News
Nigeria’s Economy Gets Fitch’s ‘BB’ Rating

Fitch Ratings has affirmed Nigeria’s long-term foreign and local currency IDRs and senior unsecured bond ratings at ‘BB-’ and ‘BB’ .
The outlook is stable, according to the agency, which also affirmed Nigeria’s short-term foreign currency IDR at ‘B’ and Country Ceiling at ‘BB-’.
The affirmation reflects the following key rating drivers: Gross Domestic Product (GDP) growth slowed to 6.4per cent in last quarter 2013, but has shown resilience in the face of exogenous shocks: severe floods in 2012, which hit agricultural output; security problems, especially in the North earlier this year; and increased oil theft and vandalism and the consequent repair shutdowns which have caused oil output to contract for the second year in a row.
The non-oil economy has slowed but still grew by 7.9per cent in 2012 and 7.6per cent in H113. Non-oil growth should pick-up in H213 as normal weather has resumed and the authorities have responded to security problems.
Reforms to the electricity and agriculture sectors could start to boost potential growth. Inflation has been in single digits all year – the lowest in five years and the longest stretch of single digit inflation since 2008. Policy rates are also unchanged.
The Central Bank of Nigeria (CBN) has the twin aims of achieving single-digit inflation and maintaining exchange rate stability.
Public finances remain comfortable. Fitch estimates a general government deficit of around 1.8per cent of GDP this year and next. Both oil and non-oil revenues are under-budget and the Excess Crude Account (ECA) has been tapped to compensate. Capital spending also remains under budget. The draft 2014 budget plans ambitious fiscal consolidation, with lower oil production and benchmark oil prices and lower spending than the 2013 budget.
However, Fitch expects that oil production will likely fall short again, and the final budget that emerges from the National Assembly (NA) is likely to be more expansionary. Nevertheless, Fitch expects general government debt to remain stable at just over 20per cent of GDP.
Nigeria’s sovereign and overall external balance sheets, current account surplus, debt service ratio and external liquidity are all stronger than ‘BB’ category medians.
Foreign reserves rose steadily in early 2013 but have been falling since May due to reduced oil output, prompting ECA drawdown, and global market turbulence, which has reduced foreign appetite for NGN paper (though net inflows have continued).
The CBN intervened to support the naira when it came under pressure mid-year after Fed-tapering turbulence, although reserves have held up much better than many large emerging markets.
Nigeria effectively re-opened the Eurobond market in July, raising $1billion in its second issuance. Reform progress remains mixed. Electricity privatisation has passed a key milestone with generators and distributors now in private hands. Output seems to be on a rising trend, although it has been affected by gas pipeline damage and an impact on GDP growth is hard to discern. Agricultural reforms are also gaining traction.
The most obvious benefit to the economy has been a fall in imports last year, due to reduced oil subsidy payments, a crackdown on fraud in the oil subsidy system and substitution in the agricultural sector.
However, the Petroleum Industry Bill (PIB) remains stalled in the National Assembly. Strong vested interests will make structural reform a continual struggle, especially with elections in 2015.
Nigeria’s ratings remain constrained by weak governance, low per capita income and vulnerability to oil price volatility. The government is responding to the Boko Haram insurgency mainly with security measures. Data weaknesses hamper the monitoring of economic and fiscal performance and reform progress.
The Stable Outlook reflects the fact that in Fitch’s view, upside and downside risks are well balanced. The main factors that individually or collectively might lead to rating action are as follows: Positive: – Continuing structural reforms that brought faster, more diverse and inclusive growth and higher employment and per capita incomes. – A longer track record of low single-digit inflation. – Improved external buffers, either in the ECA or the new Sovereign Wealth Fund (NSIA). – Improved governance as reflected in World Bank and anti-corruption indicators. Negative: – A sustained period of lower oil prices or oil production and an inappropriate policy response, leading to serious reserve loss and deterioration in the fiscal position. – Reversal of key structural reforms. A serious deterioration in domestic security, whether stemming from terrorism or election-related violence.
News
ALX Broadens AI Training in Africa

Pan-African talent accelerator ALX is expanding its footprint and shifting to a fully self-paced learning model to train and integrate young Africans into the workforce, as the global economy reorganises around artificial intelligence (AI).

Partnering with the MasterCard Foundation, the technology training provider and career accelerator designed to equip African talent, says it enables learners to access tech training for $5 a month.
It emphasises a shift in demographics saying that by 2035, more young Africans will enter the workforce annually.
ALX notes that its model has graduated 347,100 learners, with 63% finding employment within six months. Women represent over half of all graduates. To increase flexibility, the organisation emphasises that learning is now entirely self-paced.
“Learners progress through modular blocks, earning credentials as they go, ensuring that the training fits around their existing responsibilities,” says Shana-Michelle Rabonda, Chief Operating Officer of ALX.
Rabonda adds that global employers are taking notice: “We are building a direct pipeline to the global digital economy. When companies look for elite tech talent, they are looking at Africa.”
Due to this demand, firms such as Absa, Stanbic Bank, MTN, and KPMG now employ between 50 and 180 ALX graduates each. Meanwhile, community entrepreneurs have created over 60,100 jobs through AI startups like Signvrse and Edulga.
With Africa’s AI market projected to grow to $16.5 billion by 2030, ALX operates alongside competitors like Moringa School and GoMyCode to secure mindshare.
“With the right skills and networks, young Africans can seize these opportunities,” Rabonda emphasises. “Africa’s youth should not just be consumers of AI; they should be creators shaping innovations that will define the global economy.”
News
Swift Network Faces Winding-up Battle over Alleged N115m Debt

A Federal High Court sitting in Lagos has ordered the advertisement of a winding-up petition filed against telecommunications service provider, Swift Network Plc, over its alleged inability to settle a debt exceeding N115 million.

