Nigeria has secured five nominations in the 2026 edition of the prestigious International Telecommunication Union World Summit on the Information Society (WSIS) Prizes, with government-backed digital innovation projects competing for global recognition across key technology and development categories.
The nominated initiatives span digital infrastructure, cybersecurity, agricultural logistics, telecommunications research, and digital skills development, reflecting Nigeria’s growing push toward technology-driven national development.
Nigeria’s Nominated Projects
The shortlisted Nigerian projects include:
Project 774 Local Government Connectivity Network — Category AL C2: ICT Infrastructure
Telecom-Based Research Grant Initiative — Category AL C6: Enabling Environment
NIPOST Agro-Infrastructure & Logistics Initiative — Category AL C7: e-Agriculture
The WSIS Prizes competition, organised annually by the ITU, recognises impactful digital projects from across the world that leverage information and communication technologies to support sustainable development goals.
Voting Process Opens to the Public
Public voting is currently ongoing, with Nigerians and supporters encouraged to vote for the country’s nominated entries before the deadline of May 13, 2026.
The voting process requires users to register or log in to the ITU voting portal before selecting their preferred projects across the available categories.
Voting can be accessed through the official WSIS platform or the campaign link below:
The nominated initiatives align with Nigeria’s broader digital economy agenda, which has increasingly prioritised broadband expansion, digital inclusion, cybersecurity awareness, research funding, and technology-enabled agricultural systems.
Industry stakeholders say recognition at the WSIS level could further strengthen Nigeria’s reputation within the global digital innovation ecosystem while attracting international partnerships and investment opportunities.
The WSIS Prizes programme is widely regarded as one of the leading global platforms celebrating successful ICT-based development initiatives implemented by governments, private institutions, academia, and civil society organisations worldwide.
What’s Next
Voting will remain open until May 13, after which shortlisted projects with the highest public support and evaluation scores will proceed toward final recognition during the WSIS+20 High-Level Event scheduled to hold later in 2026.
DVIPC Academy marked the 2026 World Intellectual Property Day with a grassroots-focused innovation and sports education programme in Abuja.
Teachers and young athletes were trained on the intersection between sports, creativity, and intellectual property rights.
The academy unveiled plans to establish Intellectual Property Explorer Clubs in schools across Nigeria to nurture innovation and talent development.
Main story
In a strategic move aimed at deepening innovation awareness at the grassroots level, DVIPC Academy has commemorated the 2026 World Intellectual Property Day with a high-impact educational programme centred on sports and intellectual property education.
The event, held in Abuja, aligned with the global theme, “IP and Sport: Get Ready, Set, Innovate,” and brought together primary and secondary school sports teachers, Intellectual Property Club coordinators, and young athletes for intensive engagements on innovation, creativity, and talent development.
The programme featured practical sessions led by sports development and intellectual property experts. A representative from the Federations and Elite Athletes Department of the National Sports Commission, Coach Sube Levi Illya, trained participants on modern coaching techniques and 21st-century sports mentorship approaches.
Speaking during the event, Onyekachi Eriobu-Aniede, founder of DVIPC Academy and an intellectual property expert, highlighted the importance of protecting innovation within the sports industry. She explained how athletic techniques, branding, sports equipment designs, media rights, endorsements, and other creative assets are protected under intellectual property systems.
Eriobu-Aniede, a World Intellectual Property Organisation (WIPO) alumnus and author of IP Adventure, also drew insights from her research on the challenges of intellectual property-related rights in sports development and management in Nigeria.
Also speaking, Christian Sule urged schools to subscribe to the academy’s IP Explorer Club initiative, describing it as a platform designed to expose students to innovation, creativity, and entrepreneurship from an early stage.
The training empowered teachers to serve not only as talent discoverers but also as intellectual property advocates capable of guiding students toward structured innovation and commercial opportunities.
The issues
DVIPC Academy noted that intellectual property education remains largely underdeveloped at the grassroots level in Nigeria, despite the growing importance of innovation and creativity in economic development.
The academy stressed that many young talents in sports and creative sectors often lack awareness about ownership rights, protection mechanisms, and the commercial value of their ideas and innovations.
To address this gap, the organisation introduced “IP Adventure,” a storytelling-based educational initiative aimed at simplifying intellectual property concepts for children and teenagers. The initiative teaches students the importance of respecting intellectual property, protecting creative ideas, and transforming innovation into sustainable assets.
As part of its long-term vision, DVIPC Academy is also working toward establishing IP Explorer Clubs in schools nationwide. The clubs are expected to function as innovation hubs where students can collaborate, create, and receive mentorship on protecting and commercialising their ideas.
DVIPC Academy is inviting primary and secondary schools in Nigeria to integrate IP education through its structured programmes by sending an email to: danvickipconsult@gmail.com
What’s being said
According to DVIPC Academy, educational institutions occupy a critical position in shaping Nigeria’s innovation future and require structured systems to support talent discovery and creativity.
The academy stated that partnering schools would benefit from early intellectual property education, enhanced creativity and critical thinking among students, structured talent development, and entrepreneurship opportunities aligned with global innovation standards.
The organisation added that teachers remain central to national development and should be equipped with both coaching and intellectual property knowledge to effectively nurture emerging talents.
What’s next
DVIPC Academy said it would continue expanding its grassroots intellectual property education campaign through partnerships with schools, educators, and sports development stakeholders across Nigeria.
The organisation also announced plans to strengthen the rollout of its IP Explorer Clubs and mentorship frameworks in primary and secondary schools.
Interested schools have been encouraged to integrate intellectual property education into their academic and extracurricular programmes through collaboration with the academy.
Bottom line
By combining sports, education, and intellectual property awareness, DVIPC Academy is positioning itself at the forefront of grassroots innovation advocacy, with a mission to empower young Nigerians to protect, develop, and commercialise their creativity from an early age.
Access Holdings Plc has clarified that its 2025 dividend suspension was due to regulatory and prudential guidelines, not financial weakness.
The company reported a record Profit Before Tax (PBT) of N1.01 trillion for 2025, crossing the N1 trillion threshold for the first time.
Gross earnings rose by 13.3% to N5.53 trillion, while total assets expanded to N51.56 trillion.
Regulatory hurdles included Section 19(8)(c) of BOFIA, which limits investments in foreign banking subsidiaries relative to shareholders’ funds.
Management has been granted a 12-month window by regulators to address compliance issues and intends to partially divest from some subsidiaries.
Main Story
Access Holdings Plc has addressed shareholder concerns regarding the absence of dividends for the 2025 financial year, stating the decision was a matter of regulatory alignment rather than liquidity or earnings issues.
During its 2025 Investors and Earnings Call, Group Managing Director Mr. Innocent Ike explained that the group actually delivered a record-breaking performance, with Profit Before Tax growing 16.2% to N1.01 trillion.
Despite recommending dividends at both half-year and full-year stages, the company failed to secure the necessary regulatory approvals to distribute these funds.
The group identified two specific regulatory bottlenecks. A half-year constraint related to Central Bank of Nigeria (CBN) guidelines for holding companies was resolved through a private placement.
However, a full-year issue arose under the Banks and Other Financial Institutions Act (BOFIA), which restricts the level of investment in foreign banking subsidiaries compared to the size of shareholders’ funds.
To resolve this, Access Holdings plans to partially divest from certain subsidiaries while maintaining majority control. Regulators have provided a 12-month window for the group to fully address this position and resume dividend payments.
The Issues
Strict BOFIA regulations regarding foreign investment ratios have blocked the distribution of profits despite the company’s strong cash position.
Rapid international expansion has led to investment levels that currently exceed the prescribed limits relative to the group’s shareholders’ funds.
The company must now manage a partial divestment strategy to meet regulatory requirements without losing control of its foreign subsidiaries.
What’s Being Said
“The non-payment of dividends for 2025 was not due to earnings weakness or cash flow constraints, but alignment with regulatory and prudential guidelines,” said Mr. Innocent Ike, Group Managing Director.
“Access Holdings has a strong history of consistent dividend payments, and rewarding shareholders remains a core priority for the board and management,” Ike added.
“Our performance in 2025 demonstrates the strength of the franchise and its capacity to generate value for shareholders,” the Managing Director noted.
What’s Next
Access Holdings will begin a partial divestment process from some banking subsidiaries over the next 12 months to satisfy BOFIA requirements.
