The Nation Newspaper

Tag: Nigeria

  • Nigeria, Japan launch naira-denominated startups fund

    Nigeria, Japan launch naira-denominated startups fund

    Nigeria and Japan have introduced a strategic venture capital initiative designed to support high-growth startups through Naira-denominated investments.

    This approach aims to shield businesses from currency risks while providing long-term concessional financing.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) in Abuja on Wednesday to finalize the framework of the fund.

    The Japanese government has now given formal approval for the initiative, paving the way for its launch.

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    Mr. Wale Edun described the fund as a timely intervention that aligns with Nigeria’s economic priorities. He noted that it would provide essential financial backing across the capital structure—from equity to debt—while advancing President Bola Tinubu’s Renewed Hope Agenda for inclusive growth.

    NSIA CEO, Aminu Umar-Sadiq, stated that the initiative meets two critical objectives set by the Minister: insulating investments from foreign exchange volatility by using Naira and securing first-loss or grant capital to reduce private sector risk. He added that with JICA’s involvement, the fund is fully approved and ready for implementation.

    JICA Director General, Takao Shimokawa, disclosed that diplomatic agreements would be finalized within weeks, with full execution to follow shortly after.

    “By combining international concessional financing with domestic currency stability, the fund introduces a new model for venture capital in Africa. It is designed to empower Nigerian entrepreneurs and drive innovation across key sectors of the economy,” the ministry said.

  • Of recurring sectarian fires

    Of recurring sectarian fires

    SIR: An old rivalry was renewed with bloody consequences last Friday when the Nigerian military disrupted a protest by members of the Islamic Movement of Nigeria (IMN) in Abuja. About five persons were allegedly killed and scores arrested when the protesters clashed with Nigerian soldiers. A security operative was also lost in the skirmish.

    The group has a history of confrontation with security agents. In 2015, Zaria, Kaduna provided the theatre for a titanic confrontation between members of the movement sect and Nigerian soldiers. Hundreds of its members were killed while its leader, Sheikh Ibrahim Zakzaky was put on trial. The trial ended in 2016 when he was discharged and acquitted by the court.

    Zakzaky may have been discharged and acquitted, but the flashpoints which flare up occasionally is a sign that the sect has neither forgotten nor forgiven what was done to it in Kaduna State.

    Occasionally, the movement organizes protests and processions which sweep through major parts of Abuja. During these protests, the sect is never shy about getting confrontational.

    Nigeria is and remains a secular country. This means that while citizens have a right to freedom of religion, it is illegal and unconstitutional to cast Nigeria as a country which leans towards any religion. But it is no leeway to crush religious sects or suppress religious beliefs or religious minorities in the name of state security.

    Why does this keep happening? Why does the government have to violently confront the sect? Since this problem has been around for many years now, why has the government not devised a permanent solution to what has become a tangible security threat to Nigerians?

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    The movement will do well to call its members to order. It was only in 2015 that their modus operandi led to a bloodbath at the hands security personnel acting on the orders of the Kaduna State government. The movement must make it abundantly clear to all its members that their rights stop where the rights of others begin, and their religious activities cannot be seen or shown to threaten other citizens.

    Nigeria is a constitutional democracy and by reason of that incontestable fact, the actions of every citizen and group bar none, must be seen to meet the strictures of not only democracy but constitutionality. This is crucial to ensuring the survival of Nigeria as a country.

    In responding to perceived threats by individuals or groups, the Nigerian Army and other security agencies must also commit fully to following the law. Nigeria has its hands full presently with multiple security threats. It cannot in any way seen to be exacerbating or complicating matters.

    • Ike Willie-Nwobu, Ikewilly9@gmail.com
  • What You Can Learn by Using Market Correlations to Diversify Forex Positions

    What You Can Learn by Using Market Correlations to Diversify Forex Positions

    Nigeria’s growing population of forex traders has become more sophisticated over the years, seeking new ways to manage risk while pursuing profit. One strategic approach that has gained traction is the study of market correlations in order to diversify trading positions. This method can help Nigerian traders mitigate fluctuations and gain a broader perspective on currency movements. By examining correlated assets or currencies, traders can anticipate shifts in one market based on the behavior of another. Such an approach is particularly beneficial for individuals looking to manage volatility in an environment where the Nigerian Naira often faces external pressures. In this context, it is essential to consider reliable trading platforms. HFM is one such reputable name that traders often turn to when exploring global market opportunities.

