Connect with us

Feature/OPED

Retirement Security: Do You Have it?

Published

on

Timi Olubiyi workplace politics

By Timi Olubiyi, PhD

Across the African continent, a silent crisis is unfolding: the rise of retirement poverty only a few have retirement security. From Lagos to Lusaka, retirement is becoming not a time of rest but a significant economic concern for the elderly, marked by overdependence on children and increasing poverty.

Despite decades of service, countless Africans reach old age without savings, without a reliable pension, and without the means to meet basic needs, and this is a worrying concern.

In Nigeria, for instance, like many other places in Africa, rising living costs have worsened the retirement outlook since 2020, with the COVID-19 pandemic. This retirement poverty trend has become more visible than ever in Nigeria, where the experience mirrors that of many African nations.

In countries like Kenya, Ghana, and Uganda, pension coverage remains low, and the quality of life for the elderly is declining, particularly after their meritorious service and business management years. While many factors contribute to this retirement poverty crisis, one issue standsout it is the growing concern of a lack of cash flow. The lack and absence of steady, predictable income during retirement directly translates into poverty in old age.

Retirement poverty refers to the situation where individuals lack sufficient financial resources to maintain a decent standard of living after they retire. The opposite of it is to have retirement security, but the fact is that growing older means living with less income expectations, yet savings can never be enough.

In recent times, many individuals in small businesses find themselves working well into old age, trading, hawking goods, performing manual labour, or turning to street begging. For those with health challenges, the consequences are even more dire and difficult all to no access to cashflow.

The informal sector contributes over 60% of Nigeria’s GDP and employs more than 80% of its workforce. Yet, the pension schemes available in the country barely cater to this segment, that is, informal micro and small businesses.

The majority of workers, especially those in this informal sector, such as agriculture, petty trading, and transportation, lack social protection or a structured retirement savings plan. The informal sector, which is the backbone of Nigeria’s economy, is technically and largely excluded from pension scheme coverage. For them, old age arrives with no guaranteed income, and financial security relies on extended family, faith-based charity, or sheer luck.

While I agree that Nigeria’s National Pension Commission (PenCom) launched the Micro Pension Plan (MPP) in 2019 to extend coverage to informal workers, uptake remains low due to a lack of awareness, poor financial literacy, general distrust of financial institutions, and, once again, wide spread irregular cash flows.

I have realised that before now most elderly and retirees usually save up for retirement, or make property investments, especially those who are middle-income earners in Africa, but in recent time the capacity to save for retirement is crippled by irregular or insufficient income and in particular the continued inflationary pressure.

At the heart of retirement poverty is a fundamental issue: cash flow and savings.  Daily earners and small business owners in Nigeria often face volatile cash inflows, which make consistent savings difficult, if not impossible. Inflation, currently hovering in double digits in Nigeria, erodes whatever little savings many manage to accumulate.

For most people, survival takes precedence over long-term planning. Retirees who worked in the informal sector largely depend on adult children or extended family networks for support.

However, the erosion of traditional family structures, rural-urban migration, and economic hardships among younger generations have weakened this safety net. Considering the cost of living, rent, and transportation in a place like Lagos, Nigeria, there is no way a retiree can live comfortably without external support in the form of a constant cash flow.

When food prices, fuel costs, and rent increase unpredictably, any available cash is quickly consumed by urgent needs. The problem of retirement poverty in Nigeria and indeed Africa is fundamentally a cash flow problemat the individual, institutional, and national levels. Moreover, cash flow problems are not confined to individuals.

Governments across the continent are grappling with delayed salary payments, arrears, and underfunded pension systems. In South Africa, although the elderly grant system provides a little relief, it is facing increasing pressure as the number of beneficiaries rises.

In Africa’s most populous country, citizens ‘ daily survival takes precedence over long-term financial planning or retirement. Workers, especially those in informal sectors like retail, farming, trading, transport, and artisanry, earn irregular income, often paid in daily cash, with no access to structured savings or pension schemes.

