CBN urged to expand oversight of fintech, cloud risks

CBNThe Central Bank of Nigeria has been urged to expand its oversight of financial institutions to cover risks from cloud providers, telecom networks, fintechs and other technology partners.

Director-General of the National Information Technology Development Agency, Kashifu Inuwa, said traditional regulatory approaches are no longer sufficient for a financial system in which banks increasingly rely on technology providers and interconnected digital infrastructure, warning that an outage or disruption at an external provider could spread across the wider financial ecosystem.

“Financial stability now depends on resilient technology and Nigeria’s capacity for digital self-determination,” Inuwa said while speaking on digital transformation, supervision, innovation and operational resilience at the recent 15th Retreat of the CBN Committee of Departmental Directors in Lagos.

The comments highlight a growing challenge for financial regulators as Nigerian banks and payment companies become more dependent on infrastructure that they do not directly control, including cloud computing, telecommunications networks, payment platforms and other technology services.

Inuwa said regulators must move beyond monitoring individual financial institutions and instead develop visibility across the ecosystem that supports modern banking, arguing that disruptions outside a bank can have consequences for customers and the broader financial system even when the bank itself remains operational.

“We need to be ahead of the institutions we regulate,” Inuwa said. “We cannot wait for regulated institutions to submit returns before we analyse and understand what is happening. We need end-to-end visibility of the ecosystem.”

The warning comes as Nigeria’s financial system becomes increasingly digital, with payments, mobile banking and fintech services expanding the number of technology systems through which customers access financial services.

The CBN has itself been strengthening technology-related safeguards, including a directive requiring payment acquirers, processors and terminal service providers to maintain dual connections to NIBSS and Unified Payment Services to reduce disruption caused by dependence on a single transaction channel.

The CBN has also moved towards greater use of automated technology in financial supervision, including baseline standards issued in March for automated anti-money laundering, counter-terrorism financing and counter-proliferation financing systems that require real-time detection, analysis and reporting of suspicious transactions.

Inuwa said the next stage of regulation should go further by incorporating risks arising from technology suppliers, including so-called third-party and fourth-party dependencies, cloud infrastructure, data protection, artificial intelligence and the sustainability of digital infrastructure.

The distinction is important because a bank may outsource a critical service to a technology company while that provider relies on another company for infrastructure, creating layers of dependency that can make it difficult for regulators and financial institutions to identify where a disruption could originate.

Cloud computing is becoming a particularly important part of that equation. Earlier this month, NITDA signed regulatory instruments establishing a framework for cloud computing and digital infrastructure, alongside a National Cloud Investment Strategy aimed at strengthening Nigeria’s domestic cloud and data-centre capacity.

The agency plans to begin registration, technical assessment and certification of cloud and digital infrastructure providers through a national digital regulatory platform in October.

The development underscores the overlap between Nigeria’s technology and financial-sector regulation, as cloud infrastructure increasingly supports services that are critical to banks, payment companies and other financial institutions.

Dangote refinery expands free fuel delivery to four states

Dangote Petroleum Refinery, fuelThe Dangote Petroleum Refinery says it has expanded its free petroleum products delivery initiative to Kano, Imo, Anambra and Nasarawa states, a move it says is expected to reduce distribution costs for independent petroleum marketers and create room for lower petrol prices.

According to a statement on Sunday, the initiative, which initially covered Lagos, Ogun, Rivers, Kaduna, Abuja and Delta states, is designed to bring petroleum products closer to marketers and retailers while eliminating the cost of transporting products over long distances from the refinery to different parts of the country.

By absorbing delivery costs, the refinery is reducing one of the major expenses embedded in the downstream petroleum products distribution chain.

Group Executive Director, Commercial Operations, Oil & Gas, WAEP and Fertiliser, Dangote Industries Limited, Fatima Aliko Dangote, said the initiative was aimed at ensuring that the benefits of domestic refining translated into savings for businesses and consumers.

