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With Reform Momentum, It’s Time to Bring Gains to the People, Says W’Bank

•Projects 139 million Nigerians living in poverty, 4.4% economic growth, up from 4.2%

• FTSE Russell places Nigeria on watch list for possible return to Frontier Market Index

•Presidency reassures Nigerians of inclusive growth, economic relief

Deji Elumoye, Ndubuisi Francis in Abuja, Nume Ekeghe and Kayode Tokede in Lagos

The World Bank has again acknowledged important steps taken by Nigeria towards stabilising its economy through recent policy reforms, but underscored the need to ensure the gains trickle down to better living standards for its citizens.

According to the latest Nigeria Development Update (NDU), titled “From Policy to People: Bringing the Reform Gains Home,” which was released in Abuja, yesterday, Nigeria has recorded progress in economic growth, domestic revenue mobilisation, monetary policy, and external balances.

However, it pointed to persistent challenges such as high food inflation, widespread poverty, and structural barriers that constrain inclusive growth.

The NDU stated that Nigeria’s economy expanded by 3.9 per cent year-on-year in the first half of 2025, up from 3.5 per cent in the same period of 2024.

The World Bank report came just as global index compiler, FTSE Russell, placed Nigeria on its Watch List for a potential reclassification from Unclassified to Frontier Market status, signalling renewed investor confidence in the country’s improving foreign exchange conditions and capital repatriation environment.

The World Bank report added that Nigeria’s economic growth was driven by strong performance in services and non-oil industries, alongside improvements in oil production and agriculture, stressing that the country’s external position has also strengthened, with foreign reserves exceeding $42 billion and the current account surplus rising to 6.1% of GDP, supported by higher non-oil exports and lower oil imports.

According to the NDU, on the fiscal side, despite lower oil prices, federal deficit is projected at 2.6 per cent of GDP in 2025, broadly unchanged from 2024, while public debt is expected to decline for the first time in over a decade—from 42.9 to 39.8 per cent of GDP.

However, the report cautioned that these macroeconomic gains were yet to translate into tangible improvements in people’s lives.

Many households, it pointed out, continue to face hardship, with poverty and food insecurity remaining high, adding that food inflation remains a major concern as poor households who spend up to 70 per cent of their income on food—have seen the cost of a basic food basket rise five-fold between 2019 and 2024.

The NDU noted that while current reforms are addressing long-standing policy distortions, sustained progress in livelihoods will depend on continued efforts to reduce inflation, foster inclusive growth, strengthen public services, and expand support for the most vulnerable.

“The Nigerian government has taken bold steps to stabilize the economy, and these efforts are beginning to yield results,” said Mathew Verghis, World Bank Country Director for Nigeria. “But macroeconomic stability alone is not enough. The true measure of success will be how these reforms improve the daily lives of Nigerians—especially the poor and vulnerable.”

The NDU listed three urgent priorities for Nigeria to embrace.

These include tackling food inflation by removing trade barriers such as import bans and excessive duties, while addressing structural bottlenecks in seeds, input supply, security, logistics, and infrastructure (including transport, power, storage, and cold chains).

The priorities also include improving the efficiency of public spending through greater fiscal transparency, stronger discipline in Federation Account (FAAC) deductions, and a national pact to align fiscal policy with development objectives, especially human capital investments.

It also alluded to expanding and institutionalising social protection, including regular, domestically financed cash transfers for the ultra-poor and a shock-responsive safety net system to help households manage crises.

Presenting the report, World Bank’s Senior Economist for Nigeria, Samer Matta argued that while the economic outlook remained cautiously optimistic, with growth projected to rise from 4.2 per cent in 2025 to 4.4 per cent in 2027, inflation would continue to pose a major challenge.

“Food inflation remains the biggest tax on the poor,” Matta said, underscoring the need for continued monetary discipline and sustained structural reforms to ensure the benefits of economic recovery reach ordinary Nigerians.

On his part, the World Bank Country Director for Nigeria, Mathew Verghis commended the Nigerian government for implementing bold policy reforms which have begun to stabilise the economy.

However, he lamented that millions of Nigerians were yet to feel the benefits.

“Over the last two years, Nigeria has tremendously implemented bold reforms — notably around the exchange rate and petrol subsidy.

“These policies have laid the foundation for transforming Nigeria’s economic trajectory for decades to come,” Verghis said.

Further acknowledging the impact of the reforms Verghis alluded to rising revenues, stabilising foreign exchange markets, growing reserves, and declining inflation.

“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are big achievements, and many countries would envy them,” he said.

But, he noted that Nigeria now faces the urgent challenge of converting macroeconomic stability into welfare gains for its people.

“Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate the gains from the reforms into better living standards for all,” he stated

Food inflation must be tackled decisively to protect the poor and sustain political support for reforms, he said.

“Food inflation affects everybody, but particularly the poor, and has the potential to undermine political support for reforms,” he said.

“Tight monetary policy is important, but it must be complemented by structural reforms to address deep-seated supply and market constraints,” he further explained.

Verghis assured that the World Bank was committed to supporting Nigeria’s economic reform agenda through policy advice, technical assistance, and financing.

Meanwhile, global index compiler, FTSE Russell, has placed Nigeria on its Watch List for a potential reclassification from Unclassified to Frontier Market status, signalling renewed investor confidence in the country’s improving foreign exchange conditions and capital repatriation environment.

The announcement, contained in the firm’s 2025 Annual Equity Country Classification Review, marks a major milestone for Nigeria, almost two years after it was delisted from all FTSE global indices due to severe dollar shortages which hindered investor exits and distorted the FX market.

According to the statement published on the London Stock Exchange Group (LSEG) website, “Nigeria is being added to the Watch List for possible reclassification from Unclassified to Frontier Market status as the market meets the five FTSE Quality of Markets criteria required for attaining Frontier Market classification.”

The firm recalled that Nigeria was downgraded from Frontier to Unclassified status in September 2023 “due to significant and ongoing delays in the ability of international institutional investors to repatriate capital from Nigeria and execute foreign exchange transactions.”

However, the latest review acknowledges that conditions have improved materially under the Central Bank of Nigeria’s (CBN) reforms. “Market participants have reported that the aforementioned FX queues had been cleared and that international institutional investors are no longer experiencing any material delays in their ability to repatriate capital from Nigeria,” FTSE Russell stated.

It added that “as Nigeria now meets the five FTSE Quality of Markets criteria required for attaining Frontier Market status within the FTSE Equity Country Classification scheme, Nigeria is added to the Watch List for potential promotion from Unclassified to Frontier Market status.”

The decision follows extensive engagement with foreign portfolio investors who confirmed that repatriation bottlenecks have eased, and transparency in FX transactions has improved significantly since the CBN introduced reforms earlier in the year. These include the unification of exchange rates, the clearance of FX backlogs, and enhanced liquidity management in the Nigerian Foreign Exchange Market (NFEM).

The Watch List designation, FTSE noted, allows for “in-depth engagement” with Nigerian authorities and market participants ahead of a potential reclassification decision. “As a result of recommendations received from the FTSE Equity Country Classification Advisory Committee and the FTSE Russell Policy Advisory Board, the FTSE Russell Index Governance Board approved the addition of Nigeria to the FTSE Watch List for possible reclassification,” it added.

Market analysts interpret the decision as a strong endorsement of the CBN’s reform drive under Governor Olayemi Cardoso, who has prioritised restoring transparency and investor trust in the FX market following the volatility of 2023. Since early 2025, the apex bank has cleared significant FX obligations, improved trade settlement processes, and strengthened liquidity management tools, helping narrow the gap between the official and parallel market rates, rebuild reserves, and attract renewed foreign participation in Nigeria’s debt and equity markets.

