Tag: Nigeria

  • Nigeria’s commitment to religious freedom, security must not be ignored

    Nigeria’s commitment to religious freedom, security must not be ignored

    By Olufemi Soneye

    The recent decision by the United States to classify Nigeria as a “Country of Particular Concern” has stirred global attention, but it also risks overlooking significant reforms and security gains currently underway in Africa’s largest democracy. While Nigeria faces undeniable security and religious-tolerance challenges, the narrative is incomplete without acknowledging the deliberate steps the Tinubu administration has taken to uphold religious freedom, protect communities and restore stability.

    Since assuming office, President Bola Ahmed Tinubu’s administration has treated national security and unity with urgency. Renewed counter-terrorism operations have disrupted major insurgent networks across the Northeast, while intensified intelligence-led deployments in the North-Central region continue to reduce farmer-herder clashes. In the Northwest, coordinated military offensives are degrading bandit networks, and enhanced maritime security in the Niger Delta and Gulf of Guinea has significantly reduced piracy and oil theft, safeguarding both lives and national assets.

    Beyond security operations, the government has strengthened community-reconciliation programs and socio-economic interventions to address the root causes of conflict. Humanitarian support for displaced persons has expanded, interfaith dialogue platforms have been reinforced, and community policing frameworks are being enhanced. Importantly, the rights of Nigerians to freely worship, whether Christian, Muslim or of other faiths, remain guaranteed and actively defended, with the President consistently affirming that no citizen’s safety or religious liberty should be compromised.

    At the same time, the administration has implemented economic reforms that may be unpopular in some quarters, yet are necessary to reset the economy after years of structural strain. Fuel subsidy removal, exchange-rate alignment and stricter fiscal discipline are intended to stabilise the macro-economic environment, attract investment and lay a foundation for sustainable growth. In such a delicate phase, a designation of this nature risks unsettling investor confidence and placing additional stress on an economy that is fragile but recovering.

    Conversations with officials and policy experts in Washington, where I have previously served, reveal that documentary and video evidence, along with direct engagement with victims and advocacy groups, informed the United States Government’s decision. Whether one agrees with Washington’s conclusion or not, its position is based on intelligence assessments and survivor testimonies. Nigeria must therefore respond with clarity and confidence. What Nigeria confronts is persistent terrorism, and few nations have invested as many lives, resources and political effort in fighting violent extremism and protecting religious communities.

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    Nigeria’s vibrant civil society, independent media remain important instruments of accountability.  International partners, including the European Union and the United Nations, have recognised Nigeria’s renewed commitment to inclusive governance and rule of law.

    Nigeria welcomes constructive international engagement. To this end, government should deepen dialogue with Washington, share intelligence, carefully review the evidence cited and provide additional context on verified terrorist activities affecting communities of all faiths. Cooperative engagement, rather than isolation, will help ensure mutual understanding and prevent misrepresentation of the realities on the ground.

    Labels of this nature can embolden extremist narratives, unsettle markets and undermine ongoing reforms aimed at building a safer and more prosperous nation. The United States remains a strategic partner, and sustained engagement based on mutual respect and shared democratic values remains essential. Nigeria’s path forward requires collaboration and dialogue, particularly at a time when reforms are beginning to yield gradual progress.

    Nigeria acknowledges its challenges and is addressing them with resolve and reform. The nation’s future will be determined not by external labels, but by continued domestic progress, constructive diplomacy and genuine international partnership.

    •Soneye is a Nigerian media entrepreneur and communications strategist. He served as Chief Corporate Communications Officer of NNPC Ltd

  • FG rejects Trump’s designation of Nigeria as “Country of Particular Concern”

    FG rejects Trump’s designation of Nigeria as “Country of Particular Concern”

    The Federal Government has rejected US President Donald Trump tag of a “Country of Particular Concern” on Nigeria. 

    The government said these claims do not reflect the situation on the ground.

    A statement by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, explained that  Nigerians of all faiths have long lived, worked, and worshipped together peacefully.

    He stressed the President Bola Tinubu administration remains committed to fighting terrorism, strengthening interfaith harmony, and protecting the lives and rights of all its people.

    Ebienfa said the country will continue to engage constructively with the Government of the United States, with the essence to deepen mutual understanding of regional dynamics and the country’s ongoing peace and security efforts.

    The statement reads: “The Federal Government of Nigeria notes the recent remarks by U.S. President Donald J. Trump alleging large-scale killings of Christians in Nigeria and calling for the country’s designation as a “Country of Particular Concern.”

