Feature/OPED
NGX Doubles Down On Goal for Financial Inclusion, Empowering Individual Investors
By Olumide Bolumole
Nigeria, a country with an adult population of 106 million, offers a vast market for financial services. Despite this, it faces the expectation of a 16.8% shortfall in meeting its financial inclusion target.
Financial literacy is critical to the growth of capital markets and the Nigerian Exchange Limited (“NGX”) prioritises its commitment to bridging the financial inclusion gap in Nigeria.
As a member of the Financial Inclusion Steering Committee of the Central Bank of Nigeria (CBN), and the Financial Inclusion Technical Committee of the Securities and Exchanges Commission (SEC), we continue to contribute towards the achievement of Nigeria’s National Financial Inclusion Strategy (NFIS) of reducing the proportion of Nigerians that are excluded from the capital market.
NGX supports the country-wide approach to addressing financial literacy and inclusion through an array of activities aimed at providing strategic direction, developing educational and outreach programmes, crafting suitable products and pilot initiatives, and reviewing progress of national financial literacy and inclusion targets.
The National Financial Inclusion Strategy targeted policymakers and market innovators alike with a common objective of enhancing access to finance and reducing the financial exclusion rate in Nigeria from 46.3% in 2010 to 20% in 2020. While overall financial inclusion continues to grow incrementally, progress has been too slow in meeting this target.
A survey conducted in 2020 by EFINA revealed that less than 30% of adult Nigerians have or use products or services from non-bank formal financial institutions and 78% attribute a lack of awareness and suitability of products as the main barriers to adoption. The survey also revealed that although Nigeria has a higher proportion of banked adults than many comparator countries, the proportion of adults without access to basic financial services is estimated at 36%.
As the challenges persist, the rapid growth in mobile payment technology and alternative financial services combined with a lack of financial literacy is likely to exacerbate inequality. Amid a growing number of financial instruments, such as equities, bonds and exchange-traded products, gaining importance, financial literacy initiatives need to be scalable to be effective.
NGX recognises that making well-informed financial decisions plays an important role in the ability of individuals to manage their financial affairs and contribute effectively to economic activities. To this end, the Exchange continues to implement and support initiatives that encourage the wider investing public to develop sustainable investment habits.
Inspiring children and youths
As a multi-asset securities exchange hub, NGX has pioneered a collaborative approach to advancing financial literacy and inclusion through a range of initiatives by engaging the next generation of investors and providing training through its dedicated learning arm, NGX X-Academy.
In 2014, NGX joined over 130 countries around the world in celebrating Global Money Week (GMW). The annual global celebration, organized by the Organization for Economic Co-operation and Development (OECD) and International Network on Financial Education (INFE), consists of local and regional events and activities aimed at inspiring children and youths to learn about money, saving, creating livelihoods, gaining employment and entrepreneurship. Since the first celebration in 2014, the Exchange has directly impacted close to 22,368 students through the GMW celebrations.
The role of financial literacy in improving the quality of life cannot be overemphasised. It goes without saying that financially literate investors are knowledgeable about opportunities in the capital market and are therefore in a better position to make informed investment decisions. So, greater awareness about the capital market is required on the part of retail investors to evaluate the choices available to them.
The Exchange’s longstanding commitment to promoting financial literacy is evinced through its hosting of the NGX Essay Competition, its flagship youth-focused financial literacy and inclusion programme. The competition aims to close the gap in classroom learning with the practical knowledge required for long-term personal financial planning.
The programme’s overall goal is to develop a culture of wealth creation among youths towards “Building a Financially Savvy Generation”. The Competition has been in existence since 2000 and has inspired over 67,000 young people in more than 12,000 schools across Nigeria.
NGX, through its X-Tour programme, hosted 1,864 students from 21 schools in 2019. The platform gives students exposure to a ‘live’ view of what happens at a securities exchange through a field trip to any of the Exchange’s trading floors across the country as well as interactive sessions on financial education topics.
The tours help to create interest among youths and inspire them to seek career opportunities in the capital markets. At the onset of the pandemic, NGX transitioned the X-Tours programme to a virtual event and continued to engage schools to host virtual financial literacy sessions with their students.
Capital market training
In 2019, the Exchange strengthened its resolve to promote financial inclusion in the Nigerian capital market by publishing the maiden edition of StockTown, a comic book aimed at promoting financial literacy. The book makes use of illustrated characters to educate readers of all ages about the importance of savings and investment. Now with a second edition, StockTown is available in both print and digital formats and can be downloaded at this link.
As part of efforts to boost capital market literacy, the Exchange also launched X-Academy, its dedicated learning hub, in 2017, and the X-Academy e-learning platform in 2019, to offer bespoke capital market training programmes to empower individuals and businesses to create value, strengthen financial literacy and enhance investment in the capital market.
