In a world where integrity is often met with betrayal, a book, Faces of Trial, is set to guide Nigerians from the depths of despair to heights of spiritual and economic victory.
Authored by Mrs Eniola Sarah, who wrote from true life experiences, the book offers faith-driven pathways through life’s darkest moments, especially as experienced in today’s socio-economic sphere in Nigeria.
The 2025 publication offers a deeply honest look at the pain of wrongful judgment and the redeeming power of God’s providence, which, according to her, gives hope that our nation can surmount the challenges it is facing through resilience faith and hope in God.
Spanning 206 pages, divided into three sections and 16 chapters, Faces of Trial, which is inspired by the author’s encounters with disappointment and life challenges, serves as a memoir of resilience and a manual for spiritual warfare.
The book presents a moving and reflective account of how good and innocent people often find themselves caught in webs of deceit, conspiracy, deliberate set-ups, and false accusations, circumstances that frequently result in wrongful judgment and lasting damage to reputation and dignity.
Through vivid storytelling and profound emotional insight, the author recounts unfortunate incidents that resonate with real-life experiences familiar to many readers. These narratives, while sobering, serve as a reminder that trials are not unusual, even for the righteous.
The work draws a parallel between human suffering and the trial and condemnation of Christ, reinforcing the message that unjust suffering is not without divine purpose.
Eniola said Faces of Trial identifies with victims of injustice and emotional trauma, offering reassurance, practical lessons, and reliable pathways to victory.
“It emphasises that despite life’s battles, God has special friends and children, and His love and care remain constant in and beyond moments of trial”.
Anchored in biblical principles, the book teaches us how to “plant and harvest” even when the soul is tormented, rejected, lonely, or grieved. She noted that trials are not meaningless; but are God’s set-ups for spiritual growth and self-discovery.
Without trials, she argues, people may not fully understand their true worth or calling.
The author further explains that those with divine purpose often experience unique challenges that others may not face. Enduring these difficult seasons, she noted, ultimately transforms believers into vessels of God’s wondrous acts and blessings.
Beyond encouragement, Faces of Trial positions trust in God’s providence as an unfailing compass, one that guides believers through life’s inevitable race toward victory.
The book challenges readers to tap into inner, often unrecognised, spiritual resources to overcome adversity, making it both a faith anchor and a practical guide for daily living.
Ultimately, Faces of Trial inspires readers to rewrite their personal narratives, live in peace and harmony, and rise above limitations. With scriptural references such as Luke 1:37 and 1 Peter 5:10, the book reinforces the message that suffering often leads to strengthening, restoration, and divine settlement.
Faces of Trial is a recommended read for anyone navigating the storms of life, seeking to understand the mystery of suffering, and looking to emerge victorious through unwavering trust in God. It is now available for purchase.
Nigeria must urgently reposition itself by deploying culture as a strategic national asset capable of driving economic growth, strengthening global reputation, and attracting international investment, Chief (Mrs.) Olateju Philips,Chairman of LASACO Assurance Plc, made the call in her keynote address, titled ‘Repositioning Nigeria through Strategic Cultural Engagement,’ at the Maiden Cultural Diplomacy Conference held in Lagos,
The event brought together traditional rulers, policymakers, government functionaries, business leaders, cultural practitioners, development partners, and students from Nigerian universities.
Describing cultural diplomacy as more than soft power, Philips said culture represents reputation capital that lowers investor risk, attracts tourism, and builds diplomatic trust.
She stressed that Nigeria’s music, film, fashion, and art exports are not merely entertainment but credible ambassadors of national standards, capable of signalling structured opportunity to the global community.
Adding a diplomatic perspective, she called for stronger institutions, investments in cultural infrastructure, protection of intellectual property rights, and “triple-helix collaboration” between government, private sector, and cultural stakeholders to unlock the full economic value of the creative sector.
Ambassador Zainah Mohammed, Convener said the event aims to strengthen Africa’s cultural presence in global discourse, train young cultural diplomats, and promote heritage preservation and creative economy development.
She disclosed that selected students would undergo mentorship to help them tell African stories and promote positive narratives across borders.
Speaking President, Dr Ebiekure Jasper Eradiri, of All-African Association of Small and Medium Enterprises (AASME), represented by Dr Anire Okogun urged African governments to place culture and SMEs at the heart of trade diplomacy.
Dr Okogun said from a continental economic angle, African entrepreneurs are already practising cultural diplomacy through cross-border trade and innovation, but face challenges including complex regulations, weak digital infrastructure, and limited market intelligence.
She called for harmonised customs systems and SME-friendly policies to support inclusive growth.
Hajia Islamiat Oshodi, National President of the Association of Childhood Education Practitioners (ACEP), speaking on values and upbringing, she urged parents to instill positive cultural values in children from an early age, stressing that African culture promotes language, food, fashion, music, hospitality, and tourism.
The conference was graced by the Royal Father of the Day, HRH King Sir Emperor J.D. Nkpe II, JP, Paramount Ruler of Eleme Kingdom, Rivers State, who emphasised the role of traditional institutions in preserving African values and serving as custodians of heritage in a rapidly globalising world.
Also present was Alhaja Sinatu Aderoju Ojikutu, the first elected female Deputy Governor in Nigeria, who called for greater integration of culture into governance and national development strategies, noting that leadership without cultural consciousness risks losing national identity and social cohesion.
Other prominent voices included Prof. Eghosa Oshahae, Director-General of NIIA, who spoke on bridging nations through cultural diplomacy; Ms Yemisi Ransome-Kuti, Founder of the Nigeria Network of NGOs; and Mrs Yekeene-Ajani, President of Women in Fashion Tech, who urged young people to embrace culture as a pathway to purpose, entrepreneurship, and global relevance.
Mrs Helen Onwuau, Head of Public Affairs at the Nigerian Institute of International Affairs (NIIA), described culture as a strategic asset for nation-building and sustainable development, noting that cultural diplomacy strengthens people-to-people relations and enhances Nigeria’s credibility in international affairs.
Highlighting the creative dimension of the event, Engr Oyama Osam Ntun thrilled the audience with Africa Ekuum Bass with electrifying and mystic performance m
Barrister Adeyinka Titilayo Adeyafa captivated the audience with spoken-word poetry celebrating Africa’s rich cultural heritage, while fashion parades and traditional performances showcased the diversity of African identity.
