News
Opeke, Others at NSE/Bloomberg CEO Roundtable Bemoan Forex Challenge

Top chief executive officers (CEOs), policy makers and key players from all the sectors of the Nigerian economy who converged at the third edition of the Bloomberg CEO Roundtable believe that addressing the macroeconomic problems has become inevitable to move economy forward.
“This situation has prompted a difficulty towards accessing forex in Nigeria, and there is no domestic substitute for Naira, said Funke Okpeke, CEO, MainOne during an interactive session at the event.
The Nigerian technology industry has been under serious threat following the numerous challenges, a situation which has triggered an outcry from various telecom operators.
“We have seen lots of retrenchment; quality of service has been eroded; operational inefficiencies are becoming high due to low investment. And we are not able to invest as a result of forex inaccessibility.
Funke said that some of these issues need to be addressed by focusing on fundamental macroeconomic problems, adding those policy implementations need to be prioritized to get results.
Nigeria Needs More Commitment To Economic Reforms
“Nigeria must quickly show a high level of commitment to some of the economic reforms that are work in progress.” said Dr. Doyin Salami, Senior Lecturer at Lagos Business School, while delivering a lecture titled “Economic Roundup.”
He explained that the reform elements in the economic plan must be quickly addressed for Nigeria to build a sustainable, inclusive and rapid economy.
The renowned economist said hoping to get out of recession is a limited ambition, stating that the priority should be what Nigeria must do after getting out of recession.
“If we don’t get the figures right in the second, definitely it will reflect on the third quarter, the issue remains the reactions to achieve sustainable, rapid and inclusive economy.
He lamented about the low level of investment, cost and the severe constant pressures on consumers, adding that inflation currently seats at 16.3 percent, a situation which has triggered a disadvantaged competitiveness to Nigeria.
“Despite the rising cost, wages and salaries were not increased, and it has been on a constant shrink, thereby mounting pressures on consumers.
“Also, investment is pretty small; we are only investing 13 percent of its GDP, which ought to have been twice.” He added.
Fed Govt Engages Foreign Investigators To Trace Illicit Funds
In a keynote address, Mrs. Kemi Adeosun, minister of Finance, said the Federal Government had engaged a global investigation agency in a bid to trace illicit funds originating from Nigeria to different parts of the world.
Adeosun stated this while in a keynote address at the Nigerian Stock Exchange-Bloomberg CEO roundtable in Lagos.
She said, “We have just 40 million active taxpayers out of an estimated 69.9 million, who are economically active in Nigeria. And of that 40 million, the majority are PAYE (Pay As You Earn), that is, those who have their tax deducted at source.
“Among those who are even paying taxes, there is widespread malpractice that results in only part of the actual income being subjected to tax.”
She noted that the Federal Executive Council on Wednesday granted permission for the Ministry of Finance to sign the global convention on base erosion and profit shifting that allowed companies that generate profits in Nigeria to evade taxes by shifting the profits to countries or jurisdictions where little or no tax was payable.
“These practices harm Nigerians and must stop,” said the minister, who described the nation’s tax to Gross Domestic Product ratio of six per cent as one of the lowest levels in the world.
“We have a lot of work to do if we are going to build a sustainable revenue base that will deliver the growth we desire. Even within our tax-paying community, only 214 people in the entire nation pay taxes of N120m in spite of having some of the richest people in Africa and some of the best capitalised companies in Africa; only 214 in the entire country, all of who are in Lagos State,” the minister stated.
Adeosun said the issue of tax evasion must be addressed aggressively for the country to grow, adding, “And to do so, we will have step on some big toes, and we will need to step on them hard. But we really have no choice.
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“Those who have more must carry their fair share of the tax burden, and so to this end, for the last 15 months, we have engaged in a huge data-gathering exercise. We have engaged one of the world’s leading global investigating agencies and we have traced funds originating from Nigeria to all parts of the world.”
The minister said the illicit flow of funds out of Nigeria was harming the country, adding, “It deprives us of essential funds and those same funds are then used to finance developments in other nations. This must stop.”
Speaking on the nation’s debt profile, she said the government would always have a conservative appetite for borrowing.
“However, in the short term, we will all have to bear the discomfort of an imbalance between our debt service and our revenue as we exit the recession and return to growth,” Adeosun added.
While describing more efficient revenue mobilisation as an important financing strategy, the minister said, “I am sure you are aware of the controversies about the amount of money that we are using to service our debts at the moment. The solution is revenue; if we have more revenue, we will borrow less.
“If we have more revenue, our debt service to revenue ratio will improve. So, the solution to the problem is not to reduce our debts. At this point in time, we have no choice; we must borrow to fund our infrastructure. The solution to the problem is to increase our revenue and that we are doing.”
According to her, the nation’s infrastructure deficit is so deep and so critical, and government cannot do it alone, even if the entire budget is dedicated to capital projects.
“So it is critical that we will engage with the private sector and to this end, we intend to revive public-private partnership in Nigeria,” Adeosun stated.
She said the government was reviewing the PPP framework as well as trying to resolve outstanding issues with existing and even failed projects.
News
Stakeholders Demand Stronger Governance and Infrastructure to Drive Tech Adoption @ Lagos AI Summit

As AI adoption accelerates across Nigeria, leaders at the “AI in Action Now” conference 2026 have called for a balance between rapid innovation and strict regulatory governance. The event, held at the Lagos Oriental Hotel, highlighted both the doggedness of Nigerian builders and the risks of unregulated data usage.