Reacting to the development, Group Managing Director/Chief Executive Officer of Nigerian Exchange Group (NGX Group), Mr. Temi Popoola, described Nigeria’s inclusion on the FTSE Russell Watch List as a testament to coordinated policy reforms and renewed investor optimism.

“Nigeria’s inclusion on the FTSE Russell Watch List is more than recognition; it is a reaffirmation that policy consistency, transparency, and collaboration work.”

“The recent reforms in the foreign exchange market, fiscal policy, and ease of doing business have collectively helped restore investor confidence and address key structural constraints. At NGX Group, we have always viewed such progress as a springboard for deeper capital market evolution. Our focus remains on sustaining liquidity, expanding listings, and leveraging technology and sustainability to enhance the quality of investor participation, ensuring that Nigeria’s market strength becomes both visible and investable on the global stage.”

Observers have also commended the coordinated efforts of the Securities and Exchange Commission (SEC), the CBN, and NGX Group, noting that these institutions have strengthened the overall market ecosystem and aligned domestic market practices with international standards an effort that now positions Nigeria for possible reinstatement into the FTSE Frontier Market Index.

Once successfully reclassified, Nigeria could regain visibility among global frontier peers such as Kenya, Ghana, and Côte d’Ivoire, and attract substantial passive inflows from institutional funds benchmarked to FTSE indices reinforcing the country’s return to the global investment map.

Also, the Presidency yesterday reiterated that President Tinubu remains steadfast in the commitment to inclusive growth and implementing tangible measures to cushion effects of economic hardship nationwide.

In a public enlightenment post on his verified X handle, @SundayDareSD, presidential spokesperson, Chief Sunday Dare, enumerated a broad range of programmes and fiscal reforms driving the administration’s economic recovery and social protection agenda.

The Tinubu administration, he stated, “remains firmly focused on improving household welfare through targeted, verifiable interventions” designed to ensure that economic growth translates directly into improved living standards for citizens.

He named the Conditional Cash Transfer (CCT) programme as one of the flagship interventions, noting that it has been expanded to reach up to 15 million households nationwide, with over N297 billion disbursed since 2023 to poor and vulnerable families.

Beneficiaries, he said, are being enrolled through a verified digital process under the National Social Register.

The presidential media aide also highlighted the Renewed Hope Ward Development Programme (RH-WDEP) as “a major new initiative targeting all 8,809 electoral wards,” delivering micro-infrastructure, livelihood support, and social services directly at the community level.

According to him, the administration is consolidating the National Social Investment Programmes (NSIPs) — including N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and the Home-Grown School Feeding Programme — to protect jobs, encourage small enterprise, and keep children in school.

Dare said the administration’s food security initiatives are aimed at curbing inflationary pressure on staple goods through the distribution of subsidised grains and fertilisers, mechanisation partnerships, and the revival of strategic food reserves.

He further mentioned the establishment of the Renewed Hope Infrastructure Fund (RHIF) to finance critical energy, road, and housing projects, which are expected to lower living costs and generate local employment.

The National Credit Guarantee Company (NCGC), he further explained, is expanding access to affordable credit for small businesses, women, and youth entrepreneurs through risk-sharing partnerships with commercial banks.

Dare acknowledged that reforms such as fuel subsidy removal, exchange rate unification, and fiscal redirection toward productive sectors have been challenging but described them as necessary choices to tackle the root causes of poverty rather than its symptoms.

“Even the World Bank itself has acknowledged that these reforms are already restoring macroeconomic stability and renewed growth momentum,” he added.

He stressed that while recovery is underway, the government’s focus remains on ensuring that “economic growth must be inclusive.”

This, he said, means translating macroeconomic stability into affordable food, quality jobs, and reliable infrastructure that directly improve the lives of Nigerians.

According to the presidential spokesperson, investments are being scaled up in agriculture, MSMEs, and power reliability.

He said the agricultural value chain expansion programme, gas-to-power initiatives, and skills development hubs are all designed to create jobs and reduce living costs.

“As these programmes mature, Nigerians should begin to feel more visible improvements in food prices, income, and purchasing power,” he assured.

Dare explained that the Tinubu government is not merely reviewing but strengthening and consolidating its social investment architecture through a unified, data-driven framework to enhance transparency, accountability, and digital targeting.

“This includes the scaling up of existing NSIP schemes, the ongoing expansion of the National Social Register, and the rollout of the Renewed Hope Ward Development Programme—ensuring no vulnerable community is left behind”.

He emphasised that President Tinubu’s government remains focused on empowering households, expanding opportunity, and building a resilient, inclusive economy where growth translates directly to improved living standards.

“The reforms are necessary. The direction is right. The foundation for a fairer and more prosperous Nigeria is being firmly laid,” the presidential aide said .

•Projects 139 million Nigerians living in poverty, 4.4% economic growth, up from 4.2% • FTSE Russell places Nigeria on watch list for possible return to Frontier Market Index •Presidency reassures

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NBA, Atiku, Senior Lawyers Push for Probe, Prosecution of Nnaji over Alleged Forgery

•Lawyers’ body warns against sweeping case under the carpet

•CISLAC wants ex-minister banned from public office for life

Chuks Okocha, Alex Enumah in Abuja, Wale Igbintade in Lagos and Blessing Ibunge in Port Harcourt

The Nigerian Bar Association (NBA), former Vice President Atiku Abubakar and senior lawyers yesterday urged the federal government to launch a thorough investigation into allegations of certificates’ forgery against the erstwhile Minister of Innovation, Science and Technology, Uche Nnaji, insisting that his resignation should not end the matter.

Maintaining that resignation was not an atonement for forgery before the law, they warned that failure to pursue the case could erode public and international trust in government and embolden others to commit similar offences.

Leading the call for the investigation and possible prosecution, President of NBA, Afam Osigwe (SAN) described the allegations as “grave” and urged law enforcement agencies to act without delay.

“Before you talk about prosecuting Mr. Geoffrey Nnaji over the allegation of forging the certificate, there should first be an investigation carried out by the requisite law enforcement agency — in this case, maybe the police. And if that investigation confirms the allegation against him, then he should be prosecuted. But the matter should not just be swept under the carpet like that,” Osigwe said.

He stressed the importance of a transparent process, saying they raised grave allegations against him that he presented forged certificates to make the president believe that he is a person who has a university degree and is qualified to be given such an employment.

“This should be investigated to find out if indeed he presented forged certificates to the President, and to the National Assembly to procure his clearance as a minister of the Federal Republic of Nigeria,” he stated.

Osigwe maintained that resignation does not absolve anyone of potential criminal liability.

“If the allegations are established — and indeed the allegation is very weighty, very strong, and should not just be trifled with — then he should be prosecuted. This will also serve as an example to persons who may want to hold public office and who think they can pull the wool over the face of Nigerians by obtaining such positions with forged credentials. The investigation should be transparent, and the findings of the investigation should be made public,” he said.

The NBA President also dismissed suggestions that the federal government should be praised for accepting Nnaji’s resignation.

“The allegations were weighty, and it’s even unfortunate that the minister took so long to resign or to offer a credible explanation. When a minister resigns, you don’t need to praise the government for accepting it. What is important is that his resignation gives more room for proper attention to be placed on the allegation so that he will be thoroughly investigated,” he added.

In the same vein, Atiku berated the Bola Tinubu-led federal government for allegedly deploying corruption and forgery as state policy. He also called for investigations into the alleged forgery of the certificates of the Minister of Innovation, Science and Technology, Nnaji who resigned on Tuesday over allegations of forging his certificates.

The former Vice President questioned why the former governor of Kaduna State, Mallam El Rufai would be disqualified by the DSS for security reasons and Nnaji who forged his academic certificates would pass the scrutiny of the DSS.

Atiku in a statement he personally signed, noted that the development has once again brought to light the deep moral crisis at the heart of the Tinubu administration.

