Feature/OPED
Agusto Lists Challenges, Opportunities with African Continental Free Trade Agreement
By Agusto & Co
African nations have been optimistic about free trade agreements with western states such as the African Growth Opportunity Act (AGOA), however, there has been less enthusiasm with intra-continental free trade agreements. While regional blocs such as East African Community (EAC) and the Economic Community of West African States (ECOWAS) have been in the frontline in pushing for sub-regional trade integration, the results are still far from exciting.
According to the Washington Post, most regional economic communities (RECs) are underperforming, with a low level of compliance by member states, which has delayed successful integration. The RECs also create a system of silos where regions seem to only pursue trade integration within their domains thus further accentuating trade divisions across the continent. These trade divisions have been well exploited by global giants especially China which has greater footprints across the continent simply because it has been able to build complex trade infrastructure with individual nations. By operating ineffectually in the silos of RECs, African nations have not been able to tap trade opportunities amongst themselves but also left their flanks open to western nations thus further worsening the trade imbalance of the continent. According to the UN Economic Commission on Africa, intra-African trade is likely to increase by 52% under the AfCFTA and will double upon the further removal of non-tariff barriers.
Challenges – Protectionists and the arguments of the one-sided coin
Nothing typifies the resistance to AfCFTA as much as Nigeria’s initial withdrawal from the signing ceremony in Kigali, capital of Rwanda in March 2018. President Muhammadu Buhari cancelled his attendance at the signing ceremony citing the need “to allow time for broader consultations”. The main trade union in the country – the Nigerian Labour Congress (NLC) further warned on the dangers of the trade agreement describing it as a “renewed, extremely dangerous and radioactive neo-liberal policy initiative”.
These fears stem from arguments around turning Nigeria into a dumping ground for goods from the rest of the continent especially countries with more advanced manufacturing capabilities such as South Africa and Morocco. While these fears may not be entirely out of place, they are actually being amplified and probably exaggerated. And this argument is also flawed on two major premises. Firstly, despite being a member of ECOWAS for decades, Nigeria has not become a dumping ground for goods manufactured in the region. Rather, its goods that originate from outside the sub-region but imported through neighbouring countries that are being dumped in Nigeria. This dumping is also driven by structural bottlenecks such as inefficiencies in the port and poorly conceived trade and tariff policies that leave Nigeria vulnerable to smuggling. Secondly, the AfCFTA is a trade agreement that not only opens up Nigeria’s borders but also opens up the borders of the other signatory Countries. Thus, while Nigeria will be receiving more volume of goods from the other Countries, Manufacturers in Nigeria will also gain an upside as they will be able to access a wider market across the Continent on the same terms.
Another challenge that may arise could be the loss of revenue from the collection of customs’ duties to the state, though this may be moderated by the long-term gains. Estimates by UNCTAD, indicate that while the elimination of all tariffs between African Countries would take an annual $4.1 billion out of the trading states’ coffers, it would create an overall annual welfare gain of $16.1 billion in the long run.
Despite the promise of long-term gains by AfCFTA, the biggest challenge to the free trade agreement has probably received the least coverage. The real barriers to AfCFTA will be the structural bottlenecks associated with intra-continental exports. This could vary from checkpoints across borders or aggressive trade policies that frustrate the free movement of goods and services. The president of Dangote Group, a conglomerate with interests mainly in Cement across the Continent, citing the frustrations and difficulties his group often goes through in exporting products to neighbouring African Countries, recommends that these bottlenecks must be addressed if Nigeria has to emerge a winner in AfCFTA. Another germane challenge that could also cap the growth potentials of AfCFTA will be currency conversions especially in the short to medium term. The glut of soft-currencies across the Continent increases the unattractiveness of these currencies outside their home borders. The AfCFTA framework must seek to resolve these caps to ensure this initiative can genuinely place the continent on the path of long-term prosperity.
AfCFTA and the Nigerian Capital Market – Retracing the old paths
Nigeria’s capital market is one of the oldest on the continent and quite a number of the listed Companies which are perceived as fundamental stocks by long term investors are mainly real sector multinationals. What is instructive about these fundamental stocks is that while many of these Companies enjoy strong positive perception as multinationals – a perception that is further consolidated by their big-ticket investments in local manufacturing – quite a number of these firms started off as trading posts in Nigeria.
Nigeria’s independence in the 1960s led to a new wave of promise which quickly attracted lots of global names into the country. Some of the prominent names that berthed in Nigeria around that time include Cadbury and Nestle, two global food giants. While these companies were mainly involved in trading (mainly imports) in Nigeria at the time, their operations subsequently expanded into local manufacturing. Manufacturing has a significant multiplier effect on any economy because it stimulates activities along the value chain. The likes of Nestle and Cadbury only invested in local manufacturing because their initial focus on trading clearly showed there was a strong business case to increase exposure to Nigeria. This strong business case led to the establishment of manufacturing plants.
