As Washington recalibrates its trade policy in a high-stakes global game, Abuja may be forced to re-evaluate its own trade approach and position in the international economy.



Nigeria will face a reduced blanket United States (U.S.) tariff of 10% until July, but its main export—oil and gas—remains unaffected, cushioning the immediate economic impact.



The U.S. announced a temporary reprieve on tariffs for most trading partners, including Nigeria, following an escalation in trade tensions marked by a steep increase in tariffs on Chinese imports.



The new measures, announced by U.S. President Donald Trump, follow weeks of speculation about an expansion of U.S. protectionist trade policies. Trump, who raised tariffs on Chinese exports to 125%, said countries that have not retaliated against U.S. tariffs—including Nigeria—will benefit from a 90-day pause and a lower, uniform 10% tariff rate. The decision signals a recalibration of America’s trade stance, particularly toward countries it does not view as economic adversaries.



Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, played down the potential impact of the new tariff regime. “Nigeria’s exports to the U.S. were N1.8 trillion, N2.6 trillion and N5.5 trillion in 2022, 2023, and 2024 respectively,” Edun reportedly said in response. “Fortunately, oil and mineral exports accounted for 92%—N5.08 trillion—while non-oil exports were just N0.44 trillion. So the tariff effect is negligible if we sustain our oil and minerals export volume.”



Nevertheless, Edun said Nigeria would revisit its 2025 budget assumptions in light of shifting global trade dynamics and domestic revenue projections.



U.S. frustration with Nigeria’s own trade practices also played a role in the decision. According to a report from the Office of the United States Trade Representative (USTR), Nigeria’s ban on 25 categories of imported goods—including agricultural products, pharmaceuticals, and beverages—has created significant barriers for American exporters. Items such as beef, pork, poultry, fruit juices, spirits, and medicaments are among those restricted, leading to lost revenue and reduced market access for U.S. businesses.



“This feels like a strategic move to influence Nigeria’s protectionist trade stance,” Nigerian economist Opeoluwa Bamiro tells FORBES AFRICA.



Corroborating the minister&#8217;s claim that the new U.S. tariffs are unlikely to affect the West African nation significantly, Bamiro notes: “Nigeria maintains a trade surplus with the U.S., not a deficit. In fact, the U.S. had a year-to-date surplus of $44 million with Nigeria in February.”

Oil And Gas Operations In Nigeria

Exemption Of Economic Lifeline Offers Africa’s Largest Oil Producer Some Breathing Room Amid Tariffs War

According to the newly-released State of the Industry Report on Mobile Money (SOTIR) 2025 by GSMA, a global organization unifying the mobile ecosystem, sub-Saharan Africa (SSA) recorded 1.1 billion of the 2 billion mobile money accounts registered globally as of 2024.



The report underlines how mobile money has become a core component of economic life in the region. In 2023 alone, mobile money contributed approximately $190 billion to SSA’s GDP—up from $150 billion in 2022—demonstrating the sector’s growing economic influence.



The concept of mobile money, which allows users to store, send, and receive funds through their mobile phones, was first widely adopted in Kenya in the late 2000s with the launch of M-Pesa. Since then, it has expanded rapidly across East, West, and Southern Africa, filling a gap left by traditional banking systems, which often failed to reach rural or low-income populations.



“From an economic perspective, mobile money is now seen to be contributing to the GDP of many countries with a service in sub-Saharan Africa,” Ashley Olson Onyango, Head of Financial Inclusion and AgriTech at GSMA, says to FORBES AFRICA.



Onyango attributes the region’s leadership to a mix of enabling regulations, supportive national financial inclusion strategies, telecom investments in connectivity, and the availability of simple, affordable services.



In 2024, global mobile money transactions exceeded $1.7 trillion, with over 500 million monthly active users. East Africa, followed by Southeast Asia and West Africa, drove the growth in monthly activity. Within Sub-Saharan Africa, East Africa continues to lead in both adoption and innovation.



Beyond basic money transfers, mobile money providers are evolving into digital-first financial platforms. Many now offer credit, savings, and insurance products, often in partnership with underwriters and insurtech firms. Some providers have even secured licenses to offer insurance directly, particularly in East and Southern Africa.



Mobile apps have become instrumental to this evolution, enabling users to access a broader array of financial and third-party services. “Many providers are looking to transition into a one-stop shop for a range of financial services,” Onyango says, noting that external investment in mobile money companies has grown, thanks in part to improved profitability and rising revenues.



Global payment giants are taking notice. Mastercard, for instance, has recently signed partnerships with multiple mobile money providers operating across SSA.



Yet the industry faces challenges. Fraud remains a critical concern, and both regulators and providers are stepping up efforts to improve digital and financial literacy among users. By 2024, at least 60% of providers had implemented financial literacy initiatives.



International remittances are another area ripe for growth. Mobile-enabled transfers are typically cheaper than traditional channels, but inconsistent regulations across countries, according to Onyango, continue to limit cross-border expansion.

Sydney Economy Ahead of Australia Consumer Price Index Figures

Sub-Saharan Africa Dominates Global Mobile Money Landscape With 1.1 Billion Accounts, New Report Finds

The Nigerian business tycoon, who built an empire with just £100 in the bank, leaves behind an influence embedded in every digital transaction and every mobile call across a continent on the rise.



Pascal Gabriel Dozie, one of Nigeria’s most visionary business figures who pioneered electronic money transfers and helped usher the West African nation into the mobile telecom era, died on Tuesday, a day before his 86th birthday.



The announcement came via a family statement signed by his son, Uzoma Dozie, who described him as “a devoted husband, father, grandfather, and a man of unwavering Catholic faith.” The elder Dozie, he said, lived a life of service “to God, his family, and his country.”


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Dozie’s death marks the end of an era for Nigeria’s modern banking and telecommunications industries. From humble beginnings in southeastern Nigeria, he rose to become a towering figure in the country’s economic landscape—building institutions, influencing policy, and shaping how millions of Nigerians interact with money and communication.



