Tag: Nigeria

  • Nigeria calls for global economic reset

    Nigeria calls for global economic reset

    Nigeria has called for a reset of the global economic system as emerging market economies seek fairer treatment in international trade, finance and monetary policies.

    The call was made on Sunday in Saudi Arabia by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a panel session involving Finance Ministers from major emerging market countries.

    Edun spoke at the Al Ula Conference for Emerging Market Economies, where global finance leaders met to discuss changes in international trade, monetary systems and macroeconomic policies at a time of major shifts in the global economy.

    According to a statement shared by the Ministry of Finance on its official X handle, the minister told the gathering that emerging market economies must play a stronger role in shaping the new global economic order.

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    He said the current global economic structure no longer reflects the realities of today’s world and must be adjusted to give developing and emerging economies a fairer voice.

    Edun also drew attention to the increasing importance of Gulf countries in global trade and finance, noting that the region is becoming a key driver of investment and capital flows across emerging markets.

    He said Nigeria sees strong potential in working more closely with Gulf nations to unlock new opportunities in trade, infrastructure development and long-term investment.

    The minister stressed that Nigeria remains committed to building partnerships that promote fairness and balance in the global financial system.

    “Nigeria is committed to strengthening partnerships that will support a more equitable global financial architecture,” Edun said.

    He added that a restructured global economic system would help emerging markets grow faster, create jobs and improve living standards for their people.

    The conference brought together policymakers and financial experts from across the world to exchange ideas on how emerging economies can better navigate global economic changes and contribute more meaningfully to global growth.

    Nigeria’s participation, the ministry said, reflects the country’s determination to engage actively in global economic discussions and ensure that the interests of developing economies are fully represented.

  • U20 WWC Qualifier: Nigeria walk tight rope as Ifeanyi’s goal lifts Falconets over Senegal

    U20 WWC Qualifier: Nigeria walk tight rope as Ifeanyi’s goal lifts Falconets over Senegal

    Nigeria created several opportunities but had only Kindness Ifeanyi’s 51st-minute goal to show for their dominance in the FIFA U20 Women’s World Cup third-round, first-leg qualifier against Senegal.

    Substitute Ifeanyi powered home a header from a corner kick by defender Tumininu Adeshina to give Nigeria victory, with the fixture delicately poised as both teams will again be at each other’s jugular in seven days in Dakar, in the concluding leg of the fixture.

    Nigeria’s top striker, Janet Akokoromowei was forced off the encounter in the first period by injury, but Shakirat Moshood and Taiwo Afolabi initiated many telling moves that could have resulted in more goals for the two-time World Cup silver medallists.

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    Nigeria dominated for large spells of the encounter, covering every blade of grass and creating numerous chances, but were unfortunate not to convert most of them. The Falconets recorded their first incursion into the opponents’ goal area in the 12th minute, when Moshood weaved past two defenders, but her cross was blocked and then cleared by the Senegalese defence.

    Nigeria finally broke the deadlock six minutes after the restart when Ifeanyi rose highest to head home a well-taken corner kick, giving the Falconets the lead.

    She came close to doubling the advantage in the 66th minute, but Ndiaye stretched full length to push her effort away.

  • Press freedom, intelligence power, and Nigeria’s democratic signal to West Africa

    Press freedom, intelligence power, and Nigeria’s democratic signal to West Africa

    By Ademola Oshodi

    West Africa’s democratic breakdowns have increasingly followed a predictable sequence. Civic space narrows, dissent is reframed as a security problem, and coercive institutions begin to set the boundaries of permissible speech long before constitutions are suspended. 

    In that context, the decision by the Nigerian National Committee of the International Press Institute to confer a Press Freedom Commendation Award on the Director-General of the Department of State Services, Mr. Oluwatosin Ajayi, deserves attention beyond the familiar cycle of praise. 

    The award provides a lens for assessing how Nigeria is governing the relationship between intelligence power and democratic accountability, and what that posture signals about Nigeria’s leadership and soft power diplomacy in West Africa.

    The International Press Institute, founded in 1950 and headquartered in Vienna, operates as a global network of editors, media executives, and senior journalists focused on press freedom and the rule of law. Its national committees, including Nigeria’s, are designed to scrutinise state conduct where security power intersects with civic space.

    When such a body recognises the head of a domestic intelligence service, the recognition functions as a public judgement about institutional behaviour. It is an assessment that an institution traditionally associated with secrecy and coercive authority has exercised restraint, legality, and dialogue in its engagement with the press.

