Tag: Nigeria

  • Recurring malady of tribalism or ethnic nationalism

    Recurring malady of tribalism or ethnic nationalism

    The issue of tribalism or ethnic differences have largely ruined the success of the country. It has infected our politics to the extent that people either votes along ethnic lines and where they tried to look at issues rationally and nationally, they are immediately slapped back into supposedly tribal redoubts or ostracized as traitors or saboteurs. There is widespread rigging of votes to enhance ethnic figures in the census which are usually rigged because revenue sharing is tied to census. This is a problem that affects states creation, education, financial allocation and inability to have genuine democracy and stability which has been the bane of our society. The constitution which was a negotiated federal constitution before independence has been undermined by the military dictatorship edged on by civilian politicians who have less than noble or patriotic motives.

    Most of the political problems Nigeria has had since independence are traceable to tribalism or ethnicism.  Example of this can be seen in the Action Group crisis of 1961 to 1963 which split the party into two rival groups which indirectly led to the incarceration in 1963 of Chief Obafemi Awolowo, the then leader of opposition in the federal parliament with the combined forces of the tribally rooted Northern politicians and their collaborators from the Eastern region. Awolowo may have been ambitious, but it is doubtful and unlikely to  have tried to violently overthrow the federal government of Nigeria with a few party toughies trained in Kwame Nkrumah’s Wineba Ideological School where the likes of Samuel Grace Ikoku, a former Secretary General of the Action Group was a lecturer. The evidences presented at the famous trial for reasonable felony were not overwhelming enough to condemn a major political leader without upsetting the equilibrium of the country and its stability. The reaction of the people of the West got to a crescendo in 1965 when the Chief S.L. Akintola’s government which was obviously unpopular decided to manipulate the voting process when the Deputy Premier, Chief Remi Fani-Kayode boasted that whether the people voted for their party or not “… angels would vote for them” took laws into their hands, burning and looting while the cabinet prepared for the worst. When some elements in the army struck at dawn of January 15, 1966, some of the ministers felt that their opponents were behind the “attempted coup d’état while the BBC radio network was telling the whole world that there had been an attempted coup and the prime minister, Sir Abubakar Tafawa Balewa seemed  to have been kidnapped and two regional premiers namely, Sir Ahmadu Bello, the Sardauna of Sokoto and Chief S. L. Akintola, the Are Ona Kakanfo of Yoruba land had been killed and many senior army officers seemed to have been killed. When the news were confirmed and regional and ethnic dimensions of the killings were analysed the original cheering for the army putsch petered out in fear of what may happen because Nigeria had never seen anything like this before. Then came the counter coup of July 1966 which appeared as if the equation was balanced by the number of army officers who were killed. But unfortunately the situation got out of hands when the pogroms against the Igbo in the North began and the whole country became destabilized setting the stage for the civil war after the mediation by Ghanaian military leaders failed and General Yakubu Gowon on return from the Aburi reconciliation meeting in Ghana, appeared to have been outflanked by those who wanted to militarily sort out the issue.   Going to war was a terrible denouement for which Nigeria is yet to recover. Another example that shows up the fault line in the country is forming of the federal government in 1954, 1959, 1964 when the recurring decimal of those days of the opportunity to form a more radical governments than we have ever had but people, seemed to just have their jobs rather than what was good for the entire country. We can zero on the coalition government that took the country to independence. The election in 1959 was deadlocked with the NCNC coming first with the highest number of votes followed by the AG and the NPC coming third but having the highest number of seats and reversing the choice of the electorate. If the NCNC had shown some courage by accepting the offer of coalition with the AG, the course of Nigerian history would have changed for the better but the leader of the NCNC, Dr Nnamdi Azikiwe in private could not trust Chief Obafemi Awolowo.  This mistrust was not on ideological grounds but on ethnic grounds. It was the latter because his party had nothing in common with the NPC, its senior partner in the coalition government. Azikiwe had erroneously argued that the AG had bought some of the elected supporters in the Western Regional House of Assembly election in 1951 where those he claimed were his party men claimed they were independent and because of this, his ethnic supporters said Yoruba people could never be trusted! This was unfortunate because politics in southern Nigeria since then have been conducted largely on assumed rigid political division between the East and the West despite the fact that the NCNC was almost as widely supported as the AG in Yorubaland.

