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Nigeria’s reforms have put the country on the global economic map By Abdul Samad Rabiu 

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11 months ago

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Nigeria’s reforms have put the country on the global economic map

By Abdul Samad Rabiu 

As my country steadies itself, Britain, its Western allies and their companies should deepen this partnership

As ghosts of the 1930s haunt the global outlook, the scramble for trade deals has seized control of government agendas. The United States has leveraged its “tariff war” to secure better terms, driving both friend and foe to the negotiating table. British deals with the US and India have provided some refuge from the prevailing gloom.

Less reported – but with similar potential – was last year’s signing of the Enhanced and Trade and Investment Partnership (ETIP) between the UK and Nigeria , the former’s first such agreement with an African nation. Quiet in its arrival, the pact may yet echo louder.

As someone who has built multinational businesses across Africa, I know the vast opportunity the continent offers, and Nigeria in particular, which alone accounts for a fifth of sub-Saharan Africa’s 1.2 billion people. But I also understand the limitations we have often placed on ourselves when it comes to securing investment.

Lowering barriers to trade is crucial, and for that Britain’s ETIP looks prescient. However, investment and business potential will remain discounted as long as African nations cling to state intervention – from subsidies and price controls to exchange rate distortions – all of which have consistently bred dysfunction and economic instability. Fortunately, Nigeria has now decisively turned a corner, embracing market economics under a liberalising government.

In Morocco this week, Foreign Secretary David Lammy indicated Britain’s position is shifting too. Setting out his strategy for Africa, he said British policy must transition from aid to investment. “Trade-not-aid” is no new idea – but it is the first time a British government has so clearly echoed the demand the African continent has voiced for years.

In making that shift, Nigeria is taking the lead for a continent to follow. So many Nigerian administrations I have known have been hostage to economic events, doubling down time and again on state intervention rather than having the conviction to reform. This administration is proving different. After two years of difficult reforms, Nigeria – under President Bola Tinubu – is now poised to fulfil the promise of its vast natural resources, rapidly growing population of over 200 million people, and strategic coastal location along the Gulf of Guinea.

First, the Tinubu administration removed a crippling fuel subsidy – the most significant policy reform in years. At 25 to 30 cents per litre, petrol in Nigeria was among the cheapest in the world. But the subsidy was bankrupting the government: by 2023, it consumed over 15 per cent of the federal budget – roughly equivalent to the proportion the UK spends annually on the NHS.

When President Tinubu ditched the fuel subsidy on his first day in office, criticism quickly followed. Prices, at least for the time being, have risen. However, statistics must be understood in light of the wide-ranging distortions the subsidy created.

Officially, fuel consumption in Nigeria has dropped by 40 to 50 per cent. But that is not because Nigerians’ petrol use reduced by this amount. In reality the country was subsidising the region, with cross border fuel smugglers profiting from arbitrage. The illegal trade was so blatant that on a visit to neighbouring Niger a few years ago, then-President Mohamed Bazoum even joked about it, thanking Nigeria for the cheap fuel. Though the move was politically unpopular, the subsidy had become unsustainable. Now, spending is being redirected toward development and infrastructure – laying the foundations for long-term growth.

Second, the country has moved from a fixed to a market-determined exchange rate. Previously, only select groups could access the official rate – especially those with political connections; the rest had to rely on a more expensive parallel informal market determined by supply and demand. But selling dollars at an artificially low rate only entrenched scarcity, a problem compounded by an opaque exchange mechanism that deterred foreign investment.

Every two weeks, we used to make the 12-hour drive to Abuja to seek dollar allocations for imports – camping out at the Central Bank for three or four days. Now, I no longer need to go. I’ve met the new Governor only once in two years – because I haven’t had to. Monetary orthodoxy has finally arrived, bringing with it the liquidity that both domestic and foreign businesses depend on to smooth trade and de-risk investment.

Third, the shackles of politics are being prised from business, bringing greater certainty, fairness and stability to the landscape. Five years ago, I woke up one morning to find that the port concession for a new venture of mine had been revoked. It turned out my company was outcompeting a friend of an official of the Nigerian Ports Authority. In the end, it took then-President Buhari’s personal intervention to save the enterprise.

Had I not been politically connected, the business would have folded – along with the 4,000 jobs it provided – at a time when job creation was, and remains, Nigeria’s most urgent challenge. Today, such connections are no longer necessary. The playing field is being levelled, flattening the political ridges and dips that once skewed the game.

Many of these reforms required political courage to withstand the force of criticism. Prices rose as distortions were removed, yet the administration held firm, even as vested interests co-opted public discontent for their own ends.

Indeed, many of the benefits of reform are still to be felt by the wider public. But economic fundamentals must be fixed before that becomes possible. That lead-time often tempts market reformers to reverse course, or avoid reform altogether. Now that Nigeria has made it through the toughest phase, its direction should be clear to investors.

For Britain, the Enhanced Trade and Investment Partnership with Nigeria was a strategic bet on reform, resilience and long-term reward. Nigeria is now delivering its part of the bargain. As my country steadies itself, the UK, its Western allies – and their companies – should deepen this partnership.

Nigeria’s reforms have put the country on the global economic map By Abdul Samad Rabiu 

_Abdul Samad Rabiu is a Nigerian businessman and philanthropist_

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects  

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5 hours ago

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May 14, 2026

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Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects

– Ivorycoast, Cot’devouir 

 

Noble & Gold Consulting Ltd has officially signed a partnership agreement with Gicobat Group of Company to facilitate funding for capital projects in Abidjan, Côte d’Ivoire, through the UNIPGC–Global Economic Development Council (GEDC), during a high-level Business and Investment Roundtable held in the country.