Stakeholders at the conference concluded that cultural diplomacy, when aligned with economic strategy, offers Nigeria and Africa a human-centred, inclusive, and sustainable pathway to global influence and shared prosperity, with traditional institutions, government leadership, and the creative economy acting as key drivers of a reimagined global identity.
Chairman of the Nigerian Bar Association (NBA), Epe Branch, Dr. S.O. Jimoh, has said Nigeria’s crisis goes beyond corruption, arguing that indiscipline is the root cause of the country’s challenges.
In a statement released recently, the legal practitioner described corruption as merely a symptom of a deeper national failure, stressing that without discipline, meaningful progress would remain elusive.
According to Jimoh, Nigerians are often labeled ungovernable, but their behaviour abroad tells a different story.
He pointed out that at least four to five flights leave Nigeria for the United Kingdom daily, each carrying between 300 and 500 passengers—most of them Nigerians. “On Nigerian soil, many of these passengers are loud and unruly,” he said.
“But once they land at Heathrow or Gatwick, you suddenly see calm, orderly, and disciplined Nigerians.”
The Acting Dean of the Faculty of Law at Crescent University explained that the difference lies in enforcement. In the UK, he noted, discipline is non-negotiable, and minimum behavioural standards are strictly upheld—unlike in Nigeria, where he said anything often goes.
“When leadership lacks discipline, the citizens will reflect it,” Jimoh stated. “When the home is undisciplined, the children will be the same. And when schools lack discipline, the outcome is predictable.”
Recalling the War Against Indiscipline (WAI) introduced during the Babangida–Idiagbon era, Jimoh said Nigerians once queued at bus stops and avoided littering, not because they had changed overnight, but because standards were enforced.
He argued that a government unable to manage basic systems such as waste disposal would struggle to manage a complex society, adding that Nigeria urgently needs a nationwide minimum standard of discipline.
Jimoh also praised former Lagos State Governor, Babatunde Raji Fashola, for what he described as a significant improvement in orderliness and civic discipline during his tenure.
On corruption, the NBA chairman insisted that it can never truly end unless indiscipline is tackled first.
“Corruption is a fruit, not the seed,” he said. “Indiscipline is the tree. Fighting corruption alone is like cutting leaves while leaving the roots intact.”
He further clarified that corruption itself is not a specific criminal offence under Nigerian law.
“There is no crime called corruption,” Jimoh explained. “It is a collective name for different acts of indiscipline that have been criminalised.”
He added that many practices—such as favouritism, nepotism, and lobbying—remain legal in Nigeria despite being forms of corruption in practical terms.
“These behaviours thrive because they have not been criminalised,” he said. “Until discipline becomes a national culture, corruption will simply keep reinventing itself.”
In a world where integrity is often met with betrayal, a powerful new book titled ‘Faces of Trial’ has been released to guide Nigerians from the depths of despair to the heights of spiritual and economic victory.
Authored by Mrs Eniola Olaide Sarah, who wrote basically from true life experiences, she offered faith-driven pathways through life’s darkest moments especially as being experienced in the socio-economic sphere of Nigeria at the moment.
The 2025 publication offers a deeply honest look at the pain of wrongful judgment and the redeeming power of God’s providence, which according to her gives hope that our nation can surmount the various challenges it’s currently facing through resilience, faith and hope in God.
Spanning 206 pages, divided into three sections and sixteen chapters, ‘Faces of Trial’ which is inspired by the author’s personal encounters with disappointment and overwhelming life challenges, serves as both a memoir of resilience and a manual for spiritual warfare.
The book presents a moving and reflective account of how good and innocent people often find themselves caught in webs of deceit, conspiracy, deliberate set-ups, and false accusations, circumstances that frequently result in wrongful judgment and lasting damage to reputation and dignity.
Through vivid storytelling and profound emotional insight, the author recounts unfortunate incidents that resonate with real-life experiences familiar to many readers. These narratives, while sobering, serve as a reminder that trials are not unusual, even for the righteous.
The work draws a parallel between human suffering and the trial and condemnation of Jesus Christ, reinforcing the message that unjust suffering is not without divine purpose.
Eniola stated that ‘Faces of Trial’ identifies strongly with victims of injustice and emotional trauma, offering reassurance, practical lessons, and reliable pathways to victory.
“It emphasises that, despite life’s battles, God has special friends and children, and His love and care remain constant both in and beyond moments of trial”.
Anchored firmly in biblical principles, the book teaches readers how to “plant and harvest” even when the soul is tormented, rejected, lonely, or grieved. According to the author, trials are not meaningless; rather, they are God’s timely set-ups for spiritual growth and self-discovery.
Without trials, the book argues, individuals may never fully understand their true worth or calling.
The author further explains that those with divine purpose often experience unique challenges that others may not face. Enduring these difficult seasons, she noted, ultimately transforms believers into vessels of God’s wondrous acts and blessings.
Beyond encouragement, Faces of Trial positions trust in God’s providence as an unfailing compass, one that guides believers through life’s inevitable race toward victory. The book challenges readers to tap into inner, often unrecognised, spiritual resources to overcome adversity, making it both a faith anchor and a practical guide for daily living.
Ultimately, Faces of Trial inspires readers to rewrite their personal narratives, live in peace and harmony, and rise above limitations. With scriptural references such as Luke 1:37 and 1 Peter 5:10, the book reinforces the message that suffering often leads to strengthening, restoration, and divine settlement.
Faces of Trial is a recommended read for anyone navigating the storms of life, seeking to understand the mystery of suffering, and looking to emerge victorious through unwavering trust in God. It is now available for purchase.
We recall our quick rebuttal of the International Monetary Fund’s forecast of Nigeria’s economic growth in April 2025 when it projected that the economy in 2026 would grow at a miserly 2.7 per cent.
We were riled by that projection, which the global lender predicated on projected lower global oil prices.
We made it clear in that statement that the Nigerian economy under the current administration had engendered a paradigm shift from perennial dependency on crude oil earnings to policy-driven economic facilitation.
This refers to the deliberate use of governmental policies, regulations, and institutional frameworks to reduce obstacles, lower costs, and speed up economic activities, particularly in trade and investment.
