Calls for bold reforms in infrastructure, industrialisation, governance
President of African Development Bank (AfDB), Dr. Akinwumi Adesina, has issued a sobering warning on Nigeria’s economic trajectory, cautioning the country risks long-term stagnation unless it confronts its chronic infrastructure and power deficits head-on.
In his keynote address delivered at the 20th Anniversary Dinner of Chapel Hill Denham in Lagos, Adesina painted the picture of a country full of potential but hampered by policy inaction and weak execution.
He urged Nigerian policymakers and investors to move boldly in reforming key sectors if the country was to reclaim its economic future.
The AfDB president stated, “Without reliable power Nigeria’s economy will be locked in a never-ending slow growth trajectory, without transformation. You cannot industrialise, you cannot compete, and you certainly cannot create jobs at scale if you don’t have electricity.
“Access to power is not just about lights, it’s about productivity, competitiveness, and prosperity.”
He stressed that electricity access will be pivotal in unlocking Nigeria’s digital economy, attracting data centres, enabling artificial intelligence applications, and lowering costs for small and large businesses.
Adesina said, “The digital economy cannot thrive on diesel generators. We must create a 21st-century grid, powered by clean, reliable, and scalable energy solutions. And for that, the private sector must be at the heart of the energy transition.”
Adesina called for structural reforms to encourage greater private investment in Nigeria’s energy sector. He identified areas needing improvement to include cost-reflective tariffs, enforceable power purchase agreements, and access to blended finance from multilateral institutions, like AfDB and World Bank.
He stated, “The market must work, investors need clarity, certainty, and contracts that are bankable. With the right regulatory environment, Nigeria can become a hub for green energy, not just for itself, but for West Africa.”
Adesina revealed that AfDB, in partnership with World Bank, had launched “Mission 300”, an ambitious initiative to connect 300 million people in Africa to electricity by 2030.
“Nigeria should position itself to be a major beneficiary of this, it is time to accelerate electrification with urgency and scale,” he said.
Beyond the power sector, Adesina warned that Nigeria’s broader infrastructure shortfall was impeding industrial growth and regional competitiveness.
He called for renewed efforts to mobilise long-term capital, especially pension and sovereign wealth funds, into infrastructure as an asset class.
According to him, “Nigeria must build world-class infrastructure, from highways to railways, speed trains, airports, seaports, telecoms, and broadband connectivity.
“If we do not fix our logistics bottlenecks, we will continue to lose in the African Continental Free Trade Area.”
He added, “Let us be clear, no investor will stay in a market where they cannot move goods efficiently or communicate seamlessly. Infrastructure is not a luxury. It is the foundation of every competitive economy.”
Adesina urged Nigeria to adopt modern financing models, such as “originate-to-distribute”, and de-risk infrastructure projects to make them more bankable. He also called for deeper local capital markets and the expansion of local currency financing for large-scale projects.
Turning to manufacturing, the AfDB president lamented Nigeria’s declining industrial capacity, stating that the country’s manufacturing export value per capita is just $160, a far cry from Vietnam’s $3,600 or Malaysia’s $7,100.
He said, “In the 1980s, Nigeria showed signs of becoming a manufacturing giant. We assembled cars, produced textiles, and processed agricultural goods. Today, much of that has vanished. We lost ground, and others took our place.”
Adesina said Nigeria missed the opportunity to become an auto-manufacturing powerhouse, a role South Africa now played on the continent.
He stressed that Nigeria must urgently industrialise by linking its raw materials to finished products, developing industrial zones, and improving the ease of doing business.
“Every barrel of oil, every ton of cassava or cocoa, should not just be exported raw,” he said. “We must add value at home. That is how you create jobs, grow GDP, and build economic resilience.”
In addition, Adesina stressed the need for a knowledge-driven economy built on science, technology, and innovation.
He said, “Nigeria must invest in its universities and research institutions, and reverse the brain drain by creating an environment where talent can thrive at home.”
He also pointed to agriculture as a transformational opportunity. Through initiatives like the Special Agro-Industrial Processing Zones (SAPZ), a $1.3 billion programmeco-financed by the AfDB, Islamic Development Bank, and the International Fund for Agricultural Development, Adesina said Nigeria could become a major player in global food markets.
“These zones will turn rural areas into economic zones of prosperity, they will create millions of jobs for youth and women, and reduce rural-to-urban migration,” he added.
The Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA) have informed a United States Court for the District of Columbia on Thursday that they needed an additional 90 days to produce investigation reports related to an alleged drug case involving President Bola Tinubu in the 1990s.
The two US federal agencies made the request in a Joint Status Report submitted to the court, along with the plaintiff in the case, Aaron Greenspan.
However, Greenspan, an American, rejected the proposal and instead suggested a 14-day extension for the FBI and DEA to produce the records.
The District Court, presided over by Judge Beryl Howell, had previously ordered the agencies, on April 8, 2025, to search for and process non-exempt records related to the Freedom of Information Act (FOIA) requests submitted by Greenspan, with a report due on May 2, 2025.
Greenspan, the founder of the legal transparency platform PlainSite, had filed 12 FOIA requests between 2022 and 2023, seeking information on a Chicago drug ring that operated in the early 1990s.
His requests included records on Tinubu and three other individuals: Lee Andrew Edwards, Mueez Abegboyega Akande, and Abiodun Agbele.
Previously, the FBI and DEA had issued “Glomar responses” — a refusal to confirm or deny the existence of the requested records — but the court ruled that such responses were inappropriate in the instance.
In the Joint Status Report dated May 1, 2025, the FBI and DEA stated that they have begun their searches for responsive, non-exempt, reasonably segregable portions of the records requested by the plaintiff and anticipated completing their searches within 90 days.
On his part, Greenspan insisted that the agencies should produce unredacted versions of already-identified documents by next week, while the remaining records should be produced within 14 days.
He also argued that the defendants failed to provide any valid rationale for why the search for the documents would take 90 days.
Greenspan and two lawyers representing the defendants, Edwards Martin, Jr. and Jared Litman, signed the report.
The report reads: “Aaron Greenspan (“Plaintiff”) and Defendants Federal Bureau of Investigation (FBI) and Drug Enforcement Administration (DEA), the only remaining defendants in this case, respectfully submit the following joint status report proposing a schedule to govern further proceedings, pursuant to the Court’s Order of April 8, 2025 (ECF No. 47).
“Pursuant to the Court’s order, the defendants FBI and DEA must search for and produce non-exempt records responsive to the plaintiff’s FOIA requests (FBI Requests Nos. 1588244-000 and 1593615- 000, and DEA Request Nos. 22-00892-F and 24-00201-F).
“The FBI and DEA have initiated their searches for responsive, non-exempt, reasonably segregable portions of records requested by the plaintiff and anticipate completing their searches in ninety days.
“Given the years-long delay already caused by the defendants and the fact that many responsive documents have already been identified, the plaintiff proposes that the FBI and DEA complete their searches and productions by next week, or, at the very least, produce unredacted versions of the already-identified documents by next week, with the remainder completed in 14 days. The defendants provide no rationale for why their search for documents should take 90 days.
“The plaintiff intends to request reimbursement for his costs: the filing fee of $402.00 and $38.22 for certified mail postage, totalling $440.22.
“The defendants propose that the parties submit a joint status report on or before July 312025 to update the Court on the case status following the agencies’ search for responsive, non-exempt, reasonably segregable records requested by the plaintiff. The plaintiff proposes that they submit a joint status report on or before May 31, 2025.”
A Nigerian nurse based in Leeds, United Kingdom, Nnena Miriam, has been found dead in her apartment, sparking grief and shock within the nursing community both in the UK and Nigeria.
According to Fellow Nurses Africa, an organisation dedicated to advancing the nursing profession in Africa, Miriam’s body was discovered by the police after a missing person report was filed.
Concerned about her sudden absence from work and repeated unanswered calls, one of her close friends eventually filed a missing person report.
The police were said to have later found her lifeless body in her home.
In a statement released on Wednesday, the organisation stated, “It is with heavy hearts and deep sorrow that we report the sudden passing of one of our own, Nnena Miriam, a dedicated and professional nurse based in Leeds, United Kingdom.
“Nurse Miriam was found dead in her room earlier this week under heartbreaking circumstances. According to reports, her last shift was on Sunday of last week.
“Alarm bells were raised when her close friend tried reaching out to her repeatedly from that Sunday without success. Growing increasingly worried, the friend filed a missing person report—only for the police to later discover her lifeless body in her apartment.”
It was further stated that Miriam had just returned to the UK after having her introduction ceremony in Nigeria, ahead of her traditional marriage.