    This framing matter because West Africa’s democratic stress has increasingly been shaped by the securitisation of governance. For instance, in Mali, Burkina Faso, Guinea, and Niger, intelligence and military establishments became arbiters of political order long before coups were announced. Civic space narrowed early, and the press faced pressure as a precursor to broader democratic reversal. The erosion of press freedom in these contexts accompanied the securitisation of governance and the narrowing of civic space under the pretext of national survival.

    Against this backdrop, the leadership approach adopted by the Department of State Services under Mr. Ajayi represents a deliberate departure from a regional pattern that treats the media as an adversary to be contained. Since his appointment in August 2024, the DSS has recalibrated its engagement with journalists and media organisations, emphasising dialogue over intimidation and lawful process over discretionary force. The IPI’s citation explicitly notes this shift, describing an “unmistakable commitment to press freedom and respect for journalists and media organisations.” Such language is not casually deployed by an organisation whose legitimacy rests on scepticism toward state power.

    The significance of this recognition extends beyond domestic governance. Nigeria’s foreign policy posture in West Africa has historically relied on normative leadership as much as strategic capacity. Whether mediating political crises, enforcing regional protocols, or advocating constitutional order within ECOWAS, Nigeria’s influence depends on credibility. That credibility weakens when internal security institutions are perceived as instruments of repression or political management. When intelligence authority is aligned with constitutional limits and civic rights, Nigeria’s position strengthens in regional diplomacy because credibility becomes easier to defend.

    From the perspective of international diplomacy, intelligence governance has become a determinant of trust. This is where soft power diplomacy enters the analysis. Soft power depends on perceived legitimacy, institutional discipline, and the coherence between domestic practice and external advocacy. Foreign governments, multilateral institutions, and international media organisations assess how Nigeria’s security agencies interact with civil society and the press, because those interactions reveal the operational meaning of democratic commitments. An international press freedom commendation directed at an intelligence leader therefore affects Nigeria’s reputation in a measurable way: it provides an external reference point that can be cited in diplomatic engagement, cooperation frameworks, and narrative competition across the region.

    President Bola Ahmed Tinubu’s public endorsement of the award reinforces this link between institutional conduct and democratic identity. By encouraging other security agencies to emulate the DSS approach under Mr. Ajayi, the Presidency situates press freedom within a wider governance agenda, with consequences for Nigeria’s external posture. Nigeria’s regional advocacy for constitutional order requires internal consistency, because West African audiences evaluate Nigeria’s arguments through Nigeria’s behaviour. Nigeria cannot plausibly argue for the restoration of constitutional order in neighbouring states while tolerating practices at home that mirror the very abuses it condemns.

    There is also an operational logic that connects press freedom to intelligence effectiveness. Open media ecosystems surface grievances, corruption risks, social fractures, and local conflict dynamics that formal reporting channels often miss. When journalism is suppressed, state agencies lose information density and reduce their capacity for anticipatory analysis. When journalism is respected within the law, intelligence assessment gains an additional layer of societal visibility. Press freedom therefore supports democratic accountability and improves situational awareness for security planning.

    Read through this lens, the IPI commendation of the Director-General of the DSS is evidence of an institutional posture that understands security as a protector of democratic order. In a West African environment where security institutions increasingly claim political guardianship, such an example carries regional relevance. It offers a counter-model to the securitised governance frameworks that have normalised coups and civic repression under the banner of stability.

    The future of democracy in West Africa will be shaped by how intelligence power is exercised, restrained, and held accountable. Nigeria’s ability to project influence, mediate crises, and sustain diplomatic authority depends on this balance. This award matters because the conduct it highlights has consequences that extend beyond one office and one event. It is a statement about institutional choice, democratic intent, and the kind of leadership Nigeria seeks to project in a region searching for democratic bearings.

    -Oshodi is Senior Special Assistant to President Tinubu on Foreign Affairs

  • FULL LIST: Nigeria, Egypt, Algeria, others top African countries with strongest naval fleet in 2026

    FULL LIST: Nigeria, Egypt, Algeria, others top African countries with strongest naval fleet in 2026

    African naval capabilities often receive less scrutiny than land and air forces, yet maritime power across the continent is steadily advancing. With thousands of kilometres of coastline and sea lanes critical to global commerce, coastal states have expanded their fleets to defend territorial waters, protect offshore assets and curb piracy.

    From the Mediterranean corridor to the Gulf of Guinea, naval forces are playing a growing role in strengthening maritime security and underpinning economic stability. Governments have invested in platforms and surveillance systems aimed at securing borders and safeguarding natural resources.

    Modern African navies now extend beyond conventional defence roles. They support trade protection, conduct sea patrols, escort commercial vessels and participate in multinational exercises that foster regional cooperation and peacekeeping.

    Global Firepower’s 2026 naval assessment indicates that several African countries operate increasingly capable fleets, including submarines, offshore patrol vessels and advanced monitoring systems configured for both combat readiness and search-and-rescue operations.