The X-Academy feeds directly into the government’s National Financial Inclusion Strategy. The programmes offered by X-Academy are facilitated by seasoned subject matter experts, with both domestic and international exposure along with practical experience. These programmes are built around six broad themes, which comprise: Listings and Trading, NGX Products, Market Data and Technology, Financial Education, Corporate Governance, and Risk Management and Compliance.
NGX has played a leading role in developing financial instruments that advance financial inclusion in the Nigerian capital market. The development and issuance of the Federal Government of Nigeria (FGN) Ijarah Sukuk has proven to be a highly attractive instrument that supports inclusion from Nigeria’s ethical and sharia-compliant investors. The Ijarah Sukuk were designed with financial inclusion in mind, offering low entry points to ensure participation from low-income earners.
The Exchange also played a leading role in developing the FGN Savings Bonds, another financial instrument aimed at promoting financial inclusion in the Nigerian capital market. The bond made its debut on the NGX Retail Bond Market in March 2017.
It was designed to provide opportunities to invest in capital markets for all citizens irrespective of income level and to contribute to national development. The bond features a low entry point and is tailored and targeted at retail investors to promote a savings culture among Nigerians while diversifying funding sources for the federal government.
Olumide Bolumole is the Divisional Head, Listings Business, Nigerian Exchange Limited
Feature/OPED
Guide to Employee Training That Reinforces Workplace Safety Standards
Workplace safety is not sustained by policies alone. It is built through consistent training that shapes daily behaviour, decision-making, and accountability across every level of an organisation. When employees understand not only what safety rules exist but why they matter, they are far more likely to follow them and intervene when risks arise. Effective safety-focused training protects workers, strengthens operations, and reduces costly incidents that disrupt productivity and morale.
As industries evolve and workplaces become more complex, employee training must go beyond basic orientation sessions. Reinforcing safety standards requires an ongoing, structured approach that adapts to new risks, changing regulations, and real-world job demands. A thoughtful training strategy helps create a culture where safety is a shared responsibility rather than a checklist item.
Establishing a Foundation of Safety Awareness
The first purpose of workplace safety training is awareness. Employees cannot avoid hazards they do not understand. Comprehensive training introduces common workplace risks, clarifies acceptable behaviour, and sets expectations for personal responsibility. This foundational knowledge empowers employees to recognise unsafe conditions before incidents occur.
Safety awareness training should be tailored to the specific environment in which employees work. Office settings require education on ergonomics, electrical safety, and emergency evacuation procedures, while industrial workplaces demand detailed instruction on machinery risks, protective equipment, and material handling. When training reflects actual job conditions, employees are more engaged and better equipped to apply what they learn.
Clear communication is essential during this stage. Using plain language and real examples helps employees connect training concepts to daily tasks. When safety awareness becomes part of how employees think and talk about their work, it begins to shape behaviour consistently across the organisation.
Integrating Safety Training into Daily Operations
Safety training is most effective when it is integrated into everyday work rather than treated as a one-time event. Ongoing reinforcement ensures that safety standards remain top of mind as tasks, equipment, and responsibilities change. Regular training sessions create opportunities to refresh knowledge, address new risks, and correct unsafe habits before they lead to injury.
Incorporating short safety discussions into team meetings helps normalise these conversations. Supervisors play a critical role by modelling safe behaviour and reinforcing expectations during routine interactions. When employees see safety emphasised alongside productivity goals, it reinforces the message that both are equally important.
Hands-on training also strengthens retention. Demonstrations, practice scenarios, and real-time feedback allow employees to apply safety principles in controlled settings. This experiential approach builds confidence and reduces hesitation when employees encounter hazards in real situations.
Aligning Training with Regulatory Requirements
Workplace safety training must align with applicable regulations and industry standards to ensure legal compliance and worker protection. Laws and regulations change frequently, making it essential for organisations to keep training materials updated. Failure to do so can expose employees to unnecessary risk and organisations to legal consequences.
Training programs should clearly explain relevant safety regulations and how they apply to specific roles. Employees are more likely to comply when rules are presented as practical safeguards rather than abstract mandates. Documenting training completion and maintaining accurate records also demonstrates organisational commitment to compliance.
Many organisations rely on support from compliance training companies to navigate complex regulatory landscapes and design programs that meet both legal and operational needs. These partnerships can help ensure training remains accurate, consistent, and aligned with evolving requirements without overwhelming internal resources.
Encouraging Participation and Accountability
Effective safety training depends on active participation rather than passive attendance. Employees should be encouraged to ask questions, share concerns, and contribute insights based on their experiences. When workers feel heard, they become more invested in maintaining a safe environment.
