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  • Understanding MPC’s monetary policy stance amid inflation, economic growth

    Understanding MPC’s monetary policy stance amid inflation, economic growth

    The 302nd meeting of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), held on September 22 and 23, represents a pivotal moment in the country’s evolving monetary policy stance. Assistant Editor NDUKA CHIEJINA provides a comprehensive understanding of the MPC’s actions, their economic significance and the possible policy trajectory in the coming months.

    With inflation showing a consistent downward trajectory for five consecutive months, oil production rebounding, foreign reserves strengthening and the Gross Domestic Products (GDP) growth accelerating, the Monetary Policy Committee (MPC) opted to slightly ease monetary policy. Specifically, the MPC reduced the Monetary Policy Rate (MPR) by 50 basis points to 27.00 percent, adjusted the Standing Facilities corridor to +250/-250 basis points, introduced a 75 percent Cash Reserve Requirement (CRR) on non-TSA public sector deposits and kept the Liquidity Ratio at 30 percent.

    This decision is significant for several reasons. It signals cautious optimism by policymakers who, while satisfied with macro-economic improvements, remain wary of latent risks such as excess liquidity in the banking system and lingering fiscal pressures. Moreover, the move underscores the CBN’s balancing act: consolidating the disinflationary momentum while cautiously supporting economic recovery in an environment of fragile global and domestic uncertainties.

    The policy rate cut: A symbolic yet cautious step

    The decision to cut the MPR by 50 basis points—from 27.50 per cent to 27.00 per cent—is the first rate reduction since the tightening cycle began in 2022. It comes after an extended period of aggressive monetary tightening aimed at containing inflation that had peaked above 30 percent in late 2023. By mid-2025, inflation had not only slowed but also shown consistency in its downward path, providing policymakers with some room to manoeuvre.

    The modest nature of the cut reflects prudence. Rather than a bold reduction that could reignite inflationary pressures, the MPC opted for a symbolic easing, signalling confidence in the disinflation process while maintaining a broadly restrictive stance. With the real policy rate turning slightly positive—given inflation at 20.12 percent in August 2025—the CBN is effectively sustaining its inflation-targeting credibility while cautiously encouraging lending and investment.

    The reduction also conveys a shift in emphasis: while price stability remains paramount, the MPC is beginning to recognise the need to support output growth. The Nigerian economy, having expanded by 4.23 per cent in Q2 2025 compared to 3.13 per cent in Q1, appears to be regaining momentum. By nudging the policy rate lower, the CBN is sending a signal to businesses and consumers that monetary conditions may gradually become less restrictive, provided inflationary risks remain under control.

    Inflation dynamics: Disinflation gains momentum

    Headline inflation fell to 20.12 percent in August 2025 from 21.88 per cent in July, marking the steepest monthly decline in five months. Importantly, this was driven by both core and food components. Core inflation slowed to 20.33 per cent, aided by lower costs in services, housing, utilities and logistics. Food inflation, historically Nigeria’s Achilles heel, also eased to 21.87 per cent; reflecting lower prices of staple foods such as rice, maize, millet and guinea corn. Several factors underpin this disinflationary trend: they include: Exchange rate stability, anchored by stronger reserves and higher oil receipts, reduced imported inflation; monetary tightening over the past two years had cumulative dampening effects on demand; improved agricultural supply and expectations of a strong harvest season contributed to moderating food prices; and declining PMS prices further eased cost-push pressures.

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    This multi-faceted disinflation reinforces the MPC’s credibility. For years, inflation in Nigeria has been sticky due to structural bottlenecks—poor logistics, insecurity affecting agriculture, and heavy fiscal injections into the economy. The fact that inflation is not only decelerating but also broad-based across components is a sign that monetary policy transmission is strengthening. Still, at over 20 per cent, inflation remains far above the CBN’s implicit comfort zone (single digits). Hence, while the cut in the MPR is justified, the CBN cannot afford complacency. The risk of reversal is high, especially if fiscal spending spikes or insecurity disrupts food supply.

    Output growth: Oil recovery as a game-changer

    The MPC’s communiqué drew attention to Nigeria’s output resilience, particularly the turnaround in the oil sector. GDP growth accelerated to 4.23 per cent in Q2 2025, compared to 3.13 per cent in Q1. A critical driver was the oil sector, which expanded by an impressive 20.46 percent year-on-year, a sharp rebound from 1.87 percent in Q1. This surge reflects improved oil production following enhanced security measures in the Niger Delta and progress in curbing crude theft. It also comes at a time when global oil prices remain supportive, boosting foreign exchange inflows and fiscal revenues. Non-oil growth remains steady; supported by services, ICT and trade. However, challenges persist in agriculture and manufacturing, where structural bottlenecks—such as inadequate power supply, high transport costs, and insecurity—continue to constrain performance.

    The policy implication is clear: sustained oil output growth provides a crucial buffer for Nigeria’s balance of payments and government finances, but non-oil diversification must remain a priority to avoid overdependence. The MPC rightly called on government to intensify security and agricultural reforms, recognising their centrality in consolidating both disinflation and growth.

    External sector: Reserves strengthen and FX market stabilises

    Foreign exchange stability has been one of the CBN’s notable achievements in recent months. Gross external reserves rose to US$43.05 billion as of September 11, 2025, from US$40.51 billion at end-July. This translates to an import cover of 8.28 months—well above international adequacy benchmarks. Additionally, the current account balance recorded a surplus of US$5.28 billion in Q2 2025, up from US$2.85 billion in Q1. Stronger oil exports and rising capital inflows, particularly portfolio investments attracted by high yields in the Nigerian debt market, played key roles.

    The stability of the naira in the official and parallel markets has helped to anchor inflation expectations and restore investor confidence. The MPC explicitly recognised this, urging the CBN to sustain policies that deepen FX liquidity and attract inflows. For investors, Nigeria’s improved external buffers reduce sovereign risk and enhance debt sustainability. However, the reliance on oil revenues and portfolio inflows remains vulnerability. Any sharp reversal in global oil prices or capital flow volatility could test the durability of the naira’s stability.

    Liquidity management: The 75% CRR innovation

    One of the more innovative measures announced was the introduction of a 75 per cent cash reserve requirement (CRR) on non-TSA public sector deposits. This decision reflects the MPC’s concern over excess liquidity in the banking system, largely stemming from fiscal disbursements funded by improved revenues. By sterilising a large portion of public sector deposits outside the Treasury Single Account (TSA), the CBN aims at reducing the liquidity overhang and its potential inflationary impact. At the same time, the CRR for commercial banks was adjusted to 45 per cent, while merchant banks’ CRR remains at 16 per cent.

    This targeted tightening shows the CBN’s willingness to deploy unconventional tools alongside interest rates to manage liquidity. For banks, however, the measure could constrain loanable funds, especially for institutions heavily reliant on public sector deposits. This may inadvertently raise intermediation costs unless balanced by improved efficiency in the interbank market—hence the simultaneous adjustment of the standing facilities corridor. The MPC commended the banking system’s resilience, noting that 14 banks have already met the new capital requirements under the ongoing recapitalisation programme. This progress is significant in strengthening financial stability, especially as Nigeria seeks to build a banking sector capable of financing long-term infrastructure and industrial growth.

    Equally important was the termination of forbearance measures, particularly waivers on single obligor limits. This move enhances transparency, reinforces risk management discipline and reduces the risk of concentration in bank loan books. While the transition may cause short-term adjustments, the MPC reassured the public that the impact is temporary and does not threaten financial stability. The recapitalisation exercise could position Nigerian banks to compete more effectively with regional peers and support larger credit portfolios. However, challenges remain, particularly in ensuring that smaller banks can raise sufficient capital without triggering consolidation pressures that may disrupt the system.

    Looking ahead, the MPC projects continued disinflation in the coming months, supported by the delayed effects of past tightening, stable exchange rates, lower PMS prices and the onset of the harvest season. The main challenge will be to maintain this momentum while avoiding premature easing. If inflation continues to decelerate towards the 15–18 percent range by early 2026, the CBN may gradually adopt further rate cuts to stimulate credit and investment. However, any fiscal slippage, external shock or resurgence of insecurity could derail progress. The MPC’s next meeting in November 2025 will thus be critical as it will provide an opportunity to assess whether the September cut was an inflection point towards easing or a one-off adjustment within an otherwise restrictive stance.

    Cardoso reinforcing the MPC’s message

    In his interaction with journalists after the September 2025 MPC meeting, the Central Bank Governor, Olayemi Cardoso, situated the Committee’s decisions within Nigeria’s broader economic reform journey. He reminded Nigerians of the state of the economy just two years ago, when foreign exchange shortages were acute, investors were exiting, and confidence in the naira was at its lowest.

    Cardoso said: “We have basically come from two years ago, where, perhaps, things were in a very bad situation … foreign exchange was difficult, many of the investors were taking flight, and people had lost confidence in the currency. We have moved forward in stabilising the economy. The reforms we have undertaken have been open and transparent and have brought results.”

    The CBN Governor pointed to the improved recognition Nigeria has received from the international community, noting that rating agencies such as Moody’s and Fitch have systematically upgraded the country’s outlook in response to reforms. He stressed that while challenges remain, the process of stabilization is not a sprint but a journey that has already created a platform for sustainable growth. On inflation, Cardoso maintained the CBN’s long-term target: “We are pleased that we are seeing consecutive disinflation. This is the fifth time, consecutive. But I want to say something for the avoidance of doubt: our goal is for single digits. That is where we are headed, and we will not stop until we get there.”

    He stated that the MPC’s work is rooted in data, foresight and risk management, projecting both internal and external shocks before they materialise. This proactive, data-driven approach, he argued, explains the MPC’s steady actions over recent months. He also addressed the political context, particularly with the 2026 election campaign season on the horizon: “We are not oblivious to the fact that we are entering an election campaign year ahead of 2027. We are building resilience, building buffers, and will take the actions necessary to ensure that the well-earned stability continues.”

    He noted that the central bank’s efforts cannot succeed in isolation. The collaboration with the Ministry of Finance and the Coordinating Minister for the Economy has been central to the progress made so far, especially in moderating inflation and stabilising the exchange rate. Going forward, this partnership will be deepened. Cardoso emphasised the importance of exchange rate stability and fiscal discipline in sustaining the disinflationary path, while warning about the risks of excess liquidity arising from government fiscal releases. The newly introduced tools, including the 75 per cent CRR on non-TSA deposits, are aimed at addressing such risks to preserve macroeconomic stability.

    On foreign reserves, Cardoso was particularly optimistic. He explained that reserves had reached their highest level since 2019 due to sustained policy measures, transparency, and renewed investor confidence. Initiatives such as the non-resident NRBVN programme, which initially attracted $200 million per month and has since doubled, are now being scaled further. “Going into next year, we are saying we are going to attain $1 billion a month. And we will do it. New initiatives, creativity, having an open system, and giving confidence to potential investors will drive our reserves level on a very positive upward trajectory,” he said.

    Through these responses, Cardoso reinforced the MPC’s communiqué that Nigeria is moving from crisis management to stability, from defensive measures to proactive reforms, and from weak credibility to restored international recognition. The journey, he stressed, is ongoing—but the progress to date provides a firm foundation for cautious optimism about the country’s economic trajectory.

    Balancing optimism with structural realities

    Commenting on the September 2025 MPC decision and Governor Cardoso’s remarks, the Managing Director and Chief Executive Officer of Ambosit Capital Managers, Dr Wahab Balogun,  described the move as a measured step that reflects both confidence and caution. According to the analyst, the reduction of the Monetary Policy Rate (MPR) to 27 per cent sends a signal that the CBN is beginning to relax its extremely tight stance, but the modest size of the cut shows that the bank remains wary of potential inflationary pressures. “The CBN has done well to recognise the disinflationary trend and reward the economy with a small rate cut. But the message is clear: they are not letting their guard down. Inflation at 20 percent is still very high, so this is not the start of a loose policy cycle — it is a cautious test of the waters,” he said.

    He commended the Governor’s reaffirmation of a single-digit inflation target, describing it as ambitious but necessary. However, Dr Balogun noted that interest rate policy alone cannot deliver single-digit inflation. “The Governor is right to say that single-digit inflation is the goal. But achieving it will require more than monetary tightening or easing. Structural reforms in agriculture, power supply and logistics are critical. Without tackling these supply-side constraints, inflation will remain sticky,” he said.

    On external reserves and exchange rate stability, Dr. Balogun agreed with Cardoso’s optimism but urged caution. “Reserves at over $43 billion and the NRBVN inflows are very encouraging. But we must remember that Nigeria is still highly dependent on oil earnings and volatile portfolio inflows. One shock in global oil markets or global capital markets could reverse these gains. So, while the trajectory is positive, policymakers must continue to build resilience.” he said.

