The focus now is on scale, on documentation, on regulatory approval, and on global standardisation. “We’re ready,” he said. “These products are ready. Nigeria is ready.” In the quiet corridors of the agency’s Lagos office, the air is thick with purpose. Batches of herbal teas, creams, capsules and concentrates sit ready for the next chapter. And somewhere between the soil and the microscope, the old ways and the new are shaking hands. It is the quiet revival of traditional medicine. And as Emeje hinted, it is just beginning.
With a remarkable gain of about 110 per cent in just two years, the Nigerian capital market has sustained the unprecedented momentum that greeted the dawn of President Bola Tinubu’s administration. Despite the hardship triggered by sweeping macroeconomic reforms, investors have shown a clear resolve to look beyond short-term challenges, anchoring their confidence on prospects for medium- to long-term stability and growth. Deputy Group Business Editor TAOFIK SALAKO reports that the renewed hope promised by the Tinubu administration is clearly mirrored in the bullish outlook of the Nigerian capital market
The capital market is often regarded as the truest reflection of an economy. Beyond its catalytic role in financial intermediation, it stands as the stronghold of private capital, characterised by its far-reaching vision, swift movement and dispassionate assessment. Policy successes and failures become readily apparent through stock market trends—whether at the corporate, national or sub-national level.
Although the market can react spontaneously to breaking news or emerging issues, it possesses an almost instantaneous self-correcting mechanism. Emotional or impulsive reactions are quickly realigned with verifiable facts, rigorous data and thorough analysis. This is why the saying goes: nobody fools the market. This dynamic ties closely to concepts such as “hot money,” capital flight and portfolio investment, illustrating how capital movement and stability depend on perceptions of macroeconomic stability. While the time horizons for assumptions may vary, there is invariably a point of convergence.
Over the past two years, the capital market has narrated the story of President Bola Tinubu’s administration—a story marked by promises, hopes, challenges, achievements, and growing confidence. From the initial enthusiasm that greeted his election victory to the unprecedented rally at his inauguration on May 29, 2023, the market has navigated the pains of macroeconomic reforms with foresight and resilience.
Today, benchmark indices in the Nigerian capital market boast more than 100 per cent capital gains over Tinubu’s two-year tenure. As the administration’s second anniversary approaches, all market indices—from value-based returns to participation, diversity, innovation, and outlook—reflect a continued positive endorsement of Tinubu’s Renewed Hope Agenda. This is significant, as the government is anchoring its ambitious $1 trillion economy goal substantially on the capital market as the cornerstone of the private sector. The strategy involves unlocking private sector potential alongside large-scale infrastructure investment to drive Nigeria’s GDP to $1 trillion by 2030.
For example, the All Share Index (ASI)—the broad-based index tracking all shares listed on the Nigerian Exchange (NGX)—opened this week at 109,028.62 points. This represents a gain of 109.78 per cent from the 52,973.88 points recorded at the start of Tinubu’s administration on May 29, 2023, equating to a net capital gain of approximately N31.67 trillion on an index-adjusted basis. Similarly, the aggregate market value of all quoted equities rose from N28.845 trillion on that date to N68.752 trillion this Monday—an increase of 138.35 per cent or nearly N39.91 trillion in under two years.
A rally for the President
In a way, the market has rewarded the early adopters of the Tinubu’s administration while stronger macroeconomic outlook continues to build the momentum. The inaugural speech of Tinubu had triggered a scramble for Nigerian equities, with the stock market posting its best performance in two and half years on the first trading day after the Monday, May 29th inauguration.
Comparative analysis of the first trading day after inauguration of a new president since 1999 showed only three positive marks, with the 5.22 per cent rally for Tinubu, the highest the market has ever witnessed. First day equity market response to the 1999 inauguration of President Olusegun Obasanjo was negative, with the market dropping by 0.07 per cent. The 2007 inauguration of President Umaru Musa Yar’Adua was almost flat, with a tilt towards positive. The 2011 inauguration of President Goodluck Jonathan was greeted with a modest 0.14 per cent. The 2015 inauguration of President Muhammadu Buhari was negative, with a first-day return of -0.77 per cent. Then, in an all-week rally, the equities market closed the inauguration week with net capital gain of N1.55 trillion. Tinubu, in his inauguration speech, had shown a high level of awareness by directly addressing investors’ concerns on multiple taxations, returns repatriation and forex among others. “I have a message for our investors, local and foreign, our government shall review all their complaints about multiple taxation and various anti-investment inhibitions. We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home,” Tinubu said, immediately after being sworn in at the Eagle Square, Abuja. The reforms that followed, as excruciating as they were, bore true for the investing public. The government abolished the absolute, fixed-exchange rate regime for a market-driven regime amidst a wave initiatives that have been credited with restoration of confidence and stability in the forex market. It launched tax reform and redirected the fiscal balance with the removal of the bogus petrol subsidy.
By the end of 2023, the stock market closed with full-year average return of 45.90 per cent, equivalent to net capital gains of N12.81 trillion, one of the three highest returns globally. In 2024, the market turned in average return of 37.65 per cent, placing Nigeria as one of world’s three best-performing stock markets. Investors netted N15.41 trillion in capital gains in 2024, providing a cushion for the otherwise inflationary environment.
Most analysts expected the Nigerian market to remain positive in 2025. Median estimate of projections on the outlook for the Nigerian stock market indicated that the market could sustain its double-digit return. A more bullish outlook suggests that the Nigerian market could pool capital gains in excess of N20 trillion, with market capitalisation of quoted equities expected to cross the landmark N100 trillion mark on the back of capital gains and major new listings. The ASI opens this week with average year-to-date return of 5.93 per cent.
A mix of foreign and domestic
The performance of the Nigerian market has been driven by increased inflows of foreign investments combined with resilient domestic demand. In both equities and debt segments, sustained investors’ appetite has enabled the market to function along its traditional line as the fulcrum for the private and public sectors.
Total transactions at the Nigerian stock market rose to N2.23 trillion in the first three months of this year, its highest quarterly turnover. Official trading report at the NGX showed that total transactions at the stock market rose to N2.23 trillion in the first three months of this year, an increase 44 per cent on N1.55 trillion recorded in comparable period of 2024. The first quarter 2025 performance represented a new record for the market, driven by steady domestic transactions and upsurge in foreign transactions.