    Here are the top 10 African countries with the strongest naval fleets in 2026:

    1. Nigeria – 152 naval vessels (22nd globally)

    2. Egypt – 149 naval vessels (23rd globally)

    3. Algeria – 111 naval vessels (34th globally)

    4. Morocco – 100 naval vessels (38th globally)

    5. South Africa – 63 naval vessels (52nd globally)

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    6. Tunisia – 37 naval vessels (61st globally)

    7. Mozambique – 36 naval vessels (62nd globally)

    8. Angola – 32 naval vessels (65th globally)

    9. Kenya – 27 naval vessels (72nd globally)

    10. Eritrea – 23 naval vessels (76th globally)

  • Nigeria, Niger agree on terms to eradicate regional insurgency

    Nigeria, Niger agree on terms to eradicate regional insurgency

    The Comptroller-General of Customs, Adewale Adeniyi, yesterday, expressed the Nigeria Customs Service’s commitment to strengthening regional trade facilitation, safeguarding transit cargo, and enhancing cross-border security cooperation with neighbouring countries, particularly the Republic of Niger.

     Adeniyi made this disclosure yesterday, during a high-level bilateral meeting between the Nigeria Customs Service and the Niger Republic Customs Administration, led by its Director-General, Muhammadu Yaqouba, at the Customs House, Maitama, Abuja.

    The bilateral engagement is aimed at improving cooperation on the movement of transit goods destined for Niger through Nigeria, enhancing information sharing, addressing security challenges along shared borders, reducing delays along key transit corridors, and ensuring that legitimate trade contributes optimally to economic growth in both countries.

    Speaking at the meeting, the Comptroller -General congratulated the Director-General of Niger Republic Customs on his appointment, noting that both administrations share a long history of professional collaboration built through years of engagement at World Customs Organisation (WCO) platforms and bilateral initiatives on modern customs administration.

    According to him, “Cooperation between the two Customs services is shaped not only by shared borders but also by international obligations, particularly Nigeria’s responsibilities under Articles 124 to 132 of the United Nations Convention on the Law of the Sea, which guarantee landlocked countries access to the sea.”

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    CGC Adeniyi acknowledged the operational challenges faced by landlocked nations, explaining that dependence on neighbouring countries’ ports and infrastructure often increases transaction costs and affects competitiveness.

    “The Nigeria Customs Service has, over the years, remained committed to facilitating trade for our landlocked neighbours, including the Republic of Niger. This commitment will be sustained, irrespective of political differences, because trade, security and regional stability are interconnected,” Adeniyi said.

    Addressing concerns around transit bottlenecks, the Comptroller-General disclosed that President Bola Ahmed Tinubu, has approved the provision of safe corridors and safe passage to ease the movement of loaded trucks awaiting clearance.

    He assured that cargoes transiting through Nigeria, particularly those from Apapa Ports and Nigerian airports destined for neighbouring countries, would continue to be processed and moved within 48 hours, without compromising national security or economic interests.

    Adeniyi further revealed that strict measures have been put in place to prevent diversion of transit cargo, warning that economic operators who violate transit regulations would face stiff sanctions.

    “Non-compliance by a few operators creates non-tariff barriers and undermines trust. We are determined to ensure compliance, streamline documentation, and remove avoidable bottlenecks along major corridors such as Illela–Sokoto–Kamba–Niger Republic, as well as routes linking Apapa ports and airports to neighbouring countries,” he stated.

    He described the engagement as the beginning of a renewed phase of cooperation, stressing that sustained follow-up actions would help redefine operational modalities, reduce costs, increase trade volumes and make the corridor more attractive to transport operators.

    Earlier, the Director-General of the Niger Republic Customs Administration, Muhammadu Yaqouba, described the visit as a working engagement between two professional Customs administrations bound by shared responsibilities.

    He thanked the Nigeria Customs Service for the warm reception accorded to him and his delegation, noting that the hospitality reflected the longstanding fraternity between both countries and their Customs institutions.

    According to him, the visit was necessitated by two major challenges, including the prolonged blockage of trucks transiting from the Republic of Benin to Niger Republic, as well as prevailing security concerns across the region.

    “We face common security challenges, particularly terrorism and banditry, and we believe that engagements like this provide an opportunity to find lasting solutions through cooperation and coordination,” Yaqouba said.

    He disclosed that Niger Republic has intensified efforts since 2024 to tackle terrorism, including the launch of Operation Saran Kasa, a coordinated initiative involving all national security agencies, which has recorded notable success.

    As part of the operation, he said scanners have been deployed to inspect all goods entering Niger Republic, stressing that Customs administrations have a critical role to play in combating terrorism, arms trafficking and cross-border criminality.