Creating accountability is equally important. Training should clarify individual responsibilities and outline the consequences of ignoring safety standards. Employees need to understand that safety is not optional or secondary to performance goals. Reinforcement from leadership ensures that unsafe behaviour is addressed consistently and constructively.
Peer accountability also strengthens safety culture. When training emphasises teamwork and shared responsibility, employees are more likely to watch out for one another and intervene when they see risky behaviour. This collective approach reduces reliance on supervision alone and builds resilience across the workforce.
Adapting Training for Long-Term Effectiveness
Workplace safety training must evolve alongside organisational growth and workforce changes. New hires, role transitions, and technological updates introduce risks that require refreshed instruction. Periodic assessments help identify gaps in knowledge and opportunities for improvement.
Data from incident reports, near misses, and employee feedback provides valuable insight into training effectiveness. Adjusting content based on real outcomes ensures that training remains relevant and impactful. Organisations that treat training as a dynamic process are better equipped to respond to emerging risks.
Long-term effectiveness also depends on reinforcement beyond formal sessions. Visual reminders, updated procedures, and accessible reporting tools help sustain awareness. When safety standards are supported through multiple channels, employees receive consistent cues that reinforce training messages daily.
Conclusion
Reinforcing workplace safety standards through employee training requires intention, consistency, and adaptability. Training that builds awareness, integrates into daily operations, aligns with regulations, and encourages accountability creates a safer environment for everyone involved. When employees understand their role in maintaining safety, they are more confident, engaged, and prepared to prevent harm.
A strong training program is not simply a compliance exercise. It is an investment in people and performance. Organisations that prioritise meaningful safety training protect their workforce while fostering trust, stability, and long-term success.
Feature/OPED
Debt is Dragging Nigeria’s Future Down
By Abba Dukawa
A quiet fear is spreading across the hearts of Nigerians—one that grows heavier with every new headline about rising debt. It is no longer just numbers on paper; it feels like a shadow stretching over the nation’s future. The reality is stark and unsettling: nearly 50% of Nigeria’s revenue is now used to service debt. That is not just unsustainable—it is suffocating.
Behind these figures lies a deeper tragedy. Millions of Nigerians are trapped in what experts call “Multidimensional Poverty,” struggling daily for dignity and survival, while a privileged few continue to live in comfort, untouched by the hardship tightening around the nation. The contrast is painful, and the silence around it is even louder.
Since assuming office, Bola Ahmed Tinubu has embarked on an aggressive borrowing path, presenting it as a necessary step to revive the economy, rebuild infrastructure, and stabilise key sectors.
Between 2023 and 2026, billions of dollars have been secured or proposed in foreign loans. On paper, it is a strategy of hope. But in the hearts of many Nigerians, it feels like a gamble with consequences yet to unfold.
The numbers are staggering. A borrowing plan exceeding $21 billion, backed by the National Assembly, alongside additional billions in loans and grants, signals a government determined to keep spending and building. Another $6.9 billion facility follows closely behind. These are not just financial decisions; they are commitments that will echo into generations yet unborn.
And so, the questions refuse to go away. Who will bear this burden? Who will repay these debts when the time comes? Will it not fall on ordinary Nigerians already stretched thin to carry the weight of decisions they never made?
There is a growing fear that the nation may be walking into a future where its people become strangers in their own land, bound by obligations to distant creditors.
Even more troubling is the sense that something is not adding up. The removal of fuel subsidy was meant to free up resources, to create breathing room for meaningful development.
But where are the results? Why does it feel like sacrifice has not translated into relief? The silence surrounding these questions breeds suspicion, and suspicion slowly erodes trust. As of December 31, 2025, Nigeria’s public debt has risen to N159.28 trillion, according to the Debt Management Office.
The numbers keep climbing, but for many citizens, life keeps declining. This disconnect is what hurts the most. Borrowing, in itself, is not the enemy. Nations borrow to grow, to build, to invest in their future. But borrowing without visible progress, without accountability, without compassion for the people, it begins to feel less like strategy and more like a slow descent.
If these borrowed funds are truly building roads, schools, hospitals, and opportunities, then Nigerians deserve to see it, to feel it, to live it. But if they are funding excess, waste, or luxury, then this path is not just dangerous—it is devastating.
Nigeria’s growing loan profile is a double-edged sword. It can either accelerate development or deepen economic challenges. The key issue is not just borrowing, but what the country does with the money. Strong governance, transparency, and investment in productive sectors will determine whether these loans become a foundation for growth or a long-term liability. Because in the end, debt is not just an economic issue. It is a moral one. And if care is not taken, the price Nigeria will pay may not just be financial—it may be the future of its people.