The statement further read, “Tuesday, April 29, was meant to be her special day — a day of joy, celebration, and new beginnings.
“Instead, her sudden death has left colleagues and loved ones overwhelmed with unspeakable grief and unanswered questions.”
Colleagues described Miriam as one who practised her profession with a beacon of kindness, dedication, and resilience.
“Her untimely passing is a profound loss to the healthcare family she served with pride and to the many patients whose lives she touched with care and compassion.
“As the investigation continues, we join the family, friends, and the global African nursing community in mourning this tragic loss,” the statement further disclosed.
A similar tragic incident occurred in March 2024, involving another Nigerian woman, Chidimma Ezenyili, who was working in the United Kingdom.
Ezenyili reportedly collapsed on February 22 while attending to an elderly client, Ian Hale, at a residence on Scott Road.
She died two days later.
[Vanguard]
Governor Chukwuma Soludo of Anambra State has announced the clearance of seven years of accumulated gratuity and pension arrears inherited from the previous administration of Chief Willie Obiano.
Speaking at the 2025 Workers’ Day celebration at Alex Ekwueme Square, Awka, Soludo reaffirmed his administration’s commitment to workers’ welfare despite prevailing economic challenges.
“Regarding gratuities owed to our retired workforce, we have settled all arrears inherited upon assuming office,” Soludo stated. “I am pleased to report that we have cleared four years’ backlog of pension arrears, except for cases with pending documentation.”
He revealed that retirees in the civil service were owed pensions totaling ₦14 billion. “We have paid for the years 2018, 2019, and 2020. Only 2021 remains, and we are making arrangements to ensure it is paid shortly,” he said.
Soludo emphasized his administration’s dedication to transparency, fiscal responsibility, and better working conditions. “Within the limits of our available resources, we are determined to improve the welfare and work environment of our workforce. This is not just a policy—it’s a moral obligation,” he added.
Chairman of the Nigeria Labour Congress (NLC), Comrade Humphrey Nwafor, commended the administration for the progress made but urged faster implementation of the Contributory Pension Scheme, as recommended by the Joint Committee on Pension Reform.
Nwafor also appealed for the payment of outstanding 17.5% peculiarity allowances owed to non-teaching staff under the Anambra State Universal Basic Education Board (ASUBEB) and those in post-primary institutions. He called for parity with the 27.5% allowance granted to teachers.
Additionally, the NLC Chairman demanded the immediate implementation of the Consolidated Judiciary Salary Structure (CONJUSS) and the Consolidated Health Salary Structure (CONHESS). He also stressed the importance of enhanced training, improved welfare packages, and better security for all workers.
[Vanguard]
Akinwumi Adesina, president of the African Development Bank (AfDB), says Nigeria must industrialise rapidly to compete globally and lift millions out of poverty by 2050.
Adesina spoke on Thursday while delivering a keynote address at the 20th anniversary dinner of Chapel Hill Denham, an investment banking firm, in Lagos.
He lamented Nigeria’s economic decline over the decades, with current per capita income lower than it was at independence.
“Nigeria must stop seeing underdevelopment as normal. It must rise to lead Africa,” the AfDB president said.
Adesina warned that Nigeria’s slow growth and widespread poverty pose a major risk to Africa’s development, given the country’s position as the continent’s largest economy.
He said Nigeria should take lessons from countries such as South Korea, which rose from poverty to prosperity through savings, innovation, and manufacturing.
The AfDB boss said while Malaysia and Vietnam have achieved significant value addition in manufacturing and exports, Nigeria continues to lag due to its failure to industrialise.
To change this narrative, he called for large-scale investments in power, science, infrastructure, and agriculture driven by private capital and efficient governance.
Adesina highlighted the AfDB-led special agro-industrial processing zones (SAPZs) initiative as a game changer for Nigeria’s agricultural transformation.
He said the bank and its partners have committed $3.4 billion to support the establishment of the zones across the 36 states and the federal capital territory (FCT).
According to the economist, the agro-industrial zones are designed to attract agribusinesses to rural areas with high production potential, value to raw produce, and to create jobs.
Adesina said the zones would help diversify Nigeria’s economy, reduce food imports, and position the country as a global food powerhouse.
“Reimagining Nigeria’s future means making agriculture a business, not a way of survival,” he said.
He also urged the government to support policies that attract private investment in agriculture and rural development.
