By Sambo Sule

In the crucible of a nation forged by resilience, where shadows of uncertainty stretch long across savannah and coast, General Olufemi Olatubosun Oluyede emerges as a beacon of unyielding resolve. Like the ancient warriors of Ekiti soil—steadfast sentinels against tempests—he now stands at the helm of Nigeria’s Armed Forces as Chief of Defence Staff.

His appointment marks not merely a change of guard, but the dawn of a transformative epoch. It is one where discipline meets destiny, strategy dances with synergy, and the military reclaims its sacred covenant to shield the motherland.

Oluyede’s career has been defined by excellence and resilience. Rising through the ranks of the Nigerian Army, he has commanded troops in some of the most difficult operational theatres, earning respect for his tactical ingenuity and his ability to inspire confidence among soldiers and civilians alike.

Since assuming office, General Oluyede has prioritized jointness—the seamless integration of the Army, Navy, and Air Force into a unified fighting force. He believes that Nigeria’s security challenges require synergy, not fragmentation, and under his leadership, joint operations have become the hallmark of military campaigns.

This approach has already yielded results: in May 2026 alone, Nigerian troops neutralized over 317 terrorists, arrested 314 suspects, and rescued 221 kidnapped civilians, while recovering 93 assorted arms and dismantling illegal refining sites. These achievements reflect his insistence on coordination, precision, and professionalism.

Another defining feature of his leadership is the push for indigenous defence production. General Oluyede has championed the revitalization of the Defence Industries Corporation of Nigeria (DICON), ensuring that Nigeria reduces dependence on foreign suppliers and builds local capacity.

The CDS’ vision is to see Nigeria emerge as a regional hub for defence technology, capable of sustaining its own military requirements and contributing to African security. By encouraging local innovation, he is laying the foundation for a self-reliant Armed Forces that can adapt to evolving threats.

Civil-military relations are also central to his philosophy. General Oluyede has consistently emphasized that the Armed Forces exist to protect the people, not to intimidate them.

He has directed troops to uphold professionalism and respect for human rights in all operations, reinforcing trust between the military and civilians. His swift responses to crises—deploying reinforcements, ordering aerial surveillance, and ensuring humanitarian support—demonstrate his people-centric approach.

For him, threats against civilian peace are intolerable affronts to national sovereignty. Beyond operations, General Oluyede has invested in the intellectual and doctrinal development of the Armed Forces.

He has positioned the Joint Doctrine and Warfare Centre (JDWC) as the intellectual hub of Nigeria’s defence establishment, advancing doctrine, innovation, and technology to keep the Armed Forces adaptive to evolving threats. This institution ensures that Nigeria’s military remains aligned with global best practices while developing strategies tailored to local realities.

General Oluyede’s leadership style blends firmness with empathy. He commends troops for gallantry and tactical ingenuity, reinforcing morale across operational theatres.

At the same time, he insists on accountability, ensuring that discipline remains the bedrock of military service. His ability to balance operational demands with welfare considerations has strengthened the Armed Forces as an institution.

General Oluyede’s legacy is already taking shape. He is positioning Nigeria’s Armed Forces as a modern, self-reliant, and highly professional military. His emphasis on jointness, indigenous production, and civilian protection ensures that the Armed Forces remain not only a guarantor of sovereignty but also a trusted institution in the eyes of the people.

The CDS tenure is redefining Nigeria’s defence posture, positioning the country as a regional leader in security and stability. In the broader context of national development, his leadership underscores the critical role of the military in creating an environment of peace and stability.

By securing communities, protecting borders, and dismantling criminal networks, the Armed Forces under his command are enabling economic growth, social development, and national unity. His vision is not limited to the battlefield; it extends to the future of Nigeria as a secure, prosperous, and respected nation.

General Olufemi Oluyede is, indeed, the man steering Nigeria’s defence into a new era. His story is one of discipline, vision, and service—a reminder that leadership in uniform is not about power, but about responsibility, sacrifice, and the unwavering commitment to protect the nation and its people.

