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Nigeria Cash-Strapped, Growth Insufficient to Improve Lives- Moody

Nigeria is trapped in a low growth path for the time being, according to Moody’s Investors Service, the global credit rating agency.
Aurelien Mali, vice president – senior credit officer, Sovereign, said that the government revenue weakness remained a key credit challenge, adding that the country’s balance sheet had “deteriorated to a level that is worrisome.”
Moody’s noted that the country’s real GDP growth remained subdued at 1.9 per cent in 2018 following 0.8 per cent in 2017, saying, “This growth level remains insufficient to markedly improve Nigerian living standards.”
Mali, in his presentation at Moody’s Nigeria Annual Summit in Lagos, said the current policy mix would lead to the same subdued real growth, with limited room to manoeuvre.
Moody’s, in its latest credit update on Nigeria, set the country’s issuer rating at B2 with a stable outlook
“The stable outlook is predicated on the low likelihood of a shock that will further impair Nigeria’s economic and fiscal strength,” Mali said.
According to the rating agency, the country’s credit profile is constrained by an underdeveloped revenue base, a very low level of institutional strength and a fractious political landscape.
It said the stable outlook reflected the degree of resilience in Nigeria’s economic and fiscal strength at the B2 level, with external vulnerabilities having receded, supported by the rebound in oil price and production, the current account projected to remain in surplus, and reserves boosted through external borrowings and increased foreign capital inflows.
According to the agency, Nigeria’s institutional strength score is “very low (-)”.
“The very weak institutional strength is rooted in core deficiencies: a history of opaque economic policymaking, a high incidence of corruption, and long delays in executing critical structural reforms. Macroeconomic policymaking has improved, but consolidated budgeting and public financial management – at federal, state, and municipality levels – remain opaque and slow,” it said.
Moody’s stated that the authorities’ efforts to reduce corruption in the public sector and revive the oil sector had the potential to improve overall institutional strength and to promote greater savings of oil revenue in the Excess Crude Account over time.
It said, “While the government’s external debt burden remains relatively low, the moderate score reflects the country’s high interest payments to revenue ratio, which has averaged 25 per cent over the last three years, well above the B2 median of 11.4 per cent.
“In addition, Nigeria’s fiscal buffers are relatively small: its Excess Crude Account is almost depleted and its sovereign wealth fund stands at around $2bn (equivalent to 0.5 per cent of GDP). We expect general government debt to hover around 25 per cent of GDP in the coming years.”
The agency set government liquidity risk at “low (+)”, saying, “Debt is mostly denominated in local currency and is refinanced largely by the local capital market, with liquid banks and pension funds exhibiting continued willingness to buy more government instruments.
“The government is increasingly shifting towards external borrowing sources to lower its interest burden, taking advantage of strong appetite from international investors. The debt management strategy will only show results slowly.”
Moody’s noted that Nigeria’s general government revenue-to-GDP ratio reached eight per cent in 2018 and “has for years been at the weakest level among all the sovereigns that we rate.”
It said, “Consequently, the country’s debt affordability metrics have also been aggravated by a rising interest burden, with Nigeria’s key interest-to-revenue ratio surging to 22.9 per cent in 2018 from 11.1 per cent in 2014.
“Interest payments have consumed on average close to 25% of general government revenue since 2016. This increase challenges the government’s fiscal consolidation efforts and limits its ability to increase capital expenditures to improve infrastructure and boost the economy’s potential.”
News
AI Founders and Developers to Converge in Lagos for AI in Action 2026 conference

As Africa stands at the threshold of a digital revolution, Carbon AI has officially announced the AI in Action 2026 conference, scheduled for January 22, 2026, at the Lagos Oriental Hotel.

In a statement in Lagos, Debola Ibiyode, Convener of AI in Action 2026 and CEO of Carbon AI, disclosed that the AI in Action 2026 conference aims to move beyond the typical industry hype to focus on practical, homegrown innovation under the theme: “Driving Productivity, Innovation, and Sustainability—Building the Future in AI Together.”
“AI in Action 2026 is designed as a high-impact platform where deep-tech innovation meets real-world application. The conference will specifically explore how Large Language Models (LLMs), Agentic AI Frameworks, and Generative AI can be harnessed to power Africa’s transformation,” she noted in the statement.
Debola also emphasizes that the time for mere discussion has passed, stressing that AI in Action 2026 is for people who want to do more than just talk about AI; it’s for those ready to build, apply, and lead.
“We aren’t chasing hype or funding; we are chasing real impact. Our mission is to empower budding founders to turn ideas into deployable solutions while championing responsible AI adoption that creates measurable social and economic change across the continent,” she added.
The statement explains that the conference features a curated experience designed to foster genuine collaboration. It includes keynote speeches and panels that offer deep dives into Generative AI, Agentic Frameworks, and their intersection with global sustainability.
Attendees can participate in practical workshops with hands-on sessions focused on building, deploying, and scaling AI tools. The event also features a startup and product showcase that highlights cutting-edge, African-built AI solutions.
Additionally, dedicated mentorship and networking sessions will connect early-stage founders with seasoned practitioners and industry leaders.
The event is a call to action for a diverse cross-section of the ecosystem, including Software and AI Engineers, Data Scientists, Business Leaders, Educators, Policymakers, Students, and ICT Infrastructure companies, enabling AI deployment, including datacenter providers. By bringing these groups together, the conference seeks to ensure the AI revolution is inclusive, ethical, and sustainable.
AI in Action 2026 Now offers tiered sponsorship packages for organizations looking to position themselves at the forefront of Africa’s technological future. Sponsors will gain direct access to a unique demographic of decision-makers and the next generation of AI talent.
“Africa’s digital revolution must be homegrown. Whether you’re building solutions, shaping policy, or mentoring young innovators, this is your platform. Together, we’re not just discussing the future, we’re building it,” she concluded.
News
Trump Threatens More Strikes in Nigeria