    This pattern has been repeated by dominant parties in the Western Regional election and East in subsequent elections despite the time changes and names and ideology of the parties. This has affected the conduct even of census and location of strategic industries such as location of iron and steel complexes, petroleum refineries for example had been determined by political factors  rather than  by economic sense. Choosing who to run these factories had not always been based on the principle of careers open to talents but rather on nebulous grounds such as federal or ethic grounds resulting in failed projects and colossal waste of public funds. The result has been lack of economic development and availability of jobs the consequences of which are slow or no growth at all thus fuelling conflicts because of competition for jobs and sharing of jobs on emotional basis of federal character and not on merit.

    We can learn a thing or two from India where most jobs are determined by principle of merit in public and private sectors and this in place much bigger than us and a population eight times bigger than the Nigerian population.

    Read Also: EU, Nigeria to strengthen local research capacity

    Our leaders have not been genuinely patriotic enough to fight for the common man’s good. The lessons of the ruinous civil war between 1967 and 1970 have largely been forgotten because at the root of the war was tribalism and corruption and both maladies still dominate our politics and political alignment and rather than ideology. Nobody is seriously fighting for how to make the country great and we will be confronted by the same difficult situation when the oil wells run out and there is no ability to solve the problem, and it will be too late because we woefully depend on the wasting assets of hydrocarbons which is exhaustible and it will be too late.

    When the civil war ended in 1970, we had the golden opportunity to remake the country. Oil production increased phenomenally and by 1973 following the war in the Middle East and the Arab boycott, the price of Nigeria’s ‘light crude’ rose phenomenally and one of our leaders was said to have said the problem of Nigeria was not the cost of things but how to spend money. This may not be true but it shows the scandal of recklessness in those years.

    We spent money in support for blacks overseas such as funding police departments in Grenada for example, embarking on iron and steel complexes and celebrating black culture and inviting people from all over the world for cultural jamboree in Lagos and building a new capital in Abuja when we could have taken Kaduna which was established in 1914 for the same purpose if Lagos was correctly considered unsuitable. A fool would soon be separated from his riches captures our situation of the time. Then the military which has become the “fall guy” for our problem of movement without motion in 1979 handed over government to civilians-led NPN after imposing an American presidential constitution on Nigeria. Meanwhile the problem of corruption virtually overwhelmed the country under President Shehu Shagari. The Shagari government was gotten rid of by a military junta under General Muhammadu Buhari who imposed a stiff and stifling government on the country. The government was at first welcomed by the people who were appalled by the corruption of the Shagari regime bogged down by importation of rice and profiteering by the leadership of the government and the parties running it. 

    The new Buhari government could not find a solution to the serious economic problems confronting the country. Some of its leaders were involved in selling foreign exchange allocation papers for imports in extremely controlled foreign exchange management. The sudden change of the national currency and the accompanying corruption and smuggling of the Naira from abroad by a traditional ruler whose son was a military officer right in Buhari’s office gave his enemy food for thought and proof of alleged corruption. There was a coup within the army which ushered in General Babangida’s regime in 1985 till 1993 after prolong transition politics which saw Moshood Abiola, a well-known businessman and influential Muslim politician as winner. His election brought up the recurring problem of tribalism with his Yoruba supporters ready to fight any attempt to deny him access to power on the grounds that he was a Yoruba man. Those opposed to him came from the East and the North until his jailer, Sani Abacha and Moshood Abiola died rapidly after the other in 1988. This was in mysterious circumstances in which the hands of foreign governments were suspected with circumstantial but unproven evidence. This happened without resolving the perennial North-South political dichotomy.

  • Danish Embassy, Nigeria sign MoU on digital transformation

    Danish Embassy, Nigeria sign MoU on digital transformation

    The Royal Danish Embassy, Abuja and Federal Ministry of Communication, Innovation and Digital Economy have signed a Memorandum of Understanding (MoU) as part of the Nordic Nigeria Connect, titled: “Forging Partnerships for Sustainable Impact”.

    According to the parties, the partnership will drive AI development, digital infrastructure, and connectivity across Nigeria.

    The event was attended by Minister of Communications, Innovation and Digital Economy Dr. ‘Bosun Tijani, Royal Danish Ambassador to Nigeria Jens Ole Bach Hansen, the visiting State Secretary for Trade & Investment, Ministry of Foreign Affairs of Denmark Lina Gandløse Hansen and the Denmark Embassy Consular General, Ms Jette Bjerrum.