    The introduction of the 75 per cent CRR on non-TSA deposits was described as an innovative but potentially double-edged measure. “It is a smart way to mop up excess liquidity from government spending without punishing private sector credit. However, the high CRR for commercial banks generally could still constrain lending to businesses, especially SMEs. The CBN will have to carefully monitor how this affects credit growth and economic activity,” he said.

    On collaboration between the CBN and the Ministry of Finance, Balogun argued that it is one of the most significant takeaways from Cardoso’s remarks. “For too long, Nigeria has suffered from poor coordination between fiscal and monetary authorities. The fact that Cardoso openly acknowledges the importance of working closely with the Finance Ministry is a very positive shift. If fiscal discipline holds, and the Ministry avoids excessive spending during the election season, the CBN’s disinflation gains can be sustained,” he said.

    Looking ahead to 2026—an election campaign year—he flagged the risk of political pressures. “Election cycles in Nigeria usually come with heavy fiscal spending, and that creates liquidity surges that fuel inflation and exchange rate instability. Cardoso says the CBN is ready to build buffers, but history shows how difficult this period can be. The true test of Nigeria’s new monetary framework will be in how it navigates the election season,” he said.

    Finally, Dr. Balogun praised the CBN Governor for placing Nigeria’s progress in the context of international recognition. “When Moody’s and Fitch start to upgrade Nigeria, that is not just about ratings. It signals to global investors that the country is regaining credibility. This is perhaps the most valuable achievement of the reforms so far — rebuilding trust. Once trust is restored, capital will flow more easily, reserves will strengthen and growth can be sustained,” he said.

    Contributing, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf said: “The CBN’s decision marks a significant policy shift toward supporting growth and investment, following an extended period of aggressive monetary tightening to rein in inflation.” Continuing, Dr. Yusuf said: “The MPC’s move toward supporting growth is ‘logical and timely,’ given that the bank has now restored a measure of macro-economic stability and slowed inflationary pressures.”

    He observed that high interest rates have constrained private sector credit, increased the cost of funds, and negatively affected business expansion. He stated that by adjusting the key policy levers, the central bank is making a deliberate effort to improve economic conditions. “By lowering the MPR and CRR, the CBN is deliberately working to improve liquidity conditions, reduce borrowing costs, and unlock capital for productive sectors of the economy,” he said. He further detailed the expected outcome for businesses and the wider economy: “The combination of lower MPR and reduced CRR should expand banks’ capacity to create credit, lowering lending rates and making financing more accessible for businesses, especially small and medium enterprises (SMEs). Lower cost of funds will encourage new investments, support business expansion, and enhance capacity utilisation in the real sector. This will, ultimately, stimulate output growth and job creation.”

    Dr. Yusuf also noted that the broader financial impact will be “more accommodative monetary environment that will enable banks to fulfil their core function of mobilising savings and channelling them into productive investments, reinforcing financial deepening and economic growth.” Expressing his view on the accompanying measures, Dr Yusuf described the decision to impose a 75 per cent CRR on non-TSA public sector deposits as a “prudent measure to prevent excessive fiscal-driven liquidity injections from destabilising the financial system.” Concluding, Dr. Yusuf stressed that while monetary easing is a welcome development, fiscal policy must play a complementary role to fully unlock the country’s growth potential.

    Conclusion

    The September 2025 MPC decision reflects a delicate balancing act by the CBN. By cutting the policy rate slightly while tightening liquidity conditions through CRR adjustments, the Committee is cautiously supporting growth without compromising disinflation gains. Nigeria’s macro-economic environment is improving: inflation is slowing, growth is accelerating, reserves are rising and the banking sector is strengthening. Yet, vulnerabilities persist in the form of fiscal liquidity injections, structural bottlenecks, and global uncertainties.

    Ultimately, the MPC’s cautious optimism is well-founded. If current trends continue, Nigeria could enter 2026 with lower inflation, stronger growth and a more resilient financial system. However, the CBN must remain vigilant, as the path to macro-economic stability is neither straight nor predictable.

  • FX reforms position Nigeria for economic growth, business expansion

    FX reforms position Nigeria for economic growth, business expansion

    The remainder of 2025 looks set for stronger growth, supported by FX reforms and stable commodity prices. Nigeria’s GDP rose to a four-year high of 4.23% in the second quarter, with further expansion expected through year-end. A declining inflation rate has enabled the Central Bank of Nigeria (CBN) to adopt a more accommodative monetary policy, aimed at attracting investments, reducing lending costs, and advancing the government’s broader objective of fostering business-friendly policies and long-term economic growth, reports Assistant Editor COLLINS NWEZE

    The economy is currently on a steady path of sustainable growth, with the second quarter Gross Domestic Product (GDP) rising to 4.23%, marking a four-year high. This represents a notable increase from the 3.13% recorded in the first quarter of 2025, largely influenced by the recent GDP rebasing. According to the National Bureau of Statistics (NBS), this growth was supported by strong performances across both the oil and non-oil sectors. Improvements in agriculture, industry and services, along with greater stability in the oil sector, contributed to an above-average overall output.

    Notably, the oil sector experienced significant recovery, expanding by 20.46% in Q2 2025 compared to just 1.87% in Q1. This surge was largely driven by increased crude oil production, which averaged 1.68 million barrels per day (mb/d) in the second quarter—up 19.1% from 1.41 mb/d in the same period of 2024 and slightly higher than the 1.62 mb/d recorded in Q1 2025. As a result, the oil sector’s contribution to GDP edged up from 3.97% in the first quarter to 4.05% in the second quarter. The solid performance across key sectors underscores the economy’s momentum and the potential for continued growth in the near term.

    What the CBN is doing

    Announcing the outcome of the September MPC meeting in Abuja, CBN Governor Olayemi Cardoso said the change in policy stance was based on review of macroeconomic developments. According to him, the decision by the MPC to ease the policy stance was made in the light of improving inflation trends. “The committee’s decision to lower the monetary policy rate was predicated on the sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025 and the need to support economic recovery efforts,” Cardoso said. He also explained that the introduction of new measures was aimed at strengthening monetary control, improving liquidity management, and reinforcing the TSA regime.

    Partner & Corporate Finance Expert at TNP, Bukola Bankole, said that by lowering the benchmark rate by 50bps to 27 per cent, the MPC made a modest but symbolic move as it marks the first break from months of aggressive tightening. For businesses already borrowing at rates above 30 per cent however, this adjustment will not ease financing costs immediately, but it signals recognition that growth cannot be perpetually stifled in the name of inflation control. “For investors, Nigeria’s yield story remains unchanged because even after the cut, local instruments remain among the most attractive across frontier and emerging markets. So, a half point change does little to alter that. The real test is whether inflation starts to ease and whether the naira can achieve meaningful stability.

    “As we all know, inflation in Nigeria is not demand-driven; it is cost-push, reflecting exchange rate volatility, the knock-on effects of subsidy removal, high energy costs, and food supply disruptions. So certainly, against this backdrop, further hikes would have been the wrong medicine,” she said.

    She added: “I will say this MPC decision reflects an effort to balance vigilance on inflation with the need to create space for credit expansion and investment. The real challenge however remains consistency, as without predictable policy, stronger fiscal alignment, and structural reforms that address the root causes of inflation, this cut will remain symbolic as with a lot of other actions previously taken.

    “If those elements are however in place, then this small cut could truly mark the beginning of a more sustainable policy mix that supports growth without abandoning the fight for price stability.”

    Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the remainder of 2025 appears poised for a stronger performance, with foreign currency inflows and stable commodity prices providing support. December is shaping up as an upbeat period, boosted by diaspora remittances, “Detty December,” and increased spending on concerts, films and festivals. “The naira should remain stable around N1,500–N1,550/$, and headline inflation could ease to 20 per cent. The MPC is also likely to cut rates in November, sustaining optimism into the festive season,” he said.

    Monetary Policy perspectives

    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, 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. 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. 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.

    Non-oil sector growth continues

    The non-oil sector also recorded growth of 45 basis points, expanding by 3.64 per cent in second quarter 2025 as against 3.19 per cent in the previous quarter. Non-oil sector’s contribution to the economy stood at 95.95 per cent in second quarter as against 96.03 per cent in first quarter, despite the strong oil sector growth. Segmental analysis indicated appreciable growths across the non-oil sector. Agriculture GDP grew by 2.82 per cent in second quarter 2025 as against 0.07 per cent recorded in previous quarter. It had grown by 2.60 per cent in second quarter 2024.

    Industries GDP, which had grown by 3.72 per cent in second quarter 2024, doubled to 7.45 per cent in second quarter 2025 as against 3.42 per cent in first quarter 2025. However, Services GDP was slower with a growth of 3.94 per cent in second quarter as against 4.33 per cent in previous quarter. It had recorded 3.83 per cent in second quarter 2024. In terms of contribution, Services, Agriculture, and Industries accounted for 56.53 per cent, 26.17 per cent, and 17.31 per cent of the overall GDP respectively.

    Experts said the latest GDP report showed that the economy is on the right track but called for more synergistic policies to deepen economic productivity. Chairman, Nigeria Economic Summit Group (NESG), Mr. Niyi Yusuf, said the economic report underlined the gains of macroeconomic reforms, although the government needs to do more to catalyse the full potential of the economy. “This is a steady progress in the right direction, and we need to stay the course, maintain momentum, and drive for broad based growth across all sectors of the economy. We need more pro-growth regulations and regulators, predictable justice system, more private sector investments in critical sectors and security of lives and assets to fully unlock the potential of the economy,” Yusuf said.

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    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, it 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. According to the World Bank, growth in Sub-Saharan Africa is projected to strengthen to 3.7 per cent in 2025 and average 4.2 per cent in 2026- 27, assuming the external environment does not deteriorate further, inflation declines as expected, and regional conflicts subside.

    The World Bank Group’s Chief Economist and Senior Vice President for Development Economics, Indermit Gill, said that outside of Asia, the developing world is becoming a development-free zone. “It has been advertising itself for more than a decade. Growth in developing economies has ratcheted down for three decades—from 6 percent annually in the 2000s to 5 percent in the 2010s—to less than 4 percent in the 2020s. That tracks the trajectory of growth in global trade, which has fallen from an average of 5 per cent in the 2000s to about 4.5 per cent in the 2010s—to less than 3 percent in the 2020s. Investment growth has also slowed, but debt has climbed to record levels.”

    The World Bank’s Deputy Chief Economist and Director of the Prospects Group, Ayhan Kose, said emerging-market and developing economies reaped the rewards of trade integration but now find themselves on the frontlines of a global trade conflict.  “The smartest way to respond is to redouble efforts on integration with new partners, advance pro-growth reforms, and shore up fiscal resilience to weather the storm. With trade barriers rising and uncertainty mounting, renewed global dialogue and cooperation can chart a more stable and prosperous path forward,” he said.

  • I’m fascinated by Davido’s work ethics, says Deejaycruz9ja

    I’m fascinated by Davido’s work ethics, says Deejaycruz9ja

    Wave making Nigerian disc jockey, Adebanjo Qudus Olawale aka Deejaycruz9ja has expressed his fascination with Davido’s work ethics.

    In a recent chat with The Nation, Deejaycruz9ja said Davido is not only dedicated to his craft but hardworking, he would like to work with him.

    “I’m simply fascinated by his work ethics and dedication to his art. It’s no doubt, he is one of the most hardworking and gifted artists in the industry and I’m looking forward to working with him on a project,” he said.

    Deejaycruz9ja, who stands tall as one of the new crop of DJs that are contributing their quota in putting Nigeria on global entertainment stages built his career as a DJ from scratch with just dreams and no support till he was able to establish his name in the industry.

    Reflecting on his incredible journey and his foray into disc jockeying, the skillful DJ said, “It wasn’t an easy thing and it was tough trying to establish myself in the industry. For me, that was a process and a phase that I had to pass through and I didn’t allow the challenges to derail my vision and dreams. Through diligence, I was able to overcome all the challenges.” 

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    Today, Deejaycruz9ja is celebrated for his versatility and ability to blend various genres of music from afrobeats, amapiano, and house with seamless finesse, while also showing mastery in hip-hop and R&B. What truly sets him apart, however, is his creativity and ability to read the mood of his audience.

    As a young boy, Deejaycruz9ja had his primary school education at Samtoy Primary school, Ogudu, Ojota, Lagos. He then proceeded to Ogudu Junior Grammar School. He obtained his Secondary School Leaving Certification at the Keke Senior High School.