‘’What should ordinarily be a matter of national shame is now being disguised as a voluntary resignation, an attempt to whitewash yet another scandal that typifies the forgery-ridden character of this government.

‘’Let the truth be told: Uche Nnaji should not have been allowed the courtesy of resignation. He should have been summarily dismissed and prosecuted for deceit and falsification. By permitting him to quietly exit through the backdoor, the Tinubu administration has once again demonstrated that it is an assembly of forgers, impostors, and morally bankrupt individuals masquerading as public servants.’

‘’What makes this even more embarrassing is that the same Department of State Services (DSS) which screened out Mallam Nasir el-Rufai for alleged ‘security concerns’ is the very agency that cleared this same character, Uche Nnaji.

‘’The DSS truly deserves our flowers for this national disgrace. Their failure of due diligence has made Nigeria an object of ridicule before the world and raises the question: how many more of such individuals are occupying sensitive positions in this government?

‘’This episode is not isolated. It is a reflection of a pattern, a rot that begins from the very top. The man who occupies the office of President, Bola Ahmed Tinubu, has for decades been enmeshed in controversies surrounding his identity, age, and academic records.

‘’From the Chicago State University saga to multiple contradictory claims under oath, the world has seen ample evidence that Nigeria today is led by a man who himself has been unable to credibly defend the authenticity of his own certificates.

‘’When a man of questionable identity leads a country, deception becomes the standard of governance. Tinubu’s personal history of alleged forgery and perjury has effectively institutionalised falsehood in public service. It is, therefore, unsurprising that his ministers and aides have taken after his example by falsifying documents, inflating records, and desecrating the moral foundation of our nation.

‘’I, therefore, call for an independent, transparent, and comprehensive investigation into the academic and professional credentials of all members of the Federal Executive Council (FEC), beginning with President Bola Ahmed Tinubu himself. Nigerians deserve to know the truth about those who preside over their lives and resources.

‘’Until this cleansing is done, Nigeria will continue to sink deeper into moral decay, economic ruin, and global embarrassment. The time has come to rescue our country from the grip of deceit and restore integrity to public life,’’ he stated

For John Baiyeshea (SAN), in order to set a stage for prosecution, the police must now carry out an investigation and gather the evidence required to prosecute the former minister for forgery.

According to Baiyeshea, it is the Police that has the constitutional responsibility to investigate crime, and if there is need for prosecution, the constitutional place to go is the appropriate court designation for the purpose.

“Finally, my opinion is that if a prima facie case is established by police after investigation, the ex minister ought to be prosecuted. We cannot continue to cover up crime and criminals. Our society can not continue like this. We can never make progress by pampering criminals.

“That’s why corruption is so endemic and pandemic in Nigeria because those who steal our commonwealth are treated with kid gloves and are celebrated as heroes. They are bigger than the law and the entire legal system quite sadly”, he added.

Also, Moses Ebute, (SAN) and former Chairman of the Abuja branch of the NBA, stated that it is one thing to resign and another for the allegations leveled against him to be true. Ebute wondered whether the minister resigned to enable investigation into the allegations or that the allegations were true.

“If the former is the case then he ought to be investigated and if it is the latter, he ought to be prosecuted”, he said, “This will serve as a deterrent to others who are very desperate to occupy public office”.

The senior lawyer stressed that Nigeria cannot continue like this as a nation where those who are truly educated cannot get employment in the public services or occupy public offices as well. “Enough is enough”, Ebute stated.

Echoing similar sentiments, human rights lawyer and Senior Advocate of Nigeria, Ebun Olu-Adegboruwa, said resignation should not be treated as a ‘get-out-of-jail-free card.’

“Lately, public officers holding very important positions have been enmeshed in various controversies on their qualifications. Many officers serving in this current administration have unresolved issues hanging on their credentials and qualifications.

“It’s therefore not enough for public officers who have been accused of certificate forgery or academic fraud to announce their resignations and run away with the crime committed. In this case, the ex-minister should be handed over to the security agencies for investigation and prosecution, if found culpable. When people commit offences and they are patted on their ugly backs, then we encourage fraud and give the impression that crime pays,” he said.

Reacting to the resignation of the science minister, Mr. Dayo Akinlaja (SAN), pointed out that it is the ideal thing to do, as it would pave the way for him to clear himself of the allegations. “It is instructive that the minister has resigned”, Akinlaja said, adding that the resignation does not signify the end of the controversy surrounding the issue of the alleged UNN and NYSC certificates.

He said: “The way it is, the resignation is capable of two different interpretations. It may be interpreted as a demonstration of nobility and integrity. This may be so because it is arguable that it is an indication that the man is sure of his innocence and would not want to give the impression that he is using public office to shield himself.”

The senior lawyer however noted that the resignation on the other hand, may be interpreted as admission of guilt.

“Therefore, it becomes imperative for the matter to be taken a notch further with a view to putting the matter beyond mere conjecture or peradventure. The gentleman himself may even elect to have the matter duly investigated by the authorities for purposes of showing to the whole world that he is a man of untainted honour and integrity”, Akinlaja added.

However, for another senior lawyer, Mr George Ibrahim (SAN), the matter should just be rested following the resignation of the minister.

Besides, Ibrahim expressed belief that the plight of Nnaji has a political undertone because the same university had earlier cleared him of the said certificate forgery allegations.

“While I do not exonerate him of any wrong doing, I think it is enough that he has resigned as a mark of integrity. I think the whole thing is political judging from the fact that the university had since the year 2023 confirmed that he graduated from the university by the Registrar who deals with record keeping. The latest twist to me is baffling and leaves more to be desired”, Ibrahim stated.

For human rights lawyer, Mr Deji Adeyanju, who aligned himself with calls for the prosecution of the minister to serve as deterrent to others, he urged Tinubu administration not to sweep the matter under the carpet.

For its part, the African Democratic Congress (ADC) has said the involvement of a minister in the APC government in certificate forgery is merely indicative and actually confirms the party as a nest of certificate forgers

In a statement signed by Mallam Bolaji Abdullahi, the party’s National Publicity Secretary, the ADC described the President’s action as weak and disappointing, saying that a government that claims to uphold integrity cannot afford to treat criminal conduct like a personal matter.

ADC said that it believes that the decision of President Tinubu to merely accept the offending former minister’s resignation instead of taking a tougher stance gives the unfortunate impression that the President is sympathetic to such behaviour.

According to Abdullahi: ‘’We are equally appalled that the minister was allowed to quietly resign after publicly admitting that the certificates he presented were not issued by the relevant institutions. This sends the wrong message to Nigerians, especially the youth, that dishonesty carries no consequence in public life.

‘’It is imperative to reiterate that both the University of Nigeria, Nsukka (UNN), and the National Youth Service Corps (NYSC) officially disowned the certificates Mr. Nnaji presented for his ministerial appointment, while court filings by the Minister himself confirmed that UNN never awarded him any degree certificate.

‘’In this regard, by simply accepting his resignation, President Tinubu has shown that for whatever reason, his administration is willing to let corrupt officials off the hook easily and he is not willing to set example for those who serve under him that dishonesty has serious consequences.’’

The party said that as mentioned in their initial statement on the subject, Nigerians are aware that this is not an isolated incident but part of a troubling pattern that has defined the APC government since its inception.

‘’From one certificate scandal to another, Nigerians have watched the APC turn dishonesty into an identity, offering sanctuary to people with questionable integrity. Indeed, if the President cannot act firmly in a case that was this clear, how can Nigerians trust his government to fight corruption in any other form?

‘’As a party, we therefore call on relevant law enforcement agencies to pursue an independent investigation into the matter, noting that resignation does not erase criminal liability. Forgery is not a private offence, it is a crime. If found guilty, Mr. Nnaji should be prosecuted in accordance with the law. Anything less will amount to a cover-up.’’, the spokesman of ADC said.