“The value of domestic refining must ultimately be felt beyond the refinery gate. By absorbing the cost of delivering petroleum products to our customers, we are removing a significant component of the distribution burden and creating room for those savings to flow through the value chain to consumers. Our goal is to make fuel distribution more efficient, reduce avoidable costs and support more competitive pump prices across Nigeria.”

The expansion was reportedly welcomed by the Independent Petroleum Marketers Association of Nigeria, which said the initiative would reduce some of the financial and logistical pressures confronting independent petroleum marketers and contribute to lower prices for consumers.

National Publicity Secretary and Public Relations Officer of IPMAN, Chinedu Ukadike, was quoted as saying that the initiative addressed a longstanding challenge in the petroleum products distribution chain, where marketers commit substantial funds to product purchases and may then wait for extended periods before their orders are loaded and transported.

“This gesture, if sustained, will be able to alleviate the sufferings of independent marketers. There has been the issue of financial hold-up, whereby marketers pay for products and are not loaded for days and weeks, and they suffer unnecessary hardship bringing the product down,” he stated.

According to him, the refinery’s delivery arrangement reduces the period for which marketers’ funds remain tied up, improves cash flow and allows businesses to deploy their capital more efficiently.

Dangote said the reduction in distribution costs is particularly significant for marketers supplying areas far from the refinery, as the transportation of petroleum products over long distances attracts additional expenses associated with haulage, vehicle operations, driver costs, insurance, road risks and other logistics.

It was stated that removing or reducing such costs could improve the economics of supplying distant markets and provide marketers with greater room to compete on retail prices.

The initiative also reduces the operational risks associated with moving large volumes of petroleum products over long distances by taking products closer to their destination markets.

The expansion comes as Nigeria’s downstream petroleum sector continues to adjust to increased domestic refining capacity and a more competitive market environment.

The Dangote refinery, with a capacity of 700,000 barrels per day, has been supplying refined petroleum products to the domestic market while also expanding its presence in international markets.

Heirs Insurance Group Records 88.5% Premium Growth, Pays N19.4bn Claims in 2025

Heirs Insurance Group (HIG) has posted a strong financial performance for the year ended December 31, 2025, recording an 88.5 per cent increase in combined Gross Written Premium (GWP) to N115 billion, up from N61 billion in 2024.

The Group’s audited results, approved by the National Insurance Commission (NAICOM), also showed significant growth in insurance revenue, assets and claims settlement, despite the challenging macroeconomic environment and foreign exchange volatility.

Combined earned insurance revenue rose by 70 per cent from N29.43 billion in 2024 to N53.4 billion in 2025, while total assets increased by 83 per cent from N89 billion to N169.7 billion.

The Group, however, recorded a slight decline in Profit Before Tax (PBT), which fell from N11.2 billion in 2024 to N9.53 billion in 2025, largely reflecting the impact of macroeconomic pressures, particularly foreign exchange volatility.

A major highlight of the financial year was the significant increase in claims settlement, with the Group paying N19.4 billion to policyholders in 2025, representing an 87 per cent increase from the N10.4 billion paid in the preceding year.

The performance comes on the heels of international recognition for the Group’s rapid expansion, with Heirs Life Assurance and Heirs General Insurance both named among the Financial Times’ Africa’s Fastest-Growing Companies 2026.

Of the 130 companies recognised across all sectors, Heirs Life Assurance ranked seventh, while Heirs General Insurance placed 41st, reinforcing the Group’s emergence as one of Africa’s fastest-growing insurance businesses.

At the company level, Heirs Life Assurance (HLA), the Group’s specialist life insurance subsidiary, recorded particularly strong growth across key performance indicators.

Its GWP doubled from N44.22 billion in 2024 to N88.59 billion in 2025, representing 100 per cent growth, while insurance revenue rose by 80 per cent from N15.1 billion to N27.2 billion.

