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Fitch revises Nigeria’s rating to positive on $54.9bn reserves, reforms
By Sam Otuonye
Fitch, an international rating agency, has revised Nigeria’s economic outlook from negative ‘B’- to positive ‘B’, as a result of various reforms undertaken by the government towards improving inflation, foreign exchange market, crude oil production, and revenue.The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the development in a statement issued on Saturday, October 10, 2026, stating that gross reserves climbed to $54.9 billion as at September 25, 2026, up from $32 billion in mid April 2024.
According to the Minister, a Positive Outlook signals a possible rating upgrade if current trends are sustained. Fitch said the action reflects reform of Nigeria’s policy framework and growing confidence that reform momentum will continue.
The agency linked improved reserves to increased formalisation of foreign exchange transactions, strong portfolio inflows and higher export receipts and remittances.
It said better reserve quality has strengthened resilience to external shocks and projected current account surplus of 6.4 percent of GDP in 2026.
Fitch also cited greater naira flexibility and disinflation. It forecasts real GDP growth of 4.3 percent in 2026, up from 4 percent in 2025, and expects growth above 4 percent in 2027 and 2028 driven by non-oil activity. Crude oil production has met OPEC target of 1.5 million barrels per day since May 2026, while ramp up of domestic refining is reducing refined product imports and forex demand. Average inflation is expected to ease to 15.4 percent in 2026, less than half its 2024 level.
On fiscal and financial sectors, Fitch expects tax reforms to raise non oil revenue to GDP ratio and projects general government debt to average 32 percent of GDP from 2026 to 2028, well below B median of 56 percent.
It recognised Nigeria’s liquid domestic debt market and bank recapitalisation, with many banks holding capital adequacy ratios above 20 percent.
“With the latest action, all three major rating agencies have taken positive steps on Nigeria in 2026. S&P Global upgraded Nigeria to B from B- in May, Moody’s revised outlook to Positive in August, while FTSE Russell returned Nigeria to Frontier Market status from September 21, 2026,” Oyedele noted.
The Minister said the Positive Outlook validates reforms under President Bola Ahmed Tinubu including fuel subsidy removal, exchange rate unification and tax reforms, adding that medium term ambition is to place Nigeria on path to investment grade to lower cost of capital, crowd in private investment and create jobs.
He acknowledged areas flagged by Fitch including high inflation relative to peers, low government revenue and high interest cost share, saying the reform programme is designed to address them.
The government listed priorities to sustain reform momentum and transparent forex regime, raise revenue through new tax laws, improve fiscal governance, advance structural reforms for non oil growth and translate macro stability to shared prosperity through food security, jobs, human development and support for small businesses.
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Nigeria must avoid oil economy mistakes with data – Oyedele
By Sam Otuonye
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned that Nigeria risks repeating the costly mistakes of its oil economy if it continues to rely heavily on foreign infrastructure for storing and processing its data instead of harnessing the economic value of its expanding digital sector.
Oyedele gave this charge on Wednesday in Uyo, Akwa Ibom State, while delivering the convocation lecture titled *“Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation”* at the University of Uyo.
He recalled that exporting crude oil and importing refined petroleum products deprived Nigeria of substantial domestic value, expertise and employment opportunities, stressing that the country must not allow a similar pattern to emerge in the digital economy.
Oyedele maintained that the scale of the opportunity was already evident, citing Nigerian Communications Commission (NCC) figures showing that Nigeria had more than 157 million active internet subscriptions as at May 2026. However, he highlighted an estimate by the Nigeria Data Protection Commission that over 90 per cent of the country’s data is hosted abroad.
He observed that such dependence comes at a considerable economic cost, including foreign exchange outflows for offshore data hosting and processing, lost opportunities for local businesses and professionals, and exposure of Nigerian data to foreign laws and jurisdictions.
The Minister explained that digital sovereignty entails a country’s ability to determine, under its own laws, how its data is collected, stored, accessed and utilised. He clarified that this does not mean shutting Nigeria out of the global digital economy, but ensuring that its participation advances national interests.
To reverse the trend, he called for deliberate investment in domestic digital infrastructure, stronger regulatory institutions and the development of local expertise and businesses capable of converting data into valuable products and services within Nigeria.
Speaking on artificial intelligence, Oyedele highlighted its growing capacity to reshape employment and the skills required in the emerging economy. He charged graduates to embrace AI and other emerging technologies while retaining their independent judgement, critical thinking, creativity, empathy and integrity.
He also enjoined young Nigerians to be deliberate about their conduct in the digital space, noting that their online footprints increasingly influence their personal and professional identities. Their posts, comments and reactions, he said, could shape how employers, institutions and society perceive them.