    Giving background about the MoU, the Danish Ambassador and the visiting State Secretary for Trade & Investment, Ministry of Foreign Affairs of Denmark said the event was a direct result of the Minister of Communication’s recent visit to Copenhagen, when he inaugurated the Nordic-Africa Summit.

    They noted that the visit sparked a great deal of mutual interest and dialogues.

    “And true to the Danish spirit, when ideas meet enthusiasm, action follows quickly. Or in other words, when Nigeria calls for collaboration, Denmark responds. The strong shared commitment between Denmark and Nigeria in the areas of technology, digitalisation and innovation is what brings us together today. Only two months after this visit, we are ready to take the first tangible step forward by signing this MoU.

    “We are humbled to be in the country signing an MoU with you today, Honourable Minister. And after your presentation, I understand now that we rest on a very good interest and knowledge about the Nordic countries. I will assure you that we in Team Denmark will do our part to make sure that we can look forward to seeing this cooperation grow into concrete initiatives, just like we talked about in the general discussion,” the visiting State Secretary for Trade & Investment, Ministry of Foreign Affairs of Denmark said.

    Commenting, Tijani said the event was the beginning of many ties to happen between Denmark and Nigeria.

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    “I think I’m not in a position to break the news, but definitely, I think I can say again that we do have a big personality from Denmark that is also visiting Nigeria with an entire team from the investment side. So, we’re extremely blessed for the relationship that I think is beginning to blossom between our two countries.

    “And there’s nothing that we desire in Nigeria more than partners, who can truly match their words with action. Because as you can imagine, we’re a country that is blessed with millions of young people. And as you know, young people are restless.

    “They just want to see change, and they want to see it really quickly. So, for me, it’s extremely pleasing to know that just under two months, we agreed that we will sign this MOU. And here we are today, of course, in a position to sign the MOU.”

  • EU, Nigeria to strengthen local research capacity

    EU, Nigeria to strengthen local research capacity

    The European Union has said it was engaging with Nigerian institutions to strengthen local research capacity.

    The Head of Cooperation at the EU Delegation to Nigeria and ECOWAS, Massimo De Luca said this during the University of Lagos (UNILAG) International Week.

    The envoy said that the EU and Nigeria are advancing cooperation in artificial intelligence (AI) research and innovation, as both partners work to strengthen the link between scientific inquiry and market-ready solutions across key technology sectors.

    De Luca outlined ongoing efforts to build a structured framework for science, technology, and innovation collaboration between the EU and Nigeria.

    “Our cooperation with the National Universities Commission and the establishment of a research contact point in Nigeria are part of wider efforts to ensure that Nigerian institutions have access to the tools and partnerships required to thrive globally,” he added.

    De Luca said the forthcoming EU–Nigeria Science, Technology and Innovation Agreement will formalise partnerships that enable researchers, universities, and enterprises to jointly explore AI applications relevant to Nigeria’s development priorities and the broader African innovation landscape.

    “The agreement will open new possibilities for research institutions and innovators to work together on areas that matter to both our regions, such as how AI can be used responsibly to address societal challenges, drive productivity, and create inclusive opportunities,” he noted.

    He also highlighted the Generative AI for Africa call for proposals, closing on 31 October, as one of several EU-funded initiatives that encourage cross-continental collaboration in AI development.

    “We want to see Nigerian researchers at the centre of this process, forming networks, exchanging ideas, and leading projects that shape the continent’s innovation ecosystem,” he said.

    Vice – Chancellor of the University of Lagos, Prof Folasade Ogunsola, commended the EU’s sustained collaboration with Nigerian universities, describing it as a model for mutually beneficial partnerships.

    “Our students and researchers stand to gain from exposure to diverse networks and knowledge systems. This kind of cooperation supports not only innovation but also the institutional growth of our universities,” she said.

    This year’s theme, “Equitable Partnership and the Future of AI in Africa”, reflects a shared vision of collaboration rooted in fairness, reciprocity, and shared responsibility.

    Through initiatives like the forthcoming agreement and ongoing research programmes, both sides are reinforcing their commitment to building inclusive, sustainable, and human-centred innovation ecosystems.

    The dialogue at UNILAG underscored that the future of AI in Africa will depend on partnerships that prioritise shared knowledge, ethical development, and equitable access, principles that define the EU–Nigeria relationship in science and innovation.

