Bashir Adewale Adeniyi, Nigeria’s comptroller-general of Customs, told the Senate Committee on Finance on Monday that Import Duty Exemption Certificate approvals reached approximately N34 trillion in 2025, with roughly 60 per cent of that tied to military hardware procurement exempted from duty because of the country’s security challenges.

Adeniyi made the disclosure during an investigative hearing in Abuja involving revenue-generating government agencies, according to a report by Leadership Newspapers.

A policy with a decade-long footprint

The IDEC scheme, introduced in March 2020, has become one of the most significant drags on Customs revenue, Adeniyi said.

Beyond military procurement, the waivers extend to compressed natural gas (CNG) equipment, electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, and food import intervention programmes.

Adeniyi pushed back on judging these exemptions purely by their revenue cost, arguing that many were designed around broader economic and social goals, lower consumer prices, expanded industrial output, and improved healthcare access, rather than short-term collections.

He recommended the Federal Government strengthen monitoring of waiver beneficiaries to confirm those outcomes are actually being delivered.

Revenue target under pressure

Adeniyi also disclosed that the Service had collected N4.5 trillion as of June 30, 2026, against an N11.04 trillion target for the year, leaving about N7 trillion still to be realised in the second half of the fiscal year.

A wider reckoning on unremitted funds

The same hearing surfaced separate allegations from the Fiscal Responsibility Commission (FRC) that Customs owes N8.9 billion in unremitted operating surplus to the Consolidated Revenue Fund, dating back to 2019, a claim the Service disputes.

A similar allegation was raised against the Corporate Affairs Commission (CAC), accused of owing N13.9 billion in unremitted surplus between 2023 and 2025; Hussaini Ishaq Magaji, the CAC’s Registrar-General, said the commission has been settling the obligation progressively.

Senate Finance Committee chairman Sani Musa (Niger East) ordered the CAC, the FRC and the committee’s secretariat to reconcile their figures and report back within two weeks.

He also warned agencies that skipped the hearing, the Nigerian Civil Aviation Authority, SMEDAN, the Industrial Training Fund, and the Federal Medical Centre, Jabi, to appear at the next sitting or face sanctions under Senate rules.

The post Customs: Import Duty Waivers Cost FG N34 Trillion in 2025 appeared first on Tech | Business | Economy.

Then you discover none of it was real.

This is the new face of online fraud, criminals do not rely on poorly written emails or suspicious messages filled with spelling mistakes anymore. They are using artificial intelligence (AI) to produce convincing voices, realistic videos, personalised emails and fake websites that are difficult to distinguish from the real thing.

In Nigeria, this risk is growing as more people now bank on their phones, shop online, work remotely and use digital platforms every day. While these technologies have made life easier, they have also created new opportunities for fraudsters.

The issue has gone beyond whether AI can be used to commit fraud because it already is. The focus now is on whether internet users can recognise these scams before they become victims.

Here are seven AI-enabled scams Nigerians should know before the end of 2026.

1. Voice-cloning scams are becoming alarmingly convincing

Imagine receiving a frantic phone call from someone who sounds exactly like your brother or sister. They claim to have been involved in an accident and urgently need money.

Most people would not think twice.

Voice-cloning technology allows fraudsters to recreate a person’s voice using just a few seconds of audio, usually taken from social media videos, voice notes or online interviews. Once they have enough audio samples, they can generate speech that closely matches the person’s tone, accent and manner of speaking.

Businesses are also at risk, with executives now receiving calls that appear to come from senior colleagues requesting urgent transfers or confidential information.

The safest response is never to rely on a voice message alone. If the request involves money or sensitive information, end the call and contact the person through a known number or arrange a video call.

2. Deepfake videos are making fake endorsements look real

Celebrities, business leaders and public officials have always been targets for impersonation. AI has taken this to another level.

Deepfake technology can create videos that make people appear to say things they never said. Fraudsters have used these videos to promote fake investment schemes, cryptocurrency platforms and giveaway promotions.

A convincing video featuring a well-known personality can quickly spread across Facebook, Instagram, TikTok or WhatsApp before anyone realises it is fake.

The best defence is healthy scepticism. Before investing money or sharing personal information, verify whether the organisation has announced the promotion through its official website or verified social media accounts.

If an offer promises unusually high returns or demands immediate action, that should raise concern.

3. Phishing emails no longer look suspicious

For many years, phishing emails were relatively easy to identify. They contained obvious grammar mistakes, awkward sentences and generic greetings.

That is changing.

AI tools can now produce professional-looking emails in seconds. Fraudsters can personalise messages using publicly available information, making them appear as though they came from a bank, government agency, delivery company or even a colleague.

Some messages include your name, workplace or recent purchases, making them appear genuine.

Instead of clicking links immediately, take a moment to examine the sender’s email address. If something feels unusual, visit the company’s website directly instead of following the link provided.

A few extra seconds can prevent a costly mistake.

4. Fake job offers are targeting desperate job seekers

The competitive job market in Nigeria has created an opportunity that fraudsters are eager to exploit.

Many fake recruitment campaigns now look remarkably authentic. They include professional websites, realistic interview invitations and convincing email exchanges.