Management is focused on restoring dividend payments as soon as the 12-month regulatory window closes and approvals are secured.
The group intends to further strengthen its capital and liquidity buffers to ensure future distributions remain sustainable.
Bottom Line
Access Holdings achieved its first N1 trillion profit in 2025, but shareholders must wait for a resolution of foreign investment regulatory limits before dividend payments can resume.
The Federal High Court in Abuja has convicted former Minister of Power, Saleh Mamman, on a 12-count charge of money laundering and conspiracy.
Justice James Omotosho ruled that the prosecution established the siphoning of at least N22 billion from funds meant for the Zungeru and Mambilla Hydroelectric Power projects.
A warrant of arrest was issued against Mamman following his absence from the courtroom during the delivery of the judgment.
The court found that Mamman used proxy companies and bureau de change operators to convert public funds into private use between 2019 and 2021.
Sentencing has been scheduled for May 13, 2026, pending the production of the convict in court by the EFCC.
Main Story
Justice James Omotosho of the Federal High Court, Abuja, has convicted Saleh Mamman, Nigeria’s former Minister of Power, for money laundering totaling N33.8 billion.
In a judgment delivered on Thursday, the court held that the Economic and Financial Crimes Commission (EFCC) proved beyond reasonable doubt that Mamman diverted massive sums intended for the Zungeru and Mambilla Hydroelectric Power projects.
Although the initial charge cited N33.8 billion, the judge noted that the established theft of at least N22 billion was sufficient to sustain the conviction.
The court highlighted a complex web of money laundering involving bureau de change operators and Mamman’s former Personal Assistant, Misbahu Idris, known as “Yaron Minister.”
Evidence showed that billions of naira were transferred to proxy accounts and converted into US Dollars for the ex-minister’s personal use.
Justice Omotosho criticized the “sheer greed” of the defendant, noting that his actions contributed to the country’s “epileptic power supply” while he lived a lavish lifestyle at the expense of ordinary Nigerians.
Mamman, who recently obtained a nomination form to run for the Taraba governorship in 2027, was absent during the proceedings, prompting the judge to issue an immediate arrest warrant.
The Issues
The diversion of funds from the Mambilla and Zungeru projects has directly stalled critical infrastructure intended to solve Nigeria’s power crisis.
The defendant’s absence from court and his counsel’s inability to reach him were described by the judge as an attempt to “arrest the judgment” and delay justice.
The case underscores the recurring challenge of high-level corruption within the Ministry of Power and the use of the bureau de change sector to mask illicit financial flows.
What’s Being Said
“The prosecution has established that, at least, N22 billion naira was siphoned by the defendant and his cronies. This is sufficient to sustain the charge,” said Justice James Omotosho.
“For a defendant, who held a critical position such as Ministry of Power… the defendant began siphoning and converting monies for serious projects into private pockets. Little wonder that Nigeria has remained in darkness now,” the judge added.
“The defendant is now a convict my lord and we urge your lordship to issue the arrest warrant,” stated Rotimi Oyedepo, SAN, lead counsel for the EFCC.
What’s Next
The EFCC is tasked with executing the arrest warrant to produce Mamman in court for his scheduled sentencing.
Sentencing is set to take place on May 13, 2026, where the court will determine the length of imprisonment and potential asset forfeitures.
The conviction may legally disqualify Mamman from his indicated intention to contest the 2027 governorship race in Taraba State under the APC.
Bottom Line
Former Minister Saleh Mamman has been declared a convict for laundering billions intended for national power projects, with the court now awaiting his arrest to finalize sentencing.
NGX market capitalisation increased by ₦628.53 billion.
Airtel Africa and Dangote Sugar led gains on the equities market.
Banking, insurance and consumer goods sectors closed positive.
Investor sentiment improved amid renewed buying interest in blue-chip stocks.
Main Story
The Nigerian stock market rebounded strongly on Wednesday as renewed investor appetite for medium- and large-cap equities pushed the benchmark index higher, with Airtel Africa and Dangote Sugar Refinery emerging among the top drivers of the rally.
The NGX All Share Index gained 979.36 basis points to close at 242,729.51, representing an increase of 0.41 per cent from the previous trading session.
Consequently, market capitalisation on the Nigerian Exchange rose by ₦628.53 billion to settle at ₦155.78 trillion.
Market analysts linked the positive performance to renewed buying interest across major sectors of the market, particularly among banking, industrial and consumer goods equities.
Other notable gainers included Wema Bank, First HoldCo and Vitafoam Nigeria.
According to trading data, total transaction volume increased by 11.57 per cent, although the overall value of transactions declined by 21 per cent.
Investment firm Atlass Portfolio Limited disclosed that investors traded approximately 1.41 billion shares valued at ₦59.43 billion across 85,804 deals during the session.
Banking Stocks Dominate Trading Activity
Access Holdings led the volume chart, accounting for 8.56 per cent of total shares traded.
Other actively traded equities included CHAMS, NSLTECH, Zenith Bank and Sterling Financial Holdings.
On the value chart, MTN Nigeria accounted for the largest share of traded value at 14.93 per cent.
Airtel Africa topped the gainers’ table with a 10 per cent appreciation in share price, followed closely by CAP, ZICHIS, RTBRSICOE, FTNCOCOA and DEAPCAP.
However, not all stocks closed positively during the trading session.
SUNU Assurance recorded the steepest decline after shedding 10 per cent of its market value. Guinness Nigeria, Caverton Offshore Support Group, FTG Insurance, May & Baker Nigeria and Linkage Assurance also posted losses.
Sector Performance Remains Broadly Positive
Sectoral performance closed largely in positive territory, with four of the major indices ending higher.
The Insurance Index rose by 0.62 per cent, while the Banking Index gained 0.51 per cent. The Consumer Goods and Industrial Goods indices also advanced by 0.26 per cent and 0.05 per cent respectively.
The gains were supported by price appreciation in AIICO Insurance, Wema Bank, Dangote Sugar and CAP Plc.
However, the Oil and Gas Index dipped marginally by 0.01 per cent following losses recorded by Oando Plc, while the Commodities Index closed flat.
What’s Next
Market analysts expect trading activities on the Nigerian Exchange to remain mixed in the coming sessions as investors continue profit-taking in selected counters while positioning for opportunities in fundamentally strong stocks.
Attention is also expected to remain on corporate earnings releases, macroeconomic indicators and developments in the foreign exchange market, which could shape investor sentiment in the near term.
Nigeria’s Eurobond yields declined by 7 basis points to 6.72 per cent.
Investors increased exposure to African oil-linked sovereign debt.
Improved global risk sentiment boosted demand for emerging market assets.
Mid-curve Nigerian bonds recorded the strongest gains.
Main Story
Nigeria’s Eurobond market extended its positive momentum as improving investor sentiment and renewed appetite for emerging market assets drove yields lower across the sovereign debt curve.
Average yields on Nigerian dollar-denominated bonds declined by 7 basis points to close at 6.72 per cent, reflecting stronger global demand for the country’s external debt instruments amid easing market risk perceptions.
Analysts attributed the rally to improving global risk sentiment, supported by higher oil prices and expectations of stronger fiscal performance among oil-exporting African economies.
The recent surge in global crude oil prices, triggered largely by tensions involving the United States and Iran, has strengthened revenue expectations for commodity-dependent economies including Nigeria.
Investment firm AIICO Capital Limited noted that investors selectively increased exposure to emerging market securities as market confidence gradually improved.
According to the firm, African oil-linked issuers experienced stronger demand as investors positioned for potentially improved foreign exchange earnings and government revenues.
The strongest gains in Nigeria’s Eurobond market were recorded at the mid-section of the yield curve, particularly the June 2031 and February 2032 maturities, both of which compressed by 11 basis points.
Market analysts said the decline in yields indicates rising investor confidence in Nigeria’s sovereign credit outlook despite ongoing global economic uncertainties.
Global Bond Markets Remain Cautious
Despite the positive momentum, investor sentiment remained cautious due to lingering geopolitical risks and concerns over fragile ceasefire negotiations in the Middle East.
Analysts warned that uncertainty surrounding global inflation and interest rate direction continues to shape investment decisions across international fixed-income markets.