Sule is a public affairs analyst writing from Kaduna.

By Musa Sule

Alhaji Mohammed Goni Alkali, the Managing Director and Chief Executive Officer of the North-East Development Commission (NEDC), has become a defining figure in Nigeria’s quest to restore dignity, rebuild infrastructure, and rekindle hope in a region long scarred by insurgency and underdevelopment. His leadership is not only about projects and policies; it is about people, about lives transformed, and about a vision that sees beyond the ruins of conflict to the promise of renewal.

From the very beginning of his career, Alkali distinguished himself as a man of intellect and discipline. Graduating with a First-Class degree in Accounting from Bayero University, Kano, and later earning a Master’s in Accounting and Finance from the London School of Economics, he laid a foundation of excellence that would guide his professional journey. His nearly three decades in banking, culminating in his role as Executive Director of Operations at the Bank of Industry (BOI), gave him the tools to manage complex financial systems and design interventions that empower communities. At BOI, he was instrumental in national schemes such as the ₦10 billion Rice Processing Fund and the ₦100 billion Cotton, Textile, and Garment Development Scheme, initiatives that revitalized industries and created jobs across Nigeria.

When Alkali was appointed to lead the NEDC in 2019, the North-East was at a crossroads. Years of insurgency had displaced millions, destroyed schools and hospitals, and left communities struggling to survive. His reappointment in 2023 was a testament to the confidence placed in his vision and his ability to deliver results. Under his stewardship, the Commission has become a beacon of hope, rolling out projects that directly touch lives. More than 3,500 housing units have been built across six states, providing shelter for families who had lost everything. Eighteen mega schools have been established, restoring education to children whose futures had been interrupted by conflict. Strategic roads such as Gombe-Abba-Kirfi and Alkaleri-Futuk have been developed, opening up trade corridors and reconnecting communities. Healthcare facilities have been equipped, and agricultural communities have been revived, ensuring that livelihoods are restored and dignity is returned.

Alkali’s leadership is marked by integrity and transparency. He has consistently emphasized that the NEDC is not a contract-dispensing agency but a humanitarian interventionist body. Every naira allocated to the Commission is judiciously used, reflecting his discipline and accountability. His grassroots approach—personally visiting communities, listening to their needs, and ensuring projects are executed faithfully—has earned him recognition as an Ambassador of Peace. Groups such as the North-East Elders and Youths Peoples Forum have praised his dedication to fostering unity and reconciliation, acknowledging that his leadership is not only rebuilding infrastructure but also healing wounds and restoring trust.

The impact of his work is visible everywhere. Children are returning to classrooms, families are moving into new homes, farmers are cultivating their land once more, and traders are reconnecting with markets through newly built roads. These are not abstract achievements; they are tangible transformations that speak to the power of visionary leadership. Alkali’s legacy will be remembered not just in the structures built but in the lives rebuilt, in the dignity restored, and in the hope rekindled across the region.

His story is ultimately one of transformation—of a man who has taken on the monumental task of rebuilding a region scarred by conflict and has done so with integrity, vision, and humanity. He is more than a technocrat; he is a bridge between government and grassroots realities, between policy and people, between despair and hope. His leadership at the NEDC is a testament to what is possible when competence meets compassion, and it offers a powerful reminder that even in the most challenging circumstances, visionary leadership can light the path toward a brighter future.

Alhaji Mohammed Goni Alkali’s leadership also underscores the importance of continuity and consistency in governance. By being reappointed in 2023, he has been able to sustain the momentum of NEDC’s projects, ensuring that initiatives are not abandoned midway but are carried through to completion. This continuity has allowed communities to trust the Commission’s work, knowing that promises made will be promises kept. His ability to balance immediate humanitarian needs with long-term development goals has created a framework that not only addresses the present but also secures the future.

