Nigeria aims to court investors at Davos as global capital pulls back

Nigeria will use this year’s World Economic Forum in Davos to press its case as a stable, reforming economy at a time when global investors are pulling back from emerging markets and geopolitical tensions are reshaping capital flows.

Led by Vice President Kashim Shettima, Nigeria’s delegation to the January 19–23 meetings includes Wale Edun, the finance minister and coordinating minister of the economy, who is attending as a VIP participant, according to a statement signed by Ogho Okiti, special adviser to the minister of finance, on Monday.

The forum’s theme, The Spirit of Dialogue, aligns with Nigeria’s strategy of pairing macroeconomic reforms with sustained engagement with investors, development partners, and global policymakers.

“At a time of heightened uncertainty, the world is looking to Nigeria as a pillar of economic stability in Africa — not only because of its size, but because of the reform choices it has made,” the finance ministry said.
“This positioning places Nigeria firmly within the global dialogue on how emerging markets can navigate volatility while sustaining reform momentum.”

According to the ministry, Nigeria’s message in Davos is straightforward: the country intends to stay the course on market-oriented reforms, maintain macroeconomic discipline, and protect institutional credibility, including the operational independence of the Central Bank of Nigeria, as a foundation for price stability and investor confidence.

That positioning comes as emerging markets face tightening financial conditions, weaker multilateral cooperation, and rising debt pressures. Nigeria is seeking to distinguish itself by arguing that reforms introduced since May 2023 are beginning to yield tangible results.

Africa’s most populous economy embarked on some market reforms nearly three years ago, including eliminating costly fuel subsidies and floating its currency — the twin policies that have now stabilised the economy and placed it on a more fiscal footing.

According to the finance ministry, Nigeria will use the forum to report progress rather than make new promises. Officials point to more predictable macroeconomic conditions, improving growth performance, moderating inflation trends, stronger external buffers, and renewed international confidence, including Nigeria’s removal from major global financial grey lists.

Beyond signalling reform credibility, Edun’s meetings in Davos will focus on deepening dialogue with global investors, development finance institutions, credit ratings agencies, and multinational companies. The aim is to address lingering concerns around policy consistency, foreign-exchange stability, inflation, and fiscal sustainability, while reinforcing Nigeria’s ambition to act as a reform anchor in Africa’s largest economy.

The government says this engagement builds on renewed investor interest, particularly from Europe and the UK, and Nigeria’s gradual reintegration into global financial markets after years of capital controls and policy uncertainty.

A central theme of Nigeria’s Davos strategy this year is shifting discussions from promotion to execution. Officials say Nigeria has opened multiple investment talks over the past two years across energy, infrastructure, manufacturing, agriculture, technology, and financial services. The focus in Davos will be on converting those discussions into firm commitments.

Rather than broad pitches, Edun is expected to push investors on what specific policy assurances, regulatory frameworks, or risk-mitigation tools are required to take projects to financial close. The approach reflects a broader attempt to unlock delayed capital and accelerate project execution in an environment where global funding has become more selective.

Nigeria’s message is shaped by wider global pressures. Trade rules are being rewritten, capital flows to developing economies have tightened sharply, and climate finance remains unevenly distributed. At the same time, rapid technological change is disrupting labour markets faster than new jobs are being created.

Against that backdrop, Nigeria is framing its reform agenda around domestic revenue mobilisation, private-sector-led growth and institutional credibility, with macroeconomic stability positioned as a prerequisite for inclusive development.

By Wasiu Alli, Business Day

Nigeria emerges top Belt and Road beneficiary with China-backed $24.6bn GRIP megaproject

Nigeria has emerged as the largest single beneficiary of China’s Belt and Road Initiative (BRI) in 2025 following an estimated $24.6 billion construction commitment linked to the Ogidigben Gas Revolution Industrial Park (GRIP) in Delta State, marking one of the biggest China-backed infrastructure deals in Africa this year.

GRIP is a flagship gas-based industrialisation project designed to transform Nigeria’s vast natural gas reserves into higher-value products, including petrochemicals, fertilisers, methanol and refined fuels.