  • Presidency alleges coordinated agenda against Nigeria over genocide propaganda

    Presidency alleges coordinated agenda against Nigeria over genocide propaganda

    The Presidency has alleged that a “coordinated agenda” is underway among a group of United States lawmakers and lobbyists to manipulate US President Donald Trump into sanctioning Nigeria by falsely branding it a country that persecutes religious minorities.

    Special Adviser to the President on Media and Policy Communication, Dr. Daniel Bwala, who made the claim on Arise News’ Prime Time programme on Tuesday, said the campaign was built on “disinformation and religious manipulation” designed to destabilise the country and tarnish its global image.

    “There is a coordinated agenda against Nigeria. Those pushing this narrative are not in the executive branch of the U.S. government; they are a pack-backed group of senators hoping to rile up President Trump to designate Nigeria as a CPC. Knowing Trump’s character, if he believed them, he would have done it three weeks ago,” Bwala said.

    The presidential aide alleged that those driving the campaign were deliberately misrepresenting isolated cases of communal violence and terrorism to paint Nigeria as a country engaged in systematic religious persecution.

    “Religion has always been the instrument. They are doing this to stir division, weaken Nigeria’s image, and create panic internationally,” he added.

    The “Country of Particular Concern” (CPC) designation—created under the U.S. International Religious Freedom Act of 1998—empowers Washington to impose sanctions on nations accused of “systematic, ongoing, and egregious violations” of religious freedom.

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    Nigeria was first placed on the CPC list in 2020 during Trump’s presidency, following lobbying by Christian advocacy groups citing terrorist attacks by Boko Haram and ISWAP, and intercommunal clashes in the Middle Belt. 

    The designation was later lifted in 2021 by President Joe Biden, who cited improved government response to religious and ethnic violence—a move that angered U.S. lawmakers such as Senators Josh Hawley and Ted Cruz, who have continued to demand its reinstatement.

    Bwala maintained that the current agitation in Washington was politically motivated and not reflective of Nigeria’s realities. 

    He said the government would not engage in lobbying but would counter the misinformation with verifiable facts.

    “What used to happen in Nigeria is that whenever this kind of false allegation comes, Nigerians will be looking to lobby in the U.S. No, you match up the Western disinformation,” he stated.

    The Presidency has consistently dismissed allegations of state-sponsored persecution, arguing that insecurity in the country stems from terrorism, banditry, and criminality rather than religious discrimination.

    Bwala’s remarks came amid renewed international commentary on Nigeria’s security situation, particularly in the North-Central region, where recent attacks by armed groups have led to scores of deaths and displacements.

  • Inside Nigeria’s activist-industrial complex

    Inside Nigeria’s activist-industrial complex

    SIR: Nigeria today stands at a peculiar crossroads of dissent and impact. The explosion of public anger over corruption, poverty, injustice, and violence has produced a vivid civil society landscape. Streets fill with protestors, hashtags dominate timelines, and NGOs multiply by the hundreds of thousands.

    But beneath the visible surge lies a troubling structural pattern: dissent has become a marketplace, and outrage its currency. The activist-industrial complex in Nigeria thrives, yet systemic change remains elusive. This is not a critique of passion or advocacy, but of the political economy of activism—how its logic often mirrors the very structure it seeks to dismantle.

    Between 2019 and 2023, the number of registered NGOs in Nigeria rose from 17,177 to 191,278, a ten-fold increase in four years. That startling growth signals more than civic awakening; it points to an activist-industrial ecosystem fuelled by grants, donor funding, reputational capital, media visibility and global benchmarking exercises.

    The activism sector including international donors, domestic philanthropy, social media influencers, local NGOs has found in Nigeria fertile ground. Pain is now monetised. Victims become voices; voices become platforms; platforms attract budgets. The question then becomes: what happens to dignity, agency and reform when suffering itself morphs into a product?

    The activist-industrial complex thrives on legibility. Pain must be visible to be fundable. Victims must be named, photographed, quoted. This creates a paradox: the more visible the suffering, the more likely it is to attract support — but also the more likely it is to be commodified.

    NGOs compete for grants. Influencers compete for engagement. Movements compete for attention. In this economy, suffering becomes a resource. And while some communities benefit, others are left behind — especially those whose pain is too complex, too quiet, or too politically inconvenient.

    Consider Nigeria’s diaspora. Activist networks in London or New York fund-raise in foreign currency, amplify local crises, and influence media narratives. Yet their distance sometimes means they operate as intermediaries, not embedded agents. 