    The Director-General recalled previous bilateral meetings, including the last engagement held in April 2023, expressing confidence that both administrations would continue to work together to meet shared obligations and deliver tangible outcomes for their countries.

    Also speaking, the National Coordinator of the National Counter-Terrorism Centre, Office of the National Security Adviser (ONSA), Major-General Garba Laka, congratulated the Director-General of Niger Republic Customs on his appointment and extended condolences to the Government and people of Niger over the recent terrorist attack near Niamey Airport.

    He described the incident as painful, condemning the attack and sympathising with the families of soldiers who lost their lives, while reaffirming the shared resolve of Nigeria and Niger to prevent a recurrence.

    Major-General Laka stressed that Nigeria and Niger share more than borders, describing the two countries as one people with deep historical, cultural and familial ties, particularly in border communities where families live and trade across both countries.

    “Insecurity in any part of the Sahel affects all of us. Arms trafficking, drug smuggling and the concealment of ammunition in cargo vehicles remain major threats that require coordinated and sustained action,” he said.

    He disclosed that the Government of Nigeria places high priority on Niger-related matters, including trade, energy supply and security, noting that requests from Niger, particularly on petroleum products and gas, receive prompt attention at the highest level.

    The Major-General advocated the revival of bilateral security frameworks such as cross-border right-of-pursuit arrangements, stressing that such mechanisms are essential for effectively combating terrorism and organised crime.

    He called for joint Nigeria–Niger operations and sustained inter-agency collaboration, expressing confidence that the outcomes of the meeting would be translated into concrete actions.

  • Nigeria past and present: What is the way for the future?

    Nigeria past and present: What is the way for the future?

    By Idowu Adewara

    Nigeria is a country that has never lacked potential. What it has lacked is the discipline, leadership, and collective will to turn that potential into a prosperous reality for most of its people. Both our past and our present moment confront us with the same question: Will we finally learn from experience, or will we continue recycling the same mistakes in new forms?

    A look into the past shows that Nigeria did not begin as a carefully negotiated national project. Its creation in 1914, through the amalgamation of diverse ethnic, cultural, and religious groups, was driven largely by colonial administrative convenience rather than shared identity or consensus. British colonial governance prioritised extraction over development, centralised authority over participatory governance, and obedience over citizenship. Institutions were designed to serve imperial interests, not to foster accountability or national cohesion.

    At independence in 1960, Nigeria inherited these structures without sufficiently reimagining them. The early post-independence years, marked by political instability and ethnic rivalry, quickly gave way to military rule. For decades, the military dominated Nigeria’s political life, interrupting democratic learning and weakening civilian institutions. Decision-making became highly centralised, dissent was suppressed, and accountability was treated as optional.

    Perhaps the most consequential development in Nigeria’s political economy was the discovery and exploitation of oil. The oil boom of the 1970s presented a historic opportunity to transform infrastructure, education, and industry on a grand scale. Instead, oil became both a blessing and a curse. It fuelled corruption, and the neglect of agriculture and manufacturing, sectors that had once sustained broad-based livelihoods. While oil revenues promised prosperity, they entrenched a rent-dependent economy. Productivity, innovation, and taxation were side-lined as the state became reliant on oil proceeds. Successive military and civilian administrations treated the nation as a dispenser of oil rents rather than a platform for productive enterprise and social investment. This culture elevated proximity to power over competence and replaced genuine economic planning with routine federal allocations.

    The return to civilian rule in 1999 raised hopes for a new chapter rooted in constitutionalism, accountability, and growth. More than two decades later, democracy has survived, but it has yet to mature into a system that reliably delivers security, justice, and opportunity for the average Nigerian.

    Elections remain high-stakes contests, frequently marred by vote-buying, low turnout, and a dangerous mix of apathy and cynicism. Institutions meant to check power, including the courts, legislatures, and regulatory agencies, too often bend under political pressure, patronage, or chronic underfunding. The result is a steady erosion of public faith in the rule of law.

    Public office, rather than being widely viewed as a platform for service, is commonly perceived as a route to personal security and enrichment. This perception has shaped a leadership culture that prioritises political survival over stewardship. Policies change with administrations, long-term planning is sacrificed for short-term advantage, and public trust continues to weaken.

    Yet leadership failure alone does not explain Nigeria’s condition. Civic culture has also suffered. Years of disappointment have bred apathy and resignation. Dysfunction is increasingly seen as normal, something to be endured rather than challenged. Elections are approached with low expectations, civic engagement is irregular, and accountability is often demanded selectively, if at all.