Besides, a Rivers State based activist, Chetam Nwala, has called on Tinubu to immediately set up an independent investigative panel to examine alleged certificate forgery of the former minister.

Nwala who is also a Pan-Africanist said if found culpable, Nnaji and everyone involved should be arrested and prosecuted without delay.

In a statement he personally signed and made available to journalists in Port Harcourt, yesterday, Nwala “The resignation of Hon Geoffrey Uche Nnaji following revelations surrounding his certificate scandal is a stark reminder of how deeply compromised and decayed Nigeria’s institutional integrity has become”.

He said the saga exposed the failure of the oversight systems and the inability of critical agencies like the Department of State Services (DSS) to conduct thorough background checks on individuals entrusted with public office, saying that what should have been a straightforward verification process has turned into national embarrassment.

“Hon. Nnaji’s case reflects a broader pattern of compromise by institutions that are meant to uphold due diligence and accountability. We have reached a point where mediocrity and fraud thrive unchecked, while integrity is continually undermined by political interests. This has brought shame and ridicule to our nation.

“This issue mirrors the long-standing certificate controversy surrounding President Bola Tinubu, an episode that has yet to be credibly resolved. Nigeria cannot continue on a path where its leaders are perpetually entangled in allegations of academic fraud. This is a stain on our national identity and global reputation,”Nwala added.

He however “called on the President to immediately set up an independent investigative panel to examine the matter comprehensively, stressing that if found culpable, Nnaji and everyone involved must be arrested and prosecuted without delay.

Meanwhile, the Civil Society Legislative Advocacy Centre (CISLAC) has called for a life ban on Nnaji from holding public office, even as HallowMace Foundation Africa called on the Department of State Security (DSS) and the National Assembly (NASS) to apologise to Nigerians for the ‘international embarrassment’ arising from their institutional failures.

In an interview on Wednesday evening, the Executive Director of CISLAC, Auwal Ibrahim Musa (Rafsanjani), said that Nnaji was recalcitrant, hence should never be allowed to hold public office in his lifetime.

“He did not resign of his own volition. He was forced by the public, the media, and the civil society to resign. He didn’t resign as an honourable man. He actually went to court to stop the university from releasing his record. In fact, we should ban him from public office for life,” he stated.

Also, in a statement jointly signed by its Executive Director, Anderson Osiebe, and its Head of Public Communications, Oguh Hyginus, HallowMace Foundation Africa maintained that the Nigerian public deserved transparent, accountable institutions that serve as effective gatekeepers against fraudulent public officers.

“The leadership of both screening institutions should issue public apologies to the Nigerian people for this grave failure of due diligence and outline concrete steps being taken to prevent recurrences.

“If the National Assembly and DSS, with their extensive resources and mandate, could not authenticate a certificate from a Nigerian institution, what confidence can citizens have in their ability to vet appointees for critical national positions?” the organisation said.

•Lawyers’ body warns against sweeping case under the carpet •CISLAC wants ex-minister banned from public office for life Chuks Okocha, Alex Enumah in Abuja, Wale Igbintade in Lagos and Blessing

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LCCI: Non-passage of NAIDP into Law Slowing Progress, Weakening Confidence in Nigeria’s Automobile Industry

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has stated that the non-passage of the National Automotive Industry Development Plan (NAIDP) into law has slowed progress and weakened investor confidence in the Nigerian automobile manufacturing industry.

This statement was made yesterday by the President of LCCI, Mr. Gabriel Idahosa, in his address during the chamber’s Automobile and Allied Services Group Symposium with the theme, “The Impact of Non-Passage of the NAIDP Policy into Law on the Automobile Industry,” which spoke directly to the challenges and opportunities shaping our nation’s industrial future.

Idahosa said without legal backing, the “automobile industry faces uncertainty, inconsistent implementation, and policy reversals that discourage both local and foreign investors.

“The result has been reduced capital inflows, stalled assembly operations, and a continued reliance on imported vehicles that drain our foreign exchange reserves.”

He said the NAIDP was designed as a strategic blueprint to transform Nigeria’s automobile sector with clear objectives of promoting local manufacturing, attracting investment, creating jobs, encouraging technology transfer and gradually reducing Nigeria’s dependence on imported vehicles and components.

He added: “At its core, NAIDP aims to build a sustainable automotive value chain that supports inclusive growth and competitiveness.

“Unfortunately, the non-passage of this crucial policy into law has slowed progress and weakened investor confidence.

“Without legal backing, the industry faces uncertainty, inconsistent implementation, and policy reversals that discourage both local and foreign investors.

“The result has been reduced capital inflows, stalled assembly operations, and a continued reliance on imported vehicles that drain our foreign exchange reserves.”

Idahosa said the consequences of the non-passage of NAIDP policy into law included the non-realisation of the industry’s capacity to generate thousands of potential jobs, limited local content growth and the fact that, “Nigeria has lost ground to regional competitors, such as South Africa and Morocco, which have leveraged clear automotive laws to attract global Original Equipment Manufacturers (OEMs).”

He said: “The absence of a binding framework also limits backward integration, meaning many ‘assembled’ vehicles still rely heavily on imported parts.

“This undermines the policy’s goal of stimulating our domestic supply chain and technical capacity.”

He added that the uncertainty surrounding the policy has also led to regulatory fragmentation in the automobile industrial.

He said operators in the industry are currently facing overlapping mandates, arbitrary tariffs, and conflicting guidelines from different agencies.

“Without legal clarity, the industry cannot plan long-term or make the strategic investments necessary to build modern plants, train engineers, or support local innovation,” he added.

Idahosa, however, said opportunities exist in the industrial sub-sector despite these setbacks due to Nigeria’s strong domestic market, robust entrepreneurial base and young, energetic workforce.

He said: “With the right legislative action, we can reignite investor interest and position Nigeria as the automotive hub of West Africa.

“The global shift toward electric vehicles and clean technologies also presents an opportunity for Nigeria to leapfrog into modern, sustainable vehicle production if the right incentives are legislated now.”

He proposed that the LCCI, allied associations must jointly engage with the National Assembly and the executive arm of the government to expedite the passage of the NAIDP in order to move the industry forward.

“Furthermore, policy refinement and stakeholder alignment should be considered to ensure the plan is reviewed to incorporate realistic incentives, balanced tariffs, and achievable local content targets.

“In addition to phased implementation, the government can introduce interim executive measures to sustain momentum while awaiting the full implementation of legislation.

“Also, institutional coordination can be established through the creation of a dedicated Automotive Development Commission to ensure transparency, monitoring, and compliance,” he said.

Idahosa remarked that the cost of inaction is far greater than the effort required to act.

“Every delay prolongs unemployment, deepens Nigeria’s import dependence, and weakens the country’s industrial base.

“The passage of NAIDP into law is not merely a policy milestone; it is an economic imperative. It is the foundation upon which we can build a competitive, innovative, and job-creating automotive industry,” he said.

According to him, in the face of rising uncertainties and crises surrounding tariffs globally, “Nigeria, with a massive population of about 230 million, cannot afford to depend on imports to meet its mobility needs.

“We also urge the government to demonstrate a greater commitment to driving the adoption of e-mobility assets, such as the CNG initiative and electric vehicle possibilities.

“If we act decisively, Nigeria can reclaim its place as a manufacturing leader, create thousands of jobs, and ensure a sustainable industrial base for generations to come.

“The time to act is now,” Idahosa said.

Dike Onwuamaeze The Lagos Chamber of Commerce and Industry (LCCI) has stated that the non-passage of the National Automotive Industry Development Plan (NAIDP) into law has slowed progress and weakened

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NUPRC: Nigeria Attracted over $4.9bn in Non-Associated Gas Investments in Four Years

•Unlocks 9,790 billion standard cubic feet of reserves

•Nation’s gas stock to last about 92.7 years

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday revealed that since the enactment of the Petroleum Industry Act (PIA), it has approved over 25 Non-Associated Gas (NAG) Field Development Plans (FDPs), attracting over $4.9 billion in capital expenditure (Capex) investment.