The industrial park is expected to anchor multiple downstream industries, supported by new gas processing plants, pipelines, power infrastructure and export facilities, much of which is being delivered by Chinese engineering and construction firms under the BRI framework.

According to Christoph Nedopil Wang, a China energy and finance expert at Griffith University, this deal highlights a broader trend in Beijing’s BRI strategy, which increasingly focuses on fewer but high-value projects tied to energy and industrial infrastructure.

Nedopil notes that Nigeria’s GRIP-related contracts alone accounted for roughly $20 billion of China’s 2025 construction activity in Africa, making the country the continent’s largest BRI construction recipient and a strategic hub for China’s long-term energy engagement.

The scale of the deal places Nigeria at the centre of China’s recalibrated Africa strategy, which is shifting away from smaller, dispersed projects toward fewer, capital-intensive investments tied to energy security and long-term industrial value.

With Africa’s largest gas reserves and a large domestic market, Nigeria offers Beijing both commercial viability and strategic depth in West Africa.

Terror challenges mar early development

Despite its strong fundamentals, GRIP’s early development was stalled by serious security challenges.

Long-standing tensions between the Ijaw and Itsekiri communities resurfaced, leading to violent rivalries and the emergence of armed groups around the project site in 2018.

During the administration of former President Goodluck Jonathan, threats and alleged financial demands of about $30 million reportedly forced authorities to delay the project’s groundbreaking, severely undermining investor confidence.

Saudi-linked investors who had shown interest in the project are reported to have withdrawn, citing concerns over security and the influence of non-state actors.

As a result, Ogidigben fell dormant for years, becoming a cautionary example of how insecurity in the Niger Delta can derail large-scale energy investments, despite their national economic importance.

Why GRIP matters for Nigeria and China

For Nigeria, GRIP represents a critical pillar of its long-term plan to reduce dependence on crude oil exports, curb gas flaring and build a competitive gas-driven manufacturing base. The project is expected to generate thousands of jobs, stimulate industrial growth in the Niger Delta and boost export revenues once operational.

For China, backing GRIP strengthens access to a major gas-producing economy while reinforcing its economic footprint in a region where competition with Western and Gulf partners is intensifying. It also reflects Beijing’s growing preference for projects with clear revenue potential rather than sovereign-funded public works.

However, the scale of Chinese involvement is likely to revive debates around debt sustainability, transparency and local content.

Nigerian authorities face pressure to ensure the GRIP investment delivers long-term economic value, technology transfer and inclusive growth, rather than adding to fiscal strain.

If successfully executed, GRIP could redefine Nigeria’s industrial landscape and stand as one of the most consequential Belt and Road projects on the African continent.

By Solomon Ekanem, Business Insider Africa

Nigeria's northeast faces worst hunger in a decade as aid cuts hit region, UN says

Thousands of people in Nigeria's strife-torn northeast are facing the risk of catastrophic food shortages for ​the first time in nearly a decade, as aid cuts deepen ‌malnutrition across the region, the U.N. World Food Programme warned on Friday.

Around 15,000 people are at risk ‌in Borno state, the agency said, an area already struggling with years of militant unrest.

Across West and Central Africa, 55 million people are facing severe food shortages, with more than three quarters of the people affected in Nigeria, Chad, Cameroon and ⁠Niger, it added.

The U.N. body ‌did not pick out specific funding but agencies have been raising the alarm since the Trump administration started reducing aid as ‍part of its “America First” policy last year, and Britain and others cut aid budgets to boost spending on defence.

More than 13 million children in the region were projected to suffer ​malnutrition this year, the WFP said.

Conflict, displacement and economic pressures have driven ‌food insecurity for years, but cuts to humanitarian assistance were now pushing vulnerable communities beyond their ability to cope, the statement added.

“The reduced funding we saw in 2025 has deepened hunger and malnutrition across the region,” Sarah Longford, WFP’s deputy regional director for West and Central Africa, said.