    This mutual disengagement, with leaders governing without genuine accountability and citizens retreating into survival mode, has produced a fragile social contract. The state does little to earn trust, while citizens feel little obligation beyond navigating the system for personal survival.

    The consequences are now evident. Nigeria’s young people, among the most talented and energetic in the world, increasingly view emigration as the most viable path to dignity and opportunity. Professionals leave not only in search of better wages but also in search of systems that function. Those who remain frequently contend with underemployment, frustration, and a growing sense of alienation.

    Economically, the country struggles to diversify in any meaningful way. Infrastructure gaps persist, education systems underperform, and poverty remains widespread despite decades of substantial revenue inflows. Social divisions are deepened by insecurity, inequality, and mistrust. Morally, there is a creeping fatigue, a sense that little truly changes, regardless of who holds power.

    Perhaps the greatest cost is the erosion of national belief. When citizens no longer trust that effort will be rewarded or that institutions will protect them, society becomes transactional, brittle, and vulnerable to breakdown.

    Scholars of nation-building consistently argue that unity cannot be decreed. It must be earned through inclusive governance, equitable distribution of resources, and institutions that protect all citizens, not just those with connections. Where injustice is a daily experience, ethnic and religious identities become defensive shelters rather than components of a shared civic identity.

    Breaking this cycle requires action on three interconnected fronts: leadership reform, institutional rebuilding, and renewed civic responsibility.

    First, leadership must be redefined. Nigeria does not merely need new leaders; it needs a new understanding of leadership itself. The country must move from personality-driven politics to institution-driven governance, where rules are clear, consequences are real, and public office is centred on service and measurable outcomes. Leadership should be understood as stewardship, not entitlement. Competence, integrity, and continuity must replace patronage and improvisation. Sustainable development cannot rest on individuals alone; it depends on strong, enduring institutions.

    Second, institutions must be rebuilt deliberately. Strong institutions create predictability, fairness, and trust. This demands policy consistency, respect for the rule of law, and an end to selective enforcement. Education, healthcare, security, and the judiciary must be insulated from political interference and treated as national priorities rather than bargaining tools. Local governments must also be strengthened as genuine centres of development, enabling citizens to hold leaders accountable at the closest level to their daily lives.

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    Third, and most importantly, citizens must reclaim their role. Research on nation-building is clear that sustainable progress depends on active citizens who demand better, participate constructively, and hold leaders accountable beyond election day. While anger at bad leadership is justified, it is necessary to confront an uncomfortable truth: no corrupt politician acts alone. Rigged elections involve compromised officials and voters who sell their votes. Inflated contracts require collaborators in the private sector. Every bribe offered has someone willing to accept it. A nation cannot be repaired solely by those in power if those outside power have withdrawn from collective responsibility.

    Nigeria’s history explains its present, but it does not excuse it. The past may have shaped the foundations, but the future will be determined by choices made now, by leaders who choose to govern with vision and by citizens who refuse to accept dysfunction as destiny.

    Nigeria’s challenges are serious, but they are not unique. Other nations with troubled histories have rebuilt themselves through deliberate leadership, institutional reform, and active citizenship. What is required is not blind optimism, but disciplined hope anchored in responsibility, sacrifice, and sustained effort.

    The task before Nigeria is not to search endlessly for saviours or to romanticise the past. It is to commit to the slow, demanding work of nation-building. History has brought Nigeria to this point. What comes next will depend on whether leadership rises to its duty and whether citizens choose engagement over resignation.

    Only then can Nigeria begin to move from a nation that merely endures to one that truly works.

    •Adewara is a fellow of the Lateef Jakande Leadership Academy.

  • Nigeria, World Bank strengthen partnership to boost economy

    Nigeria, World Bank strengthen partnership to boost economy

    The World Bank has agreed to provide enhanced supports to speed up Nigeria’s economic reforms to attract large-scale investment and open up more job opportunities for the country’s fast-growing population.

    At a high-level discussions in Abuja between Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Managing Director, Operations, World Bank Group, Ms. Anna Bjerde, the World Bank said it would provide enhanced supports for ongoing initiatives to deepen Nigeria’s reform agenda to ensure more visible positive impacts on the daily lives of Nigerians.

    Both sides agreed that sustained cooperation between Nigeria and the World Bank would be crucial in ensuring that reforms translate into lasting economic gains and improved living standards for citizens.

    Bjerde said the World Bank would continue backing investment-driven growth strategy, with strong attention on infrastructure delivery and greater involvement of the private sector.

    She said: “Our support will remain focused on helping Nigeria turn its plans into tangible outcomes, especially in infrastructure and private sector-led growth,” Ms. Bjerde said.

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    She expressed satisfaction with the direction of Nigeria’s economic reforms and praised the government for its clear sense of purpose.

