Business
IMF’s Bold Advice to Nigeria: How to Fix Economic Reforms and Win Public Trust” By Achimi Muktar
“IMF’s Bold Advice to Nigeria: How to Fix Economic Reforms and Win Public Trust”
By Achimi Muktar
As frustration mounts across Nigeria and other Sub-Saharan African nations undergoing tough economic reforms, the International Monetary Fund (IMF) has stepped in with recommendations aimed at reshaping the narrative. These suggestions focus on addressing the growing civil discontent and turning public opposition into support for reforms critical to stabilizing their economies.
The IMF’s latest Regional Economic Outlook for Sub-Saharan Africa report highlights “adjustment fatigue” gripping nations like Nigeria, Ghana, Ethiopia, and Kenya, where reform measures have triggered social unrest and resistance. In Nigeria, particularly, protests and labour strikes have erupted in response to policies like petrol subsidy removal and foreign exchange deregulation.
However, the IMF believes a path forward exists—one that involves rethinking reform strategies and engaging citizens more effectively.
The Call for Strategic Rethink
In the report, the IMF emphasizes the need for reform strategies that foster inclusivity and public trust while maintaining momentum for economic recovery. “Realizing this opportunity requires rethinking reform strategies to build and maintain pro-growth coalitions among leaders and the general public,” the report states.
The IMF outlined key pillars for successful reform implementation:
Broad-Based Engagement: Governments must actively involve citizens through two-way dialogue, creating a sense of ownership for reforms among the population, businesses, and civil society.
Transparent Communication: Policymakers should clearly articulate the benefits of reforms, the risks of inaction, and the compensatory measures being implemented. This approach, according to the IMF, will counter misinformation and rebuild trust.
Partnerships with Influencers: Engaging parliamentarians, community leaders, and independent experts can amplify reform messaging and provide credible advocacy for change.
Targeted Social Support: Implementing safety nets like retraining programs and job assistance for those hit hardest by reforms can reduce resistance and ease the social cost of change.
Sequenced Reforms: Staggering reforms over time to prevent overwhelming citizens and prioritizing initiatives with immediate, tangible benefits will help win public support.
Rebuilding Trust in Institutions: Strengthening governance, improving transparency, and tackling corruption are essential to ensure that reforms are seen as credible and effective.
The Nigerian Reality
Nigeria’s reform agenda has been met with resistance from citizens grappling with higher living costs and reduced public services. Labour unions have staged strikes, and civil society groups have accused the government of failing to provide adequate safety nets for vulnerable populations.
The IMF acknowledges these challenges but insists that success hinges on trust and inclusivity. “Opinion surveys indicate that trust in the government’s ability to use public resources to promote the population’s well-being is still relatively low in many Sub-Saharan African countries,” the report notes.
The IMF also warns that reforms without complementary measures—such as job creation and social inclusion policies—risk perpetuating social frustration and undermining long-term economic stability.
Turning Pain into Gains
While reforms are painful, the IMF underscores their necessity for unlocking durable and inclusive growth. “As painful as the current policy choices are, deeper and broader reforms will be required to guarantee that countries reap the gains, and not just the pain, of reform,” the report states.
The Fund advises African leaders to demonstrate upfront wins, such as improved infrastructure, better service delivery, and robust economic policies, to galvanize public confidence in the reform process.
The Bigger Picture
The IMF’s Regional Economic Outlook serves as a roadmap for Sub-Saharan Africa’s policymakers, navigating a delicate balance between fiscal adjustments and social harmony. For Nigeria, the report presents an opportunity to recalibrate its approach, engage its citizens meaningfully, and deliver reforms that prioritize the welfare of the people.
By rethinking reform strategies and implementing the IMF’s recommendations, Nigeria could not only weather its current challenges but emerge as a stronger and more inclusive economy. The onus, however, lies with the government to prove that these reforms are for the collective good and not just a painful necessity.
Business
Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows
Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows
…Spotlighting Africa’s Next Generation of Change Leaders
World Economic Forum (WEF) in partnership with the Aliko Dangote Foundation (ADF) has announced the 2026 cohort of the Young Global Leaders (YGL) Aliko Dangote Fellows, highlighting a new generation of African leaders committed to expanding opportunity and strengthening institutions across the African continent.
The Fellowship serves as a critical bridge between Africa’s emerging changemakers and the global Young Global Leaders network, fostering collaboration, knowledge exchange, and sustainable development. The YGL Aliko Dangote Fellowship supports high-impact African leaders by enabling their full participation in the Forum of Young Global Leaders (YGL) programme and broader WEF activities.
WEF said the 2026 YGL Aliko Dangote Fellows represent diverse professional backgrounds spanning healthcare, technology, entrepreneurship, and advocacy across sub-Saharan Africa. The newly selected fellows are Dr. Esperance Luvindao; Charlot Magayi, Founder of Mukuru Clean Stoves; Rewa Udoji, Founder of Cranstoun; Dr. Stephen Modise; Dr. Musa Kika; Hatim Eltayeb; Kemi Lala Akindoju; and Vimbai Masiyiwa.
With a strong emphasis on empowering women leaders, the Fellowship is designed to support Africans shaping solutions to pressing social and economic challenges while strengthening leadership capacity across key sectors.
Over the past 14 years, the Aliko Dangote Foundation–powered Fellowship has supported more than 130 young African leaders, providing access to Davos meetings, executive education opportunities, and influential peer networks that amplify African voices on the global stage.
Commenting on the announcement, Fatima Aliko Dangote, Trustee of the Aliko Dangote Foundation and Group Executive Director, Oil & Gas, Dangote Industries Limited, described the 2026 fellows as “leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms.”