Born April 9, 1939, in Owerri, in what is today Imo State, Dozie’s early years were rooted in modesty. His father worked as a local court interpreter. He later joined a wave of ambitious young Africans from newly independent nations who travelled to Europe in search of higher education. At the London School of Economics, he studied economics—briefly sharing lecture halls with Mick Jagger, who later dropped out to form the Rolling Stones. Dozie, however, stayed the course, earning his degree and following up with a master’s from City University, London, in 1963.



As civil war erupted in Nigeria in 1967, Dozie temporarily diverted his return plans, opting instead to work in Uganda until the Biafran conflict—which claimed over a million lives—ended. By 1971, he returned to Nigeria at the behest of his ailing mother, settling in Lagos and launching the African Development Consulting Group. He would never work for anyone else again.



The 1980s marked a turning point in his career. Observing the dangers faced by traders carrying large sums of cash from rural markets to Lagos, Dozie identified a gap in financial services. That insight birthed Diamond Bank in 1991, one of Nigeria’s first commercial banks to champion electronic money transfers. The bank rapidly expanded and became a lifeline for merchants, professionals, and rural entrepreneurs navigating Nigeria’s difficult cash economy. Years later, Dozie handed the reins to his son Uzoma. In 2019, Diamond Bank merged with Access Bank in one of the most significant consolidations in Nigerian banking history.



But Dozie’s ambitions extended far beyond finance.



In the early 2000s, when mobile telephony was still an emerging concept across Africa, South Africa’s MTN approached him with a proposal: to enter the Nigerian market, one of the largest untapped populations on the continent. Despite widespread skepticism and a failing state-run telecom operator, Dozie helped raise capital and take a stake in MTN Nigeria. He played a central role in convincing reluctant investors who saw the idea of a nationwide cellular network in Nigeria as implausible.



“Most of the people I asked to invest now regret not investing—I even regret it myself,” he remarked to FORBES AFRICA in 2012 for a cover story. “They would have enjoyed returns of 20 times their money.”



Under Dozie’s leadership as chairman, MTN Nigeria became the country’s largest telecom provider, helping to bring mobile access to tens of millions, reshaping business, governance, and everyday life in the process.



A sharp-tongued and occasionally outspoken figure, Dozie combined intellectual rigor with entrepreneurial intuition. In addition to consulting for multinationals like Nestlé and Pfizer, he wrote regularly for Business International, dissecting African economic trends and policies.



Today, his impact reverberates through Nigerian financial systems and the ubiquitous mobile phones that connect villages to cities, market women to global platforms, and young people to opportunity.



Dozie is survived by his wife, Chinyere, children, grandchildren, and a legacy woven into Nigeria’s technological and economic transformation.

_MG_6479k

Pioneer Of Electronic Transfers And Cellular Revolution In Nigeria Dies At 85

In an era where global markets often dictate local fortunes, Nigeria’s ultra-wealthy have built empires rooted in the country’s soil, forging industries that not only create wealth but also provide critical homegrown solutions to the country’s most pressing challenges.



Nigeria’s billionaires are rewriting the rules of business in Africa.



In an economy battered by currency swings, regulatory shakeups, and infrastructure gaps, Nigeria’s billionaire class is not just surviving—they are thriving. The country’s wealthiest moguls have seen their collective fortune balloon—one of the largest wealth jumps in Nigeria’s modern history.



Unlike previous decades, where fortunes were largely tethered to oil booms and government patronage, today’s billionaires have diversified—cementing their influence across industries like energy, power, telecommunications and infrastructure. And yet, they all share one trait: a drive to solve Nigerian problems with Nigerian solutions.



At the top of the list remains Aliko Dangote, Africa’s richest man, whose fortune now stands at $23.9 billion. If the past decade saw him dominate cement and sugar, this decade confirms his place in global energy. His $23 billion Dangote Refinery, finally operational after years of delays, has transformed Nigeria’s refining capacity overnight, slashing dependence on imported fuel. It’s a move not just of business acumen but of nation-building—a direct response to Nigeria’s longstanding energy crisis.



Making an emphatic comeback on the Forbes’ Africa billionaires’ list last year after a seven-year hiatus, Femi Otedola not only reclaimed his billionaire status but asserted himself as a dominant force in power generation. With a fortune of $1.5 billion, Otedola’s transition from oil to electricity through Geregu Power has proven prescient. Nigeria’s push for a privatized power sector has given his investments a renewed edge, and his resurgence signals a broader shift in the country’s energy priorities.



For Mike Adenuga, the billionaire behind Globacom and Conoil, the past year has been a mixed bag, reflecting the headwinds in telecom and oil. However, his legacy as a telecom pioneer remains unchallenged—Globacom continues to expand its reach, solidifying its role as a key player in Nigeria’s digital economy.



For Abdulsamad Rabiu, the founder of BUA Group, 2025 has been a year of consolidation. His cement and sugar empire remains formidable, and with Nigeria’s infrastructure boom showing no signs of slowing, BUA Group’s influence is far from waning.



These billionaires are not just accumulating wealth; they are reshaping Nigeria’s economy.



Dangote’s refinery could save the country billions in foreign exchange, and Otedola’s growth signals a future where private capital drives utilities. Yet, challenges persist. The naira remains volatile, government policies shift unpredictably, and infrastructural gaps continue to plague industries. These billionaires have thrived in uncertainty before, but can they future-proof their empires?



There’s also the looming question of succession. With most of these men in their 60s, who will carry the torch? Will their children or handpicked successors step up, or will a new wave of entrepreneurs emerge to challenge them?



One thing is certain: in 2025, Nigeria’s billionaires are more than just wealthy men. They are architects of a new economic order—one where Nigerian solutions define the future of one of Africa’s biggest economies.



Aliko Dangote



Nigeria imports over 80% of its refined petroleum—or at least, it did. With 650,000 barrels per day in local refining capacity, Dangote has flipped the script.



The refinery is expected to slash Nigeria’s fuel import bill, stabilize foreign exchange reserves, and cut costs for millions of Nigerians who rely on fuel for transportation and power generation.



This has seen his net worth soar, largely fueled by the long-awaited commissioning of the Dangote Refinery—the largest petroleum refinery in Africa, positioning it to supply products across Africa. With global energy markets shifting and fuel subsidies phasing out in Nigeria, the refinery’s operational launch could not have come at a more critical time.