Meanwhile, yields on US government debt instruments also declined as investors monitored geopolitical developments and assessed their implications for inflation and monetary policy.
The yield on the benchmark 10-year US Treasury note fell by more than two basis points to 4.328 per cent, while the two-year Treasury yield dropped to 3.8469 per cent.
The 30-year US Treasury bond yield also eased to 4.9204 per cent.
Financial markets generally interpret falling Treasury yields as a signal of rising demand for safer assets and expectations that central banks may adopt a more accommodative policy stance in the future.
What’s Next
Market analysts expect Nigeria’s Eurobond market to maintain a cautiously positive outlook in the near term as investors continue balancing improving commodity fundamentals against global geopolitical and macroeconomic risks.
Attention will remain focused on developments in the Middle East, movements in crude oil prices, and signals from the US Federal Reserve regarding future interest rate decisions.
Brent crude climbed above $101 per barrel amid uncertainty over US-Iran negotiations.
Investors remain concerned about oil supply flows through the Strait of Hormuz.
US crude and gasoline inventories declined, supporting bullish oil sentiment.
Conflicting signals from Washington and Tehran continue to unsettle the energy market.
Main Story
Global crude oil prices rebounded on renewed market uncertainty surrounding ongoing diplomatic negotiations between the United States and Iran, as traders weighed geopolitical tensions against the possibility of a fresh nuclear agreement.
International benchmark Brent Crude rose to $101.65 per barrel, representing a 0.38 per cent increase from the previous trading session. Meanwhile, West Texas Intermediate crude gained 0.45 per cent to trade at $95.54 per barrel.
The latest price rally follows growing concerns over potential disruptions to energy shipments through the Strait of Hormuz, a strategic shipping corridor responsible for transporting a significant share of global crude exports.
Oil prices had briefly slipped below the $100 threshold after reports emerged on May 6 that Washington and Tehran were nearing a preliminary memorandum of understanding aimed at reducing tensions and reopening broader nuclear discussions.
According to reports, US President Donald Trump expects diplomatic progress on the proposed agreement after concluding his official visit to China next week.
US media outlet Axios, citing officials familiar with the negotiations, reported that Tehran is expected to respond to the proposed framework within 24 to 48 hours.
Speaking during a White House event, Trump stated that discussions with Iran had been “very productive,” adding that a deal remained highly possible as both sides continued engagement efforts.
However, Tehran appeared less optimistic about the negotiations. Iranian Foreign Ministry spokesman Esmaeil Baghaei accused Washington of failing to demonstrate sincerity in the talks.
In a statement posted on social media platform X, Baghaei argued that successful negotiations require “good faith” and warned against coercive diplomacy.
Market volatility also intensified after the US Central Command announced the seizure of an Iranian-flagged vessel in the Gulf of Oman, alleging the ship attempted to breach an existing blockade.
Analysts said the development further heightened fears of possible disruptions to Middle East oil supply chains, especially as geopolitical tensions continue to influence global energy markets.
Inventory Data Supports Bullish Momentum
Additional support for oil prices came from fresh inventory figures released by the US Energy Information Administration (EIA), which showed a decline in American crude and gasoline stockpiles.
The EIA reported that US commercial crude oil inventories dropped by 2.3 million barrels last week to 457.2 million barrels, signaling resilient fuel demand despite concerns over global economic growth.
Strategic petroleum reserves also declined by 5.2 million barrels to 392.7 million barrels during the same period.
Gasoline inventories fell by approximately 2.5 million barrels to 219.8 million barrels, reinforcing expectations of strong summer driving demand across the United States.
Energy analysts noted that lower inventory levels, combined with unresolved geopolitical tensions in the Middle East, could keep oil prices elevated in the near term.
What’s Next
Market participants are expected to closely monitor diplomatic developments between Washington and Tehran over the coming days, alongside updates on global crude supply and shipping security in the Gulf region.
Analysts say any breakthrough in nuclear negotiations could ease supply concerns and pressure oil prices lower, while renewed conflict or sanctions escalation may trigger another sharp rally in global energy markets.
Ranked by the scale of public expectation at the time of launch, the ideas were often sound and the competitive advantages were real, but they all failed.
Since returning to democracy in 1999, Nigeria has launched initiative after initiative backed by credible economic logic, real competitive advantages, and in many cases, early results. The problem was never the ideas. It was almost always what came after: political discontinuity, weak implementation infrastructure, and the chronic inability to protect working programmes from the next election cycle. Here are seven initiatives that had the right diagnosis — and still fell short.
01
NEEDS (2004–2007): The reform blueprint that died with its creators
National Economic Empowerment & Development Strategy · Obasanjo Era
The National Economic Empowerment and Development Strategy was Nigeria’s most comprehensive homegrown reform framework. Driven by then-Finance Minister Ngozi Okonjo-Iweala and CBN Governor Charles Soludo, NEEDS attacked the economy on four fronts simultaneously: macroeconomic stabilisation, structural reform, public expenditure discipline, and institutional governance. Every state was required to develop a sister strategy — SEEDS tailored to local conditions.
The results were striking. GDP growth averaged 7.1% annually from 2003 to 2006. Nigeria secured a historic $18 billion Paris Club debt deal in 2005. Inflation fell. Private sector credit surged 30.8% to ₦2.01 trillion in 2005 alone.
Why it failed: NEEDS was the creation of one administration, not a national compact. When President Obasanjo left in 2007, the framework dissolved. The debt that was retired began climbing — between 1999 and 2021, government borrowings jumped 658%. Reform embedded in personalities rather than institutions does not survive elections.
02
Power sector reform and PHCN privatisation (2005–2013): Fixing ownership without fixing fundamentals
Electric Power Sector Reform Act · Yar’Adua / Jonathan Era
The 2005 Electric Power Sector Reform Act was bold in scope. Break up the vertically integrated NEPA/PHCN monopoly, invite private capital, create an independent regulator in NERC, and let market incentives do what decades of government management had failed to do. By 2013, privatisation was formally complete. Eleven distribution companies, six generation companies, and a state-controlled transmission company emerged. Assets worth approximately $2.5 billion changed hands.
The outcome has been widely judged a failure. Nigeria today generates between 4,000 and 6,000 megawatts for a population of over 220 million — roughly what a mid-sized European city consumes. Businesses and households spend an estimated $14 billion annually running private generators, one of the world’s highest self-generation costs.
Why it failed: The reform addressed ownership without first resolving gas infrastructure, metering, and transmission — the three prerequisites for private capital to function. DisCos could not collect enough revenue to invest. Tariffs were too low to attract capital yet already unaffordable for most Nigerians.
03
Free trade zones (2001–present): 42 licences, roughly 25 functioning
Nigeria Export Processing Zones Authority · NEPZA
The model was China-tested and Singapore-proven: carve out geography from bureaucratic friction, offer tax exemptions, duty-free imports, and dedicated infrastructure, and let the zones become export machines and technology-transfer conduits. Nigeria now has 42 licensed zones covering oil and gas, ICT, and agriculture.
In practice, only about 25 are operational. Of those, 18 are clustered in Lagos — raising serious questions about whether the model is driving balanced national development or simply formalising what Lagos’s port geography already delivers. The Calabar Free Trade Zone, established in 2001, has attracted just over $50 million in investment in more than two decades.
Why it failed: Zones need reliable power, efficient ports, and legal certainty — the same infrastructure the rest of the economy lacks. You cannot fence off competitiveness from a dysfunctional host. Outdated legislation, power deficits within the zones themselves, and the absence of a modern SEZ bill kept these would-be Shenzhens as footnotes.
04
OLOP (2009–present): The right idea, the wrong infrastructure
One Local Government, One Product · SMEDAN
One Local Government, One Product was arguably Nigeria’s most philosophically coherent initiative. Borrowed from Japan’s One Village, One Product movement, the logic was elegant: identify the product each of Nigeria’s 774 local government areas has a genuine comparative advantage in, then provide technical, financial, and branding support to turn that natural endowment into an export-ready value chain.
By 2021, some 364 of 774 LGAs had been covered under the 2016–2020 intervention cycle. Total appropriation across multiple budget years: ₦4.1 billion.