You will agree with me that when income is uncertain and living expenses are rising, saving for retirement becomes a luxury that only a few can afford. More so, chronic cash flow challenges have turned retirement into a period of anxiety for millions. Yet this trend is growing without any succour in sight.

Without urgent intervention, the golden years risk becoming a generation’s greatest fear. Retirement security in Nigeria is not just about pension policies. When cash does not flow reliably into the hands of citizens, it cannot flow out to support them in old age. When individuals do not have consistent income, they cannot make consistent contributions. And when contributions are irregular, future retirement income becomes uncertain or non-existent.

Therefore, addressing retirement poverty and improving retirement security in Nigeria or Africa requires direct intervention in a meaningful way, such as by expanding pension schemes and financial access for informal workers, and providing social interventions.

More so, it is important to strengthen the awareness of pension schemes and their benefits, improve financial literacy at every level—individual, employer, and government, in particular on cash flow. Because the truth is simple: without cash flow, there is no retirement security. Only prolonged poverty will exist. Statistics and surveys have shown that poverty among older adults could worsen in a few years if the governments in Africado not address pension coverage issues. Good luck!

How may you obtain advice or further information on the article? 

Dr Timi Olubiyi is an Entrepreneurship and Business Management expert with a PhD in Business Administration from Babcock University, Nigeria. He is a prolific investment coach, author, columnist, seasoned scholar, Chartered Member of the Chartered Institute for Securities and Investment (CISI), and a Securities and Exchange Commission (SEC)-registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: [email protected], for any questions, reactions, and comments.

The opinions expressed in this article are those of the author, Dr Timi Olubiyi, and do not necessarily reflect the opinions of others.

Feature/OPED

Directing the Dual Workforce in the Age of AI Agents

Published

on

Linda Saunders Trusted AI

By Linda Saunders

We will be the last generation to work with all-human workforces. This is not a provocative soundbite but a statement of fact, one that signals a fundamental shift in how organisations operate and what leadership now demands. The challenge facing today’s leaders is not simply adopting new technology but architecting an entirely new operating model where humans and autonomous AI agents work in concert.

According to Salesforce 2025 CEO research, 99% of CEOs say they are prepared to integrate digital labor into their business, yet only 51% feel fully prepared to do so. This gap between awareness and readiness reveals the central tension of this moment: we recognise the transformation ahead but lack established frameworks for navigating it. The question is no longer whether AI agents will reshape work, but whether leaders can develop the new capabilities required to direct this dual workforce effectively.

The scale of change is already visible in the data. According to the latest CIO trends, AI implementation has surged 282% year over year, jumping from 11% to 42% of organisations deploying AI at scale. Meanwhile, the IDC estimates that digital labour will generate a global economic impact of $13 trillion by 2030, with their research suggesting that agentic AI tools could enhance productivity by taking on the equivalent of almost 23% of a full-time employee’s weekly workload.

With the majority of CEOs acknowledging that digital labor will transform their company structure entirely, and that implementing agents is critical for competing in today’s economic climate, the reality is that transformation is not coming, it’s already here, and it requires a fundamental change to the way we approach leadership.

The Director of the Dual Workforce

Traditional management models, built on hierarchies of human workers executing tasks under supervision, were designed for a different era. What is needed now might be called the Director of the dual workforce, a leader whose mandate is not to execute every task but to architect and oversee effective collaboration between human teams and autonomous digital labor. This role is governed by five core principles that define how AI agents should be structured, deployed and optimised within organisations.

Structure forms the foundation. Just as organisational charts define human roles and reporting lines, leaders must design clear frameworks for AI agents, defining their scope, establishing mandates and setting boundaries for their operation. This is particularly challenging given that the average enterprise uses 897 applications, only 29% of which are connected. Leaders must create coherent structures within fragmented technology landscapes as a strong data foundation is the most critical factor for successful AI implementation. Without proper structure, agents risk operating in silos or creating new inefficiencies rather than resolving existing ones.