    Three structural issues stand out: the first is agency displaced by optics. When visibility and fundraising dominate, the impulse for reform can shift from building capacity to staging exposure. Communities are “given voice” yet remain spectators rather than owners.

    Secondly, trauma and dignity are bypassed. Acts of violence or injustice produce human pain. Yet when that pain fuels campaigns, the risk is commodification of trauma: the victim becomes a narrative. The system of dignity remains unaddressed.

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    Thirdly, the state remains passive. Protests and civil society may succeed in pressurising the state for immediate relief, but rarely shift the architecture of governance. The logic of control (centralised decision-making, patronage, extraction) remains intact. Unless the architecture itself is redesigned, cycles continue.

    Here is where the architecture of empathy comes in. If activism is to transcend spectacle and become structural reform, it must change from within the system of outrage into a system of dignity, agency and repair.

    Decentralise voice into capability. Instead of spotlighting individual victims, empower local communities with open-data tools (grassroots CSO training in Enugu, for example, taught 34 organisations how to use open-data editors).

    Align reward to repair, not exposure. Grants and donor funding must measure how many local systems are improved, not how many hashtags trended.

    Bind the state into accountability via system metrics. Use Public Trust Ledgers, outcome-based scoring, not just exposure.

    Flip the revenue model. Moving from pain monetisation to dignity monetisation. Value is not in the victim’s story, but in the community’s repaired capacity.

    Activism must evolve beyond the “flash protest, donor sprint, media wave, fade” cycle. Nigeria needs the “design, implement, monitor, sustain” cycle.

    The end goal is not simply more protest but better governance. That means activism stops being a symptom of governance failure and becomes part of the architecture of governance itself.

    Speaking truth to power remains essential. But disrespecting principles of dignity, agency and long-term reform is counterproductive. A movement built on outrage alone risks becoming co-opted, extractive, and unsustainable.

    If Nigeria’s activist-industrial complex is to bear the fruit of governance, it must transmute outrage into agency, victimhood into dignity, exposure into repair. Then the visible public anger does not dissipate into the status quo—but becomes the spark of structural transformation.

    • Lekan Olayiwola, lekanolayiwola@gmail.com
  • ‘How Nigeria, others can unlock $6b GDP for $1b infrastructure investment’

    ‘How Nigeria, others can unlock $6b GDP for $1b infrastructure investment’

    Nigeria and other countries in Africa’s portfolio of approximately 130 transnational projects across energy, transport, digital, and water sectors can be rapidly accelerated through innovative coordination and strategic private sector partnership to unlock up to $6 billion potential in the gross domestic product (GDP) value for every $1 billion invested.

    This is because the continent possesses all the fundamental building blocks for infrastructure success—political commitment, identified projects, available financing mechanisms, and proven delivery models. With strategic coordination and targeted interventions, the continent can transform its development trajectory whilst creating 74 million new jobs and generating $500 billion in additional economic value, according to analysis undertaken by BCG.

    Key regional milestones provide blueprints for the continent’s expansion. Nigeria, as Africa’s largest economy, plays an important role in the West African Power Pool (WAPP), an initiative aiming to connect and stabilise energy grids across the region and enable efficient electricity trade for millions.

    The WAPP has achieved notable milestones in improving regional energy cooperation, though it continues to face regulatory and financing challenges. Nigeria’s efforts in harmonising market rules and supporting public-private partnerships are making a positive impact, but sustained collaboration will be essential to achieving reliable and affordable power across West Africa, according to the report.

    Another is North Africa’s electrification success which demonstrates what’s possible when infrastructure delivery is prioritised, while East Africa’s progress in trade facilitation has delivered tangible results, Kenya’s post-2010 trade value growth outperformed regional peers through harmonised customs systems and one-stop border posts.

    These successes prove that strategic infrastructure investments can rapidly transform economic prospects when properly coordinated.

    Managing Director & Partner at BCG Lagos,Tolu Oyekan, believed the continent’s infrastructure opportunity is significant and achievable.

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     “Africa’s infrastructure opportunity is both significant and attainable. We are seeing steady progress in various regions, key to accelerating this growth however is reviewing and replicating success elements from models like the West African Power Pool. We are seeing how Nigeria’s focus on regional coordination and regulatory consistency is advancing energy access and fostering stronger economic integration across West Africa. Scaling these solutions through improved coordination and greater private sector involvement will be essential for continent-wide success,” Oyekan who co-authored the report, said.