Foreign portfolio investments (FPIs) now accounts for more than one-third of transactions at the Nigerian market, as against the situation in the previous year when foreign transactions amounted to about one-seventh of the market’s turnover.
The latest quarterly report showed that total foreign portfolio transactions rose by 281.9 per cent from N213.18 billion in first quarter 2024 to N814.05 billion in first quarter 2025. The proportion of participation by FPIs increased from 13.77 per cent in first quarter 2024 to 36.47 per cent in first quarter 2025, the highest so far.
Domestic investors have also shown sustained strong appetite for quoted equities with a turnover of N1.42 trillion in first quarter 2025 as against N1.33 trillion in first quarter 2024, representing a modest increase of 6.2 per cent. The proportion of domestic investors’ transactions however dropped from 86.23 per cent of total market turnover in first quarter 2024 to 63.53 per cent in first quarter 2025.
The report indicated upbeat across the buy and sell sides of foreign transactions. Foreign inflows jumped by 321.6 per cent from N93.37 billion in first quarter 2024 to N393.68 billion in first quarter 2025. Outflows, on the other hand, increased by 250.9 per cent from N119.81 billion in first quarter 2024 to N420.37 billion in first quarter 2025.
FPI transactions at the NGX had more than doubled from N410.62 billion in 2023 to N852.03 billion in 2024. The increase in foreign transactions supported resilient domestic demand to push NGX to its highest-ever turnover of N5.587 trillion in 2024. It had recorded N3.578 trillion in 2023. There is expectation that the market may surpass its 2024 turnover this year.
A January 2025 report at the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that inflows from foreign sources into the Nigerian forex market rose to their highest level in more than five years. Monthly inflows to the forex market rose by 53.5 per cent to $4.74 billion in January 2025, from $3.09 billion recorded in December 2024. The surge was particularly driven by inflows from foreign sources, which jumped to its highest level in more than five years, with an increase of 192.1 per cent from $790.3 million in December 2024 to $2.31 billion in January 2025. With these, foreign sources accounted for 48.8 per cent of total inflows into the forex market while collections from local sources accounted for 51.2 per cent.
A recent report by the Central Bank of Nigeria (CBN) showed that the value of forex inflows to the economy through the International Money Transfer Operators (IMTOs) rose to $4.76 billion in 2024, 44.5 per cent increase on $3.30 billion recorded in 2023. This underscored the confidence of non-corporate sources in the forex market.
Lagos billionaire, Mr Femi Otedola, summed up the drumbeat for the rallying market- investors are increasingly confident of the macroeconomic outlook.
According to him, ongoing reforms by Tinubu’s administration have repositioned the economy and given investors renewed confidence to stake on a long-term growth and development of the Nigerian economy.
Otedola, Chairman of First Holdco Plc and Geregu Power Plc, two publicly quoted companies, described Tinubu as a “bold and visionary” leader, whose courageous reforms have helped in reigniting investors’ hopes in the Nigerian economy.
Otedola, who is scaling up his investment in Nigeria’s oldest surviving banking group, First Holdco Plc, to N320 billion, said Tinubu “deserves credit for championing tough but necessary reforms” that has given the economy a much-needed fillip.
Speaking last week at the annual general meeting of First Holdco, Otedola noted that the pragmatic and courageous monetary reforms embarked upon by the CBN Governor appointed by Tinubu, Mr. Yemi Cardoso, are resetting the Nigerian financial system.
“His actions are restoring credibility to the financial system and giving investors like me the confidence to commit long-term capital to this country,” Otedola said, in reference to monetary reforms by the apex bank.
While several companies had suffered losses due to changes in the forex market, corporate decision-makers favoured the reforms than the chaos of the past. Group Managing Director, Vitafoam Nigeria Plc, Mr. Taiwo Adeniyi, said while the implementation of a market-driven mechanism for the forex market had faced initial challenges and several companies recorded forex-related losses, the new forex system has potential to address the flaws of the previous managed-float system.
Manufacturers and other forex users had faced significant challenge of access to forex under the previous hugely subsidised managed-float forex system, forcing Nigerian companies to build up forex exposures to international creditors and parent companies. The liberalisation of the forex market saw several Nigerian companies, including Vitafoam Nigeria, with uncleared forex obligations incurring forex-related losses.
“But the worst is over on the challenges of forex with the liberalisation policy of the federal government,” Adeniyi, whose company had recorded forex loss of N12.7 billion during the year ended September 30, 2024, said.
Most companies that had posted forex-related losses are bouncing back with impressive profits. Vitafoam Nigeria returned to profit by the second quarter of its current business year. Six-month report for the period ended March 31, 2025 showed that Vitafoam recorded net profit of N6.70 billion compared with net loss of N5.58 billion by March 2024. Cadbury Nigeria, which suffered forex-related losses and had to undertake debt conversion, rebounded to profitability in first quarter 2025. The three-month report for the period ended March 31, 2025 showed that Cadbury Nigeria reversed its loss of N7.32 billion in first quarter 2024 with a net profit of N5.98 billion in first quarter 2025.
Sovereign risk falling
Nigeria’s sovereign risk has fallen to its lowest in five years on the back of the economic reforms. Data tracked by Bloomberg showed that Nigeria’s sovereign risk spread has fallen to the lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent strain on its economy. “Nigeria is finally getting a favourable nod from investors, pushing stocks higher and bond yields lower as painful reforms restore confidence,” Bloomberg reported.
According to the report, while United States 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 attracting investors included improved currency liquidity, leeway for investors to repatriate their profit, and the stable naira. “Portfolio inflows have likely been supported by improved confidence amid key structural reforms, better forex 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.
Yields on Nigeria’s $1.5 billion Eurobond due in 2034 have declined to 9.69 per cent, the lowest since its early December launch, and a domestic debt auction was three-times oversubscribed during the same period. “We are bullish on the Nigerian reform story. The naira has been stable recently, largely driven by the growing confidence of offshore investors through foreign portfolio investment inflows,” analysts at Citigroup Inc wrote in a client note.