Besides, the upstream regulator stated that its activities unlocked nearly 9,790 billion standard cubic feet (BSCF) of reserves and 3.54 BSCF/D of gas output.

It stated that Nigeria’s ambition to become Africa’s gas powerhouse received a major boost with the unveiling of a bold regulatory roadmap, aimed at unlocking over 55 trillion cubic feet (TCF) of uncommitted gas reserves and attracting billions of dollars in new investments into the country’s gas value chain.

A statement in Abuja by the Head, Media and Strategic Communication, NUPRC, Eniola Akinkuotu, stated that the Commission Chief Executive (CCE), Gbenga Komolafe, made these comments at the 3rd Gas Investment Forum held in Lagos.

Represented by the Executive Commissioner, Development and Production, Enorense Amadasu, Komolafe outlined the Commission’s strategic focus on driving gas development, monetisation, and infrastructure expansion to secure Nigeria’s energy future and support economic transformation.

Komolafe stated that Nigeria’s proven gas reserves currently stand at 210.54 trillion cubic feet (TCF) comprising 109.51 TCF of NAG and 101.03 TCF of Associated Gas (AG).

He said out of this, about 55 TCF representing 26 per cent of total gas reserves remains uncommitted to existing or planned monetisation projects, signalling a massive investment opportunity for both domestic and international investors.

Komolafe noted that with an annual average daily gas production of 6.99 billion standard cubic feet (BSCF/D) in 2024, Nigeria’s Reserves Replacement Ratio (RRR) stands at 1.56, while the Reserves Life Index (RLI) is about 92.7 years an indication of long-term sustainability for investors in the country’s gas sector.

The national gas reserves, he said, grew from 208.83 TCF in 2023 to 210.54 TCF in 2025, while gas production rose from 6.91 BSCF/D to 7.61 BSCF/D, reflecting steady growth across the value chain. The domestic market currently accounts for about 28 per cent of total gas utilisation, while exports via LNG and WAGP take up 35 per cent, and field use including gas lift and reinjection represents 29 per cent.

On policy reforms and regulatory milestones, Komolafe enumerated several regulatory instruments that have shaped Nigeria’s gas development journey, including the Associated Gas Re-injection Act (1979), National Gas Policy (2008), Flare Gas (Prevention of Waste and Pollution) Regulations (2018), Decade of Gas Initiative, and the landmark Petroleum Industry Act (PIA) 2021.

He said recent instruments such as the Domestic Gas Delivery Obligation Regulations (2022), the Gas Flaring, Venting and Methane Emissions Regulations (2023), and the Oil and Gas Companies (Tax Incentives) Order (2024) further consolidate the Commission’s pro-investment posture.

Since the enactment of the PIA, he said the Commission has approved over 25 NAG Field Development Plans, unlocking nearly 9,790 BSCF of reserves, 3.54 BSCF/D of gas, and attracting over 4.9 billion dollars in CAPEX investments.

He further disclosed that the Commission was actively facilitating regulatory approvals and negotiations for upstream gas supply to major projects such as NLNG Train 7, the Ajaokuta–Kaduna–Kano (AKK) Pipeline, and the Brass Fertilizer and Petrochemical Project.

Komolafe also observed that NUPRC was currently monitoring 19 active gas development projects, comprising 10 production facilities and 9 pipeline projects, with a combined capacity of 3.55 BSCF/D. About 88 per cent of these projects, he said, are in the engineering phase, while 12 per cent have progressed to construction or fabrication.

He explained that 86 per cent of the new gas production projects are targeted at the export market, particularly feed gas supply to the Nigerian LNG, while 23 per cent (142 MMSCFD) were directed toward the domestic market.

Komolafe emphasised that the NUPRC’s regulatory roadmap aligns with the federal government’s National Gas Policy and Energy Transition Plan, which prioritise decarbonisation, clean energy adoption, and inclusive economic growth.

According to him, the Commission is intensifying efforts to attract new investments by eliminating entry barriers through the ‘drill or drop’ provision in the PIA, driving full implementation of the Decade of Gas Initiative.

Besides, he stated that the NUPRC was facilitating access to fiscal incentives, promoting cluster and nodal gas infrastructure development, and organising a gas production ramp-up strategy workshop in Q4, 2025. He reaffirmed that Nigeria stands at a pivotal juncture in its energy journey, one that demands innovation, collaboration, and sustainable investment.

•Unlocks 9,790 billion standard cubic feet of reserves •Nation’s gas stock to last about 92.7 years Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian Upstream Petroleum Regulatory

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NCC Moves to Improve Investments in Broadband Connectivity, Safeguard Telecoms Infrastructure

Emma Okonji

Nigerian Communications Commission (NCC) has stressed the need for improved investment in broadband connectivity, and safeguarding critical national infrastructure in the telecoms sector. Executive Vice Chairman of NCC, Dr. Aminu Maida, stated this during a business roundtable held yesterday at NCC Digital Economy Complex, Mbora, in Abuja, themed, “Right of Way and Protection of Broadband Infrastructure – The Road to Success in Broadband Investment and Connectivity.”

Speaking on the importance of connectivity, Maida said, “When we talk about connectivity, our minds go to faster downloads or smoother video calls. But the scope and impact extend far beyond these. Connectivity today equals economic inclusion, productivity, and national resilience. As of August 2025, Nigeria had achieved a broadband penetration rate of roughly 48.81 per cent with over 140 million people having internet access. The ICT/telecom sector is already one of the leading contributors to Nigeria’s GDP.”

According to him, for individuals and small businesses, broadband access turns local markets into national and global ones.

He said it transformed opportunities for graduates from local to global digital earning possibilities; transforms a state economy from being dependent on traditional revenue streams to fostering an innovation-driven ecosystem.

Citing African countries that had invested in broadband connectivity, Maida said Rwanda had positioned itself as an African hub of digital services by investing heavily in backbone fibre and digital governance, adding that India’s outsourcing and IT services industry is worth over $240 billion annually, enabled largely by early and consistent investment in digital infrastructure and human capacity.

“With over 200 million people and a median age of 18, Nigeria can not only follow those trajectories but surpass them—if we equip our youth with reliable, aﬀordable, high- speed connectivity,” Maida said.

He said through the sustained advocacy of the commission, and eﬀorts of the Oﬀice of the National Security Adviser (ONSA) as well as the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE), the Critical National Information Infrastructure (CNII) Presidential Order was signed by President Bola Tinubu in June 2024.

CNII Presidential Order guarantees proactive protection of Nigeria’s telecommunications infrastructure by providing the executive backing for law enforcement agents to deal with vandalism, theft and denial of service to the assets, while ensuring continued network service provision by operators.

Maida explained that working closely with the Oﬀice of the National Security Adviser, NCC had been tasked with ensuring the full operationalisation of the mandate in the telecommunications sector.

He said, “To achieve the mandate, NCC has set up a Telecommunications Industry Working Group to coordinate its operationalisation. Our first task has been to ensure strict compliance with baseline standards for site security, maintenance, and access control.

“We have also launched a broad public awareness drive, including TV and radio jingles, social media campaigns, and community engagement initiatives, to mobilise citizens in protecting telecom infrastructure.”

He said NCC will yesterday in Abuja launch two strategic tools: The Ease of Doing Business Portal, a one-stop-shop that provides information and link to the 36 states and the Federal Capital Territory (FCT); and The Nigeria Digital Connectivity Index (NDCI), a framework to measure and publish annually each state’s digital readiness and competitiveness, creating a transparent scorecard to drive accountability.

