News
Foreign Investors Want More Naira Devaluation

International investors, dismayed by Nigeria’s decision to delay a naira devaluation they see as long overdue, will hold back from its stock and bond markets, raising risks of a deeper crisis in Africa’s biggest economy.
Reuters reported that the afterglow from March, when an incumbent president handed over power after what was seen as Nigeria’s freest ever election, is dissipating as new leader Muhammadu Buhari shows little sign of following up on promises of economic reform.
Markets have moved sharply in the past week in particular after the central bank announced curbs on dollar funding for investors, as well as for importers of goods ranging from toothpicks to private jets.
The move, meant to conserve foreign exchange, has dashed widely-held expectations of a naira devaluation – the central reform that investors had been banking on.
Since then 10-year bond yields have jumped 1 percentage point to almost 15 percent, stocks have fallen and the naira’s value is plunging in the parallel market, down about 7 percent from early-June levels.
According to Reuters, a devaluation to restore the economy to competitiveness is a matter of time, fund managers still believe. In the meantime, they are unlikely to bring back cash they pulled out before the election.
“It will take a combination of weaker currency and higher interest rates to get us back to Nigeria,” said Kieran Curtis, a bond fund manager at Standard Life Investments.
“When we compare Nigeria to other oil exporters it hasn’t had enough of a currency adjustment.”
With oil exports providing 70 percent of budget revenues, Nigeria can certainly use a cheaper currency. Most had reckoned on a 10-15 percent devaluation at least and some such as Curtis estimate a 20-25 percent move is probably needed.
The naira fell 20 percent in the year to February. Even so its real exchange rate, against currencies of trade partners and adjusted for inflation, is up than 50 percent in the past decade. link.reuters.com/ben53w
In real terms, currencies of oil-exporting peers Russia and Colombia are 5 and 17 percent respectively below long-term averages. African oil producer Angola also recently devalued its kwanza, which is down 15 percent to the dollar this year
And the price for supporting the naira is high – the central bank has spent at least $3.4 billion since fixing the exchange rate in February and reserves have fallen below $30 billion for the first time since 2005. http:link.reuters.com/huf76v
Devaluation expectations continue to mount. Non-deliverable forwards, derivatives used to hedge against future exchange rate moves, reflect expectations of currency weakening: six-month NDFs price the naira at 225 per dollar, while a week ago the forward price was around 215.
“To me, (central bank measures) are doing more harm than good: you are putting off the inevitable and the reaction you are seeing on rates markets and the NDF shows that,” said Kevin Daly, a fund manager at Aberdeen Asset Management.
“Effectively the bond market is starting to price in a much wider move on the currency.”
Curbing access to dollars may briefly stabilise reserves and constrict imports but pent-up demand for hard currency will eventually weaken the exchange rate and drains central bank coffers.
It may also stoke inflation if importers are forced to pay more for dollars. The naira trades at 230 per dollar in the black market, some 14 percent below the official rate.
With oil revenues down and borrowing costs rising, the 2015 budget is already 3.2 percent smaller than last year’s. By early May, the government had already exhausted half its borrowing allowance for the year.
Ten-year yields at almost 15 percent, 250 basis points above post-election lows, will raise borrowing costs for the government and the private sector.
“Ultimately (devaluation) will become more of a fiscal necessity than an external necessity. The longer they will take to do the adjustment, the bigger the adjustment would have to be,” said Antoon de Klerk, portfolio manager at Investec’s African Fixed Income Fund.
And crucially for investment flows, Nigeria’s place in the GBI-EM local currency debt index looks increasingly precarious.
JPMorgan warned in June it could eject Nigeria from its benchmark index by year-end unless it restores liquidity to currency markets in a way that allowed foreign investors to transact with minimal hurdles.
Nigeria has a 1.8 percent share in the $220 billion index, suggesting $4 billion in inflows, Morgan Stanley estimates, a major offset to its current account deficit.
“Were Nigeria to be removed from the index as a result of the dry-up in liquidity as forewarned by the index provider, upside risks to our naira forecast of 200-205 (per dollar) over the next 12 months could crystallise immediately, especially if one considers that its (annual) current account deficit could be up to … $10 billion,” Morgan Stanley said.
News
Okonjo-Iweala Urges Nigeria to Shift from Importing Tech to Local Manufacturing

Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, WTO, has urged Nigeria to move decisively beyond importing technology to manufacturing it locally, warning that sustained dependence on foreign technology weakens the country’s industrial base and constrains job creation in the digital economy.