Some even conduct online interviews using AI-powered chat systems before asking applicants to pay for training materials, equipment, visa processing or administrative fees.

Legitimate employers rarely ask candidates to pay before offering a job.

Applicants should verify vacancies through the company’s official website and confirm recruiters’ identities on professional networking platforms before sharing personal documents.

If payment is requested at any stage of the recruitment process, it is worth asking difficult questions.

5. Fake AI investment platforms are preying on fear of missing out

AI has become one of the most popular marketing terms in technology and fraudsters know this.

Today, many fake investment schemes claim to use AI-powered trading systems that supposedly guarantee extraordinary profits with little or no risk.

Some platforms promise daily returns. Others advertise automated cryptocurrency trading or foreign exchange investments managed entirely by AI.

No investment can guarantee consistent profits without risk.

Before investing, confirm whether the company is registered with the appropriate regulators. Research independent reviews and avoid platforms that pressure investors to act immediately or recruit additional participants.

When returns sound too good to be true, they usually are.

6. Fake AI apps and browser extensions are stealing personal information

The growing popularity of AI assistants has created another problem.

Cybercriminals have released fake versions of well-known AI applications and browser extensions designed to steal passwords, banking details and cryptocurrency wallets.

Some imitate trusted software so closely that users struggle to notice the difference.

Downloading applications only from official app stores or developers’ websites significantly reduces this risk.

It is also worth reviewing app permissions. An AI writing assistant, for example, should not require access to your contacts, photos or banking information.

7. Online shopping scams are becoming more sophisticated

Shopping online has become part of everyday life for many Nigerians.

Fraudsters are using AI to create realistic product images, write convincing customer reviews and build professional-looking online stores within hours.

Some even deploy automated customer service chatbots that answer questions instantly, creating the impression of a legitimate business.

Unfortunately, the product either never arrives or bears little resemblance to what was advertised.

Before making a purchase, check independent reviews, confirm the seller’s history and avoid paying through unfamiliar channels.

A reverse image search can also reveal whether product photographs have been copied from genuine retailers.

Why AI is making fraud more difficult to detect

Traditional scams usually failed because they looked unprofessional.

AI has removed many of those obvious warning signs.

Messages are better written, videos appear realistic, voices sound familiar, and fraudsters can personalise attacks at a scale that was previously impossible, making victims feel they are dealing with someone they know or trust.

This does not mean every polished email or realistic video is fraudulent. It simply means people can no longer judge authenticity by appearance alone.

Verification has become far more important than first impressions.

How you can protect yourself

While AI-powered scams are becoming more sophisticated, simple habits can still prevent many attacks.

• Never transfer money based solely on a phone call, voice note or email.
• Verify urgent requests using a trusted contact method.
• Enable two-factor authentication on important accounts.
• Download applications only from official app stores and verified developers.
• Be cautious of investment opportunities promising guaranteed returns.
• Check website addresses carefully before entering passwords.
• Research companies and recruiters independently before sharing personal information.
• Avoid acting under pressure. Fraudsters often create a false sense of urgency to stop victims from thinking clearly.

Staying one step ahead

Artificial intelligence is transforming industries, improving customer service and helping businesses become more productive. It is also giving criminals new ways to deceive people.

Technology itself is not the problem, the problem lies in how it is used.

With more Nigerians embracing digital services, protecting ourselves will depend less on spotting obvious mistakes and more on developing better online habits. Taking a few minutes to verify a request, question an unexpected message or confirm the identity of a caller may seem inconvenient.

In reality, those few minutes could save your money, your personal information and your peace of mind.

The post AI Scams Are Getting Smarter: 7 Threats Nigerians Should Watch for Before the End of 2026 appeared first on Tech | Business | Economy.

Estimated billing continues to fuel disputes between electricity consumers and Distribution Companies (Discos), despite years of promises to close the country’s metering gap.

Now, the World Bank says Nigeria’s ambitious electricity distribution (meter) reform programme is beginning to make measurable progress, but legal battles, procurement delays and slow contract execution are threatening to slow the momentum.

At the same time, the global lender is considering an additional $308 million financing package that could significantly expand the country’s smart metering programme and modernise electricity distribution infrastructure.

The details are contained in the World Bank’s Midterm Review Implementation Support Mission and Additional Financing Preparation Aide Memoire.

Meter rollout gathers pace, but not everywhere

The World Bank noted that implementation of Nigeria’s Distribution Sector Recovery Programme (DISREP) has improved since its last supervision mission in October 2025.

Across nine electricity distribution companies, installation of smart meters has accelerated considerably.

Monthly installations have increased from roughly 30,000 meters in late 2025 to around 65,000 per month during the first quarter of 2026, reflecting stronger execution on the ground.

Of the 1.15 million smart meters allocated under the programme, about 685,000 have already arrived in Nigeria, while approximately 365,000 have been installed.

The Bank expects the full shipment of the 1.15 million meters to arrive by the end of June 2026, with installation expected to reach 500,000 units.

However, implementation has not been uniform.

Progress has stalled in Ikeja Electric and Enugu Electricity Distribution Company (EEDC), while another procurement involving 1.55 million internationally sourced smart meters was halted after a court injunction prevented bid openings scheduled for April 30, 2026.