The refinery’s impact is already visible. In January, Nigeria’s fuel imports dropped to its lowest level in eight years, while export contracts for petroleum products have been signed with multiple African nations. Observers project that Nigeria could save $10 billion annually on petroleum products imports.



Dangote’s empire predates oil. He is the founder and chairman of Dangote Industries, which includes Dangote Cement, Dangote Sugar, and Dangote Flour.



Ayo-Bankole Akintujoye, a strategy expert, says: “Dangote is the archetype of how homegrown industrialists can catalyze development, create prosperity, and position Africa competitively in the global economy.”



In February, Dangote announced a $400 million investment to double production at his Mugher cement plant in Ethiopia to 5 million metric tons per year. The plant, operational since 2015, had faced political instability, but Dangote confirmed that all loans have been repaid and profits repatriated.



In November 2024, Dangote expanded into Angola, opening a subsidiary focused on oil block acquisitions, the Lobito Refinery project, and cement production. This marks a significant push into southern Africa’s energy and construction markets, further solidifying his continental influence.



Dangote is also making moves in Nigeria’s auto industry. In 2022, he partnered with Stellantis to launch Dangote Peugeot Automobiles Nigeria (DPAN), assembling Peugeot models at a Kaduna-based factory.



“His business model of reinvestment and vertical integration has created a powerful economic multiplier effect across Africa,” Akintujoye notes to FORBES AFRICA. “From manufacturing to distribution, he has strengthened local supply chains, created jobs, and preserved foreign exchange reserves.”



With reportedly 11,000 employees in West Africa and businesses dominating cement, sugar, and now petroleum refining, Dangote’s empire continues to shape Africa’s industrial future. His ability to navigate regulatory complexities, infrastructure deficits, and capital constraints showcases why he remains the most influential business leader on the continent.



Mike Adenuga



Mike Adenuga rules connectivity and crude. With a fortune of $6.8 billion, he is Nigeria’s second-richest man. Dubbed the ‘Silent Billionaire, Adenuga lets his businesses do the talking.



His Globacom, the second-largest telecom network in Nigeria, connects over 60 million subscribers.



Nigeria has 164.9 million active telecommunications subscribers, according to December 2024 subscription sta- tistics released by the Nigerian Communications Commis- sion (NCC). Data consumption is exploding, fueled by fintech, streaming, and e-commerce. Globacom’s strategic fiber-optic expansions keep Adenuga a central figure in the digital economy, with 12.15% of the market share.



Adenuga has always played by his own rules.



His oil company, Conoil Producing, holds six oil blocks in the Niger Delta. Adenuga has significant stakes in Conoil, a publicly traded petroleum firm where he holds 74%, and Sterling Financial Holding, where he owns just under 6%. He also spearheaded the development of Glo-1, a 6,100-mile submarine internet cable linking Nigeria to Europe via Ghana and Portugal, improving broadband access in West Africa.



Industry experts consider Adenuga’s success a case study in indigenous business development.



Mayowa Adeosun, COO and Co-Founder of fintech firm Sycamore Group, underscores Adenuga’s calculated risk-taking and strategic foresight in shaping multiple African sectors.



“Adenuga’s investments in telecommunications and oil seemed prescient in hindsight, but they were made in the face of significant uncertainty and risk,” says Adeosun to FORBES AFRICA. “His ability to navigate complex regulatory environments while maintaining operational efficiency offers valuable lessons for business development across the continent.”



Adenuga’s approach has gone beyond personal wealth accumulation—his infrastructure investments have catalyzed growth across multiple industries. Globacom’s expansion, for instance, has facilitated thousands of small businesses to scale through improved connectivity, showcasing an ecosystem-driven model of wealth creation.



“We observe daily how improved access to capital and financial services can activate entrepreneurial potential across market segments,” Adeosun adds.



“The blueprint established by visionaries like Adenuga demonstrates how institutional builders can create long-term value while addressing fundamental market gaps.”



Abdulsamad Rabiu



Rabiu, the founder of BUA Group, is a key force in Nigeria’s industrial sector. His cement empire is heavily tied to infrastructure spending, which has been volatile due to fiscal constraints.



Nigeria’s infrastructure deficit is estimated at $3 trillion over the next 30 years.



Cement demand will continue to rise.



BUA Group is also expanding into refining and petro-chemicals with a greenfield 200,000 barrels per day plant in Akwa Ibom of southern Nigeria, aiming to produce Euro-V fuels and Polypropylene for the domestic and regional market.



Rabiu has cemented his legacy—quite literally—through his holdings in cement production, sugar refining, and real estate. His decision to merge Obu Cement with Cement Co. of Northern Nigeria in 2020 created BUA Cement Plc, a player on the Nigerian Stock Exchange, where he holds a 98.2% stake. In the food sector, he owns 95% of BUA Foods, another publicly traded giant shaping West Africa’s agro- industrial economy.



Rabiu’s story is one of calculated risks and bold counter-cyclical investments.



His early years were shaped by his father, a businessman-man- man who left him land—an inheritance he leveraged to build an empire. In 1988, he struck out on his own, importing iron, steel, and chemicals, laying the foundation for the industrial powerhouse that BUA would become.



His approach to business defies short-term gains, favoring a long-haul vision where vertical integration and infrastructural development create ripple effects across multiple sectors. Adeosun, of fintech firm Sycamore Group, sees Rabiu’s journey as a blueprint for sustainable African entrepreneurship.



“Rabiu’s strategic investments in manufacturing weren’t obvious wins at the time,” Adeosun notes to FORBES AFRICA. “He invested when others hesitated, navigating economic volatility and complex regulations. His success wasn’t just about wealth accumulation—it was about ecosystem building.”



Femi Otedola



Few Nigerian billionaires have reinvented themselves like Otedola.



Once an oil tycoon, Otedola sold his stakes in Forte Oil to pivot into the power sector, becoming chairman of Geregu Power—pushing his fortune to $1.5 billion.