Speaking at Ahmadu Bello University, ABU, Zaria, Okonjo-Iweala said the current disruption of the global order, driven by technology, geopolitics and climate pressures, presents both serious risks and unprecedented opportunities for Nigeria and Africa, if they are prepared to act strategically.
“It is always a pleasure to come home to Nigeria, but it is particularly special to be here at one of the country’s most important seats of learning,” she said, stressing that universities such as ABU must remain central to Africa’s technological, industrial and economic transformation.
Tracing Nigeria’s post-independence journey, Okonjo-Iweala recalled that at independence in 1960, the country had only one degree-awarding institution, making the rapid expansion of universities a critical pillar of nation-building.
She noted that institutions such as ABU laid the foundation for Nigeria’s scientific, technological and entrepreneurial capacity.
Founded in 1962 as the University of Northern Nigeria, ABU has evolved into a multidisciplinary institution producing graduates across engineering, medicine, sciences, ICT, public administration and the humanities.
“Research conducted here has advanced the frontier of knowledge and offered practical solutions to real-world problems, from animal feed innovations during dry seasons to wind power generation in rural areas,” she said.
Turning to global trends, the WTO chief identified technology, particularly the internet and artificial intelligence, AI, as one of the most disruptive forces reshaping trade, production and employment worldwide.
“The technological shift we are experiencing has made it easier to communicate, produce and trade, but not everyone has shared equally in the gains,” she said, warning that automation and AI could deepen inequality if not properly managed.
She stressed that multilateral institutions and global trade rules must evolve to respond to emerging technologies such as AI and quantum computing.
“We need a new kind of multilateralism, one that is nimble, responsive and capable of addressing new global opportunities,” she said.
Okonjo-Iweala said Africa stands to benefit from what the WTO now describes as “re-globalisation”, the diversification of global supply chains away from over-dependence on a few countries.
She identified opportunities in labour-intensive manufacturing, critical minerals processing, renewable energy technology, pharmaceuticals, agro-processing and electric vehicle, EV, supply chains.
“Africa has the capacity to process its critical minerals all the way to EV battery manufacturing,” she said, pointing to Nigeria’s emerging lithium processing investments and vast renewable energy potential.
Reinforcing her call for local technology production, she said Nigeria must stop importing technologies it can manufacture domestically.
“Instead of importing solar panels, we should be manufacturing them here. That is how we create jobs, build resilience and grow our economy,” she said.
Okonjo-Iweala warned that Nigeria’s projected economic growth of 4.4 percent remains insufficient once population growth is factored in, calling for sustained growth of 6 to 7 per cent driven by productivity, technology and value addition.
She said achieving this would require strong digital infrastructure, skills development and innovation-friendly policies, alongside full implementation of the African Continental Free Trade Agreement, AfCFTA.
“Technology-enabled trade and deeper regional integration could increase intra-African trade by up to 45 per cent and lift millions of people out of poverty,” she said.
With Africa projected to account for about 25 per cent of the global working-age population by 2050, Okonjo-Iweala described Nigeria’s young population as one of its greatest technology assets.
“On an ageing planet, Africa’s youth represent the world’s future talent pool,” she said, urging universities, policymakers and the private sector to better align education, innovation and industrial strategy.
She, therefore, called for stronger collaboration between academia, industry and government to ensure Nigeria does not miss the opportunities created by global technological disruption.
“This country has what it takes. What we need is urgency, coordination and the courage to invest in our people and our ideas,” Okonjo-Iweala said.
News
Stanley Amandi, Nollywood Actor Arrested over Alleged Coup Plot against Tinubu

Stanley Amandi, veteran Nollywood actor and filmmaker, has been arrested by the Nigerian military over his alleged role in a foiled coup plot to overthrow President Bola Tinubu’s government, according to an exclusive report by Premium Times.

