Coach Attah

An Abuja Family of Five Needs N300,000 a Month Just for Healthy Food. Let Me Break That Down.

We're not talking about luxury food here. It's the least expensive combination of locally available foods that meet basic nutritional requirements like proteins, carbohydrates, vitamins, minerals. Things like eggs, beans, rice, vegetables, fish, palm oil.

A survey across three Abuja markets (Orange, Nyanya, Karu) found that one adult needs between N1,500 and N2,000 per day for this basic healthy diet. That's N45,000 to N60,000 per month. Per adult.

Let's do the math for a family.

A typical Abuja family of five which two adults and three children. Children eat less, but let's approximate. Two adults: N90,000–120,000 per month. Three children: roughly half that, so N45,000–60,000. Total: N135,000–180,000 per month just for food. That's a conservative estimate.

But the headline says N300,000. That includes three meals a day for all family members, plus cooking fuel (gas or kerosene), plus basic condiments (salt, seasoning, oil), plus transport to market. When you add those, N300,000 becomes realistic.

Why this matters.

First, Nigeria's new minimum wage is around N70,000 per month. A family of five needs N300,000 for healthy food alone. That leaves nothing for rent, school fees, transportation, health care, or clothing. This is why food inflation is not an abstract number, it's hunger plain and simple.

Second, remember my earlier post: national food inflation was 16.06% in April. But in Abuja, a healthy diet costs N45,000–60,000 per adult monthly. Compare that to someone earning minimum wage. The numbers don't add up.

What this means for you.

Like i said in that previous post, If you run a business, consider your employees' food budgets. An employee who can't afford healthy food is less productive, more tired, and more likely to get sick. Some companies are exploring meal support, lunch programs, or food allowances.

I have heard of some startups in Lagos hiring private chefs.

If you're a household, track what you actually spend on food weekly. You might be spending more than you think, and getting less nutrition than you need.

My take.

N300,000 for a family of five to eat healthily in Abuja. That's not a political statement. It's arithmetic. The government can report that inflation is moderating from 26% to 15%. But until families can afford three balanced meals a day, the numbers won't feel real for most Nigerians.

The gap between macro statistics and micro reality has never been wider.

How much does your family spend on food monthly? Is the N300,000 estimate close to your experience?

RIGHTS ISSUE: Dangote Sugar Is Asking Shareholders for N486 Billion.

First, what is a "rights issue"? It's when a company asks its existing shareholders to buy more shares, usually at a discount. Think of it as the company saying, "We need more money to grow. You already own a piece of us. We're giving you first chance to invest more before we go outside for money."

Dangote Sugar is offering two new shares for every three shares you already own. The price is N60 per share. The total amount they want to raise: N486 billion. That's half a trillion naira.

Why they need the money.

Dangote Sugar is going through a major transition. Nigeria is pushing for sugar self-sufficiency through the National Sugar Master Plan (link in the comments). That means growing more sugarcane locally instead of importing raw sugar.

But local sugar production requires land, labour, irrigation, equipment, and processing facilities. All of that costs money — a lot of money.

Without this money, they cannot build the backward integration projects needed to reduce imports.

What this means for shareholders.

If you own Dangote Sugar shares, you have three choices. First, buy your full entitlement. You keep your percentage ownership in the company and potentially benefit if the expansion succeeds. And if you know Dangote's geopolitics you'd bet big on it succeeding.

Second, buy some but not all. Your ownership percentage drops slightly.

Third, buy none. Your ownership percentage drops significantly as new shares go to others. If you do nothing, your stake gets diluted. The pie gets bigger, but your slice shrinks.

My take.

N486 billion is an enormous amount. Dangote Sugar's current market value is about N730 billion. So they're raising two-thirds of the company's entire value in one go. That's ambitious.

The question is whether the sugar backward integration plan will actually work. Nigeria has tried this before with limited success. Land acquisition is hard. Farming is unpredictable. Imported sugar is often cheaper than local, even with tariffs.

But Dangote has a track record of delivering complex projects like the refinery is now exporting jet fuel globally. If anyone can make local sugar work, they can. But it's still a risk.

Are you a Dangote Sugar shareholder? Will you buy into this rights issue or let your stake dilute?

CBN Just Extended the PoS Geo-Fencing Deadline to August 1. But Are We Over-Regulating?

First, what is "geo-fencing" for PoS terminals? It means restricting where a Point-of-Sale machine can be used. If a terminal is registered to a shop in Surulere, Lagos, the CBN wants it to stop working if someone takes it to Kano or Port Harcourt. The goal? Stop fraudsters from moving terminals across states to run illegal transactions.