The facilitation, in this context, aims to foster sustainable, inclusive growth by improving efficiency and reducing red tape.
Seven months after that questionable projection, we have seen a volte-face in the offensive projection. In an epiphany-like realisation, the IMF now speaks of a resurgent Nigerian economy as reflected in the global multilateral institution’s revised Nigerian economic outlook to a projected 4.4 per cent economic growth for 2026.
This is the highest GDP growth projection by IMF over the last 17 years, a real expression of confidence in the Nigerian economy.
Global and Domestic Consensus Around Nigeria’s Higher Growth Prospects
Beyond the IMF’s new GDP projection, we have observed a consensus around a higher than 4 percent economic growth performance expectation of the Nigerian economy by virtually all known individual and public economic commentators. While the Nigerian Government projected 4.68 percent growth in 2026, the Lagos Chamber of Commerce and Industry (LCCI) projected a massive 7 percent, 1.5 percent higher than the Nigeria Economic Summit Group’s 5.5 percent for the year. PwC sustained the conservative threshold by projecting a 4.3 percent growth conditioned on higher oil price while the World Bank also revised its earlier 3.7 percent projection to 4.4 percent.
The agglomeration of these positive economic growth outlooks by domestic and global institutional players points to an emerging economic paradigm that emphasizes increased production and productivity momentum, foreign exchange stability, dis-inflation, galvanized foreign direct investment and inflow, and unobtrusive regulatory environment, anchored in policy-driven economic facilitation.
Available data indicate that this emerging economic paradigm and the new policy-driven economic facilitation environment are consequences of the economic reforms conceived and implemented by the President Bola Ahmed Tinubu-led administration.
2026 GDP Projection
However, our analysis of available economic data indicates that all things being equal, the Nigerian economy will grow to a 5.5 percent threshold. This projection is based on available data and economic trends in the Nigerian economy between 2024 and 2025.
To put things in proper context, in our January 2024 Policy Statement, after an objective analysis of the implementation of the Federal Government’s flagship reform policies headlined by the removal of fuel subsidy and liberalisation of the foreign exchange window, we declared without any doubt that Nigeria would emerge economically and socially prosperous and stronger in the medium to long term on the back of the policy reforms and other subsidiary policies devised to transform and transit the nation’s old economic order to market-driven economic management template.
In an exemplification of our predictive analysis, we said in that Policy Statement: “From the conceptualisation and deployment of policies across multifarious sectors by the federal government, we are convinced that President Tinubu is putting in place new building blocks to serve as the bedrock of a new model for national economic growth and socio-political development.” (IMPI Policy Statement 001 issued on 30th January, 2024).
So, for us, understanding the background to the current developments and the philosophical underpinning of the economy, we submit that the year 2026 would be Nigeria’s boom year yet.
We did not arrive at this projection lightly.
First, as now attested to by global and domestic economic players, the Nigerian economy has been a well-managed affair since the reforms kick-started in 2023. We commend the Federal Government for staying the course despite the initial economic headwinds. These storms were the result of the economy adapting to the hypodermic impact of the reforms.
A major indicator of an expanding economy is the increasing capital acquisition by private sector operators. Nigerian companies, particularly in the oil, gas, telecoms, banking, industrial goods and agricultural sectors, are actively acquiring property, plant, and equipment to expand operations and strengthen market positions.
Key 2025 transactions include MTN Nigeria Communications Plc, which topped the list with N539.6 billion, Presco Plc’s 10,000-hectare plantation acquisition in Cross River and Ellah Lakes Plc’s acquisition of over 11,700 hectares across four states, among others.
Large-scale investments are aimed at building capacity to meet consumer demand and reduce reliance on imports. This has direct consequences on production.
More impressively, Nigeria has moved up 15 places to 4th in Africa for foreign exchange accessibility according to the Absa Africa Financial Markets Index 2025.
FX accessibility is a major bulwark in the measure of ease and convenience of doing business especially for foreign direct investors. The country has made one of its biggest improvements over the years in terms of how easy it is for investors to get and use foreign exchange. This achievement is a result of the sweeping FX reforms by the Central Bank of Nigeria (CBN).
Developments in financial account also supported the overall economic outcome with Foreign Direct Investment inflows rising to $720 million in Third Quarter 2025, while portfolio investment reached $2.51 billion, reflecting a stronger non-resident participation in domestic debt and equity markets.
We see a further rise in foreign direct investment in 2026 along with increased access to FX.
Macroeconomic Stability and Enhanced Manufacturing Output
Macroeconomic stability is the cornerstone of any successful effort to increase private sector development and economic growth. Cross-country regression analysis using a large sample of countries suggest that growth, investment, and productivity are positively correlated with macroeconomic stability. Macroeconomic stability exists when key economic relationships are in balance, for example, among domestic demand and output, the balance of payments, fiscal revenues and expenditure, and savings and investment. Nigeria continues to venture near this equilibrium. The impact is reflecting in the manufacturing sector amongst others. Firms that are backward integrated and better aligned with domestic input sourcing are expected to benefit immensely from the nation’s improving macroeconomic fundamentals.
Basic to this is the fact that for Nigeria import dependent manufacturers, FX stability alone offers meaningful relief on input costs and planning certainty. In line with this, the Manufacturers Association of Nigeria (MAN) forecasts that the country’s manufacturing sector will grow by 3.1 percent while contribution to real GDP is expected to rise to an impressive 10.2 percent in 2026, underscoring renewed optimism in the domestic manufacturing outlook.
These projected attainments would be accomplished through the incentives being channeled to the manufacturing sector through the new tax laws, regulatory adjustments, and the operationalisation of the National Council on Industry, Trade and Investment (NCITI) and other policy frameworks.
CBN Re-engineering of its Operations Playbook
The Central Bank of Nigeria’s decision to re-engineer its operations’ playbook to strict orthodoxy has signaled increased optimism with exchange rate stability and the prospect of easing interest rates. The result has been a huge contraction in the gap between the official and parallel market rates. Foreign capital inflows are expected to grow further in 2026 as awareness heightens around the Non-Resident BVN and as Nigeria begins to reap the benefits of its exit from the grey list of the Financial Action Task Force and the European Union’s removal of the country from its list of high-risk jurisdictions on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). Nigeria exiting the two global financial restraining bodies’ list has signaled a major restoration of confidence in the country and eases compliance frictions for correspondent banks with tangible benefits of an estimated $30 billion in potential investments in the country in 2026.