The legal action followed a complaint by the Association of Meter Manufacturers of Nigeria (AMMON).

The World Bank also criticised prolonged delays affecting contracts for locally procured meters and Meter Data Management Systems (MDMS), describing them as “unjustified.”

Fresh funding could add 1.7 million more smart meters

Despite the implementation challenges, the World Bank revealed that discussions are advancing on a request from the Federal Government for an additional $308 million in financing.

If approved, the new funding would support:

• Procurement of 1.7 million additional electricity meters
• Customer enumeration
• Feeder-based network rehabilitation
• Technical assistance
• Potential deployment of Supervisory Control and Data Acquisition (SCADA) systems to improve grid monitoring and operations.

According to the Bank, about $120 million of the proposed financing would be dedicated to the metering programme alone if the government proceeds with an all-smart-meter deployment strategy.

The Bank is also recommending that the programme’s closing date be extended by two years and one month, moving completion to June 2030, to provide sufficient time for procurement, installation and implementation of the expanded scope.

DISREP supports Africa’s Mission 300

Beyond reducing estimated billing, the World Bank says the programme is already contributing to broader electricity access goals.

DISREP has so far added approximately 401,500 people to the World Bank’s Mission 300 initiative, an ambitious programme designed to connect 300 million Africans to electricity by 2030.

The Bank explained that following the project’s restructuring in February 2026, the installation of 365,000 smart meters currently accounts for Nigeria’s contribution to the continental initiative.

Funding approved, but money yet to reach Discos

The World Bank also expressed concern over delays affecting the Programme-for-Results (PforR) component of DISREP.

Although it released an advance payment of $37.5 million, representing 15% of the financing—to the Bureau of Public Enterprises (BPE) in December 2025, the funds have yet to be transferred to the electricity distribution companies.

The Bank warned that the delay is slowing investments in network rehabilitation and improvements in electricity service delivery.

It added that the project’s Independent Verification Agent (IVA) has completed assessment of the programme’s first-year results, making Nigeria eligible for an additional $14.9 million reimbursement linked to verified performance.

Progress, but reforms must move faster

Despite the setbacks, the World Bank continues to rate both implementation progress and progress toward achieving the programme’s development objectives as moderately satisfactory.

However, it urged Nigerian authorities to resolve procurement disputes, accelerate contract execution and remove administrative bottlenecks to sustain reforms in the electricity distribution sector.

Approved in February 2021 with a $500 million World Bank facility, DISREP was designed to improve the technical and financial performance of Nigeria’s electricity distribution companies by deploying more than 3 million smart meters, reducing commercial losses, curbing electricity theft and ultimately ending the country’s long-standing estimated billing crisis.

For Nigeria’s electricity consumers, the message is clear: progress is underway, but until meters reach homes and businesses at scale, one of the power sector’s most persistent challenges remains far from resolved.

The post Nigeria’s Power Meter Revolution Hits Legal Roadblocks as W’Bank Mulls Fresh $308 Million Funding appeared first on Tech | Business | Economy.

Inflation spiralled. Government finances struggled under the weight of fuel subsidies and exchange rate distortions.

When President Bola Tinubu’s administration launched a series of sweeping reforms, from removing petrol subsidies and liberalising the foreign exchange market to tightening monetary policy and pursuing fiscal consolidation, the promise was clear: endure short-term pain for long-term prosperity.

Three years later, the numbers suggest the strategy is working. But for millions of Nigerians, daily life tells a very different story.

That is the central message from Agusto & Co.’s latest report, Nigeria’s Reform Dividend: Stabilisation Without Prosperity?

Macroeconomic recovery is real

According to the economic advisory firm, Nigeria has recorded one of its strongest macroeconomic recoveries since returning to democratic rule.

The reforms have rebuilt investor confidence, strengthened foreign reserves, moderated inflation, stabilised the exchange rate and reopened access to international capital markets.

Measured against the International Monetary Fund’s orthodox policy benchmarks, Agusto said the reforms have largely achieved their objectives.

Foreign reserves climbed from $45.8 billion at the end of 2025 to nearly $50 billion by June 2026, supported by stronger oil earnings, portfolio inflows and a successful $2.3 billion Eurobond issuance.

The naira also appreciated by roughly 12% year-on-year, trading around ₦1,370 per US dollar in June 2026, reflecting renewed confidence in the liberalised foreign exchange market.

Economic growth has also shown signs of recovery.

Nigeria’s GDP expanded by 3.87% in 2025, with the IMF projecting 4.1% growth in 2026, driven by agriculture, oil production, ICT and real estate.

Inflation, which peaked at 34.8% in 2024, eased significantly to 15.06% in February 2026, before edging up slightly to 15.93% in May following renewed global commodity price pressures.

The report credits tighter monetary policy, improved exchange rate management and better agricultural harvests for helping slow inflation.

But households are telling another story

While economists celebrate stabilisation, many Nigerians continue to battle rising living costs.

Agusto argues that the country’s strongest macroeconomic indicators have yet to translate into meaningful improvements in household welfare.