    “While Nigeria appreciates global concern for human rights and religious freedom, these claims do not reflect the situation on the ground. Nigerians of all faiths have long lived, worked, and worshipped together peacefully.

    “Under the leadership of President Bola Ahmed Tinubu, Nigeria remains committed to fighting terrorism, strengthening interfaith harmony, and protecting the lives and rights of all its people.

    “Nigeria will continue to engage constructively with the Government of the United States to deepen mutual understanding of regional dynamics and the country’s ongoing peace and security efforts.”

  • Nigeria, EU sign MoU to establish pharmaceutical manufacturing plant in Anambra

    Nigeria, EU sign MoU to establish pharmaceutical manufacturing plant in Anambra

    • German pharmaceutical giant Bayer partners Nigeria’s ChroMedix on new facility

    The Federal Government of Nigeria and the European Union, through the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), have signed three Memoranda of Understanding (MOUs) to strengthen healthcare distribution, supply, and local manufacturing in Nigeria.

    Frontlined by an MoU signed between German Pharmaceutical Giant, Bayer, and Nigeria’s ChroMedix to establish a reproductive health products manufacturing facility in Anambra State, the MoUs signed between the European Union and the Federal Government ensure enhanced distribution of pharmaceutical products for the public market in Nigeria; local manufacturing capacity development for essential reproductive health products in Nigeria and articulated technology transfer of selected technologies and/or manufacturing steps to Nigeria.

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    The agreements were formalised during the Nigeria–EU Health Investment Forum in Abuja, themed “Made in Nigeria, Made for Health,” where Dr. Abdu Mukhtar, National Coordinator of PVAC, stated that the partnerships would significantly enhance local production of healthcare products, tapping into a market currently valued at $46 billion.

  • Nigeria, European Union seal deals on local manufacturing, health sector investment

    Nigeria, European Union seal deals on local manufacturing, health sector investment

    The Federal Government and the European Union (EU) have signed three landmark agreements to boost local pharmaceutical manufacturing, attract investments, and strengthen reproductive health across West Africa.

    The deals, under the EU’s Global Gateway Manufacturing and Access to Vaccines, Medicines and Health Technologies (MAV+) initiative and SRHR flagships, aim to build a resilient health ecosystem by empowering local producers and innovators.

    The projects – Enabling Local Manufacturing of Health, Immunisation and Nutrition Commodities in Nigeria (ELM-N), Quality Uplift for Advancing Local Industry in Medicine Standards (Qualimeds Nigeria), and Strengthening Reproductive Health and Rights (SRHR) in West Africa – were announced at the Nigeria-EU Health Investment Forum in Abuja yesterday.

    Vice President Kashim Shettima, who was represented by his Senior Special Assistant on Public Health, Dr. Uju Rochas, said the agreements reaffirmed President Bola Ahmed Tinubu’s commitment to a sustainable, innovation-driven health economy.

    He cited the Executive Order on local production of pharmaceuticals as a turning point, explaining that the government was strengthening governance, attracting investment, and promoting local manufacturing.

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    “Our message is clear: Nigeria is open for health investment, innovation, and impact. The President has made it clear that our health transformation will rely on government-led ownership and innovation, made in Nigeria, for Nigerians, and by Nigerians,” Shettima said.

    EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, described the forum as a demonstration of Team Europe’s commitment to strengthening health systems through strategic investment. He reaffirmed the EU’s long-standing partnership with Nigeria and ECOWAS, highlighting ongoing health projects worth €45 million in Nigeria and €25 million across West Africa, supported by partners including the Agence Française de Développement and the Gates Foundation.

    Budget and Economic Planning Minister, Senator Abubakar Bagudu, hailed the agreements as timely.

    He said they aligned with Nigeria’s reform efforts to expand access to quality and affordable healthcare.

    Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, who was represented by Dr. Olubunmi Aribeana, said the Renewed Hope Health Agenda focuses on strengthening local production, expanding access to essential medicines and vaccines, and advancing reproductive health.

    “Local production is not just an economic choice but a strategic health security priority,” he stated.

  • The semiotics of Pate’s red letter

    The semiotics of Pate’s red letter

    Ordinarily, the phrase “red letter” is used to describe something, such as a day or an event, of special significance. For example, October 1 every year is a red letter day in Nigeria, because the country attained independence on that date in 1960. That was a joyous and memorable event. However, not all red letter days are joyous moments. The day misfortune fell on New York City by way of a terrorist attack on the World Trade Centre on September 11, 2001, was a red letter day too.