NGX Listed Companies Declaring Higher Profits
The country’s biggest firms have been recording strong profit growth. After years of foreign exchange volatility that eroded corporate earnings, a more stable naira in 2025 is restoring profitability across NGX listed firms. An analysis of NGX 30 listed firms shows that twenty-six of the firms recorded a 72.7 percent increase in after-tax profits to N7.6 trillion in the nine months of 2025 from N4.4 trillion in the same period of 2024.
This reflects a broad-based profit recovery, particularly among those companies with domestic production bases and moderate import exposure.
The surveyed firms include BUA Foods, MTN, Dangote Cement, BUA Cement, Geregu Power, Transcorp Power, Nigerian Breweries PLC, Lafarge Africa and International Breweries.
The overall data shows that as the naira steadied in 2025, corporate Nigeria began to regain balance after years of volatility-induced distortions. Companies’ profit margins are improving, cost management is firmer and financing plans are clearer. Companies that are yet to resume dividend payments are expected to do so sooner than later.
For instance, the telecom giant MTN Nigeria rebounded strongly, posting a N750 billion profit in the first nine months of 2025, reversing a N513 billion loss a year earlier. Revenue soared 57 percent year-on-year to N3.73 trillion, driven by data and fintech growth.
In the energy sector, Seplat Energy’s profit rose sharply to N146 billion, up from N52 billion in 2024, while Oando Plc earned N201 billion after several volatile years.
Power companies such as Geregu and Transcorp Power benefited from stable naira-denominated financing and improved energy demand from industries resuming expansion.
Agricultural firms, notably Presco and Okomu Oil, posted strong earnings growth of 116 percent on the back of export competitiveness and efficient operations. The near-profit explosion across listed companies is indicative of prospective performances of the listed companies on the NGX with implications for production expansion, employment and wealth creation in 2026.
New Tax Laws and Nigeria’s Economic Buoyancy
The tax reforms, which took effect on January 1, 2026, are projected to improve Nigeria’s tax mobilization. The federation’s revenue is expected to strengthen further, driven by the phased implementation of tax reforms, tighter compliance enforcement, expanded use of digital revenue systems, and improved remittance discipline across revenue-generating agencies.
In addition, Nigeria’s tax reforms will redefine how manufacturers operate, invest, and plan for growth. The law signals a clear policy shift towards a more coordinated and incentive-driven fiscal environment, particularly for the manufacturing sector.
At the centre of the reforms are the newly-introduced Economic Development Tax Incentives targeting priority sectors such as manufacturing. Under the scheme, eligible companies can obtain an Economic Development Incentive Certificate, granting a five percent annual tax credit on qualifying capital expenditure for up to five years. Firms that reinvest profits may access longer incentive periods, while some manufacturing-related transactions are exempt from stamp duties. The incentives are intended to tilt investment decisions in favour of local production and industrial expansion, particularly at a time when manufacturers are under pressure from import costs and foreign exchange volatility. These hold strong momentum potentials for increased production and productivity growth in 2026.
Beyond incentives, the Tax Act revises capital allowance rules, providing clearer guidance on how manufacturers can claim deductions on plant, machinery, and industrial buildings. This could ease pressure on cash flow by allowing businesses to recover capital costs more quickly during the early stages of operation or expansion and further encourage increased PPE acquisition across sector.
The Act also introduces research and development deductions. It permits manufacturers to deduct up to 5 percent of turnover from taxable profits where spending is linked to innovation. This provision could encourage product development and technology upgrades, areas where many local manufacturers have historically lagged behind, due to funding constraints.
Another production bolstering factor is the clearer rules on input VAT credits, which are expected to reduce disputes and prevent the accumulation of unrecoverable taxes on raw materials and capital equipment with manufacturers operating within the agriculture and agro-processing value chain standing to gain further advantages. These include income tax exemptions for the first five years of operation, zero-rated VAT on selected inputs such as animal feeds and fertilisers, and duty-free importation of machinery for agricultural production. Taken together, the measures could strengthen margins and free up resources for expansion, workforce development, and technology investment, improving the competitiveness of locally-made goods.
Key pro-poor provisions in the tax laws include full exemption from Personal Income Tax for individuals earning ₦800,000 or less annually (covering minimum wage earners). Progressive taxation shifting more burden to higher earners. Elimination of numerous “nuisance taxes” that disproportionately affected small businesses and low-income households. Expanded reliefs, such as increased tax-free compensation for job loss or injury (from ₦10 million to ₦50 million) and incentives for agriculture and small enterprises. These changes will harmonize levies, reduce multiple taxation, boost revenue without borrowing dependency, and stimulate economic growth.
Nigeria’s Emerging Supply Chain Sub-sector
In the realm of global commerce, supply chains are the backbone of economic activities, especially in emerging markets like Nigeria. These networks encompass all stages of production, from raw material sourcing to the final product delivery. Nigeria’s integration into the global supply chain is advancing through a $2 billion logistics sector, driven by e-commerce, infrastructure investments, and AfCFTA, with growth expected to reach $3 billion by 2029.
Key sectors include oil, agriculture, and manufacturing, though challenges remain in infrastructure, with logistics costs exceeding $29 billion annually.
We also see a geographical relocation of industry as a result of cheap labour. Nigeria offers significantly lower labour costs compared to China and other Asian economies, making it an ideal location for cost-conscious manufacturers particularly with AfCFTA providing access to 1.54 billion consumers while approximately 47 percent of Nigerian businesses have adopted digital solutions to optimize supply chain operations.
Nigerian Banks’ Credit to Real Sector to Increase
The challenge for Nigerian banks in the post-recapitalization era starting March 2026, is the operational compulsion to move from defensive balance-sheet positioning to carefully priced lending. This will facilitate entrepreneur financing across strategic sectors of the economy. At the household level, pressure on consumer wallets should continue to ease, as inflation is expected to fall below the long-run average and the CBN inflation target.