“The official narrative of stabilisation increasingly contrasts with the lived reality of households battling shrinking incomes, high food prices, inadequate public services and worsening insecurity,” the report noted.

According to the firm, approximately 63% of Nigerians now live in extreme poverty, while nearly 27 million people experienced severe food insecurity towards the end of 2025.

Although the Federal Government’s cash transfer programme reached about 9.2 million households, beneficiaries reportedly received no more than three payments of ₦25,000 each—support Agusto considers insufficient given the scale of economic hardship.

Strong reserves, weak productive economy

The report cautions that Nigeria’s stronger external position masks deeper structural weaknesses.

Much of the country’s current account surplus continues to come from crude oil exports and reduced petroleum imports following increased domestic refining, not from diversified exports or industrial expansion.

Non-oil exports remain constrained by unreliable electricity, weak transport infrastructure, congested ports, regulatory uncertainty and logistics bottlenecks.

As a result, Agusto believes Nigeria’s stronger reserves should be viewed primarily as protection against external shocks rather than proof of broad-based economic prosperity.

Investors are returning, but businesses are borrowing less

The report also highlights significant progress in financial sector reforms.

Under the Central Bank of Nigeria’s recapitalisation programme, commercial banks collectively raised ₦4.65 trillion, with 33 of the country’s 37 commercial banks meeting the revised minimum capital requirements by March 2026.

Nigeria’s removal from the Financial Action Task Force (FATF) grey list and ongoing Basel III implementation have further strengthened investor confidence.

However, Agusto warns that higher interest rates are producing unintended consequences.

Banks now allocate about 22% of their assets to government securities, attracted by higher yields, while pension funds continue to favour government debt.

This has crowded out lending to businesses, leaving private sector credit at only about 12% of GDP after adjusting for exchange rate movements.

Structural challenges remain unresolved

Agusto argues that monetary policy alone cannot solve Nigeria’s deeper economic constraints.

Poor roads, underutilised rail systems, congested ports, unreliable electricity and insecurity continue to drive production costs and food prices higher.

Even as inflation slows statistically, businesses and consumers continue to grapple with elevated operating costs.

The report also points to growing dependence on Buy Now, Pay Later (BNPL) services and micro-credit among middle- and lower-income households.

Rather than reflecting greater financial sophistication, Agusto says the trend signals increasing financial distress, as more Nigerians borrow simply to finance everyday consumption.

The political test begins

The report raises fresh concerns about whether the fiscal gains from subsidy removal are being effectively deployed.

Although the IMF estimates the policy generated savings equivalent to about 2% of GDP, consolidated government revenue declined from 10.8% of GDP in 2024 to 10.2% in 2025.

Meanwhile, interest payments consumed 53.2% of Federal Government revenue last year, leaving limited room for infrastructure investment and expanded social protection.

As Nigeria moves closer to the 2027 general elections, Agusto warns that political pressure could threaten recent gains.

Historically, election cycles have encouraged higher public spending, wage increases and policy reversals.

The firm believes mounting pressure from organised labour and households struggling with the high cost of living could widen fiscal deficits if reforms lose momentum.

The next challenge

For Agusto & Co., stabilising the economy was only the first step. The harder task now is ensuring that stronger reserves, lower inflation and renewed investor confidence translate into jobs, lower living costs, stronger industries and improved household incomes.

Until that happens, the report concludes, Nigeria’s economic recovery may continue to look impressive in spreadsheets, but remain difficult for millions of citizens to experience in their everyday lives.

The post Nigeria’s Economy is Recovering on Paper; Millions Still Don’t Feel it – Report appeared first on Tech | Business | Economy.

Nigeria’s food commerce market was valued at $11.09 billion in 2025, according to the study by the  Africa’s all-in-one financial ecosystem platform for individuals, businesses and their customers.

The sector has undergone a massive structural shift marked by food-delivery super-apps, as well as a new generation of cloud kitchens operating without a single dining chair, with the food service industry poised to experience unprecedented growth as the Nigerian market is projected to reach $19.31 billion by 2030, growing at 11.73% annually.

The study traces the industry’s roots from the UAC-owned Kingsway Rendezvous of 1973 and the 1986 launch of Mr Bigg’s, through the rise of Chicken Republic and other quick-service chains, to the present day, where food and drinks form the second-largest merchant sector on Moniepoint’s platform, trailing only retail.

Tosin Eniolorunda, group CEO of Moniepoint Inc., noted that

“Moniepoint believes financial inclusion is not just about access. It’s about dignity, about enabling people to transact on their terms. What’s happening in the food service sector today is significant. The real competitive question today is how deeply that payment infrastructure is woven into the way the business actually runs day to day. Moniepoint is sitting right at the centre of that shift. We are ensuring that payments are connected to inventory, inventory to recipes, recipes to procurement, procurement to credit, and credit to growth plans. By building out tools like Moniebook and Orda that match the operational reality of these culinary entrepreneurs, who act as mini-factories converting perishable raw materials into time-sensitive output, we are providing the digital operating system that drives sustainable scale for Nigeria’s socio-economic development.”