Why it failed: The federal government’s own project tracking system, Eyemark, lists OLOP’s current status as: NOT STARTED. There is no national product database, no quality certification pipeline, and no export promotion integration. SMEDAN lacks funding to cover more than a handful of LGAs per senatorial district annually. A programme correctly identifying that comparative advantage is hyper-local never built the institutional scaffolding — export linkages, standards bodies, processing infrastructure — to turn that advantage into revenue.
05
CBN Anchor Borrowers’ Programme (2015–2023): A trillion naira, little to show
Central Bank of Nigeria · Buhari Administration
The Anchor Borrowers’ Programme had a sound premise: link smallholder farmers — the backbone of Nigerian agriculture but permanently locked out of formal credit — to large agro-processors that would offtake their produce. The CBN would provide single-digit interest loans for farm inputs, with repayment in produce rather than cash. Nigeria, then the world’s largest importer of rice, would feed itself.
At its peak the programme delivered measurable results. Nigeria came close to rice self-sufficiency by 2019 — a genuine achievement.
Why it failed: A 2024 House of Representatives investigation found that ₦1.12 trillion had been disbursed, yet food scarcity and malnutrition intensified. The Federal Government admitted spending ₦8 trillion across all agricultural interventions in eight years with little systemic impact. Ghost beneficiaries, political capture, and the absence of offtake enforcement meant the scheme became a one-time grant for many participants. When a new CBN governor arrived in 2023, the programme was abruptly suspended — withdrawing credit from the rural poor who had briefly begun to depend on it.
06
YouWiN! (2011–2015): Nigeria’s most promising programme, killed for political reasons
Youth Enterprise With Innovation in Nigeria · Jonathan Administration
Young Nigerians between 18 and 45 submitted business plans in a national competition. Winners received grants of up to ₦10 million — roughly $65,000 at the time — with business training, mentorship, and no repayment obligation. It was, in effect, a sovereign venture fund for grassroots entrepreneurs.
World Bank-commissioned impact evaluations found that YouWiN! businesses were significantly more likely to survive, grow revenue, and hire than a control group. By programme estimates, over 26,000 direct jobs were created.
Why it failed: YouWiN! aimed to create 80,000 jobs against a backdrop of over 80 million unemployed youths — a structural mismatch. But more consequentially, when the Buhari administration took office in 2015, the programme was discontinued — not because it failed, but because it belonged to a predecessor. Nigeria’s most consistent policy failure is not bad ideas. It is the inability to sustain good ones across electoral cycles.
07
GEEP/TraderMoni (2016–2023): A safety net weaponised
Government Enterprise & Empowerment Programme · Buhari Administration
TraderMoni, MarketMoni, and FarmerMoni offered zero-collateral, interest-free micro-loans to petty traders, artisans, and farmers who had never accessed formal credit. The technology delivery model — mobile wallets linked to biodata, field agents registering beneficiaries at their trade locations — was ahead of its time.
For many beneficiaries it worked in small ways — traders restocked, market women improved their bargaining power with suppliers. The conceptual logic of compounding ₦10,000 injections through the informal economy was sound.
Why it failed: The TraderMoni website launched in July 2018, precisely four months before the ban on 2019 election campaigns was lifted. The domain was registered for only one year and expired by August 2019 — immediately after the elections. Government data showed ₦10 billion in loans remained unrecovered three years after disbursement. The programme conflated poverty alleviation with vote-buying, undermining both its financial sustainability and the institutional trust needed for a credit culture to take root.
The pattern
Across all seven programmes, the diagnosis was almost always correct. The competitive advantages being targeted — arable land, youth population, natural resources, geographic location — are real. The conceptual models were frequently borrowed from proven global precedents. And then the same failure modes recurred: political discontinuity killed programmes at election cycles; implementation capacity was chronically underfunded relative to ambition; credit interventions launched without the rural infrastructure needed to make loans productive; and monitoring mechanisms were either absent or captured.
Nigeria does not need another initiative. It needs the institutional memory, competitive accountability, and cross-cycle political will to see one through.
Active voice subscriptions rose to 179.6 million in Q4 2025.
Internet subscriptions increased to 148.2 million.
MTN retained market dominance in both voice and internet categories.
Lagos recorded the highest number of telecom subscribers nationwide.
9mobile recorded the highest subscriber outflow through mobile number porting.
Main Story
Nigeria’s telecommunications sector recorded continued growth in the fourth quarter of 2025, with active voice subscriptions rising to 179.64 million and internet subscriptions climbing to 148.17 million, according to the latest telecom data released by the National Bureau of Statistics (NBS).
The report, which was compiled using data from the Nigerian Communications Commission (NCC), showed that active voice subscriptions increased by 8.92 per cent year-on-year from 164.93 million recorded in Q4 2024.
Quarter-on-quarter, voice subscriptions also rose by 3.52 per cent.
Similarly, active internet subscriptions increased by 6.38 per cent year-on-year from 139.28 million in Q4 2024, while quarter-on-quarter growth stood at 5.12 per cent.
Operator Performance
The report showed that MTN maintained its dominance in Nigeria’s telecom market during the period under review. MTN recorded 93.06 million active voice subscribers and 79.87 million internet subscribers, representing the largest market share among operators.
Airtel followed with 60.89 million active voice subscriptions and 52.03 million internet subscriptions. Globacom recorded 22.23 million voice subscribers and 14.85 million internet subscribers, while 9mobile posted 3.23 million active voice subscribers and 780,237 internet subscribers.
Smaller operators, including Smile and other internet service providers, accounted for relatively minimal contributions to overall subscriptions. Based on the report’s market share estimates, MTN accounted for approximately 51.8 per cent of voice subscriptions, Airtel held about 33.9 per cent, while Globacom and 9mobile accounted for 12.4 per cent and 1.8 per cent respectively.
Regional Distribution
The South-West zone recorded the highest concentration of telecom subscribers nationwide.
According to the report, the South-West accounted for 49.24 million active voice subscriptions and 48.35 million internet subscriptions.
The North-West followed with 35.07 million voice subscriptions and 33.91 million internet subscriptions.
The North-Central recorded 31.53 million voice subscribers and 30.48 million internet users, while the South-South posted 25.13 million voice subscriptions and 24.49 million internet subscriptions.
The North-East and South-East recorded the lowest figures.
At the state level, Lagos retained its position as Nigeria’s telecom hub, recording 21.58 million active voice subscriptions and 18.60 million internet subscriptions.
Kano and Ogun states followed behind Lagos in overall subscriber numbers.
Bayelsa recorded the lowest telecom subscription figures, followed by Ebonyi and Ekiti states.
Porting Activities
The report also highlighted mobile number portability trends during the quarter. A total of 1,399 subscribers ported between telecom operators during Q4 2025. MTN recorded the highest number of incoming ports with 964 subscribers, while Globacom and Airtel recorded 217 and 206 incoming ports respectively.
On the outgoing side, 9mobile experienced the highest subscriber churn, with 945 subscribers leaving the network. Airtel recorded 136 outgoing ports, while MTN and Globacom recorded 157 and 161 outgoing ports respectively.
Industry Context
Nigeria’s telecom sector remains one of the country’s fastest-growing industries and continues to play a major role in financial inclusion, digital payments, e-commerce, and internet connectivity.
The sustained growth in subscriptions reflects increasing smartphone adoption, expanding broadband penetration, and rising demand for digital services across households and businesses.
Industry stakeholders have, however, continued to raise concerns over infrastructure costs, foreign exchange pressures, energy expenses, and regulatory challenges affecting telecom operators.
What’s Being Said
Analysts say the continued dominance of the South-West region reflects the concentration of economic activity, urbanization, and stronger digital infrastructure in Lagos and surrounding states.
Experts also note that the high subscriber outflow from 9mobile signals ongoing competitive pressures within the telecom industry, as larger operators continue to expand network coverage and service offerings.
What’s Next
Industry observers expect Nigeria’s telecom market to continue expanding in 2026, driven by rising data consumption, fintech growth, digital transformation initiatives, and increasing internet penetration.
Attention will also remain on broadband infrastructure investments, tariff policies, and ongoing regulatory reforms aimed at improving service quality and expanding connectivity nationwide.
Finance Ministry met with indigenous contractors over unpaid government obligations.
Taiwo Oyedele pledged a fair, transparent, and structured resolution process.
Senior finance and treasury officials attended the meeting.
Government says resolving contractor debts is critical for economic stability and business confidence.
Contractors commended the ministry’s engagement and commitment to dialogue.
