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Why Nigeria’s Economy’s in Distress –WAIFEM
West African Institute for Financial and Economic Management (WAIFEM), has urged Central Bank of Nigeria (CBN to implement policies that would stimulate the economy rather than retaining its tightening stance.
Prof. Akpan Ekpo, director general of the institute, who stated this at the opening session of the regional course on “Banking Supervision, Intermediate Level,” organised by WAIFEM in collaboration with the College of Supervisors of the West African Monetary Zone (WAMZ), held recently in Lagos, urged the CBN to reconsider its stance on the current demand management model in the foreign exchange market.
Expo stated that this has collateral consequences for the economy, especially in the opaqueness of the foreign exchange management, even as it increases the vulnerability of the forex market to corrupt practices and distortions in the economy.
Ekpo, who was represented by Mr. Euracklyn Williams, director, Administration and Finance Department of WAIFEM, noted that the therapy of interminable monetary tightening has really not worked, adding that the protracted problem of excess liquidity should be addressed in a manner that would not persistently cause disruptions and dislocations in the economy.
He noted that the focus of the CBN has been on tackling the symptoms, not the cause, insisting that position of an imminent currency devaluation following an intensified speculative activities and round-tripping in the forex market.
The WAIFEM boss said the Federal Government needs to unfold its economic agenda to boost investors’ confidence and reduce uncertainty in the economy.
“We also share the submission of the apex bank that the Federal Government needs to unfold its economic agenda to boost investors’ confidence and reduce uncertainty in the economy, as monetary policy instruments need to be complemented with fiscal policies to achieve the desired economic outcome.
“The decision by the CBN to retain the current demand management models in the foreign exchange market reflects an ominous indifference of the apex bank to the plight of various stakeholders (including manufacturers) over its foreign exchange management strategy,” he said.
He stated that the nation is suffering from stagflation, a prelude to recession, stressing that all relevant macroeconomic and social indices show that the economy is in distress.
The high rate of unemployment combined with reduced output in first quarter of 2016 suggests an economy in the sphere of stagflation, which is a prelude to recession.
Ekpo noted that the nation’s economy was at the verge of recession because the global environments, such as the slow growth in China and the sluggish recovery in Europe, have further worsened the already bad situation, noting that certain policies could cushion the effect of such a recession. He lamented that the cost of doing business in the country is still very high.
“To provide power, the manufacturers spend a lot every year; just to provide electricity to run their plants.
“In advanced countries, even in some other developing countries, they are the things you take for granted. I am not sure that they will run their factory because they are not able to access forex to buy the raw materials they would need,” he added.
A recently released Henley Passport Index 2026, showed that Nigerian citizens can travel to at least 20 destinations outside the African continent where entry is allowed either visa-free, with a visa on arrival (VOA) at no extra cost, or via an e-visa.
This expanded access opens doors for Nigerian travellers to experience countries in the Caribbean, Asia, and beyond with greater ease.
Below is a comprehensive guide to countries outside Africa which Nigerian passport holders can visit without a traditional visa.
Visa-Free Countries outside Africa for Nigerian Passport Holders:
Barbados
Cambodia – Visa on arrival
Comoros Islands – Visa on arrival
Cook Islands
Dominica
Fiji
Haiti
Iran – Visa on arrival
Kiribati
Lebanon
Maldives – Visa on arrival
Micronesia
Montserrat
Niue – Visa on arrival
Palau Islands – Visa on arrival
Samoa – Visa on arrival
St. Kitts and Nevis
Timor-Leste – Visa on arrival
Tuvalu
Vanuatuul
Nigeria and Israel yesterday reaffirmed their commitment to deepening bilateral cooperation in research, technology and innovation as both countries pledged to expand partnerships that will drive entrepreneurship, commercialise research and accelerate economic development.
The commitment was made at the closing ceremony and innovation showcase of the I-FAIR Cohort of the Israel-Nigeria Innovation Fellowship for Aspiring Inventors and Researchers (I-FAIR) in Abuja, where the Ambassador of Israel to Nigeria, Michael Freeman, announced that funding had been secured for the fifth edition of the programme, scheduled to begin in October 2026.
Freeman described I-FAIR as a practical demonstration of the growing partnership between both countries, saying it had enabled Nigerian innovators to develop local solutions to national challenges through Israeli mentorship and expertise.
He said, “This programme has never been about bringing Israeli solutions to Nigeria. It’s been about helping brilliant Nigerian innovators develop Nigerian solutions to Nigerian challenges supported by Israeli experience, mentorship and innovation.”
The envoy noted that the initiative had brought together government, academia, investors, engineers and entrepreneurs to transform innovative ideas into businesses capable of creating jobs and stimulating economic growth.
Announcing the continuation of the programme, he said, “I am so proud to stand here today and announce that we have secured with our partners funding for I-FAIR 5 and I-FAIR 5 will be launching in October 2026.”
Freeman said the relationship between Nigeria and Israel had grown significantly over the past four and a half years through cooperation in innovation, agriculture, healthcare, education, water management and technology.
He expressed confidence that stronger collaboration between both countries would unlock greater opportunities for startups, research institutions and businesses.
According to him, “Israel brings experience and innovation, technology, agriculture, healthcare, cyber security, security and water management. Nigeria brings extraordinary talent, creativity, entrepreneurship and one of the most dynamic young populations anywhere in the world.”
He added, “I have no doubt that the best chapters of the relationship between Israel and Nigeria are still ahead of us.”
The Executive Secretary of the Tertiary Education Trust Fund, Architect Sonny Echono, also reaffirmed TETFund’s commitment to strengthening research and innovation through strategic partnerships with Israel and other stakeholders.