Stretching further into history, companies such as Unilever Nigeria Plc and PZ Cussons Nigeria Plc had also started out as trading posts in the 19th Century in the pre-amalgamated Nigeria. With time, these companies also invested in local manufacturing.
By the 1970s, with greater investor confidence in the Nigerian economy following the petrodollar boom, many of these companies began to list their shares on the Nigerian Stock Exchange (NSE) thus creating new paths to wealth for Nigerian investors. The evolution of these multinationals from trading posts to manufacturing companies that eventually listed on the stock exchange offers germane lessons to today’s generation of policymakers and other advocates of protectionism.
And the lessons are clear. Firstly, AfCFTA will open up Nigeria’s market to the rest of the continent. And quite a number of Companies from across the continent may be attracted to Nigeria initially, but simply as trading posts. However, with time, as the promise of Nigeria unfolds for these Companies, many like the global multinationals ahead of them will evolve into manufacturing Companies that will lead to greater multipliers for the economy. And then, as long as the capital market continues to fulfil its capital formation roles, these companies may be inclined to list on the exchange, thus offering a new generation of investors increased access to wealth.
Positioning the Capital Market to tap into AfCFTA
The Nigerian capital market especially the Stock Market has long been derided by institutional investors as a shallow market with only a few fundamental Stocks. Nevertheless, it still remains one of the top five markets on the Continent by market capitalisation and the second in Sub-Saharan Africa. This throws up some significant upsides for the Nigerian Capital Market.
As the real sector and trading sector go continental, the financial sector especially the capital market must also begin to think continental. The Nigerian capital market must begin to position itself for cross border listings of some of the biggest companies across the continent whose home countries do not have developed capital markets. Part of the ways of stimulating these listings is by ensuring the capital market can fulfil its role of long-term capital formation. Other measures that will help stimulate investor confidence such as corporate governance and disclosure standards for listed corporations and protection of minority shareholders must also be put in place to attract these foreign listings.
Overall, as President Buhari leads Nigeria into AfCFTA at the Extra-Ordinary Summit of the African Union in Niamey, Niger Republic, Agusto & Co believes the country stands to gain significantly in the long run by being a signatory to the free trade agreement. And to policymakers, activists and businesses that may be worried about the prospects of increased trade and competition arising from AfCFTA, Nollywood – which has benefitted immensely from trade and competition across the continent – may just be the inspiration to clear the doubts that may arise.
By Jerome-Mario Utomi
There are moments in the life of a nation when leadership is measured not merely by the ability to command institutions but by the courage to transform them. Such moments demand more than administrative competence; they require vision, strategic communication, and an unwavering commitment to rebuilding public confidence. The keynote address delivered on behalf of the Inspector-General of Police (IGP), Mr Olatunji Rilwan Disu, at the Lagos PR Fest 2026 grand finale was one of such defining moments.
Held at the iconic MUSON Centre, Onikan, Lagos, the event transcended the boundaries of a conventional police engagement. It became a national conversation on security, governance, public trust, and the indispensable role of strategic communication in nation-building.
More importantly, the IGP, who was represented at the event by AIG Simeon Udofia Akpanudom, Head of the Force Criminal Investigation Department (FCID) Annex, Alagbon Close, Ikoyi, revealed a policing philosophy that is quietly but deliberately redefining the image and operational culture of the Nigeria Police Force.
For decades, public perception of policing in Nigeria has largely been shaped by mistrust, misunderstanding, and an unfortunate history of strained relations between citizens and law enforcement agencies. While successive administrations have introduced reforms, many struggled to address the most fundamental ingredient of effective policing-public trust.
IGP Disu appears determined to confront that challenge from an entirely different perspective.
His declaration that “security is everyone’s business” was not a rhetorical flourish. It was a profound statement of intent. It reflected an understanding that sustainable security cannot be achieved through coercion alone but through partnership, inclusion, transparency, and continuous engagement with the people. Indeed, what the IGP has introduced is more than institutional reform. It is a comprehensive rebranding of policing itself.
Unlike cosmetic rebranding that focuses on uniforms, slogans, or public ceremonies, this initiative is rooted in changing institutional culture and public perception simultaneously. It seeks to replace fear with confidence, suspicion with collaboration, and silence with meaningful dialogue.
The brilliance of this approach lies in its recognition that trust is not demanded; it is earned.