    When asked about what he is currently working on, he stated that, “I just released a new mix-tape, “Party with Deejaycruz9ja”, which is currently enjoying massive downloads and I’m also working on collaborating with some artistes, so be expecting an EP by the first quarter of next year. I’m working really hard to take my craft to the global stage”.

  • Demolition threats spark disputes, legal battles in Ogun

    Demolition threats spark disputes, legal battles in Ogun

    In late 2024 and early 2025, the Ogun State Government launched an ambitious urban renewal drive to transform major towns into modern, smart cities through infrastructure upgrades and housing projects in Ibara GRA, Abeokuta, Sagamu GRA, and Ijebu-Ode GRA. However, what was intended to beautify and modernise the state has sparked tensions, as legal disputes and accusations of political targeting now threaten to overshadow the government’s developmental intentions, reports ERNEST NWOKOLO.

    In its drive to transform Ogun State into a modern, sustainable and smart region, the Dapo Abiodun-led administration has embarked on significant urban renewal efforts. These initiatives are being delivered through widespread infrastructure upgrades, new housing projects and improved connectivity. Between late 2024 and early 2025, the government launched a major push to modernise key towns across the state. This transformation effort includes upgrading infrastructure, developing new residential estates, and revitalising existing ones—particularly in Ibara GRA, Abeokuta; Sagamu GRA; and Ijebu-Ode GRA.

    Historically, the Ibara GRA estate has been a strategic residential hub in Abeokuta, providing accommodation for civil servants since Ogun State’s creation in 1976. However, over the years, the area became underutilised and lost much of its value—prompting its inclusion in the government’s urban regeneration scheme. The renewal efforts are also set to extend to Ilaro and Ota, located in the Ogun West Senatorial District, as part of a broader agenda to create urban environments that foster sustainable development, attract investments, generate jobs, boost economic activity, and enhance the visual appeal of major towns and cities.

    A key part of the initiative involves auditing existing developments to verify permit compliance across all types of properties, including homes, schools, hospitals, and commercial buildings. Recognising that meaningful progress cannot be achieved without reforming land and property administration, the government enacted a new law in 2022 and introduced technology to streamline operations in that sector. This includes the digitalisation of land records and civil service functions. One of the major innovations supporting this transformation is the Ogun Land Administration and Management System (OLARMS). Initially deployed to process 2,000 cases under the Property Registration Programme (PRP), OLARMS has enabled the issuance of over 15,000 Certificates of Occupancy. This digital system has significantly improved decision-making, planning, and service delivery—laying the foundation for a comprehensive and impactful urban renewal across Ogun State.

    According to the Special Adviser to Governor Abiodun on Lands, Princess Oyindamola Oyelese, the Ogun State Government remains committed to fully digitising land title documentation. The aim, she explained, is to enhance transparency and efficiency in land administration—ultimately improving the quality of life for residents. However, the initiative has not been without controversy. In some parts of the state, it has sparked opposition and, at times, brought the government into direct conflict with citizens.

    One notable flashpoint emerged in Egba, where some indigenes opposed the demolition of parts of the Ibara GRA housing estate and the subsequent sale of the land as part of the urban regeneration scheme. In March 2025, the Coalition of United Political Parties (CUPP) and its leadership—including Chairman Otunba Olufemi Soluade, State Secretary Comrade Samson Okunsanya, and Alhaji Moshood Adesina—filed a motion ex parte at the Federal High Court in Abeokuta. The suit (marked FHC/AB/CS/43/2025) named several high-ranking officials as defendants: the Governor of Ogun State, Prince Abiodun; the Attorney-General and Commissioner for Justice; the Commissioners for Housing, Works, and Finance. The Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) were also listed as defendants.

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    The motion, dated March 21, 2025, was filed by Prof. Yemi Oke (SAN) of MJS Partners, a firm of legal practitioners and consultants. The plaintiffs sought nine reliefs, chiefly concerning the disclosure of the identities and details of allottees in various Ogun State land and housing schemes across its three senatorial districts. Specifically, they asked the court to issue a Mandamus Order compelling the governor and the other listed officials to provide names, payment details, and other documentation related to allocations under the GRA Regeneration Scheme in Abeokuta, the Idi-Aba Housing Scheme, and the Igbeba Housing Scheme in Ijebu-Ode, among others. The plaintiffs argued that they required the particulars of the allottees and evidence of payment for the contested properties in order to transmit them to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for verification. This, they stated, was in line with Section 1 of the Freedom of Information Act, 2011.

    While the legal proceedings remain unresolved, tensions have continued to rise—particularly in Egba land—where some local chiefs recently voiced strong objections over the proposed use of a portion of land they claim was originally donated by their forebears to the technical college in Idi-Aba. According to these chiefs, the state government plans to annex part of that land for its Idi-Aba Housing Scheme under the broader urban renewal initiative. They have since appealed to Governor Abiodun to intervene and halt the move immediately.

    However, what has stirred even greater public concern is the manner in which the Abiodun-led administration is implementing the urban renewal programme, especially following two high-profile cases that have drawn significant attention. First, a “Notice of Default” was recently served on the Ode Remo property of Oladipupo Adebutu, a former federal lawmaker and the 2023 governorship candidate of the Peoples’ Democratic Party (PDP) in Ogun State. The notice demanded the payment of over N72 million in amenities charges—an amount many have described as excessive, especially for a property located in the relatively rural Ode Remo, far removed from high-value real estate areas like Lekki in Lagos or central Abuja.

    The notice, marked Notice Number: 17000062, reads: “Please, be informed that this property is in default of payment of Land Use Amenities Charge which is valued at N72,867,004.15. Failure to make payment within the next seven (7) days will make the property liable to enforcement. N.B. – Removal of this notice is an offence against the state, which attracts stiff sanctions. Signed: Ogun State Ministry of Finance.”

    In a second case, the state government issued a demolition notice targeting the Aseludero Court—the private residence of former Governor Gbenga Daniel, along with his Conference Hotels and its annex, all situated within the Sagamu GRA. These actions have added fuel to the debate over whether the urban renewal scheme is being executed in good faith—or being selectively enforced for political reasons. Together, these controversies have raised questions about transparency, fairness, and public interest in the urban renewal efforts, suggesting that the government may need to adopt a more inclusive and consultative approach going forward.

    Adebutu rejects amenities charge, alleges harassment and contempt of court

    But Adebutu has strongly rejected the recent N72 million amenities charge imposed on his property in Ode Remo, describing it as a ploy to harass and silence him politically. He argued that the notice undermines ongoing court proceedings and violates judicial due process. Through Afolabi Orekoya, Director of Media and Publicity for the Ladi Adebutu Development Organisation, he revealed that the matter has been in court since 2018 and is currently the subject of two separate suits before the Ogun State High Court sitting in Sagamu. The cases—HCS/275/2018 and HCS/409/2024—are against the Ogun State Ministry of Finance and the Land Use and Amenities Charge Committee, with the next hearing scheduled for October 8, 2025.

    Adebutu contended that it amounts to contempt of court for the Abiodun-led administration to attempt enforcement while the issue remains sub judice. He further argued that the Ministry of Finance lacks the legal authority to impose such charges without a proper assessment in accordance with Ogun State’s Land Use and Amenities Charge Law. The notice, he insisted, was issued without due process, hence the ongoing legal challenge. He stated: “The attention of the Ladi Adebutu Development Organisation has been drawn to a Notice of Default posted on one of Hon. Ladi Adebutu’s properties, which is located at Ode Remo in Remo North Local Government Area by Ogun State Ministry of Finance under the watch of Governor Dapo Abiodun, undermining the court process on the same matter.

    ”We state categorically that this action is nothing but a ploy by the government to silence and harass the opposition in Ogun State. This latest move is a clear misuse of state power to intimidate the opposition, particularly Hon. Oladipupo Adebutu, and a distraction from the administration’s failure to deliver good governance to the people.

    “For the record, the matter of land use and amenity charge on the said property has been before the High Court of Justice, Sagamu since 2018 and currently the subject of two separate suits quoted below: N1.HCS/275/2018–Hon. Oladipupo Adebutu vs. Land Use and Amenities Charge Committee, Ogun State Ministry of Finance, Abeokuta, coming up on October 8, 2025;  N2.HCS/409/2024–Hon. Oladipupo Adebutu vs. Land Use and Amenities Charge Committee, Ogun State Ministry of Finance, Abeokuta, is still pending without a date fixed.

    ”It is, therefore, laughable and contemptuous of the judiciary for the government and its agents to attempt to enforce charges that are already being contested in competent courts of law. We must remind the public that, by law, the Ministry of Finance cannot unilaterally impose land use charges without proper assessment of the property in line with the Land Use and Amenities Charge laws of Ogun State. In this particular case, the so-called notice was merely posted on the property without due process, hence the ongoing litigation.

    ”The Ladi Adebutu Development Organisation condemns this reckless abuse of power and calls on Governor Abiodun’s government to stop weaponising government agencies against perceived political opponents. Ogun State would be better served if the same energy was channeled into providing quality governance, infrastructure and real service to the people.”

    Daniel alleges political targeting over demolition threats in Sagamu

    Earlier, on August 9, a similar controversy had erupted in Sagamu as former Governor Daniel accused the Ogun State Government of targeting him with demolition threats. Daniel claimed that notices were issued on his private residence and Conference Hotel, sparking a row between him and Governor Dapo Abiodun. He argued that the administration lacked the moral authority to issue such notices while exempting Abiodun’s own private residence in Iperu, which, he alleged, also violates planning laws by lacking a setback along the Iperu-Ode Remo federal road.

    The state government, however, defended its actions, stating that enforcement of physical planning laws applies to all developments, regardless of when they were constructed, and that the aim is to uphold public interest—not victimise individuals. Daniel questioned the timing, pointing out that Aseludero Court Hall, now allegedly in violation, was the venue where he publicly endorsed Abiodun in 2019. He asked why it only became a concern six years later. According to official notices, the Sagamu properties lacked building permits and proper setbacks.

    Daniel, through his spokesperson Steve Oliyide, warned that the governor’s actions—if perceived as politically motivated—could spark unrest, urging caution to prevent chaos in the state. “Does his house in Iperu that faces Iperu-Ode-Isara Road has approved setback? That house should be demolished. If the administration had not pasted any notice of contravention on his property, it does not have the moral right to demolish any property in the state,” he said. And consolidating his position further, through a statement, noted that the action was not an isolated incident, said the act followed a similar pattern of illegal demolitions allegedly carried out by Abiodun’s administration, citing demolition of DATKEM Plaza Ijebu Ode, a property belonging to his wife, Yeye Olufunke Daniel in the midnight of September, 2023 by thugs believed to be working on the orders of the governor.

     He stated: “We strongly condemn this latest act of political persecution by Governor Dapo Abiodun, as evidenced by the recent issuance of these Notices which were dated August 8, 2025, as a clear demonstration of the governor’s malicious and vindictive abuse of power, hiding behind a newly-enacted law retroactively to target a political opponent. The documents concerning these properties cite ‘suspected’ offences related to construction without adequate permits (which is laughable). This is a ludicrous and flimsy excuse, as the properties in question have been in existence for many years.

    “For instance, the Asoludero Court was built in 2004, while the Conference Hotel Sagamu was built in 2013, and the Annexe since 2015. The governor’s administration is now attempting to use the Ogun State Urban and Regional Planning and Development Law No. 61 of 2022 to demolish buildings that were legally constructed long before the law was even in existence. This action is not only politically motivated but also a blatant disregard for due process and the rule of law. The Notices in themselves are clear breaches of procedures which allow adequate time intervals between Notifications on contraventions, Quits and the penalties. If indeed there was any, is not a demolition or a threat of it.

    “Governor Abiodun’s administration has completely bypassed this procedure, issuing a “Notice of Contravention” and a “Notice to Quit” simultaneously, with an immediate threat of demolition. This is not a legal process; it is a thuggish tactic designed to intimidate and inflict damage.

    ”It is worth noting that this is not an isolated incident. This latest act of persecution follows a similar pattern of illegal demolitions carried out by Governor Abiodun’s administration. We recall with disgust the illegal demolition of DATKEM Plaza Ijebu Ode, a property belonging to the wife of Otunba Gbenga Daniel, Yeye Olufunke Daniel in the midnight of September, 2023 by thugs believed to be working on the orders of the governor, as no government agent will be sent on such assignment at ungodly hours of the night, even on a weekend on equally flimsy excuses. The matter is currently in court, and the state has already lost several applications at the Ogun State High Court and another at the Court of Appeal in Ibadan, a clear indication that their actions lack legal merit.