    Understanding Market Correlations

    Market correlations are relationships between different currency pairs or assets that move in tandem or in opposite directions. These relationships can be strong or weak, and they can change over time based on macroeconomic events or geopolitical developments. Understanding market correlations helps you anticipate price movements. If two currency pairs are positively correlated, an upward movement in one might suggest a similar upward trend in the other. Conversely, if they are negatively correlated, one might go up while the other goes down. These insights allow traders in Nigeria to balance their portfolios with a mix of positions that offset risk in uncertain markets.

    For example, traders might observe that certain commodity-driven currencies, such as those tied to crude oil exports, have similarities in price action. Nigeria is an oil-producing nation, so paying close attention to how global crude oil prices interact with forex pairs can offer Nigerians a more comprehensive view. When oil prices surge, currencies that heavily depend on oil may also rise against others. By correlating this knowledge with the performance of the Naira, a trader might diversify their positions in a way that either capitalizes on or buffers against major swings in the energy market.

    Why Market Correlations Matter for Nigerian Traders

    The Nigerian forex market is not only influenced by domestic factors but also by broader global trends. Economies around the world are increasingly interconnected, and this has a direct impact on how currency pairs behave. For instance, the strength of the US dollar often has ripple effects on emerging markets like Nigeria. By examining correlations, a trader can determine how certain pairs move in response to the US dollar’s performance. This is crucial for those looking to hedge positions or avoid overexposure to single-currency risk.

    Another aspect to consider is that many Nigerian traders might be dealing with multiple responsibilities, including family obligations and local businesses. The currency market can be unpredictable, and large price swings can occur unexpectedly. Using correlations to diversify can be an effective risk management technique, especially when you have limited time to monitor every single trade continuously. If one trade experiences sudden volatility, a well-diversified approach may cushion the blow by positioning other trades in a way that benefits from that volatility.

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    Strategies for Diversification Based on Correlations

    One common method for taking advantage of market correlations is pairing currencies that historically move together or in opposition. For instance, traders might look at the EUR/USD and GBP/USD pairs, which often have a positive correlation because both involve the US dollar. If a trader expects a particular move against the dollar, focusing on a correlated pair might maximize the potential opportunity. On the other hand, if you want to spread your risk, you might choose pairs that have historically weaker correlations. This means that if one pair experiences a drastic move, the other may not necessarily follow, thereby mitigating overall risk.

    While tracking correlations can be beneficial, it is also important to note that correlations are never static. Major events such as elections, pandemics, or shifts in monetary policy can alter how pairs move in relation to each other. In Nigeria, where local politics and central bank policies can change quickly, it becomes even more crucial to stay updated. A sudden policy announcement by the Central Bank of Nigeria might affect the Naira differently than expected, causing correlations to shift. Traders should therefore use correlations as a guide, but remain alert to the possibility that relationships between markets can evolve.

    Balancing Risk and Reward

    Understanding and applying market correlations can improve risk management by helping traders develop a diversified portfolio that is less susceptible to wild market swings. This is of particular importance in Nigeria, where the currency market can be influenced by factors such as inflation, interest rates, and oil revenues. Diversification does not eliminate risk, but it can help you avoid putting all your eggs in one basket. By spreading out exposure across multiple currency pairs, each tied to different economic or geopolitical factors, you reduce the likelihood that any single event will bring your trading account into jeopardy.

    Beyond risk reduction, studying correlations can also highlight opportunities for bigger gains. If one currency is showing consistent weakness and you notice that a currency it is negatively correlated with is strengthening, you might time your trades to exploit these movements. In this way, correlations can serve as a double-edged sword: they are useful for both mitigating downside risk and spotting profitable setups when markets move in predictable patterns.