[TheCable]
In a move that is set to redefine the face of broadcasting in Nigeria, TVC Communications has unveiled the country’s first set of Artificial Intelligence (AI) news anchors.
The media company made this known in a press release on Wednesday night.
This groundbreaking innovation, spearheaded by its flagship brand TVC News, introduces AI-driven bulletins in English, Yoruba, Hausa, Igbo, and Pidgin.
The move positions TVC Communications at the forefront of tech-driven journalism in Africa, as it aims to bridge linguistic gaps across Nigeria’s diverse population of over 240 million people.
According to the media company, the development aligns with its strategic goal of expanding coverage and delivering news in languages familiar to its wide-ranging audience. It, however, noted that the AI anchors were designed to complement the work of human journalists, not replace them.
“We are excited to be at the forefront of this innovation in Nigeria’s broadcast industry,” said the Chief Executive Officer of TVC Communications, Victoria Ajayi. “Our AI news anchors will enable us to take our news coverage to the next level as we showcase our commitment to leveraging technology to drive growth using innovation.”
Ajayi emphasised that the integration of AI is a support mechanism for human talent within the organisation, which she described as a “constellation of seasoned professionals.”
While the introduction of AI in media has sparked concerns globally ranging from misinformation to deep fakes, TVC Communications assured the public that proactive steps were already in place to mitigate such risks. These include watermarking of AI-generated content and implementing robust verification processes.
“Our commitment is to continue to raise the standard and maintain the highest sense of integrity, professionalism, and the assurance to our audience that we will always take proactive steps to mitigate the risks that these challenges may pose,” the company stated.
The organisation also noted that all AI-delivered content will be thoroughly reviewed and approved by a team of trained journalists and editors, in full compliance with the Nigerian Broadcasting Code.
Editorial oversight, the company added, will ensure that AI-generated content maintains accuracy, balance, neutrality, and cultural sensitivity. The fusion of technology and journalism, TVC believes, marks a leap toward the future of news broadcasting on the continent.
Lere Olayinka, Senior Special Assistant on Public Communication and New Media to FCT Minister Nyesom Wike, has said that the coalition spearheaded by Atiku Abubakar is dead on arrival.
Speaking during an interview on Arise Television on Thursday, said the coalition will not work because Peter Obi will not agree to a political association that’s designed to support Atiku’s presidential ambition.
Recall that in 2019, Atiku and Obi contested on a joint ticket as President and Vice Presidential candidates on the platform of the Peoples Democratic Party (PDP).
Four years later, they contested on different platforms as Obi dumped the PDP for the Labour Party ahead of the 2023 election.
However, as the 2027 election approaches, Atiku, who has been calling for the formation of a coalition to wrest power from Tinubu, has invited Obi and other opposition figures to join him in the campaign.
Recently, the former Vice President announced that the coalition would adopt a political platform that guarantees good governance to unseat President Tinubu.
However, Olayinka has maintained that Atiku’s push for the coalition is to realise his presidential ambition.
“The moment you are doing coalition, and that coalition is to support one person’s ambition. Who is talking about coalition Alhaji Atiku Abubakar, and who is thinking about benefiting from coalition Alhaji Atiku Abubakar, how will coalition now work? The moment you are talking about coalition to to benefit Alhaji Atiku Abubakar, coalition will not work,” he said.
Olayinka insisted that the coalition will not work because Atiku and Obi will not be able to agree on who the platform should present as its presidential candidate for the coming election.
“Is anything working in coalition today? It has failed before they even started with it. They will tell you that, Alhaji Atiku will run with Peter Obi. Will Peter Obi agree to run with Atiku Abubakar? Will Atiku allow Peter Obi to run as President under the coalition? Or will Peter Obi allow another person to be presented as candidate? These are the issues. It cannot work and it will not work,” he said.
The FCT minister’s aide concluded that the fact that the coalition has not fully formed with identifiable presidential and vice presidential candidates indicates that the agenda is dead on arrival.
The Economic and Financial Crimes Commission (EFCC) says it has traced proceeds from the failed CBEX crypto bridge exchange scheme to at least four countries, noting that full restitution to victims may be impossible.
EFCC Chairman, Ola Olukoyede, disclosed this during an appearance on Channels Television’s Politics Today on Wednesday. He revealed that the agency had frozen a number of accounts linked to the fraudulent scheme and had made significant progress in ongoing investigations.
“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” Olukoyede said.