The Minister counselled graduates to disagree respectfully, challenge ideas rather than attack individuals, and understand that online attention does not necessarily translate into respect, popularity into credibility or virality into value creation. He equally drew attention to the capacity of artificial intelligence to amplify misinformation, impersonation and dishonesty, making ethical conduct and public trust increasingly important.
Turning to the role of universities, Oyedele charged higher institutions to move beyond the traditional award of certificates and position themselves as centres of innovation, entrepreneurship, ethical leadership and practical problem-solving.
He argued that their relevance should also be measured by the problems their graduates solve, the businesses they establish and the contributions they make to their communities.
The Minister identified agriculture, energy, healthcare, marine resources, environmental management and digital services as sectors offering significant opportunities for innovation and enterprise, calling on universities to equip students with the practical knowledge and skills to develop solutions in these areas.
He outlined five responsibilities for the graduating students: lifelong learning, value creation, integrity, responsible digital citizenship and active participation in nation-building.
Oyedele stressed that Nigeria’s digital future would depend not only on technology and infrastructure, but also on the values, choices and capabilities of the people shaping its development.
He challenged the graduates to see themselves as active contributors to that future, drawing on the words of management thinker, Peter Drucker: “The best way to predict the future is to create it.”
TCN seeks Bauchi govt’s partnership for new substations in Alkaleri, Toro
By Sam Otuonye
The Transmission Company of Nigeria (TCN), Bauchi Region, has appealed to the Bauchi State Government to expedite land allocation for two proposed transmission substations in Alkaleri and Toro Local Government Areas (LGAs) of the state which are expected to expand transmission capacity and improve bulk power supply across the state.
The Ag. General Manager (Transmission), Bauchi Region, Engr. Muhammed Bello Ahmed, made the appeal during a courtesy visit to the State Ministry of Land and Survey on Monday, November 2, 2026, emphasising the need for timely land allocation to facilitate project implementation.
He commended the state government for engaging host communities on the proposed projects and protecting critical transmission infrastructure through the enforcement of Right-of-Way (RoW) regulations, particularly the removal of illegal structures beneath high-voltage transmission lines.
In his response, the Permanent Secretary of the Ministry, Shuaibu Alhaji Mohammed, assured TCN of the state government’s support for the substation projects. He reaffirmed the Ministry’s commitment to facilitating the land allocation process and pledged to strengthen security around critical transmission facilities.
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CITAD challenges big tech dominance, advocates digital sovereignty
Abdul Haruna
The Centre for Information Technology and Development (CITAD) has argued that Nigerians should not have to surrender control over personal information to access digital communication.
The Centre stated this on Thursday while unveiling DANCIT, a homegrown messaging application designed as an alternative to mainstream platforms.
Buhari Abba, who addressed a press conference in Bauchi on behalf of the Executive Director of CITAD, said DANCIT is hosted on CITAD’s own digital infrastructure and is designed to limit unnecessary tracking, profiling and commercial exploitation of personal data.
He explained that the name DANCIT draws inspiration from the traditional Hausa concept of ‘dandali’ — a communal gathering place where people meet, exchange ideas and discuss matters affecting their lives.
“DANCIT is designed to offer an alternative by placing community needs, privacy and digital independence at the centre. Its purpose goes beyond exchanging messages; it is intended to support civic engagement, grassroots organising and digital rights discussions,” Abba said.
He said the platform represents a statement against continued monopolisation of digital innovation, noting that a healthy digital ecosystem requires space for competition, creativity and locally developed solutions.
CITAD also called on the Federal Government, civil society and educational institutions to support decentralised and locally-owned digital platforms to strengthen Nigeria’s digital sovereignty.
According to the Centre, digital sovereignty involves having the capacity to make informed decisions about digital infrastructure, data governance and technological development in ways that reflect national and community interests.
“Encouraging Nigerian institutions and communities to develop, host and manage digital services can contribute to building local capacity and reducing dependence on external providers. It does not mean isolating Nigeria from the global internet,” the statement said.
The organisation lamented that journalists, civil society organisations, young people and ordinary citizens increasingly depend on platforms that exploit data, amplify misinformation and impose arbitrary content restrictions.
It therefore urged policymakers, technology developers and the media to prioritise privacy, transparency, accountability and user control in discussions about Nigeria’s digital future.
CITAD also called on Nigerians to look beyond the popularity of mainstream platforms and consider how responsibly they handle information and respect users’ rights, adding that “our conversations matter, our data deserves protection, and our communities deserve digital spaces they can trust.”
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