    Adapting to Market Realities

    Nigerian traders must remain flexible. Even though correlations can be powerful tools, they should not be the sole determinant for placing trades. Technical analysis, fundamental insights, and a clear understanding of Nigeria’s own economic climate must also be part of any well-rounded trading strategy. The interplay of political events, monetary policy shifts, and changing global market sentiments can transform correlations quickly.

    Keeping up with news and updates about major currencies, especially those tied to Nigeria’s main export commodities, is another way to stay informed. Traders might want to watch out for announcements related to oil production cuts or increases, global inflation data, and interest rate decisions by the US Federal Reserve or the European Central Bank. These can all alter the correlations that many strategies rely upon.

    Conclusion

    Market correlations offer a window into the interconnected nature of global currency movements, which is vital for Nigerian traders seeking diversification. By studying how pairs move in relation to each other, you can develop strategies that either capitalize on trends or protect your portfolio from unforeseen volatility. Diversification guided by correlation analysis is an effective way to handle the uncertainties of forex trading, especially in a dynamic environment like Nigeria. Whether you are navigating swings in global oil prices or watching the latest updates in monetary policy, a solid grasp of market correlations can help you make more informed decisions.

    While the world of forex remains fast-paced and sometimes unpredictable, understanding the power of correlations can bring clarity and structure to your trading approach. Incorporating correlation-based diversification into your overall strategy can be a game changer for traders in Nigeria, providing a strong framework for balancing risk and reward. By studying different pairs and seeing how they interact, you learn to anticipate market moves more accurately. In this journey, being mindful of changes in correlations and always staying updated on local and global economic factors will help you remain ahead in the ever-evolving forex landscape.

  • Nigeria’s elite force

    Nigeria’s elite force

    •An idea whose time has come

    Terrorists, bandits and other criminals troubling the country are in for harder times with the setting up of an elite group of combat-ready soldiers to deal with their menace and that of other violent non-state actors. This means the criminals would no longer contend with the regular soldiers alone.

    Minister of Defence, Abubakar Badaru, who unveiled this on Monday said

    the first batch of 800 of the 2,400-strong team, code-named Special Operations Force (SOF), is undergoing training in Camp Kabala, Jaji Military Cantonment, Kaduna State.

     “This training has been meticulously designed to develop highly skilled personnel in special combat tactics, counterterrorism operations, intelligence gathering and hostage rescue missions”, Badaru said.

    He added that “The programme will prepare trainees for high-risk missions in both urban and hostile environments, ensuring they adapt to dynamic threats.”

    We welcome this initiative that should, if well executed, be a game changer in the country’s anti-terrorism efforts.

    For far too long, Nigeria has been held hostage by sundry criminals that are making it impossible for Nigerians to sleep with their two eyes closed.

    For instance, Nigeria has been battling Boko Haram insurgency in the last 16 years or so. Several parts of the country are being threatened by one form of criminals or the other.

    There are bandits in the Northwest and part of Northcentral parts of the country; kidnapping for ransom is spreading from the North to the Southwest, the Southeast is under the harassment of extremist members of the Indigenous People of Biafra (IPOB) and its military wing, the Eastern Security Network (ESN) while oil theft and pipeline vandalism are commonplace in the Southsouth.

    These have made it impossible for the regular policemen to cope with the frequency and magnitude of crimes committed nationwide daily, hence the support from members of the Nigerian Armed Forces.

    As a matter of fact, the increased sophistication of the criminals has pushed the police to the back seat of the anti-terrorism battle. Soldiers from all arms of the Nigerian Armed Forces have taken over the terror war, with the government committing huge amounts of money into the purchase of modern equipment needed to defeat the criminals.

    Indeed, significant gains have been recorded in the war against terror, especially in recent times. The terrorists are either being killed or forced to surrender. Those who are not ready to do either have been fleeing from one part of the country to another.

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    So, why do we need the SOF if the troops on ground are pulling their weight?

    Chief of Defence Staff, Gen. Christopher Musa, who noted that the idea of the elite force could not have come at a better time provided a clue to the effect that it is Nigeria’s response to the “evolving dynamics of modern warfare and the unique challenges posed by asymmetric threats”.