Nigeria’s grid collapses multiple times a year. Private power is now essential. His pivot from oil to power mirrors a larger privatization wave in Nigeria’s utility sector.



Otedola’s Geregu Power now supplies a significant portion of Nigeria’s electricity grid, attracting investments from the Nigerian government, China’s State Grid Corporation, and African Export-Import Bank (Afreximbank).



Beyond energy, Otedola has also stamped his influence in Nigeria’s financial sector. His investment in FBN Holdings, one of Nigeria’s leading banks, has been pivotal.



As the chair and significant shareholder, he played a crucial role in improving the bank’s efficiency, driving profitability and value for investors. He also holds shares in Zenith Bank.



Kayode Omosebi, Director at Lagos-based MO Africa Company, sees Otedola’s resurgence as a testament to Nigeria’s economic potential and the power of strategic foresight.



“Otedola’s return as a Forbes-listed billionaire showcases the resilience required for success in Nigeria’s evolving business landscape. His ability to think differently, persist against all odds, and strategically reposition his investments is an inspiration for young entrepreneurs. His journey highlights the vast opportunities within Nigeria’s traditional and emerging sectors,” Omosebi tells FORBES AFRICA. Otedola has homes in Lagos, Dubai, London, and Monaco.

Urban life in Lagos

Nigeria’s Billionaire Class: Homegrown Titans Redefining Wealth In 2025

With Nigeria’s elite increasingly looking to U.S. wines, the country’s role in the global wine industry is undergoing a transformation.



Nigeria has emerged as the largest African market for U.S. wines, with exports reaching $7.8 million in 2024—a 65% increase from the previous year.



Acting U.S. Consul General JoEllen Gorg disclosed this at a Lagos event marking the start of the 2025 Africa tasting tour.



“The United States is proud to offer the highest quality products to consumers around the world. California wines represent some of the best in the world. Home to over 5,000 wineries, most of them family-owned, multi-generational businesses, California makes over 80% of U.S. wine and ranks the 4th among world’s wine producers,” Gorg stated.



The surge in U.S. wine imports to Nigeria reflects broader lifestyle shifts among the country’s affluent and middle-class consumers.



Historically, South Africa has been Africa’s dominant wine producer, with Nigerian wine consumption largely driven by imports from France, Spain, and Italy.



However, Nigeria’s increasing demand for premium wines suggests a diversification of tastes and a deeper penetration of Western lifestyle trends, particularly among urban elites and expatriate communities.



Nigerian analyst Oluwaseun Obilana attributes this trend to Nigeria’s expanding middle class and the rising influence of Western dining culture.



“The Nigerian consumer today is more cosmopolitan than ever. Wine has moved beyond special occasions and religious functions to become a staple in social gatherings, business events, and fine dining experiences,” he explains to FORBES AFRICA.



Traditionally, Nigeria’s alcoholic beverage market has been dominated by beer and spirits, particularly locally brewed options and imported cognac. However, Obilana notes that young professionals and high-net-worth individuals are increasingly embracing wine as a symbol of sophistication and status. “There’s a perception shift. More Nigerians now view wine as a lifestyle choice rather than just a drink,” he adds.



Beyond consumer trends, the economic landscape has played a role in reshaping Nigeria’s wine market.



Kolawole Oyebola, an economic analyst, highlights that the depreciation of the naira has made European wines less accessible, while U.S. wines—particularly from California—have been aggressively marketed as premium yet relatively affordable alternatives.



“The dollar’s strength and the cost of importing from traditional wine hubs like France and Italy have pushed retailers and consumers to explore other options. American wineries have capitalized on this by targeting Nigeria’s hospitality sector and high-end retail outlets,” Oyebola explains to FORBES AFRICA.



The Africa tasting tour, which also includes stops in Nairobi, Kenya, and Cape Town, South Africa, is part of broader efforts to establish U.S. wines as a formidable competitor in a market that has long been shaped by European dominance.

Close-Up View of Person Swirling Red Wine in Cellar Atmosphere

Nigeria’s Appetite For U.S. Wines Grows To $7.8 Million In One Year

A new law signals Nigeria’s intent to position itself as a digital finance leader on the continent.



For the first time, virtual assets and investment contracts are formally recognized as securities in Nigeria, following the Investment and Securities Act (ISA) 2024 signed into law by its President Bola Tinubu.



This new legislation comes after years of regulatory uncertainty and tension between the Nigerian government and the burgeoning crypto community. In February 2021, the Central Bank of Nigeria (CBN) issued a directive prohibiting financial institutions from facilitating cryptocurrency transactions, citing concerns over money laundering, terrorism financing, and the lack of consumer protection. The ban sparked widespread outrage, particularly among Nigeria’s tech-savvy youth, who had increasingly turned to cryptocurrencies as an alternative store of value amid inflation and economic instability.



Despite the crackdown, Nigeria emerged as Africa’s largest cryptocurrency market by volume, ranking second worldwide behind India, with citizens finding creative ways to bypass the restrictions through peer-to-peer (P2P) trading.



In response to the persistent demand and growing global acceptance of digital assets, the government began reconsidering its position, culminating in the enactment of the ISA 2024.



The new law provides long-awaited regulatory clarity, bringing Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges under the direct oversight of the Securities and Exchange Commission (SEC).



Nigerian financial analyst Olumide Adesina views this as a major breakthrough.



“The regulation brings clarity and affirms the input of digital assets in the Nigerian capital market,” Adesina says to FORBES AFRICA.



“The law would likely attract huge players in the global industry to engage directly by setting up a physical presence with Africa&#8217;s biggest crypto market. Finally, it will also widen tokenization usage built on traditional assets and intensify interest among the younger populace.”



While the move is celebrated for its potential to draw institutional investment, it also raises questions about the impact on grassroots innovation.



Nigerian crypto enthusiast Samuel Adebayo voices mixed feelings, noting that the legislation could have unintended consequences.



“This will likely accelerate institutional adoption of digital assets in Nigeria by providing legal clarity and investor protection. However, stricter compliance requirements may pose challenges for smaller crypto startups,” Adebayo explains to FORBES AFRICA. “While the framework enhances market legitimacy, its impact on innovation will depend on how regulations are enforced and adapted to industry needs.”