HLA’s PBT also increased by 38 per cent from N5.5 billion in 2024 to N7.6 billion in 2025.

Investment income recorded one of the company’s most significant increases, surging by 430 per cent from N4.6 billion in 2024 to N24.8 billion.

The company also paid N14.4 billion in claims during the year, a 121 per cent increase from the N6.5 billion paid in 2024, underscoring its expanding policyholder base and increased commitment to claims settlement.

Total assets more than doubled during the period, rising from N66.2 billion in 2024 to N136.2 billion in 2025.

Heirs General Insurance (HGI), the Group’s general insurance subsidiary, also sustained its growth trajectory, with GWP increasing by 57 per cent from N16.9 billion in 2024 to N26.6 billion in 2025
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Its insurance revenue rose by 67 per cent from N14.32 billion to N23.9 billion, while claims paid increased by 22 per cent from N4 billion in 2024 to N5 billion in 2025.

HGI’s total assets also grew by 25 per cent from N26.8 billion to N33.5 billion.

However, the subsidiary’s PBT fell significantly from N4.9 billion in 2024 to N1.07 billion in 2025, while investment income declined from N5.7 billion to N2.5 billion, reflecting the impact of foreign exchange rate volatility during the year.

Heirs Insurance Brokers (HIB), the Group’s broking arm, also recorded positive growth, with revenue rising by 19 per cent from N1.97 billion in 2024 to N2.34 billion in 2025.

Its PBT increased from N1.21 billion to N1.35 billion, driven by cost discipline and improved operational efficiency.

The financial statements were audited by PricewaterhouseCoopers (PwC) and subsequently approved by NAICOM.

Beyond its financial performance, Heirs Insurance Group has continued to strengthen its digital insurance proposition as part of its broader strategy to expand access to insurance across Nigeria.

One of its latest initiatives is Prince AI, a WhatsApp-powered generative artificial intelligence chatbot that enables customers to access and transact insurance services directly from their mobile phones.

The platform supports 11 local and international languages, further advancing the Group’s efforts to simplify insurance and deepen financial inclusion.

Heirs Insurance Group is the insurance arm of Heirs Holdings, the pan-African investment company with investments across 24 countries and four continents.

Through Heirs General Insurance, Heirs Life Assurance and Heirs Insurance Brokers, the Group serves corporate and individual customers across Nigeria through an expanding retail footprint and omnichannel digital platforms.

The Group has positioned technology, innovation and financial inclusion at the centre of its strategy to democratise access to insurance and strengthen insurance penetration in Nigeria.

2027: Why Peter Obi, Atiku can’t form coalition – Umar Ardo

Political strategist and Convener of the League of Northern Democrats, Umar Ardo, has stated that the presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, lacks the inclination to withdraw from the presidential race.

He, however, noted that Peter Obi, the presidential candidate of the Nigeria Democratic Congress, NDC, has the ability to step down, although doing so would alienate his support base.

He explained that if Atiku were to express a willingness to withdraw, the former vice president would likely retain his support base.

However, he emphasised that it is highly improbable for the 2023 presidential candidate of the Peoples Democratic Party, PDP, to take such a step.

Ardo said that while Peter Obi could easily step aside, his supporters might not react favourably to such a decision, highlighting these as the two significant challenges hindering a robust merger ahead of the presidential election.

Speaking on Arise News, Ardo said, “My view is that Atiku does not have the propensity by himself to say, ‘I will step down.’ If he says so, he will not have a problem with his support base. But the issue is that he is highly unlikely to say that.

“Then Peter Obi has the propensity to say, ‘I will step down.’ But if he says so, he will not have his support base. He will not be able to carry his support base. His support base will not go with him. So, now, these are the two problems.

“Unless we are able to resolve these two challenges, then I don’t see the fusing together being possible. However, even if they do not fuse together, individually, anyone of them has the capacity to upturn the order, depending on how he strategises himself.