Nigeria’s $2.2b Eurobond, launched in December 2024, the first in nearly three years, had recorded oversubscription of 300 per cent. The last sold Eurobonds were in March 2022. Chairman, Nigerian Exchange Group (NGX Group) Plc, Dr Umaru Kwairanga said Tinubu’s reforms have boosted investors’ confidence in the capital market, expressing optimism that there are significant opportunities ahead.
He urged the president to encourage further reforms that will help to unlock increased prosperity for the Nigerian economy, including legislative adjustments that will make listing more attractive. Kwairanga also called for deepening of pension reforms and amendments to regulations governing free zone companies to facilitate their access to the capital market through listings.
The World Bank, in its latest report on Nigeria, noted that the economic reforms have led to macroeconomic stability, with potential for the Nigerian economy to sustain growth and reduce inflationary pressure going forward. The World Bank, in its Nigeria Development Update (NDU) report titled “Building Momentum for Inclusive Growth”, indicated that Nigeria’s economy recorded its fastest growth in about a decade in 2024, riding on the back of early gains of macroeconomic reforms by the Tinubu administration.
The World Bank report indicated that Nigeria’s Gross Domestic Product (GDP) recorded 4.6 per cent year-on-year growth in fourth quarter 2024, bringing the economic growth for 2024 to 3.4 per cent, the highest since 2014. The country’s fiscal deficit also reduced from 5.4 per cent of GDP in 2023 to 3.0 per cent of GDP in 2024, on the back of significant increase in national revenue, which rose from N16.8 trillion in 2023 to N31.9 trillion in 2024. The World Bank expects Nigeria’s economy to grow 3.6 per cent this year. Sienaert said the Nigerian economy has continued to expand in early 2025 based on high-frequency business indicators.
Repositioning the capital market
Beyond the macroeconomics, the Tinubu administration has also focused on building the institutional capacity of the Nigerian capital market. It started with the reconstitution of the board of Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC). Tinubu combined a blend of technocracy with market experience to set a new tempo for capital market regulation. Dr. Emomotimi Agama, a longstanding staff of SEC, was appointed Director-General.
Tinubu then turned to the institutional framework of the capital market with the recent signing into law of the Investment and Securities Act (ISA) 2025, which repealed the Investments and Securities Act No. 29 of 2007. The new Act promises to reshape the Nigerian capital market in several ways. From investor’s protection to variety of issuable and tradable instruments to integration of the commodities sector to new innovations in derivatives, digital and paperless denominations to domestic enforcement and international cooperation, the ISA 2025 brought the Nigerian market to the most dynamic global level and provided enough headroom for regulatory ingenuity to meet future developments.
There were several notable provisions that made ISA 2025 a landmark legislation, including explicitly recognising virtual and digital assets as well as investment contracts as securities and bringing Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs) and Digital Asset Exchanges under the SEC’s regulatory purview. There is also legal framework for commodities exchanges. Agama described the ISA 2025 as a game-changer with strong potential for stimulating growth for the Nigerian capital market and the economy.
Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, said the Act would strengthen regulatory oversight of the capital markets with the overall objective of enhancing investor protection. He said: “We believe it will rekindle the confidence of market stakeholders, which will, in turn, engender significant growth of the market going forward. For operators, it provides diversification opportunities with the expanded scope beyond traditional equities and fixed income”.
Analysts’ consensus
Market pundits agreed that the economic focus of the Tinubu administration has been beneficial to the capital market. They were unanimous that though there were consequential challenges such as the immediate steep rise in prices of goods and services, the outline for the economy remains promising.
Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said the past two years have been that aggressive reform of the economy through various policy changes. “If you look critically at where we were coming from as a country, it was clear the economy was on life support and on the brink of collapse before he came in. Policies such as the floating of the naira, removal of fuel and electricity subsidies and efforts at comprehensive tax reforms were read as positively accretive to the finances of the country and the stock market responded positively to those moves also,” Amolegbe, a former President of Chartered Institute of Stockbrokers (CIS), said.
Kurfi said the liberalisation of the forex market by the government was the main driver behind the return of foreign investors to the Nigerian market.
Managing Director, Highcap Securities, Mr David Adonri, said Tinubu has impacted all segments of the capital market positively. “The primary market in these two years is akin to a candle that is burning from both ends. While capital raising through equities has been intensely increasing, debt capital raising by public and corporate Issuers also assumed unprecedented dimensions. If the growth of activities in the primary market has been astonishing, it is difficult to describe the unimaginable dimension to which the secondary market has risen since President Tinubu took office,” Adonri said.
But analysts also agreed that the government had lagged behind in unlocking values in sub-optimal government-owned enterprises and companies. For instance, the floating of the initial public offering (IPO) of the flagship Nigerian National Petroleum Company Limited (NNPCL), which appeared to have reached final stages, had gone cold.
Nothing speaks louder than facts. Tinubu has taken the bulls by the horns, and the bulls are tickled by the excitement of investment-savvy master. With the toughest decisions taken in the early years of his administration, there are reasonable basis to assume that the remaining years will see significant consolidation in tempo and diversity of policies. Sustainability is the key, Tinubu must not take his eyes off the market.
More than a decade after Nigeria’s power sector privatisation, millions still grope in darkness while industries run on generators. Despite high hopes, the journey has been turbulent—marked by systemic dysfunctions and unmet expectations. Yet, recent reforms under the Bola Tinubu administration, including a bold new electricity roadmap, are reigniting hope. The journey, however, is far from over, reports Assistant Editor MUYIWA LUCAS.
The Nigerian power sector has experienced a turbulent journey over the years. Since its privatisation in November 2013—which unbundled the sector into three components: Generation, Transmission, and Distribution—efforts to revitalise electricity supply have largely fallen short of expectations. For many Nigerians, privatisation has failed to deliver the promised stability, making reliable power supply an elusive dream. Yet, the importance of consistent electricity to economic growth cannot be overstated.
The absence of stable power has crippled small-scale industries and artisans, forcing many out of business. According to the Manufacturers Association of Nigeria (MAN), electricity shortages cost the Nigerian economy approximately N10 trillion annually—about two percent of the GDP. This chronic deficit has positioned Nigeria among the most challenging environments for business, ranking 171 out of 190 countries on the World Bank’s Ease of Doing Business index. Recognising this challenge, the Tinubu administration took decisive action early in its tenure to reposition the sector.