The report finds that for most of that history, Nigerian food businesses ran almost entirely on cash, with multi-location operators managing cash across a dozen or more outlets, facing constant exposure to loss, theft and human error.

The rise of bank transfers in the 2010s introduced a new pain point around confirming that the payment had actually landed before releasing an order.

At peak hours, the study notes, this manual verification could add two to five minutes to every transaction, with digital infrastructure most likely to falter precisely when demand and stakes were highest, especially during Christmas, New Year’s and Eid celebrations.

The study also documents how disconnected payment and inventory systems enabled operational leakage that was structurally difficult to detect, from unaccounted stock in the kitchen to under-ringing at the till and how Nigeria’s collateral-based lending system routinely locked thriving food businesses out of credit.

The International Finance Corporation estimates that the country’s unmet MSME credit demand was $32.2 billion in 2022, a gap that falls disproportionately on women, who, the report shows, own 86.8% of businesses in the accommodation and food services sector, the most female-dominated sector in the Nigerian economy.

To address these bottlenecks, Moniepoint introduced three structural interventions that reshaped the industry’s economics.

Moving away from the traditional $T+1$ bank settlement cycle, it provided instant, same-day access to funds, allowing operators to finance the next morning’s inventory directly from the previous day’s sales.

This was paired with automated transfer confirmation at the terminal to eliminate manual verification queues and an embedded lending model that used verified transaction history instead of property collateral to unlock bulk purchasing power ahead of seasonal surges. Driven by these updates and the tightening of the cashless policy, Moniepoint witnessed a 2,823% surge in QSR terminal usage.

Beyond payments, a unified business banking dashboard replaced month-end spreadsheets with real-time, role-based visibility to curb financial misconduct across multiple branches.

With Moniepoint’s launch of Moniebook and the acquisition of Orda, analysts say that the business is transitioning from a payment provider to a complete operating system, in line with its ecosystem ambition.

This integration allows culinary businesses to track ingredient depletion against precise recipes to expose hidden theft or portioning errors, while simultaneously consolidating fragmented orders from delivery apps, social media, and walk-ins into a single inventory ledger.

Some other insights from the study:

• Transaction volume across the industry peaks at lunch, between 1 pm and 2 pm, with a second evening peak at 7 pm reaching 10 to 15 times its level at 7 am – except online food delivery, which peaks and remains strong past 10 pm.
• Card payment activity records its biggest month-on-month jump of the year between November and December, while April is the industry’s quietest month for payment activity, running 46.3% below December’s.

This food service case study joins Moniepoint’s expanding pool of definitive thought leadership materials curated for the benefit of stakeholders, including regulators, investors, and the general public, aimed at enhancing their understanding of how digital payment ecosystems are transforming Nigeria’s commercial landscape across diverse sectors and market structures.

The post Moniepoint is Powering Nigeria’s $11 billion Food Service Industry, Study Reveals appeared first on Tech | Business | Economy.

The average Nigerian borrower is widely considered high-risk, a claim repeated in credit committees, priced into retail loans, and largely treated as settled fact.

Every credit market accepts that an individual loan may not be repaid; this is ordinary, priced risk.

The high-risk claim, however, is applied to whole segments – the informal trader, the gig economy earner whose income is steady but split across several accounts, the remote worker paid by an overseas client into a fintech FX wallet.

What the assessment establishes is not whether they are likely to repay, but how they fit into an arbitrary segment.

Having spent years building decisioning systems for this market, my thesis is a specific one: “high-risk” does not mean “no credit” – it simply requires that the lender embrace alternative datasets to price the risk appropriately.

This is not a criticism of the institutions that built their frameworks around collateral and documentation; those were rational responses to the tools available at the time. When data is scarce, prudence means defaulting to the status quo.

The limitation is not that this approach is wrong, but that it leaves a blind spot – excluding fundamentally sound borrowers whose economic lives simply are not captured on the bank’s ledger. A market trader who has moved consistent, growing volumes of cash through mobile money for three years is not, in any meaningful sense, unknowable.

Their financial behaviour is observable and patterned; it simply occurs outside the traditional banking system, rendering it invisible to conventional underwriting.

This is the gap technology is now positioned to close – not by replacing institutional judgment, but by augmenting it. When AI-driven analysis is applied rigorously to the financial behaviour these borrowers generate, a far more complete picture of their repayment ability emerges – and a meaningful share presents a risk profile that compares favourably with segments the traditional system has long considered safe.

The “high-risk” label, applied broadly to an entire category of borrower, was never a risk pricing tool so much as the limit of what the available tools could see.

For banks, this is the opportunity to extend capital with confidence beyond the borrowers who fit their stringent criteria.

Nigerian banks are highly liquid; the constraint on credit growth has rarely been capital, but the ability to assess and price the borrowers who sit outside the traditional file.

Close that gap, and the whole ecosystem strengthens: banks grow their loan books into segments they have long wanted to serve, and the real economy gets the capital it needs to expand.

This is precisely what we focus on at Mathesis Analytics: building AI-powered credit decisioning that gives lenders a fuller, more defensible picture of the individuals long excluded as high-risk when they were simply misjudged.

The Nigerian credit gap has never been a non lendable-population problem, but one of incomplete visibility.