“So, even if they don’t, they still have the capacity to win the election against the incumbent on an individual basis.”

Osun Guber: Gov Adeleke urges unity among political leaders

Osun State governor, Ademola Adeleke has urged political leaders across the state to work together to move the state forward.

The call came after the 2026 governorship election.

Governor Adeleke made the call while reacting to the peace appeal issued by the All Progressives Congress, APC, governorship candidate, Bola Oyebamiji, following his recent visit to President Bola Tinubu in Abuja.

The governor described Oyebamiji’s appeal as a welcome development after weeks of intense political activities and tension surrounding the election.

In a statement issued by his spokesperson, Olawale Rasheed on Friday, Adeleke said the people of Osun deserved peace and stability after the election season.

The governor also called on members and supporters of all political parties to exercise restraint and avoid actions capable of undermining peace across the state.

Adeleke said his administration had consistently opposed the use of violence for political purposes, despite the pressures experienced during the campaign and election period.

He said, “I am forever a man of peace. It is heartwarming that my brother, Oyebamiji, is also preaching peace. I assure him that my supporters have not and will not attack APC members.”

According to the governor, “the period of political competition has ended, making cooperation among leaders necessary to ensure effective governance and development across Osun.

“Elections have come and gone, and we are all winners. The common task for us all is to sustain the delivery of democratic dividends and good governance to the good people of Osun State.”

Adeleke invited former governor Adegboyega Oyetola, Oyebamiji and other opposition leaders to participate in efforts aimed at advancing the interests of the state.

He said, “We are all important stakeholders in this Osun project.”

He also reiterated his commitment to maintaining peace and encouraged political cooperation after the election.

NIS arrests 55 illegal migrants from Cameroon, Congo in Osun

The Nigeria Immigration Service, NIS, Osun State Command, has arrested 55 migrants from Cameroon and the Republic of Congo for allegedly entering the state through unauthorised routes and staying without valid travel documents.

The migrants were paraded in Osogbo on Friday following their arrest at different locations across the state.

Speaking to journalists after the exercise, the Osun State Comptroller of Immigration, Ibrahim Akinyemi, said the arrests were carried out based on intelligence received by the command.

Akinyemi described the suspects as irregular migrants and said the exercise was part of efforts to identify foreigners residing in and operating businesses in the state without the required immigration documentation.

“These people are about 55. They are irregular migrants. They were arrested and brought here for repatriation. They came in through an unauthorised route. So, their stay here has become a serious nuisance,” he said.

According to him, immigration officials traced the migrants to their various locations after gathering intelligence and subsequently brought them to the command headquarters on the directive of the NIS headquarters through the Comptroller-General.

He said the exercise was only the beginning, adding that the migrants would undergo profiling to determine their immigration status and whether any of them qualified for regularisation.

“They were apprehended through intelligence gathering. We had to go to their various locations to bring them here to the office. We have to profile and check their documents to know which ones are eligible, or which ones are legal and can be regularised,” Akinyemi stated.

The comptroller said preliminary checks showed that the migrants did not possess valid travel documents, including passports.

“They don’t even have ordinary passports, and they are here doing this illegal online business that is not registered with the Corporate Affairs Commission,” he added.

Akinyemi disclosed that some of the migrants were found living in the Owode-Ede area of the state, while immigration officials were continuing efforts to identify and apprehend others who might be staying at undisclosed locations.

He said the migrants told investigators that they came to Osun to engage in an online business known as QNET, although they allegedly declined to provide further details about the operation.

The comptroller also said the command would investigate how the migrants entered the state and pursue those suspected of facilitating their movement into Osun.

“They also claimed to have come through Yola (Adamawa State). By the grace of God, we are taking them back to where they came from,” he said.

One of the migrants, Ismail Mohammed, a Cameroonian national, told journalists that he arrived in Osun in February 2026 after being invited by a woman living in Chad to engage in online business in the state.

The NIS said further profiling and investigation would determine the migrants’ individual circumstances and the appropriate administrative action to be taken.

