General News
CWG Boss Commends Nigeria’s Business Competitiveness at CBS
Austin Okere, founder, CWG Plc and Entrepreneur in Residence at Columbia Business School, thumbed up Nigeria’s business competitiveness at the CBS annual Entrepreneurs in Residence Week in New York during the last week of October.
Addressing the group of graduate students in the Private Equity and Entrepreneurship in Africa Course with Professor Murray Low of the Eugene Lang Entrepreneurship Centre,
Okere highlighted Nigeria as one of the top three investor destinations in Africa.
Quoting figures from the United Nations Conference on Trade and Development (UNCTAD), he reiterated that of the $57b Foreign Direct Investment (FDI) that Africa attracted last year, Nigeria saw the lion share of about $5.6b, which is very significant given that only six other countries attracted investments above $3b.
This is coming on the heels of Nigeria moving up five places in the latest release of the World Bank Doing Business Report.
This is well above the average improvement of two positions by the MINT countries (comprising Mexico, Indonesia, Nigeria and Turkey).
More importantly, the “Starting a Business” and “Getting Credit” pillars saw the most significant changes, moving up nine and 73 places respectively, indicating better engagement with the Small and Medium Enterprises (SMEs) sector, which tends to be the engine of growth in most developing economies.
Advising the audience to explore other viable geographies, Okere reiterated his view expressed at the World Economic Forum Meeting of the Global Champions in Tianjin, China, that the new frontiers for business expansion following saturation in the developed markets were Africa and Latin America. He however cautioned against wholesale importation of western business model templates into these emerging markets given the different geographies, peoples and cultures.
He counselled local partnerships to explore the immense opportunities in a mutually beneficial manner.
In Okere’s view, significant milestones have been achieved in important areas such as pervasive broadband access, making it possible to pursue hitherto impossible business models in Cloud Computing and eCommerce.
He also enumerated the giant strides in Power Sector reforms, Agriculture and SME support and financial inclusion through the Central bank’s Cashless Initiative, leading to improved financial transparency; and the adoption of the IFRS Accounting standard leading to greater corporate governance standards.
According to Okere ‘the recent admission of the Nigerian Stock Exchange into the World Federation of Exchanges is testimony to the huge success of the Capital Market reforms, and serves as a positive barometer for investors’ appetite’.
Qualifying his optimism, Okere had this to say “being a member of the World Economic Forum’s Business Council and a board member of the National Competitiveness Council of Nigeria, it is not lost on me that there is still a lot to be done for Nigeria to achieve her full potential, as has been highlighted by the recent WEF Competiveness Index report. I however, believe that it is not far-fetched for Nigeria to aspire to become one of the 20 largest global economies by 2020 starting from a comfortable base of being the largest economy in Africa and the 26th largest global economy”.
To achieve this however, he advocates the acceleration of investments in critical infrastructure and also getting the Local Governments to step up in their responsibility towards the provision of Primary Health Care and Primary Education.
Columbia University’s Entrepreneur in Residence Program brings together selected individuals of exceptional talent and a history of accomplishment to assist tomorrow’s business leaders by providing valuable insights garnered from their extensive experience.
Commenting on Okere’s contribution, Mr. Cliff Schorer, Program Director, had this to say “Austin has provided the program with a broad foundation of knowledge, and he serves as a resource to those interested in developing enterprises in emerging markets. With the landscape of global business rapidly expanding, Austin’s availability to students, faculty and administrators has proven to be extraordinary, and his openness, presentation skills and willingness to assist others is a great asset to the program”.
Similarly Professor Murray Low, founder of the Columbia Entrepreneurship Program remarks as follows
“Our EIR program seeks to attract successful entrepreneurs with deep sector experience. With Austin, we get two for one; deep experience in information technology as well as emerging markets. His unique insights are hugely valued.”
An elated Okere, whose company has been used as case studies in both CBS and MIT responded by stating how touched he was by the kind words of the Program Directors.
He philosophically declares “I am happy that the work I do at CBS and the achievements of my company put Nigeria firmly on the map in the global academic community. I am pleased to be a worthy ambassador, making Africa proud”.
Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.
Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.
The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.
Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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