Conclusion
The year 2026 promises to be a standout season for the Nigerian economy despite the tensions that usually characterize election season. Though Nigeria’s federal and state elections are to hold early in 2027, however, all maneuvres, intrigues and intense politicking that usually precede the election year and endanger the business of governance will rear their ugly heads this year.
However, from our readings, the Federal Government of Nigeria has shown substantial capacity to manage an economy that is transiting from populism to policy-driven facilitation. The economic atmosphere so engendered has variously enabled independence and effective decision-making process for the critical private sector sphere of the economy. This has given fillip to economic momentum and is now the reason we are decoupling GDP’s growth prospects from the budget of the Nigerian federation as it used to be.
Without doubt, the President Tinubu-led administration is successfully driving the economy away from the doldrums of uncertainty that used to distort the growth paths of the national economy. This gives us utmost confidence in the robust and positive trajectory of the national economy.
Omoniyi M. Akinsiju, PhD, Chairman, Independent Media and Policy Initiative (IMPI) , writes from Abuja
The Presidency said Nigeria is on a “healing journey” and firmly on course to build a $1 trillion economy by 2030 as it intensifies efforts to deepen economic and financial inclusion and reposition the country as Africa’s leading hub for a borderless digital economy.
The Technical Adviser to the President on Economic and Financial Inclusion, Office of the Vice President, Dr. Nurudeen Zauro, stated this at the weekend in Abuja during a media parley where organisers unveiled details of the 2026 RegTech Africa Conference and Expo.
Zauro said President Bola Ahmed Tinubu set a clear economic target from his first day in office, anchored on reforms aimed at restoring confidence, expanding inclusion and attracting investment.
“From day one, Mr President set a target of deepening Nigeria’s economic and financial sector to achieve a $1 trillion economy by 2030. To get there, we must build trust, infrastructure and inclusion, supported by policies that promote partnership and collaboration. That is the essence of a borderless economy,” he said.
Nigeria is set to host the continental conference from May 20 to 22, 2026, under the patronage of the Office of the Vice President.
The event with the theme “Building trust, infrastructure, inclusion and policy for a borderless economy,” is being organised in partnership with the Presidential Committee on Economic and Financial Inclusion and in collaboration with the Inter-Governmental Action Group Against Money Laundering in West Africa.
Zauro acknowledged that recent policy changes have been difficult for citizens but insisted they are necessary to restore long-term economic health.
“It takes a bold decision for a father who knows his child is sick to take him to the hospital, allow him to go through surgery and come out hale and hearty. Nigeria has gone through painful reforms, but today we are on a healing journey,” he said.
According to him, key economic indicators are beginning to improve as investor confidence gradually returns.
“The numbers are changing. Investors are coming, and Nigeria is back on its trajectory to success. Our leadership position in Africa is being reinforced,” he added.
He said the administration is deliberately leveraging the African Continental Free Trade Area to strengthen Nigeria’s regional influence, noting that the President and Vice President have been engaging global partners to attract collaboration and investment.
On financial inclusion, Zauro said the push is driven by a presidential directive and anchored on the ASO Accord on Economic and Financial Inclusion, which underscores commitment, partnership and collaboration across government.
He added that the inclusion agenda has been elevated to the National Economic Council to ensure full buy-in by states.
“It is not enough to make policy at the centre; it must reach the sub-nationals so that every Nigerian is part of it. Our principle remains that no one should be left behind,” he said.
Organisers of the conference said multi-stakeholder engagement is critical to resolving persistent challenges facing citizens and businesses, particularly in rural and underserved communities.
They noted that access to markets and efficient payment systems could significantly boost productivity and economic output.
“If people have access to markets and can receive payments seamlessly, even from remote communities, productivity will increase,” they said, stressing that inclusive conversations and practical solutions are key to unlocking Nigeria’s economic potential.
What burned at Balogun was not just GNI House, but Nigeria’s illusion of financial protection. When a Christmas Eve inferno turned prosperity into ashes, it exposed a dangerous gap in the country’s insurance safety net and the urgent need for Lagos State, regulators, insurers and market stakeholders to confront the exclusion of millions of economic participants. Omobola Tolu-Kusimo reports.
As the inferno consumed multi‑storey buildings and neighbouring shops, over 10 people lost their lives, dozens were injured, and hundreds of traders saw years of hard‑earned trillion naira investments wiped out in minutes.
But as the smoke cleared, another tragedy emerged: many of the very market traders whose livelihoods fuel Nigeria‘s economy were not insured and were actively excluded by insurers.
The blaze began on the fourth floor of the GNI House and quickly spread under dry, crowded, market conditions. Lagos State authorities would later confirm that flammable materials and stored explosive‑aided goods, including kerosene and banned electronics, accelerated the fire’s intensity.
Residents and traders watched in horror as flames devoured stock worth billions of naira. What compounded their grief was the sting of knowing that while corporate offices and corporate risks were well covered by insurers, the traders who form the backbone of both the informal and formal economy were repeatedly denied fire, burglary and even life insurance.
“They said the risk was too high, that premiums wouldn’t be profitable,” one trader lamented, tearfully recounting total loss of goods that took years to accumulate.
Financial Inclusion or Exclusion
Nigeria’s insurance penetration remains alarmingly low, with fewer than two million insured lives and businesses out of an estimated population of 230 million. Despite being Africa’s largest economy with bustling commercial hubs like Balogun Market, the vast majority of Nigerians still have no insurance protection.
Investigations show that even when traders sought coverage for fire and other basic risks, many were systematically excluded by underwriters, who cited frequent fire outbreaks and volatile informal market dynamics. What should have been a financial inclusion venture became a case study in financial exclusion.
This refusal not only denied traders protection, it also denied the insurance sector potential premiums, revenue streams, and opportunities for meaningful market expansion.
“It’s not that the risk didn’t exist,” says a risk analyst familiar with market insurance portfolios. “It’s that insurers chose risk avoidance over innovation.”
Emergency Response under Fire
The tragedy was made worse by troubling allegations against Lagos State Fire Service. Multiple witnesses claim fire crews arrived late, more than 40 minutes after first alerts and initially demanded payments before proceeding with full suppression efforts.