Abuja residents demand action as scavengers fuel criminal activities

Nigerians, especially residents of the Federal Capital Territory, FCT, have expressed concerns over the upsurge in the activities of scavengers, who wander around neighbourhoods at odd hours, posing security risks.

The residents are pleading with the authorities to intensify enforcement, limit their activities, and provide alternative means of domestic waste disposal.

In the FCT, there is a damning image associated with the nomenclature of waste scavengers, popularly known as ‘Baban bola’.

Many of them have reportedly used the title as a cover for all sorts of criminal activities. They rob and pilfer residents’ properties, vandalise and steal government assets and, working in gangs, harass innocent citizens.

Some of them, according to reports, go about as scavengers by day and then operate as armed robbers and pickpockets by night.

Speaking to DAILY POST, some residents of the FCT and its outskirts said the rising cases of kidnapping and other related crimes could be linked to scavengers who move around unperturbed.

DAILY POST gathered that, in recent times, major locations such as Nyanya, Karu, Jikwoyi, Mararaba and Masaka, all suburbs of the FCT, have had their neighbourhoods crowded with scavengers.

A resident simply identified as Mama Amina told DAILY POST that Abuja is fast becoming a hotspot for kidnappers and other criminal elements due to its porous boundaries and security setup.

She said two major incidents of burglary were reportedly carried out by scavengers in Mararaba, and that nothing had been done to permanently end the menace.

“You see these Baban bola (scavengers); they are professional criminals. Forget about their pitiable look. At night, they broke into my neighbour’s house and went away with expensive valuables. We lodged a complaint, but till now, nothing has been done,” she said.

Another resident, Ifeanyi Ike, in Nyanya, regretted the absence of an organised system for collecting domestic waste, stating that the flawed system empowers criminals who disguise themselves as scavengers.

“Previously, the Abuja Environmental Board was more organised. As long as there is no means of disposing of domestic waste, the scavengers will keep increasing in number. The evil these scavengers are capable of is limitless,” he said.

On his part, Suleman Danladi blamed the rising insecurity in the North for the situation, noting that the young men who engage in scavenging used to be thriving farmers in their villages until the insurgency.

Also speaking to DAILY POST, some scavengers, who mostly spoke Hausa, said they ventured into the job to make ends meet, adding that they had to feed their families.

A scavenger, Ibrahim Dantata, said, “There is no job. I have no education and I have no skills. Not every scavenger is a thief. I know people are ruining our reputation, but we are not all bad. I am into this business because it helps me feed my four wives and nine children in Zamfara.”

Another scavenger, simply identified as Adamu, who carries out his activities around Nyanya and Karu, said they punish any scavenger caught stealing or engaging in any criminal activity.

“We don’t tolerate stealing among ourselves. Anybody who is caught stealing faces disciplinary action from us. We either collect their trucks or go physical on them,” he said.

But Mr Ndu Nwokolo, a security expert and Managing Partner at Nextier, said the menace of scavengers in Abuja has exposed residents to pilfering, burglary, illegal surveillance, knife attacks and hooliganism.

According to him, during odd hours, the scavengers inflict violence on innocent individuals and vandalise government property.

He advised the Federal Capital Territory Administration to enforce the ban on indiscriminate disposal of refuse and scavenging.

He said, “The authorities should implement the ban, which should include moving these young people to skills acquisition centres or other sources of livelihood, while the waste management system in the city needs to be effective, thereby making their (scavengers) access to bins difficult.”

Church, govt must work together – CAN

The Christian Association of Nigeria (CAN), Taraba State chapter, has called for stronger collaboration among the church, government and traditional institutions to promote peace, unity, good governance and sustainable development in the state.

The call was contained in a 10-point communiqué issued at the end of a three-day Ministers of the Gospel Conference held at the CAN Secretariat along FGGC Road, Jalingo.