Main Story
The Federal Ministry of Finance has commenced fresh engagements with indigenous contractors over outstanding government payment obligations, as part of efforts to address long-standing liabilities owed to contractors handling capital projects across the country.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, Nigerian economist and Finance Minister, on Monday met with members of the All-Indigenous Contractors Association of Nigeria to discuss the outstanding payments and government plans to resolve the issue.
The meeting, which took place in Abuja, was attended by senior government officials, including the Permanent Secretary of the Ministry of Finance, the Permanent Secretary for Special Duties, the Accountant-General of the Federation, directors from the Cash Management Department and Home Finance Department, as well as other senior officials from the ministry and the Office of the Accountant-General of the Federation.
According to the ministry, the presence of top finance officials reflects a coordinated institutional approach toward resolving the issue in a transparent and orderly manner.
The discussions focused on establishing clarity, accountability, and a structured process for addressing outstanding obligations owed to contractors while balancing the realities of government finances.
Speaking during the engagement, Oyedele emphasized that resolving the obligations was critical not only for contractors but also for sustaining confidence in government commitments, preserving jobs, supporting business continuity, and strengthening economic stability.
The minister reiterated the Federal Government’s commitment to resolving the issue as quickly as possible in a manner that is fair, credible, and equitable.
The contractors, in response, commended the minister for initiating dialogue and adopting what they described as a constructive approach toward finding a timely resolution.
Background
Outstanding contractor payments have remained a recurring challenge in Nigeria’s public finance system, particularly amid revenue pressures, rising debt servicing obligations, and competing fiscal priorities.
Many contractors handling federal infrastructure and capital projects have repeatedly raised concerns over delayed payments, warning that the situation affects project completion timelines, employment, liquidity, and operational sustainability.
The Federal Government has in recent years intensified efforts to improve cash management, expenditure efficiency, and transparency in the handling of public finances.
What’s Being Said
Economic experts note that settling verified contractor obligations could improve liquidity within the private sector, support infrastructure delivery, and restore confidence among businesses working with government agencies.
Analysts also argue that delayed payments to contractors often create ripple effects across supply chains, especially for small and medium-sized enterprises linked to public projects.
What’s Next
The Ministry of Finance is expected to continue consultations with relevant agencies and contractor groups as government develops a framework for resolving outstanding obligations.
Stakeholders will also be watching for possible timelines, verification processes, and funding mechanisms that may be introduced to facilitate payment settlements.
Average price of eggs dropped by 20.12% year-on-year in March 2026.
Beans, garri, and onions also recorded major annual price declines.
Fresh ginger remained one of the few items with significant yearly price increases.
South-East recorded the highest average egg prices, while the North-West had the lowest.
NBS data suggests food inflation pressures may be easing for some staples despite persistent monthly increases.
Main Story
Nigeria’s food prices recorded mixed movements in March 2026, as several staple commodities posted sharp year-on-year declines despite continued month-on-month increases, according to the latest Selected Food Price Watch report released by the National Bureau of Statistics (NBS).
The report showed that the average price of eggs, sold per crate of 30 pieces, stood at ₦6,127.62 in March 2026. This represented a 20.12 per cent decline when compared with ₦7,670.56 recorded in March 2025.
However, on a month-on-month basis, the price of eggs increased by 2.00 per cent compared to February 2026, indicating that short-term food cost pressures remain.
Similarly, the average price of brown beans per kilogram dropped significantly to ₦1,325.85 in March 2026, representing a 49.32 per cent decline from ₦2,616.26 recorded in March 2025.
Despite the yearly decline, beans prices rose by 1.41 per cent month-on-month from ₦1,307.44 in February 2026.
The report also showed that the average price of white garri sold loose fell to ₦801.54 per kilogram in March 2026 from ₦1,362.96 recorded in the same period last year, reflecting a 41.19 per cent year-on-year decrease. On a monthly basis, however, garri prices increased by 1.38 per cent.
In the same vein, the average price of onion bulbs declined to ₦1,153.14 per kilogram in March 2026 from ₦1,434.85 recorded in March 2025, representing a 19.63 per cent reduction year-on-year. Month-on-month, onions recorded a 1.59 per cent increase.
Fresh ginger was among the few commodities that recorded a major annual increase. According to the report, the average price of fresh ginger stood at ₦5,541.25 per kilogram in March 2026, representing a 20.46 per cent increase year-on-year. The commodity also recorded a 0.61 per cent month-on-month increase.
State-Level Analysis
The NBS report revealed significant variations in food prices across states.
Taraba State recorded the highest average price for eggs at ₦6,999.00 per crate, while Niger State posted the lowest average price at ₦5,610.04.
For brown beans, Oyo State recorded the highest average price at ₦1,937.20 per kilogram, whereas Taraba State recorded the lowest at ₦745.
Abia State posted the highest average price for white garri at ₦1,075.45 per kilogram, while Plateau State recorded the lowest price at ₦513.78.
In the onion category, Abia State again recorded the highest average price at ₦2,115.67 per kilogram, while Kwara State posted the lowest average price at ₦829.91.
Regional Breakdown
The report further highlighted regional disparities across Nigeria’s six geo-political zones.
The South-East recorded the highest average price for eggs at ₦6,521.47 per crate, followed by the North-East at ₦6,375.91, while the North-West posted the lowest average price at ₦5,908.61.
For brown beans, the South-West recorded the highest average price at ₦1,770.57 per kilogram, followed closely by the South-South at ₦1,762.49. The North-West recorded the lowest average price at ₦851.11.
In the case of white garri, the South-South recorded the highest average price at ₦942.68 per kilogram, followed by the South-East at ₦942.04, while the North-Central zone posted the lowest average price at ₦670.16.
Similarly, the South-East recorded the highest average onion prices at ₦1,714.81 per kilogram, while the North-Central recorded the lowest at ₦907.76.
What’s Being Said
Economic analysts say the year-on-year decline in several staple food prices may indicate a gradual moderation in food inflation compared to the severe spikes recorded in 2024 and early 2025.
However, the persistent month-on-month increases across multiple food categories suggest that households are still facing short-term pricing pressures driven by transportation costs, insecurity affecting farming communities, and exchange rate fluctuations.
The latest figures come as the Federal Government continues efforts to stabilize food supply chains and improve agricultural output through intervention programmes and import policy adjustments.
What’s Next
Analysts expect food prices to remain relatively volatile in the coming months due to seasonal planting cycles, logistics challenges, and the impact of inflationary pressures on agricultural production.
Attention will also remain on the Central Bank of Nigeria’s monetary policies and ongoing federal interventions aimed at improving food security and reducing inflation.
Hello, my fellow Punctuality-Strugglers! Welcome back to the weekly gathering of people who set five alarm clocks for 6:00 AM but only truly “wake up” at 8:45 AM. If you are currently sitting in traffic, telling someone on the phone that you are “entering their street” when you are actually still looking for your second shoe under the bed, pull up a chair. This one is for you. Today, we aren’t talking about the economy or the Plateau. We are diving into a cultural phenomenon that deserves its own Olympic category: Nigerian Time (N.T.) and the art of the “White Lie” that keeps our social lives moving.
In Nigeria, distance isn’t measured in kilometers; it’s measured in Creative Storytelling. If you’ve been on either side of a phone call today, you need this dictionary:
“I’m on my way”: Translation: I just stepped into the shower and the water is cold.
“I’m entering the street now”: Translation: I am currently at the bus stop arguing with a conductor over 50 Naira change.
“I’m looking for parking”: Translation: I haven’t even reached the bridge yet, and the traffic is moving like a snail with a limp.
“Just give me five minutes”: Translation: See you in forty-five minutes, by the grace of God.
Why are we like this? Scientific research (done by me, just now) suggests that Nigerians possess a unique biological clock. We believe that an event scheduled for 10:00 AM actually means “10:00 AM is when the organizers will start sweeping the hall.” If you show up to a Nigerian wedding at the time written on the invitation, you will find yourself helping the caterers arrange chairs and listening to the soundcheck. Being early in Nigeria is often punished with “labor,” which is why we’ve collectively decided that 12:00 PM is the “spiritual” start time for a 9:00 AM event.