By unifying varied data sources and partnering with the institutions that hold the capital and scale to move the market, we translate out-of-ecosystem behaviour into reliable, bank-grade risk scores. Closing this gap is one of the clearest, highest-leverage opportunities in Nigerian financial services today.

*Mathesis Analytics is a Nigerian-incorporated AI-powered credit decisioning and scoring platform that has scored over 40 million individuals and enabled more than $272 million in credit disbursements across Nigeria

The post How Data Deconstructs the Myth of the ‘High-Risk’ Nigerian Borrower appeared first on Tech | Business | Economy.

But hiring is stalling in several traditional sectors, while a few others are expanding and still absorbing workers.

Looking at recent labour data and employment reports, we see that jobs have not disappeared, but changed course.

Top Assets Nigerians Are Buying to Beat Inflation

Why Hiring Still Continues in a Weak Economy

Even in a period of economic downturn, companies are still recruiting for a few simple reasons:

• Demand for digital services has not stopped or reduced
• Ageing populations are increasing healthcare needs
• Automation and AI are creating new technical roles
• Supply chains are still adjusting after years of disruption
• Governments continue to invest in infrastructure and energy transition

What this means is that some sectors are cutting back, while others are expanding fast enough to offset the decline.

Top Industries Still Hiring in 2026

1. Technology and Artificial Intelligence

The tech sector is uneven, but demand for specialised skills is strong. Companies are not hiring extensively anymore, they are hiring carefully.

Roles in demand include:

• Data analysts
• AI engineers
• Cybersecurity specialists
• Cloud infrastructure experts

Even as some firms reduce headcount, others are expanding aggressively into AI-driven services and automation tools.

2. Healthcare and Social Care

Healthcare is still one of the most stable employers globally. Hospitals, clinics, and care facilities are recruiting due to:

• Ageing populations in many countries
• High demand for long-term care
• Ongoing staffing shortages

Nurses, caregivers, laboratory technicians, and medical support staff are in high demand.

3. Renewable Energy and Green Industries

Energy transition is already influencing employment.

Hiring is strong in:

• Solar and wind energy projects
• Electrical grid expansion
• Climate and environmental engineering

Investment from both governments and private firms support steady job creation in this space.

4. Logistics, Transport, and E-Commerce

Online shopping habits have permanently changed how goods move.

This sector hires in:

• Warehousing and inventory management
• Delivery and fleet operations
• Supply chain coordination

Even when consumer spending slows, the infrastructure behind online retail keeps expanding.

5. Finance and Fintech

Financial services are also adapting rather than shrinking.

Banks and fintech companies are hiring for:

• Digital payments systems
• Risk and compliance roles
• Fraud detection and cybersecurity

The transition toward mobile banking and cashless systems is still expanding.

6. Education and Online Learning

Education has become more flexible and digital.

There is high demand for:

• Online tutors
• Course creators
• Learning platform staff
• Corporate training specialists

People are also returning to upskilling as job competition increases.

What Skills Are Becoming More Valuable

Across all industries, employers are prioritising practical, adaptable skills over traditional qualifications alone.

The most requested skills include:

• Digital literacy
• Data handling and interpretation
• Familiarity with AI tools
• Communication and teamwork
• Problem-solving ability
• Remote collaboration tools

In many cases, the ability to learn quickly is more important than existing experience.

Where the Job Market is Not Focused on

It is important to note that hiring is not evenly spread.

Some sectors are reducing their pace:

• Retail and hospitality in some regions
• Entry-level white-collar roles
• General administrative positions

Reports also reveal that hiring has become more selective, with employers favouring experienced candidates over beginners in many industries.

What This Means for Job Seekers

This year, the job market is not affected by a lack of jobs, but by a mismatch between available roles and the skills people offer.

Job seekers need to follow these steps:

• Focus on industries still expanding
• Build skills linked to digital and technical roles
• Be open to hybrid or remote opportunities
• Apply early and consistently rather than broadly and randomly

The post Top Industries Still Hiring Despite Economic Challenges appeared first on Tech | Business | Economy.

Nigeria’s electricity distribution companies installed 357,495 meters in the first quarter of 2026, the Nigerian Electricity Regulatory Commission (NERC) said in its Q1 2026 report, describing the number as the highest quarterly deployment in five quarters.

NERC said the figure showed a continuing recovery in metering activity and attributed the increase largely to the federal government’s Distribution Sector Recovery Program (DISREP).

The commission said DISREP, a programme supported by a $500 million World Bank facility that aims to deploy 3.2 million smart meters nationwide, accounted for more than one-third of meter installations in the quarter.

According to the report, the 11 electricity distribution companies (DisCos) installed a combined total of 357,495 end-user meters in Q1 2026.

NERC said Benin and Abuja DisCos recorded the largest shares of deployments, accounting for 20.35 per cent and 14.08 per cent respectively.

The regulator said installations rose by 10.38 per cent from 323,864 in Q4 2025, and that eight DisCos recorded improvements during the period.

NERC said Kaduna DisCo recorded the highest increase, rising 119.53 per cent, while Kano, Enugu and Abuja DisCos recorded declines of 94.81 per cent, 89.48 per cent and 10.42 per cent respectively.