Emma Okonji Nigerian Communications Commission (NCC) has stressed the need for improved investment in broadband connectivity, and safeguarding critical national infrastructure in the telecoms sector. Executive Vice Chairman of NCC,

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NCDMB Recommits to Deepening Local Content

•Unveils compliance certificate system in Rivers

Blessing Ibunge in Port Harcourt

Nigerian Content Development and Monitoring Board (NCDMB) has unveiled its compliance certificate system in Port Harcourt, the Rivers State capital.

The board reaffirmed its commitment to deepening local content through certification, compliance and financial support.

NCDMB Executive Secretary, Felix Ogbe, restated the commitment at a stakeholders sensitisation and engagement forum, organised in collaboration with Bank of Industry and the Nigerian Export-Import Bank, in Port Harcourt, yesterday.

Announcing the introduction of a new Nigerian Content Fund Clearance Certificate (NCFCC), at the event, Ogbe described the certificate as a verifiable and transparent instrument that served as tangible proof of compliance by relating companies.

Represented by Director, Finance and Personnel Management, NCDMB, Mr. Osa Uchendu, Ogbe said, “Today’s sensitisation programme is an open conversation between us as stakeholders. It provides us an opportunity to listen, to present and address critical issues and present better clarity on the interventions and benefits of the Nigerian Content Intervention Fund.”

He stated that over the years, NCDMB had remained steadfast in promoting and ensuring the Nigerian oil and gas intervention funds were taken good care of.

Ogbe stated that for compliance to be ready, it must be practical and mutually beneficial to all participants in the industry.

“In line with this, we are introducing the Nigerian Content Fund Clearance Certificate (NCFCC), a verifiable and transparent instrument that serves as tangible prove of compliance by relating companies,” he said.

He explained that the innovation reinforced the board’s commitment to accountability and trust in the implementation of local content across the oil and gas value chain.

“Beyond compliance, we also recognize the pivotal role of financing in different local contents,” he added.

Speaking at the event, Executive Director, Large Enterprises, Bank of Industry, Dr Ifeoma Uzokpala, said the stakeholder’s engagement reflected the three organisations’ vision and shared commitment to strengthen Nigeria’s oil and gas value chain.

Uzokpala said, “This stakeholders’ engagement us important and we realised that it the dialogue will help us deepen our understanding better on how to service the oil and gas industry and make the best of it for Nigeria and the world.

“The gathering reflects our vision and shared commitment to strengthen Nigeria’s oil and gas value chain by not only providing finances, but also deepening engagements with our customers and partners.”

Head, Specialised Business Development, Nigeria Export-Import Bank, Mohammed Awami, said the event provided a vital platform for dialogue and shared commitment towards advancing Nigeria’s industrial growth and economic diversification agenda.

Awami stated, “This forum represents a vital platform for dialogue and shared commitment towards advancing Nigeria’s industrial growth and economic diversification agenda.

“At NEXIM Bank, we recognise the pivotal role NCDMB chose to play in driving local content development, building indigenous capacities and promoting value addition within Nigeria’s oil and gas sector and linkages to other activities.”

•Unveils compliance certificate system in Rivers Blessing Ibunge in Port Harcourt Nigerian Content Development and Monitoring Board (NCDMB) has unveiled its compliance certificate system in Port Harcourt, the Rivers State

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Amid High Cost of Funds, NEXIM Bank Seeks to Enhance SMEs’ Access to Cheap Financing Options, Others

James Emejo in Abuja

Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM), Mr. Abubakar Abba Bello, yesterday, said the bank was ready to provide more affordable financing options to Small and Medium Enterprises (SMEs) in the country.

Bello said one of the biggest challenges SMEs faced was the high cost of funds, as interest rates from commercial banks peaked at 30 per cent. He said this was “too high for small businesses to sustain”.

Bello spoke at the Abuja edition of the SME Export Finance Sensitisation Forum (EXCEL Programme), jointly organised by NEXIM and GIZ Nigeria under the SEDIN programme.

He said alongside other Development Finance Institutions (DFIs), including Bank of Industry (BoI) and Development Bank of Nigeria (DBN), NEXIM had worked to reduce the cost of finance and provide refinancing opportunities for MSMEs.

Bello said the aim was to help them become more competitive, sustainable, and capable of scaling their operations, adding that as a development finance institution, “our role is to help them grow to the level where they can attract financing from multiple sources”.

Bello explained, “One of the major issues affecting MSMEs is access to finance. Others include infrastructural deficits, regulatory challenges, and related constraints.

“Of course, we cannot address all these challenges at once. However, one critical factor is the capacity of the business itself—the capacity of the entrepreneur, the management, and the enterprise as a whole.

“That is why sensitisation programmes like this are important. Their goal is to help build the capacity of MSMEs. It’s not that banks are unwilling to lend to MSMEs; rather, banks often observe that many MSMEs lack the necessary capacity to manage credit effectively.”

He said through such sensitisation efforts, the bank aimed to strengthen MSMEs to become eligible to access finance—whether from development finance institutions, commercial banks, or even equity investors.

He added, “Sometimes, businesses want to expand or scale up but lack the structure or platform to attract equity investment. Sensitisation programmes like this help entrepreneurs understand the right processes, documentation, and structures required to make their businesses bankable and investment-ready.

“As I’ve said before, no single organization or agency can do this alone. However, when all stakeholders play their part at various levels, we can collectively strengthen and scale the MSME sector.

“So, beyond sensitisation, what we are really talking about here is capacity building.”

The NEXIM MD said Micro, MSMEs remained the backbone of Nigeria’s economy, with over 41 million operators, accounting for 96.9 per cent of all registered businesses, contributing 48 per cent to GDP, and employing 87.9 per cent of the workforce.

However, he stated that despite the immense contribution, 55 per cent of MSMEs faced challenges in accessing finance, stressing that a significant percentage of the entrepreneurs failed within their first five years—largely due to limited access to finance, infrastructure deficits, high costs of doing business, and regulatory burdens.

He added, “This is precisely why the EXCEL Programme was conceived in partnership with GIZ. Globally, export financing has proven to be a powerful driver of economic growth.

“However, according to the World Bank, exports of goods and services contribute only about 7.64 per cent to Nigeria’s GDP. This figure underscores the huge untapped potential of Nigeria’s MSME export sector, especially considering its size and diversity.

“It also highlights the transformative potential of programmes like EXCEL in unlocking the full value of our MSME ecosystem.

At NEXIM Bank, we are proud to introduce financing solutions such as the SME Export Facility (SMEEF) and the Women & Youth Export Facility (WAYEF), alongside our NEXA digital platform, which provides MSMEs with access to digital export and financial management services.

“These initiatives are designed to make export financing more accessible, transparent, and impactful.

“We are also preparing to commence the onboarding of our SME clients onto the African Trade Gateway (ATG)—a platform aimed at enhancing market access, improving payment systems, and deepening intra-African trade.”

James Emejo in Abuja Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM), Mr. Abubakar Abba Bello, yesterday, said the bank was ready to provide more affordable financing options to Small and

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SAN: Idheze Integrity Forum Felicitates Delta Solicitor General

Sylvester Idowu in Warri

Some sons and daughters Isoko Nation, who are members of Idheze Integrity Forum (IIF), have felicitated the Permanent Secretary and Solicitor General of the Delta State Ministry of Justice, Barrister Omamuzo Erebe, who was recently elevated to the prestigious rank of Senior Advocate of Nigeria (SAN) by the Supreme Court of Nigeria.

The legal practitioner with a history of practice in Alternative Dispute Resolution, (negotiation, mediation, arbitration), w as among many others who were recently elevated by the apex court of the country.

And in a letter signed by the President of IIF, Elder Ogaga Nathaniel, the group said Erebe’s elevation is testament to the his unwavering dedication, intellectual rigour, professionalism, and remarkable contributions to the Nigerian legal system.