There is also a social hierarchy to Nigerian Time. The more important you are, the later you must arrive. If the Chairperson arrives on time, they lose “levels.” They must wait until the hall is full, the AC is finally working, and everyone is sufficiently hungry before they make their “Grand Entrance.” It’s not lateness; it’s Strategic Positioning.
While we laugh, the “Nigerian Time” habit actually has a name in sociology: Polychronic Time.
Monochronic cultures (like Germany or Japan) see time as a linear pipe—one thing at a time, very strict.
Polychronic cultures (like ours) see time as a flexible web. We value the interaction more than the clock. If we meet an old friend on the way to a meeting, the relationship is more important than the 9:00 AM start.
However, in the global “Remote Work” era of 2026, our polychronic vibes are clashing with Zoom calls. You can’t tell a client in Tokyo that you are “around the corner” when they can see you are still in your pajamas on the webcam!
Key Take-Home Points for the Chronically Late
The “Buffer” Strategy: If you know you take one hour to get ready, tell yourself the event starts two hours earlier. Trick your own brain.
Respect the “Monochronic” Boss: If you’re working for a global firm, “I’m coming” doesn’t work. Use Google Maps to send your real-time ETA. Technology is the enemy of the Nigerian lie.
The Punctuality Pride: Being on time is actually a “flex.” It shows you are in control of your life. Try it once a month; the shock on people’s faces is worth it.
Communication is Key: If you’re going to be late (and let’s face it, you probably are), call before the time, not thirty minutes after.
Lessons to Carry into the Weekend
Set Your Watch 10 Minutes Ahead: It won’t solve the problem, but it will give you a false sense of urgency that is quite exciting.
Don’t Be the “Vibe-Killer”: If everyone agreed to meet at 4:00 PM for a movie, don’t show up at 6:00 PM when the credits are rolling.
Forgive Your Friends: When your friend says “I’m almost there,” just say “Okay” and keep scrolling on TikTok. You both know the truth.
Cherish the Moment: The reason we are late is often because we are enjoying the present. Balance that joy with a little bit of respect for the clock.
As we wrap up this “Chronicles of the Clock,” I want to wish everyone a weekend where you actually arrive at your destination while the food is still hot. Whether you are “around the corner” or “stepping out now,” may your journey be swift and your excuses be believable!
See you next Thursday, I’ll be here at 10:00 AM sharp (which, in Nigerian, means roughly 11:15 AM)!
CBN offered N700 billion across Treasury bills tenors at midweek auction
Investors maintained strong appetite for long-dated government securities
Treasury bills secondary market yields declined across key maturities
Main Story
Nigeria’s money market rates remained largely stable on Wednesday as excess liquidity in the financial system continued to support funding conditions across the banking sector.
Market data showed that liquidity in the banking system hovered above ₦6.2 trillion, enabling deposit money banks to continue parking significant funds at the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF) window.
According to AIICO Capital Limited, system liquidity closed at approximately ₦6.62 trillion ahead of the settlement of the latest Treasury bills auction, reflecting a marginal increase of ₦8.56 billion compared to the previous trading session.
The liquidity surplus was primarily driven by ₦6.19 trillion in placements by Deposit Money Banks at the CBN’s deposit window, amid relatively muted primary market activities.
The development helped maintain stability in short-term benchmark rates despite the CBN’s Treasury bills auction conducted during the session.
At the auction, the apex bank offered ₦700 billion across the standard 91-day, 182-day, and 364-day maturities.
Interbank funding rates closed on a mixed note. Data from Cowry Asset Management showed the Overnight Nigerian Interbank Offered Rate eased marginally by 2 basis points to 22.27%, supported by strong liquidity conditions in the market.
Similarly, the Open Repo (OPR) rate remained unchanged at 22.00%, while the Overnight lending rate edged slightly higher by 4 basis points to 22.17%.
AIICO Capital also noted that the Nigerian Overnight Financing Rate (NOFR) held steady at 22.00%.
Market analysts expect liquidity levels to moderate slightly following the settlement of Treasury bills sold at the primary market auction, which is projected to trigger an outflow of about ₦731.75 billion from the banking system.
In the secondary Treasury bills market, investor demand remained robust, pushing yields lower across several maturities.
Yields on 1-month, 2-month, 3-month, and 6-month instruments declined by 37 basis points, 4 basis points, 7 basis points, and 8 basis points respectively.
Consequently, the average Treasury bills yield declined marginally by 1 basis point to settle at 17.47%, reflecting sustained investor appetite for fixed-income securities amid improving macroeconomic sentiment.
What’s Being Said
Analysts said the persistent liquidity surplus in the banking system continues to suppress short-term rates despite the CBN’s ongoing liquidity management operations.
The strong demand recorded at the Treasury bills auction also highlights growing investor confidence in government securities, particularly long-tenor instruments offering relatively attractive real returns.
What’s Next
Market participants are expected to closely monitor liquidity movements following the settlement of Treasury bills auctions and possible further CBN interventions in the money market.
Analysts also anticipate that demand for fixed-income instruments could remain elevated as investors continue to position defensively amid inflationary pressures and uncertainty in the broader macroeconomic environment.
MainPower Electricity Distribution Limited (MEDL) has launched its 2026 Safety Week in Enugu to reinforce a zero-tolerance culture for electrical accidents.
Managing Director Dr Ernest Mupwaya emphasized that “electricity does not forgive mistakes,” urging staff and customers to prioritize life over operational targets.
The company is observing the World Day for Safety and Health at Work with a focus on “Ensuring a Healthy Psychosocial Working Environment.”
A minute of silence was observed during the inauguration for colleagues and customers lost to previous safety lapses.
Scheduled activities from May 4 to May 8 include facility tours, safety workshops, and community engagements in schools and media.
Main Story
MainPower Electricity Distribution Limited (MEDL) has commenced its annual Safety Week with a call for unwavering discipline from both employees and the public.
During the opening ceremony in Enugu on Wednesday, Managing Director Dr Ernest Mupwaya warned that the inherent dangers of electricity leave no room for error.
He stated that the company’s success is not measured by meeting operational targets or results, but by the ability to ensure every worker and customer returns home safely.
The 2026 observance aligns with global health and safety standards, focusing on the mental and physical well-being of the workforce.
According to the management, a healthy psychosocial environment is essential for maintaining the focus required to deliver safe services.
To institutionalize these values, MEDL has organized a series of events running through May 8, including safety inspections, management workshops, and broad public sensitization campaigns through radio and television.
The Issues
Electrical infrastructure carries high-risk factors where minor procedural errors can result in fatal outcomes for staff and the community.
Balancing high-pressure operational targets with rigorous safety checklists remains a constant challenge in utility management.
Public safety awareness in local communities is often insufficient to prevent accidents involving power lines and distribution equipment.
What’s Being Said
“Safety is not a policy or a checklist. It is a culture. It is in the choices we make every day, especially when no one is watching,” said Dr Ernest Mupwaya, Managing Director of MEDL.
“No target or result is worth that cost; if we fail in safety, we have failed completely,” Mupwaya added.
“In MainPower, we firmly believe that a healthy worker is a productive worker,” stated Dr Francis Iwu, Head of Health, Safety and Environment.
What’s Next
MEDL will conduct facility tours and safety inspections across its operational areas through May 8.
Staff training and management workshops will focus on integrating psychosocial health into daily safety routines.
The company plans to expand its engagement with schools and the general public to foster a wider community safety culture.
Bottom Line
MainPower has positioned safety as a core cultural value rather than a mere policy, warning that operational achievements are secondary to the preservation of life in the electricity sector.
Washington invokes emergency trade law to justify a levy on all imports, as Nigeria faces a hollowed-out AGOA shield and declining crude offtake
What’s Happening
The United States has formally notified the World Trade Organization of a broad import surcharge imposed in February 2026 and has requested that consultations to examine the measure begin next month. The WTO Committee on Balance-of-Payments Restrictions took up the notification at a meeting on May 5.
The surcharge applies to imports of all goods from all trading partners. Though notified to the WTO at 10% ad valorem, the rate was raised to 15% on Feb. 22, 2026 — two days before it took effect on Feb. 24. It is set to expire on July 24 unless extended by an act of Congress.
