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

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Funke Opeke, CEO MainOne Cable
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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.

 

 


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CADEF, Stakeholders Push for Zero Added Sugar Standards in Infant Foods

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Consumer advocates, health professionals and policymakers have called for urgent regulatory reforms to eliminate added sugars in infant foods, warning that current standards may be exposing Nigerian babies to avoidable long-term health risks.

CADEF, Stakeholders Push for Zero Added Sugar Standards in Infant Foods

Chiso Ndukwe-Okafor, Executive Director of CADEF

The call was made on Thursday at a high-level stakeholders’ meeting in Abuja organised by the Consumer Advocacy and Empowerment Foundation (CADEF) in partnership with Public Eye, where new findings on sugar content in baby foods triggered widespread concern.

Public Eye’s research focused on Cerelac, Nestlé’s widely consumed infant cereal across Africa. Laboratory tests on nearly 100 samples purchased in over 20 African countries revealed that 94 per cent contained added sugar. On average, products recorded about 6 grams of added sugar per serving equivalent to roughly one and a half sugar cubes with some markets reaching between 7 and 7.5 grams. Nigerian samples averaged 5 grams, with peaks of 6.1 grams.

The figures refer strictly to sugar added during manufacturing and exclude naturally occurring sugars present in ingredients such as grains, fruits and milk.

Nestlé however maintained that its products comply with local regulations and are fortified to address nutritional deficiencies.

However, the company has not explained why sugar-free formulations are available in Europe while African markets receive variants containing added sugar.

Opening the session, Chiso Ndukwe-Okafor, Executive Director of CADEF, stressed that the advocacy is not targeted at any single company but aimed at safeguarding children’s health and advancing a zero-added-sugar standard for infant foods in Nigeria.

“African babies are being fed sugar Europe would never accept,” she said, highlighting disparities in product formulations across regions.

Citing the findings, she noted that some cereal-based infant foods contain “over four grams, almost five grams of sugar,” but clarified that manufacturers are not breaching existing laws.

“They are complying with current regulations, which are based on Codex standards developed over 30 years ago,” she said, pointing to the outdated nature of the framework as the core issue.

She urged regulatory authorities to align national standards with current global health recommendations.

CADEF warned that early exposure to added sugars can shape children’s taste preferences and increase their risk of obesity, diabetes, dental disease and other non-communicable conditions later in life echoing guidance from the World Health Organization, which advises against added sugars in infant foods.

While acknowledging that existing sugar levels fall within Nigeria’s Codex-based standards, the organisation argued that the framework is no longer sufficient to protect infant nutrition.

It clarified that its concerns relate specifically to sugars deliberately added as sweeteners or enhancers, not naturally occurring sugars in raw ingredients.

Stakeholders at the meeting called on key regulators including the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC) to review existing standards and enforce clearer, more transparent labelling requirements.

CADEF emphasised that parents deserve accurate, easy-to-understand information when making nutritional choices, noting that Nigerian consumers should enjoy the same level of product quality and protection available in other markets.

Among its recommendations is the introduction of mandatory front-of-pack labelling that clearly identifies and distinguishes sources of sugar, alongside policies to drive reformulation toward zero added sugar.

“We need front-of-pack labelling in simple language that separates the source of sugar on each product,” Ndukwe-Okafor said, adding that regulators and paediatric stakeholders expressed support for reform.

Also speaking, Adeyemo Adebayo of the Nutrition Division at the Federal Ministry of Health stressed that policy reforms must be complemented by sustained public advocacy to achieve meaningful impact.

He called for broader health education efforts beyond formal legislation, including engagement with traditional and religious leaders to drive grassroots awareness that infants do not require added sugar.

Jubril Mohammed, representing the Standards Organisation of Nigeria, said the agency’s role is to facilitate consensus-driven standards rather than impose unilateral decisions.

He noted that proposals such as eliminating added sugar must be backed by evidence and stakeholder agreement, adding that review processes can take up to a year.

He, however, expressed the agency’s willingness to collaborate with CADEF.

From a clinical perspective, Dr. Anthony Bawa, representing the Paediatric Association of Nigeria (PAN), called for stronger multi-sector collaboration involving academia, health institutions and lawmakers to address the risks associated with added sugars in infant diets.