    If you wish to understand how The Red Letter issued on October 22, 2025, by the Coordinating Minister, Federal Ministry of Health and Social Welfare, Professor Muhammed Ali Pate, has elements of both types of red letter and more, please follow me through the following semiotic analysis of the letter.

    It was Roland Barthes (1915-1980), the French philosopher, literary theorist, and semiotician, who popularised an interesting rubric for analysing sign systems from a variety of perspectives. He found semiotics, the study of signs, a useful way of exposing contradictions and revealing hidden meanings. For example, Barthes showed how a simple advertisement, that of Panzani, a brand of pasta (spaghetti), could be analysed from multiple levels to reveal iconic and symbolic signs as well as surface (denotative) and hidden (connotative) meanings at the same time (see Rhetoric of the Image in his book, Image Music Text, London, Fontana, 1977, pages 32-51). In the following analysis, I juxtapose the various levels of meaning as I go along.

    At the iconic level, Pate’s letter is set against a red background in its digital representation. Although the print of the digital copy is white, the red background captures attention much more than the white print. It literally makes the letter red. However, we begin to get the meat of the letter once we begin to decipher the white print.

    But what does the white print say? Many things, some direct, others indirect. First, the words confirm the disbursement of N32.9 billion to the commercial bank accounts of “primary care facilities in every ward across the country.” Wait! There are 8,809 wards across the country. That means that there are 8,809 primary care facilities across the country. And how much does each ward get from this pot of money? You do the math. But remember to multiply your answer by three, since the minister says this is “the third round this year.”

    Second, the letter is presented as an invitation from the federal government to the various communities to help safeguard the spending of the fund by ensuring that it is monitored. There is a much deeper meaning here. Here is a government promoting participatory democracy, by appealing to the people not to “stand aside,” at a time when some cheeky politicians are screaming the death of democracy.

    Nevertheless, there is a sense in which the people’s lethargy makes room for the perceived death of democracy: They are not participating as they should, and the letter is very explicit about the problem: “Our community members and institutions do not ask how the money is used, or if it reaches the people it was meant for”.

    Read Also: North-Central holds key to Nigeria’s non-oil export growth — Akume

    Hence the government’s direct appeal in The Red Letter:

    “Stand up and take ownership

    Go to your health facility

    Join the committee

    Review the plan

    Demand openness

    Celebrate progress

    And above all, make sure the fund truly protects the health of your people.”

    Third, there is an indirect appeal to the elite and those who are literate enough to be able to read The Red Letter to disseminate the information: “Let this Red Letter reach every community, every ward, and every home. Let it remind us that the health of Nigeria lives in the hands of Nigerians.” I am doing my own bit here by reproducing The Red Letter and analysing it. You should do your own bit too, by sharing this article with as many people as possible. Make it a point of duty to tell at least ten people to find the primary health care facility in their ward and follow the money by taking part in ward activities and making enquiries about funding.

    It must be emphasised, however, that this Red Letter carries far-reaching implications for accountability and citizen engagement beyond wards. Since the return to democracy in 1999, state governments have not been sufficiently accountable to those they were elected to serve. Local government councils and their wards have been shut out of their funds by their respective state governors. It has been reported numerous times since the inception of President Bola Ahmed Tinubu’s administration that states have been receiving increased allocations from the Federal Account Allocation Committee, compared to previous years due to the economic reforms by the administration.

    Indeed, in the last few months, states have been receiving more funds than the federal government. For example, in September 2025, FAAC’s disbursements were as follows: federal government N711.314 billion; state governments N727.170 billion; and local government councils N529.954 billion. On top of their allocations, oil producing states also received a total of N134.956 billion as 13 percent derivation. These past few months would be the first time in over two decades that states would receive a larger share of FAAC allocation than the federal government. Yet, there is little to show for the increased allocations in many states of the federation. This led me to raise the alarm in September (see Your governor has your money, ask him for it, The Nation, September 3, 2025).

    This situation also led the present administration to approach the Supreme Court to seek the loophole in the constitution in granting financial autonomy to local councils. Even then not much development has happened in the councils. It is alleged that some governors had their local council chairmen swear to an oath of secrecy or sign a fund sharing agreement on their council’s funds!