Oversight translates structure into accountability. Leaders must establish clear performance metrics and conduct regular reviews of their digital workforce, applying the same rigour they bring to managing human teams. This becomes essential as organisations scale beyond pilot projects and we’ve seen a significant increase in companies moving from pilot to production, indicating that the shift from experimentation to operational deployment is accelerating. It’s also clear that structured approaches to agent deployment can deliver return on investment substantially faster than do-it-yourself methods whilst reducing costs, but only when proper oversight mechanisms are in place.

To ensure agents learn from trusted data and behave as intended before deployment, training and testing is required. Leaders bear responsibility for curating the knowledge base agents access and rigorously testing their behaviour before release. This addresses a critical challenge: leaders believe their most valuable insights are trapped in roughly 19% of company data that remains siloed. The quality of training directly impacts performance and properly trained agents can achieve 75% higher accuracy than those deployed without rigorous preparation.

Additionally, strategy determines where and how to deploy agent resources for competitive advantage. This requires identifying high-value, repetitive or complex processes where AI augmentation drives meaningful impact. Early adoption patterns reveal clear trends: according to the Salesforce Agentic Enterprise Index tracking the first half of 2025, organisations saw a 119% increase in agents created, with top use cases spanning sales, service and internal business operations. The same research shows employees are engaging with AI agents 65% more frequently, and conversations are running 35% longer, suggesting that strategic deployment is finding genuine utility rather than novelty value.

The critical role of observability

The fifth principle, to observe and track, has emerged as perhaps the most critical enabler for scaling AI deployments safely. This requires real-time visibility into agent behaviour and performance, creating transparency that builds trust and enables rapid optimisation.

Given the surge in AI implementation, leaders need unified views of their AI operations to scale securely. Success hinges on seamless integration into core systems rather than isolated projects, and agentic AI demands new skills, with the top three in demand being leadership, storytelling and change management. The ability to observe and track agent performance is what makes this integration possible, allowing leaders to identify issues quickly, demonstrate accountability and make informed decisions about scaling.

The shift towards dual workforce management is already reshaping executive priorities and relationships. CIOs now partner more closely with CEOs than any other C-suite peer, reflecting their changing and central role in technology-driven strategy. Meanwhile, recent CHRO research found that 80% of Chief Human Resources Officers believe that within five years, most workforces will combine humans and AI agents, with expected productivity gains of 30% and labour cost reductions of 19%. The financial perspective has also clearly shifted dramatically, with CFOs moving away from cautious experimentation toward actively integrating AI agents into how they assess value, measure return on investment, and define broader business outcomes.

Leading the transition

The current generation of leaders are the crucial architects who must design and lead this transition. The role of director of the dual workforce is not aspirational but necessary, grounded in principles that govern effective agent deployment. Success requires moving beyond viewing AI as a technical initiative to understanding it as an organisational transformation that touches every aspect of operations, from workflow design to performance management to strategic planning.

This transformation also demands new capabilities from leaders themselves. The skills that defined effective management in all-human workforces remain important but are no longer sufficient. Leaders must develop fluency in understanding agent capabilities and limitations, learn to design workflows that optimally divide labor between humans and machines, and cultivate the ability to measure and optimise performance across both types of workers. They must also navigate the human dimensions of this transition, helping employees understand how their roles evolve, ensuring that the benefits of productivity gains are distributed fairly, and maintaining organisational cultures that value human judgement and creativity even as routine tasks migrate to digital labor.

The responsibility to direct what comes next, to architect systems where human creativity, judgement and relationship-building combine with the scalability, consistency and analytical power of AI agents, rests with today’s leaders. The organisations that thrive will be those whose directors embrace this mandate, developing the structures, oversight mechanisms, training protocols, strategic frameworks and observability systems that allow dual workforces to deliver on their considerable promise.

Continue Reading

Feature/OPED

Energy Transition: Will Nigeria Go Green Only To Go Broke?