Social media videos captured traders pleading with fire personnel to act, suggesting that fire engines and personnel stood idle until unofficial negotiations were made.
Activist Nedu Ani tweeted: “Fire service demanded millions before quenching the fire. How can safety be monetised like this?”
Though the Lagos State government has not publicly confirmed demands for payment, the allegations have intensified frustrations with authorities whose role is to protect lives, enforce building codes, and ensure community safety.
Voices from the Ground
“Everything is gone, no insurance, no help, nothing”, said Mrs. Kemi Ade, trader affected by the fire.
Mr. Olu Fashola, market leader also said If insurers can cover big corporate assets, they can innovate products for markets like ours.
We pay taxes and levies every month, but there’s no sprinkler system, no hydrants, not even basic enforcement of safety codes, he added.
The Financial Cost of Exclusion
Experts say the industry’s decision to shun high‑risk markets is both a social and economic failure. By excluding informal traders, insurers miss out on revenue opportunities in an economy where informal trade accounts for a significant share of GDP.
Instead of tapping into premium streams from thousands of underwriters, the industry has concentrated on low‑risk corporate and compulsory covers, leaving behind millions of potential policyholders, an actuarial consultant, Dr. Aisha Ogunleye noted.
A Nation at Risk, a Sector at Crossroads
The GNI House fire is more than a tragedy. It is a stark reminder that financial exclusion in the insurance sector has grave human and economic costs. When insurers walked away and authorities failed to enforce safety and inclusion, ordinary Nigerians pay the price.
Now, surviving traders, families of victims, and civil society are asking: Who will insure the people who make this economy thrive?
Government’s Complicity and Safety Lapses
While insurers have largely stepped back, market leaders have criticized the Lagos State Government for prioritising revenue collection over structured safety enforcement.
The market traders who do not want their names mentioned complained that their taxes, levies, and licences earn them little more than routine inspections and occasional demolitions without meaningful investment in fire mitigation infrastructure.
Despite repeated fire incidents in the Balogun area over the years, designated fire service points, hydrants, enforced building code compliance or sprinkler systems have not been systematically implemented, the traders assert.
“We cannot keep paying taxes and watching our shops burn,” one frustrated vendor said.
Insurance Regulator
The Deputy Commissioner for Insurance Technical, Dr. Usman Jankara Jimada, admitted that the reported rejection of market traders by insurers was a new discovery for the regulator, even though repeated fires in commercial hubs such as Mandilas, Balogun and the GNI House suggest a long-standing protection gap. He said the issue deserves public attention, particularly because insurance is expected to play a stabilising role after large-scale losses.
While stressing that he was not defending underwriters, Jankara explained that insurance globally operates on the principle of uncertainty, not inevitability. Where a risk is assessed as highly likely to occur, insurers are faced with two options: charge premiums so high they become unaffordable, or decline the risk altogether. “Insurance cannot sustainably cover certainty,” he said, noting that this dilemma is not unique to Nigeria.
He cited international examples, including health insurance markets in developed countries, where high-risk individuals or communities are often excluded unless government intervention alters the risk framework. According to him, if the probability of loss approaches certainty, insurance ceases to function as a risk-pooling mechanism.
However, Jankara was clear that traders are not solely responsible for the uninsurable nature of many markets. He pointed to weak housekeeping standards, lack of fire alarms, blocked access routes for fire engines, and the absence of enforced safety regulations as key contributors to elevated risk levels. These, he said, are failures of governance and enforcement rather than individual choice.
He emphasised that risk mitigation is the bridge between exclusion and inclusion. Improving safety standards, enforcing building regulations, and ensuring functional firefighting infrastructure would significantly reduce loss probabilities and make such markets more attractive to insurers. “If the risk improves, insurance becomes possible,” he noted.
On compulsory insurance, Jankara clarified that the major challenge is enforcement, not legislation. Nigeria’s insurance laws already provide for compulsory covers, but weak enforcement mechanisms, overstretched law enforcement agencies, and prosecutorial bottlenecks have undermined compliance over the years.
He disclosed that NAICOM often faces frustration when cases are handed over to the police or prosecuting authorities, only for them to be deprioritised amid broader security challenges. This, he said, discourages sustained enforcement and weakens deterrence across the system.
To address this, the commission is shifting towards a preventive approach by working with agencies responsible for building approvals and compliance. The aim, according to him, is to embed insurance and safety requirements into approval processes so that risks are addressed before losses occur, rather than relying solely on post-event enforcement.
Jankara also acknowledged the limitations of the Fire Service Maintenance Fund, which is financed through a small percentage of fire insurance premiums. While the fund has been deployed in the past, he said its impact is constrained by Nigeria’s low fire insurance premium base, making it insufficient to meet nationwide needs.
Ultimately, he argued that financial exclusion in insurance must be addressed through collaboration rather than compulsion. Government, regulators, insurers, fire services and market authorities must jointly reduce risks to make insurance viable. “Public discourse like this,” he said, “is the starting point for finding sustainable solutions.”
The Director-General of the Nigerian Insurers Association (NIA), Mrs. Bola Odukale, said she did not have formal industry-wide data confirming that insurers were systematically rejecting traders in markets such as Balogun.
However, speaking from professional experience as an insurance practitioner, she acknowledged that if such rejections were occurring, they would most likely be rooted in risk assessment rather than deliberate exclusion.
She explained that insurers have a duty to assess risks before underwriting them, and where a risk is considered excessively high, companies may legitimately decline to provide cover.
According to her, the physical layout of many markets, the way shops are organised, and daily operating practices often elevate the level of risk beyond what insurers can prudently accept.
The NIA DG pointed specifically to unsafe practices commonly observed in markets, including the storage of petrol and other flammable materials inside shops, overcrowding of electrical appliances, and the indiscriminate placement of generators. These conditions, she said, create what insurers classify as near-certain loss scenarios rather than uncertain events.
She stressed that insurance is fundamentally designed to cover unexpected occurrences, not situations where loss is highly predictable.
Drawing an analogy, she noted that insurers would not cover a person with a terminal illness because the outcome is no longer uncertain. “Insurance does not cover certainty; it covers uncertainty,” she said.
While acknowledging concerns around financial inclusion, the NIA DG cautioned against treating insurance as a social service.