    “It is pertinent to note that special operations require not only technical skills but also mental toughness and endurance”, he added.

    It must be emphasised that the establishment of the SOF does not mean less activity on the part of the regular troops. Rather, they are to complement each other.

    As Badaru noted, “Given the inter-agency nature of modern security challenges, the training will foster seamless collaboration among personnel of the Nigerian Army, the Nigerian Navy, and the Nigerian Air Force, as well as other security agencies.”

    Many countries have such elite forces side-by-side with their regular forces. America, for instance, has the Navy SEALs. They were the ones that killed Osama bin Laden in a covert operation in 2011. Russia, the United Kingdom, etc. all have their elite forces.

    So, Nigeria would not be doing anything novel in establishing SOF.

    However, it is not just a matter of setting up such an elite force, it must be well funded to enable it deliver on its specialised mandate.

    Nigeria badly needs such an elite force that understands the different environments that particular criminal elements operate from, be it the forests or the creeks; they need to master such environments to be able to move swiftly against the criminals and defeat them.

  • China, Nigeria explores strategic industrial, educational partnership

    China, Nigeria explores strategic industrial, educational partnership

    Key stakeholders from China and Nigeria convened at the opening ceremony of Africa’s first InfoValley Industry-Education Integration Park, in Lagos, yesterday, to strengthen collaboration in industry, education, and technology. The symposium brought together representatives from industry chambers, academia, vocational institutions and private enterprises to explore ways of aligning Nigeria’s industrial priorities with China’s expertise in innovation, vocational training, and sustainable development.

    The discussions centred on a commitment to establishing a high-tech industrial cluster in Lagos, designed to merge vocational training with industrial innovation, nurture local talent, and adapt China’s proven technological frameworks to the Nigerian context.

    The event featured notable figures, including Managing Director of China-Africa Investment FZC, Deng Yu; Rector of Ogun State Institute of Technology, Dr. Abiodun Oluseye; Deputy General Manager of China-Africa Free Zone Company, Ogun-Guangdong Free Trade Zone, Kevin Liu; and Deputy President of the Lagos Chamber of Commerce and Industry (LCCI),  Engr. Leye Kupoluyi.

    Speaking to journalists, Managing Director of InfoValley Industry-Education Integration Technology Co., Ltd, Chen Peter, emphasised that the partnership goes beyond commerce, aiming to drive long-term innovation and skills development across Africa.

    “It’s not just about selling Chinese brands or products in Nigeria. We respect the cultures and values of both nations and aim to build a unique local brand in collaboration with Nigerian partners,” Peter stated.

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    He further highlighted Nigeria’s influential role in ECOWAS, stressing that deeper cooperation between the two nations could significantly impact regional industrialization, digital transformation, education, and technology.

    Deputy President of LCCI, welcomed the initiative, particularly the establishment of an innovation hub to train Nigerians in ICT, urging stakeholders to leverage knowledge-based economies for national development.

    “We need to ask ourselves, how do we get our people trained? How do we develop our skills to improve agriculture, infrastructure, and energy solutions? If we work together and expand trade across Africa, prosperity will be widespread and sustainable,” Kupoluyi.

    In his address, Deputy General Manager, China-Africa Free Zone Company, underscored the symposium’s role in accelerating technological progress, increasing employment opportunities, and supporting industrial growth.

    “Our goal is to drive technological advancement, enhance employment opportunities, and support industrial upgrading, paving the way for long-term prosperity in the region,” Liu remarked.

    With China’s growing investments in Nigeria’s industrial and educational sectors, the collaboration is expected to serve as a model for sustainable economic transformation, equipping Nigerians with critical skills to compete in a globalised economy.

  • Nigeria joins global plant breeding network

    Nigeria joins global plant breeding network

    Nigeria will today join as the 80th member of the global plant breeding network, International Union for the Protection of New Varieties of Plants (UPOV).

