News
Investors Weigh Buhari’s Body Language, Hold Off Investment
Jittery investors, fearing the inevitable devaluation of the naira, have held off doing business in Nigeria until there is clearer monetary policy.
Daily newspaper headlines warn of “Hard times ahead”, while many billboards in the commercial hub of Lagos stand stark white, just blank signs, an indication that companies are trimming costs, according to AFP.
Even high fliers are taking a hit. Importers of French wine complain that demand has dried up. Luxury car dealers and real estate agents say business has dwindled.
Africa’s leading economy is projected to have grown by 3.0 percent in 2015, its slowest pace in over a decade, according to an International Monetary Fund report in January.
AFP quoted Anna Rosenburg, emerging markets analyst at Frontier Strategy Group as saying that “The situation right now is causing a lot of anxiety and uncertainty because no one knows how to plan for it,”
“Everyone is complaining about the lack of direction from the government.”
Attempts to shore up the naira are designed to protect the nation’s dollar reserves.
But the tight forex controls have led to accusations growth is being strangled in Africa’s most populous country.
“At this stage, a weaker naira is less important for fostering the resumption of needed international investment flows than the lifting of the foreign exchange restriction,” JF Ruhashyankiko, a Goldman Sachs economist, said in an investor note. Now Nigeria is in limbo, badly needing foreign investment but unable to get any.
“If you’re not attracting those inflows and you’re not generating a surplus from the export of oil, then it’s going to be more difficult to sustain foreign exchange reserves where they are,” added Razia Khan, an economist at Standard Chartered Bank.
“That could impact on its perceived credit worthiness, which isn’t a good thing when Nigeria is thinking of borrowing externally to fund some of its more ambitious infrastructure programmes.”
President Muhammadu Buhari last month announced a record six trillion naira ($30 billion) budget to avoid a recession, planning to pour money into massive road and railway projects.
But the budget is based on an oil price of $38 per barrel, above the current market price of around $33, and relies heavily on borrowed money.
After Buhari remarked in December that he would consider devaluing the naira, some investors took it as a sign the currency situation would be resolved early in the new year.
Yet on Thursday Buhari put those hopes on the back burner, saying on a visit to Kenya he will not have the naira “killed” and is “optimistic” his policies will soon stabilise the economy.
Unlike Norway, which invested hundreds of billions of dollars of its oil money into stocks, bonds and real estate, Nigeria spent its riches when times were good.
Now that crude prices have slumped more than two-thirds since $100 per barrel in mid-2014, Nigeria is exposed.
Dollar reserves currently stand at a low of $28 billion – $20 billion less than in April 2013. There is only enough for five months of imports for a country heavily dependent on foreign goods.
While the huge drop in oil prices is a major headache for Nigeria, analysts say it is the government’s response that is the biggest cause for concern.
Godwin Emefiele, central bank governor, has dismissed calls to devalue the naira in his monetary policy committee statement.
Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions.
As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can’t access dollars needed for imports.
With little domestic manufacturing and years of under-investment, mismanagement and corruption in the oil sector, Nigeria depends on imports for almost everything, from milk and machinery to petroleum products.
Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.
She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
Cisco is exploring artificial intelligence (AI)-powered solutions to support smallholder farmers in Nigeria, as part of efforts to expand digital inclusion and technology adoption.
The initiative focuses on improving agricultural productivity through accessible, data-driven tools.
The move aligns with growing collaboration between Nigeria and the United States under the Commercial and Investment Partnership, which prioritises the digital economy, agriculture and infrastructure.
Speaking at the 2026 World Business Chicago, Brian Tippens, chief social impact and inclusion Officer at Cisco, said the company is assessing practical AI applications to help farmers combine local knowledge with data insights.
He said Cisco is exploring tools such as AI-enabled WhatsApp communities, geospatial mapping and weather intelligence to support day-to-day farming decisions.
The approach reflects a shift towards low-cost, mobile-first solutions suited to rural environments.
Tippens added that the Cisco Foundation is investing in early-stage startups developing technologies for local agricultural challenges.
Industry analysts note that AI adoption in emerging markets depends on locally relevant solutions, rather than large-scale enterprise deployments alone.
Beyond agriculture, Cisco plans to expand digital skills development in Nigeria through programmes such as the Cisco Networking Academy’s One Million Learners initiative.
Tippens said the programme also supports partnerships with organisations working with persons with disabilities, including those developing tools for people with visual impairments.
He added that Cisco’s social impact strategy aims to improve access to technology and promote inclusion, including in conflict-affected regions such as Borno State.
Cisco’s initiatives form part of broader efforts to link digital skills, connectivity and AI adoption to economic development in Nigeria.
Federal Government has launched a nationwide Artificial Intelligence (AI) capacity-building programme for teachers in Federal Unity Colleges, with about 11,700 educators set to acquire digital skills aimed at improving classroom instruction and preparing students for a technology-driven future.
The initiative advanced with the signing of the Terms of Reference (ToR) between the Federal Ministry of Education and ICEDT Consult Limited, paving the way for the nationwide implementation of the AI Teacher Capacity Development Programme.
The programme, to be implemented through the ministry’s Education Support Services Department, is part of the Federal Government’s efforts to modernise Nigeria’s education sector, strengthen teacher professionalism and equip students with skills required in the digital economy under President Bola Tinubu’s Renewed Hope Agenda.
Speaking during the signing ceremony in Abuja, the Director of the Education Support Services Department, Gabriel Amudipe, described the initiative as a strategic investment in Nigeria’s teaching workforce and the future of education.
He said the nationwide rollout followed the successful completion of a pilot phase conducted in selected Federal Unity Colleges.
According to him, the implementation model developed by ICEDT Consult Limited will ensure effective coordination and quality delivery of the programme across the country’s six geopolitical zones.
Amudipe urged officials responsible for monitoring the project to ensure strict compliance with the implementation guidelines and maintain the standards achieved during the pilot phase.
“The ministry remains committed to supporting innovative initiatives that strengthen teacher professionalism, improve learning outcomes and promote the responsible integration of emerging technologies into education,” he said.
Earlier, the Deputy Director of the Education Support Services Department, Oladele Fapohunda, described the programme as a strategic intervention designed to deepen digital innovation across Federal Unity Colleges.
He stressed that collaboration among all stakeholders would be essential to achieving the objectives of the initiative nationwide.
Also speaking, the Head of Strategic Partnerships and Learning Scientist at ICEDT Consult Limited, Dr Abdulrahman Orosanya, said the Federal Government approved the national rollout after the successful pilot implementation in six Federal Unity Colleges representing Nigeria’s six geopolitical zones.
According to Orosanya, the pilot demonstrated the potential of Artificial Intelligence to improve lesson planning, classroom delivery, assessment methods and teachers’ productivity.
He said the nationwide implementation would strengthen teachers’ digital competencies, improve instructional delivery and support the government’s vision of building a technology-driven education system capable of producing globally competitive graduates equipped with 21st-century skills.
The ceremony ended with the formal signing of the Terms of Reference by officials of the Federal Ministry of Education and ICEDT Consult Limited, signalling the commencement of preparations for full implementation across all Federal Unity Colleges.
The ministry said the programme would directly train about 11,700 teachers, while thousands of students across the country’s Federal Unity Colleges are expected to benefit through improved classroom instruction, increased digital innovation and the responsible application of Artificial Intelligence in teaching and learning.
It reaffirmed its commitment to working with relevant stakeholders to modernise Nigeria’s education system, improve teacher quality and deliver inclusive, equitable and future-ready education nationwide.
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