In the past two years, the government has introduced reforms and laid down frameworks aimed at a transformative shift in the electricity landscape. One of the most significant moves was the recent approval of the National Integrated Electricity Policy (NIEP), a roadmap for the Nigerian Electricity Supply Industry (NESI). First submitted in December 2024, the NIEP seeks to unlock $122.2 billion in investments between 2024 and 2045 to revitalise the sector. The policy aligns with the revised Electricity Act 2023 and promotes energy diversification, aiming to move beyond reliance on hydropower and gas.
Instead, the roadmap envisions integrating solar, wind, hydrogen, biomass, nuclear, and carbon capture technologies. It also earmarks $192 million over five years (2024–2028) to strengthen transmission infrastructure. “This policy marks a significant evolution from the outdated 2001 National Electric Power Policy. It enables the growth of state-level electricity markets and decentralised energy planning,” said Power Minister Adebayo Adelabu. “It’s a living document that evolves with the sector’s needs, stressing innovation, collaboration, and consumer protection.”
The administration has set an ambitious goal: to achieve at least 8,000 megawatts (MW) of power generation by 2027. According to Adelabu, the country has already seen progress. On March 2, 2025, Nigeria recorded an all-time high available generation capacity of 6,003MW, followed by a peak generation of 5,801.44MW two days later. Average daily generation for the first quarter of 2025 stood at 5,700MW, up from 4,100MW in Q3 2023—an increase of 1,600MW, representing a near 40% growth since the administration took office. “It took Nigeria four decades to hit 4,000MW.
In just 18 months, we’ve added 1,700MW. If this momentum is sustained, we’re confident of reaching our 8,000MW target by 2027,” Adelabu affirmed. The administration has also made strides in recovering dormant capacity. Through strategic interventions at the Niger Delta Power Holding Company (NDPHC), 232.5MW was restored from idle assets at the Omotosho and Benin power plants. Additionally, decentralised energy projects have begun to light up rural communities. Notable projects include a 550kWp mini-grid in Bakin Ciyawa and Kwande (Plateau), a 440kWp installation in Cross River, a 990kWp grid serving 3,900 households in Niger State, and a 510kWp solar hybrid grid across Osun State. These interventions signal a new dawn—one where Nigeria’s power sector can finally meet the aspirations of its citizens, power its industries and stimulate economic growth.
In recent months, the Niger Delta Power Holding Company has ramped up construction, upgrades, and installations of critical infrastructure across the country. This includes 14 new transmission lines and the rehabilitation of existing ones, such as the 2x132kV line bay extension at the TCN Papalanto substation in Ogun State and the 65km 330kV double circuit Afam–Ikot Ekpene transmission line. Notably, the government is also facilitating the full evacuation of electricity from key hydropower assets. At present, the Zungeru Hydropower Plant is evacuating 550MW of its 700MW capacity, while the Kashimbila Plant is operating at its full 40MW capacity. Beyond this, early-stage development of the Makurdi Hydro Project — with a potential capacity of 1,500MW — is underway, alongside efforts to revitalise the Kaduna Thermal Plant.
Once stalled for six years, the 215MW Kaduna plant is now 87 per cent complete and expected to be operational by the end of 2025. Yet, beneath the impressive figures and initiatives lies a stark challenge: the financial distress of the Generation Companies (GenCos). Mounting debts owed by Distribution Companies (DisCos) have placed a significant burden on GenCos, hampering their ability to operate efficiently. In response, President Bola Ahmed Tinubu recently convened a crucial meeting with the leadership of Nigeria’s power-generating companies to address the N4 trillion debt threatening the sector — N2 trillion of which accrued in 2024 alone, with the rest being legacy debts. The GenCos have expressed grave concern about their diminishing capacity to service loans, maintain infrastructure, and invest in expansion. Col. Sani Bello (Rtd), Chairman of Mainstream Energy Solutions and head of the Association of Power Generating Companies (APGC), warned of a potential collapse of the sector without urgent intervention.
Echoing this, Kola Adesina, Chairman of Egbin Power and First Independent Power Limited, described the situation as a national emergency, underscoring the vital role of electricity in powering industries, homes, and hospitals. Dr. Joy Ogaji, CEO of APGC, further highlighted systemic issues such as irregular gas supply, payment defaults, and foreign exchange volatility — noting the naira’s sharp depreciation from N157 to over N1,600 per dollar in a decade.
Presidential Power Initiative marks a renewed drive
Considering these challenges, President Tinubu’s administration has reinvigorated the Presidential Power Initiative (PPI), giving a fresh boost to the long-standing Siemens project. Originally conceived in 2018 to expand Nigeria’s electricity generation, transmission, and distribution capacity, the PPI is being driven with renewed vigour to support national development and economic growth.
The President fast-tracked the project through the signing of an Acceleration Agreement shortly after taking office. This move paved the way for key milestones, including a redefined technical roadmap. Under this plan, Siemens Energy will focus exclusively on upgrading transmission infrastructure via a turnkey approach, while the distribution scope will be handled by other reputable Engineering, Procurement, and Construction (EPC) firms with strong financial and technical capacities. The overarching goal is to add 4,000MW to the national grid by 2026, with an additional aspirational target of 2,000MW — as directed by the Economic Management Team in 2024.
Already, the pilot phase has seen the successful installation and commissioning of 10 power transformers and 10 mobile substations across the country. In 2024, the initiative focused on consolidating these gains and launching the main phase of the project. In parallel, the Federal Government-owned FGN Power Company has completed several transmission projects under the PPI banner, collectively adding over 700MW in transmission wheeling capacity to industrial zones, homes, businesses, and institutions. Strengthening transmission and distribution capacity Transmission remains a central pillar of Nigeria’s electricity overhaul.