The conference, themed The Roles of the Church and the State in Advancing God’s Purpose in a Changing World,” brought together bishops, pastors, church leaders, traditional rulers, politicians and CAN leaders from the 16 local government areas and two development areas of the state, as well as participants from across the country.

The communiqué, signed by the CAN Chairman in Taraba, Rev. Fr. Williams P. Awoshiri, and Chairman of the Conference Working Committee, Bishop (Dr.) Innocent R. Solomon, stated that the church and government had distinct but complementary roles in nation-building.

“The church has a spiritual and moral responsibility to preach the gospel, defend human dignity, promote peace and justice, care for vulnerable people and speak for the voiceless,” the association said.

It said government was responsible for providing security and justice, delivering essential services and creating an enabling environment for development.

CAN urged Christians holding political offices to regard their positions as opportunities for service rather than personal advancement, citing biblical figures such as Joseph, Daniel, Esther and Nehemiah as examples of integrity and effective leadership.

The association also called on the church to provide moral and ethical leadership without becoming an instrument of partisan politics.

It urged churches to prepare Christians not only for participation in elections but also for responsible service in governance, including in the areas of economics, security, law, agriculture, education and technology.

On church-state relations, CAN advocated constitutional independence, mutual respect and constructive cooperation.

It urged the church to complement government efforts in education, healthcare, poverty reduction and peacebuilding while retaining the courage to speak truth to power when necessary.

The association further called for greater consultation between government and traditional rulers, describing traditional institutions as important custodians of culture and grassroots values.

It urged authorities to involve traditional rulers in policies affecting their communities.

CAN expressed concern over divisions among Christians and called on church leaders to resolve differences within and across denominations, stressing that denominational differences should not undermine Christian unity or become sources of conflict.

The association also resolved to establish continuous channels of engagement among church leaders, traditional rulers and Christian politicians beyond election periods and times of crisis.

It said such engagement should focus on government policies and issues affecting citizens.

CAN called for greater involvement of church leaders in conflict prevention and peacebuilding, particularly in view of Taraba’s multi-ethnic composition and history of communal conflicts.

It urged leaders to adopt early intervention mechanisms and traditional methods of dispute resolution to prevent conflicts from escalating.

BREAKING: Fire outbreak at popular SPAR shopping outlet in Calabar [VIDEO]

A fire outbreak is currently raging at SPAR, a popular shopping outlet in Calabar, this Saturday morning.

The fire, which reportedly started inside the shopping outlet, has sent thick smoke billowing across the city, while fierce flames can be seen from Barracks Road, about 100 yards away from the scene.

Firefighters had reportedly arrived at the scene and are making efforts to put out the raging flames.

The cause of the fire is yet to be ascertained as of the time of filing this report.

FG targets 80% electricity access within five years

FG targets 80% electricity access within five yearsThe Federal Government has pledged to raise electricity access above 80 per cent within five years and close the gap between installed and available power generation within three years as part of measures to address the energy crisis undermining Nigeria’s manufacturing sector.

The commitment was disclosed by the Minister of Power, Joseph Tegbe, during a presentation on ‘Industrialisation and Regional Competitiveness: The Role of Power’ at the just-concluded Nigeria Economic Summit Group event in Lagos.

The minister also pledged to align with the Nigerian Electricity Regulatory Commission’s target of reducing Aggregate Technical, Commercial and Collection losses to below 16.92 per cent within three years.

In his presentation, delivered at the event by his Special Adviser, Martins Olajide, the minister said the Federal Government’s plan would strengthen key transmission corridors, including Lagos, Enugu-Port Harcourt, and Abuja-Kaduna-Kano, while expanding electricity access and improving the reliability of power supplied to businesses and households.

“Over 80 per cent access, ATC&C losses below 17 per cent, the capacity gap closed – Nigerian industry gets the reliable, affordable power it needs to compete for AfCFTA’s 1.4 billion consumers,” he stated.