    The Red Letter now shows that the ministry of health has even bypassed the councils by going directly to wards and calling on citizens to seize the opportunity by participating in the oversight of their health care facilities. But this is not the first time the federal government would target wards directly. Early in August, President Tinubu approved a ward-level development strategy designed to drive grassroots economic growth and address poverty across Nigeria’s 8,809 wards. It is the Renewed Hope Ward Development Programme (RHWDP), which is integral to the Renewed Hope Agenda that targets a $1 trillion economy by 2030.

    Just as Minister Pate appealed to citizens to participate in the affairs of primary health care facilities in their wards, so did President Tinubu appeal to state governors to prioritise the welfare of their citizens at the local level: “I want to appeal to you; let us change the story of our people in the rural areas. The economy is working. We are on the path of recovery, but we need to stimulate growth in the rural areas.”

    At the end of the day, The Red Letter and the President’s appeal to governors are coded messages: governors should perform and citizens should hold them to account through participation and oversight.

  • I want to take Nigeria to 2026 World Cup – Osimhen

    I want to take Nigeria to 2026 World Cup – Osimhen

    Super Eagles striker Victor Osimhen has reaffirmed determination to help Nigeria qualify for the 2026 FIFA World Cup.

    The three-time African champions missed the last edition of the tournament in Qatar, but will now battle through the playoffs in Morocco next month where they will face Gabon, Cameroon, and the Democratic Republic of Congo after failing to secure automatic qualification.

    Eric Chelle’s men will begin their campaign with a semi-final clash against Gabon on Thursday, November 13.

    Osimhen, who scored a hat-trick in Nigeria’s 4-0 victory over Benin Republic earlier this month, said he is fully committed to leading his country to the global stage.

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    “I want to be in the World Cup with my country. I am giving my everything there too,” the 26-year-old told Sporx.

    “My focus is here now (Galatasaray). Next month is the World Cup playoffs. I will help my teammates with my goals, assists and everything.”

  • Nigeria turning towards prosperity

    Nigeria turning towards prosperity

    In this role, I often feel a mix of emotions: deep pride in our national journey, regret over the opportunities we failed to seize, and confidence in our direction of travel today. Despite some historical shortfalls and present-day challenges, I believe the most difficult phase of our economic journey is behind us. Nigeria has turned a decisive corner. The road ahead will demand hard work and discipline, but we are firmly on the right path.

    When President Bola Ahmed Tinubu took office in 2023, Nigeria’s economy was on the brink of fiscal collapse. Slowing growth, surging inflation, and market distortions like the fuel subsidy and multiple exchange rate regimes had created an environment that scared off investment. The President’s mandate was clear – dismantle those market distortions, reward productivity, and create a climate where private investment can thrive.

    From Crisis to Stability

    Two years later, the results are evident at the macro level. GDP grew by 4.23 percent in the second quarter of 2025. Inflation, while still high, has moderated to 18.02 percent after six consecutive months of decline. The exchange rate has stabilised, and the gap between official and parallel markets has narrowed to about 1 percent, down from a peak of nearly 70 percent. Importantly, foreign reserves have risen above $43 billion, the highest since 2019. These are more than just numbers; they are the foundation for building inclusive growth that benefits every Nigerian.

    Notwithstanding, we recognise that the economy is ultimately about people, not statistics. Millions of Nigerians measure progress by the cost of food, transport, and other necessities. I am keenly aware of this reality. Food inflation has been our heaviest burden since it surged after currency depreciation and the removal of fuel subsidies. However, targeted measures are beginning to ease the pressure. A bag of rice that cost about N120,000 last year now averages around N80,000. The prices of garri, pepper, tomatoes, and other essentials have also decreased.

    At the same time, we are careful to ensure our smallholder farmers have enough incentives to return to farms next planting season. We are therefore implementing programmes that stimulate agriculture production by safeguarding smallholder farmers’ incomes.

    In addition, 8.1 million households nationwide have received direct cash support from the government to help meet basic needs. This is more than a safety net; it ensures that the impact of these necessary reforms is cushioned for the most vulnerable among us, even as we continue to resolve the identity verification issues required to reach our 15 million households’ target.

    Hard Truths on Debt and Revenue

    The progress we have made does not diminish the tough realities we still face. Debt service costs remain heavy, consuming a larger-than-ideal share of our revenues. This is the consequence of past borrowing and elevated interest rates. At the same time, Nigeria’s fiscal revenue-to-GDP ratio, at about 10 percent after rebasing, remains one of the lowest in Africa. This limits government resources for essential services like health, education, and infrastructure.