    The private sector opportunity is particularly compelling. While current private participation in major continental projects stands at three per cent, other emerging regions have successfully achieved participation rates exceeding 15per cent representing a potential five-fold increase in available capital for African infrastructure. This potential, combined with growing investor interest in the continent’s long-term prospects, creates key opportunities for public-private partnerships.

    The Lobito Corridor is another example highlighted in the report of Africa’s infrastructure potential realised. After years of underutilisation, coordinated action in 2023 through the Lobito Corridor Transit Transport Facilitation Agreement delivered remarkable results. Rail transit times for copper shipments reduced from 25 to just six days, freight costs fell below road alternatives, and the corridor attracted over $500 million in blended financing. Demonstrating how strategic coordination can rapidly unlock dormant infrastructure assets.

    Building on these successes, the report proposes sharper coordination from the apex to serve as Africa’s infrastructure acceleration engine. Building on the lessons of the Presidential Infrastructure Champion Initiative, the African Union Commission for Infrastructure, Energy and ICT would coordinate cross-border initiatives, enhance project bankability, structure innovative funding pathways, and drive accountability across multi-stakeholder projects. This would leverage private sector expertise whilst building on existing AU institutional strengths.

    Regional opportunities are available across all corners of the continent. Sub-Saharan Africa’s 51per cent electrification rate, which is below North African levels, represent key growth and investment return opportunities. The continent’s 27 per cent internet penetration rate signals potential for digital infrastructure expansion that could leapfrog traditional development pathways. Transport infrastructure improvements can unlock agricultural productivity and manufacturing competitiveness that positions Africa as a global supply chain hub.

    The skills development opportunity is equally promising. The continent’s need for 5 million additional infrastructure professionals including engineers, technicians, and artisans, represents a generational opportunity to build world-class local capabilities. The AU’s Skills Initiative for Africa (SIFA), partnering with AUDA-NEPAD and international development agencies, is already laying foundations for systematic capability-building that will ensure sustainable, locally driven infrastructure delivery.

    “Our report highlights that Africa’s infrastructure story is fundamentally one of opportunity, not deficit. We are seeing transformation taking place through the projects, financing mechanisms, and increasingly, the political alignment needed for transformation,” Oyekan added.

    The timing for this infrastructure acceleration could not be better. Key stakeholders across the continent are aligned on the need for coordinated action. Standard Bank Group CEO Sim Tshabalala, Chair of the B20 Finance and Infrastructure Task Force, champions stronger project preparation and streamlined regulatory processes. Whilst AU Commissioner for Infrastructure, Energy and ICT, H.E. Lerato Mataboge, brings execution-focused leadership and commitment to enhanced private sector participation.

    The report identified clear pathways to success through three strategic levers: targeted private sector participation to unlock funding and capability, strengthened cross-border regulatory harmonisation, and enhanced project bankability through improved risk management. These levers, working in combination, can transform Africa’s infrastructure landscape within the current decade.

    “Africa’s time is now. By leveraging strategic collaboration, creative financing, and robust partnerships, the continent can fully unlock its infrastructure potential and set the stage for long-term, inclusive prosperity. The real question is no longer if transformation will happen, but how rapidly we can achieve it,” Oyekan said.

  • Global investors back Nigeria’s reform drive

    Global investors back Nigeria’s reform drive

    Foreign investors have expressed confidence in Nigeria’s ongoing reform agenda following the Federal Government’s renewed assurances of stability and sustained economic growth.

    At the Nigeria Investors Forum, held on the sidelines of the 2025 World Bank Group/International Monetary Fund (WBG/IMF) Annual Meetings in Washington D.C., Governor of the Central Bank of Nigeria (CBN) and leader of the Nigerian delegation, Mr. Olayemi Cardoso, said the government remains resolute in its commitment to advancing reforms that attract investment and promote sustainable growth.

    According to a statement from the Federal Ministry of Finance, Mr. Cardoso told participants that Nigeria’s improving macroeconomic indicators reflect ongoing progress. He cited the country’s $43.4 billion in external reserves, the highest in five years, as a sign of growing stability and resilience.

    “The Central Bank and the Ministry of Finance have been working hand in hand to ensure alignment, stability, and clarity for investors,” he said.

    Mr. Cardoso added that the Tinubu administration is taking coordinated fiscal and monetary actions aimed at strengthening the economy and building investor confidence.