Under the PPI’s pilot phase, infrastructure upgrades across 13 locations added 700MW to the grid. Between 2024 and 2025, more than 70 new transformers were installed by the Transmission Company of Nigeria (TCN) using a mix of internally generated revenue and external support from the World Bank and African Development Bank’s Nigeria Electricity Transmission Project. These upgrades have expanded the grid’s transformation capacity by over 12,000MVA. Furthermore, the 2025 Appropriation Act includes a ₦25 billion allocation for the completion of ongoing transmission projects. Structural work is also progressing to regionalise the national grid through the Eastern and Western Supergrid frameworks — a move aimed at improving resilience and minimising system collapses. In the distribution space, ongoing reforms are targeting underperforming DisCos.
Regulatory agencies have instituted stricter performance monitoring mechanisms to ensure accountability and service improvements. The Ministry of Power has also expanded energy access through initiatives like the Energising Education Programme (EEP) and the Distributed Access to Renewable Energy Scale-up (DARES) initiative. The EEP, which aims to provide reliable, clean energy to 37 federal universities and 7 teaching hospitals, has seen seven of these projects completed and ready for commissioning. In a further push to localise power innovation, the Rural Electrification Agency (REA) signed a landmark agreement with Oando Clean Energy to establish a 1.2GW solar power plant with an integrated recycling line for solar panels. This is expected to significantly boost sustainability and local content in the renewable energy ecosystem.
At a recent energy sector engagement, Adelabu laid bare the stark reality threatening the backbone of the nation’s electricity transmission system: inadequate financing. He raised an urgent call for the Transmission Company of Nigeria (TCN) to be included in national appropriation, warning that the agency’s sole reliance on Internally Generated Revenue (IGR) is no longer sustainable. “They are short of funds; they operate solely on their IGR, which has been nose-diving over the years,” Adelabu lamented. “What they get monthly cannot even pay salaries, let alone maintain ageing infrastructure or expand transmission networks.” This admission comes amid wider conversations around the deteriorating state of Nigeria’s power sector—a complex web of dysfunctions that has left millions in darkness, stalled industrial productivity, and strained critical institutions like universities and hospitals.
Perhaps the most damning indictment in the sector lies with the Distribution Companies (DisCos), whose decade-long performance has, by the Minister’s own admission, fallen woefully short. “We need to get tough with the DisCos,” Adelabu said pointedly. “Whatever we do in generation does not mean anything to consumers if it is frustrated at the distribution points.” Originally expected to be backed by technical partners during the 2013 privatisation, many DisCos merely paid lip service to such partnerships, which, in most cases, dissolved within months. Instead of channelling investments into improving infrastructure, stakeholders allege that many investors prioritized debt servicing over service delivery. This gap has stoked public anger. The push for cost-reflective tariffs—a key reform being promoted by the Ministry—has triggered widespread backlash. Critics argue that such pricing mechanisms are premature in the absence of metering and accountability.
Writing in a national newspaper, columnist Tunji Adegboye called the tariff reform “a ruse” in a system where over seven million customers are billed based on estimates. “I have paid N436,600.58 in just a few months due to questionable estimated billing by Ikeja Electric. They yank off 60 percent of every amount I vend, giving me only 40 percent value,” Adegboye recounted, questioning how a N132,000 disparity arose due to the absence of a functioning prepaid meter. Stakeholders suggest that subsidies should be diverted from the DisCos and used instead to fund local meter manufacturing firms. Mass deployment of meters, they argue, is a more just and impactful intervention.
The banding dilemma
A further layer of controversy surrounds the banding system, which classifies consumers into tariff groups based on hours of supply—Band A receiving the most power at the highest rates. This system, while designed to incentivise improved supply, has sparked allegations of social injustice. Power is disproportionately channelled to high-paying urban clusters, leaving rural and low-income communities languishing in blackout. Even essentials public institutions are not spared. Universities, hospitals and research institutes, classified under Band A, have been saddled with crippling electricity bills. Earlier this year, the Benin Electricity Distribution Company (BEDC) disconnected the University of Benin (UNIBEN) over a disputed bill exceeding N250 million—triggering student protests and a near standstill in academic activities.
At least 10 public universities with the highest 2024 budgets have reportedly spent over N75 billion on electricity alone. UNIBEN’s monthly bill surged from N80 million to N280 million under the new tariff regime. Ahmadu Bello University (ABU) reportedly faces monthly bills of N300 million. Immediate past Vice Chancellor of the University of Lagos, Prof. Oluwatoyin Ogundipe, put it bluntly: “No Nigerian university, particularly a public one, can afford the electricity costs imposed by the DisCos.” UNILAG’s power bill for 2021 stood at N1.7 billion. The government subsidy? A meagre N150 million—and it was never fully disbursed. The industrial sector, too, is reeling under the pressure.
Manufacturers cry out
The Manufacturers Association of Nigeria (MAN) has voiced strong objections to the 250 per cent increase in tariffs for Band A customers, warning that such rates—now around N225/kWh—are unsustainable. Rising energy costs have forced companies to scale down production, raise prices, or relocate to more power-stable regions. For manufacturers whose margins are already squeezed by inflation and forex instability, the tariff hike could be the last straw. A failing grid Perhaps the most visible sign of collapse is, quite literally, the collapse of the national grid. Despite receiving over $4.36 billion in loans from the World Bank across a decade—much of which was earmarked for stabilising the power sector—Nigeria’s grid remains fragile.
Data from the Nigerian Electricity Regulatory Commission (NERC) shows that the grid collapsed 93 times between June 2015 and May 2023. A single failure plunges swathes of the country into darkness, undermining productivity and shaking investor confidence. NERC explains that the grid is designed to operate within strict stability limits—voltage (330kV ± 5%) and frequency (50Hz ± 0.5%). Any significant deviation can trigger shutdowns across generating units, cascading into a full or partial system failure. “Electricity demand higher than supply causes frequency drops. When this goes unchecked, automated safety settings shut down generation units, worsening the imbalance,” NERC said.
Industry data reveals that under former President Muhammadu Buhari, Nigeria’s national power grid collapsed three times in 2015, 28 times in 2016, 24 times in 2017, 13 times in 2018, and 11 times in 2019. Between 2020 and Buhari’s exit from office on May 29, 2023, there were 14 recorded grid collapses, suggesting a modest improvement. However, this trend did not hold. From June to December 2023 alone, the grid collapsed three more times. The pattern of instability continued in 2024, beginning with a system-wide collapse in February, reportedly triggered by failures across distribution companies, leading to prolonged blackouts in multiple regions.