    ”Governor Dapo Abiodun is taking political vindictiveness to a shameful and dangerous level, without any regard for extant laws or common decency. We call on all well-meaning citizens, human rights organisations and legal bodies to stand with us in condemning this egregious abuse of power. We will not be silent in the face of this injustice and will use all legal means at our disposal to ensure that Governor Abiodun is held accountable for his lawless actions.”

    Ogun State Government defends its actions

    Responding through the Commissioner for Physical Planning and Urban Development, TPL Tunji Odunlami, the government stated that the goal of physical planning laws and regulations is to aid urban development and control land use in the public interest. Clarifying this before newsmen recently, Odunlami noted that the goal of the ongoing exercise in Sagamu and Ijebu-Ode local government areas is not to victimise any law-abiding citizens but to ensure that development laws are obeyed.

    He justified it by saying the step is aimed at verifying the permit status of all types of developments, including houses, schools, hospitals and other commercial buildings. Odunlami said that Daniel and other property owners who were served due notices to approach the Ogun State Planning and Development Permit Authority, an agency of the Ministry of Physical Planning and Urban Development, to present relevant documents in conformity with existing building laws and regulations. “It is pertinent to note that this is a daily routine and ongoing activity of this agency and is devoid of witch-hunting and, therefore, not designed to harm the interests of any individual. It is a simple and transparent approach that is known and adopted worldwide, including in most states in Nigeria. What we are currently doing is no exception.

    “This exercise has been done in Abeokuta and is now extended to Sagamu and Ijebu-Ode, where there is no fuss except this one. It is also going to be carried out in Ota and Ilaro, where we also have GRAs,” he said.

    He harped on the need for the owner of any building served with the notice to approach the office that issued it and present their permit and other documents for verification. “As we speak, Otunba Gbenga Daniel has yet to do so or make any representation to that effect. That is why whenever OGSG issues enforcement notices, genuine developers respond through the proper channels by justifying their developments or seeking plan adjustments and ratifications,” he said.

    TPL Odunlami affirmed that the state government has a standing mandate to enforce its physical planning laws and does so every day across the state, considering only the law and public good. The identity of developers, the commissioner maintained, does not feature in its considerations, adding that the current enforcement notices issued are not different, as they form only a small part of several enforcement notices issued this month. “While OGSG does not concede the stated ages or stages of these developments, the law is clear – the State Physical Planning Law and all regulations under it are enforceable at any time and for all time on all developments in the state, including developments that preceded the law,” he said.

    Highlighting the content of the law, the commissioner said: “Section 73 of the State’s Physical Planning Law provides that an enforcement notice may be issued under sub-section (I) of this Section, notwithstanding that the unauthorised development, renovation, alteration, repair, addition or violation took place before the commencement of this Law.”

    Court halts planned demolition of Gbenga Daniel’s property

    The legal battle over property demolitions in Ogun State has intensified, with the Ogun State High Court in Sagamu granting interim ex parte orders restraining the state government from tampering with the properties of Senator Daniel and his wife, Yeye Olufunke Daniel. In suit HCS/371/2025, Justice O.S. Oloyede granted the order following quit notices and demolition threats pasted on their Aseludero Court residence in Sagamu GRA on August 8. The respondents include Governor Abiodun, the Attorney-General, the Planning and Development Permit Authority, and the Commissioner for Physical Planning.

    A Certified True Copy (CTC) dated August 12, 2025, and signed by Principal Registrar W.T. Ogundele, restrains the state and its agents from demolishing, trespassing, or disturbing the Daniels’ possession of the property, which is backed by valid Certificates of Occupancy dated 2005 and 2010. Similarly, in suit HCS/372/2025, two corporate entities—Conference Hotel Limited and Blue Chapel Limited, in which Daniel has interests—secured a similar ex parte order against the same respondents. The court barred any interference with the hotel property, pending the hearing and determination of the substantive suits, which are currently ongoing. 

  • Will Rivers remain in peace with Fubara, lawmakers return?

    Will Rivers remain in peace with Fubara, lawmakers return?

    The emergency rule that quarantined Rivers State Governor, Sir Siminialayi Fubara, out of   office has officially expired.   And there will be no extension.

    The six-month emergency administration of Administrator Ibok-Ete Ibas has ceased and he has vacated office without any delay. The crisis melted away like ice. The reconciliation between Fubara and his benefactor, Chief Nyesom Wike, the Minister of the Federal Capital Territory (FCT) Abuja, facilitated it.

    Those, especially the crisis merchants, who never wanted the reconciliation to happen prayed fervently against it but it occurred and signposted the beginning of restoration of the aborted constitutional democracy in the state. Fubara returned fully to his original political family and the entire Rivers governance process will return to its factory setting .

    There were speculations that Ibas was lobbying for an extension but the body language of the Sole Administrator betrayed the insinuations. Ibas was not caught taking any action to stoke the crisis. He pursued the completion of the demolished House of Assembly complex; appointed members of critical boards and ensured the conduct of the local government elections that activated democratic governance at the grassroots.

    The Senior Special Adviser, Media, Rivers Government, Hector Igbikiowubo, denied the insinuations. Though Fubara has returned there is a high probability that most people, who occupied various positions in his government during the crisis will not come back with him. Indeed, it is constitutionally impossible and against the judgement of the Supreme Court for most of his sacked commissioners to return to their positions.

    The former Attorney-General and Commissioner for Justice, Iboroma Dagogo (SAN), leads the list of Fubara’s former aides that will not benefit from the reconciliation. He was among the 19 commissioners that were screened and confirmed by the illegal three-man House of Assembly led by Victor Oko-Jumbo.

    Other commissioners of Fubara that had lost out of the reconciliation are Charles O. Beke, Collins Onunwo, Solomon Eke, Peter Medee, Elloka Tasie-Amadi, Basoene Joshua Benibo, Tambari Sydney Gbara and Ovy Orluideye Chinendum Chukwuma.

    Also, Illamu Arugu, Rowland Obed Whyte, Samuel Anya, Samuel Eyiba, Austin Emeka Nnadozie, Israel Ngbuelu, Evans Bipi, Otamiri Ngubo, Benibo Alabraba and Emmanuel Frank-Fubara, will suffer the same fate.

    The reconciliation and subsequent conduct of the local government elections also swept away former Fubara’s loyalists, who were sacked by the Supreme Court as local government chairmen and councillors. The new system also buried the All Peoples Party (APP), which provided an alternative platform for Fubara’s loyalists to emerge the winners of the invalidated council poll. The APP, which capitalized on the crisis to become relevant in the state had gone back to its oblivious state.

    None of Fubara’s loyalists including those, who were sacked as council officials, participated in the last local government election. Wike’s political family, which Fubara has reintegrated himself into, produced all the winners of the just-concluded local government elections from the Peoples Democratic Party (PDP) and the All Progressives Congress (APC).

    The worst hit by the reconciliation is Amb. Chijoke Ihunwo, who was sacked by the Supreme Court as the Chairman of Obio-Akpor, Wike’s Local Government Area. Ihunwo, out of what many people described as youthful exuberance, took his anti-Wike’s campaigns too far. He supervised the destruction of Wike’s statue in the council’s secretariat and removed Wike’s name from the administrative block.

    The Rivers State House of Assembly led Speaker Martins Amaewhule  is returning fully to resume its legislative duties. Ibas was said to have acquired over 30 Sports Utility Vehicles, the latest Range Rover Sports, for the lawmakers to facilitate their legislative duties.

    All those that stood firm in the Wike’s political family enduring hardship throughout the period of the crisis are some of the greatest beneficiaries of Fubara’s return. They are said to be eagerly waiting for Fubara and preparing a grand reception for the governor.

    But observers believe that the greatest beneficiaries of the emergency rule are Rivers as a state and its people. For about two years, the political crisis threatened the entire sectors of the state. It got to the crescendo and was tipping into a violent stage. In fact, some persons lost their lives and properties worth billions of naira were destroyed at some stages of the upheavals. Apart from attacks on oil installations, most analysts saw the crisis entering into  a free-for-all and uncontrolled widespread bloodletting.

    Indeed, if President Bola Tinubu had not intervened on time, many prominent persons in the state would have been assassinated and the state would have burnt to ashes. Perhaps persons criticising the emergency rule would have been everywhere accusing the President of refusing to save Rivers.

    But the President who foresaw the implosion, wielded the big stick that calmed all the frayed nerves. Though the emergency aborted democratic governance in the state for a period of six months, people believe that no democracy is worth the blood of the governed especially the masses.

    There is no gainsaying that the political actors had learnt their lessons. Ibas told them recently some the lessons the emergency rule should teach them.

    He said one of the lessons is that “peace is priceless”.

    The administrator said the emergency rule had thought everybody that “without security, no other aspiration is possible”.

    Remarking that emergency was not a choice but a necessity, Ibas said the people had also learnt that “when governance is weakened, opportunism fills the vacuum endangering lives and livelihoods.

    Ibas further said that the period was a testament that the “indomitable spirit of Rivers people cannot be broken”, adding that “they endured; they persevered and have remained steadfast”.

    He said: “Emergency rule was never a choice, it was a necessity brought upon us by insecurity, political impasse and breakdown of trust.

    “Yet in hindsight it offered us enduring lessons that peace is priceless; without security, no other aspiration is possible; that when governance is weakened, opportunism fills the vacuum, endangering lives and livelihoods and that the indomitable spirit of Rivers people cannot be broken. They endured. They persevered and have remained steadfast.

    “The stability we have restored is the foundation upon which democracy is now rebuilt. Our guest speaker has done justice to the theme of the lecture, ‘Good Governance and Democratic Dividends”.

    A former President of the Ijaw Youths Council (IYC) Worldwide, Udengs Eradiri, said the Rivers emergency was also a testament that political crisis should not always be given the colours of religion and ethnicity. He recalled that when the disturbance began in Rivers, many Ijaw leaders were whipping up ethnic sentiment instead of reconciling Fubara and his political godfather, Wike.

    “Those of us, who warned them against such narratives, were constantly attacked and disparaged. But immediately the emergency happened and Fubara as well as members of the Rivers State House of Assembly were stripped of their positions, those playing ethnic cards list their voices”.

    Eradiri, a former Labour Party (LP) Governorship Candidate in Bayelsa State, said the emergency had also taught politicians the importance of amicably settling their crisis instead of allowing it to loom large adding that Rivers is a typical case of the aphorism, “when two brothers fight, strangers inherit their property”.

    He said the crisis had made Fubara wiser and made him realize the need to evaluate personalities of individuals hanging around him. “He must going forward sieve all persons to differentiate the chaffs from the seeds. He should be able to identify crisis merchants, divisive elements and crusaders of violence”.

    Eradiri said: “Only persons, who lack knowledge of what President Tinubu prevented in Rivers will criticise the method he adopted to restore normalcy in Rivers. But now that the state is back to a democratic path and all stakeholders have learnt their lessons, I expect Fubara to eschew acrimonies, roll his sleeves and hit the ground running again. He should avoid distractions and focus on catching up lost opportunities. I also appeal to members of the state House of Assembly to close ranks with the governor and work in harmony with him in the interest of development, prosperity and progress of Rivers.

    The National Chairman of the Ikwerre Peoples Congress (IPC), Livingstone Wechie, said Fubara’s return heralded.a new era in the governance history of the state.

    Wechie, who is also the President, Ohaneze Ndi-Igbo, Rivers State chapter, said it has reaffirmed the commitment of President Bola Tinubu to democratic values insisting that the President was forced to make timeous intervention in the state.

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    He said: “The President made a timeous intervention which generated so much controversy in the political space but the state will now have an opportunity from September 18, 2025 to take a new route drawing lessons from the emergency rule and the issues that brought it on stream.

    “You cannot rule out the intention of the President in his actions six months ago. It is immaterial any opinion to the contrary about the actions of the President.

    “A key factor is that the governor now knows better and has become wiser while his benefactor Chief Nyesom Wike has also regained some lost traction in the state”.

    Wechie said the Rivers temperature was charged and ready to embrace the suspended Governor Fubara adding that Ibas had done his bit.

    He said: “The temperature of Rivers politics has now charged up to return to a democracy system with Governor Siminalayi Fubara back on the saddle. The Sole Administrator Mr. Ibas has done his bit and conclusively so.

    “It will be cheering to see a functional Rivers State House of Assembly and other arms of the state government in full operations as the emergency rule ends.

    “It is important that the political actors should strongly close ranks with a view to putting Rivers State first to enable the state redeem and reach its development potential”.