    The CBN Deputy Governor, Mohammed Abdullahi, gave further insight into the positive outcomes of recent policy adjustments, noting a significant improvement in the foreign exchange market.

    He disclosed that monthly FX market turnover has surged by 56.4 percent to $8.6 billion in 2025, reflecting increased liquidity and growing confidence from international investors.

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    “Over the last two years, we’ve really focused on improving FX flows into the economy, and we’ve seen a significant jump. Average net flows between January 2023 and July have doubled,” Abdullahi said.

    On the nation’s medium-term growth outlook, the Special Adviser to the President on Finance and the Economy, Sanyade Okoli, said Nigeria is working toward achieving a 7 percent growth rate by 2027–2028, driven by diversification and infrastructure investment.

     “Our target is 7.0 per cent by 2027–2028. When the IMF increased its forecast a week later, for 2025 we are forecasting 4.0 per cent growth, rising to around 5% next year,” she noted.

    She also pointed out that the structural transformation of the economy is already evident across several sectors.

    “In Q2, 13% of sectors grew above 7%. Our dependence on oil for total exports has reduced to about 57.5% in the first half of this year compared to last year, and oil now accounts for about 4% of GDP, down from 8% in 2021,” Okoli added.

    The Minister of State for Finance, Dr. Doris Uzoka-Anite, joined Mr. Cardoso and other top officials at the forum, reflecting the administration’s drive to foster a more competitive and investment-friendly environment.

    The Nigeria Investors Forum gathered key policymakers, investors, and development partners to discuss Nigeria’s economic outlook and explore partnerships across critical sectors including infrastructure, manufacturing, and energy.

  • Nigeria’s economic reforms yielding visible results – Cardoso

    Nigeria’s economic reforms yielding visible results – Cardoso

    The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the country’s economic reforms are yielding visible results.

    Cardoso said this on Friday in Washington DC at the end of the Annual Meetings of the IMF/World Bank.

    He said that the reforms were placing the country on the path to stability, inclusiveness, and innovation-driven growth.
    .
    According to him, the country’s active participation in the week-long sessions demonstrated the country’s renewed credibility, fiscal discipline, and reform momentum on the global stage.

    He said that the Nigerian delegation’s message of policy consistency and macroeconomic reform had been well received by global investors, development partners, and financial institutions.

    “This has been an active and forward-looking week for Nigeria.

    “Amidst global uncertainty marked by slowing growth and volatile markets, our engagements here reaffirmed that Nigeria is moving in the right direction, towards macroeconomic stability, fiscal discipline, and inclusive growth,” he said

    The CBN governor said that the engagements reflected a new tone of confidence and constructive partnership.

    He said that there was a broad recognition that Nigeria’s reforms were delivering results, adding that Inflation was moderating.

    “The exchange rate stabilized, and investor confidence is returning,” he said.

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    He said that headline inflation fell for the sixth consecutive month in September to 18.02 per cent from 20.12 per cent in August, the lowest in three years.

    According to him, core and food inflation also eased during the same period, reflecting the combined effects of disciplined monetary tightening, exchange rate unification, and improved market transparency.

    He said that Nigeria’s foreign reserves now exceeded 43bn dollars, providing for 11 months of import cover.

    “The naira has continued to strengthen with the gap between official and parallel market exchange rates narrowing to less than two per cent.

    “These outcomes have been supported by sustained capital inflows, increased diaspora remittances and renewed investor participation across multiple asset classes,’” he said.

    (NAN)

  • UN delegation to visit Nigeria to spotlight progress on IDPs

    UN delegation to visit Nigeria to spotlight progress on IDPs

    A high-level United Nations delegation will visit Nigeria from 20 to 22 October to assess and showcase the country’s ongoing efforts to address the needs of internally displaced persons (IDPs).

    The delegation will be led by Ms Ugochi Daniels, Deputy Director General of the International Organisation for Migration (IOM).

    The others are Mr Raouf Mazou, Assistant High Commissioner for Operations at the UN High Commissioner for Refugees (UNHCR) and Ms Shoko Noda, Director of the Crisis Bureau at the UN Development Programme (UNDP).

    According to Mr Stéphane Dujarric, Spokesperson for the UN Secretary-General, the mission will engage with senior government officials, development partners and UN personnel operating in affected communities.

    As of July 2024, Nigeria hosts an estimated 3.5 million IDPs, largely due to insurgency, banditry, communal clashes and environmental shocks such as flooding and desertification.