He said the I-FAIR programme aligned with Nigeria’s priorities in food security, agriculture, medicine, technology, clean energy and the circular economy, adding that TETFund would continue supporting initiatives that promote research commercialisation.
Echono stressed that collaboration between government, academia and industry remained critical to translating research findings into products and services.
He said, “It is this critical linkage, especially between science, engineering, technology and innovation, and the productive sector that is critical for translating R&D results and inventions into finished products for socio-economic benefits of our people.”
He disclosed that TETFund was working with partners to establish innovation facilities in about 60 tertiary institutions and had created a student innovation fund that would provide up to ₦50 million to students with commercially viable ideas.
The TETFund boss also announced plans for a National Research Fair later this year, where innovators would showcase products before policymakers, financial institutions and investors to attract funding and commercial partnerships.
Paying tribute to the outgoing Israeli ambassador, Echono described Freeman as a strong bridge between Nigeria and Israel.
He said, “Nigeria is grateful for your service. You have been a strong bridge between our two countries.”
Earlier, Head of Programmes at Innov8 Hub, Tolulope Aina, said sustainable economic development depended on building an innovation ecosystem that transforms ideas into successful businesses.
She noted that Innov8 Hub had supported more than 3,000 innovators, researchers and entrepreneurs, helping them convert research into products, startups and investment-ready ventures.
Aina said, “Nigeria does not suffer from a shortage of brilliant minds, what we need are stronger pathways that help those ideas become products, businesses, and opportunities that improve life.”
She thanked the Embassy of Israel and TETFund for their continued support in strengthening Nigeria’s innovation ecosystem.
According to her, “Building an innovation-driven economy requires collaboration, long-term commitment and shared purpose.”
Chief Judges drawn from countries across the African continent have resolved to collaborate and support measures aimed at ensuring the success of the Africa Continental Free Trade Area (AfCFTA) through an efficient, reliable and predictable dispute resolution system.
They agreed to explore ways to harmonize disputes resolution mechanisms in the continent with a view to making it easier and faster to resolve commercial disputes.
The resolutions formed part of the decisions taken at the third Africa Chief Justices’ Alternative Dispute Resolution (ADR) Summit held in Nairobi, Kenya between June 18 and 19.
According to a statement by the Special Assistant on Media to the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, Mr. Tobi Soniyi, the African judicial leaders were of the view that commercial confidence depends largely on legal certainty.
They emphasised how structured Alternative Disputes Resolution could enhance commercial justice, protect the business environment and support the AfCFTA.
In her contribution, the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun urged called on African judiciaries to proactively prepare for emerging challenges to disputes resolution in the continent.
Justice Kekere-Ekun, who served as Co-Chair of the session on “Financial sector disputes, tax certainty and ADR: Building commercial confidence in Africa, noted that AfCFTA represents one of the most ambitious economic integration projects in modern history.
The CJN, who stressed the importance of a proactive Judiciary to the success of AfCFTA, warned that its success would depend, not only on trade protocols, tariff reductions and economic policies, but also on the strength and reliability of the institutions that support commerce.
Justice Kekere-Ekun urged her colleagues to examine how judiciaries in the continent, central banks, tax administrations and ADR institutions could work together to reduce uncertainty, prevent disputes, strengthen investor confidence and support the realization of AfCFTA’s objectives.
She envisaged the growth of intra-African trade to inevitably generate cross-border tax disputes; foreign exchange disputes; banking and payment system disputes; digital commerce disputes; enforcement of arbitral awards; recognition of foreign judgments; and disputes arising from regional supply chains.
The CJN, who said “African Judiciaries must proactively prepare for these emerging realities,” challenged African judicial leaders on the importance of disputes prevention mechanism.
She stated that modern commercial justice must move beyond the traditional focus on disputes resolution after conflicts arise.
“The most successful commercial systems are not those that generate the highest volumes of litigation but those that reduce the need for litigation,” she added.
Justice Kekere-Ekun, who stressed the importance of ADR, cautioned against seeing ADR as merely an alternative procedure.
She said ADR should rather be considered as a strategic tool for reducing transaction costs, preserving commercial relationships, enhancing investor confidence, reducing court congestion, improving ease of doing business and strengthening commercial certainty.
Sharing the Nigerian experiences, Justice Kekere-Ekun cited the recent decision by the Nigerian Supreme Court in the case of EMTS v. AFDIN Ventures Ltd. & Ors. (2026), which reaffirmed important principles of commercial certainty, including respect for arbitration agreements; recognition that consent may be inferred from conduct; judicial restraint from re-litigating arbitral disputes on the merits; and the importance of finality in arbitral awards.
According to her, the decision reinforced Nigeria’s position as an arbitration-supportive jurisdiction.
She identified timely resolution of tax disputes as an important factor in ensuring certainty and recommended Nigerian tax disputes resolution mechanism which she said “offers useful example of institutional reforms that support commercial certainty.”
Justice Kekere-Ekun recommended the Nigeria’s Tax Appeal Tribunal model, which she described as one of Nigeria’s most significant innovations.
According to Mr. Soniyi, Justice Kekere-Ekun’s message to his brother justices is clear: building an African commercial environment in which investors, businesses, regulators and citizens can transact across borders with confidence, secure in the knowledge that their rights will be protected and their obligations fairly enforced.
The summit advanced the goals of the African Chief Justices Alternative Dispute Resolution Forum (ACJADRF) to harmonize jurisprudence and establish common enforcement standards across the continent.
The CJN was, on the last day of the summit, nominated by the Chief Justice of Kenya as the Vice Chairperson of the Africa Chief Justice ADR Forum with effect from August 1, 2026. The nomination was ratified by the forum.
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