    According to her, international markets and development partners are paying closer attention to Nigeria, as confidence in the reform agenda continues to build.

    She said: “The clarity of direction we are seeing is encouraging, and it is contributing to growing interest from investors and partners”.

    Edun told the World Bank delegation that recent policy steps taken by the administration are beginning to yield positive momentum across key sectors of the economy.

    He said the government is firmly focused on growth, investment and employment creation as central pillars of its economic strategy.

    “Our priority is to create an environment where investment can flow, businesses can grow and Nigerians can find meaningful work.

    “The reforms underway are designed to unlock productivity and place the economy on a more sustainable path,” Edun said.

    A statement issued yesterday by the Ministry of Finance outlined that key areas discussed during the meeting, which involved officials from both sides, included improving access to stable electricity supply, boosting agricultural productivity, speeding up the rollout of digital infrastructure and making trade easier across borders.

     The discussions pointed to Nigeria’s shift from making reforms to delivering real results, with both sides committed to building a stronger economy that provides jobs, stability and shared prosperity for Nigerians.

    The meeting also restated the federal government’s economic path under President Bola Ahmed Tinubu, with officials noting that confidence in Nigeria’s reform programme is gaining ground among global investors and development partners.

    The country expressed its ambition to deepen changes in the power and energy sectors while positioning itself as a major economic hub in West Africa.

    Officials pointed to Abuja’s status as the host city of the Economic Community of West African States (ECOWAS) as part of Nigeria’s broader role in driving regional integration, trade and economic cooperation.

  • Nigeria, World Bank push for jobs, growth

    Nigeria, World Bank push for jobs, growth

    Nigeria and the World Bank have reached an agreement to speed up economic reforms, attract large-scale investment, and open up more job opportunities for the country’s fast-growing population.

    The agreement followed high-level discussions held this week in Abuja between the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Managing Director of Operations at the World Bank Group, Ms. Anna Bjerde, along with senior government and World Bank officials.

    According to a statement issued by the Ministry of Finance on Thursday, the talks focused on moving Nigeria’s reform agenda beyond policy changes to visible outcomes that improve the daily lives of citizens.

    “The discussions point to Nigeria’s shift from making reforms to delivering real results, with both sides committed to building a stronger economy that provides jobs, stability, and shared prosperity for Nigerians,” the ministry said.

    The meeting also restated the federal government’s economic path under President Bola Ahmed Tinubu, with officials noting that confidence in Nigeria’s reform programme is gaining ground among global investors and development partners.

    Mr. Edun told the World Bank delegation that recent policy steps taken by the administration are beginning to yield positive momentum across key sectors of the economy. He said the government is firmly focused on growth, investment, and employment creation as central pillars of its economic strategy.

    “Our priority is to create an environment where investment can flow, businesses can grow, and Nigerians can find meaningful work,” the minister said. “The reforms underway are designed to unlock productivity and place the economy on a more sustainable path.”

    Key areas discussed during the talks included improving access to a stable electricity supply, boosting agricultural productivity, speeding up the rollout of digital infrastructure, and making trade easier across borders. The government also stressed the importance of creating the right conditions for private sector investment, which it sees as critical to building a competitive and productive economy.

    The ministry noted that progress in these areas would help reduce production costs, improve food security, and strengthen Nigeria’s position in regional and global markets.

    Nigeria’s ongoing energy reforms also featured prominently in the discussions. The country expressed its ambition to deepen changes in the power and energy sectors while positioning itself as a major economic hub in West Africa.

    Officials pointed to Abuja’s status as the host city of the Economic Community of West African States (ECOWAS) as part of Nigeria’s broader role in driving regional integration, trade and economic cooperation.

    Ms. Bjerde, on her part, expressed satisfaction with the direction of Nigeria’s economic reforms and praised the government for its clear sense of purpose. She said international markets and development partners are paying closer attention to Nigeria, as confidence in the reform agenda continues to build.

    “The clarity of direction we are seeing is encouraging, and it is contributing to growing interest from investors and partners,” she said.

    The World Bank executive also assured Nigeria of the institution’s continued backing for an investment-driven growth strategy, with strong attention on infrastructure delivery and greater involvement of the private sector.

    “Our support will remain focused on helping Nigeria turn its plans into tangible outcomes, especially in infrastructure and private sector-led growth,” Ms. Bjerde said.

    The engagement comes at a time when the federal government is pushing to stabilise the economy, attract foreign and domestic investment and create jobs for millions of young Nigerians entering the labour market.

    Both sides agreed that sustained cooperation between Nigeria and the World Bank would be crucial in ensuring that reforms translate into lasting economic gains and improved living standards for citizens.