    Acting Director General of the National Agriculture Seeds Council (NASC), Dr. Ishiak Khalid,  disclosed this yesterday during the 2025 Annual Early Generation Seed (EGS) planning and coordination meeting in Abuja. Khalid said by joining UPOV, Nigeria strengthens its Plant Variety Protection (PVP) framework, incentivising breeders to develop nutrient-dense, climate-smart, and more resilient seed varieties.

    These innovations, he said, will improve yields, enhance sustainability, and empower Nigerian farmers to overcome emerging agricultural challenges.

    Khalid expressed optimism that the move will attract greater investment in agricultural research and development, positioning Nigeria as a key player in global seed innovation.

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    He said: “The legal protection for plant breeders is expected to encourage local and international seed companies to introduce cutting-edge agricultural technologies, ultimately benefiting farmers and boosting food production.

    “President Bola Ahmed Tinubu recently signed the Instrument of Ascension, completing Nigeria’s membership in UPOV.

    He however noted that Nigeria’s commitment to international best practices in seed production is further reinforced through its memberships in the OECD Seed Schemes and the International Seed Testing Association (ISTA).

    He further reaffirmed NASC’s dedication to strengthening Nigeria’s seed sector.

    He emphasised the crucial role of Early Generation Seeds (EGS) in transforming Nigeria’s agriculture.

    “We are here today not just to discuss seeds but to shape the future of Nigeria’s food security,” Khalid stated.

    While noting that high-quality seeds form the backbone of sustainable food production, he said NASC’s ISTA-accredited laboratory ensures that Nigerian seeds meet global quality standards.

  • Nigeria happens to me

    Nigeria happens to me

    • By Ayorinde Ajibola

    The National Orientation Agency (NOA) recently launched the “Nigeria Happens To Me” campaign to redefine the national identity narrative and revive a sense of collective responsibility.

    This campaign was to shift public perception from passive citizenship to active patriotism, especially during Nigeria’s economic hardship.

    The campaign challenges a commonly expressed sentiment among Nigerians: “Nigeria has happened to me.” This phrase often expresses frustration with systemic failures or personal struggles linked to the country’s socio-political realities. By turning this phrase on its head, the NOA’s campaign seeks to inspire a more constructive mindset that Nigeria is not just something that happens to people but something they are part of, shape, and influence daily.

    Indeed, the core goals must have been to encourage Nigerians to see themselves as central to the country’s progress or decline, foster a sense of ownership and personal responsibility in national affairs, reignite civic values, patriotism, and active engagement in community and national development and counter the widespread culture of blame and helplessness by promoting solution-oriented citizenship.

    Launched in late 2024, the campaign has been implemented through a multi-platform strategy that includes:

    Short films and storytelling on personal stories of Nigerians making positive changes in their communities are featured in short videos aired on TV, radio, and social media. Town Hall Meetings and Roadshows are being held. In this regard, the NOA has organised open forums across urban and rural areas, inviting citizens to speak on their experiences and solutions for local and international experiences.

    The campaign has sparked essential conversations on social media, with hashtags like #NigeriaHappensToMe trending across platforms. For many, it has offered a fresh lens through which to view their societal roles—from obeying laws and paying taxes to volunteering, voting, and mentoring others.

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    However, critics have argued that the campaign must be matched with tangible government accountability to resonate deeply. 

    Concerns have been raised about widespread economic hardship caused by the high cost of food, energy, and other essential things of life in the present government. The slogan “Nigeria Happens to Me” could effectively reorient the public. It’s a call to action. It recognises that the future of Nigeria is not only in the hands of politicians or public institutions but also in the decisions and attitudes of everyday Nigerians.

    The engaging narrative that necessitates this write-up is how the logic of the slogan has been turned into a positive statement, away from its negative connotation.

    Similar hostile slogans have been rephrased in other parts of the world to connote a positive change.

    During the gender-based violence of 2019-2021 in South Africa, the Slogan “Am I Next?” was changed to “I Am the Change”.  In the original context, the phrase “Am I Next?” captured fear and helplessness among women but flipped upside the South African activists began transforming the narrative toward “I Am the Change” and “We Will Rise”, emphasising collective action, male accountability, and community responsibility.