She emphasised that insurance remains a commercial enterprise and must operate within the bounds of sound underwriting principles. Granting cover “just anyhow,” she warned, would undermine the sustainability of the industry.
She made comparisons with other high-risk sectors, such as commercial transport, where poor driving culture, substance abuse, and lack of formal training significantly increase accident rates. In such cases, insurers also struggle to provide affordable or viable coverage unless risks are properly managed.
She agreed that collaboration with government could help address some of the underlying problems, particularly through improved regulation, safety standards, and enforcement. However, he maintained that such partnerships must still respect the fundamentals of underwriting and exposure management.
Ultimately, the NIA DG acknowledged that markets represent a significant opportunity for insurance expansion, potentially worth trillions of naira. He said the industry recognises this potential but insists that any meaningful penetration must be preceded by deliberate efforts at risk mitigation, awareness, and structured engagement to make coverage viable and sustainable.
Conclusion
Risk, Responsibility, and the Cost of Exclusion
The market fires that have devastated Nigeria’s commercial centres are more than isolated tragedies; they are a public interest failure with national economic consequences.
When entire trading communities operate without insurance, losses cascade beyond individual traders to families, supply chains, lenders, and ultimately the state. This is not a niche industry issue but a systemic vulnerability affecting millions of livelihoods and the resilience of the informal economy.
The investigation shows that exclusion did not occur in a vacuum. Insurers insist, correctly, that insurance cannot cover certainty, only uncertainty. Regulators admit that enforcement of safety standards and compulsory insurance remains weak. Market environments, shaped by years of regulatory neglect, now present risks so elevated that exclusion becomes the rational outcome. In this chain, no single actor is solely to blame, but each bears responsibility.
Accountability therefore lies not in assigning guilt after infernos, but in examining why certainty was allowed to replace uncertainty in the first place. Unsafe electrical systems, blocked access routes, fuel storage inside shops, and the absence of functional fire infrastructure are not acts of nature. They are the result of policy gaps, weak oversight, and a failure to integrate risk management into market governance.
The voices of regulators and industry leaders point to a shared truth that insurance exclusion is the consequence of unmanaged risk. Yet risk management itself has been treated as an afterthought, activated only after lives and capital have been lost. This reactive posture undermines both financial inclusion and public trust in the insurance system.
Solutions, however, are neither abstract nor unattainable. Embedding safety and insurance compliance into market approvals, strengthening enforcement of existing compulsory insurance laws, and fostering structured collaboration between insurers, regulators, fire services and market authorities can gradually convert certainty back into insurable uncertainty.
For insurers, this means investing in risk awareness and phased underwriting models rather than blanket rejection. For regulators, it requires shifting from post-disaster responses to preventive oversight. For government, it demands recognising markets as critical economic infrastructure deserving of the same risk governance applied to formal commercial assets.
Until these responsibilities align, Nigeria will continue to witness fires that are described as “uninsurable” despite being entirely foreseeable.
The real failure, therefore, is not that insurance walked away when certainty prevailed, but that the system allowed certainty to flourish unchecked. Addressing that failure is where true financial inclusion in insurance must begin.
Nigeria and Saudi Arabia have moved to deepen bilateral cooperation in housing development, construction technology, and local building materials manufacturing, following high-level talks on the sidelines of the 2026 Real Estate Future Forum (RFF 2026) in Riyadh.
The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa held a bilateral meeting with Saudi Arabia’s Minister of Municipal and Rural Affairs and Housing (MOMRAH), Majed bin Abdullah Al-Hogail, where both sides explored areas of strategic collaboration to attract private capital and accelerate large-scale housing delivery in Nigeria.
At the meeting, Dangiwa presented Nigeria’s Renewed Hope Housing Programme, describing it as a flagship intervention designed to deliver homes at scale across income segments through structured public-private partnerships.
He also outlined the Federal Government’s Building Materials Manufacturing Hubs initiative, aimed at boosting local production, lowering construction costs, creating jobs, and strengthening the construction value chain.
According to the minister, “the Federal Government is repositioning housing as a key economic growth driver rather than only a social intervention.
”The Renewed Hope Housing Programme is backed by clear policies, bankable PPP frameworks and strong demand fundamentals.”
He noted that Nigeria is seeking strategic partnerships with credible Saudi developers, manufacturers, financiers, and technology providers, particularly in the area of local building materials production.
“Our Building Materials Manufacturing Hubs offer a compelling opportunity for Saudi investors interested in local production and long-term value creation in Nigeria,” he said.
In his response, Al-Hogail welcomed Nigeria’s reform-driven housing agenda and expressed Saudi Arabia’s readiness to strengthen institutional cooperation with Nigeria.
He said Saudi authorities recognise Nigeria’s significant housing demand and the efforts being made to unlock private investment in the sector, noting that both countries share common objectives in large-scale housing delivery, construction innovation, and local manufacturing.
“There are clear areas of synergy between our housing and urban development goals. MOMRAH would support engagement between Nigerian institutions and reputable Saudi firms with the required capital, expertise, and technical capacity,” Al-Hogail said.
The engagement underscores Nigeria’s strategy of using global platforms such as RFF 2026 to attract foreign investment, exchange best practices, and forge partnerships to accelerate housing delivery and industrial development under the Renewed Hope Agenda.
The Federal Ministry of Housing and Urban Development said follow-up engagements would continue with MOMRAH and prospective Saudi partners to translate the discussions into concrete investment opportunities and project-level collaborations in Nigeria.
…Conference to drive regulatory alignment, digital trust, cross-border innovation
… Event to support AfCFTA goals, financial inclusion, secure continent-wide digital trade
Nigeria is set to host a major continental policy and technology engagement in 2026 as organisers of the RegTech Africa Conference and Expo (RACE 2026) unveiled details of the event at a media parley held at the State House, Abuja, on Thursday.
The conference, which will be held under the patronage of the Office of the Vice President, between 20th and 22nd of May, 2026, is being organised in partnership with the Presidential Committee on Economic and Financial Inclusion and in collaboration with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
Addressing journalists at a media parley in Abuja on Thursday, the Chairman of the Organising Committee, Mr. Cyril Okoroigwe, described RACE 2026 as Africa’s leading platform for dialogue at the intersection of regulation, technology and economic development, designed to address the regulatory and infrastructure gaps limiting cross-border trade, finance and digital innovation across the continent.