Nathaniel said: “IIF extends congratulations to you, on your well-deserved elevation to the esteemed rank of SAN.

Your achievement is a shining example of hard work, dedication, and intellectual rigour. As a proud son of the Isoko Nation, your success brings immense pride to your family, colleagues, and the entire Isoko Nation. You inspire the younger generation with your perseverance, discipline, and devotion to duty and excellence.

We celebrate this historic moment with you and your family. We are confident that you will continue to uphold the finest traditions of the legal profession, providing leadership, wisdom, and courage that will shape the course of justice universally.”

Erebe has a history of practice in Alternative Dispute Resolution, (negotiation, mediation, arbitration), skilled in Legal Drafting and Criminal Law. He graduated from the University of Benin and the Nigeria Law School, Lagos.

The SAN title is the highest honour conferred on legal practitioners in Nigeria, reserved for lawyers who have attained exceptional distinction in the legal profession, either as advocates in the courtroom or as academics.

Sylvester Idowu in Warri Some sons and daughters Isoko Nation, who are members of Idheze Integrity Forum (IIF), have felicitated the Permanent Secretary and Solicitor General of the Delta State

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Ten Years of Progressive Governance in Nigeria: From Reform to Renewal

By Rabiu Isyaku Rabiu

During the public presentation of the book “Ten Years of Impactful Progressive Governance in Nigeria,” authored by the Chairman of the Progressive Governors’ Forum and Executive Governor of Imo State, His Excellency Governor Hope Uzodinma, I reflected on Nigeria’s decade-long journey under successive progressive administrations as Chief Presenter. Though time did not allow me to deliver my written remarks, the message remains vital to our national conversation on leadership, governance, and reform.

There are moments for politics and moments for governance. Once elections are over, governance must take precedence. Our duty as citizens is to move beyond division and measure progress not by sentiment but by delivery, performance, and impact.

Over the past ten years, Nigeria’s story has been one of courage and continuity, of institutions learning discipline, and of leaders willing to face hard truths about our economy. President Muhammadu Buhari laid the foundation of fiscal prudence, agricultural revival, and infrastructure renewal. President Bola Ahmed Tinubu has advanced that legacy through decisive structural reforms such as removing the fuel subsidy, unifying exchange rates, modernising tax policy, and restoring credibility to public finance. These choices were not easy, but they were necessary. They broke habits that had become too costly to sustain and redirected public wealth toward productivity.

Since May 2023, government non-oil revenue has grown by more than 400 percent. This is not coincidence. It is the outcome of intentional policy and technological transparency. The Presidential Fiscal Policy and Tax Reform Committee has simplified compliance, eliminated duplication, and placed technology at the centre of revenue collection. Revenue agencies that once competed now cooperate. Multiple taxation is being dismantled. Incentives for businesses are transparent and available online without intermediaries or privileged access. Every entrepreneur, large or small, can now apply for fiscal waivers or export credits within minutes. Fairness by design and technology is replacing favour by connection.

Energy stability has returned as proof that reform, though painful, delivers results. The queues that once defined our petrol stations are gone. Deregulation has reopened the downstream market and restored investor confidence in oil and gas, bringing new capital into deep-water, midstream, and modular-refinery projects. Parallel reforms in the Presidential CNG Initiative are changing urban mobility by replacing petrol fleets with cleaner and cheaper gas vehicles. At the same time, a nationwide solar-power rollout is providing electricity to schools, clinics, and small industries. Together, these initiatives reflect a balanced energy future built on efficiency, competition, and sustainability.

Security remains the foundation of every reform. In 2024, N3.85 trillion, about 13 percent of the national budget, was allocated to defence and internal security. For 2025, that figure rose to N6.57 trillion, with significant investment in equipment, intelligence, and personnel welfare. The Nigerian Air Force is modernising with 24 M-346 attack jets and 10 AW-109 helicopters. The Navy has commissioned new patrol ships and maritime helicopters to strengthen coastal and energy-asset protection. Across all theatres, joint operations by the Nigerian Armed Forces and intelligence agencies have neutralised tens of thousands of terrorists, insurgents and criminal elements, arrested many more, and rescued tens of thousands of hostages and displaced persons. The tempo has changed. Our armed forces now take the initiative rather than wait for it.

Infrastructure remains the bridge between ambition and opportunity. Across the country, more than 260 major projects in roads, bridges, ports, and pipelines are under construction or near completion. The Lagos to Calabar Coastal Highway and the Sokoto to Badagry Super Highway are redefining commerce and mobility. The national Bridge Fibre Project is expanding digital connectivity across cities and rural areas, strengthening the country’s broadband backbone and opening new corridors for education, innovation, and enterprise.

Digital governance reform is also deepening national capacity. The ongoing overhaul of the National Identity Management Commission has expanded NIN registration to tens of millions of citizens, creating a reliable digital backbone for planning, financial inclusion, and social protection. For the first time, national data is being harmonised across agencies, improving service delivery, strengthening security coordination, and helping the country plan development with precision.

Work along the River Niger corridor from Lokoja to Baro Port is progressing to enable future inland-waterway operations that can reduce transport costs and improve market access across regions. These projects reflect a deliberate effort to balance regional growth, from the Niger Delta cleanup and gas expansion in the South to new exploration in the North and industrial corridors across the Middle Belt.

Reform without human investment is reform without soul. The $2.2 billion Health Sector Renewal Programme is upgrading 17,000 primary health centres and training 120,000 health workers, while free caesarean care and subsidised dialysis are easing the burden on families. In education, student-loan schemes, digital-skills initiatives, and new STEM and AI curricula are preparing our young people for a digital economy. Through the Student Loan Fund, access to higher education is becoming a right, not a privilege. Its synergy with new financing institutions such as CREDICORP and the Nigeria Credit Guarantee Company ensures that young Nigerians can pursue knowledge with the same confidence that entrepreneurs pursue capital. Free technical and vocational training at the tertiary level will supply the technicians and artisans required for industrial growth.

Agriculture and food security have become the centre of national resilience. Beyond grains, the Federal Ministry of Livestock Development is unlocking a trillion-naira value chain in meat, dairy, and leather. Expanded fertiliser blending, mechanisation, irrigation, and storage are supporting millions of smallholders. With increased investment in rice, cassava, and cash-crop processing, Nigeria is moving toward genuine food sovereignty. Food security is not an aspiration but a necessity for economic stability.

The government’s economic renewal is also anchored on access to finance, enterprise, and inclusion. The establishment of CREDICORP, the Nigeria Credit Guarantee Company, and the Student Loan Fund has strengthened the foundation for a credit-based economy as well as human capital and domestic productivity. Together, these institutions expand access to credit for small businesses, farmers, civil servants, individuals, and students while derisking lending and empowering citizens to build their future without political connections. In promoting local production over import dependence, the Nigeria First Policy is not only conserving foreign exchange but also creating pathways for skilled youth employment and industrial apprenticeship across states.

I say this not out of any search for appointment or reward, but from a place of patriotism and perspective. From where I stand, and for every Nigerian, the true beauty of the Nigeria First Policy is that it invites us all to become participants in our country’s renewal. We can each now go into productive enterprise and live the Nigerian dream, so long as we care enough to believe in this nation and invest in our people, resources, and future.

In the midst of reform, President Tinubu’s words have been both compass and caution: “As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.” That statement captures the essence of progressive governance which I define as courage guided by compassion. Under this directive, Nigeria’s social-protection system has been rebuilt on transparency and technology. The Conditional Cash Transfer programme now reaches more than 15 million households on a verified digital register, each linked to a NIN-validated wallet or bank account for direct payment. No intermediaries and no leakages. In addition, N344 billion has been disbursed in three tranches to the 36 states and the FCT to support local welfare and enterprise programmes. The Renewed Hope Ward Development Programme, which will operate across 8,809 wards, will economically engage over 10 million Nigerians and ensure that national policy translates into local opportunity.

