General
Nigeria Accounts for 11% of Africa $2.1trn Private Wealth
By Adedapo Adesanya
Nigeria accounts for 11 per cent of Africa’s $2.1 trillion total private wealth, according to this year’s Africa Wealth Report published by UK investment consultancy firm, Henley & Partners, in partnership with South African wealth intelligence firm, New World Wealth.
The report stated that Nigeria, which has $228 billion in private wealth, is third behind Egypt (second place) with $307 billion and South Africa, top of the echelon with $651 billion.
Others in the top 10 include Morocco, Kenya, Ghana, Tanzania, Angola, Ethiopia and Mauritius.
The report made it known that Africa’s $2.1 trillion total wealth is different from the gross domestic product (GDP), which calculates the monetary measure of the market value of all the goods and services produced in a specific period in a country.
While the number of millionaires on the continent over the past decade has not increased exponentially, the number of centi-millionaires ($100 million+) and billionaires has shot up.
Nigeria has 28 centi-millionaires and four billionaires with 510 multimillionaires, while 10,000 Nigerians have a worth of over $1 million.
Also, the appetite for investment migration in markets beyond Southern Africa has been growing steadily over the past few years. For example, Nigeria was the second-largest market (after South Africa) in enquiries received by Henley & Partners in 2021, with a growth of 15 per cent.
The report noted that the continent needs to deal with the legacy industries, whose ownership structures perpetuate inequality. It added that Africa needs to expose its citizens to financial education as most have asymmetric knowledge of finance, which constrains the growth of retail participation in financial markets.
Showing how much the top wealthiest countries affect the continent’s total wealth, in the past decade, Nigeria has had a negative private wealth growth rate of -27 per cent, instrumental in the 7 per cent decline in Africa’s wealth growth since 2011.
From a global perspective, South Africa, Nigeria and Egypt were among the top 15 nationalities regarding the enquiries Henley & Partners received last year. South Africa was in 5th place globally, with a growth of 38 per cent in 2021, Nigeria in 7th place with an increase of 15 per cent and Egypt in 14th place with a change of 25 per cent.
As reflected in the report, the Big 5 wealth markets in Africa are South Africa, Egypt, Nigeria, Morocco and Kenya. These five countries account for over 50% of Africa’s total wealth.
Giving a spotlight on Mauritius, Business Post understands that it is the wealthiest country in Africa.
“Following several decades of strong growth, Mauritius now ranks as the wealthiest country in Africa by a significant margin (on a wealth per capita basis). This amounted to $34,500 as of December 2021, which is well above second-placed South Africa ($10,970).”
New World Wealth has predicted a healthy wealth growth of 38 per cent for Africa in the next decade, but West Africa may not join the fray.
Eastern African countries are projected to anchor this rise, with “over 60 per cent growth expected in Uganda and Rwanda by 2031, and over 50 per cent in Kenya and Zambia.”
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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