He said the conference is anchored on the vision of “Africonomy”, which envisages Africa operating as a connected, trusted and innovation-driven economic space, aligned with the aspirations of the African Continental Free Trade Area (AfCFTA).
AfCFTA is projected to integrate a $3.4 trillion market of about 1.4 billion people across 54 countries.
According to Okoroigwe, despite the promise of AfCFTA, fragmented regulations, weak interoperability and regulatory uncertainty continue to constrain cross-border trade, payments and digital services, resulting in significant opportunity costs for African economies.
He explained that RACE 2026, themed “Building Trust, Infrastructure, Inclusion, and Policy for a Borderless Economy,” will focus on promoting regulatory innovation and policy alignment, encouraging the deployment of trusted digital infrastructure such as interoperable payment systems and digital identity frameworks, and advancing financial and digital inclusion for small businesses, startups, women, youth and underserved communities.
The conference, he added, will also strengthen collaboration among regulators, governments, financial institutions, technology innovators and development partners, while showcasing African investment opportunities in compliance, fintech, cybersecurity and digital services.
Organisers said Nigeria’s hosting of the conference further underscores the country’s growing role as a continental hub for policy dialogue, financial innovation and digital economic leadership, while supporting Africa’s broader journey toward integrated digital markets, improved investment confidence and inclusive economic growth.
Also speaking at the media parley, through virtual means, the Acting Principal Officer, Legal and Law Enforcement at the GIABA Secretariat, Ms. Gina Wood, said the conference and its associated policy dialogue come at a critical moment for West Africa as countries prepare for the third round of Anti-Money Laundering and Counter-Financing of Terrorism evaluations.
She noted that findings from GIABA’s second round of mutual evaluations highlighted the need for countries to move beyond technical compliance to effectiveness, stressing stronger coordination, improved risk understanding, modern supervisory approaches and the use of technology to safeguard the integrity of financial systems.
Wood commended the Federal Government of Nigeria for supporting the RegTech Africa initiative, saying sustainable reforms require strong political commitment and deeper collaboration between the public and private sectors, including regulators, financial institutions, fintech innovators and telecommunications operators.
She reaffirmed GIABA’s commitment to supporting member states through capacity building, technical assistance, policy guidance and regional cooperation, describing RACE 2026 as a timely platform to advance a trusted, inclusive and future-ready regulatory and compliance framework across West Africa and the continent.
Organisers said the media parley marked the official curtain-raiser for the 2026 conference, calling on the media to play a critical role in shaping public understanding of how regulation, innovation and technology can work together to unlock Africa’s ambition for a secure, inclusive and borderless digital economy.
…says foreign participation in certification programme signals renewed trust
…tasks procurement professionals on integrity, transparency
Vice President Kashim Shettima has said the ongoing reforms of the administration of President Bola Ahmed Tinubu are beginning to restore the confidence of the global community in Nigeria, noting that renewed international trust is reflected in growing foreign participation in professional programmes within the country.
Shettima made the assertion on Thursday at the inaugural Convocation Ceremony of the Nigeria Procurement Certification Programme held at the old Banquet Hall of the Presidential Villa, Abuja.
According to Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima was represented at the event by the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia.
The Vice President said the graduation of the first cohort of certified procurement professionals marked a significant milestone in the implementation of President Tinubu’s Renewed Hope Agenda, stressing that the participation of professionals from outside Nigeria underscored rising confidence in the credibility of the country’s reform efforts.
He noted that a total of 2,100 procurement professionals from Nigeria and other countries were being celebrated, describing the achievement as evidence that Nigeria was consciously positioning itself as a benchmark for excellence in public procurement on the African continent and beyond.
According to Shettima, procurement, once viewed merely as an administrative necessity and often abused, has now assumed a central role in governance under the present administration.
He said the transformation of public resources into roads, hospitals, schools, security infrastructure and social services depends largely on effective procurement, adding that when procurement fails, development suffers and citizens bear the consequences.
The Vice President emphasised that prudent, transparent and strategic management of public resources is not an afterthought for an ambitious nation like Nigeria but the engine room of development under the Renewed Hope Agenda.
He said the quality of infrastructure, the resilience of the healthcare system, the reach of educational institutions, and the confidence of citizens in government are all shaped by the strength of public procurement practices.
Shettima said the Bureau of Public Procurement occupies a central position in the reform process, with responsibilities extending beyond regulation to the cultivation of a professional, ethical, and competent procurement workforce.
Addressing the graduands, the Vice President described them as pioneers with a special responsibility, urging them to allow integrity, transparency, and patriotism to guide their professional conduct.
He told them that their decisions, though not always attracting headlines, would have a direct impact on the lives of citizens across communities and institutions nationwide.
Shettima congratulated the Bureau of Public Procurement, the leadership of the SPESSE Project, the World Bank, and other development partners, saying the programme would help strengthen institutions, rebuild public trust, and move Nigeria closer to its developmental aspirations.
Earlier, Chairman of the Senate Committee on Procurement, Senator Olajide Ipinsagba, pledged the National Assembly’s support for the sustainability of the Nigeria Procurement Certification Programme, urging the graduands to uphold the highest ethical standards in the discharge of their duties.
He said the programme had laid a solid foundation for a more transparent and progressive public service, positioning procurement as a catalyst for national transformation and development.
In his remarks, the Director General of the Bureau of Public Procurement, Dr Adebowale Adedokun, said the programme was designed to enhance sustainable capacity building and promote a strong procurement culture within Nigeria’s public service.
He disclosed that President Tinubu had approved the full deployment of community-based procurement officers nationwide to align procurement practices with global standards and ensure judicious use of public resources.
Also speaking, National Project Coordinator of the SPESSE Project, Dr Joshua Attah, said the programme marked a historic step towards strengthening accountability in public procurement, adding that Centres of Excellence in Procurement had so far trained over 40,000 candidates through various capacity-building and certification platforms.
World Bank Chief Procurement Officer, Ms Hiba Tahboub, commended the Federal Government for its sustained investment in the procurement function, urging other African countries to emulate Nigeria’s structured approach to professionalising public procurement.