 

The meeting, which took place on May 12, 2026, at the World Trade Centre in Abidjan, brought together senior executives and stakeholders from both organizations, including His Excellency, Amb. Jonathan Ojadah GCOP, Global President of UNIPGC; Mr. Noble Eze, CEO of Noble & Gold Consulting Ltd; and the Chairman of Gicobat Group of Company, Côte d’Ivoire.

 

The roundtable focused on opportunities for capital project financing, investment promotion, and business development across strategic sectors of the economy. Following extensive deliberations, the parties finalized terms and signed an agreement aimed at advancing the projects discussed during the engagement.

 

Speaking at the event, the Chairman of the UNIPGC-GEDC, His Excellency Amb. Jonathan Ojadah, delivered a presentation titled *“How Reputable Brands Can Secure Funding for Capital Projects.”* He stated that the agreement represents a major milestone in supporting high-profile business initiatives that require structured financing and professional project management.

 

According to him, the partnership aligns with UNIPGC-GEDC’s mandate as a leading investment promotion, advisory, and business development institution operating across Africa and internationally.

 

> “Today, I am delighted to address this important topic on how leaders of established and reputable brands can secure the capital required for major expansion, technological advancement, or infrastructure development. The objective is not merely to find funding, but to attract the right funding at the most competitive cost of capital,” he stated.

 

He emphasized that brand reputation remains a critical asset in attracting investors and financial institutions.

 

> “In business, reputation is everything. In the world of capital-intensive projects, reputation is more than public perception; it is an asset class. A reputable brand represents stability, proven performance, and trustworthiness,” he added.

 

Amb. Ojadah further noted that successful funding processes begin long before formal investment pitches are made. According to him, investors seek organizations that demonstrate value stewardship, operational excellence, and financial discipline.

 

Drawing from his international experience in capital project engagements across Egypt, Kenya, the Democratic Republic of Congo, Zambia, and other countries, he highlighted several categories of major funding institutions involved in large-scale development financing. These include multilateral development banks, government agencies, private foundations, and impact investors focused on infrastructure, healthcare, real estate, energy, oil and gas, and sustainable development.

 

Among the institutions he referenced were the International Finance Corporation (IFC), the European Union (EU), the United Nations Capital Development Fund (UNCDF), the OPEC Fund for International Development, the Bill & Melinda Gates Foundation, the Mastercard Foundation, the Ford Foundation, the Rockefeller Foundation, and the UNIPGC Foundation.

 

He explained that through the UNIPGC Global Economic Development Council (GEDC), the organization facilitates funding opportunities for startups, private sector operators, and government projects through public-private partnerships (PPP), leveraging its network of international funding partners and financial institutions.

 

Amb. Ojadah identified three critical indicators commonly assessed by investors and lenders before financing projects:

 

1. **Transparency and Financial Performance** – Organizations must maintain audited financial records, quality assets, and sustainable growth patterns.

 

2. **Operational Excellence** – Investors prefer businesses with proven operational systems and stable cash flow generation, which reduce investment risks.

 

3. **A Strong Project Narrative** – Businesses must clearly demonstrate how proposed projects align with long-term strategic goals such as digital transformation, automation, infrastructure expansion, or increased market competitiveness.

 

He also outlined key strategies reputable brands can adopt in securing project financing, including bank financing, strategic partnerships, vendor financing arrangements, private equity investments, and asset-based lending structures.

 

> “Securing capital for projects as a reputable brand is ultimately about combining trust with strategic planning. Reputation is your strongest asset, and when paired with sound financial planning and a compelling vision, it becomes a powerful tool for building the future,” he concluded.

 

For Gicobat Group of Company, the partnership is expected to accelerate the execution of ongoing and proposed projects by leveraging UNIPGC-GEDC’s network of investors and financial partners. Officials of the company expressed confidence that the collaboration would significantly improve project implementation timelines and financing accessibility.

 

Organizers noted that the choice of the World Trade Centre, Abidjan, as the venue reflected the international scope and significance of the engagement, particularly for negotiations involving capital-intensive projects in infrastructure, trade, and industrial development.

 

UNIPGC-GEDC describes itself as a leading global investment promotion, advisory, and business development consultancy, working with governments, private enterprises, and institutional investors to structure, finance, and manage large-scale projects from inception to completion.

 

According to the organization, the Abidjan agreement adds to its expanding portfolio of strategic partnerships aimed at unlocking capital for projects with significant economic and social impact. It also confirmed that due diligence and project structuring processes had been completed prior to the signing to ensure project bankability and investor confidence.

 

Officials from both organizations further disclosed that implementation teams would be constituted immediately to oversee the next phase of the agreement. Although specific project details were not disclosed, both parties assured stakeholders that updates would be communicated as implementation milestones are achieved.

 

UNIPGC-GEDC also encouraged businesses, institutions, and investors with high-impact projects requiring financing or management support to engage with its team for collaboration opportunities. Further information on its services is available via UNIPGC-GEDC Official Website www.unipgc.org/gedc

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Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech

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13 hours ago

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May 14, 2026

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Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.

 

The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.

 

In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.

 

For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.

 

why is access to housing still so structurally difficult for millions of Africans in a digital age?

 

Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*

 

*A Platform Not a Property Company*

 

coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.

 

From Insight to Recognition

 

In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.

 

Solving for Access, Alignment, and Trust

 

Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.

 

In his words;

“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”

 

I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.

— Dennis Ekamah

 

Join our waitlist by visiting www.cohouse.ng

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Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

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1 day ago

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May 13, 2026

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Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

 

The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.

Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.

The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.

However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.

In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.

A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.

The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.

Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.

Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.

The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.

Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.

The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.

While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.

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