NERC said scheme-level deployment during the quarter was led by DISREP, which supplied 129,224 meters, representing 36.14 per cent of the total.

The commission said 118,681 meters (33.19 per cent) were installed under the Meter Asset Provider (MAP) scheme, 97,992 meters (27.41 per cent) through the Meter Acquisition Fund (MAF), 10,589 meters (2.96 per cent) under DisCo-financed arrangements, and 1,009 meters (0.28 per cent) under vendor-financed frameworks.

The report said DISREP installations began in May 2025 and that cumulative DISREP deployments reached 217,784 meters by the end of Q1 2026. NERC said the quarter alone saw 129,224 meters installed under DISREP, a 29.81 per cent increase from the 99,545 meters deployed under the programme in Q4 2025.

NERC said the first quarter of 2026 recorded the highest quarterly meter deployment in the past five quarters, citing figures that show a steady recovery: 357,495 meters in Q1 2026, 323,864 in Q4 2025, 228,614 in Q3 2025, 225,631 in Q2 2025 and 187,161 in Q1 2025.

The commission said metering remains a primary reform priority for the Nigerian Electricity Supply Industry because it improves billing transparency, reduces commercial losses and strengthens revenue collection.

NERC said the MAP scheme permits approved private vendors to supply prepaid meters, while the MAF was introduced to accelerate deployment through central funding.

NERC warned that despite the progress, millions of electricity consumers remained unmetered and continue to receive estimated bills, and said further scaling of metering interventions will be required to close the gap.

[Source: Leadership.ng]

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Global credit insurer Coface has downgraded risk assessments for eight countries and 45 economic sectors following more than fifteen weeks of Middle East conflict, warning that the inflationary and supply-chain disruptions triggered by the crisis will weigh on African economies through 2027, even as commodity exporters such as Nigeria stand to benefit from higher oil prices.

The assessment, published in Coface’s June 2026 Risk Review, comes as a memorandum of understanding between the United States and Iran signals a fragile de-escalation in the region.

But according to Coface, the pause in hostilities does not equate to a return to normal conditions. The duration and intensity of the conflict far exceeded initial expectations and has disrupted a region central to global energy supply chains, the report said.

A widening gap between importers and exporters

Coface’s analysis draws a sharp distinction between Africa’s oil-importing and oil-exporting economies.

South Africa, Egypt and Morocco, all net oil importers, face intensifying inflationary pressure, particularly on food and transport costs, as energy prices rise.

Nigeria, by contrast, is positioned among the continent’s commodity exporters that could see a net benefit from higher global oil prices, even as it also ranks among Africa’s most industrialised, and therefore most oil-dependent, consuming economies.

That dual exposure, as both a major oil producer and a significant fuel-importing economy given Nigeria’s historical reliance on imported refined petroleum products, means the net effect of the shock on Nigeria’s economy is unlikely to be straightforwardly positive, though the report does not model Nigeria’s net position in isolation.

Coface said the inflationary spillover will not be confined to oil-consuming industrialised economies.

Even less oil-dependent African economies will face pressure through rising food prices, driven by higher input costs, fertiliser shortages and adverse weather conditions, a combination the report says will weigh on continental GDP growth in 2026 and 2027.

Countries “with deteriorated public finances or external accounts face heightened risks in a context of tighter financing conditions,” the report noted, while commodity exporters benefiting from higher prices will reinforce a growing divergence in economic performance across the continent.

Global growth downgraded, insolvencies rising

Coface revised its global GDP growth forecast down to 2.3% for 2026 and 2.5% for 2027, a cumulative reduction of 0.6 percentage points across both years, citing production stoppages, the return of inflationary pressure, and tightening financial conditions.

The firm said governments globally have very little room for manoeuvre to support economic activity and incomes in response.

Brent crude is now expected to average $85 per barrel in 2026, according to Coface’s revised forecast.

The disruption has been most visible in maritime transport through the Strait of Hormuz, a critical chokepoint for global hydrocarbon supply.

Coface data shows only 145 vessels transited the strait in May 2026, compared with more than 3,300 during the same month a year earlier, a contraction the firm says has already produced longer delivery times, rising costs, and early signs of shortages as companies build precautionary stockpiles at the expense of cash flow and margins.

Against that backdrop, Coface expects global corporate insolvencies to rise 6% this year, with particularly sharp increases forecast in the United States, France and Japan.

Regional divergence

Coface’s report details significant variation in how the shock is being felt across regions:

• Middle East: Gulf states directly exposed to the Strait of Hormuz have seen the sharpest contractions, given their dependence on the passageway for exports.
• Europe: Rising energy prices and prolonged uncertainty are weighing on domestic demand, with eurozone growth now forecast at just 0.7%.
• United States: Inflation has risen sharply, from 2.4% in February to 4.2% in May, squeezing purchasing power and consumption among low-income households.
• Asia: The picture is mixed, South Korean semiconductor exports are up 153% since the start of the year, while other sectors face squeezed margins.
• Latin America: The shock has driven a resurgence in inflation and more restrictive monetary policy, with Brazil’s key interest rate now at 14.5%.

