General
Allianz Sees Corruption, Shortage of Skills, Energy as Top Risks in Nigeria
By Aduragbemi Omiyale
Three top risks have been identified in Nigeria by Allianz Global Corporate & Specialty (AGCS) in its 12th annual survey of key business risks around the world, according to 2,700+ respondents.
In the report made available to Business Post, it was stated that corruption, shortage of skills due to the migration of young Nigerians abroad, and energy are the country’s top risks.
These risks, identified through the Allianz Risk Barometer, were grouped under macroeconomic developments, political, and cyber risks.
Respondents were questioned during October and November 2022, with a focus on large- and small- to mid-size companies.
They were asked to select the industry about which they were particularly knowledgeable and to name up to three risks they believed to be most important.
Nigeria has for many years battled with corruption in government, with the efforts yielding little or no result.
In 2015, President Muhammadu Buhari, after he defeated former President Goodluck Jonathan, he promised to fight corruption and clean the government.
However, almost eight after, his administration has been accused of unprecedented corruption and others, including crude oil theft and fuel subsidy.
The high level of corruption and insecurity in the country has forced some young Nigerians to travel to countries like Canada, the United Kingdom, the United States and others.
It was recently reported that many bank and health workers were resigning to japa (flee) from the country for a better life outside.
In the report by Allianz, it was disclosed that “in Nigeria, the top three risks are Macroeconomic developments (#1 from #3), Political risks and violence maintains second position, and Cyber incidents slide down two places to #3.”
As for the others, the report said cyber incidents and business interruption rank as the biggest company concerns for the second year in succession (both with 34% of all responses).
However, it is macroeconomic developments such as inflation, financial market volatility and a looming recession (up from #10 to #3 year-on-year), as well as the impact of the energy crisis (a new entry at #4) which are the top risers in this year’s list of global business risks, as the economic and political consequences of the world in the aftermath of Covid-19 and the Ukraine war take hold.
Such pressing concerns call for immediate action from companies, explaining why both natural catastrophes (from #3 to #6) and Climate change (#6 to #7) drop in the annual rankings, as does pandemic outbreak (from #4 to #13) as vaccines have brought an end to lockdowns and restrictions.
Political risks and violence are another new entry in the top 10 global risks at #10, while the Shortage of skilled workforce rises to #8. Changes in legislation and regulation remain a key risk at #5, while Fire/explosion drops two positions to #9. View the full global and country risk rankings and watch a short video here.
“For the second year in a row, the Allianz Risk Barometer shows that companies are most concerned about mounting cyber risks and business interruption. At the same time, they see inflation, an impending recession and the energy crisis as immediate threats to their business.
“Companies – in Europe and in the US in particular – worry about the current ‘permacrisis’ resulting from the consequences of the pandemic and the economic and political impact of the ongoing war in Ukraine. It’s a stress test for every company’s resilience,” the chief executive of AGCS, Mr Joachim Mueller, commented on the findings.
General
Tinubu Confirms Killing of Abu-Bilal Al-Manuki by Nigerian, US Forces
By Modupe Gbadeyanka
President Bola Tinubu on Saturday confirmed the killing of a senior ISIS leader, Mr Abu-Bilal Al-Manuki, in an overnight operation carried out by the United States and Nigeria.
President Donald Trump had earlier announced the elimination of the notorious terrorist via a post on his Truth Social.
Later, in a statement today, Mr Tinubu praised the action, describing it as “a significant example of effective collaboration in the fight against terrorism.”
“Our determined Nigerian Armed Forces, working closely with the Armed Forces of the United States, conducted a daring joint operation that dealt a heavy blow to the ranks of the Islamic State,” he said in the statement.
According to him, early assessments confirm the elimination of the wanted IS senior leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, along with several of his lieutenants, during a strike on his compound in the Lake Chad Basin.
He commended the partnership between Nigeria and America in waging war against terrorists, thanking his US counterpart “for his leadership and unwavering support in this effort.”
“I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation,” the Nigerian leader added.