He explained that a majority of the transactions were conducted in cryptocurrency and routed through wallets outside Nigeria’s jurisdiction, complicating recovery efforts.
“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system,” he said. “We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners.”
Olukoyede added that three suspects are currently in custody and have provided “very useful statements.” He also confirmed collaboration with foreign counterparts to recover stolen funds and apprehend suspects.
In April, users of CBEX reported they could no longer access their funds, prompting widespread complaints. The Securities and Exchange Commission later revealed that the digital trading platform was unregistered.
On April 30, the EFCC declared Elie Bitar, a foreign national, wanted in connection with the $1 billion investment scam. A federal high court in Abuja also granted the commission permission to arrest and detain six CBEX promoters.
So far, at least eight Nigerians have also been declared wanted in relation to the scheme.
More...
The Securities and Exchange Commission (SEC) has identified a potentially fraudulent investment platform known as Tofro.Com (Tofro) and has issued a warning to Nigerians to be cautious of their tactics, which involve soliciting funds through promises of substantial returns.
Naija News reports that SEC gave this warning in a statement released on Thursday, May 1, 2027.
In the notice, the SEC cautioned that the suspected investment platform presents itself as a cryptocurrency trading venue, emphasizing that this investment scheme is not registered with the Commission.
The SEC indicated that its investigations reveal that Tofro’s activities display the common characteristics of a deceptive Ponzi scheme, such as the promise of excessively high returns, a heavy dependence on a referral system to maintain payouts, and the inability to fulfill withdrawal requests from investors.
The Commission urged Nigerians to exercise caution when considering investments with Tofro, highlighting that any individual who invests with this entity does so at their own peril.
The notice reads, “The attention of the Securities and Exchange Commission has been drawn to the activities of an online platform known as Tofro.Com (Tofro), which holds itself out as a cryptocurrency trading platform.
“The Commission hereby informs the public that the Tofro is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.
“Investigations have revealed that Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns, heavy reliance on a referral system to sustain pay-outs and failure to honour withdrawal requests from subscribers.
“Accordingly, the public is strongly advised to be wary about investing with Tofro, as any person who places such investment with the entity, does so at his/her own risk.
“The Commission similarly reminds potential investors of the need to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.”
The Director-General of the commission, Emomotimi Agama, maintained that it is crucial that Nigerians understand the dangers of putting their hard-earned money into ventures that are not registered or regulated by SEC.
The United Kingdom has announced the resumption of its visa application services in Enugu.
This is coming months after its centre in the city was closed down.
Last November, the UK shut down its visa application centres (VACs) in Enugu and Port Harcourt following the launch of its largest facility in Lagos, operated by VFS Global.
At the time, VFS announced that Nigerians applying for UK visas would need to book appointments at VACs in Lagos or Abuja.
The now-reopened centres in Enugu and Port Harcourt were previously managed by TLScontact.
In an update on Wednesday, the British High Commission said visa application services have resumed in Enugu.
“Residents of Enugu, Nigeria, can now enjoy a smooth UK visa process from the comfort of our Premium Application Centre at Omedel Luxury Hotel,” VFS noted earlier.
The agency said applications can be submitted at the Omedel Luxury Hotel.
In Port Harcourt, applications are processed at Hotel Presidential, according to VFS.
The Alaafin of Oyo, Oba Abimbola Akeem Owoade, has reacted to the controversy surrounding a video showing him seated while greeting the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, at a public event in Ibadan hosted by First Lady Senator Oluremi Tinubu.
The incident has sparked online debates after footage showed other monarchs rising to greet the Ooni while the Alaafin remained seated.
In a statement released by his Personal Assistant, Kolade Oladele, the Alaafin dismissed the uproar as a “needless controversy” driven by bloggers and online commentators intent on sowing division among Yoruba traditional rulers.
“This latest instalment in a series of manufactured debates is an unhelpful exercise that distracts and detracts from the truly important issues to which sons and daughters of Yorubaland should devote their energy,” the statement read.
Oba Owoade reaffirmed his respect for the Ooni and other Yoruba monarchs, stressing his commitment to unity, peace, and collaborative development across Yorubaland.
He also warned against turning royal engagements into “fodder for digital sensationalism.”
“We call on the public to reject attempts to sow seeds of discord and instead join us in reimagining a Yorubaland where our traditions serve as catalysts for progress,” the statement concluded.
See Video Below;