The CBN originally set a deadline. Now they've extended it to August 1, 2026, and expanded the permitted radius, meaning agents have more flexibility.

Why this regulation exists.

PoS fraud is real. Criminals use stolen or compromised terminals to process illegal payments, launder money, or bypass Know-Your-Customer rules. By locking terminals to specific locations, the CBN wants to make this harder.

But here's the concern.

First, legitimate businesses also move. A trader who travels to buy stock might want to use their terminal for deposits at the market. A delivery business might need to collect payments across city lines. Geo-fencing could hurt honest users more than criminals.

Second, Nigeria already has many regulations. Cash Reserve Ratio at 45%. Interest rate at 26.5%. Multiple taxes, fees, and reporting requirements. At some point, businesses struggle to comply with everything, and the cost of doing business rises.

Third, enforcement is the real issue. Criminals will find workarounds. Nigerians always do. Meanwhile, small agents barely making a living will bear the burden of compliance.

What this means for you.

If you run a PoS business, you have until August 1 to comply. That's extra time. Use it to understand the rules, update your systems, and train your staff.

If you're a customer, expect fewer PoS agents to operate across state lines. That might mean less convenience if you travel frequently.

My take.

Fraud is real and must be addressed. But regulation should target criminals, not crush legitimate commerce. The extension to August 1 is good — it gives time for feedback and adjustment. But the underlying question remains: is this the right tool for the problem?

The CBN means well. But good intentions plus heavy regulation often equal unintended consequences. Let's watch how this plays out.

Are you a PoS agent or user? Will geo-fencing affect how you do business?

LOAD FACTOR: African Airlines Filled 78 of Every 100 Seats in April 2026.

Load Factor is simply how full airplanes are. If a plane has 100 seats and 78 are occupied, the load factor is 78%. The higher the number, the more efficiently the airline is operating.

In April 2026, African airlines reached 77.9% load factor on international routes. That means nearly 8 out of every 10 seats were filled for international flights.

Why this matters.

First, demand grew 2.2% year-on-year, while capacity (available seats) grew only 1.2%. Demand is growing faster than supply. That's a healthy market, more people want to fly, but airlines aren't adding seats too quickly.

Second, this is happening despite economic challenges. High ticket prices. Currency volatility. Airport taxes. Yet people are still flying. That suggests business travel, diaspora movement, and tourism are all holding up.

Third, for African airlines, higher load factors mean better profitability. Empty seats lose money. Full seats, or nearly full make money. This gives airlines room to invest in better service, newer planes, and more routes.

What this means for you.

If you travel within Africa for business, expect routes to remain competitive and airlines to maintain schedules. But also expect prices to stay firm, high demand means less need for discounts.

If you run a business in tourism, logistics, or any sector dependent on air travel, these numbers are positive. The customer is there. The challenge is capturing them.

My take.

77.9% is a strong number. For context, global load factors typically range from 80-84% for profitable airlines. Africa is closing the gap.

But here's the catch: Africa's aviation market is still tiny compared to other regions. High load factors on few flights is good. High load factors on many flights is better. We need more routes, more frequencies, and more competition, especially with Nigeria's aviation charges being above global average.

Still, the direction is clear: Africans are flying more. The continent is connecting.

Do you fly within Africa for business or family? What's your experience with how full flights are these days?

Tinubu Says His Reforms Prevented Economic Collapse. The Numbers Actually Back Him Up.

Three years in office. He’s very Unpopular? Yes. But let me show you what the data says.

1. What he inherited.

May 2023: Inflation was climbing past 22%. Fuel subsidy was costing trillions. The naira was officially around N460/$, but the parallel market was N750+ a massive gap. External reserves were under pressure. Investors were fleeing.

2. Where we are now.

Inflation has fallen from 26.82% (April 2025) to 15.69% (April 2026). That's an 11 percentage point drop in one year.

The official and parallel exchange rates have converged no more arbitrage. Investors can now price risk accurately.

- GDP grew 3.89% in Q1 2026, up from 3.13% in Q1 2025.

- Oil production hit 1.66 million bpd, the highest in years.

- The stock market hit 200,000 points for the first time ever.

- Dangote Refinery is exporting fuel to the world.

3. But The Cost is High and Every Nigerian Is Feeling It .

The reforms came at a cost. Petrol prices jumped from N200 to over N600 overnight. Businesses shut down. Households struggled. The naira depreciated sharply before stabilizing. Many Nigerians are worse off today than three years ago, even if the macro numbers are improving.