Dotun Adeoye, Co-Founder of AI Nigeria, raised alarms over “Shadow AI”, a trend where employees upload sensitive official documents to public AI platforms. He praised the Nigerian Data Protection Commission (NDPC) for its recent aggressive stance, including multi-million-dollar fines against major banks and social media brands.
“Innovation without governance is dangerous. The regulator now has the job of educating players. We are working in partnership with them to ensure players don’t just get fined, but actually understand how to protect data locally rather than storing it abroad, ” Adeoye noted.
Addressing issues of lack of infrastructure to carry AI adoption, Conference Convener Debola Ibiyode admitted that while Nigeria lacks the traditional foundation for AI adoption, the tech community cannot afford to wait.

“The simple answer is we don’t have the infrastructure, but Nigeria has never really had infrastructure to drive anything, and we still thrive, ” Iboyode said, encouraging students and builders to look beyond current limitations. “Once we start to build based on what we have now, it will encourage those who need to provide the infrastructure to do their part. The world will not wait for us,” she insisted.
To bridge this gap, she highlighted the AI Foundry Africa, an incubator designed to mentor ideas into market-ready products.
Meanwhile, speaking to journalists on the sidelines, Biodun Ogunleye, the Lagos State Commissioner of Energy and Mineral Resources, echoed the sentiment that the government’s role is to facilitate the right environment through partnership. He emphasized that data generated from interactions with the government must have long-term value.
“We must ensure that in all facets from production to interaction with government, the tools required to ensure data has value are appreciated,” Ogunleye stated.
He concluded that through private-sector collaboration, the government can focus on its primary functions while leveraging AI to ensure the nation aspires for the future.
News
35 Million Nigerians Face Acute Hunger in 2026, UN Warns

About 35 million Nigerians face acute hunger risks in 2026, including three million children battling severe malnutrition, the United Nations has warned, attributing the crisis to collapsing global aid budgets and escalating violence in the northeast.

UN Resident and Humanitarian Coordinator Mohamed Malick Fall disclosed this on Thursday during the launch of the 2026 humanitarian plan in Abuja, noting that the traditional foreign-led aid model proves unsustainable amid Nigeria’s escalating needs.
He highlighted dire conditions in Borno, Adamawa and Yobe states, where over 4,000 people perished in the first eight months of 2025 from surging suicide bombings and attacks—equalling the entire previous year’s toll.
The UN now targets $516 million to deliver lifesaving aid to 2.5 million people this year, a sharp drop from 3.6 million in 2025 and half of prior levels, forcing prioritisation of only the most critical interventions.
Fall stressed, “These are not statistics. These numbers represent lives, futures and Nigerians,” as shortfalls last year compelled the World Food Programme to halt support for over 300,000 children after resources dried up in December.
Yet, Fall acknowledged Nigeria’s increasing national ownership, including local funding for lean-season food assistance and proactive flood early-warning systems, signalling a shift toward self-reliant crisis response.
News
NITDA Commits to Digital Inclusion for Persons with Disabilities

The National Information Technology Development Agency (NITDA) has reaffirmed its commitment to inclusive digital development following the completion of a two-day digital literacy training for persons with disabilities (PWDs) in Abuja.

The programme, organised under NITDA’s Digital Literacy for All (DL4ALL) initiative, the programme trained 50 participants in practical digital skills to enhance their participation in Nigeria’s expanding digital economy.
In his remarks, the Director-General, Kashifu Inuwa CCIE, stated that the programme reflects the agency’s determination to ensure accessibility remains a core component of national digital transformation efforts.
He explained that genuine digital advancement cannot be realised without the inclusion of persons with disabilities, adding that millions of Nigerians remain constrained by limited access to accessible and inclusive digital platforms.
“In many cases, the problem is not the absence of digital tools but the lack of accessibility. Platforms that do not support assistive technologies, non-captioned content and inaccessible websites effectively shut people out and limit opportunities,” he added.
Inuwa further explained that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises inclusivity as a driver of national development. He stressed that persons with disabilities should be recognised as active contributors to economic growth rather than dependants.
“When equipped with the right skills and technologies, persons with disabilities become innovators, entrepreneurs and professionals who contribute meaningfully across sectors,” he added.
He acknowledged the role of Inclusive Friends Association (IFA) and SIMBED in delivering the training, describing the collaboration as a model of how government and civil society partnerships can advance inclusive development.
Highlighting NITDA’s broader digital literacy drive, the Director-General said the DL4ALL programme is a key component of the agency’s Strategic Roadmap and Action Plan, which targets 70 per cent digital literacy by 2027 and 95 per cent by 2030.
He explained that the initiative operates through three main tracks: an informal sector programme that has trained more than 480,000 Nigerians across 30 states and the Federal Capital Territory since September 2024; an education sector programme focused on embedding digital skills into learning institutions; and a workforce readiness programme designed to strengthen digital competence in both public and private sectors.
“This programme is not merely a pilot. It is proof that inclusive and intentional training works, and that persons with disabilities can excel when given equal opportunities,” Inuwa stated.
Also speaking, the Managing Director and Chief Executive Officer of SIMBED, Mr Daniel Onunkwo, described the training as a significant step towards closing the digital inclusion gap for persons with disabilities.
Onunkwo added that the initiative sends a strong message about equity and national progress, adding that SIMBED remains committed to expanding digital empowerment for persons with disabilities.
Similarly, the Executive Director of Inclusive Friends Association, Grace Jerry, represented by Tracy Agbamu, commended NITDA for demonstrating intentional leadership in promoting inclusion under the Renewed Hope Agenda.
She urged participants to continue applying the skills acquired and to serve as digital inclusion advocates within their communities.
The training programme further strengthens NITDA’s vision of building a digitally inclusive Nigeria where access to digital opportunities is determined not by physical ability but by empowerment and innovation.
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