Funding shortfalls in 2025 had already forced ⁠WFP to scale back nutrition programmes in ​Nigeria, affecting more than 300,000 children, after the ​agency warned that nearly 35 million people could go hungry as its resources ran out in December.

Elsewhere, insecurity in Mali has disrupted ‍food supply routes, leaving ⁠1.5 million people facing crisis levels of hunger, while more than half a million people in Cameroon risk being cut off from aid in ⁠the coming weeks, the statement said.

The U.N. agency said it needed more than $453 million over the ‌next six months to continue providing humanitarian assistance across the region.

By Ben Ezeamalu, Reuters

EU removes Nigeria from financial crime high-risk list

The European Union has officially removed Nigeria from its list of high-risk jurisdictions for money laundering and terrorism financing, a decision expected to ease cross-border transactions and improve investor confidence.

The update was published on the European Commission’s website and follows Nigeria’s removal from the Financial Action Task Force greylist in 2025, following a series of anti-money laundering and counter-terrorism financing reforms.

Under the new decision, enhanced due diligence requirements applied to transactions involving Nigeria will be lifted from January 29, 2026, subject to procedural approval by the European Parliament and the Council of the European Union.

Explaining the move, the European Commission said the update reflects decisions taken by the FATF at its June and October 2025 plenaries, where several countries were removed from the list of jurisdictions under increased monitoring.

“The EU has added new third-country jurisdictions to the list (Bolivia and the British Virgin Islands) and delisted a number of others (Burkina Faso, Mali, Mozambique, Nigeria, South Africa and Tanzania),” the Commission stated.

It noted that entities covered by the EU’s anti-money laundering framework are required to apply enhanced vigilance when dealing with countries on the high-risk list, adding that Nigeria’s removal means such heightened scrutiny will no longer apply to Nigerian-related transactions within the bloc once the regulation takes effect.

Reacting to the development, the Minister of State for Finance, Dr Doris Uzoka-Anite, described the decision as a major boost for the country.

In a post on X on Thursday, she said, “Big win for Nigeria! Removed from the EU’s financial ‘high-risk’.” She added, “Congrats to President @officialABAT on this achievement. As Minister of State for Finance, I’m proud of this boost to trade and investor confidence.”

Also commenting on it, the Coordinating Minister of the Economy and Minister of Finance, Mr Wale Edun, said Nigeria’s exit from the European Union’s high-risk third-country list is a major boost for investor confidence.

Speaking in Lagos on Thursday at the NESG 2026 Macroeconomic Outlook Presentation, Edun said, “Exiting the EU high-risk list is a landmark achievement for Nigeria. It sends a clear signal to investors that Nigeria is serious about maintaining a stable, credible, and transparent business environment.”

Nigeria’s exit from the EU high-risk list is expected to have significant economic and financial implications. Countries classified as high-risk often face higher transaction costs, delayed payments, tighter correspondent banking relationships, and reduced foreign investment.

With the lifting of enhanced due diligence requirements, Nigerian banks, exporters, fintechs, and other businesses transacting with European partners are expected to face fewer compliance hurdles, a development that could improve trade flows, ease remittances, and support capital inflows.

The decision also reinforces Nigeria’s credibility as it seeks to reform its financial system and curb illicit financial flows, at a time when the government is pushing to attract foreign investment and deepen integration into global financial markets.

Nigeria was removed from the FATF greylist in October last year after implementing reforms to strengthen its anti-money laundering and counter-terrorism financing framework.


The country was delisted alongside South Africa, Burkina Faso, and Mozambique, all of which had stepped up efforts to combat money laundering and terrorist financing.

South Africa and Nigeria were added to the FATF greylist in February 2023, Mozambique in October 2022, while Burkina Faso was first designated in February 2021.

SyndiGate

Death of Chimamanda Ngozi Adichie’s son prompts calls for overhaul of Nigeria’s healthcare sector

Nigerians have called for urgent reforms to the healthcare sector after the death of Chimamanda Ngozi Adichie’s 21-month-old son prompted an outpouring of grief and accounts of negligence and inadequate care.