Throughout the keynote, the IGP consistently emphasised evidence-based communication, accountability, and transparency as pillars upon which public confidence must be rebuilt. At a time when misinformation travels faster than facts, and public institutions are constantly subjected to intense scrutiny, his insistence that policing should be supported by credible information rather than propaganda reflects both wisdom and contemporary relevance.
Perhaps nowhere is this transformation more visible than in the establishment and expansion of the Violent Crimes Response Unit (VCRU). Rather than allowing achievements to remain hidden within internal reports, the Nigeria Police Force is increasingly communicating measurable outcomes, demonstrable operational effectiveness, and encouraging independent public assessment.
This deliberate openness and transparency represent a significant departure from the communication style traditionally associated with many security institutions.
Equally commendable is the renewed emphasis on accessible channels for complaints, feedback and citizen engagement. Every modern democratic institution understands that accountability strengthens authority rather than weakening it. By inviting public scrutiny instead of avoiding it, the Nigeria Police under IGP Disu is gradually redefining what institutional confidence should look like. The Inspector-General deserves particular commendation for recognising that public relations is not an appendage to policing but an operational necessity.
Far too often, public relations is misunderstood as image laundering or crisis management. In reality, effective public relations is about building relationships, creating understanding, managing expectations, and sustaining credibility. It is this broader and more professional understanding that permeated the Inspector-General’s address.
His decision to engage public relations professionals at Lagos PR Fest was therefore highly symbolic. It demonstrated that security communication must evolve beyond press statements announcing arrests or crime statistics. It must become a continuous conversation with citizens, communities, opinion leaders, professional bodies, and the media.
Equally remarkable is the renewed focus on community policing and the revitalisation of the Police Community Relations Committee (PCRC). These initiatives acknowledge an enduring truth: communities understand their security challenges better than distant bureaucracies.
By encouraging local participation, youth engagement, religious leaders, traditional institutions, and civil society organisations to become active stakeholders, the Nigeria Police is moving policing closer to the people it serves.
This approach is consistent with successful policing models across the world where intelligence flows more freely because communities trust law enforcement agencies enough to share information.
The emphasis on participatory campaigns such as “Security is Everyone’s Business” and “If you see something, say something” further reinforces this philosophy. These messages wisely redefine every citizen from being a passive observer into an active contributor to national security.
That represents strategic public relations at its finest. Perhaps the most compelling dimension of the Inspector General’s address is his deliberate connection between policing and nation-building.
Security does not exist in isolation. It supports economic growth, encourages investment, protects democratic institutions, and creates the stability necessary for social development. Safe highways promote commerce. Secure schools guarantee educational continuity. Protected communities attract investment. Professional law enforcement strengthens constitutional governance.
Viewed through this broader lens, policing becomes an essential instrument of national development rather than merely an agency of law enforcement. The Inspector-General’s appeal for “Nigeria First” narratives equally deserves commendation. In an era characterised by misinformation, polarisation, and divisive narratives, institutions must intentionally promote messages that unite rather than divide.
Strategic communication has become an important national asset. This is where professional public relations practitioners have an enormous responsibility. Their expertise extends beyond media visibility to fostering social cohesion, encouraging responsible public discourse, and strengthening confidence in democratic institutions.
The Nigerian Institute of Public Relations (NIPR), therefore, occupies a strategic position in supporting this national assignment.
Naturally, scepticism remains understandable. Public confidence, once diminished, cannot be restored overnight. Institutional reforms require consistency, measurable outcomes, and sustained leadership commitment.
Fortunately, the Inspector-General himself demonstrated refreshing realism by acknowledging that rebuilding trust remains an ongoing process. That honesty itself strengthens credibility.
His clearly articulated roadmap-rebuilding institutional credibility through transparency, strengthening community intelligence through grassroots participation, and promoting national cohesion through coordinated communication-provides a practical framework for long-term institutional renewal.
Importantly, these objectives align with internationally recognised principles of democratic policing. What distinguishes the current leadership is the willingness to place communication at the very centre of institutional transformation rather than treating it as an afterthought.
Leadership is often remembered less for the challenges inherited than for the direction established. Judging from the philosophy articulated at Lagos PR Fest 2026, IGP Disu is laying the foundation for a policing model that recognises that legitimacy derives not only from constitutional authority but from public confidence.
That distinction is profound. A police force may possess legal powers, but without public trust those powers become increasingly difficult to exercise effectively. Conversely, when citizens willingly cooperate, volunteer intelligence, respect lawful authority, and see themselves as partners, security becomes collective rather than confrontational.