In the broader context of Nigeria’s development, Alkali’s work at NEDC serves as a model for how interventionist agencies can function effectively. His insistence on transparency, his grassroots engagement, and his humanitarian focus are qualities that should inspire leaders across the country. He has shown that leadership is not about titles or positions, but about service, accountability, and impact. His legacy will endure not just in the North-East, but in the lessons his leadership offers to the entire nation.

Alkali’s leadership has also been about restoring confidence in governance. In a region where mistrust of institutions had grown due to years of neglect and conflict, his hands-on approach has reassured communities that government can indeed be a force for good. His presence in villages, his willingness to listen, and his determination to deliver have created a bond of trust between the Commission and the people it serves. This trust is invaluable, for it is the foundation upon which peace and progress are built.

Beyond infrastructure, Alkali has focused on human capital development. He understands that rebuilding the North-East is not just about bricks and mortar, but about investing in people. His emphasis on education, healthcare, and agriculture reflects a holistic vision of development. By equipping schools, training teachers, supporting farmers, and strengthening healthcare systems, he is laying the groundwork for a future where the North-East can thrive independently, resilient against future challenges.

His leadership has also had a symbolic impact. In a region often portrayed through the lens of conflict and despair, Alkali’s work has shifted the narrative to one of resilience and renewal. The stories emerging from the North-East today are not just about destruction, but about reconstruction; not just about displacement, but about resettlement; not just about despair, but about hope. This shift in narrative is powerful, for it changes how the region is perceived both within Nigeria and internationally, opening doors to investment, collaboration, and growth.

Alhaji Mohammed Goni Alkali is, indeed, the man behind the rebuilding of Nigeria’s North-East. His name will be remembered as one of the architects of hope, a leader who turned challenges into opportunities, despair into resilience, and destruction into reconstruction. His work is not just about today—it is about laying the foundation for generations to come, ensuring that the North-East is defined not by its past struggles but by its future promise.

Sule is a public affairs analyst based in Yola.

A Response to an Unsigned Commentary on Nigeria’s Capital Inflows

By Tanimu Yakubu

INTRODUCTION

The unsigned commentary under review presents itself as a forensic examination of Nigeria’s recent capital-importation figures. Its central thesis is that because a substantial proportion of recent inflows entered Treasury bills and other money-market instruments rather than factories and industrial enterprises, the inflows should not be interpreted as evidence of confidence in Nigeria’s economy. Instead, they are characterised as speculative, transient and symptomatic of deeper economic weakness.

The argument is forcefully stated. Unfortunately, it rests upon a misunderstanding of how capital typically returns to economies emerging from periods of macroeconomic instability and undertaking major policy adjustment.

THE NATURE OF PORTFOLIO CAPITAL AND FOREIGN DIRECT INVESTMENT

The first weakness in the argument lies in its treatment of foreign portfolio investment as though it were an inferior and economically insignificant form of capital. Economic history provides little support for such a view.

In virtually every major emerging-market recovery of the last four decades, portfolio capital arrived before substantial foreign direct investment. This was true in India following the reforms of the early 1990s, in Indonesia after the Asian Financial Crisis, and in Egypt following exchange-rate liberalisation in 2016.

Portfolio investment and foreign direct investment are fundamentally different economic decisions with entirely different time horizons. A portfolio investor can assess macroeconomic conditions and allocate capital within days or weeks. By contrast, before a multinational corporation commits hundreds of millions of dollars to a manufacturing facility, energy project, logistics hub or processing plant, it must undertake feasibility studies, engineering assessments, environmental reviews, legal due diligence, tax planning, land acquisition, financing arrangements, board approvals and often shareholder consultations. Such processes frequently require years rather than months.

Financial capital therefore responds more quickly to improving economic conditions than productive capital. To cite current FDI levels as proof that reforms have failed is to evaluate a long-gestation process before it has had sufficient time to mature.