President Donald Trump has warned that the United States could carry out further military strikes in Nigeria if Christians continue to be killed, reigniting a sensitive debate over religious violence and foreign intervention in Africa’s most populous nation.

President Donald Trump
Trump made the remarks in an interview with The New York Times, published on Thursday, while responding to questions about a US military strike carried out in Nigeria on Christmas Day.
At the time, the US military said the operation targeted Islamic State militants in north-west Nigeria and was conducted at the request of the Nigerian government.
Nigeria, however, described the operation as a joint counterterrorism effort, stressing that it was aimed at armed groups designated as terrorists and “had nothing to do with a particular religion”.
“I’d love to make it a one-time strike,” Trump was quoted as saying. “But if they continue to kill Christians, it will be a many-time strike.”
Pressed on comments by his own Africa adviser that extremist groups such as Islamic State and Boko Haram have killed more Muslims than Christians in Nigeria, Trump acknowledged that Muslims were also victims but insisted that Christians were being targeted disproportionately.
“I think that Muslims are being killed also in Nigeria. But it’s mostly Christians,” he said.
Trump has repeatedly raised alarms about the safety of Christians in Nigeria, beginning in late October when he warned that Christianity faced what he described as an “existential threat” in the country. He has accused Nigerian authorities of failing to adequately protect Christian communities and has openly threatened US military intervention if the violence continues.
Nigeria has firmly rejected claims of systematic persecution of Christians. The government maintains that the country’s security challenges are complex and largely driven by insurgency, banditry and criminal violence rather than religious targeting.
With a population of more than 230 million people, Nigeria is almost evenly divided between Christians, who are concentrated mainly in the south, and Muslims, who predominate in the north. Islamist insurgencies, particularly Boko Haram and its offshoots, have plagued parts of northern Nigeria for more than a decade, killing thousands and displacing millions.
Nigerian authorities have repeatedly pointed out that militant attacks have claimed the lives of both Muslims and Christians, arguing that framing the violence along religious lines oversimplifies the crisis and risks inflaming tensions.
Following Trump’s earlier threats, the Nigerian government said it was willing to continue cooperating with Washington in combating terrorism but rejected language suggesting that Christians alone were under threat.
The latest comments are likely to strain diplomatic relations further, as Nigeria balances its partnership with the United States against concerns over sovereignty, security cooperation and the portrayal of its internal conflicts on the global stage.
News
OpenAI Launches ChatGPT Health

OpenAI maker of ChatGPT is rolling out a health-focused feature to the generative artificial intelligence (AI) tool that’s used by nearly a billion users.

Named ChatGPT Health, the new feature aims to provide users with health and wellness information. This, as health is one of the most common ways people use ChatGPT, according to OpenAI.
In a blog post, Microsoft-backed OpenAI says de-identified analysis of conversations show that over 230 million people globally ask health and wellness-related questions on ChatGPT every week.
ChatGPT Health will also “securely” connect medical records and wellness apps to ground conversations with a user’s own health information, making responses more relevant and useful.
“Designed in close collaboration with physicians, ChatGPT Health helps people take a more active role in understanding and managing their health and wellness – while supporting, not replacing, care from clinicians.”
According to OpenAI, health information is often scattered across portals, apps, wearables, PDFs, and medical notes making it hard to see the full picture, and people are left to navigate a complex healthcare system on their own.
“ChatGPT Health builds on these so responses are informed by your health information and context. You can now securely connect medical records and wellness apps – like Apple Health, Function, and MyFitnessPal – so ChatGPT can help you understand recent test results, prepare for appointments with your doctor, get advice on how to approach your diet and workout routine, or understand the trade-offs of different insurance options based on your healthcare patterns.”
According to the company, ChatGPT Health is designed to support, not replace, medical care, adding that it is not intended for diagnosis or treatment. “Instead, it helps you navigate everyday questions and understand patterns over time – not just moments of illness – so you can feel more informed and prepared for important medical conversations.
“To keep your health information protected and secure, Health operates as a separate space with enhanced privacy to protect sensitive data. Conversations in Health are not used to train our foundation models. If you start a health-related conversation in ChatGPT, we’ll suggest moving into Health for these additional protections.”
OpenAI adds that access to ChatGPT Health has started with a small group of early users to learn and continue refining the experience, adding that users with ChatGPT Free, Go, Plus, and Pro plans outside of the European Economic Area, Switzerland, and the UK are eligible.
“As we make improvements, we plan to expand access and make Health available to all users on web and iOS in the coming weeks.
“Medical record integrations and some apps are available in the US only, and connecting Apple Health requires iOS.”
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