That's the gap Tinubu faces: the economy is healing, but people aren't feeling it yet. Macro recovery always lags micro reality.

My take.

The numbers don't lie: inflation down, GDP up, oil production up, stock market up, Dangote exporting. Those are facts. But unpopularity is also a fact. When people can't afford food, they don't celebrate falling inflation.

Tinubu's third year will be judged on one thing: when do Nigerians feel the recovery? If jobs come, if transport costs ease, if small businesses survive the numbers will have faces. If not, the data won't matter.

Are you feeling the economic recovery in your business or household? Or still waiting?

Dangote Refinery Just Became the World's Largest Jet Fuel Exporter.

This Is What Structure Looks Like.

The refinery's CEO, David Bird, shared this in an interview with S&P Global. The reason? Two things.

- First, the refinery is producing at higher levels.

- Second, the Middle East conflict disrupted normal fuel trade flows, so buyers started looking for alternative suppliers. Dangote was ready.

What this tells us.

First, this is what I keep talking about: structure creates scale. You don't become the world's largest anything by accident. You build a 650,000 barrel-per-day refinery — the biggest in Africa — over years of construction, setbacks, and investment. Then you operate it well. Then you win.

Second, Nigeria has been importing jet fuel for decades, paying dollars to other countries. Now we're exporting it, earning dollars from other countries. That's a complete reversal. That's what refining does for an economy.

Third, the Middle East conflict is terrible, but it created an opening. Dangote was positioned to walk into it. That's the difference between reacting to opportunity and building capacity in advance.

What this means for you.

Dangote Refinery becoming a global player is a signal. The company is not just a Nigerian story anymore. It's an international energy company with pricing power. You too can build an international company by paying attention to systems and structure from day 1 not later 'when you have money'.

Build structure.

Build capacity.

Build before you need it.

When opportunity comes and it always comes, often from unexpected disruptions, you won't be scrambling. You'll be ready to step in.

What are you building in your business today that could make you the best in your industry tomorrow?

Nigerians have N104 Billion Less Physical Cash in Circulation.

First, what is "cash outside banks"? It's simply physical naira notes that people (traders, yahoo boys, politicians) keep in their pockets, under their mattresses, or in their safes, not deposited in bank accounts.

And as we know from the story of Pablo, cash is the preferred way to keep illegal money. Remember that a while back there was "speculation" that the previous administration printed N23 Trillion in cash. And cash, as we know, is very difficult to trace.

In February 2026, cash outside banks stood at N5.19 trillion. By April 2026, it had dropped to N5.08 trillion. That's a decline of N104.76 billion or 2.02% in just two months.

Despite the decline, cash outside banks is still 11.3% higher than in April 2025. And total currency in circulation (cash outside banks plus cash inside banks) rose 12.6%. Nigerians are still using more physical cash than last year.

Also, remember from my previous post: broad money supply (total naira in circulation) hit N124.99 trillion. So the N104 billion that went back into the banking system is a tiny drop in a massive ocean of physical cash people still have stashed away.

What this means for you.

First, the slight move from cash to banks is positive. More money in banks means more potential for lending. Though, as we saw from my post yesterday, private sector credit fell N14 trillion despite this. So banks are holding cash, not lending it.

Second, if you're still running a cash-heavy business, this is a signal. The direction, however slow, is toward digital and formal banking. Don't get left behind.

For households, the rate cut didn't dramatically change behavior. Most Nigerians still keep cash outside banks because trust in the banking system remains uneven, and many transactions still require physical naira.

N104 billion sounds huge. But in a N125 trillion money supply, it's less than 0.1%. The real story is not that cash outside banks fell slightly. It's that N5.08 trillion is still outside the banking system. That's cash that could be earning interest, backing loans, or fueling digital transactions.

How much physical cash do you keep outside the banking system, and why? Let's talk.

AfDB Appointed Festus Keyamo to Lead a $7 Billion Aviation Plan for Africa. Here's What That Means.

First, what is the AfDB? The African Development Bank is like a continental version of the World Bank. It lends money to African countries for development projects: roads, power plants, ports, and now aviation.

They've just appointed Nigeria's Aviation Minister, Festus Keyamo, to drive their $7 billion Integrated Aviation Transformation Programme for Africa. That's a big role. He will help coordinate how the money is spent across the continent.

The Practicality of This

First, $7 billion is real money. It's about half of Nigeria's entire 2026 federal budget for health, education, and infrastructure combined. This programme will fund airport upgrades, navigation systems, training, and safety improvements across Africa.