INTEREST RATES, RISK AND INVESTOR BEHAVIOUR

The article repeatedly suggests that foreign investors are purchasing Nigerian securities merely because yields are high. Such reasoning confuses nominal returns with real returns and overlooks one of the most elementary principles of international finance.

Investors do not allocate capital solely on the basis of the interest rate printed on a Treasury bill. They evaluate expected returns after accounting for inflation, exchange-rate risk, sovereign risk, liquidity risk and political risk. A 25 percent yield is of little value if investors simultaneously expect a substantially larger currency depreciation.

The willingness of investors to acquire and hold naira-denominated assets therefore reflects a judgement that the balance between risk and return has improved relative to previous periods.

THE LESSONS OF 2015–2016

The characterisation of portfolio flows as merely ‘hot money’ neglects an important chapter in Nigeria’s own recent history.

Between 2015 and 2016, foreign portfolio inflows declined sharply as investors became increasingly concerned about exchange-rate policy, foreign-exchange liquidity and macroeconomic uncertainty. The consequences were immediate and significant. Foreign-exchange liquidity tightened, pressure on the exchange rate intensified, divergence between official and parallel-market rates widened, inflationary pressures increased and economic growth slowed.

If portfolio capital is economically irrelevant, it becomes difficult to explain why its disappearance produced such profound consequences for reserves, exchange-rate stability, current-account financing and overall macroeconomic confidence. The reality is that portfolio flows constitute an important component of modern international finance and their presence or absence carries significant implications for economic performance.

MONETARIST AND KEYNESIAN PERSPECTIVES

Both monetarist and Keynesian traditions would recognise the significance of capital flows, albeit for different reasons.

From a monetarist perspective, capital inflows contribute to the supply of foreign exchange available within the economy, support monetary stability and help moderate imported inflation by reducing pressure on the exchange rate.

From a Keynesian perspective, investor confidence is itself an important economic variable. Financial conditions influence expectations, expectations influence investment decisions and investment decisions influence growth. Confidence in financial markets and confidence in the real economy are distinct concepts, but they are not unrelated.

THE RETURN OF CONFIDENCE UNDER PRESIDENT BOLA AHMED TINUBU, GCFR

The return of capital did not occur spontaneously. For years, investors identified exchange-rate distortions, foreign-exchange market fragmentation, subsidy-related fiscal pressures and uncertainty regarding policy direction as major impediments to investment.

The reforms undertaken under President Bola Ahmed Tinubu, GCFR—including exchange-rate liberalisation, fuel-subsidy removal, tighter monetary policy and efforts to restore transparency in foreign-exchange markets—addressed many of these concerns directly. These were difficult decisions with significant short-term costs. Yet they also signalled a willingness to confront structural distortions that had accumulated over many years.

The recent increase in capital inflows should therefore be understood within the broader context of macroeconomic adjustment and the gradual restoration of investor confidence.

CONCLUSION

None of this implies that Nigeria should be satisfied with current levels of foreign direct investment. On the contrary, attracting larger volumes of long-term productive capital remains one of the country’s most important economic objectives. Stronger infrastructure, improved security, regulatory consistency, efficient logistics and sustained policy credibility remain indispensable to that effort.

However, it does not follow that the return of portfolio capital should be interpreted as evidence of failure. The more historically grounded interpretation is that financial capital is responding first to improving macroeconomic conditions while productive capital is still moving through the longer and more complex process that necessarily precedes major investment commitments.

The relevant question is whether Nigeria can sustain reform long enough, deepen macroeconomic stability sufficiently and strengthen the investment climate consistently enough for today’s financial inflows to become tomorrow’s factories, infrastructure projects, technology transfers, export platforms and employment opportunities.

That is the test by which the success of the reforms should ultimately be judged, and it is the test that economic history suggests should be applied.

Yakubu is Director-General, Budget Office of the Federation