He emphasised the importance of National Assembly involvement in enacting effective legislation to protect children’s health.

The meeting also highlighted international precedents. In India, sustained advocacy and regulatory pressure have compelled manufacturers to introduce multiple no-added-sugar variants of infant foods, demonstrating that reform is achievable.

As interim guidance, advocates urged parents to limit processed foods, avoid sugary drinks and sweets for young children, and prioritise natural options such as fruits.

“Don’t give children soft drinks. Don’t give them sweets,” Ndukwe-Okafor advised, recommending healthier alternatives like bananas and mangoes.

The coalition said it will engage senior policymakers and the National Assembly to push for stricter regulations, including a zero-added-sugar benchmark for infant foods in Nigeria.

Stakeholders agreed that a combination of regulatory reform, industry accountability and consumer education will be critical to safeguarding infant health and securing a healthier future.


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UK–Nigeria Skills and Schools Trade Mission Concludes with Strong Foundations for Education Partnership

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A high-level UK delegation has concluded a week-long skills and schools trade mission to Nigeria, marking a significant step forward in education and skills cooperation between the two countries.

Running from 19-23 April 2026 across Abuja and Lagos State, the mission brought together leading UK private schools, skills providers, and education institutions with Nigerian partners, schools, and the Honourable Minister of Education Dr Tunji Alausa.

The mission follows the high profile and well received state visit to the UK in March, which also included education engagements.  Supported by the UK’s Department for Business and Trade (DBT), the mission forms part of its new International Education Strategy, under which Nigeria has been identified as one of five priority education markets, spearheaded by Professor Sir Steve Smith, who is looking forward to visiting the country again this year.

The mission focused on in-country delivery of education, the establishment of world-renowned UK schools in Nigeria, and the development of skills and Technical and Vocational Education and Training (TVET) systems aligned with industry demand.

In Abuja, the delegation met with Nigeria’s Honourable Minister of Education, Dr Tunji Alausa, securing strong political backing for UK–Nigeria education partnerships and set the groundwork for ongoing institutional collaboration across both schools and skills.

In Lagos, delegates engaged further with potential partners and investors. In both cities the delegation was thrilled to visit local British curriculum schools and colleges to further enable them to experience first-hand the teaching and learning environment.

British Deputy High Commissioner, Jonny Baxter, said: “The UK and Nigeria share a deep and longstanding relationship, and opportunities in education are one of its most exciting frontiers.

“This mission has demonstrated the strong appetite on both sides to deepen collaboration in education and skills.”

“By bringing together UK schools and skills providers with Nigerian partners and policymakers, we are laying the foundations for even more long-term partnerships that support Nigeria’s education priorities, strengthen skills aligned to industry needs, and create opportunities for sustainable, in-country delivery as well as positioning Nigeria as the regional hub for high quality education.”

DBT Head of International Education, Sarah Chidgey, said: “This mission is a perfect example of the International Education Strategy being put into action, building on multiple two-way visits and the UK and Nigeria’s warm relationship. It has been heartening to see all the progress in UK Nigeria education collaboration since my first visit to Nigeria, as part of a wider delegation, in 2022.”

DBT’s mission concluded with a strong pipeline of follow-up activity, including targeted one-to-one meetings, MoU discussions, and agreed next steps between UK and Nigerian counterparts.

 


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Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

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President Bola Tinubu has requested Senate approval for a $516.3 million foreign syndicated loan to fund key sections of the Sokoto-Badagry superhighway, a cornerstone of his Renewed Hope Agenda.

Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

Tinubu

 

In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu invoked Sections 16 and 21 of the Debt Management Office Act, 2011, to secure financing via Deutsche Bank AG for Sections 1, Phase 1A, and 1B. The 1,000-kilometre project will span Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry and boosting trade, connectivity, and goods movement.

The nine-year loan, with a three-year grace period and interest at SOFR plus 5.3 per cent, includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will provide over ₦265 billion in counterpart funding for land acquisition and infrastructure.

Akpabio referred the request to the Senate Committee on Local and Foreign Debts for a one-week turnaround report. He endorsed the borrowing, stating it advances road safety and national integration.

The highway aims to cut travel times and stimulate economic corridors, with the Federal Executive Council already approving the plan.


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