Silhouette of a man interacting with virtual computer graphics

Africa’s Largest Crypto Market Finally Legalizes Virtual Assets After Complex History

With the cost of entry reportedly five times higher than the EB-5 immigrant investor visa program, and with historically low African participation in investor visas, President Donald Trump’s gold card may struggle to find buyers from Africa.



With several President Joe Biden-era immigration policies being rewritten, U.S. President Donald Trump, who is serving his second terms in office, seems to be banking on a new investor visa scheme—dubbed the ‘gold card’—to boost the American economy.



The program, which allows companies to pay $5 million per applicant to fast-track their work and residency status, has been framed as a superior alternative to the existing EB-5 visa program.



A closer look at the 2024 success rates of the EB-5 visa program revealed a disparity between some African countries and the rest of the world. South Africa, for example, ranked 6th and the only African country in the top 10, accounted for 119 successful applications, a fraction of China’s 8,311 approvals.



The introduction of the gold card program may exacerbate this trend, according to Nzube Ohalete, a Nigerian graduate student in the U.S, who also assists others with scholarship and visa tips.



“A lot of Africans are not utilizing this [EB-5 visa program]. With the increase in price, this number will more likely decrease,” Ohalete tells FORBES AFRICA.



His skepticism is rooted in historical trends: Africa has never been a major player in the EB-5 program, a visa route that grants green cards to foreign investors who commit at least $1 million to U.S. businesses. Now, with the gold card costing five times as much, the question arises—who in Africa can, or will, afford it?



Trump, however, is bullish on the program’s financial impact.



“If we sell a million, right, a million, that’s $5 trillion. If we sell 10 million, that’s $50 trillion. That means our debt is totally paid off, and we have $15 trillion above that,” he claimed during his first cabinet meeting since returning to office.



U.S. Secretary of Commerce, Howard Lutnick, a key architect of the policy, argues that the gold card fixes the flaws of EB-5 by ensuring more accountability.



“For $5 million, they’ll get a license from the Department of Commerce. Then they’ll make a proper investment on the EB-5,” Lutnick explained. “If we sell just 200,000 of these, that’s $1 trillion to pay down our debt.”



Lutnick has been promoting the gold card, claiming on the All-In Podcast, which focuses on business, that 1,000 have already been sold in one day. “There are 37 million people in the world who are capable of buying the card,” he said.



Paul Agada, another Nigerian graduate student in the U.S. and an SDGs advocate, remains unconvinced that the gold card is an improvement over the EB-5.



“The gold card is an old idea in expensive new garb,” Agada says to FORBES AFRICA.



He further suggested that stakeholders on the continent focus resources here first.



“Entrepreneurs need to observe the conversation around the last election. We need to first build our continent before seeking to build another man’s home.”



Trump himself has expressed concerns. Speaking with Fox News, he admitted the program could attract “unsavory people”, though he promised to crack down on any wrongdoing.



Ohalete believes that, rather than turning to the gold card, “wealthy Africans will explore other options for U.S. residency, like the EB-1 and EB-2”.



The EB-1 and EB-2 programs cater to individuals with exceptional abilities and advanced degrees, respectively.

South Africa visa in traveler’s passport

Africans Lag Behind In U.S. Investor Visas, Gold Card Introduction May Widen Gap

Watched by as many as one billion people worldwide, the 1974 bout saw George Foreman undefeated in 40 fights—then the reigning heavyweight champion—overwhelming Muhammad Ali in the early rounds with his raw power.



George Foreman, the two-time heavyweight boxing champion who contended with Muhammad Ali in Africa’s first-ever heavyweight title fight, the Rumble in the Jungle, has died at the age of 76.



“With profound sorrow, we announce the passing of our beloved George Edward Foreman Sr., who peacefully departed on March 21, 2025, surrounded by loved ones,&#8221; Foreman&#8217;s family shared on Friday on his official Instagram page, requesting privacy as they mourn his loss.



The Rumble in the Jungle fight in Kinshasa, Zaire (now the Democratic Republic of the Congo), remains one of the most iconic sporting events in history. Ali, employing his now-famous rope-a-dope strategy, absorbed Foreman’s punches before launching a counterattack that led to an eighth-round knockout, cementing his own legacy.


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1024" height="612" src="https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243.jpg" alt="" class="wp-image-64972" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243-300x179.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243-768x459.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">George Foreman poses at Imtech Arena on July 2, 2011 in Hamburg, Germany. (Photo by Martin Rose/Bongarts/Getty Images)</figcaption></figure></div>


Born in 1949 in Houston, Texas, Foreman found direction through the Job Corps program, where he discovered boxing. His talent quickly emerged, and at just 19, he won a gold medal in the super-heavyweight division at the 1968 Mexico City Olympics, waving an American flag in the ring at a time of deep racial and political tensions in the U.S.



Foreman’s professional career skyrocketed when he annihilated Joe Frazier in just two rounds to win the heavyweight title in 1973. His combination of size, strength, and relentless aggression made him one of the most feared fighters of his era.



After his loss to Ali, Foreman continued to fight before retiring in 1977. He made a stunning comeback a decade later and, in 1994, at age 45, became the oldest heavyweight champion in history by knocking out Michael Moorer. Outside the ring, he became a global business icon, earning a fortune through the George Foreman Grill, which sold over 100 million units worldwide.



Holyfield once said whereas he is happy for Foreman, he will still remain Evander Holyfield and does not wish to trade places with Big George. Holyfield beat Foreman on points in April 1999 when he defended his three titles.



Reflecting on the 50th anniversary of Rumble in the Jungle, Foreman told The Telegraph, “It amazes me that it was 50 years ago and people are still talking about it, and the term rope-a-dope. I’m just happy that I can remember it, period. I have nothing but fond memories, but at the time, I was devastated at the defeat.’’



The fight was immortalized through the lens of filmmaker Leon Gast, whose Academy Award-winning documentary, When We Were Kings, brought new depth to its narrative. The documentary, featuring insights from cultural icons like Spike Lee and Norman Mailer, framed the match as a cultural and psychological duel, an enduring metaphor for triumph against the odds.