That appears to be the future envisioned by the Inspector-General. His concluding appeal that all stakeholders must work together in transparency, accountability, and shared responsibility captures the essence of democratic policing in the twenty-first century.
Ultimately, the significance of the Lagos PR Fest address extends far beyond one conference or one keynote presentation. It represents a declaration that the Nigeria Police Force is prepared to measure success not only by arrests made or crimes prevented but also by relationships built, confidence restored, and communities united.
For me, the recent elevation by the IGP and express approval by the Nigerian Police Service Commission of some senior officers to the rank of Assistant Inspectors-General of Police (AIGs). Commissioners of Police (CPs) and others truly proves beyond reasonable doubt that the IGP is a man who understands that professionalism, strategic thinking and operational excellence are the defining features of global policing. In fact, analysts in particular and Nigerians of goodwill in general are beginning to view the recent appointment of IGP Disu as a very huge blessing to the nation.
If sustained with consistency, integrity, and measurable performance, this strategic shift may well become one of the most consequential institutional reforms in contemporary Nigeria. For at the heart of every peaceful nation lies a simple but enduring truth: security thrives where trust flourishes.
By placing strategic public relations at the centre of policing, IGP Disu has demonstrated an appreciation of that timeless principle. In doing so, he has presented Nigerians with something far more valuable than a communication strategy. He has presented a vision.
A vision in which the police badge symbolises not fear but reassurance; not distance but partnership; not mere authority but earned legitimacy. That is a vision worthy of national support, thoughtful reflection, and sustained implementation.
Utomi, a media specialist, writes from Lagos, Nigeria. He can be reached via Je*********@***oo.com/08032725374
By Gloria Onosode
For generations, conventional financial advice has treated debt like a trap — a final, desperate resort for emergency cash or a slippery slope toward financial instability. But as Nigeria’s economic terrain evolves, this defensive mindset is changing. Progressive business leaders, entrepreneurs, and forward-thinking individuals are realising that it can be an important financial tool for achieving personal or business objectives when used responsibly and within one’s repayment capacity.
To build a sustainable financial future, we must change our relationship with credit. Borrowing shouldn’t be a cycle of survival; it should form part of a broader financial plan designed to support sustainable growth. The secret lies in masterfully understanding borrowing for productive purposes and learning how to leverage purposeful borrowing to hit your most ambitious milestones.
At its core, the difference between constructive and destructive borrowing comes down to one fundamental principle: what does the cash do once it lands in your account?
Bad debt funds depreciating lifestyle assets or temporary consumption. Borrowing to buy luxury clothing, fund a lavish party, or upgrade to a consumer gadget that does not increase your income simply pulls future earnings forward to pay for a fleeting present moment. It drains cash flow without offering a return.
Conversely, good debt acts as an investment in your future self or your company. It is capital deployed to acquire assets, increase productivity, or generate recurring revenue that far outpaces the cost of the interest. When you borrow to buy a delivery truck for your logistics company, stock up on inventory ahead of a peak retail season, or fund a specialised certification, you aren’t spending money — you are investing in assets that may contribute to increased productivity and income generation.
When integrated into a clear, long-term plan, purposeful loans may enable eligible borrowers to respond more quickly to business opportunities that would otherwise take years to save for. For small and medium enterprises (SMEs), cash-flow timing mismatches are the silent killers of momentum. You might get a massive corporate purchase order but lack the immediate working capital to fulfil it. Waiting weeks to organically pool cash from existing revenue means losing the contract. Appropriately structured commercial financing can help businesses address temporary working-capital gaps, ensuring that viable opportunities turn into realised revenue.
In inflation-heavy environments, waiting to save up the full purchase price for vital business assets like manufacturing machinery, solar power installations, or commercial vehicles can backfire, as equipment costs often outpace savings rates. By using asset-backed financing, you can acquire the equipment today, put it to work immediately, and allow the asset to generate revenue that may contribute towards financing costs over time.
Investment in skills and capacity development can generate significant long-term benefits. Utilising credit to fund high-value education, technical upskilling, or operational training directly expands your earning capacity. The resultant career advancement or business efficiency multiplies your income potential for decades to come.
Shifting from a defensive borrowing stance to a wealth-creation strategy requires strict financial discipline. Truly responsible borrowing is anchored in three non-negotiable practices.
First, borrow only for a productive purpose. It can be tempting to redirect a portion of a business loan toward personal expenses. Resist the urge; borrowed funds should be applied primarily to the purpose for which the financing was obtained.
Second, know your repayment runway before you sign. Borrowing decisions should be supported by realistic cash-flow planning and repayment capacity assessments. Review your cash-flow data, factor in market fluctuations, and map out exactly how the investment will generate the funds needed to clear the balance.