    Rivers elders also said that the return of Fubara, his deputy, Prof. Ngozi Odu, Speaker Martins Amaewhule and members of the State House of Assembly afforded the state the opportunity to reflect on a number of issues such as “where we are coming from, what to do to avoid the reoccurrence of the unfortunate circumstances we found ourselves and significantly,  how to sustain peace, unity and development in our beloved Rivers State.

    The elders in a statement signed by their Chairman, Chief Ferdinand Alabrara urged all stakeholders, without exception, to embrace the peace and reconciliation that had now returned to the dear state.

    They admonished some individuals and groups, who were still fanning the embers of discord  to come to terms with the fact that the crisis was over and stop making inflammatory statements, inciting rhetoric in the media and whipping up sentiments for their selfish interests. They asked such disgruntled elements to  prioritise the interest of the state and allow Governor Fubara and the House of Assembly to work together without further distractions.

    They said: “We equally commend the governor and the leadership of the House of Assembly for making peace. At this point, we can only remind them that they did not only agree on peace in Abuja but also, on their own, went to the Villa and affirmed their reconciliation before His Excellency, Bola Ahmed Tinubu, GCFR, the President of the Federal Republic of Nigeria, Commander-in-Chief of the Armed Forces. That vow before Mr. President remains sacrosanct. Therefore, going forward, they must work harmoniously in the interest of the state. The people of Rivers State expect nothing less from them.

    “We use this opportunity to salute the good people of Rivers State for their patience and understanding throughout the period of the emergency rule. It is an attestation of faith in the administration of President Bola Ahmed Tinubu, whose proactive action averted the disaster that was about to descend on the state.

    The indefatigable political leader of Rivers State, the former Governor of the State and Minister of the FCT, Chief Nyesom Ezenwo Wike, deserves a special mention for his role in midwifing the entire reconciliation process. Again, he demonstrated that he was a man with a large heart. He did not only bring the parties together but also ensured that the parties went to Mr. President to brief him first hand on the details of their understanding”.

    The elders commending President Tinubu for bringing Rivers back from the brinks and taking actions to ensure the return of peace in the state. Addressing the President,.they said: “We thank you once again for the confidence reposed in our son, brother, associate, and cherished leader as a member of your cabinet. Your astute resolution of the Rivers crisis is yet another manifestation of your goodwill towards the state.

    “Mr President, we appreciate you and assure you that you have already captured the hearts of the people of Rivers State and as your administration continues to pursue the Renewed Hope Agenda, you can count on the support of Rivers people at all times.

    In fact, with Fubara back to office; Speaker Amaewhule and the lawmakers resuming their legislative duties and the local government elections done and dusted, Rivers has bounced back and all stakeholders are expected to embrace the return of democracy after it’s six months of abortion.

  • Driving real global change through sustainable forestry

    Driving real global change through sustainable forestry

    Africa’s forests are vanishing at an alarming rate—nearly four million hectares lost each year, stripping the continent of its green shield against climate change. Yet out of this crisis rises a quiet revolution. Leading it is Prince Adebanjo Adejuwon, a US-based Nigerian entrepreneur whose company, MBH Global Resources, is proving that trees are more than timber: they are engines of renewal, powering livelihoods, restoring hope, and securing Africa’s future, reports Associate Editor ADEKUNLE YUSUF

    In a world grappling with rising temperatures, desertification and biodiversity loss, forests stand as one of humanity’s oldest and most effective allies. They filter the air we breathe, absorb carbon dioxide, preserve water cycles, and provide livelihoods for billions. Yet, they are under siege. Africa, in particular, continues to witness alarming rates of deforestation, driven by agriculture, logging, energy poverty, and unchecked land use. The Food and Agriculture Organization (FAO) estimates that the continent loses nearly four million hectares of forest every year—an area larger than Belgium.

    Against this backdrop, a quiet but determined movement is taking shape. It is led not by governments or multilateral organisations, but by individuals and enterprises willing to translate concern into action. One such figure is Prince Adebanjo Adejuwon, a US-based Nigerian entrepreneur, forestry sustainability advocate, and Group Managing Director/CEO of MBH Global Resources. With a mission to regenerate forests, restore degraded lands, and empower communities, Adejuwon is proving that sustainable forestry is not only an ecological necessity but also an economic opportunity.

    The story of MBH Global Resources is inseparable from the life journey of its founder. Adejuwon was born and raised in Ijare, Ondo State, a community where forests once stretched endlessly across the horizon. But as he grew older, he watched those green expanses shrink, logged away for timber or cleared for farming, without any thought of regeneration. “The picture of bare hillsides and drying streams stayed with me,” he once recalled. “It became clear that without trees, we lose not just shade or wood, but life itself—our soil, our water, and even our hope.”

    Armed with training in business administration, management and agriculture, and guided by that childhood experience, Adejuwon established MBH Global Resources in the United States as a sustainability-driven agro-industrial company. What began as a vision to tackle environmental degradation has blossomed into a platform that combines forestry, agroforestry, and consulting to restore ecosystems while creating jobs.

    Balancing ecology, economy and people

    At the heart of MBH Global Resources is the philosophy of sustainable forest management (SFM). Unlike exploitative practices that see forests only as timber, SFM views them as living systems—repositories of biodiversity, protectors of water cycles, and homes for countless species, including humans. The company’s mission is simple but profound: save forests, curb land deforestation and sustain Africa’s greener future. To achieve this, it engages in afforestation and reforestation, grows economic tree species, integrates climate-smart agriculture, and promotes renewable alternatives to firewood. It is a holistic approach—environmental, social, and economic. As Adejuwon explains, “The forest must serve everyone. It must give us timber and fruits, but also clean air, jobs, and a livable climate for generations to come.”

    At the core of MBH Global Resources lies a set of guiding aims that go beyond abstract ideals to shape every project it undertakes. The company is built on the conviction that forests are more than timber banks; they are living systems whose health determines the survival of both people and the planet. This conviction translates into clear commitments—among them, promoting sustainable forest management, scaling afforestation and reforestation, advancing climate-smart agriculture, engaging end users with practical green solutions, and fostering international partnerships. Each of these pillars reflects the balance the company seeks: between environment and economy, present and future, local action and global responsibility.

    Promoting sustainable forest management remains its most fundamental goal. It is about striking a delicate balance between human needs and environmental health, ensuring that forests can support livelihoods without being stripped of their vitality. But MBH Global does not stop at protecting existing forests; it has set out to restore degraded ones. Through afforestation and reforestation projects, the company plants thousands of trees across vulnerable landscapes, enhancing biodiversity while capturing carbon and replenishing ecosystems. These projects are also paired with climate-smart agriculture—integrating farming practices that protect the soil, conserve water, and secure food supplies while coexisting with forests.

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    Recognising that conservation must also touch the lives of ordinary people, the company engages directly with end users. In rural Africa, where millions rely on firewood for cooking, MBH Global provides communities with green alternatives. By introducing clean cooking technologies and renewable energy options, it reduces dependence on forest wood and lessens the daily burden on women and children who spend hours gathering fuel. “You cannot ask people to stop cutting trees if you don’t give them alternatives,” says Adejuwon. His insistence underscores the practical approach MBH Global takes—offering solutions that work for both the environment and the people who depend on it.

    The company’s vision is not limited by borders. From its inception, MBH Global has sought to foster international partnerships with governments, stakeholders, and private investors, understanding that large-scale ecosystem restoration can only succeed through collaboration. These partnerships are modelled on global climate agreements, particularly the 2016 Paris Accord, which inspired Adejuwon to act. While governments debated policy, he saw an opportunity for businesses and citizens to plant real solutions in the soil. Five years ago, MBH Global launched its first reforestation initiatives on modest plots. From those humble beginnings, it has grown into a regional leader, restoring over 1,000 hectares of degraded land in Ondo and Ekiti States. Thousands of economic trees—ranging from fast-growing Melina to hardwoods like Iroko, Teak, and Afara—now stand as proof of what is possible. These projects have not only revived landscapes but also created jobs, strengthened rural economies, and regenerated habitats for wildlife.

    Perhaps the greatest achievement lies in the model itself. MBH Global has demonstrated that restoration is scalable, replicable, and adaptable. With every seed planted, it sows both environmental renewal and social progress—an approach that can be replicated across Nigeria and, ultimately, across Africa. Forestry is often misunderstood as charity work or an endless expense. MBH Global Resources proves otherwise. Sustainable forestry, when managed well, can generate substantial economic returns while protecting the environment. For instance, Melina trees mature in three to four years and can be used in the paper industry, while hardwoods like Iroko yield valuable timber over longer cycles. By diversifying tree species, MBH ensures a continuous and sustainable supply chain that serves industries from furniture to construction. This dual benefit—environmental restoration and economic growth—makes forestry attractive to investors. “The forest can be both a bank and a blessing,” Adejuwon explains. “It pays dividends in timber, food, and climate security.”

    Seeds of the future

    Every forest begins with a seed, and MBH Global Resources takes this literally. The company sources seeds from established nurseries and plantations, while its earliest farms now serve as seed banks. This self-sufficiency not only reduces costs but also guarantees sustainability. The act of planting, nurturing, and harvesting seeds has also become a metaphor for Adejuwon’s vision: each tree is an investment in the future, each plantation a promise to the next generation.

    Tree planting is capital-intensive. It requires land, seedlings, irrigation, labour and years of patience before returns materialise. This makes early-stage investment a daunting prospect. Many potential investors hesitate, wary of tying up capital in long-term ventures. MBH Global Resources has addressed this by offering buy-in opportunities where investors can join at later stages, once plantations have proven survival rates. This reduces risk and builds confidence. Transparency, demonstrated results, and tangible benefits have been central in winning investor trust. Still, challenges remain. Convincing governments to commit consistently across election cycles, and persuading private capital to think beyond quarterly profits, requires relentless advocacy.

    Having proven success in Ondo and Ekiti States, MBH Global Resources is now eyeing expansion. Proposals are in motion with several southern states, while plans are underway to extend into northern Nigeria, where desertification and deforestation are most severe. Through irrigation and climate-smart technologies, the company envisions restoring vast stretches of degraded land across the Sahel, transforming bare soil into forests of economic and ecological value. Beyond Nigeria, Adejuwon dreams of scaling across Africa, contributing to continental initiatives like the Great Green Wall, which aims to restore 100 million hectares of land across 20 countries.

    The urgency of Nigeria’s deforestation crisis was underscored when Vice President Kashim Shettima recently raised the alarm. For MBH Global Resources, this is both a challenge and an opportunity. By aligning with national sustainability goals and drawing lessons from countries such as Vietnam, Brazil, and Ethiopia, MBH advocates for Nigeria to industrialize its forests. Rather than viewing forestry as conservation alone, the company argues it should be treated as an economic engine—creating jobs, generating revenue, and enhancing resilience. “Forests can be Nigeria’s new oil,” Adejuwon argues, “but only if managed sustainably.”

    MBH Global Resources also recognises the role of education in sustaining its mission. Plans are underway to collaborate with universities and technical institutions offering forestry and environmental courses. By providing internships, training, and career opportunities, the company hopes to nurture the next generation of sustainability professionals. This educational focus ensures that forestry is not just a project but a profession, empowering young Nigerians to see conservation as a viable career path.

    The stakes could not be higher. Deforestation threatens water supplies, accelerates climate change, undermines food security, and displaces communities. Yet, restoration offers multiple dividends: carbon sequestration, biodiversity protection, economic resilience, and cultural pride. In many ways, the battle for Africa’s future will be won or lost in its forests. And as MBH Global Resources shows, the fight is not about choosing between trees and people, but about ensuring both thrive together. “Restoring ecosystems is not charity; it is survival. Governments must provide policies, investors must bring capital, and communities must lend their hands. If we work together, we can turn bare lands into green wealth, protect biodiversity, and secure a future where children inherit not deserts, but forests.”

    It is a vision as bold as it is necessary: a world where Africa leads not in deforestation statistics, but in reforestation success stories. Sustainable forest management is more than an environmental strategy—it is a blueprint for living. It recognizes that forests are not infinite, that the earth has limits, and that our choices ripple into the lives of future generations. Through MBH Global Resources, Adejuwon has shown what is possible when vision meets action. From the hills of Ondo to the degraded lands of Ekiti, and soon across Nigeria and Africa, he is proving that one enterprise can light the path toward a greener future. The challenge of climate change may be global, but its solutions are often local, planted one tree at a time. In those saplings lies not just shade or timber, but hope—a reminder that humanity, too, can regenerate.