    The impact was overwhelming. The shift helped broaden the movement beyond mourning and protest, including prevention, education, and legal reforms.

    Similarly, some Pan-African women’s rights movements in Kenya twisted the popular phrase “Not Yet Uhuru” into “Uhuru Is Coming.” The original phrase, “Not Yet Uhuru” (Swahili for “not yet freedom”), was popularised by politicians like Oginga Odinga and later adopted by feminists to highlight that independence from colonialism didn’t automatically translate into freedom for women.

    The flipped logic was that  New-generation activists reframed it as “Uhuru Is Coming” or “My Uhuru Starts With Me,” pointing to a positive and continued journey toward equality. The impact was that reframed slogans reflected growing optimism and a personal stake in the freedom struggle, not just political liberation but economic and gender justice.

    More examples abound in the US when the slogan  “Black is Beautiful” was phrased in the 1960s to counter a negative black connotation.

    The original context was that in a racially segregated America, “blackness” was often associated with inferiority. The “Black is Beautiful” movement challenged this narrative head-on, celebrating African heritage, natural hair, dark skin, and cultural pride.

    The impact of this is a redefined identity that has helped inspire the global Black consciousness movement. It was a turning point in affirming dignity and self-worth in a society where black people were systemically marginalised.

    “Nigeria happens to me”  is a well-crafted appellation, and critical and creative minds are watching how effectively it would change the negative narrative in Nigeria.

     Ayorinde Ajibola is a public commentator based in Abuja.

  • Nigeria’s life expectancy crisis and urgent call for action

    Nigeria’s life expectancy crisis and urgent call for action

    Sir: At just 54.6 years, Nigeria’s life expectancy is among the lowest in the world, a grim reflection of a broken healthcare system, widespread poverty, and an economy that continues to push millions to the edge of survival.

    This crisis is not the result of war or natural disaster but of leadership failures that have neglected the very essence of governance—protecting and improving the lives of citizens. Preventable diseases like malaria, HIV/AIDS, and tuberculosis remain major killers, while malnutrition silently claims the lives of countless children.

    The situation is even worse in rural areas, where hospitals are either non-existent or in shambles. Many primary healthcare centres have no doctors, no drugs, and no equipment. When meningitis recently broke out in Kebbi State, authorities had to transport samples all the way to Abuja just to confirm the cause of death. This is the tragic reality in a country that boasts of being Africa’s largest economy.

    Despite not being at war, Nigeria ranks lower in life expectancy than countries with histories of prolonged conflict, such as South Sudan and Somalia. The World Poverty Clock reported in 2024 that 70.8 million Nigerians live in extreme poverty.

    As inflation soars, more families can no longer afford nutritious food or basic healthcare. The National Health Insurance Scheme exists, yet millions remain excluded due to accessibility issues.

    Meanwhile, the cost of medicine is left to the whims of market forces, allowing exploitation to thrive while ordinary citizens suffer. A nation’s future is shaped by the well-being of its people.

    Yet in Nigeria, the alarming maternal and infant mortality rates continue to erode the country’s development prospects. Pregnant women face life-threatening risks due to a lack of skilled birth attendants, inadequate antenatal care, and poor emergency response services.

    Many die from preventable complications, leaving behind children who are thrust into a cycle of poverty and deprivation. The inability to ensure safe childbirth in the 21st century is an indictment of the government’s failure to prioritize healthcare.

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    Beyond healthcare, environmental factors further threaten life expectancy. Poor sanitation, contaminated water sources, and exposure to pollution contribute to the spread of deadly diseases.

    Urban slums and overcrowded settlements breed infections, yet government policies remain largely ineffective in addressing these hazards. Without proper investment in clean water, sanitation, and waste management, millions will continue to fall victim to avoidable illnesses, further dragging down life expectancy rates.

    This is not a crisis of fate but one of misplaced priorities. The government often flaunts economic growth statistics, but these numbers mean little when hospitals remain death traps and food insecurity continues to weaken an already vulnerable population.