George Foreman in Fight Pose at Nassau Coliseum

Africa’s First-Ever Heavyweight Title Contender Dies At 76

Through Kante, Afrobeats, and his memories of Nigeria, King Charles III underscored music’s power to unite cultures.



King Charles III shared a personal connection to Kante, a song by Nigerian Afrobeats star Davido featuring Fave, recalling how it reminded him of his last visit to Nigeria in 2018 when he attempted to speak Pidgin.



The British monarch made the revelation while presenting The King’s Music Room, a curated selection of 17 songs that have brought him joy, to mark Commonwealth Day 2025.



Among the diverse playlist, Kante stood out, not just for its infectious rhythm but as he said: &#8220;It also features lyrics in Pidgin, which I love in all its forms, and in which I attempted to make a speech when I last visited Nigeria.&#8221; The King said this in a recorded address from Buckingham Palace.



That visit, in November 2018, saw the monarch — then the Prince of Wales — engage with Nigeria’s cultural and political elite in Lagos in partly Pidgin, a lingua franca widely spoken across West and Central Africa.



Departing from his usual polished British English, he greeted dignitaries with a warm &#8220;How you dey?&#8221; (How are you?), drawing laughter and applause.



He even ventured further with the phrase, &#8220;God don butta my bread&#8221;, meaning “God has blessed me,” to acknowledge his return to the country after his first visit nearly three decades.



While he has yet to visit Nigeria as head of the Commonwealth, there were past trips — in 1990 with Princess Diana, then in 1999, 2006, and 2018.



Pidgin, which originated in the 17th and 18th centuries as a trade language between Africans and Europeans, has since evolved into a powerful cultural force.



It dominates Afrobeat lyrics, Nollywood films, and everyday conversations across West Africa.



Recognizing its global appeal, King Charles III noted, “I understand that thanks to Afrobeats, it (Pidgin) is becoming ever more popular around the world.”



During his 2018 trip, he also shared another Pidgin phrase: &#8220;If life dey show you pepper, make pepper soup&#8221;, roughly translating to “life is what you make it.”



“Music has that remarkable ability to bring happy memories, comfort us in times of sadness, and to take us to distant places,” he reflected in his recorded address. “But perhaps, above all, it can lift our spirits&#8230; It brings us joy.”

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King Charles III Recalls Speaking Pidgin In Nigeria, Shares Connection To Davido’s Kante

Nigerian singer, songwriter and actor, Tiwa Savage is determined to build an empire that will cement her status among the world’s self-made billionaire women.



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“I want to go into my mogul era – billionaire Tiwa Savage.”
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Tiwatope Omolara Savage, professionally known as Tiwa Savage, at the age of 45, is standing on the precipice of her next great reinvention. Her contemporaries have shown Savage the path. Now, she is ready to chart her own.



It is a journey that has been decades in the making, and one that began in London, where a teenage Savage discovered a love for performing during drama classes.



“When I was in school, there are basic subjects like math, English, and there are also electives like sports, drama, music – I chose drama and just even from earlier on, I knew that I had a gift for acting. Even when I started my music career, I knew, at some point, I was going to go back into that field,” she recalls to FORBES AFRICA via a Zoom call on a warm afternoon from her home in Lagos, Nigeria.



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“Why are we trying to break into another market? We should build our own to be the one others try to break into.”
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That passion never faded, even as music took center stage in her life. From her music videos to the depth in her lyrics, she was never content with just one avenue of expression.



For those who followed Savage from her 2010 breakout hit, Kele Kele Love to the global collaborations that she’s done in the present, this new chapter feels like a natural progression.



Her work seems to transcend genre and medium. Somebody’s Son, her duet with American singer Brandy Norwood, showcased her vocal prowess. Ife with Nigerian Fuji legend, Wasiu ‘Pasuma’ Odetola proved she could pivot effortlessly across cultures and sounds.



“Growing up in Nigeria, then moving to the United Kingdom and studying jazz in America, I absorbed different musical influences,” she explains.



“I can do a jazz record, a garage song, or an Afrobeats track, and it all feels authentic. I have lived these experiences.”



This authenticity is why her music has earned her historical accolades: the first African woman to sell out London’s Indigo at The O2, the first African woman to win Best African Act at the MTV Europe Music Awards, and a performer at King Charles III’s coronation concert.



As noted, her transition to film was inevitable. As the executive producer of Water and Garri, released in 2024, she found herself immersed in the filmmaking process, drawn to the meticulous nature of the craft.



“It was a lot of work, but there are similarities to music,” she says, as she adjusts her black Dior glasses and leans into the camera.



“I am used to repeating melodies until they are perfect. Watching scenes over and over, making corrections — it was not frustrating. It was exciting.”



Edward Israel-Ayide, an industry insider in the early days of Savage’s career, describes her as a ‘transformer’.



“What stands out is not just her success but how she has consistently adapted and evolved at every turn, emerging stronger from every challenge to become the industry’s ultimate comeback queen.”



He continues, stating that “she understood early on that being an artist in Africa meant being more than just a musician. You had to be a brand, a business, a movement”.



What is remarkable about Tiwa’s journey is how she has managed to stay relevant through every phase of the industry’s growth. From those early networking events to becoming a social media force with 35 million followers, from her first Nigerian stage performance at Industry Nite to co-producing Water and Garrí for Prime Video, she has consistently pushed beyond what we thought was possible for an African artist,” adds Israel-Ayide.



Now, Savage is thinking bigger. Her ambitions extend far beyond entertainment. “I want to go into my mogul era – billionaire Tiwa Savage,” she says with conviction.



The blueprint is clear—skincare, fashion, philanthropy, and, most significantly, education. Savage envisions a music school that does not just produce artists but also nurtures industry professionals, such as songwriters, producers, music therapists, and lawyers.



“I think a lot of times when people think of music, they think of just being an artist,” she explains. “But there are so many aspects to the industry. I want to build a school or scholarship program that teaches that.”