  • Reforms spur naira recovery, FX reserves hit $41.69bn

    Reforms spur naira recovery, FX reserves hit $41.69bn

    The naira extended its rally this week, closing at N1,497/$1 on Monday at the official Nigerian Foreign Exchange Market—one of its strongest levels in recent months. The rebound is being driven by a mix of factors, including stronger demand for the naira, reduced speculative activity, and a rise in the country’s foreign reserves, which reached $41.69 billion as of September 12. Analysts say the foreign exchange reforms implemented under the leadership of Central Bank Governor Olayemi Cardoso are helping to stabilise the exchange rate and improve broader economic fundamentals, writes Assistant Business Editor COLLINS NWEZE.

    The naira strengthened significantly on Monday, closing below N1,497/$ at the official Nigerian Foreign Exchange Market—its strongest level in recent months. This rally has been attributed to key reforms by the Central Bank of Nigeria (CBN), alongside growing transparency, accountability and improved dollar liquidity in the FX market.

    CBN data shows the naira traded between N1,498/$ and N1,507/$ in last week’s sessions, extending a positive trend that began in early September when it opened at N1,526.09/$. The parallel market reflected a similar trajectory, with the naira appreciating to between N1,515/$ and N1,517/$ during the week.

    Analysts at Commercio Partners linked the gains to a mix of increased demand for the naira, declining speculative activity, and stronger foreign reserves. Ifeanyi Ubah, Head of Research at Commercio Partners, expressed optimism that the upward momentum could be sustained in the short term, supported by rising external buffers and continued policy discipline.   “Nigeria’s external reserves stood at $41.69 billion on September 12, 2025, and have consistently grown in recent weeks, reflecting a healthier external position for the country. With reserves strengthening, speculative activity subsiding, and oil earnings supporting inflows, many market watchers believe the naira’s current rally has a stronger foundation compared to previous cycles of volatility,” he said.

    However, other experts caution that sustaining this momentum will depend on the government’s ability to maintain macroeconomic discipline, boost crude oil production, and diversify export earnings.

    How stronger naira impacts trade

    As the naira strengthens, the cost of imports in Nigeria is expected to decline, offering potential relief to businesses and consumers. Importation costs typically include import duties, VAT, and other levies—calculated based on the CIF (Cost, Insurance, and Freight) value of goods. The CIF price reflects the total cost of goods delivered to Nigeria’s border, excluding import duties and internal charges.

    Since these duties and levies are pegged to the prevailing exchange rate, any appreciation in the naira directly lowers the naira-denominated cost of imports. In 2024, Nigeria’s total imports were valued at $40.97 billion, according to the UN COMTRADE database. The country’s leading import partners included China, Belgium, and India.

    Recent data from the National Bureau of Statistics (NBS) shows Nigeria imported food and beverages worth N1.67 trillion ($1 billion) in Q1 2025, marking a 5% rise from N1.59 trillion in Q1 2024—underscoring ongoing demand despite exchange rate fluctuations.

    Rebased GDP to benefit from naira rally

    Afrinvest West Africa Limited says Nigeria’s rebased Gross Domestic Product (GDP) needs 21.9 per cent growth at N1,500/$ exchange rate to achieve $1 trillion economy target by 2031. In its 20th Nigeria Banking Sector Report 2025 titled: “ACT-BOLD: Beyond a Trillion-Dollar Economy” released in Lagos, Group Managing Director, Afrinvest West Africa Limited, Ike Chioke, explained that at rebased GDP nominal size of N372.8 trillion, Nigeria requires a minimum annual growth rate of 21.9 per cent to attain $1 trillion economy valuation by 2031.

    It was further predicted an exchange rate of N1,500.00/$1 or a much stronger exchange rate at a slower growth rate is required to attain the GDP size milestone. The report indicated that despite the current administration’s confidence that the banking industry will support $1 trillion economy target realisation, there was need to address longstanding impediments that constrain broad-based growth potential.

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    Without such intermediation, banks would only deliver, at best, uneven and subpar growth across a few services-based sectors, while the overall economy continues to grow at a slow pace. Nigeria’s statistician-general, Adeyemi Adeniran, revealed that incorporated new and emerging sectors, consumption baskets update, and data collection refining methods helped produce a more complete picture of national output.

    Adeniran had explained how the economy fared in the rebased Gross Domestic Product (GDP) report. He said: “In nominal terms, the rebased GDP for 2019 stood at N205.09 trillion N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.” The NBS noted that in 2019, the rebased nominal GDP at basic prices represented an increase of 41.7 per cent over the nominal GDP of 2019 of the old base year (2010), 39 per cent in 2020, 38.7 per cent in 2021, 36.1 per cent in 2022, 34.6 per cent in 2023 and 35.4 per cent in 2024.

    “The results show that the structure of the Nigerian economy has changed significantly with a rise in the share of agriculture and services sectors and a fall in the share of the industries sector in nominal terms, indicating a shift in the structure of the Nigerian economy than earlier reported,” the NBS said. Adeniran further explained that the rebasing allows the country to better reflect the realities of the economy. “It’s not just about a bigger number but about accurate, timely data that supports smarter policy and economic planning,” he said.

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

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

    Ilias explained that while this statistical adjustment does not instantly generate new revenue, it creates a more reliable framework for fiscal planning, investment strategies, and development interventions. It is also recognised that Nigeria’s hope of achieving $1 trillion economy by 2030 will gain significant support from the banking sector.

    Improved FX access amid rising reserves

    Before now, one of the biggest challenges facing the Nigeria economy was limited access to forex. That challenge meant that businesses and travelers had to turn to the parallel FX market to surge for funds and in the process creating arbitrage that opened the doorway for FX speculation to thrive.

    In response, the CBN embarked on a series of bold reforms to attract more foreign capital to the economy, achieve price and exchange rate stability. In 2023 the new administration and the CBN-led by its Governor, Olayemi Cardoso, liberalised the foreign exchange market, stopped central bank financing of the fiscal deficit, and reformed fuel subsidies. The government also strengthened revenue collection and took strategic steps to reduce surging inflation rate.

    Since these reforms were implemented, international reserves have increased, and anyone can now access foreign exchange in the official market. Nigeria successfully returned to international capital markets last December and was recently upgraded by rating agencies. A new domestic, private refinery is positioning Nigeria up the value chain in a fully deregulated market.

    Cardoso-led CBN recently announced quantum leap in the net FX reserve position at $23.11 billion at the end of last year before hitting current milestone at $41.66 billion. Cardoso had upon assuming office in October 2023, prioritised reforms to rebuild Nigeria’s economic buffers and strengthen resilience. In the foreign exchange market, the apex bank faced a backlog of over $7 billion in unfulfilled commitments and a fragmented FX regime characterised by multiple forex rates, which had encouraged arbitrage opportunities.

    “Over the past year, we have undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency. This unification has enabled us to clear the outstanding foreign exchange obligations, giving businesses—ranging from manufacturers to airlines—the confidence to plan and invest in the future. To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets,” Cardoso said.

    More FX sources bolster inflows

    Foreign capital inflows to the domestic economy remains crucial elements in the drive to achieve monetary and fiscal policy stability. The apex bank is cultivating more sources of FX to increase dollar inflows, boost access to manufacturers and retail end users. From moves to boost diaspora remittances through new product development, the granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and enabling timely access to naira liquidity for IMTOs, the CBN has simplified dollar-inflow channels for FX dealers to boost business and economic growth.

    President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said the policy shifts showed the level of creativity, policy and hard work the Cardoso puts in ensuring that more forex flows into the economy and remain accessible to businesses. He said diaspora remittances to Nigeria, estimated at $23 billion annually remain a reliable source of forex to the domestic economy. There are also other sources and policies that are being explored by the apex bank to keep dollar inflows coming.

    According to the apex bank data, Net FX Reserve (NFER) stood at $23.11 billion, the highest level in over three years, a marked increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.

    The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations. The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.

    The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks. The expansion occurred even as the CBN continues to reduce short-term liabilities, thereby improving the overall quality of the reserve position. “This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” Cardoso commented.

  • Lagos rising to the global sporting stage

    Lagos rising to the global sporting stage

    Lagos is no stranger to spectacle — but what’s coming is unprecedented. The ocean has long whispered stories to the city — of trade, resilience and ambition. But now, the waters speak louder, charged with a new hum: the sound of innovation in motion. As Lagos prepares to host Africa’s first-ever E1 Electric Powerboat Series, it isn’t just staging a race — it’s launching a bold new narrative, one that declares the city’s readiness to lead in sport, sustainability and global innovation, writes Associate Editor ADEKUNLE YUSUF

    Lagos and the E1 Series: A new wave of possibilities

    As the morning mist lifts off the Atlantic, it reveals the bold silhouette of Lagos’s ever-evolving skyline. Along the waterfront of Victoria Island, anticipation hums in the air. Crowds begin to gather. Camera crews adjust their lenses. Hospitality tents brim with invited guests. Then, slicing through the calm waters of the marina, the sharp, futuristic whirr of electric motors signals something extraordinary: the arrival of the RaceBirds — sleek, hydrofoil powerboats powered entirely by clean energy.

    This is not just another day in Nigeria’s bustling commercial capital. It marks a historic turning point. Next month, Lagos will host Africa’s first-ever E1 Electric Powerboat Series, securing its place among the world’s elite and sustainable sporting destinations. Known for its economic dynamism and cultural richness, Lagos is now poised to redefine itself once again — this time as a globally relevant, future-forward host city. The E1 Series is no ordinary race. It is a fusion of speed, sustainability, and spectacle, designed for a new era of sport. Founded by Alejandro Agag and Rodi Basso, the E1 Series is the world’s first all-electric powerboat championship. After high-profile events in Monaco and Venice, its Lagos debut is more than a milestone for the sport — it’s a landmark for Africa, Nigeria, and the city of Lagos as they embrace the forefront of clean energy, marine innovation, and global attention.

    So, why Lagos — and why now? That question, says Samuel Egube, Deputy Chief of Staff to Lagos State Governor Babajide Sanwo-Olu and Chairman of the Local Organizing Committee for the Lagos E1 Grand Prix, “is best answered not only through strategy and statistics, but through the pulse and rhythm of Lagos itself.” With over 25 million residents, Lagos is one of the fastest-growing cities in the world — a place of constant motion, creativity, and reinvention. “It’s where innovation meets urgency,” Egube explains, “where culture isn’t just consumed but created — and where water, from the creeks of Makoko to the marinas of Lekki, represents both a challenge and an opportunity.”

    For the Lagos State Government, bringing the E1 Series to the city is the result of years of planning and strategic vision, championed by Governor Sanwo-Olu. Under his administration, Lagos has advanced an ambitious transformation agenda known as THEMES+ — which emphasizes tourism, transportation, the environment, and infrastructure. “Hosting the E1 race is about more than sport,” says Egube. “It’s about reshaping how Lagos — and Africa — are seen on the world stage. This isn’t just about boats cutting through the water. It’s about Lagos cutting through outdated perceptions: that African cities are too chaotic, too complicated, or too far removed to host global events. This race proves otherwise.”

    The E1 Lagos Grand Prix brings together nine international teams, each backed by global icons including Rafael Nadal, Didier Drogba, Tom Brady, Will Smith, and Virat Kohli — world-renowned figures whose involvement elevates the global spotlight on Lagos. More than 250 sports and technology stakeholders from around the world will attend, alongside thousands of spectators, media outlets, and investors. The event is expected to inject significant momentum into the local economy — especially for Lagos’s vibrant hospitality sector, from hotels and restaurants to transport services and tourist attractions.

    But for Egube, the true power of the E1 Series lies in the legacy it will leave behind. “This isn’t just a one-off event,” he says. “It’s a platform to show the world that African cities can lead on sustainability, innovation, and international collaboration. The race may last a few days, but the signal it sends — that Lagos is not waiting for permission to participate, but boldly claiming its place — will resonate far beyond the finish line.”

    Indeed, the most lasting impact of the E1 Grand Prix may not be in the broadcast statistics or viral clips, but in the quiet, radical shift it inspires — particularly for local youth. By showcasing clean technology, engineering excellence, and international standards, the event opens doors to new aspirations in fields like environmental science, marine engineering, and green innovation. “This is Lagos building its own table,” Egube concludes. “Not waiting to be invited — but shaping the global conversation on its own terms.”

    What makes the E1 Series historic?

    According to Toke Benson-Awoyinka, the Lagos State Commissioner for Tourism, Arts and Culture, the E1 Series marks a truly historic moment — not just for Lagos, but for the entire African continent. “When Lagos was announced as the first African city to host an electric powerboat race, it wasn’t just a win for Lagos — it was a statement to the world,” she said. “We’ve joined the ranks of Monaco, Venice, and Jeddah — but with something entirely unique: Lagos’s unmatched energy, cultural depth, and spirit of innovation.”