    A country that cannot guarantee the health and well-being of its people is a country setting itself up for collapse. There is still a chance to turn the tide. The government must immediately invest in primary healthcare, expand health insurance coverage, regulate food and medicine prices, and ensure that no Nigerian is denied medical care due to poverty.

    The time for empty promises is over. Lives are on the line, and the consequences of inaction will be measured not in statistics but in the suffering and premature deaths of millions.

    •Firdausi Abubakar, Abuja.

  • Investors’ confidence in Nigeria growing, says Cardoso

    Investors’ confidence in Nigeria growing, says Cardoso

    The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has described recent visits by top executives from JP Morgan, Citi Bank, and the International Monetary Fund (IMF) as clear indications of growing investor confidence in Nigeria’s economic direction.

    The CBN Governor pointed to progress in stabilizing the foreign exchange market and curbing inflation, addressed key economic issues and acknowledged recent challenges.

    Speaking during a meeting with a delegation of scholars from the Harvard Kennedy School (HKS) Africa Trek at the CBN headquarters in Abuja, Mr. Cardoso noted that these financial leaders base their decisions on data and trends rather than sentiment. “Their interest shows that we are on the right path,” he remarked.

    The Africa Trek delegation, which included 50 students from 19 countries, comprised representatives from HKS, Harvard Business School, the Massachusetts Institute of Technology (MIT), and Stanford University.

    Their visit to Nigeria followed an earlier stop in Ghana, as part of a broader initiative to engage with key policymakers and economic stakeholders across the continent.

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    Mr. Cardoso, an HKS alumnus and the first African elected to the global HKS Alumni Board of Directors, pledged the CBN’s commitment to fostering intellectual discourse and policy-driven solutions.

    As a trustee of both the Harvard Club of Nigeria and the Harvard Kennedy School Alumni Association of Nigeria (HKSAAN), the CBN Governor stated that “as we reposition the Bank, we aim to serve as a hub for thought leadership. The exposure gained from institutions like Harvard is invaluable, and we view this as an opportunity to build long-term alliances.”

    President of HKSAAN, Ms. Adaora Ndukwe, and Ms. Sheffy Kolade, HKS Nigeria Trek Delegation Lead, expressed gratitude to the CBN for hosting the delegation.

    They commended the Bank’s openness to engaging with future policymakers and providing direct insights into Nigeria’s evolving economic landscape.

    The Africa Trek initiative facilitates direct engagement between emerging global leaders and policymakers across Africa.

    Through discussions with influential figures, participants explore governance, economic development, financial stability, and the role of central banking in national growth.

    This visit marked the first time an Africa Trek delegation has been hosted at the CBN, demonstrating the Bank’s commitment to knowledge exchange and strategic partnerships.

  • Driving $1trillion economy through creative assets, tourism

    Driving $1trillion economy through creative assets, tourism

    By Chindaya Ahmadu

    Nigeria’s creative economy and tourism sector offer veritable economic opportunities to creatives and upbeat investors.

    This is due to the policy initiatives and bold reforms of the Honorable Minister of Arts, Culture, Tourism, and Creative Economy, Barr. Hannatu Musa Musawa, in line with President Bola Ahmed Tinubu’s vision of building a $1 trillion economy.

    The ministry under her leadership has already forged strategic partnerships that will drive growth, enhance cultural diplomacy, and boost GDP contribution from the Ministry to the nation’s economy.

    A landmark achievement recorded by the Ministry recently through a core strategic partnership between the Ministry and the African Export-Import Bank (Afrexim Bank) has led to the $200 million financing facility with the Afrexim Bank which is scheduled to come into full operations by the mid-2025 and is set to provide essential funding for businesses and entrepreneurs in the creative sector.

    This move ensures that Nigeria’s creatives—ranging from filmmakers to digital innovators—have the capital needed to scale their ventures, create jobs, and expand their global reach.

    One of the most impactful initiatives is the Creative Leap Acceleration Programme (CLAP), developed in partnership with Lebara Nigeria.

    This initiative provides creatives with equitable loans, digital financing, and affordable internet access, ensuring their seamless participation in the digital economy.

    Additionally, inbound tourists will benefit from streamlined financial services and eSIM activation, enhancing their experience in Nigeria.