Even as she dreams of reshaping the industry, she remains as candid as ever: “Everyone always says to me, ‘when are you going to sign an artist?’ I don&#8217;t think I have the gift to sign another artist, because artists are stressful… I could just be sleeping, and then I will wake up and my artist is trending for something else”.



“But I do have the gift to help, which is why I am trying to do the music school, where you can go and later sign to a label that can actually help you,’’ she explains.



Ownership is another pillar of her vision. Afrobeats is no longer a niche genre; it is a global movement. As its influence grows, so does the need for African artists to retain control.



“We need to own our art, our publishing, our labels,” she says. “We need to tell our own stories.”



Chude Jideonwo, a media entrepreneur whose 25-year career spans advertising, public relations, television, radio, print, and digital media, echoes this sentiment.



“When it comes to contemporary people, Africa has so many incredible people – Tiwa Savage started her new career when she was in her 40s. There are so many stories from inside the belly of Africa that we have not told in a way that is accessible to the mainstream for the everyday young people.”



Savage has a radical dream: to see Africa become a mainstream music market. “Why are we trying to break into another market? We should build our own to be the one others try to break into,” she states. “If we had the right infrastructure, affordable data, and investment, we would not have to chase validation elsewhere.”



It is an audacious vision, but Savage has never been one to shrink from a challenge. From navigating a male-dominated industry to defining Afrobeats on her own terms, she has always played the long game. Now, as she prepares for her next act, she is more certain than ever of her purpose.



“Cherish the beginning,” she advises emerging artists. “A lot of artists rush to the top, but once you are there, you face pressures — streams, concerts, obligations. When you start, you are free to create without limitations. Build a strong foundation, so when opinions come at you, you do not lose yourself.”



With her fifth studio album, This One Is Personal, set for release early this summer, Savage doesn’t seem to be slowing down, professionally. But, she has contemplated modifying her pace.



“Not retirement, per se,” she corrects, laughing. “But sometimes the pressure gets to you. That is why having a strong team is important. Plus, let us be real, I need to keep making money. I do not know how to do anything else.”



“I really want to delve into my philanthropy. I want to start different NGOs [non-governmental organizations] to help women, to help young girls.’’



Savage is no longer just a music icon. She is an architect of the future — one where African music, business, and culture are not just global but dominant. The ‘Queen of Afrobeats’ is ready to claim her crown as the ‘Queen of Industry’.

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The Queen Of Afrobeats Is Powering Ahead, Driven By Purpose And Passion

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“I try to show myself as an example through excellence,&#8221; says Oduwole.
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Zuriel Oduwole, an education advocate and filmmaker known for her work in global peace and gender equality, has been nominated for the 2025 Nobel Peace Prize.



The nomination, submitted by a professor of clinical education engineering at the University of Southern California (USC) and an emeritus professor of geosciences at the University of Missouri – Kansas City, recognizes Oduwole&#8217;s decade-long efforts in diplomacy and development.



&#8220;I try to show myself as an example through excellence,” Oduwole said to FORBES AFRICA, after leaving the stage following her panel discussion at the 2024 FORBES WOMAN AFRICA Leading Women Summit in March 2024 in Johannesburg.



The 22-year-old first gained international attention at the age of 13 when she met with then-President David Granger of Guyana in New York, urging him to consider the impact of war on women and girls amid rising tensions with Venezuela over the Essequibo oil-rich region.



Her advocacy, inspired by discussions with the First Lady of Sierra Leone about the lingering effects of war, positioned her as a young but formidable voice in international peace efforts.



In 2019, her work with Mozambique’s President Filipe Nyusi contributed to the country’s decision to ban child marriage. She was later invited by an Arab leader during the Qatar-Gulf diplomatic crisis, further solidifying her role in conflict resolution and policy discussions at the highest levels.



She is now a doctoral student at USC, having been accepted into the program at 20.



She has received honors, including the Ban Ki-moon Leadership Award in 2022 for her decade-long peacebuilding initiatives.

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2024 FORBES WOMAN AFRICA Young Achiever Awardee Nominated For 2025 Nobel Peace Prize

The African Development Bank (AfDB), one of Africa’s most powerful financial institutions, is set to elect a new president on May 29 — a decision that could shape the continent’s economic trajectory for years to come.



With billions of dollars in funding and development projects at stake, the African Development Bank (AfDB) election has drawn five candidates from across the continent, each offering a distinct vision for the bank’s future.



Among them is Amadou Hott of Senegal, a former AfDB Vice President and ex-Minister of Economy, who argues that Africa must act &#8220;faster, bigger, and with more determination&#8221; to unlock its economic potential.



Founded in 1964, the AfDB is the continent’s leading financial institution, funding infrastructure, energy, and economic projects across Africa. Headquartered in Abidjan, Côte d’Ivoire, it provides loans and grants to spur growth, reduce poverty, and tackle climate change.



Unlike many African institutions, the AfDB has global influence, with 81 member countries — including the United States, China, and France — that contribute to its capital and influence its policies. The election of its next president will determine how the bank mobilizes billions in investment and navigates Africa’s economic challenges, from rising debt to climate finance shortfalls.



Hott, who has worked both inside the AfDB and within Senegal’s government, sees slow financing and high borrowing costs as major obstacles to Africa’s growth.



“Africa is paying five to eight times more than developed countries when we go to the capital market,” Hott told CNBC Africa, arguing that the AfDB should leverage its equity to raise more money and help African nations access cheaper financing.



He also stressed the need for domestic resource mobilization, pointing out that Africa loses $90 billion annually due to illicit financial flows. “This continent is wealthy — not just in natural resources, but in financial capital,” he said, highlighting a report that estimates Africa’s high-net-worth individuals hold $2.5 trillion in wealth.



Hott believes the AfDB can play a key role in tapping into this wealth, reducing reliance on external funding, and speeding up project execution. “Everything is urgent. Many people are suffering. We need to support them fast, with drive and passion,” he said.



Hott faces competition from four other candidates, including Samuel Munzele Maimbo of Zambia, a former World Bank Vice President, specializing in financial sector development and economic reforms.



Sidi Ould Tah of Mauritania is the head of the Arab Bank for Economic Development in Africa (BADEA), with experience in regional finance.