    Scheduled to take place from October 3 to 5, the Lagos E1 Grand Prix is more than just a race — it’s Africa’s debut on the global stage of electric marine motorsport. As Benson-Awoyinka emphasized, “This isn’t just about fast boats on water. It’s a celebration of what happens when sustainability, cutting-edge technology, and vibrant culture come together in one place.” The E1 Series is the world’s first all-electric powerboat championship, featuring RaceBird boats powered entirely by zero-emission electric propulsion. As global attention turns toward clean energy and sustainable practices, the Lagos leg of the competition serves as a bold demonstration of Africa’s commitment to climate action and marine innovation.

    But beyond the technology and sustainability, the E1 Series in Lagos carries enormous symbolic and cultural weight — thanks in large part to the high-profile team owners involved. Global superstars like Rafael Nadal, Tom Brady, Will Smith, Virat Kohli, and Didier Drogba are not only bringing international prestige to the event but are helping to spotlight Lagos on a global stage. Chris Oshiafi, Group CEO of PanAfrican Capital Holdings and Chairman of the Sponsorship Committee for the Lagos E1 Grand Prix, sees the involvement of someone like Drogba as deeply significant. “Drogba isn’t just a football legend — he’s a pan-African icon whose work in youth empowerment and sustainability reflects the core values of the E1 Series,” Oshiafi said. “Team Drogba is expected to draw massive support — not just because of Didier’s legacy in football, but because of what he stands for: an Africa that is bold, visionary, and ready to lead.”

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    Drogba himself echoed that message at a recent press conference. “Africa deserves to be at the forefront of innovation and sport,” he said. “E1 is a chance to show that we’re not waiting for the future to come to us — we’re already building it.” With its high-octane action on water, commitment to clean energy, and deep cultural resonance, the Lagos E1 Grand Prix represents more than an international sporting event. It’s a transformative moment — one that positions Lagos and Africa at the cutting edge of sport, sustainability, and global relevance. As Commissioner Benson-Awoyinka put it, “This is more than tourism — it’s transformation.”

    Why Lagos, why now?

     The decision to bring the E1 Series to Lagos wasn’t a coincidence — it was the result of intentional, long-term planning and vision. According to Oluwaseun Osiyemi, Lagos State Commissioner for Transportation, the city has consistently proven its ability to host large-scale international events, from marathons and tech expos to art fairs and music festivals. But with the E1 Grand Prix, Lagos is entering uncharted waters. “E1 marks a new chapter for Lagos,” Osiyemi explained. “We’re not just hosting another global event — we’re positioning Lagos as Africa’s entry point into electric marine sports, and as a city fully committed to sustainable transportation and technological innovation.”

    Set to attract over 250 global stakeholders, athletes, and professionals — and reach millions of viewers worldwide — the Lagos E1 Grand Prix is poised to be one of the most significant sporting events in Nigeria’s recent history. Osiyemi noted that this aligns directly with the administration’s THEMES+ agenda, a strategic framework that prioritizes transportation, health, environment, and economic growth through innovation. “Governor Sanwo-Olu has made it clear: Lagos isn’t content with just participating in the global economy,” Osiyemi said. “We’re here to lead — in sustainability, in sport, and in the future of mobility.” Governor Sanwo-Olu has been a driving force behind the event’s success, personally championing Lagos as a host city. For him, E1 is more than a sporting spectacle; it’s a declaration of intent. “We’re not just hosting a race,” he said. “We’re sending a message: Lagos is open — for business, for innovation, and for the future.”

    For the leadership behind the E1 Series — including Alejandro Agag, founder of Formula E and Extreme E, and Rodi Basso, E1 CEO — Lagos is the ideal launchpad for Africa’s entry into electric marine sports. “Bringing E1 to Africa starts with Lagos because Lagos reflects what this championship is all about: speed, ambition, innovation, and resilience,” said Basso. To them, Lagos isn’t just a location — it’s a symbolic gateway. The hope is that this event will spark similar races and clean-energy innovations in cities like Cape Town, Dakar, and Dar es Salaam, using sport as a catalyst for climate action, marine innovation, and economic transformation.

    But the impact of E1 in Lagos isn’t expected to stop when the boats leave the water. Promoters and partners are focused on legacy — on what this race leaves behind. Success won’t be measured only by high attendance or media buzz, but by the lasting opportunities created for local talent and industries. That includes: elevating Nigeria’s global image as a hub for sport and sustainability; boosting local marine tech and clean-energy startups; inspiring youth to explore careers in engineering, environmental science, and innovation; and creating new partnerships in tourism, infrastructure, and mobility. In the words of E1’s leadership, “The confidence we’ve placed in Lagos is already paying off — and it’s only the beginning.”

  • Strengthening financial sector through bold regulatory reforms

    Strengthening financial sector through bold regulatory reforms

    The Central Bank of Nigeria (CBN) is strengthening regulatory effectiveness in the financial services sector through sweeping structural reforms. Its latest policies expand supervisory frameworks, clarify institutional responsibilities, and extend oversight beyond core prudential issues to cover non-prudential concerns such as governance, consumer protection, and market conduct, as well as emerging risks like cyber threats and fintech disruptions. With new compliance directives to banks, Payment Service Banks, and Other Financial Institutions, the apex bank aims to entrench stronger regulatory discipline and broaden industry-wide accountability, reports Assistant Editor COLLINS NWEZE

    The Nigerian financial sector has, for years, needed stability and robust regulatory oversight to thrive. Central to this mission is the Central Bank of Nigeria (CBN), whose statutory role includes ensuring sound banking practices and safeguarding financial stability through effective surveillance.

    Empowered by the Banks and Other Financial Institutions (BOFIA) Act of 2020, the CBN also bears responsibility for promoting an efficient payments system anchored on a resilient financial architecture. To achieve this, the apex bank routinely issues policies and regulations that entrench strong oversight, uphold prudential standards, and foster confidence in the system. Beyond its core supervisory functions, the CBN has consistently played a developmental role, extending its influence across critical sectors of the economy—including finance, agriculture and industry. These broad mandates are executed through its specialised departments, ensuring that the bank’s objectives are pursued with precision and impact.

    Under the leadership of Governor Olayemi Cardoso, the Bank has sharpened its focus on economic reforms and targeted policies designed to restore macroeconomic stability. Through transparent market operations, improved coordination between monetary and fiscal authorities and deliberate measures to rebuild public trust, the CBN is working to stabilise the exchange rate, curb inflation, strengthen banks’ capital buffers, and create an enabling environment for both businesses and individuals to succeed.

    Equally important is the promotion of ethics and professionalism within the financial system. Recognising that the integrity of bankers and treasurers is fundamental to market stability, the CBN has introduced the FX Global Code to guide authorised dealers and market participants. This initiative underscores the Bank’s commitment not only to prudent regulation but also to embedding international best practices in Nigeria’s financial markets. “At the Central Bank, we have intensified surveillance of market activities to ensure compliance and eliminate bad actors who attempt to undermine the system. Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” he said.Last week, the apex bank expanded the mandate of its newly created Compliance Department. In a circular to banks, Payment Service Banks, and Other Financial Institutions, the apex bank announced that the department, established in the first quarter of this year, will now oversee four key areas. These include Financial Crime Supervision (AML/CFT/CPF and sanctions compliance), Market Conduct Supervision (disclosure practices, complaints frameworks, advertising standards), Enterprise Security Supervision (cybersecurity, data protection, third-party risk management), and Corporate Governance and ESG Supervision (board effectiveness, ESG oversight). Director Olubunmi Ayodele-Oni said the move aims to enhance surveillance and global best practices.

    “When operations commenced in Q2 2025, responsibility for the oversight of non-prudential risk areas was formally reassigned to the Department. This structural reform forms part of the Bank’s broader efforts to consolidate and embed regulatory effectiveness within existing supervisory frameworks, clarify institutional responsibilities, and maintain focused oversight of non-prudential and emerging risks,” it said.

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    The apex bank explained that, henceforth, all regulatory reports, correspondence and related enquiries concerning these matters should be directed to the Director, Compliance Department through the established communication channels. “Financial institutions will receive direct communication from the Department regarding specific points of contact and submission procedures. The CBN looks forward to continued cooperation from all institutions in ensuring a smooth transition and in upholding the highest standards of compliance with applicable regulatory requirements,” it stated.

    What the apex bank is doing

    According to Cardoso, the banking sector remains robust with key indicators reflecting a resilient system.  “The non-performing loan ratio remains within the prudential benchmark of five per cent, showcasing strong credit risk management. The banking sector liquidity ratio comfortably exceeds the regulatory floor of 30 per cent, a level which ensures banks are maintaining adequate cash flow to meet the needs of customers and their operations. The recent stress test conducted also reaffirmed the continued strength of our banking system,” he said.

    Also, to ensure that the banking system can effectively support the growth of the nation’s economy, efforts to strengthen banks’ capital buffers were announced in 2023 with a two-year implementation window. According to him, the banking sector remains in a strong position to support Nigeria’s economic recovery by enabling access to credit for MSMEs and supporting investment in critical sectors of our economy. In the same vein, he said Other Financial Institutions (OFIs) hold significant potential to drive productivity and economic growth by expanding access to credit and financial services for underserved individuals and businesses.

    “To unlock this untapped potential, we aim to strengthen key institutions—particularly Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)—to enhance their efficiency and impact. Our strategy includes implementing model mortgage foreclosure laws to stimulate lending and reduce delinquency, integrating PMBs and MFBs into the GSI platform to minimise non-performing loans, and leveraging Development Finance Institutions (DFIs) more effectively to provide increased on lending facilities to well-managed OFIs,” he added.

    Entrenching efficiency, best practices

    At the unveiling of the Central Bank of Nigeria’s (CBN) 2024–2028 Strategic Plan at the Bank’s headquarters, Governor Cardoso outlined the vision of the institution: to be a trusted and respected central bank that promotes confidence in the economy. He explained that this would be driven by five strategic themes carefully designed to address the nation’s most critical economic and financial challenges.

    The first theme, Price Stability and Monetary Policy Effectiveness, will anchor the Bank’s resolve to leverage established monetary policy instruments, supported by rigorous data analysis, to maintain price stability. The second, Robust and Resilient Financial System, focuses on strengthening the financial sector while embedding financial inclusion objectives into policy design to broaden access to affordable products that support sustainable growth. Cardoso added that the third theme, Governance, Compliance and Advisory Partner to the Federal Government, reflects the CBN’s commitment to act as a transparent, reliable, and trusted advisor in shaping economic policies. Recognising the critical role of people, processes, and technology, the fourth and fifth themes—Excellence in Central Banking Operations and An Impact-Focused High-Performance Organisation—will ensure operational efficiency and strengthen the Bank’s institutional capacity.

    The Governor further highlighted core values such as integrity, meritocracy, professionalism, accountability, courage, and tenacity as guiding principles for delivering professionalism, transparency, and accountability to Nigerians. Commending the Strategy Management Department for developing the plan in-house without external consultants, he urged all CBN staff to uphold ethics, good governance, and transparency in executing the strategy. He also stressed that the plan was not for the CBN alone but for all Nigerians, calling on stakeholders to collaborate in building a more prosperous nation and repositioning the Bank as a credible institution at the forefront of economic transformation.

    Staff members described the plan—CBN’s fourth strategic cycle after those of 2012–2015, 2015–2019, and 2021–2024—as a bold repositioning of the Bank to its core mandate. They expressed appreciation to management and the Strategy Department for delivering the first entirely in-house strategy within record time. The launch climaxed with the unveiling of the theme “Repositioning for Impact,” which stakeholders said resonates with the CBN’s mission, vision, and values. They lauded the Bank’s leadership and workforce for their unity of purpose and reaffirmed their commitment to supporting the effective execution of the strategy.

    What the law says

    The 2007 CBN Act mandates the apex bank to promote financial system stability as one of its core objectives. To achieve this, the apex bank has, over the years, implemented reforms aimed at strengthening the banking sector, improving access to finance, building institutional capacity, and entrenching sound corporate governance practices. These measures are designed to safeguard the system, protect depositors, and sustain confidence in the economy.

    Highlighting the importance of stability, the President of the Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka, explained that the collapse of financial institutions, especially banks, carries grave risks. Such failures, he noted, can erode public confidence, trigger a sudden contraction in money supply, reduce savings and investments, and even collapse payment systems—all with devastating effects on the real economy.