Published

on

energy transition plan

By Isah Kamisu Madachi

Nigeria has been preparing for a sustainable future beyond oil for years. At COP26 in the UK, the country announced its commitment to carbon neutrality by 2060. Shortly after the event, the Energy Transition Plan (ETP) was unveiled, the Climate Change Act 2021 was passed and signed into law, and an Energy Transition Office was created for the implementations. These were impressive efforts, and they truly speak highly of the seriousness of the federal government. However, beyond climate change stress, there’s an angle to look at this issue, because in practice, an important question in this conversation that needs to be answered is: how exactly will Nigeria’s economy be when oil finally stops paying the bills?

For decades, oil has been the backbone of public finance in Nigeria. It funds budgets, stabilises foreign exchange, supports states through monthly FAAC allocations, and quietly props up the naira. Even when production falls or prices fluctuate, the optimism has always been that oil will somehow carry Nigeria through the storms. It is even boldly acknowledged in the available policy document of the energy transition plan that global fossil fuel demand will decline. But it does not fully confront what that decline means for a country of roughly 230 million people whose economy is still largely structured around oil dollars.

Energy transition is often discussed from the angle of the emissions issue alone. However, for Nigeria, it is first an economic survival issue. Evidence already confirms that oil now contributes less to GDP than it used to, but it remains central to government revenue and foreign exchange earnings. When oil revenues drop, the effects are felt in budget shortfalls, rising debt, currency pressure, and inflation. Nigerians experienced this reality during periods of oil price crashes, from 2014 to the pandemic shock.

The Energy Transition Plan promises to lift 100 million Nigerians out of poverty, expand energy access, preserve jobs, and lead a fair transition in Africa. These are necessary goals for a future beyond fossil fuels. But this bold ambition alone does not replace revenue. If oil earnings shrink faster than alternative sources grow, the transition risks deepening fiscal stress rather than easing it. Without a clear post-oil revenue strategy tied directly to the transition, Nigeria may end up cleaner with the net-zero goals achieved, but poorer.

Jobs need to be considered, too. The plan recognises that employment in the oil sector will decline over time. What should be taken into consideration is where large-scale employment will come from. Renewable energy, of course, creates jobs, but not automatically, and not at the scale oil-related value chains once supported, unless deliberately designed to do so. Solar panels assembled abroad and imported into Nigeria will hardly replace lost oil jobs. Local manufacturing, large-scale skills development, and industrial policy are what make the difference, yet these remain weak links in Nigeria’s transition conversation.

The same problem is glaringly present in public finance. States that depend heavily on oil-derived allocations are already struggling to pay salaries, though with improvement after fuel subsidy removal. A future with less oil revenue will only worsen this unless states are supported to proactively build formidably productive local economies. Energy transition, if disconnected from economic diversification, could unintentionally widen inequality between regions and states and also exacerbate dependence on internal and external borrowing.

There is also the foreign exchange question. Oil export is still Nigeria’s main source of dollars. As global demand shifts and revenues decline, pressure on the naira will likely intensify unless non-oil exports rise in a dramatically meaningful way. However, Nigeria’s non-oil export base remains very narrow. Agriculture, solid minerals, manufacturing, and services are often mentioned, but rarely aligned with the Energy Transition Plan in a concrete and measurable way.

The core issue here is not about Nigeria wanting to transition, but that it wants to transition without rethinking how the economy earns, spends, and survives. Clean energy will not automatically fix public finance, stabilise the currency, or replace lost oil income and jobs. Those outcomes require deliberate and strategic economic choices that go beyond power generation and meeting emissions targets. Otherwise, the country will be walking into a future where oil is no longer dependable, yet nothing else has been built strongly enough to pay the bills as oil did.

Isah Kamisu Madachi is a policy analyst and development practitioner. He writes from Abuja and can be reached via [email protected]

Continue Reading

Feature/OPED

Why Access Champions Africa’s Biggest Race

Published

on

roosevelt ogbonna access bank

On a particular Saturday each February, before dawn breaks over Lagos and thousands of participants prepare for the event, the city is filled with an unmistakable sense of anticipation. Roads typically bustling with traffic become thoroughfares devoted to new possibilities. Whether it is first-time runners adjusting their bibs or elite athletes focusing on the challenge ahead, a recurring question arises in both public discourse and executive meetings: What motivates Access to consistently support Africa’s largest road race year after year?