Additional collapses followed on March 28, April 15, July 6, August 5, October 14, 15, 19, and 22, as well as November 5 and 7, and December 11, 2024. This year, the grid suffered at least one collapse—on March 7, 2025. In response, the Minister of Power has outlined plans to attract private investment into grid infrastructure and to regionalise the national transmission system to reduce systemic risks. He cited the 70% remittance compliance by Lagos-based DisCos as evidence that improved infrastructure translates into better performance—especially when compared to their northern counterparts.
Metering conundrum as a thorn in Nigeria’s power sector
Metering remains a critical and unresolved issue within the Nigerian Electricity Supply Industry (NESI). While meters are essential for fair billing and effective revenue collection, the country’s metering gap currently stands at 6.2 million—a figure that continues to frustrate both consumers and operators. Several government-led initiatives aimed at closing this gap—including the National Mass Metering Programme (NMMP), Meter Asset Provider (MAP) scheme, Meter Acquisition Fund (MAF), and the Presidential Metering Initiative (PMI)—have yet to meet expectations. Despite the ambitious goal of deploying two million meters annually under the PMI, progress has been slow.
A Special Purpose Vehicle (SPV) has been established to lead implementation, with N700 billion secured through the Federation Account Allocation Committee (FAAC). Procurement has begun for the delivery of 1.1 million meters. Meanwhile, the World Bank-supported Distribution Sector Recovery Programme (DISREP) targets the rollout of 3.2 million meters. The first batch of 75,000 units has already arrived, with a second batch of 200,000 expected this month. Yet, despite these efforts, metering remains a challenge that appears to have defied all known solutions. The lack of meters not only penalises consumers with estimated billing but also hampers the ability of DisCos to maintain financial viability. Until the metering deficit is addressed with sustained, transparent and scalable solutions, the broader goal of a reliable power supply will remain elusive.
Sadly, both electricity consumers and distribution companies (DisCos) continue to suffer losses—consumers through unfair billing practices, and DisCos through revenue leakages. For millions of households across Nigeria, the unavailability of meters means being subjected to the controversial estimated billing system—often described by stakeholders as extortionate. For DisCos, the lack of adequate metering has become one of the key drivers of Aggregate Technical, Commercial and Collection (ATC&C) losses. These losses arise from their inability to accurately measure energy consumed and to collect full payments for services rendered. Metering, therefore, lies at the very heart of a sustainable and commercially viable electricity market. Accurate metering allows DisCos to properly account for the inflow and outflow of electricity across their networks, ensuring transparency and fairness in billing. It also guarantees a dependable revenue stream for electricity suppliers and improves customer trust in the system.
Given that the cost of services provided by every actor in the electricity value chain—generation, transmission and distribution—is ultimately embedded in the consumer’s utility bill, the need for effective metering cannot be overstated. ATC&C losses represent a summation of billing inefficiencies due to energy not billed (technical and commercial losses) and uncollected revenue (collection losses). This metric is crucial for determining electricity tariffs and assessing DisCos’ performance. Yet, of the 13.5 million registered electricity customers in Nigeria, around 6.2 million—nearly half—remain unmetered, according to data from the Nigerian Electricity Regulatory Commission (NERC).
Unfortunately, DisCos have been unable to independently finance or implement large-scale metering initiatives that could significantly improve cash flow and service delivery, and ultimately reduce ATC&C losses. Metering all end-use customers would not only phase out estimated billing but also improve billing accuracy and revenue collection, injecting much-needed liquidity into the sector and supporting broader infrastructure investments. Despite several government interventions, meter installation remains sluggish. Worryingly, NERC reported a 60.86% quarter-on-quarter decline in the meter installation rate in Q2 2024, with only 49,188 meters installed compared to 125,664 in Q1.
Nonetheless, this modest effort pushed the national metering rate slightly from 44.79% to 45.43% within the same period. A breakdown of the installations in Q2 shows that 35,985 meters—or 73.16%—were provided through the Meter Asset Provider (MAP) framework. Meanwhile, only 264 meters were deployed under the National Mass Metering Programme (NMMP). The Vendor-Financed model accounted for 12,843 installations, while the DisCo-Financed model contributed just 96 meters. According to NERC, DisCos are expected to leverage all five approved metering frameworks under the 2021 MAP and NMMP Regulations (NERC-R-113-2021) to address their metering deficits. Yet, persistent challenges—chief among them financial constraints, logistics bottlenecks and regulatory delays—continue to hamper progress.
To assist DisCos in closing the gap, the Federal Government has ramped up interventions. By December 2024, a total of 2,184,254 meters had been installed under the revised MAP scheme. The intervention aims to increase the national metering rate, eliminate arbitrary billing, strengthen local meter manufacturing, create jobs, and reduce revenue collection losses. To catalyse this process, an initial N200 billion was invested to improve NESI’s revenue collection. The NMMP initiative itself was structured in three phases: Phase 0 (Pilot) – one million meters funded by the Central Bank of Nigeria (CBN); Phase 1 – four million meters (not funded by CBN); Phase 2 – 1.5 million meters. Only Phase 0 received direct CBN support, with N59.28 billion earmarked for the installation of one million meters.
As of the latest update, 89.96% of the allocated funds have been disbursed to the 11 DisCos for the procurement of 962,832 meters via 23 Meter Asset Providers. Despite these figures, the impact on households has been underwhelming. Metering remains a long-standing problem that defies quick fixes, and unless sustained and coordinated strategies are implemented, the sector may continue to lose both revenue and consumer confidence. Beyond the National Mass Metering Programme (NMMP) and the Meter Asset Provider (MAP) scheme, Nigeria’s power sector is witnessing renewed momentum through several concurrent interventions. Notably, the Presidential Metering Initiative (PMI), the World Bank-backed Distribution Sector Recovery Programme (DISREP), and the Meter Acquisition Fund (MAF) have together injected over N335 billion into the sector. As part of this drive, about 3.2 million meters are earmarked for distribution under the DISREP initiative, which is currently being implemented across the country.