Stanley Amandi, Nollywood Actor
The filmmaker, also a former chairman of the Actors Guild of Nigeria (AGN) Enugu State chapter, was reportedly detained in September 2025 alongside several military officers accused of planning a violent overthrow, including potential assassinations of top officials, according to the newspaper’s sources.
Reports indicated that the coup plotters planned to wholesale assassination of top government officials including President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker of the House of Representatives Tajudeen Abbas, among others.
On Monday, the Defence Headquarters confirmed the plan to illegally oust the Tinubu administration, saying the indicted officers will be arraigned before military judicial panels.
In its statement, the Defence Headquarters said the investigation has been completed and forwarded to “appropriate superior authority in line with extant regulations.”
According to the military, the investigation was “comprehensive” and conducted in line with established procedures, examining “all circumstances surrounding the conduct of the affected personnel.”
The military disclosed that the findings identified “a number of the officers with allegations of plotting to overthrow the government,” describing such conduct as “inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”
Mr Amandi has featured in many Nollywood movies and is known for his work as an actor, production manager and director.
His notable works include “The Album,” where he served as director; “Tiger King,” where he also served as director and produced in 2008; “Cornerstone,” produced in 2019; and “Once Upon a Dream,” in which he appeared as an actor in 2024.
Mr Amandi’s last Instagram post was on 19 September 2025, shortly before his arrest.
News
Firms Commit to Boost African Robotics Market

AfricAI and Micropolis Robotics have signed a multi-year exclusive distribution and deployment agreement, which marks one of the continent’s most significant robotics market entries.

Micropolis AI Robotics is a United Arab Emirates-based robotics manufacturer operating in autonomous systems, while AfricAI is a company building practical, revenue-driven artificial intelligence (AI) systems for African businesses, governments, and global partners operating in emerging markets.
According to the agreement, Micropolis Robotics named AfricAI as its exclusive continental partner, prohibiting direct sales, alternative distributors, and third-party agents from operating in the territory.
The partnership establishes AfricAI as the primary execution, localisation, and go-to-market platform for intelligent robotics in Africa’s industrial, security, logistics, and infrastructure sectors.
AfricAI said this exclusive mandate positions the company as the gateway for advanced autonomous systems entering African markets, ensuring regulatory compliance, local capacity building, and sovereign control over deployment frameworks.
The partnership, according to the two parties, moves beyond software- based AI into the realm of physical AI — intelligent machines capable of operating in complex, real-world African environments.
“This is not a collaboration, it is a market-shaping mandate,” said Fareed Aljawhari, CEO of Micropolis Robotics. “AfricAI now represents the exclusive gateway through which Micropolis technologies enter Africa. Their sovereign AI vision, operational reach, and regulatory fluency make them the only partner capable of executing at a continental scale.
Furthermore, the agreement enables AfricAI to integrate Micropolis’ autonomous robotics systems with AfricAI’s sovereign AI stack, resulting in AI-powered security and surveillance platforms, robotics-enabled logistics and port operations, industrial automation, smart infrastructure, and municipal robotics tailored to African operating conditions.
Initial deployments will commence in security, smart infrastructure, and logistics, with phased expansion across multiple African states as part of AfricAI’s broader continental AI, data, and intelligent infrastructure strategy.
The agreement also includes long-term performance-linked expansion rights, automatic renewals, and a defined localisation framework to support robotics deployment, workforce training, and skills transfer across Africa.
Prince Malik Ado-Ibrahim, executive chairman of AfricAI, said: “Africa does not need imported automation — it needs sovereign, context-aware intelligent systems. This exclusive mandate allows AfricAI to industrialise robotics deployment at scale while retaining control, compliance, and value creation on the continent.”
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