    The North-East region remains the epicentre, sheltering more than 2.1 million displaced persons.

    In spite of national and international efforts, humanitarian needs remain severe.

    According to UN figures, 7.8 million people in northern Nigeria require assistance this year.

    However, only 1.3 million have been reached so far, raising concerns over limited funding and operational constraints.

    The visit by the UN delegation is expected to reinforce international support for Nigeria’s transition from emergency relief to long-term recovery, stabilisation and reintegration of displaced populations.

    The visit will also showcase Nigeria’s progress in managing internal displacement and resettlement.

    It will promote best practices that could serve as models for other displacement-affected countries;

    Among other things, the visit will strengthen collaboration among humanitarian and development actors.

    In addition, it will mobilise increased international support and financing for long-term, development-focused interventions.

    (NAN)

  • Five countries Nigerians can relocate to without spending much

    Five countries Nigerians can relocate to without spending much

    For many Nigerians, leaving the country in search of stability, better opportunities, and improved quality of life has become an aspiration and in some cases, a necessity.

    Yet, with the rising cost of relocation, traditional destinations such as the United Kingdom, Canada, and the United States are becoming increasingly difficult to access. From tightening visa regulations to steep living expenses, these countries are starting to feel like gated communities reserved for the ultra-prepared or the ultra-wealthy.

    But relocation isn’t limited to the most popular routes. Across Europe, several lesser known nations are quietly opening their doors to international residents offering affordable education, flexible visa options, and a reasonable cost of living. For Nigerians seeking alternatives, these destinations may provide the balance of opportunity and affordability that’s becoming harder to find elsewhere.

    Here are the countries Nigerians can relocate to at cheap rates:

    1. Slovakia: Central, Calm, and Cost-Effective

    Located in Central Europe, Slovakia offers stability, safety, and simplicity three things often missing in high-pressure relocation destinations. While the country may not feature prominently on social media relocation threads, its affordability and accessibility make it a strong contender.

    Students enjoy low tuition fees, and residents benefit from proximity to major European cities like Vienna and Prague. For Nigerians focused on structure and affordability, Slovakia offers an unassuming but practical alternative.

    2. Latvia: A Strategic Northern Optio

    Latvia, a Baltic nation in Northern Europe, is steadily growing in popularity among international students and skilled workers. The country combines low living costs with straightforward residence procedures, making it a practical entry point into the European Union.

    Riga, the capital city, balances old-world architecture with modern infrastructure, providing a peaceful environment for those seeking to study, work, or build gradually toward wider European opportunities.

    3. Portugal: Affordable and Welcoming

    Situated on Europe’s western coast, Portugal has gained quiet recognition as one of the continent’s most liveable countries. Known for its safety, mild weather, and relatively low cost of living, Portugal presents an appealing option for Nigerians looking to relocate without excessive financial strain.

    Whether as students, remote workers, or small business owners, migrants benefit from an accommodating environment and simplified visa pathways. Beyond its scenic charm, Portugal offers what many Nigerians crave peace of mind and an easier start.

    4. Hungary: A Hidden Academic Hub

    Hungary remains one of Europe’s most underrated study destinations. Its universities attract thousands of international students each year, drawn by affordable tuition fees and living costs that are significantly lower than in Western Europe.

    Budapest, the capital, offers a vibrant blend of culture and opportunity, while smaller cities such as Szeged and Debrecen provide a quieter, budget friendly lifestyle. For Nigerians pursuing education as a first step toward relocation, Hungary provides a realistic, sustainable path.

    5. Georgia: Visa-Free and Opportunity-Rich

    For Nigerians seeking a smooth transition abroad, Georgia offers one of the most straightforward pathways. The country allows Nigerians to stay visa-free for up to one year, eliminating the usual hurdles of embassy interviews and extensive documentation.

    Nestled between Europe and Asia, Georgia combines natural beauty with affordability. Rent, transport, and food costs remain moderate, allowing newcomers to live comfortably while exploring long-term options. Increasingly, it’s becoming a relocation base for digital nomads and young professionals from Africa and beyond.

    As economic pressures intensify, the desire to leave Nigeria is unlikely to slow. However, the global landscape of migration is changing, and success now lies in flexibility and strategic thinking.

    For those willing to look beyond the familiar, Europe still offers viable opportunities not necessarily in its most famous capitals, but in its quieter corners where ambition meets accessibility.