    On 26 June 2025, the President signed the new Nigeria Tax Act and companion legislation, to take effect on 1 January 2026. These reforms aim to broaden the tax base, simplify compliance, and reduce leakages, while introducing a more progressive tax regime that shields lower-income earners and adjusts rates for higher earners. Together with structural revenue reforms such as the Revenue Optimisation and Assurance programme (RevOp), these measures will strengthen revenues, create fiscal space, and support greater investment in our people and infrastructure.

    Anchoring Growth in Real Sectors

    A stable economy is crucial, but stability alone is insufficient. To deliver inclusive prosperity, we must anchor growth in sectors that generate jobs and opportunities. We are providing necessary incentives to revive investments in the oil and gas industry. With improved security, oil theft is down, and production has rebounded to 1.68 million barrels per day, including condensates. Refinery projects are setting the stage for a stronger downstream sector.

    READ ALSO: Over $50bn in Crypto transactions passed through Nigeria in one year-SEC

    In agriculture, we are boosting food supply, reducing reliance on imports, and ensuring farmers have security and access to markets. We are encouraging investment in factories and strategic value chains, creating employment for our young and dynamic workforce. We are investing in technology and the creative sector to harness the energy of our youth and position Nigeria as a hub of innovation. In addition, we are expanding exports beyond oil by tapping into the global demand for critical minerals.

    Infrastructure is the backbone of growth. Public funds alone cannot meet Nigeria’s vast needs, so we are attracting private capital through public-private partnerships. The Ajaokuta–Kaduna–Kano gas pipeline, and Project Bridge’s 90,000 km fibre expansion are examples of how we are laying out the groundwork for industrialisation and nationwide connectivity.

    Restoring Confidence at Home and Abroad

    As I begin to conclude, the clearest sign that Nigeria is on the right path is the return of confidence. Investors – both domestic and foreign, multilateral institutions, and ordinary citizens are starting to believe in the nation’s prospects again. But confidence is fragile. Sustaining it demands a predictable policy environment, disciplined fiscal management, and steady progress in reducing inflation.

    Our medium-term target is 7 percent growth by 2027/28. Achieving this will require not only government action but the full participation of the private sector, entrepreneurs, and citizens. I am confident that if we work together, we will not only meet this target but surpass it. The task ahead, therefore, is to deepen resilience, broaden opportunities, and ensure that reforms translate into real improvements in daily life – better schools, affordable food, reliable power, accessible healthcare, and jobs for our youth.

    Then, we can be rest assured that Nigeria’s next decade will be one of shared prosperity and renewed hope.

  • NGF hails Nigeria’s exit from Financial Action Task Force’s grey list

    NGF hails Nigeria’s exit from Financial Action Task Force’s grey list

    The Nigeria Governors’ Forum (NGF) has expressed delight over the removal of Nigeria from the grey list of the Financial Action Task Force (FATF).

    NGF’s spokesman, Yunusa Abdullahi, in a statement on Saturday, quoted the forum’s Chairman and Kwara Governor,  AbdulRahman AbdulRazaq as attributing the feat to the efforts of President Bola Tinubu, the 36 Governors and relevant institutions.

    He quoted the NGF Chairman as saying: “We are very pleased with this outcome and proud to see Nigeria formally welcomed back into the global transparency community.

    “Nigeria has handled this difficult situation with enormous grace and integrity and this green light attests to the trust and confidence in our financial systems and our leaders both at the national and sub-national levels.”

    Abdullahi noted the development came after years of thorough investigation and review of Nigeria’s financial systems. 

    He added: “This remarkable result was predicated on the diplomatic and political efforts of President Bola Ahmed Tinubu, governors of the 36 states of the federation, notable institutions like the Federal Ministry of Finance (FMF), Central Bank of Nigeria (CBN), Economic and Financial Crime Commission (EFCC) and the Nigeria Financial Intelligence Unit, (NFIU).”

    The NGF spokeswoman recalled that the country was placed on the FATF grey list after the global body found deficiencies in Nigeria’s efforts at fighting money laundering and terrorism financing.

    Abdullahi said: “Since then, through a combination of legislative reforms, institutional strengthening and enhanced inter-agency coordination, Nigeria has demonstrated sustained political will to achieve full compliance. 