Dukawa writes from Kano and can be reached at [email protected]
Feature/OPED
Nigeria’s Power Illusion: Why 6,000MW Is Not An Achievement
By Isah Kamisu Madachi
For decades, Nigeria has been called the Giant of Africa. The question no one in government wants to answer is why a giant cannot keep the lights on.
Nigeria sits on the largest proven oil reserves in Africa, holds the continent’s most populous nation at over 220 million people, and commands the fourth largest GDP on the continent at roughly $252 billion. It possesses vast deposits of solid minerals, a fintech ecosystem that accounts for 28% of all fintech companies on the African continent, and a diaspora that remits billions of dollars annually.
If potential were electricity, Nigeria would have been powering half the world. Instead, an immediate former minister is boasting about 6,000 megawatts.
Adebayo Adelabu resigned as Minister of Power on April 22, 2026, citing his ambition to contest the Oyo State governorship election. In his resignation letter, he listed among his achievements that peak generation had increased to over 6,000 megawatts during his tenure, supported by the integration of the Zungeru Hydropower Plant. It was presented as a great crowning legacy. The claim deserves scrutiny, and the numbers deserve context.
To begin with, the context. Ghana, Nigeria’s neighbour in West Africa, has a national electricity access rate of 85.9%, with 74% access in rural areas and 94% in urban areas. Kenya, with a 71.4% national electricity access rate, including 62.7% in rural areas, leads East Africa. Nigeria, by contrast, recorded an electricity access rate of just 61.2 per cent as of 2023, according to the World Bank. This is not a distant or poorer country outperforming Nigeria. Ghana’s GDP stands at approximately $113 billion, less than half of Nigeria’s. Kenya’s economy is around $141 billion. Ethiopia, which has invested massively in the Grand Ethiopian Renaissance Dam and is already exporting electricity to neighbouring countries, has a GDP of roughly $126 billion. All three are doing more with far less.
Now to examine the 6,000-megawatt, Daily Trust obtained electricity generation data from the Association of Power Generation Companies and the Nigerian Electricity Regulatory Commission, covering quarterly performance from 2023 to 2025 and monthly data from January to March 2026. The data shows that in 2023, peak generation was approximately 5,000 megawatts; in 2024, it reached approximately 5,528 megawatts; in 2025, it ranged between 5,300 and 5,801 megawatts; and by March 2026, available capacity had declined to approximately 4,089 megawatts. The grid never recorded a verified peak of 6,000 megawatts or higher. Adelabu had, in fact, set the 6,000-megawatt target publicly on at least three separate occasions, missing each deadline, and later admitted the target was not achieved, attributing the failure to vandalism of key transmission infrastructure.
In February 2026, Nigeria’s national grid produced an average available capacity of 4,384 megawatts, the lowest monthly average since June 2024. For a country with over 220 million people, this means electricity supply remains far below national demand, with the grid delivering only about 32 per cent of its theoretical installed capacity of approximately 13,000 megawatts. To put that in sharper comparison: in 2018, 48 sub-Saharan African countries, home to nearly one billion people, produced about the same amount of electricity as Spain, a country of 45 million. Nigeria, the continent’s most resource-rich large economy, is a significant part of that embarrassing equation.
The tragedy here is not just technical. It is a governance failure with compounding human costs. An economy that cannot provide reliable electricity cannot competitively manufacture goods, cannot industrialise at scale, cannot attract the volume of foreign direct investment its endowments warrant, and cannot build the digital infrastructure that would allow it to lead on artificial intelligence, data governance, and the emerging critical minerals economy where Africa’s next great opportunity lies. Countries with a fraction of Nigeria’s mineral wealth and human capital are already debating those frontiers. Nigeria is still campaigning on megawatts.
What a departing minister should be able to say, given Nigeria’s endowments, is not that peak generation touched 6,000 megawatts at some unverified moment. He should be saying that Nigeria now generates reliably above 15,000 megawatts, that rural electrification has crossed 70 per cent, and that the country is on a credible trajectory toward the kind of energy sufficiency that unlocks industrial growth. That is the standard Nigeria’s size and resources demand. Anything below it is not an achievement. It is an apology dressed in a press release.
The power sector has received billions of dollars in investment across multiple administrations. The 2013 privatisation exercise, the Presidential Power Initiative, the Electricity Act of 2023, and successive reform promises have produced a sector that still, in 2026, cannot guarantee eight hours of reliable supply to the average Nigerian household. That a minister exits that ministry citing a megawatt figure that fact-checkers have shown was never actually reached, and that even if reached would be unworthy of celebration given Nigeria’s potential, captures the full depth of the problem. The ambition is too small. The accountability is too thin. And the country deserves better from those who are privileged to manage its extraordinary, squandered potential.
Isah Kamisu Madachi is a policy analyst and development practitioner. He writes via [email protected]
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