Under the MAF framework, N1.185 per kilowatt-hour of electricity sold to consumers is earmarked for meter funding. These funds are centrally collected and managed by a designated Fund Manager (FM) for all Distribution Companies (DisCos). DisCos can then draw from this central pool to procure meters through approved MAPs, using the accrued contributions. The creation of the MAF stemmed from lessons learned from the shortcomings of previous strategies, including the 2018 MAP Regulations and the 2021 National Mass Metering Regulations, both of which struggled to close Nigeria’s wide metering gap. In what appears to be another bold attempt to address the metering deficit, the Federal Government recently introduced the Presidential Metering Initiative (PMI).
This initiative is underpinned by a N700 billion loan facility from the Federation Account Allocation Committee (FAAC), spread over 10 years at zero interest, with a two-year moratorium. The PMI aims to deliver 2.6 million meters while consolidating the efforts of the DISREP (World Bank), MAF (regulated by NERC), and FGNPower initiatives. The rollout commenced earlier this year. In August, the government announced that, in collaboration with sub-national entities, N100 billion had been raised for the procurement of prepaid meters under the PMI. Adelabu explained that widespread consumer distrust, driven by estimated billing, had led many customers to withhold payment. “Metering will bring transparency and accountability to the billing process,” Adelabu said.
He described the situation as largely self-inflicted and stressed that sustained investment in metering infrastructure is key to resolving persistent challenges in the power sector. However, despite these efforts, data from the Nigerian Electricity Regulatory Commission (NERC) reveals modest progress. Between April and July, only 115,767 electricity customers were provided with meters. As of July, out of 13,293,739 registered electricity customers, only 6,053,497 had been metered. A month-by-month breakdown shows that: April: 23,724 customers metered; May: 8,733; June: 12,854; July: 70,456. The DisCos, though responsible for metering, have consistently cited funding constraints as a limiting factor. Metering penetration remained low throughout the review period, with NERC reporting: 44.67% in April; 45.39% in May; 45.43% in June; 45.54% in July. Among the DisCos, Ikeja Electric led in metering coverage with 73.13% in April; 76.25% in May and June; 76.64% in July. Abuja Disco followed closely with 61.19% in April; 70.02% in May; 70.17% in June; 70.48% in July.
Policy activism draws applause
Stakeholders have applauded the Federal Government’s renewed commitment to reforming the power sector. Energy policy expert, Igbinoba, commended President Tinubu’s administration for its “bold policy activism” since assuming office in May 2023. He cited landmark actions such as the enactment of the Electricity Act 2023, Nigeria’s commitment to the National Energy Compact unveiled at the Africa Energy Summit in Tanzania, and the release of two strategic policy documents: the National Integrated Electricity Policy and the Nigeria Integrated Resource Plan (NIRP 2024). According to Igbinoba, the government’s ability to drive these policy frameworks to Federal Executive Council approval and formal launch deserves high praise. “I commend the Tinubu administration for the strides it is making in the power sector. However, long-term stability and efficiency in the sector hinge on the full privatisation of key assets,” he stated. He argued that completing the privatisation of the Distribution Companies (DisCos)—which remain 40% government-owned—as well as the ten National Integrated Power Plants (NIPPs) managed by the Niger Delta Power Holding Company, and the Transmission Company of Nigeria (TCN), is imperative. “Without the political will to divest these assets to financially strong and technically competent private investors, the power sector will continue to falter. It will fail to provide the electricity needed to power local industries, improve service delivery, and boost Nigeria’s competitiveness both on the continent and globally,” he concluded.
The Central Bank of Nigeria (CBN) has outlined clear roles for banks and International Money Transfer Operators (IMTOs) in implementing the Non-Resident Biometric Verification Number (NRBVN) policy. IMTOs are to integrate with the NRBVN platform to ensure secure, efficient global remittances, while banks must develop products tailored to diaspora needs. The effectiveness of both sectors in fulfilling these responsibilities is crucial to boosting dollar liquidity and strengthening Nigeria’s financial ecosystem for non-resident citizens, reports Assistant Editor COLLINS NWEZE
Two stakeholders at the centre of the Non-Resident Biometric Verification Number (NRBVN) policy execution are the commercial banks and International Money Transfer Operators (IMTOs). Both segments of the economy play key roles in dollar inflows to the market and have been assigned specific roles by the Olayemi Cardoso-led Central Bank of Nigeria (CBN) in the NRBVN policy implementation.
Following the recent unveiling of NRBVN in Abuja, the CBN boss directed Nigerian banks to proactively develop and offer products specifically tailored to meet the unique needs and preferences of the diaspora community. The NRBVN launch is seen as a major step to keep remittances inflow to the country soaring and dollar liquidity strong. Cardoso said that offering innovative and attractive financial solutions can greatly enhance diaspora participation, deepen financial inclusion, and significantly boost remittance inflows.
“Over the past year, our policy frameworks have undergone extensive refinements, informed by sustained dialogue with International Money Transfer Operators (IMTOs). The introduction of the willing buyer, willing seller regime, licensing of additional IMTOs, and market reforms that have facilitated currency convergence are notable examples. Consequently, remittance flows through official channels have risen markedly, from $3.3 billion in 2023 to $4.73 billion last year,” he said.
He added: “With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels”.
“To meet these targets, collaboration and compliance with established regulatory frameworks remain essential. All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines. This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.”
The CBN boss further invited the IMTOs to integrate with the NRBVN platform as part of shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally. Cardoso explained that a fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels. He emphasised that the launch was not the final destination, but the beginning of a broader journey.
“The NRBVN is a dynamic initiative, one that will continue to evolve in response to the needs of its users. It presents a unique opportunity to learn, to innovate, and to adapt. We encourage all stakeholders to engage actively, share insights, and help shape a system that serves millions of Nigerians across geographies and generations. The NRBVN is not just a tool; it is a bridge between Nigeria and its global citizens,” he said.
He reiterated the CBN’s commitment to reducing the cost of remittances, currently averaging over seven percent in Sub-Saharan Africa. Lowering these costs, he stated, will enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.