The order followed an application filed by Optics and Wireless Limited through its counsel, Bimbo Adebayo-Ogunlaja, urging the court to permit the publication of the winding-up petition instituted against the company.
In the petition, Optics and Wireless Limited alleged that Swift Network Plc is indebted to it in the sum of N115,482,302.88, being the outstanding payment for network devices supplied to the telecommunications firm since April 2024.
The petitioner is also seeking the payment of N70,530,062 as accrued interest arising from a loan facility allegedly obtained to finance the transaction between both parties, as well as general damages for breach of contract.
According to court documents, the dispute arose from a series of transactions carried out between April 2024 and February 2025, during which Swift Network Plc, through its procurement officer, allegedly requested the petitioner to manufacture and supply various network devices based on purchase orders issued by the company.
The petitioner stated that payment for the supplied items was expected either immediately after delivery or within 30 days of supply, but alleged that Swift Network repeatedly failed to honour the agreement despite receiving the products.
Optics and Wireless Limited further claimed that it became apparent after the final order for servers in April 2025 that the respondent was either unwilling or unable to settle the accumulated debt.
The petitioner also informed the court that its solicitors, Messrs Zionla Legal Practitioners & Solicitors, subsequently issued a statutory notice of demand dated December 11, 2025, demanding payment of the outstanding sum and accrued interest.
According to the petitioner, all efforts to recover the debt proved unsuccessful, adding that the situation has exposed the company to serious financial challenges and possible legal action from the bank that allegedly granted it the loan facility used to execute the supply contracts.
Optics and Wireless Limited argued that Swift Network Plc is insolvent and unable to meet its financial obligations, urging the court to wind up the company in line with the provisions of the Companies and Allied Matters Act and the Winding-Up Rules.
Among the reliefs sought, the petitioner asked the court to order that Swift Network Plc be wound up by the court and that any voluntary winding-up process involving the company should continue under the supervision of the court.
Justice Lewis Allagoa subsequently adjourned the matter till July 10 for further hearing.
News
Simba Infrastructure, Galaxy Backbone Partner to Deliver Hosted Unified Communications and Call Centre Solutions Across Nigeria

Simba Infrastructure Limited, a leading provider of customer experience and communications technology, has entered into a strategic partnership with Galaxy Backbone Limited (GBB), the Federal Government of Nigeria’s ICT infrastructure and shared services provider, to deliver Hosted Unified Communications (UC) and Hosted Call Centre Solutions to organisations across both the public and private sectors.

This collaboration brings together Simba Infrastructure’s deep expertise in converged communication technologies, systems integration, and private-sector engagement with Galaxy Backbone’s trusted government relationships, world-class Tier III and Tier IV data centre infrastructure, and an extensive fibre-optic network spanning 30 states and the Federal Capital Territory.
Together, both organisations will deliver secure, scalable, and cost-effective communication solutions designed to transform how businesses and government institutions engage with customers and citizens.
Under this this partnership, Simba Infrastructure will lead business development efforts within the private sector, delivering tailored Unified Communications and Call Centre solutions aligned with the unique needs of enterprises. Galaxy Backbone, on the other hand, will drive adoption within the public sector, providing secure, locally hosted data centre services that ensure compliance, reliability, and operational efficiency.
Commenting on the partnership, Sanjay Vaswani, Director at Simba Infrastructure said: ”Simba is pleased to mark this first phase of collaboration, with a long-term vision of deploying fully localized, AI-driven technologies that enable developers to build and scale using Naira-based solutions.
“While Aminu Usman, Profit Centre Head at Simba Infrastructure tressed on the fact that partnering with Galaxy Backbone will marks a significant milestone in our mission to deliver innovative, cloud-based communication solutions to Nigerian organizations.
“By combining Galaxy Backbone’s robust infrastructure and strong public sector presence with Simba’s customer-centric approach and technological expertise, we are creating a powerful platform to drive digital transformation and business growth.”
Also speaking, the GM Strategic Partnerships & Regional Business, Galaxy Backbone Limited, Abdul-Malik Suleiman noted; “Galaxy Backbone remains committed to advancing digital inclusion, secure communication, and reliable ICT services across Nigeria. Our partnership with Simba Infrastructure strengthens our ability to deliver innovative, locally hosted Unified Communications and Call Centre solutions that will benefit both public and private sector organisations.”
This partnership underscores a shared commitment to advancing Nigeria’s digital transformation agenda by equipping organisations with the tools to enhance collaboration, streamline communication, and improve customer experience—while ensuring that critical data remains securely hosted within Nigeria.
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