    “Within that period, key reforms have been achieved including operationalization of the beneficial ownership register, improving of corporate transparency and accountability.

    Read Also: Nigeria edges closer to exiting FATF’s grey list

    “Also, enhanced capacity of intelligence, law enforcement and regulatory agencies in detecting, analysing and prosecuting complex crimes has been achieved. 

    “Throughout this period, the NFIU, CBN, the NGF, representing the sub-national government, and Ministry of Finance availed FATF all the necessary support in providing information to all inquiries which led to this clearance. 

    “The Nigeria Governors’ Forum, NGF is fully committed to maintaining the highest ethical financial standard in all its governance and will continue to uphold a culture of transparency, accountability and integrity,” he said.

  • On Nigeria’s infrastructure deficit

    On Nigeria’s infrastructure deficit

    SIR: Across Nigeria, the signs of a deep infrastructure crisis are impossible to ignore. From pothole-ridden highways and epileptic power supply to congested ports and inadequate rail networks, the country’s physical backbone is crumbling. While citizens struggle daily with the consequences, promises of massive infrastructure renewal have remained more rhetoric than reality. For a nation seeking to attract investment, create jobs, and lift millions out of poverty, the failure to provide reliable infrastructure is a heavy weight dragging progress backward.

    Perhaps the most visible symbol of this crisis is Nigeria’s road network. Federal and state highways are riddled with potholes, many barely passable during the rainy season. Road accidents claim thousands of lives annually, many of them avoidable if proper maintenance were carried out. Truck drivers spend days stranded on roads leading to Lagos ports, creating bottlenecks that drive up the cost of goods. Rural communities remain cut off because feeder roads are either non-existent or in terrible condition, preventing farmers from bringing produce to markets and worsening food insecurity.

    The power sector tells a similarly grim story. Despite billions of dollars spent on reforms, Nigeria continues to generate far below the electricity its citizens need. Frequent blackouts cripple industries, forcing businesses to rely on expensive generators. For small businesses and households, the cost of fuelling these generators eats deep into income. Meanwhile, renewable energy opportunities remain largely untapped, even though solar and wind could help close the gap. Without reliable power, the dream of industrial growth will remain a mirage.

    Water and sanitation infrastructure are equally inadequate. Millions of Nigerians lack access to safe drinking water, relying instead on boreholes, wells, or unsafe streams. Urban centres face recurring water shortages, while sewage systems are either broken or non-existent. The result is frequent outbreaks of waterborne diseases such as cholera, which claim lives that could easily be saved with proper investment in sanitation. In rural areas, women and children walk long distances daily to fetch water, reducing time that could be spent on education or productive work.

    The state of Nigeria’s rail system further highlights the neglect. Although some progress has been made with the Abuja–Kaduna and Lagos–Ibadan lines, the network remains grossly inadequate for a country of over 200 million people. Cargo transport by rail, which could ease pressure on the roads and reduce accidents, is minimal. Instead, trucks dominate long-distance haulage, worsening road degradation and increasing costs for businesses. A modern, expansive rail system would not only transform trade but also integrate regions and boost national unity.

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    Airports and seaports, gateways to international commerce, also suffer from inefficiency. Delays, bureaucratic bottlenecks, and outdated facilities discourage foreign investors and frustrate local businesses. The high cost of moving goods through Nigerian ports has driven many importers to neighbouring countries such as Benin and Ghana. The result is a loss of revenue, jobs, and prestige. A country with Nigeria’s resources should be a regional hub for trade, but poor infrastructure ensures otherwise.

    The consequences of this infrastructure deficit are profound. Without reliable roads, power, water, and transport systems, businesses cannot thrive, jobs cannot be created, and citizens cannot enjoy a decent quality of life. Investors, both local and foreign, are discouraged, choosing instead to take their capital to environments where infrastructure supports productivity. The gap between Nigeria’s potential and its reality continues to widen, leaving citizens frustrated and disillusioned.

    Addressing this challenge requires not just more funding, but better planning and accountability. Infrastructure projects are often announced with fanfare but abandoned midway due to corruption or political changes.

    To break this cycle, government must prioritize continuity, ensuring that projects are completed regardless of political transitions. Public-private partnerships should be encouraged, allowing private capital and expertise to complement government efforts. In addition, maintenance culture must be institutionalized, as infrastructure is not just about building new projects but sustaining existing ones.