    Under the leadership of Governor Cardoso, the CBN has also embarked on deliberate efforts to improve the functioning and transparency of the foreign exchange (FX) market. These reforms have yielded remarkable results. For instance, the average daily turnover in the Nigerian Autonomous Foreign Exchange Market grew by 226 per cent in the first half of last year compared to the same period in 2023. Similarly, foreign portfolio inflows rose by more than 72 per cent, reflecting improved investor confidence in the Nigerian economy. At the same time, the country’s foreign exchange reserves increased significantly—from $32 billion in May 2023 to over $41.5 billion. This figure represents the equivalent of 10 months of import cover, the highest level in almost three years, and a buffer that strengthens the economy against external shocks.

    The market has also proven more efficient in facilitating capital mobility. Over the past year, it supported more than $9 billion in capital outflows, enabling investors to repatriate capital and dividends freely. This marks a sharp departure from past experiences when such repatriations were delayed for months, undermining confidence in Nigeria’s financial markets. Cardoso has emphasised that these gains are being consolidated through enhanced surveillance of market activities. The CBN has intensified its monitoring to ensure strict compliance with rules and to weed out bad actors seeking to manipulate or destabilize the system. Taken together, these reforms demonstrate the apex bank’s determination to stabilise Nigeria’s financial sector, protect investors, and foster a resilient economy capable of supporting long-term growth.

    “Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations. Within the banking sector, I am pleased to note that the sector remains robust with key indicators reflecting a resilient system. The non-performing loan ratio remains within the prudential benchmark of five per cent, showcasing strong credit risk management,” he said.

    Cardoso added: “The banking sector liquidity ratio comfortably exceeds the regulatory floor of 30 percent, a level which ensures banks are maintaining adequate cash flow to meet the needs of customers and their operations. The recent stress test conducted also reaffirmed the continued strength of our banking system.”

  • How agri-tech is rewriting Nigeria’s farming future

    How agri-tech is rewriting Nigeria’s farming future

    A disruptive transformation is reshaping Nigeria’s agriculture—and it’s powered by innovation. From vertical farms and hydroponics to AI-driven mechanisation and clean energy, groundbreaking technologies are transforming how food is grown, distributed and consumed. At the forefront are bold entrepreneurs and forward-thinking institutions, arming young Nigerians with the tools to drive sustainable change. As food security concerns grow, Nigeria is fast-tracking a bold new vision for farming, reports DANIEL ESSIET.

    A quiet revolution is transforming Nigeria’s agricultural landscape, driven by groundbreaking technologies and innovative approaches. These advancements are not only boosting farm efficiency and productivity but also offering renewed hope for food security and economic growth across the nation. From soilless cultivation to digital mechanisation platforms, the future of agriculture looks promising — and stakeholders are taking notice.

    Leading this transformation is Samson Ogbole, a social impact entrepreneur and Team Lead at Eupepsia Place Limited (Soilless Farm) in Ogun State. Ogbole is passionate about equipping young Nigerians with the skills to drive agricultural innovation. His Soilless Farm Lab in Kurere Village, Awowo, showcases the power of vertical and climate-smart farming. Through the Enterprise for Youth in Agriculture (EYiA) — a Mastercard Foundation-funded project — Ogbole’s team is training 12,000 youths (70% women) over three years. The focus: soilless farming (hydroponics, aquaponics, aeroponics), protected cultivation, and cutting-edge irrigation systems.

    “EYiA, funded by the Mastercard Foundation, is empowering young individuals to take the reins in the burgeoning horticulture sector. Our programme goes beyond traditional farming practices, incorporating cutting-edge technologies and sustainable approaches to ensure long-term success,” Ogbole explained. 

    So far, over 9,000 young Nigerians have been trained in modern agricultural practices through the Soilless Farm Lab’s Enterprise for Youth in Agriculture (EYiA) initiative. These participants are equipped with skills in farm management, setup, and produce sales, preparing them for diverse roles in the evolving agribusiness space. At the helm is Samson Ogbole, a passionate social entrepreneur and mentor with i-FAIR — an innovation programme by the Israeli Embassy in Nigeria. Inspired by Israel’s food-water-energy model, Ogbole promotes year-round vegetable cultivation using minimal water resources.

    The impact of EYiA is already evident in inspiring stories like that of Odey Eucharia, a young entrepreneur from northern Nigeria. Initially drawn by the agricultural training, she discovered invaluable business management skills that transformed her cosmetics venture, Euckays Industries Enterprises. In November last year, Eucharia secured N1 million through Soilless Farm Lab’s Deal Room initiative, revitalising her brand, now flourishing with a growing line of haircare products. Her journey highlights the holistic impact of EYiA — blending agricultural innovation with entrepreneurial development to empower youth across sectors.

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    Recently, Soilless Farm Lab deepened its commitment to innovation by partnering with the University of Lagos (UNILAG). The collaboration aims to revolutionise urban agriculture using vertical farming technologies. During a strategic meeting, Ogbole pledged full support, including curriculum input, hands-on training, and expedited implementation of a proposed urban agriculture centre. A ₦5 million donation by Soilless Farm Lab kickstarted the partnership. Professor Bola Oboh, UNILAG’s Deputy Vice-Chancellor (Academics and Research), reaffirmed the university’s commitment, revealing plans to establish a Faculty of Agriculture and Food Sciences, and the UNILAG Centre for City Agriculture. She underscored the urgency of the project, aiming for a functional demonstration centre within 12–18 months.

    Meanwhile, innovators like Adebowale Onafowora, CEO of Bic Soilless Technology Farms in Abeokuta, are leveraging hydroponics to produce maize fodder for livestock — showcasing how agricultural technology is addressing food system challenges from crop to cattle. In the face of rising climate challenges and water scarcity, innovative agricultural practices are becoming increasingly vital. According to Onafowora, hydroponics, a method of growing plants without soil, is emerging as a leading solution, offering superior resource efficiency and high-quality yields. He explains that hydroponics ensures efficient use of water and resources while delivering consistently high-quality yields, making it especially suitable for water-stressed regions. “While traditional methods may offer short-term gains, hydroponics provides long-term sustainability,” Onafowora notes. He adds that crops like lettuce, spinach, tomatoes, and strawberries thrive under hydroponic systems, meeting both local and international market demands for freshness and quality.

    In 2017, BIC Farms partnered with Landmark University (LMU), Omu-Aran, Kwara State, to drive a soilless farming revolution. Onafowora underscores the urgency of adapting to urbanisation and dwindling arable land, pointing out that hydroponics makes agriculture more appealing to the younger generation — a crucial factor as Nigeria’s farming population ages. Dr. Samson Odedina, former Ogun State Commissioner for Agriculture and past Rector of the Federal College of Agriculture, Akure, echoes this urgency. He advocates for integrating technology into farming, stating: “The sector faces challenges that demand fast-paced, scalable innovation to transform agri-food systems.”

    One such innovation is Tractrac, a cloud-based platform founded by Godson Ohuruogu. The platform crowd-sources and crowd-funds access to agricultural machinery, providing affordable mechanisation services to over 135,000 smallholder farmers across Nigeria. “Mechanisation isn’t a luxury — it’s a necessity for agricultural progress,” Ohuruogu says. His platform, TracTrac-Plus, allows real-time booking of farm equipment, helping farmers improve productivity and reduce manual labour. Together, these innovators reflect a new wave of solution-driven agriculture, harnessing technology to drive sustainability, youth engagement, and food security in Nigeria’s evolving agricultural landscape. “The company is also actively working to address gender and youth gaps in mechanisation by supporting women and young entrepreneurs in setting up sustainable mechanisation businesses.

    The Chief Executive of SMEFUNDS, Femi Oye is championing the urgent need for communities to be “powered up” through decentralised renewable energy projects. His conviction is that these initiatives are not merely about electricity, but are a vital weapon in the fight against hunger, particularly in the country’s most remote rural areas. Oye highlighted the potential of harnessing renewable energy to revolutionise food security.

    With rising temperatures threatening food production, he emphasised the importance of clean energy sources such as solar and biomass. His Green Energy United project, which produces bio-ethanol gel from water hyacinth and sawdust for clean cooking, exemplifies innovative solutions that bridge energy and food security.

    Oye is a strong proponent of kick-starting rural development and promoting food security by deploying solar-powered pumps and irrigation systems. He emphasised that these technologies can reach extremely remote villages, unlocking agricultural potential that has long been hampered by a lack of reliable power. He believes that renewable energy can power various aspects of the agricultural value chain, from processing and storage facilities to providing lighting for extended working hours, all contributing to a more robust and resilient food system.

    Lagos has unveiled plans to enhance the adoption of next-generation agritechnologies through pilot training programmes designed to deepen workforce specialisation levels. Indeed, the state is emerging as a vibrant hub for AgTech, driven by a robust entrepreneurship ecosystem and supportive governmental initiatives. The Commissioner for Agriculture and Food System, Ms. Abisola Olusanya, underscored the positive policy environment for the agritech sector, recognising its strategic significance in addressing food security and driving economic growth.

    “We established the Lagos Innovation Club as a platform for young business owners in the agri space,” Olusanya noted, emphasising the government’s role in facilitating private sector-led initiatives and fostering collaborations.

    Across Africa, countries are looking towards Israel as a model for developing smart technology to improve food security. The Chief Executive Officer of the Agricultural and Rural Management Training Institute (ARMTI), Dr Olufemi Oladunni, urged the Federal Government to cooperate with Israel, particularly in leveraging their expertise in advanced agricultural technologies such as drip irrigation. “Israel is a desert place where everything is green. Their experience in transforming the desert into green land is legendary,” Oladunni observed, highlighting the potential for Nigeria to combat desert encroachment and enhance food production with Israeli knowledge.

    The Israeli Ambassador to Nigeria, Michael Freeman, in a recent event, expressed his country’s pride in partnering with Nigeria to develop its economic and business landscape, emphasising Israel’s readiness for business collaborations. Israeli startups are utilising technology across the entire food supply chain, from agricultural production to the development of nutritious and sustainable food. With over 750 companies driving innovation in the agrifood tech sector, Israel’s advancements in data analysis, Artificial Intelligence (AI), robotics and biological sciences offer invaluable lessons for Nigeria.

    The Head of the College of Agriculture and Environmental Sciences, Mohammed VI Polytechnic University (UM6P), Bruno Gerard, believes Africa’s agricultural landscape stands at a critical juncture, brimming with potential yet facing significant challenges. However, according to him, universities hold the key to unlocking this potential and forging a better future for the Continent’s farmers. Gerard emphasised that these institutions are not just centres of academic learning, but vital engines for innovation, research and capacity building–all essential ingredients for transforming African agriculture.

    According to him, UM6P is ready to partner with Nigerian universities to shape a better Africa for farmers. He sees the university providing incubators for the next generation of agricultural leaders, researchers and extension workers who will drive sustainable practices and food security across the Continent. He highlighted several critical ways the university contributes to this vision. These include developing climate-resilient crops and sustainable farming techniques tailored to Africa’s diverse agro-ecological zones. The research, according to him, is crucial for increasing yields, reducing post-harvest losses and adapting to the impacts of climate change. His insights underscore a compelling vision where academic excellence translates directly into tangible benefits for the millions of farmers who are the backbone of Africa’s economy.

    Early this year, the European Union (EU) reiterated its dedication to revolutionising agriculture in Nigeria and other Economic Community of West African States (ECOWAS) nations through digitalisation. The commitment was highlighted during a field mission for the EU’s DIGISOL project in Owerri. The Head of Cooperation for the EU Delegation to Nigeria and ECOWAS, Mr Massimo De Luca, emphasised the EU’s resolve, stressing that the DIGISOL project aims at equipping rural farmers with essential digital tools and training.

    The initiative is set to significantly improve agricultural practices across the country. Luca extended his gratitude to the University of Agriculture and Environmental Sciences (UAES), Umuagwo, Imo State, for its effective collaboration in training farmers throughout the state. He also acknowledged the support of the Imo State Government, stating that the DIGISOL project will enhance food security and improve livelihood. “The EU DIGISOL project is about digital solutions and the transformation of lives through food sustainability. It’s about ensuring that Nigerian farmers have the tools that they need to thrive in an era of climate change,” Luca stated.

    The project’s Team Lead, Mr Chris Addy-Nayo, explained that the initiative focuses on supporting digital production, processing and the sharing of trade knowledge. He reported that the project has already engaged 100 farmers in Imo, 200 in Kwara and 300 in Ogun states. Addy-Nayo assured farmers of the EU’s continued commitment to optimising agricultural productivity through digital processes. The Vice-Chancellor of the University of Agriculture and Environmental Sciences (UAES) Umuagwo, Prof Christopher Eze, reaffirmed the institution’s commitment to environmental sustainability and climate action through technical education, agriculture, human capital development and food security.