41 sector downgrades across 19 countries

Jean-Christophe Caffet, Coface’s chief economist, said the de-escalation in the Middle East should not obscure the scale of economic damage already set in motion.

“The lull in hostilities in the Middle East is good news, but it cannot conceal the key issue: the disruptions that are already under way will drag on business activity, income and employment,” Caffet said. “An unprecedented total of 41 sector downgrades across 19 countries underscores the global impact of a conflict whose consequences for trade flows and corporate profitability will continue to weigh heavily in the coming months.”

Of Coface’s 45 total sector risk reassessments, 41 were downgrades and just four were upgrades, a ratio the firm frames as evidence of how broadly the conflict’s economic effects have spread beyond the Middle East itself.

What this means for Nigeria

For Nigeria, the report’s findings point to a familiar but sharpened tension. As one of Africa’s largest crude oil producers, higher Brent prices, now expected to average $85 per barrel in 2026, could improve government revenue and foreign exchange inflows if sustained.

But Nigeria’s continued exposure to imported refined fuel, alongside broader continental pressure on food prices from fertiliser shortages and rising input costs, complicates any straightforward reading of the country as a clear winner from the shock.

Coface’s report does not provide Nigeria-specific growth or sector-downgrade figures, leaving the precise domestic impact, including whether Nigeria features among the eight downgraded countries or 45 reassessed sectors, unspecified in the material reviewed.

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Speaking during a media briefing in Abuja, Nigeria, Afreximbank’s Dr George Elombi, said Africa could no longer rely on a development model built around extraction and export of raw materials and importing finished goods.

He said the continent’s next phase of growth must be driven by value addition, manufacturing, regional trade and stronger African financial institutions capable of strong domestic capital and resource mobilization for transformation.

“Africa’s sovereignty will not be secured by exporting more of what we do not process. It will be secured when we build the industries that turn African resources into African value. But industrialisation requires capital, and that capital must be accessible on terms that are fair, evidence-based and reflective of Africa’s true potential,” he said.

Dr Elombi said Afreximbank’s mandate is focused on helping the continent make that transition – from commodity dependence to industrial capacity, from fragmented markets to integrated trade, and from external vulnerability to greater African resilience.

Directly through debt financing and indirectly through its equity vehicle, the Fund for Export Development in Africa (FEDA), and in partnership with industrial partners such as ARISE IIP, Afreximbank is facilitating the development of multipurpose industrial parks and special economic zones and dedicated towards supporting minerals processing, agro-processing, automotive, textiles and pharmaceuticals.

The Bank is scaling these strategic investments with the view to build competitive manufacturing hubs and deepen regional production linkages across the continent.

Dr Elombi said that if Africa is to industrialise, the continent must also address the cost and availability of capital.

Credit ratings, he noted, influence how much institutions pay to raise funding, the investors they can access and, ultimately, the cost at which they can finance trade, infrastructure and industry.

“Fair credit assessment is part of Africa’s sovereignty agenda,” he said, adding that “when African institutions are assessed properly, they can raise capital more competitively. When they raise capital more competitively, they can finance Africa’s industrial growth, and accelerate African trade and job creation.”

He said Afreximbank’s recent investment-grade rating from S&P Global Ratings, which assigned the Bank a BBB+ long-term and A-2 short-term issuer credit rating, showed the importance of assessing African institutions in their proper context.

S&P’s assessment comes after Afreximbank’s strong Q1 2026 performance, with total assets and contingencies rising to US$49.4 billion, shareholders’ funds of US$8.6 billion, a capital adequacy ratio of 23% and a non-performing loan ratio of 2.40%.

Dr Elombi said rating agencies must properly recognise Afreximbank’s treaty-based structure, Preferred Creditor Status, shareholder support and central role in financing African trade.

He added that shareholders’ perception of the Bank is driven by their conviction and belief in the institution they created and not just by rating perceptions.

He said African multilateral institutions should be assessed on verified evidence, their real institutional structures and the development role they play across the continent. Despite a complex global environment, Afreximbank has continued to demonstrate

strong investor confidence, including through successful Samurai and Panda bond issuances and a US$2 billion equivalent dual-tranche syndicated facility raised in Q1 2026 from 31 lenders across Europe, the Middle East, Asia and Africa.

Dr Elombi added that industrialisation will only deliver sovereignty if African goods can move across African markets.

He said Afreximbank would continue supporting trade-enabling infrastructure, payment systems, logistics corridors and AfCFTA implementation to reduce the barriers that make it difficult for African businesses to trade with one another.

“Capital, industry and trade must work together,” he said. “Africa must finance its production, process its resources and move its goods across its own markets. That is how we create value, retain value in Africa and build sovereignty that is practical, not theoretical.”

He welcomed the idea of a New African Financial Architecture (NAFA) and the urgency to build capacity to mobilise resources from the continent to support its development.

Looking ahead, Dr Elombi said Afreximbank would remain focused on financing the systems Africa needs to stand more firmly on its own foundations including industrial capacity, value addition, strategic minerals processing, trade-enabling infrastructure, digital payments, energy security and intra-African trade.

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