    Nigeria’s infrastructure deficit is not insurmountable. With the right policies, transparent governance, and sustained investment, the country can transform its roads, power, water, and transport systems. The benefits would be far-reaching: lower business costs, increased trade, job creation, and improved living standards. But unless bold steps are taken, Nigeria will remain a nation stuck on the road to development—moving, but never arriving.

    • Timothy Ali Samuel, University Of Maiduguri.
  • Private equity, venture capital redefining startup funding in Nigeria

    Private equity, venture capital redefining startup funding in Nigeria

    Private equity (PE) and venture capital (VC) are reshaping Nigeria’s startup landscape, fueling innovation and driving billions of dollars into the economy, a new report by the Rome Business School Nigeria has shown.

    According to the report, Nigeria now stands as West Africa’s dominant hub for startup investment, accounting for 66 percent of the region’s private capital deal volume and 52 percent of deal value between 2020 and 2024. 

    Within that period, the country recorded 404 private capital transactions worth over $3 billion.

    The technology sector remains the biggest magnet for funding, attracting 82 percent of all VC activity, about $2.7 billion, with financial services and infrastructure following closely. 

    In 2024 alone, Nigeria led Africa in venture capital inflows, pulling in $1.18 billion out of the continent’s $3.6 billion total, according to data from Disrupt Africa and the African Private Capital Association.

    Recent mega deals such as Moniepoint’s $110 million and Moove Africa’s $100 million funding rounds have further boosted investor confidence. PE investments also surged by 322 percent in the first quarter of 2024, data from PwC and Serrari Group revealed.

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    The report identifies the fintech sector as the top draw for investors, with homegrown giants such as Flutterwave, OPay, Paystack, and Moniepoint leading the charge. 

    Flutterwave and OPay have each surpassed the billion-dollar valuation mark, while Moniepoint’s latest funding, backed by Google, secured its entry into the coveted unicorn club.

    Beyond fintech, other high-growth sectors such as edtech, healthtech, agritech, and renewable energy are gaining traction. Healthtech startups attracted over $200 million in 2022, while renewable energy ventures secured about $500 million. Agritech innovators like ThriveAgric are using PE and VC funding to expand access to finance for millions of smallholder farmers.

    Rome Business School Nigeria noted that private capital firms are providing more than just funding, they are equipping startups with mentorship, governance support, and access to markets. These strategic inputs, it said, are strengthening corporate governance, scalability, and transparency among Nigerian startups.

    “Investors value companies with clear control systems, scalable business models, and strong leadership teams,” the report stated. “Startups with robust management and transparent operations are more likely to sustain investor confidence.”

    However, the report also highlights persistent challenges. Nigeria’s PE and VC ecosystem continues to grapple with foreign exchange volatility, high taxation, and regulatory uncertainty. The 30 percent corporate tax rate and 7.5 percent VAT have further increased operational costs, while foreign direct investment declined by 26.7 percent in 2023 due to currency instability and policy inconsistency.

    Infrastructure deficits remain a major barrier. Nigeria generates only about 4,500 megawatts of power, far below the 30,000-megawatt demand—forcing firms to rely heavily on expensive diesel generators. Energy costs account for roughly 40 percent of business expenditure in several industries, according to the Nigerian Electricity Regulatory Commission (NERC).

    Despite these hurdles, experts say the outlook for private capital investment remains bright. The country’s economic diversification, rapid digital adoption, and youth-driven innovation are fueling optimism. Institutional investors are also showing greater interest, with Nigerian pension funds investing over ₦22 trillion (about $13 billion) in private equity as of October 2024.

    Technology adoption continues to rise sharply. In 2022, electronic payment transactions exceeded ₦387 trillion, while mobile subscriptions surpassed 190 million and internet penetration reached 45 percent by mid-2023, according to CBN and KPMG.

    “Technology is likely the most transformational force shaping the future of PE and VC in Nigeria,” the report noted. “As the country embraces digital innovation and sustainable development, the demand for private capital will continue to grow.”

    Analysts say the ripple effect of private equity and venture capital is already evident. PwC estimates that every $1 million invested in PE or VC-backed firms creates about 40 direct and indirect jobs. With unemployment hovering around 38 percent, these investments have become vital lifelines for young entrepreneurs and small businesses.

    “Nigeria remains one of Africa’s top destinations for private capital,” the report concluded. “The impact of PE and VC is visible in their contribution to job creation, innovation, and sustainable economic growth.”