The Numbers
The operative surcharge rate is 15%, applied above existing bound tariff rates in the U.S. Schedule of Concessions. The measure covers the period Feb. 24 to July 24, 2026 — 150 days. It was authorised on Feb. 20 by the U.S. President under Section 122 of the Trade Act of 1974. U.S. goods imports from Nigeria totalled $5.0 billion in 2025, down 13% year-on-year, while U.S. goods exports to Nigeria reached $6.8 billion — flipping the bilateral balance to a U.S. surplus of $1.8 billion. Nigeria was the top African crude oil exporter to the U.S. between January and August 2025, accounting for more than half of the continent’s total crude shipments to American refiners.
What’s Being Said
The United States told the committee it is prepared to enter consultations and requested that they take place in June, in line with WTO rules.
WTO members acknowledged that GATT 1994 makes provision for balance-of-payments measures and welcomed Washington’s transparency. They also raised concerns about the necessity of the surcharge and its impact on global trade, noted the role of the IMF in assessing BOP justifications, and expressed readiness to engage in the forthcoming consultations.
Context
The Section 122 measure is the White House’s direct response to a U.S. Supreme Court ruling on Feb. 20, 2026, which struck down the larger IEEPA-based reciprocal tariffs the Trump administration had imposed on most trading partners since April 2025. Within hours of the ruling, the White House invoked Section 122 — an emergency provision that caps surcharges at 15% for up to 150 days. Under WTO rules, consultations with the BOP Committee must take place within four months of the measure’s adoption; the four-month deadline falls in mid-June, aligning precisely with the U.S. request.
At the May 5 session, members also elected Ambassador R.G.S.P.K. Wijesekara of Sri Lanka as the committee’s new chair, succeeding Ambassador Dr. José Roberto Sánchez-Fung of the Dominican Republic.
Why It Matters for Nigeria
Nigeria enters this dispute already on the back foot. U.S. goods imports from Nigeria fell 13% in 2025, and the bilateral trade balance has shifted against Abuja. Crude oil — the backbone of Nigeria’s U.S. export earnings — faces a direct cost increase for American refiners, which risks suppressing order volumes at a time when domestic crude allocation between the Dangote Refinery and export markets is already in flux.
The AGOA shield Nigeria might have relied on has been largely neutralised. Congress renewed AGOA through December 2026, but the Section 122 surcharge applies on top of AGOA preferences. Since AGOA was designed to waive only the standard MFN tariff — which averaged just 3.3% — it was never built to absorb a 15-percentage-point surcharge. Nigeria’s preferential access to the U.S. market is, for practical purposes, suspended.
The growing non-oil export base also takes a hit. Nigerian fertilizer exports surged nearly fourfold year-on-year in Q1 2025, with the U.S. among emerging buyers; higher landed costs now threaten to choke that trajectory before it matures.
The offset worth watching is China. Beijing’s new zero-tariff policy for 53 African countries, effective May 1, 2026 — including Nigeria — opens a duty-free channel for processed goods that previously attracted Chinese tariffs of up to 25%. As U.S. access deteriorates, that pivot becomes less of an option and more of a necessity.
What to Watch
June’s WTO consultations are the immediate flashpoint. If members reject the U.S. BOP justification, formal dispute proceedings are on the table. The more consequential risk is Congressional action to extend the surcharge beyond July 24 — that would convert a temporary emergency measure into a structural feature of the U.S. import regime, with lasting implications for Nigeria’s export strategy and the CBN’s reserve position.
Bottom Line
The U.S. has placed a 150-day import surcharge — notified to the WTO at 10% but operating at 15% — on the multilateral agenda, framing it as a balance-of-payments emergency. For Nigeria, the measure compounds an already deteriorating bilateral trade position, effectively nullifies AGOA’s preferential access, and raises the cost of exporting crude oil and emerging non-oil products to the American market. The June consultations will test whether WTO rules retain the force to constrain unilateral U.S. trade actions — or merely provide a forum to document them.
One editorial note: the 10% vs. 15% rate discrepancy is worth a brief line of clarification in the article — the WTO notification cites the original proclamation rate, but readers should know the surcharge in force is 15%.
Debt office allotted about ₦732 billion and rejected excess bids
Main Story
The Central Bank of Nigeria (CBN) continued its downward repricing of Nigerian Treasury bills at Wednesday’s primary market auction, as strong investor demand prompted lower stop rates across standard maturities.
At the auction conducted by the Debt Management Office (DMO) on behalf of the apex bank, ₦700 billion was offered across the 91-day, 182-day, and 364-day Treasury bills tenors.
Auction results showed that aggregate subscriptions climbed sharply to ₦2.411 trillion, underscoring sustained investor appetite for government securities amid high system liquidity and limited alternative investment opportunities.
Demand remained heavily concentrated on the one-year instrument, which attracted subscriptions worth ₦2.235 trillion against the ₦550 billion offered by the authorities.
The CBN eventually allotted ₦600.49 billion worth of the 364-day bills to investors despite the substantial oversubscription.
Meanwhile, the 182-day Treasury bills recorded subscriptions of ₦105.33 billion compared to the ₦50 billion initially offered. The debt office allotted ₦67.68 billion on the tenor.
Investor interest remained relatively weaker at the short end of the curve, as the 91-day Treasury bills attracted ₦71.23 billion in subscriptions against the ₦100 billion offer size.
The apex bank allotted ₦63.58 billion to investors seeking exposure to short-term government instruments.
Stop rates across all maturities were slightly reduced, extending the CBN’s gradual effort to lower domestic borrowing costs.
The stop rate on the 91-day Treasury bills declined marginally to 15.949% from 15.95%.
Similarly, the 182-day instrument cleared at 16.14%, down from the previous 16.19%, while the one-year Treasury bills were priced at 16.15%, compared to 16.199% at the preceding auction.
In total, the DMO raised approximately ₦732 billion from the auction while rejecting a substantial portion of excess bids submitted by investors.
The sustained demand for longer-dated securities reflects continued investor preference for locking in yields amid expectations that rates may moderate further in the coming months.
What’s Being Said
Fixed-income analysts said the auction results indicate that investors remain highly liquid and are aggressively positioning in sovereign debt instruments viewed as relatively safe and attractive.
The persistent oversubscription, especially at the long end of the curve, also suggests expectations that yields may continue trending lower if inflation moderates and monetary tightening eases.
What’s Next
Analysts expect the CBN to continue carefully balancing liquidity management with efforts to moderate borrowing costs and support economic growth.
Market participants will also monitor inflation trends, monetary policy signals, and liquidity conditions for further direction on Treasury bills yields in the coming weeks.
Naira appreciated by 67 basis points against the U.S. dollar
Official exchange rate improved to ₦1,357.34/$
Stronger local currency demand supported market performance
External reserves declined slightly to $48.33 billion
Global crude oil prices dropped sharply amid easing Middle East tensions
Main Story
The Nigerian naira appreciated significantly against the United States dollar at the Nigerian Foreign Exchange Market (NFEM), supported by improved market sentiment and sustained interventions by the Central Bank of Nigeria (CBN).
Official market data showed the local currency gained ₦9.22 against the dollar during Wednesday’s trading session to close at ₦1,357.34/$.
The appreciation represented a 67-basis-point improvement from the previous trading session, reflecting stronger demand for the naira by both domestic and foreign market participants.
During intraday trading, the local currency traded within the ₦1,350/$ to ₦1,365/$ band before settling stronger at the close of business.
The latest performance comes amid ongoing efforts by the CBN to stabilise the foreign exchange market through periodic interventions, tighter liquidity controls, and reforms targeted at improving FX market transparency.
Meanwhile, Nigeria’s external reserves declined slightly by $8.72 million to $48.33 billion as of May 5, 2026, compared to the previous level of $48.34 billion.
In the global commodities market, crude oil prices fell sharply to their lowest levels in about two weeks following growing optimism over a possible diplomatic breakthrough between the United States and Iran.
Brent crude declined by 7.26% to trade around $101.89 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 7.03% to approximately $95.08 per barrel.
Analysts said expectations of easing geopolitical tensions in the Middle East contributed to the sharp decline in oil prices, reducing concerns about supply disruptions.
Gold prices, however, traded higher amid shifting investor sentiment in global markets. Spot gold gained 2.11% to trade around $4,691.05 per ounce, while U.S. gold futures hovered near $4,703.10 per ounce despite a slight decline in futures pricing.