General
Nigeria Steps up AI Surveillance, Anti-Drone Systems for National Security
By Adedapo Adesanya
Nigeria is set to strengthen its defence architecture by deploying artificial intelligence-powered surveillance systems and advanced anti-drone technology as part of efforts to modernise the country’s military capabilities, according to the Minister of Defence, Mr Christopher Musa.
He disclosed this during a high-level visit to Monaco, where he led a Nigerian delegation to conclude discussions on the multi-domain Hybrid Intelligence Shield (HIS) project.
According to Mr Musa, the initiative is designed to enhance border security, protect urban centres and improve the country’s response to emerging security threats.
The project is expected to introduce AI-driven surveillance systems capable of identifying threats rapidly through smart algorithms, while anti-drone technology will be deployed to intercept and neutralise unmanned aerial threats.
The government also plans to establish national and regional command-and-control centres to improve real-time coordination and response to security incidents across the country.
Mr Musa said the initiative would place strong emphasis on technology transfer and local capacity development through the establishment of a military Centre of Excellence in Nigeria.
He added that the federal government would leverage partnerships with international firms, including Marss UK Ltd, while simultaneously building indigenous capabilities to address insurgency, illegal mining, piracy and other security threats.
Nigeria has continued to battle multiple security challenges in recent years, including insurgency in the North-East, banditry and kidnappings in the North-West, farmer-herder clashes in the North-Central region, crude oil theft in the Niger Delta and piracy in the Gulf of Guinea.
Nigeria is stepping up its defence as the border region of Nigeria, Benin and Niger on the southern edge of the Sahel region is becoming a new stronghold for jihadists, as militants turn forests and pastoral networks in West Africa into bases for recruitment and international attacks.
Attacks in Nigeria have also risen, with data from the website of the Armed Conflict Location & Event Data (ACLED), a conflict-monitoring group, affirming that the number of suicide bombings in Nigeria by March already matched the annual average over the past six years.
The Nigerian military has also been dealt a blow to its military bases and senior figures targeted. In April, Brigadier-General Oseni Omoh Braimah was killed when Islamist fighters attacked a base in Borno State.
To also meet the defence goal, Nigeria is stepping up efforts to build domestic arms-manufacturing capacity.
General
Nigeria, Morocco to Seal Atlantic Gas Pipeline Deal by Q4 2026
By Adedapo Adesanya
Nigeria and Morocco are set to sign a major intergovernmental agreement later this year to push forward the long-delayed Nigeria-Morocco Gas Pipeline project, a multi-billion-dollar energy corridor expected to reshape gas trade across West Africa and Europe.
The agreement, expected to be signed in the fourth quarter of 2026 by President Bola Tinubu and King Mohammed VI of Morocco, follows the completion of preliminary technical studies for the ambitious project, according to officials from both countries.
The pipeline, also known as the African Atlantic Gas Pipeline, is projected to stretch about 6,900 kilometres along offshore and onshore routes across West Africa, making it one of the largest gas infrastructure projects on the continent.
With an estimated cost of $25 billion, the pipeline is designed to transport up to 30 billion cubic metres of gas annually once completed.
Discussions on the project gained fresh momentum during a telephone conversation between Nigeria’s Minister of Foreign Affairs, Mr Bianca Odumegwu-Ojukwu, and her Moroccan counterpart, Mr Nasser Bourita.
The project would not only strengthen energy cooperation between the two countries but also improve regional economic integration and expand Africa’s access to European energy markets.
According to Morocco’s hydrocarbons and mining agency, ONHYM, part of the gas supply will support Morocco’s domestic energy demand, while large export volumes will be directed to Europe.
The project, first proposed about a decade ago, is seen as a strategic alternative gas supply route amid rising global energy security concerns and Europe’s search for more diversified energy sources.
Beyond the pipeline, Nigeria and Morocco are also exploring broader economic partnerships, particularly in fertiliser production and distribution to support food security across Africa.
Both countries also agreed on the need to revive the Nigeria-Morocco Business Council to strengthen trade and investment relations under the African Continental Free Trade Area framework.
Analysts noted that the project could significantly boost gas monetisation opportunities for Nigeria, expand regional infrastructure development, and deepen economic ties between West African nations and Europe if successfully executed.
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