    To strengthen Nigeria’s creative workforce, FMACTCE has partnered with Alison, a global e-learning provider, integrating its Learning Management System (LMS) into CLAP.

    This offers creatives access to courses in digital media, gaming, music production, and cinematography, positioning Nigeria as a globally competitive creative hub.

    Recognising the need for financial security, the ministry has also joined forces with Prembly to implement advanced Know Your Customer (KYC) verification, Anti-Money Laundering (AML) compliance, and fraud prevention measures, ensuring financial integrity within the creative sector.

    A boost to digital storytelling comes through the Content Creators Challenge, a partnership between FMACTCE and TelAirVision.

    This initiative provides funding, mentorship, and distribution support for digital creatives transitioning from short-form to full-length productions.

    By expanding opportunities in the content economy, the programme fosters innovation and employment while promoting Nigerian talent on a global stage.

    Attracting investment into the creative industry is another key focus. FMACTCE has collaborated with the Presidential Tax Committee to introduce tax incentives and credits, making Nigeria’s creative sector more appealing to foreign investors.

    On a grassroots level, the ministry is partnering with state governments to establish Renewed Hope Cultural Villages across Nigeria, including the Federal Capital Territory.

    These cultural villages will preserve historic sites, promote local festivals, and create employment opportunities, reinforcing economic diversification and tourism development.

    Infrastructure investment is also receiving attention through an MoU with Cavista Holdings, which focuses on developing tourism infrastructure, digitizing tourism experiences, and investing in human capital.

    By strengthening public-private partnerships, this initiative positions Nigeria as a global tourism destination and stimulates job creation in the sector.

    Beyond local initiatives, FMACTCE is strengthening international collaborations to elevate Nigeria’s creative and cultural economy through another grand partnership with the British Council, with this milestone partnership agreement focusing on skills development, cultural exchanges, and strengthening the creative sector in Nigeria.

    Recognising the importance of global benchmarking, the Ministry has engaged the Boston Consulting Group (BCG) to analyse best practices from South Korea, Saudi Arabia, India, Japan, and China. These insights will help Nigeria tailor policies that drive the creative economy’s growth and maximize its GDP contribution.

    A strategic agreement with Brazil includes the renovation of Casa da Nigeria in Salvador, fostering co-productions in film and music and promoting cultural exchange.

    Similarly, a partnership with the French Republic grants Nigerian creatives access to French markets and specialized training in fashion, gaming, and cinema.

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    To further enhance tourism experiences, FMACTCE’s collaboration with Wakanow will introduce cultural desks at international airports.

    These will feature live performances, curated exhibitions, and digital travel solutions, enriching visitors’ first impression of Nigeria.

    Recognising the need for skills development, FMACTCE has partnered with Lens For Good to implement capacity-building programs that equip young entrepreneurs with the expertise required to thrive in the creative and tourism industries.

    One of the most ambitious undertakings is the Nigeria Destinations 2030 Initiative, designed to create 2 million jobs in Nigeria’s creative economy by 2030.

    Financial sustainability is further reinforced through a partnership with the Ministry of Finance Incorporated (MOFI), which aims to securitise both tangible and intangible assets in Nigeria’s creative and cultural economy.

    By unlocking new revenue streams and attracting private-sector investments, this initiative ensures long-term economic growth in the creative sector.

    Highlighting its commitment to global recognition and innovation, FMACTCE has formalised a landmark partnership with Africana Bespoke Tailoring Nigeria Limited. Signed by Minister Hannatu Musa Musawa and Africana’s Managing Director Charles Oronsaye, this collaboration establishes a strategic framework to drive Nigeria’s creative and tourism industries to international prominence.

    Through these strategic partnerships, Minister Musawa is taking decisive steps to place Nigeria on the global map, ensuring that the creative and tourism sectors are not just contributors to the economy but key drivers of national prosperity.

    The ministry’s initiatives will not only create jobs and attract investment but also position Nigeria as a cultural powerhouse in the global economy.

    •Ahmadu is the Director of Press in the Ministry of Tourism