Finally, prioritise speed and transparency. In today’s fast-moving market, opportunity doesn’t wait for weeks of manual paperwork. Borrowing decisions should be supported by realistic cash-flow planning and repayment capacity assessments that offer transparent pricing with no hidden fees, giving you the clarity needed to compute your precise cost of capital.
When you strip away the historical stigma surrounding credit, you find that borrowing is simply a neutral financial tool. In the hands of an undisciplined spender, it creates friction, but in the hands of a strategic planner, it can support business growth and financial planning when used responsibly.
As you look toward your next major milestone — whether that is expanding your storefront, digitising your corporate supply chain, or acquiring productive assets — Before taking on any borrowing commitment, carefully assess your financing needs, repayment capacity, and long-term financial objectives. Instead, ask yourself if your business can afford the cost of standing still. When used responsibly, purpose-driven credit can support individuals and businesses in achieving sustainable financial goals.
Responsible borrowing also means understanding that credit creates a legal repayment obligation. Borrowers should carefully assess affordability, understand all applicable charges, and avoid taking on debt beyond their repayment capacity.
Gloria Onosode is the Director of Enterprise Sales at FairMoney Business
By Winston Osuchukwu
Africa’s financial infrastructure is entering a defining phase. Digital adoption continues to accelerate, financial inclusion is deepening, and institutions across the ecosystem are investing in connected, data-driven services. According to the World Bank’s Global Findex Database, account ownership across Sub-Saharan Africa has expanded significantly over the past decade, while mobile money continues to process hundreds of billions of dollars annually. Sustained investment in Africa’s fintech ecosystem reflects the same growing confidence in the continent’s financial future.
As the ecosystem matures, success will depend less on isolated innovation and more on how institutions connect their capabilities. The next phase of financial infrastructure is being shaped by three interdependent pillars: connected ecosystems that widen the data available on each customer, data intelligence that turns that scattered data into a single coherent picture, and intelligent decision-making that turns insight into measurable outcomes.
Connected Ecosystems Create the Foundation for Intelligence
No single institution has a complete view of the financial ecosystem. Banks, fintechs, payment providers, telecommunications companies, regulators, and other participants each contribute different pieces of the picture. As these organisations become more connected through interoperable payment systems, shared infrastructure, and collaborative partnerships, financial services become more accessible and seamless for individuals and businesses alike.
Connectivity alone, however, is not enough. A more connected ecosystem also creates exponentially more data, and unless that information can be integrated and interpreted consistently, greater connectivity simply produces greater complexity. The value of collaboration therefore depends on the ability to transform fragmented information into a coherent picture.
Data Intelligence Creates Shared Understanding
Once data flows across connected ecosystems, the next challenge is making sense of it. Financial institutions need more than access to information; they need the ability to unify diverse data sources, identify meaningful patterns, and generate insights that accurately reflect customer behaviour, operational performance, and emerging risks.
Data intelligence provides this common understanding. It enables institutions to move beyond isolated datasets and develop a trusted, enterprise-wide view that supports regulatory compliance, operational efficiency, and customer-centric innovation. Yet even the clearest insight has limited value if it remains descriptive. Understanding what is happening is only useful when institutions can confidently decide what to do next.
Intelligent Decisions Drive Real Outcomes
This is where artificial intelligence, predictive analytics, and machine learning become transformative. Built on a foundation of connected ecosystems and high-quality data intelligence, these technologies enable organisations to make faster, more consistent decisions across lending, fraud detection, compliance, customer engagement, and strategic planning.
Rather than replacing human expertise, intelligent decision-making augments it by helping institutions anticipate change, respond proactively, and allocate resources more effectively. When decisions are powered by reliable data and supported by a connected financial ecosystem, organisations become more resilient, customers enjoy better experiences, and the entire financial value chain operates more efficiently.
Africa’s financial future will not be shaped by technology or data in isolation. Progress requires that these capabilities work together. Connected ecosystems generate the information. Data intelligence transforms that information into “features” – the meaningful attributes of a customer’s behaviour that a model can learn from. Intelligent decision-making algorithms then convert those “features” into action. Together, they form the foundation of a financial infrastructure that is more inclusive, resilient, and capable of supporting sustainable economic growth.
At Mathesis Analytics, we turn information into action – helping financial institutions transform complex and frequently unstructured data into meaningful insights they can act on – helping financial institutions make sense of complex, fragmented data and lend confidently to the people and businesses driving Africa’s economy.
Winston Osuchukwu is the Founder and CEO of Mathesis Analytics Inc.