The humanitarian principle of progressivism is simple. Reform must lift, not leave behind. Fiscal discipline restores credibility. Social investment restores trust. When citizens see roads being built, hospitals working, and social payments arriving on time, faith in reform deepens and the social contract is strengthened. Special attention is also being given to women, rural communities, and persons with disabilities through targeted enterprise and skills-support initiatives under the Renewed Hope framework.

The numbers also tell their own story of impact and renewed hope in Nigeria. Non-oil revenues continue to rise. Exports are diversifying. Nigeria has recorded its first trade and balance-of-payments surplus in years, a sign of growing production and renewed confidence in the naira. Oil output is improving, new investments are flowing into the upstream and midstream segments, and our current account is gaining strength as reforms take hold. President Bola Tinubu and his government recognise that inflation and living costs remain a strain on households, but the fiscal discipline now taking root is designed to restore purchasing power in a sustainable way. President Tinubu has also acknowledged that meaningful reform takes time. While citizens are beginning to see the first trickles of progress, the greater task is to ensure that these trickles flow downward to communities, markets, classrooms, and farms where growth becomes tangible and human.

The task ahead is to sustain this momentum but it won’t be easy. Every child must be in school. NIWA must be further strengthened to expand partnerships for safer and cleaner waterways. NDLEA must receive greater support to combat the rising threat of drug trafficking and addiction, and NAFDAC must be empowered with stronger laboratories and technology to protect the public from counterfeit medicines and unsafe food. These are not peripheral agencies. They are frontline guardians of national wellbeing, and their effectiveness determines the credibility of our progress.

Communities themselves must also understand that with all the support given to our security agencies and the military, their partnership is vital. Cooperation between citizens, traditional institutions, and security operatives will solidify these gains, strengthen intelligence at the grassroots, and prevent a return to disorder. National security is not the burden of the state alone. It is the shared duty of all Nigerians determined to protect their future.

The state governors of Nigeria, under this Renewed Hope and progressive compact, also have a historic role to play. We have faith that with President Tinubu’s commitment, they can write their names in gold, but that gold must first be mined in proper service of the people.

The progress of any nation is not measured only by its wealth, but by the collective will of its people to do right, even when it is hard. That is the essence of progressive governance and the covenant that must bind us for the next decade.

I imagine a Nigeria where every child learns, every farmer prospers, every hospital has power, and every young person earns a dignified living. That is the spirit of renewal behind this progressive decade. It is the belief that courage and compassion are not opposites but partners in building a fair and prosperous country. Tomorrow’s Nigeria is not waiting to be discovered. It is waiting to be delivered with courage, competence, and care. I am Rabiu Isyaku Rabiu and I endorse the publication of this message.

God bless our President.

God bless the Federal Republic of Nigeria.

•Alhaji Rabiu Isiyaku Rabiu is a business entrepreneur who advocates private-sector innovation that strengthens reform and institutional growth. Drawing from experience across critical sectors, his reflections on governance, accountability, and shared prosperity are grounded in both enterprise and national purpose.

By Rabiu Isyaku Rabiu During the public presentation of the book “Ten Years of Impactful Progressive Governance in Nigeria,” authored by the Chairman of the Progressive Governors’ Forum and Executive

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A Bold Step into the Future: Olubunmi Fayokun and the Evolution of Nigeria’s Legal Profession

Aderibigbe Benedicta

In a profession steeped in tradition, the appointment of Olubunmi Fayokun as Chairman of Aluko & Oyebode and Head of its Corporate & Commercial Practice marks a bold step into the future.

Elevating her to this role is more than the placement of a capable leader at the helm, it is an acknowledgement of the power of persistence, precision, and long-term vision.

Fayokun is a strategic force who has spent decades working at the intersection of law and finance, leading firms and shaping Nigeria’s legal and economic landscape.

Since its founding in 1993, Aluko & Oyebode has been instrumental in shaping the legal frameworks of modern Nigeria. From its role in privatisation efforts, to banking sector reforms, and the structuring of power, oil, and infrastructure projects, the firm has been at the centre of transactions that underpin the Nigerian economy.

With a client base that includes multinationals, investors, and regulators, Aluko & Oyebode has earned credibility that extends far beyond Nigeria’s borders.

This leadership transition reflects a culture of succession that is deliberately embedded in the firm’s identity. Fayokun’s appointment is both proof and product of that strategy.

Over the past three decades, Fayokun’s influence on Nigeria’s legal and economic architecture has been substantial. She has led major transactions in banking, aviation, and power infrastructure, represented multinational clients in oil, mining, and agriculture, and served as company secretary and legal adviser of one of Nigeria’s leading investment banking firms.

Her imprint is clearly visible on Nigeria’s capital markets, where she has played a pivotal role in refining their structures.

Her career demonstrates that lawyers can and should be more than facilitators of deals. They must be guardians of the rules that hold the economy together. As Chair of the Capital Market Committee of the Nigerian Bar Association’s Section on Business Law, she worked with the SEC to reform and expand Nigeria’s stock market. That work may lack glamour, but without such frameworks, markets collapse.

It is no coincidence that her work has earned international recognition. Citations in Chambers Global, IFLR1000, Legal 500 and Who’s Who Legal (Lexology Index) are not just accolades; they are evidence that Nigerian professionals can meet the highest global standards. Her induction into the IFLR1000 Women Dealmakers Hall of Fame further affirmsher consistency in a market where inconsistency too often prevails.

As a woman leading one of Nigeria’s largest law firms where men dominate at senior levels, Fayokun’s appointment is not just a personal achievement but challenges entrenched norms within the profession. Aluko & Oyebode’s decision to elevate her underscores its pioneering spirit: not only in the practice of law, but in promoting from within and empowering the most competent—regardless of gender—to lead.

It is a reminder that excellence is not determined by gender, and that the barriers women face in Nigerian law must neither be normalised nor accepted.

Her career also carries lessons for the wider legal profession. Too many Nigerian law firms are personality-driven, built around the founding partners. When those figures fade, the firms often fade with them, leaving fragility where resilience should be.

In contrast, Aluko & Oyebode’s institutional approach—prioritising continuity and succession—has preserved its credibility with clients at home and abroadthrough the adoption of a legal culture rooted in persistence and long-term vision.

Fayokun also represents a different kind of leadership.

Her approach is unostentatious, steady, and consistent. Paradoxically, this approach has made her, and Aluko & Oyebode, stronger.

Of course, no leader is immune to market realities. Law firms are businesses, subject to competition, macroeconomicvariables, and global pressures. Leadership is never uncomplicated. That is what makes Fayokun’s appointment so significant: she takes charge of a firm with deep roots in Nigeria’s legal landscape, and her objective will be not only to preserve its standing but to extend it in an increasingly competitive global environment.

Her experience makes her uniquely suited for this role. Having led the firm’s Capital Markets and M&A practices, and having worked closely with the SEC, she understands both the technical demands of complex transactions and the policy frameworks that shape them.

In her new role, she has the opportunity to unite these perspectives, pushing the firm into new terrains while helping to shape the broader economic frameworks that Nigeria will rely on in the years to come.

Her appointment is a reminder that continuity is what sustains institutions. Fayokun’s task is not simply to preserve the firm’s standing, but to elevate it. In doing so, she offers a model not only for the legal profession but for leaders in general: progress is best achieved through steady, enduring and effective authority.

*Aderibigbe Benedicta wrote in from Lagos

Aderibigbe Benedicta In a profession steeped in tradition, the appointment of Olubunmi Fayokun as Chairman of Aluko & Oyebode and Head of its Corporate & Commercial Practice marks a bold step into