He said the reforms aligned with President Bola Tinubu’s ambition to transform Nigeria into a $1tn economy, noting that electricity remained central to achieving the target.

“President Bola Tinubu has been absolutely clear about the economic direction of this administration – to transform Nigeria into a one trillion-dollar economy – and electricity sits at the heart of that ambition,” he said.

Tegbe added that the administration had begun strengthening transmission infrastructure across the Lagos, Enugu-Port Harcourt and Abuja-Kaduna-Kano corridors, while rolling out seven million meters and training 5,000 people.

“The plan is in motion: transmission corridors through Lagos, Enugu–Port Harcourt and Abuja–Kaduna–Kano are being strengthened, seven million meters are rolling out, training of 5,000 recently commenced, and captive economic clusters are linking power directly to industry,” he said.

He said the government also planned to establish an independent electricity market free from government intervention, improve liquidity and sustainability in the sector, and reduce recurring debts and losses.

The ministry identified the electricity deficit as a major constraint to industrialisation, noting that Nigeria currently has 13,625 megawatts of installed grid capacity but only 4,854MW of average daily availability.

It said about 62 per cent of installed capacity remained idle, while realistic peak demand stood at about 20,000MW. It said the country’s inadequate electricity supply had forced businesses to rely heavily on self-generation, imposing a huge cost on manufacturers.

“4,500 to 5,000MW average available for 200m+ people. 26 grid collapses in 2024. Energy is 30 to 40 per cent of factory cost,” the power minister stated.

The presentation stated that Nigerians spent N16.5tn on self-generation in 2023, compared with about N1tn in grid revenue, while the World Bank estimated that unreliable electricity caused an annual economic loss of $25bn, equivalent to between five and seven per cent of the country’s Gross Domestic Product.

The ministry said improved grid stability, the creation of economic clusters and expansion of the transmission network along major economic corridors would unlock industrial productivity and investment.

It also said the reforms would support competitiveness by providing industries with more reliable and affordable electricity.

Speaking on a panel at the event, the Director, Research and Economic Policy Division, Manufacturers Association of Nigeria, Dr Oluwasegun Osidipe, said inadequate energy supply remained the biggest constraint identified by manufacturers in the Q2 2026 Manufacturers’ CEO Confidence Index.

“In the Q2 2026 Manufacturers’ CEO Confidence Index Report by MAN, manufacturers highlighted 10 top constraints limiting their operations. According to that report, the first on the list was inadequate energy supply,” he said.

Osidipe said manufacturers had invested heavily in alternative power generation because of unreliable grid supply, adding that the cost had further weakened their competitiveness.

“Manufacturers have suddenly, apart from setting up their own production units, they have also set up power-generating facilities. And when you look at the cost of maintaining that facility, for example, manufacturers in 2035 spent about N1.35tn on alternative energy sources,” he said.

He said the expenditure was separate from the electricity bills manufacturers paid for grid power, making it difficult for Nigerian firms to compete effectively. “And that is excluding the bills they’ve paid for energy supply from the grid. So how do you expect such a manufacturing concern to be competitive?” Osidipe said.

The MAN research director identified regulatory bottlenecks as another major challenge, saying manufacturers faced multiple agencies, overlapping requirements and additional administrative charges.

“The second issue is regulatory tyranny. You have a situation where you have multiple regulations, and the time that CEOs and staff should focus on core manufacturing is used to attend to regulatory agencies,” he said.

Osidipe also cited the exchange rate, manufacturers’ dependence on imported machinery, spare parts and strategic raw materials, as well as weak coordination between monetary and fiscal policies as major constraints.

“The fourth one is the weak handshake between the monetary and fiscal policy. You see the government coming up with one monetary policy and on the other hand, the fiscal authority is also using a contradictory policy,” he stressed.

He added, “You might agree with me that the manufacturing sector cannot be competitive in an environment where the government is using its right hand to counter what the left hand is extending to the industry.”