The response does not lie merely within sponsorship objectives or marketing strategies. Rather, it emanates from a philosophy of leadership, one that recognises institutions as interconnected with society, measuring true success by purpose, people, and enduring social impact, not solely by financial outcomes.

For Access, the Lagos City Marathon is a statement of belief in Africa’s potential, a commitment to collective progress, and a powerful reflection of the values that guide how we build businesses and engage with communities across the continent.

Marathon as Metaphor for Africa’s Journey

A marathon is not won in the first kilometre. It demands patience, resilience, discipline, and an unshakable belief in the finish line, even when it feels impossibly far away. These qualities mirror Africa’s own development journey and the realities of building enduring institutions on the continent.

Access sees the marathon as a living metaphor for what it takes to create sustainable impact. Growth is rarely linear. Progress often comes with setbacks. But those who stay the course, who invest consistently, and who keep moving forward ultimately create lasting change. This philosophy shapes how we approach banking, partnerships, innovation, and leadership.

Supporting Africa’s biggest road race is therefore not incidental. It reinforces the idea that success, whether personal, corporate, or national, is built through long-term commitment rather than short-term wins.

People at the Centre of Progress

What makes the Lagos City Marathon truly special is its inclusivity. On race day, the streets belong to everyone: professionals running for personal bests, young people discovering the joy of movement, families cheering from the sidelines, and communities coming together in shared celebration.

This diversity reflects Access’s people-first philosophy, believing that progress is most powerful when it is inclusive, when platforms are designed to welcome participation rather than privilege exclusivity. By championing the marathon, we invest in a space where people from all walks of life are united by a common goal: to push beyond perceived limits.

Leadership Beyond Profit

Today’s business environment demands more from corporate leaders. Stakeholders increasingly expect institutions to contribute meaningfully to society, not as an afterthought, but as an integral part of strategy. Access embraces this responsibility.

Championing the Lagos City Marathon is one of the ways leadership is projected from Access. It is an opportunity to demonstrate what values-driven leadership looks like in action. The race promotes physical and mental wellness, encourages healthy lifestyles, and reinforces the importance of balance,lessons that are as relevant in the workplace as they are on the road.

More importantly, it shows that leadership is not about standing apart from society, but about standing with it. Running alongside communities. Investing in shared experiences. Creating platforms that inspire confidence and ambition, especially for young Africans who are redefining what is possible.

Economic and Social Impact That Lasts

The impact of the marathon extends far beyond race day. Each edition generates economic activity across multiple sectors, hospitality, transportation, logistics, retail, media, and tourism. Small businesses thrive, jobs are created, and local vendors benefit from increased footfall.

By attracting international runners and visitors, the marathon positions Lagos as a global destination capable of hosting world-class events. It challenges outdated narratives and showcases Nigeria’s ability to deliver excellence at scale. This visibility matters, not just for the city, but for the continent.

Building a Legacy of Inspiration

Perhaps the most enduring value of the marathon lies in inspiration. For many runners, crossing the finish line is a personal victory, proof that they can commit, endure, and succeed. For spectators, it is a powerful reminder of human potential and collective spirit.

These moments matter. They shape mindsets. They encourage people to set bigger goals, whether in health, career, or community. They reinforce the belief that with the right support and determination, progress is possible.

Access champions this race because of the belief that Africa deserves platforms that inspire millions to move, dream, and achieve more.

Leading the Long Race Together

Leadership, like a marathon, is not a sprint. It requires vision, endurance, and the willingness to keep going even when results are not immediate. Access is committed to running this long race with Africa, investing in people, institutions, and platforms that drive sustainable growth.

As runners take their marks every February, we are reminded that progress is built one step at a time. By championing Africa’s biggest road race, Access shows its belief in collective effort, long-term impact, and the power of leadership that moves with society, not ahead of it, and never apart from it.Because when Africa runs, we all move forward.

Continue Reading

Trending