  • Nigeria’s digital asset reform: From regulation to coordination

    Nigeria’s digital asset reform: From regulation to coordination

    By Kike Gbajumo

    Nigeria’s first encounter with the digital frontier of finance was reactive rather than strategic, characterised by episodic interventions rather than a coherent institutional design. That era—marked by “episodic constraint” and “shadow regulation”—saw authorities issue circulars restricting banks and telecommunications operators, creating a patchwork of control that was more reactive than anticipatory. Over time, however, this approach has given way to a structured legal and regulatory framework grounded in statute, fiscal oversight, and coordinated supervision. In its place, a new architecture of “sustained supervision” is taking shape. Yet anyone familiar with bureaucratic processes knows that the distance between enacting a law or issuing regulations and seeing a functioning system in practice is measured in friction, administrative deadlines, and the unyielding march of the calendar.

    By formally bringing virtual asset regulatory coordination under tax administration via Section 79 of the Nigeria Tax Administration Act 2025, authorities have signalled a pragmatic recognition: digital assets have grown too economically significant to be ignored. The classic sequence of regulatory power is on display here—first, make the market observable; then, stabilise it. Observability allows regulators to shift from suppression to market hardening, using oversight to enforce rules and ensure systemic integrity. Yet visibility is a double-edged sword. While the Securities and Exchange Commission’s jurisdiction has been clarified and constrained by Section 79, the statutory design effectively produces a model of “distributed supervision,” in which no single agency has full oversight. Coordination, therefore, becomes not just desirable, but essential—the difference between a functioning market and a regulatory bottleneck. What this architecture now requires is not further policy elaboration but clear command intent to ensure that agencies with intersecting mandates act in sequence rather than at cross-purposes.

    It is against this backdrop of fragmented authority and tightening timelines that regulatory measures have begun to stack, producing what can be described as a pincer movement. Fiscal, market-supervisory, financial-access, and security pressures now converge under overlapping, time-bound regulatory calendars, amplifying the need for precise sequencing.

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    On January 16, the Securities and Exchange Commission issued Circular No. 26-1, materially raising the cost of entry into Nigeria’s digital asset market. Minimum capital requirements for Digital Asset Exchanges and custodians were set at N2 billion, with a compliance deadline of June 30, 2027. Operators now face a stark choice: recapitalise, consolidate, or exit. This regulatory hardening coincides with parallel domestic and international pressures. Nigeria was removed from the FATF Grey List on October 24, 2025, after implementing a 19-point action plan, but obligations remain to strengthen virtual asset monitoring and inter-agency intelligence coordination. Concurrently, banks face a March 31 recapitalisation deadline under Central Bank, while a December MoU with France’s DGFiP highlights international coordination in digital tax enforcement.

    The challenge of poorly coordinated reform lies in the “ghosts” that inhabit bureaucratic machinery—conditionalities and procedural gaps that sit outside the formal permitting pathway. Consider a virtual exchange that meets the SEC’s N2 billion capital threshold, only to find that banks refuse to host its accounts because the CBN has not lifted restrictions on banking access. In this scenario, a SEC licence becomes operationally meaningless. Here, coordination is a matter of survival. Fortunately, the CBN occupies a central regulatory role in virtual asset oversight, whereas other agencies, such as National Communications Commission (NCC), occupy enabling roles. Telecommunications infrastructure—the digital arteries through which customers access platforms—remains pivotal. Unlike banks, whose regulatory obligations are directly enforced by CBN, telecommunications restrictions require additional action from NCC, following guidance from the wider security and financial-integrity apparatus.

    In short, the tax authorities, securities regulators, banks, and telecommunications operators must move in a single, synchronised formation. Without such coordination, the reform risks losing credibility. In a low-trust environment, legal compliance that is obstructed by infrastructure gaps is perceived as institutional failure, even if policy intent is clear. Coming after controversies surrounding passage of tax reform statutes and the MOU with France, operationalising Section 79 without a glitch is essential to maintain market confidence.

    At this stage, calendar and coordination converge, creating a unique urgency. The foundational laws are, however controversially, on the books, and institutions are adjusting to the realities of Section 79. What remains unannounced is the exact mechanism to operationalise coordination, even as sectoral reforms reach a critical point in banking, capital markets, and international fiscal cooperation. Capital is being raised, regulatory scrutiny has intensified, and operators are moving to comply. Yet the final test of reform will be whether a newly licensed digital firm can actually open a bank account and reach customers via the internet. Coordination is no longer a convenience—it is an essential condition for credibility.

    Since the formal lifting of CBN restrictions in late 2023, Nigeria has enacted at least three major statutes incorporating digital assets into multiple regulatory and fiscal regimes. Capital gains taxation, securities licensing, financial and compliance reporting, and revenue-led coordination are now grounded in law. Despite this momentum, residual access constraints have persisted in practice, prolonging a costly period of legal limbo for compliant operators while unregulated actors continue to serve the market. The central challenge is execution—aligning policy intent with operational reality.