Statistics on dollar inflows via IMTOs
The value of foreign exchange inflows to the economy through the IMTOs rose sharply in 12 months to $4.76 billion, the apex bank’s quarterly statistical bulletin showed. The report, which covered inflows in 2024, represents a significant 44.5 per cent increase from the $3.30 billion recorded in 2023. The IMTO inflows continue to be a vital source of foreign currency for Nigeria, supporting families, businesses, and the broader economy amid ongoing FX market challenges.
The year began with a strong performance in January 2024 as inflows surged 32.5 per cent year-on-year to $390.86 million, compared to $295.21 million in January 2023. This early momentum was maintained in February, with inflows increasing by 67.3 per cent, rising to $326.91 million from $195.23 million the previous year. March continued the positive trend, with IMTO inflows hitting $363.76 million in 2024, up 30 per cent from $279.79 million in March 2023. April saw a leap, with inflows reaching $466.11 million, an 83.3 per cent increase from April 2023’s $254.26 million, marking the highest year-on-year percentage growth in the first half of the year.
May recorded inflows of $404.75 million in 2024, a 45.3 per cent rise compared to $278.54 million the year before. June was a relatively flat month-on-month but still strong year-on-year, with inflows at $389.79 million, up 40.2 per cent from $278.04 million in June 2023. July and August were the standout months for IMTO inflows, posting the highest volumes of the year. In July 2024, inflows jumped to $552.94 million, more than double the $240.35 million recorded in July 2023, representing a 130% year-on-year increase.
August maintained this peak momentum with inflows rising to $585.21 million, a 116 per cent increase from $271.24 million in August 2023. These two months alone accounted for nearly a quarter of the total inflows for the entire year, highlighting their critical role in Nigeria’s FX ecosystem. The final four months of 2024 showed a mixed pattern of inflows, reflecting broader economic uncertainties and seasonal effects. September recorded $336.61 million in IMTO inflows, up 40.8 per cent from $238.98 million in the same month of 2023.
October’s inflows rose modestly to $378.85 million, a 29.1 per cent increase year-on-year. However, November saw a sharp decline, with inflows dropping by 22.1 per cent to $252.28 million from $324.20 million in November 2023. December ended the year on a more positive note, with inflows rebounding to $316.59 million, a 9.1 per cent increase compared to $348.33 million in December 2023. The surge in IMTO inflows is closely tied to the reforms introduced by the CBN under Governor Cardoso since his assumption of office in September 2023.
Opportunities for diaspora remittances
According to President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, there are over 1.24 million Nigerian Migrants abroad and 50 per cent of them lives within the African neighbourhood, and the figure is expected to rise in the coming years. Gwadabe listed importance of migrant remittances to the economy to include serving as a lifeline for the recipients small house hold in the economy and used for health, nutrition, education and societal needs.
The remittances are also higher than both Foreign Direct Investment and foreign aids flow to the economy and still, are cheaper sources of funds. He said that remittances can be used infrastructural developments as seen in India and Lebanon while in the Dubai UAE, the remittances are stable sources of liquidity in the Market. The remittances, he added, can also serve as excellent source of investments funds in the economy even as it represent 83 per cent of the Federal Government budget in 2018.
The remittances were 11 times higher than the FDIs in the same period and 7.4 per cent larger than the net official development assistance received in 2017 of $3.34 billion in the economy. In a report: “Diaspora remittances: The power behind Africa’s sustainable growth”, Regional Vice President of Africa at Western Union, Mohamed Touhami el Ouazzani, said remittances may be measured through the movement of money, but their real impact is measured in lives changed.
He disclosed that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product of entire nations. He said that remittances symbolise deep ties that keep communities connected across borders. “Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability.
“Beyond their immediate impact, remittances are powerful drivers of economic change. They fuel infrastructure development, spur entrepreneurship, and promote financial inclusion – all essential for long-term economic development. Ghana’s National Financial Inclusion and Development Strategy (NFIDS) is simplifying access to remittances, while countries like Kenya, Ethiopia and Nigeria are tapping into diaspora bonds to fund infrastructure and other national projects,” he added.
Impact on financial inclusion
Financial inclusion is achieved when adult Nigerians have easy access to a broad range of formal financial services that meet their needs at an affordable cost. The services include, but are not limited to, payments, savings, loans, insurance, and pension products. Its importance derives from the promise it holds as a tool for economic development, particularly in the areas of poverty reduction, employment generation, wealth creation and improving welfare and general standard of living.
Recognising the inherent benefits of expanding financial services network, especially to Nigerians in diaspora, the CBN said NRBVN will boost financial inclusion in the country. Cardoso explained that historically, Nigerians in the diaspora have faced significant hurdles when seeking access to financial services in Nigeria.
The mandatory physical verification required for obtaining a BVN often incurred considerable costs in terms of time and financial resources, especially for individuals residing in remote locations. The NRBVN platform addresses these very concerns. Through digital verification and robust Know Your Customer (KYC) processes, Nigerians across the globe can now remotely obtain their BVN swiftly and securely.
This single digital gateway will enable seamless access to banking services, including opening accounts and securely sending funds, dramatically enhancing convenience and reducing costs. “In developing this solution, we draw valuable lessons from countries such as India and Pakistan. India’s Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts have significantly simplified banking processes for its diaspora, and Indian banks currently hold approximately $160 billion in diaspora deposits, achieved by providing attractive and tailored products and services,” he said.
According to the CBN boss, in developing the NRBVN, the team also took cognizance of Pakistan’s innovative Roshan Digital Account, offering fully online onboarding and investment opportunities and successfully attracting nearly $10 billion since its inception. These examples, Cardoso explained underscore the power of digital financial inclusion and specifically tailored products in driving meaningful engagement and substantial economic inflows from diaspora populations.
“Our NRBVN platform is similarly designed to offer more than access, it is about opportunity. It is complemented by the Non-Resident Ordinary Account (NROA) and Non-Resident Investment Account (NRNIA) initiatives, collectively forming a robust framework designed to incentivise our global diaspora to channel their funds through formal financial systems into productive uses at home.”
“By providing investment accounts, diasporans will have access to a variety of growing investment opportunities in our debt and equities markets, as well as products such as mortgages, insurance, and pensions. Importantly, diasporans will also have the flexibility to fully repatriate the proceeds of their investments in accordance with existing regulations, ensuring confidence and convenience in managing their assets,” he said.