In a leaked WhatsApp message, the bestselling author said she had been told by a doctor that the resident anaesthesiologist at the Lagos hospital treating her son Nkanu Nnamdi had administered an overdose of the sedative propofol.

Adichie and her husband, Dr Ivara Esege, have begun legal action against the hospital, accusing it of medical negligence.

For decades, the state of Nigeria’s public health sector has made national headlines with accounts of underpaid doctors carrying out surgeries by candlelight in the absence of power supply, patients paying for gloves and other missing basics, dilapidated facilities and nonexistent research departments. Those who can afford to seek care abroad typically do so.

There is also a dearth of emergency response services. When the former world heavyweight boxing champion Anthony Joshua survived a car accident in Nigeria in December, he was helped at the scene by bystanders, with no ambulance in sight.

Adichie’s sister-in-law Dr Anthea Esege Nwandu, a physician with decades of experience, has called for change.

She told Agence France-Presse: “This is a wake-up call, for we, the public, to demand accountability and transparency and consequences of negligence in our healthcare system.”

An exodus of medical personnel has exacerbated the situation, resulting in a doctor-to-patient ratio at the last count of 1:9,801. According to the health ministry, an estimated 16,000 doctors have left Nigeria in the last seven years.

‘The will of God’

As Nigerians at home and abroad mourned Adichie’s son this week and the Lagos state government ordered an inquiry, stories flooded social media about a crisis of errors by medical personnel.

In Kano state, authorities said they were investigating the case of a woman who died four months after doctors left a pair of scissors in her stomach during surgery. The woman repeatedly visited the hospital complaining of abdominal pain, but was only prescribed painkillers. Scans revealed the scissors just two days before she died.

For Ijoma Ugboma, who lost his wife in 2021, the tragedy felt painfully familiar. Peju Ugboma, a 41-year-old chef, had gone into hospital for fibroid surgery and died due to complications exacerbated by staff putting “the wrong setting of the ventilator [on] for 12 hours”, her husband said.

“Surgery on Friday, ICU on Saturday, dead on Sunday. I asked for the death certificate … but at that point I knew that I wasn’t going to let this thing go like that,” he told the Guardian.

Almost two years after Peju’s death, after a battle Ugboma said had tested him “mentally, emotionally and financially”, three of the four doctors in the operating theatre were indicted for professional misconduct.

The law firm of Olisa Agbakoba, a medical negligence lawyer with two decades’ experience, was one of two that represented the Ugboma family in court. He said in Nigeria there was no rigorous regulatory structure in place in the health sector.

“There is no requirement for routine submission of reports, no systematic inspections, and no effective enforcement of professional standards,” he said.

Agbakoba said his brother had undergone surgery by a physician who was not suitably qualified, resulting in sepsis that required a month-long treatment. “That was absolute incompetence,” he said.

Despite the abundance of medical malpractice claims, formal complaints and lawsuits remain remarkably low, partly because negligence is hard to prove. But many say there is also a cultural and spiritual dimension involved.

“People say it’s the will of God,” said Agbakoba. “They just go home and don’t talk about it … It’s underreported because many people don’t really do anything about it.”

Finding justice

Even when issues are escalated legally, medical personnel are reluctant to give professional opinions in court. Two of the three expert witnesses that testified for the Ugbomas live outside Nigeria.

“People told us they’d read through the case notes, they’d seen all the fault lines … but nobody wanted to talk and that is part of the rot in the system because there’s an unwritten oath of secrecy,” Ugboma said.

Some people are cautiously optimistic that the high-profile death of Adichie’s’s son will trigger an overhaul of the health regulatory framework.

For Ugboma, his long fight for accountability was worth it. “Right now, I can talk to my children and tell them I fought for their mother even in death,’ he said. “There’s justice out there if only one can persevere. It’s a marathon. But we can only have a better system if more people begin to challenge them.”

By Eromo Egbejule, The Guardian

Related story: Chimamanda Ngozi Adichie reveals her one-year-old son has died after a short illness