    Ultimately, the Gordian Knot is not legal but coordinative. Policy intent is clear, statutory foundations are in place, and institutions are aligned in principle. What remains unresolved is the authority to translate intent consistently across organisational boundaries at a moment when mandates overlap and incentives diverge. Historically, Nigerian reforms move fastest when clear presidential direction reinforces sequencing and inter-agency alignment. Where the “Commander’s intent” is understood, execution follows.

    ·         Gbajumo, a crypto analyst, writes from Lagos

  • Nigeria, IFC seal deal to fast-track private investment in infrastructure

    Nigeria, IFC seal deal to fast-track private investment in infrastructure

    The Federal Government has taken steps to close Nigeria’s wide infrastructure gap by signing a cooperation agreement with the International Finance Corporation (IFC), a member of the World Bank Group.

    The deal is aimed at attracting private investment and speeding up the delivery of major infrastructure projects across the country.

    The agreement, signed in Abuja on Tuesday through the Federal Ministry of Budget and Economic Planning, is designed to help Nigeria prepare projects in a way that makes them attractive and clear for private investors, especially in key sectors such as transport, energy, water, healthcare, and digital services.

    Speaking at the signing ceremony, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the government recognises that public funds alone cannot meet the country’s huge infrastructure needs. He explained that the focus now is on developing projects that are properly planned and ready for investment, so private capital can come in with confidence.

    “Our needs in rail, energy, water security, healthcare, and digital infrastructure are extensive. This agreement aims to ensure that we prepare projects adequately so investors can have confidence and clarity on where to allocate capital,” Bagudu said.

    He pointed to Nigeria’s early experience in the mobile phone industry as proof of the country’s ability to absorb large-scale investments. 

    According to him, when mobile services were first introduced, investors struggled to imagine a market of 500,000 subscribers, but today Nigeria’s digital economy serves more than 100 million users.

    Bagudu added that the cooperation deal supports President Bola Ahmed Tinubu’s reform drive, which he said has involved tough policy choices to stabilise the economy, make government policies more predictable, and encourage the private sector to invest.

    He also noted that Nigeria’s long-term development plan, known as Agenda 2050, and the country’s constitution both recognise the private sector as a key driver of growth, with government providing the right policies and support.

    The IFC’s, Vice President for Africa, Mr Ethiopis Tafara, described the agreement as the result of a year of close work between both sides and a shared vision for Nigeria’s future.

    “This is not just about signing a document. It is about establishing the groundwork for projects that generate employment, attract investment, and improve the daily lives of Nigerians,” Tafara said.

    He explained that the partnership would help improve how government budgets and projects are prepared by making it easier to identify, design, and deliver projects that are ready for investors in sectors such as transport, energy, digital infrastructure, and water.

    Tafara added that the World Bank Group would also support the effort with financing and guarantee tools that can help both the federal and state governments reduce risks and attract more private investors.

    “Nigeria’s infrastructure gap cannot be closed by public budgets alone. Public-private partnerships are vital. IFC is ready to assist the government in developing a strong pipeline of projects across key sectors,” he said.

    Also speaking at the event, the IFC Regional Director for Central Africa and Anglophone West Africa, Ms Dahlia Khalifa, said the agreement represents an important moment for Nigeria’s development journey.

    She said the country’s ongoing reforms and large, youthful population present huge opportunities, but these can only be fully realised with strong infrastructure, well-prepared projects, and effective cooperation between government and private investors.

    “That is what tonight is about—creating the framework for partnerships to thrive and deliver shared prosperity for all Nigerians,” Khalifa said.

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    She disclosed that IFC has been active in Nigeria for more than 60 years and has mobilised about $20 billion in investments over the past five years in areas such as energy, digital infrastructure, agriculture, manufacturing, and financial services, including trade finance.

    Khalifa also revealed that IFC’s staff strength in Nigeria has grown four times over the last two years, showing the organisation’s increasing focus on the country.

    She praised the Federal Ministry of Budget and Economic Planning for its role in coordinating national economic priorities and improving how major projects are developed.

    According to her, the cooperation agreement will help in identifying and delivering major projects in transportation, energy, and support for small and medium-sized businesses.

    “This is the kind of collaboration that turns ambition into achievement. Together, we will build projects that connect markets, power industries, and unlock the full potential of the Nigerian people,” she said.

    The agreement signals the Federal Government’s intention to work more closely with development finance institutions and the private sector to mobilise investment, create jobs, and promote sustainable growth across Nigeria.