What’s Being Said
Market analysts attributed the naira’s appreciation to improved FX liquidity conditions and continued confidence in the CBN’s market management strategy. They also noted that developments in the global oil market remain critical for Nigeria’s external earnings outlook and exchange rate stability.
What’s Next
Investors are expected to closely monitor movements in global oil prices, external reserves, and future CBN interventions for indications of the naira’s near-term direction. Analysts believe the local currency could maintain relative stability if foreign exchange inflows improve and global energy market volatility eases further.
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commenced a nationwide data verification exercise.
The initiative aims to validate the accuracy of data used for sharing revenue among states and local government areas (LGAs).
The exercise is backed by Paragraph 32(b) of Part I of the Third Schedule to the 1999 Constitution.
Updated indices will account for population shifts, infrastructure expansion, and evolving socio-economic needs.
Kebbi State has pledged full support, with officials instructed to provide all necessary logistics and data.
Main Story
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has officially inaugurated a nationwide data verification exercise to ensure the integrity of indices used in the distribution of federation revenue.
Speaking at the commencement of the exercise in Birnin Kebbi on Wednesday, RMAFC Commissioner Prof. Adekunle Wright stated that the verification is essential for aligning revenue allocation with current socio-economic realities.
The process involves a comprehensive review of data related to population shifts, infrastructure development, and other evolving needs across the 36 states and 774 local government areas.
The commission is executing this task under its constitutional mandate to periodically review the revenue allocation formula.
The exercise follows a 2022 capacity-building programme designed to equip state and local officials with the skills necessary for data gathering and management.
In Kebbi, the RMAFC delegation is working with ministries, departments, and agencies to collect credible data, emphasizing that the outcome will have significant fiscal implications for both the state and the federation.
The Issues
Inaccurate or outdated data can lead to inequities in the distribution of federal revenue among different tiers of government.
Rapid population shifts and infrastructure expansion since the last review have made existing allocation indices less reflective of current needs.
The success of the verification depends on the full cooperation and transparency of state and local government authorities in providing sensitive data.
What’s Being Said
“It has become necessary to validate the integrity and accuracy of the data that inform revenue distribution across the federation,” said Prof. Adekunle Wright, RMAFC Commissioner.
“Our teams have been carefully selected and trained to carry out this assignment with the highest level of integrity, in line with national and international best practices,” Wright added.
“Data is critical to our quest for sustainable development and improved livelihoods for our people,” stated Sen. Abubakar Umar-Tafida, Kebbi Deputy Governor.
What’s Next
RMAFC teams will continue working closely with local authorities to finalize data collection across all states.
The validated data will be used to compute new revenue allocation indices to be presented for federal approval.
State governments are expected to sensitize their relevant departments to ensure continuous compliance with the commission’s data requirements.
Bottom Line
The RMAFC verification exercise seeks to modernize Nigeria’s revenue-sharing framework by replacing outdated statistics with validated data on infrastructure and population.
Lasaco Assurance Plc reported a profit of N2.36 billion for the quarter ended March 31, 2026, an 81.5% increase from N1.30 billion in Q1 2025.
Insurance service results rose by 119.6% to N4.22 billion, up from N1.92 billion in the previous year’s first quarter.
Total assets expanded by 16.6% to N46.20 billion, driven by a 24.5% rise in cash and cash equivalents.
Retained earnings moved to a positive N1.55 billion in Q1 2026 from a negative N573 million in December 2025.
Earnings per share increased to 21.29 kobo, compared to 11.73 kobo in the same period of 2025.
Main Story
Lasaco Assurance Plc has released its unaudited financial results for the first quarter of 2026, reporting an 81.5% growth in profit to N2.36 billion.
The performance, compared to N1.30 billion in the corresponding period of 2025, was driven by a 119.6% improvement in insurance service results and a 74.7% increase in net insurance and investment results.
The company attributed the increase to improved operational efficiency and a stronger underwriting performance.
The company’s balance sheet showed total assets reaching N46.20 billion as of March 2026, representing a 16.6% increase from N39.63 billion in March 2025.
Liquidity improved as cash and cash equivalents rose by 24.5% to N18.45 billion, while reinsurance contract assets grew by 34.9%.
Although operating expenses increased by 30.3% to N1.81 billion due to strategic investments, the company noted that revenue growth and improved margins outpaced these costs.
The Issues
Operating expenses rose by 30.3% to N1.81 billion, though the company indicates this was driven by strategic growth initiatives.
The company had to manage a turnaround in retained earnings, which were in a negative position as recently as December 2025.
Growth is occurring within a dynamic economic environment that requires a continuous balance between underwriting income and investment returns.
What’s Being Said
“Importantly, revenue growth and improved margins significantly outpaced cost increases, resulting in a stronger overall profitability position,” the company statement reads.
“The company’s first quarter performance builds on its ongoing strategic initiatives. This includes product innovation, enhanced customer engagement, and operational optimisation,” the statement added.
“With double-digit growth across major performance metrics, improved balance sheet strength, and a clear focus on value creation, Lasaco Assurance Plc has set a strong tone for the 2026 financial year,” the company noted.
What’s Next
Lasaco Assurance plans to sustain momentum in the coming quarters through continued operational optimization.
The positive shift in retained earnings is expected to provide a stronger foundation for future dividend potential.
The company intends to further leverage its increased risk-sharing capacity and reinsurance contract assets to drive underwriting activities.
Bottom Line
Lasaco Assurance Plc achieved a 21.29 kobo earnings per share in Q1 2026, underpinned by a 119.6% jump in insurance service results and a significant recovery in retained earnings.
A new report reveals 342,919 children under the age of two in Benue State are stunted, representing 25% of the demographic.
Data shows 699,554 children in the state, approximately 51%, are currently anaemic.
Exclusive breastfeeding rates in Benue have dropped from 56.8% in 2021 to 39.9% in 2024.
Only 16% of children aged six to 23 months in the state receive the minimum dietary diversity required for healthy growth.
Vitamin A supplementation coverage declined from 62% in 2018 to 45.1% in 2024.
Main Story
Benue State is facing a significant malnutrition crisis, with 25% of children under the age of two, totaling 342,919 individuals suffering from stunting.
Dr Faustina Shar, the Benue State Nutrition Officer, disclosed these figures during a Joint Inception and Planning Meeting organized by UNICEF and the Enugu and Benue State Governments.
The report further indicates that over half of the children in this age bracket are anaemic, highlighting a broad public health concern that affects long-term human development and economic productivity.
The data reveals a sharp decline in essential nutritional practices across the state. Early breastfeeding initiation fell from 47.4% in 2021 to 29.4% in 2024, while exclusive breastfeeding also saw a significant drop.
Additionally, maternal health indicators show that 33.2% of pregnant women in Benue do not attend any antenatal care visits, contributing to poor outcomes for both mothers and infants.
Factors such as insecurity, poverty, large family sizes, and harmful breastfeeding beliefs have been identified as primary drivers of these declining trends.
The Issues
Stunting and anaemia among children lead to poor cognitive development, weak immunity, and low educational attainment.
Declining rates of Vitamin A supplementation and deworming increase the vulnerability of children to preventable diseases.
Weak healthcare access and poor road infrastructure hinder the delivery of nutritional interventions to rural communities.
Insecurity and poor food production methods limit access to affordable, nutritious diets for the majority of the population.
What’s Being Said
“Nutrition remained a critical component of development,” said Dr Faustina Shar, Benue State Nutrition Officer.
“Early breastfeeding declined from 47.4 per cent in 2021 to 29.4 per cent in 2024. Exclusive breastfeeding also dropped from 56.8 per cent to 39.9 per cent within the same period,” Shar disclosed.
“We are committed to improving the nutritional well-being of our women and children,” stated Dr Paul Ogwuche, Benue Commissioner for Health and Human Services.
What’s Next
The Benue State Government has pledged to implement new strategies discussed during the UNICEF planning meeting to tackle malnutrition.
Interventions will focus on the first 1,000 days of life, targeting improved maternal nutrition and breastfeeding practices.
Stakeholders aim to increase coordination across multiple sectors, including agriculture and education, to address the root causes of food insecurity.
Bottom Line
With stunting affecting one in four children under two, Benue State faces a severe malnutrition burden driven by declining breastfeeding rates and poor healthcare access, requiring urgent cross-sectoral intervention.
Key points
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