She added: “Africa’s future will be defined by the strength of its people. When the right leaders—especially women—are empowered and given a global voice, they do not just lead; they reshape what is possible. That is why we invest in people: because it is the surest path to lasting global prosperity, stability, and self-determination. The 2026 cohort embodies this vision.”
According to her: the 2026 YGL Aliko Dangote Fellows represent that future leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms while helping define a world whose future will be shaped by the continent.
She explained that the idea behind the YGL Aliko Dangote Fellowship is to cultivate, empower, and support exceptional African leaders under 40, ensuring they have the resources to participate in the World Economic Forum (WEF)’s Young Global Leaders (YGL) community. It specifically aims to accelerate their impact on the continent and globally.
Details of the new fellows in the announcement indicated that; Hatim Eltayeb, is the Chief Executive Officer of African Leadership Academy, strengthening one of the continent’s most important leadership institutions; Dr Esperance Luvindao, Namibia’s Minister of Health and Social Services, combining clinical experience with digital health and grassroots innovation; Charlot Magayi, the Kenyan founder of Mukuru Clean Stoves, linking clean energy, public health and livelihoods; Dr Stephen Modise, Botswana’s Minister of Health, bringing a data-driven approach to public health reform.
Dr Musa Kika, Executive Director of the Institute for Human Rights and Development in Africa, using law to defend constitutionalism and civic space; Rewa Udoji, the Nigerian artist and finance professional whose work bridges culture, capital and women’s economic literacy; Kemi Lala Akindoju, the Nigerian producer and actor helping reshape the creative economy through talent development, financing and more grounded storytelling; and Ms Vimbai Masiyiwa, co-founder and Chief Executive Officer of Batoka Africa, building a model of tourism rooted in sustainability, community ownership and women’s empowerment. Together, they reflect the range of leadership the fellowship is designed to support public leaders, entrepreneurs, institution-builders and cultural actors already shaping systems in very different ways.
It would be recalled that Aliko Dangote YGL Fellowship has supported more than 90 Fellows from over 25 African countries, thus enabling full participation in the World Economic Forum’s Young Global Leaders programme through access to convenings, executive education, peer networks and global platforms.
Over that period, Fellows have taken part in more than 400 engagements across Annual Meetings, regional summits and learning modules, contributing to debates on finance, climate, health, technology and governance.
Business
Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments
Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments
The President/Chief Executive of Dangote Group, Aliko Dangote has held a high-level meeting with Nicolai Tangen, the Chief Executive Officer of Norges Bank Investment Management, the world’s largest sovereign wealth fund manager, overseeing assets valued at approximately $1.9 trillion.
At the meeting, the Norwegian investment institution expressed strong interest in partnering with Dangote Group to expand its footprint across the African continent, with a focus on strategic sectors including power, energy, renewables, agriculture, fertiliser and cement.
Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, one of the world’s leading fertiliser and agricultural companies, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.
The engagement shows growing global investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation.
For Dangote Group, the potential partnership represents a significant opportunity to deepen its investments across key sectors critical to Africa’s development, particularly in energy transition, food security and industrial capacity expansion.
The Norwegian sovereign wealth fund, widely regarded as a benchmark for global institutional investment, has in recent years shown increased interest in emerging markets, with Africa seen as a frontier for long-term value creation.
The collaboration between the fund and Dangote Group could unlock substantial capital flows into critical infrastructure and industrial projects, further accelerating economic growth and regional integration across the continent.
Bank
Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage
Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage
Leading financial institution, Fidelity Bank Plc, through the Fidelity Helping Hands Programme (FHHP), has funded critical support for the JKS Special Needs Academy in Abuja to ensure continued shelter and care for vulnerable children.
The intervention was facilitated by a group of the bank’s newly recruited employees known as Team Valorem, as part of their induction activities. Through the FHHP, employees are empowered to actively contribute to social development by dedicating their time, resources and skills to impactful projects. Projects executed under the initiative are employee-driven, with teams encouraged to identify causes, contribute fifty percent of the project funding, while the bank matches the contribution.
Speaking during the outreach, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted that the initiative aligns with the Bank’s CSR pillars focused on health & social welfare, and youth empowerment.
“This intervention reflects our belief that building a better society is a shared responsibility. Through the Fidelity Helping Hands Programme, we empower our employees to actively contribute to meaningful social causes. The funding provided will secure the orphanage’s accommodation for an additional year, ensuring a stable and safe environment for the children. This support guarantees that these children continue to have a place they can call home,” Nwagboh remarked.
He also commended caregivers at the facility for their dedication and called for increased focus on empowerment and skill development for children with special needs.
“Beyond providing basic needs, we must provide these children with opportunities to develop skills and become self-reliant. Everyone, regardless of their physical or socio-economic status, has a role to play in the society,” he said.
In her response, Director of JKS Special Needs Academy, Mrs. Nifemi Ajileye, expressed deep appreciation to Fidelity Bank and its staff for the timely intervention.
“We are truly grateful to Fidelity Bank for this support. It will significantly improve the welfare of the children under our care and help us sustain our operations,” she said.
Ajileye highlighted the high cost of caring for children with disabilities, stating that, “Many of the children require continuous medical attention and therapy, which are quite expensive. Support like this helps us bridge critical gaps and continue delivering quality care. This support from Fidelity Bank is timely and it means the world to us and to these children. It will help us continue our work and secure a better future for them,” she added, while calling for sustained support from other organisations.
As an institution with a heart for people, Fidelity Bank continues to demonstrate its commitment to social responsibility by driving inclusive growth and social impact through initiatives that empower communities and improve lives across Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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