Abbas Mahamat Tolli from Chad is the former Governor of the Bank of Central African States, known for his work in currency stability and financial regulation.



Bajabulile Swazi Tshabalala of South Africa is the only female candidate, formerly AfDB’s Senior Vice President and Chief Finance Officer (CFO), seen as a continuity candidate.



Whoever wins will have to tackle major economic challenges, including Africa’s debt crisis as many nations are struggling with unsustainable debt, requiring new financing strategies.



On climate financing, despite contributing just 4% of global emissions, Africa receives only 3% of global climate funding.



For private-sector growth, the AfDB has been pushing for more private investment in sectors like infrastructure, fintech, and agribusiness.



The AfDB president is chosen by its Board of Governors, composed of finance ministers and central bank chiefs from 54 African countries and 27 non-African member states. To win, a candidate must secure a majority of votes from both groups.



With Africa’s economy projected to grow 4% in 2025, the stakes are high. The election will determine how the AfDB navigates a changing global economy, strengthens Africa’s financial independence, and mobilizes billions in investment for the continent’s future.



The AfDB’s current president, Dr Akinwumi Adesina, will be completing his term in August.

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Race For Presidency Of African Development Bank Heats Up As Election Nears

These artifacts, which include a bell, relief plaques, a coconut casing, and a staff, were looted by British soldiers during the 1897 expedition.



Nigeria is set to receive the single largest return of Benin antiquities directly linked to the 1897 British punitive expedition.



This is according to Olugbile Holloway, Director General of the Nigerian National Commission for Museums and Monuments.



The Netherlands has agreed to return 119 Benin Bronzes, including 113 objects from the Dutch State Collection and six additional objects from the municipality of Rotterdam.



&#8220;We hope this will set a good example for other nations of the world in terms of repatriation of lost or looted antiquities,&#8221; Holloway reportedly said.



The Benin Bronzes are an essential part of Nigeria&#8217;s history and cultural identity, and their return is seen as a significant step towards rectifying the historical injustices of the past, according to Netherlands&#8217; Minister of Education, Culture and Science, Eppo Bruins who made the decision.

British Museum’s Security In Question After Revelations Of Missing Treasures

Nigeria Set To Receive Single Largest Return Of Benin Antiquities Linked To 1897 British Expedition

Nigerians don’t just sip ruby-red cocktails — they tell stories with them. And in the country’s bustling party capitals, those stories are getting more exciting by the day, and night.



The sun has barely set over Nigeria&#8217;s commercial capital Lagos, but the rooftop bar in Victoria Island is already alive with laughter, the clinking of glasses, and the hypnotic hum of Afrobeats.



A mixologist with a flair for theatrics, twirls a bottle of palm wine midair, before pouring a smooth stream into a glass rimmed with hibiscus dust. This isn’t just a drink; this is Lagos in a sip.



Cocktail culture in Nigeria’s party capitals — Lagos, Abuja, and Port Harcourt—is undergoing a renaissance.



Beyond the classic mojitos and margaritas, bartenders and enthusiasts alike are infusing tradition, artistry, and innovation into their drinks.



From locally-inspired ingredients to experiential mixology, here are five cocktail trends taking over the scene:



Palm Wine Cocktails: A Nod To Tradition



No longer just a staple at village gatherings, palm wine has found its way into the high-end bars of Lagos and Abuja.



This naturally fermented drink is now the base for creative cocktails, often mixed with tropical fruits, honey, and even a splash of gin for an extra kick.



The ‘Palm Royale’, featuring palm wine, passion fruit, and prosecco, is a favorite among those looking for a taste of nostalgia with a modern twist.



Zobo-Infused Spirits: The Hibiscus Revolution



Zobo, a beloved Nigerian hibiscus drink, is no longer just for street vendors.



Mixologists are experimenting with zobo-infused rum, vodka, and even whiskey, creating deep, ruby-red cocktails with a tart and floral undertone.



The ‘Zobo Spritz,’ a mix of zobo-infused gin, tonic, and a dash of bitters, is fast becoming a go-to for sophisticated palates.



Smoke &amp; Fire: The Rise Of Spicy Cocktails



Nigerians love their spice, and now it’s making its way into their drinks.



Cocktails infused with scotch bonnet peppers, smoky suya spice, and even ginger-infused tequila are adding an adventurous edge to the nightlife.



The ‘Pepper Punch’ — a blend of mezcal, lime, and a scotch bonnet syrup — is not for the faint of heart but is a guaranteed conversation starter.



Sustainable &amp; Zero-Waste Mixology



With sustainability on the rise, Nigerian bartenders are making use of every part of their ingredients.



From repurposing pineapple skins for syrup to dehydrating fruit peels for garnishes, eco-conscious cocktails are becoming a movement.



One of the most creative is the ‘Eco Tonic’, a gin and tonic made with upcycled citrus scraps and locally sourced botanicals.



High-Tech Mixology: Molecular Cocktails



For those who love a bit of spectacle, molecular mixology is making waves in Nigeria’s upscale bars.



Imagine sipping on a ‘Cloud Martini’ with a floating citrus foam or watching a cocktail transform colors before your eyes.



Using techniques like liquid nitrogen and edible bubbles, bartenders are turning drinks into an experience that’s as Instagrammable as it is delicious.



As the party never stops, expect even more bold innovations in the glasses of the country’s trendsetters.

After party at Lagos design and fashion week 2013

Nigeria’s Party Capitals Raising The Bar With Top Five Cocktail Trends

This marks a shift from six rate hikes in 2024.



Nigeria&#8217;s central bank has opted to maintain its benchmark lending rate at 27.50%, as announced by Governor Olayemi Cardoso.



The bank made the decision at its 299th Monetary Policy Committee (MPC) meeting concluded today.



This development comes on the heels of the rebasing exercise by the west African nation statistics agency recently, revealing a significantly lower annual inflation rate of 24.48% last month from 34.80% in December last year.



The rate hikes in 2024 cumulatively totaled 875 basis points, aimed at reining in inflation.

Oluwatomisin Amokeoja

FORBES AFRICA SOCIAL MEDIA