Second, having a Nigerian minister lead it matters. Nigeria is Africa's largest aviation market by passenger traffic. If Keyamo does well, it benefits Nigeria directly, better airports, more direct flights, lower ticket prices. If he fails, the reputation damage is also Nigeria's.

Third, the timing is important. I had previously posted about how Nigeria's aviation charges are above global average, and IATA named Nigeria among countries with excessive taxes. This programme could help address those issues, if the money is used wisely.

What this means for you.

If you travel within Africa for business, this could eventually mean cheaper flights, fewer delays, and better connections between cities. But "eventually" is the key word. Aviation infrastructure takes years.

If you're in logistics, tourism, or any business that moves people or goods by air, watch how this programme unfolds. Opportunities for contracts, partnerships, and improved services will emerge.

My take.

$7 billion is a lot of money. But the AfDB has launched big programmes before with mixed results. Success depends on ex*****on, turning dollars into runways, control towers, and trained personnel. And on coordination between 54 African countries, each with its own bureaucracy and politics.

Keyamo's appointment is a vote of confidence in Nigeria. Now he has to deliver. The continent is watching.

Do you travel within Africa for work? What's your biggest frustration with flying between African cities?

$3.37 Billion Poured into Nigeria in January. But Almost All of It Was "Hot Money."

First, what is "hot money"?

It's short-term foreign investment that can leave the country as fast as it arrived. Think of a foreign investor who buys Nigerian government bonds paying high interest. They park their dollars, collect interest for a few months, and when they feel nervous, they sell and take their money out. Hot in. Hot out.

In January 2026, Nigeria received $3.52billion in total foreign capital. Of that, $3.37 billion which is a full 96% was hot money (foreign portfolio investment).

Where did the money go?

The banking sector took 75% of it. Another 22% went to financing activities. That means 97% of all foreign capital went into financial markets, buying bonds, treasury bills, and other short-term instruments.

What about productive sectors? Manufacturing got 1.16%. Agriculture got 0.17%. Information technology got 0.07%. Almost nothing.

The money came mostly from the United States (46%) and the United Kingdom (41%). Two countries supplied nearly 87% of all foreign capital.

Why this matters for you.

This is both good news and bad news. The good news: foreign investors want to put money into Nigeria. The naira has stabilized, reserves are at $48.88 billion, and inflation is easing. That's progress.

The bad news: this money is not building factories, farms, or data centers. It's chasing high interest rates. When those rates come down or when investors get nervous they will pull their money out. That's why it's called "hot money", it burns briefly and disappears.

For your business, this means two things. First, the banking system has plenty of foreign capital, but that doesn't mean banks will lend to you. They're using that money to buy government securities, not to fund SMEs.

Second, Nigeria remains vulnerable to sudden stops, if hot money flees, the naira could fall sharply.

My take.

Experts say the economy is getting better, but it isnt affecting the common man on the street because all these money flowing in the economy is mostly in the capital market and the common man doesnt do business there.

$3.37billion left the economy after short term profit. And yesterday i talked about the N14 trillion drop in private sector credit.



The real measure of economic health is not hot money inflows. It's foreign direct investment, companies building factories, data centers, and farms that create jobs for years. For this we need patient capital.

Banks Lent N14 Trillion Less to Businesses in Two Months. Here's What That Means.

First, let me explain something called "private sector credit"?
It's simply money that banks lend to businesses, from the smallest shop to the largest manufacturer. When this number goes up, businesses are borrowing to expand, buy equipment, or manage cash flow. When it goes down, businesses are borrowing less and possibly struggling.

In the modern economy, debt is not always a bad thing either for businesses or for nations.

In February 2026, private sector credit hit N94.61 trillion, a 12-month high. By April 2026, it had crashed to N80.59 trillion. That's a drop of over N14 trillion in just two months.

Why did this happen?

In February, the Central Bank cut interest rates from 27% to 26.5%. Normally, lower rates encourage borrowing. But the opposite happened. Borrowing collapsed.

Why? Three reasons.
First, 26.5% is still extremely high. A small cut doesn't change the reality that borrowing is expensive.

Second, banks prefer lending to the government (buying Treasury bills at high interest) instead of lending to businesses. Government debt is safer.

Third, businesses themselves are nervous. With inflation at 15.69% and the naira unstable, many are delaying expansion plans.

What this means for you.
If you own a business and need a loan, expect banks to be cautious. Even though money supply is high (N124.99 trillion in circulation), that money isn't flowing to you. It's flowing to government securities.

Your best strategy is to make yourself bankable.

This means
- Clean financial records.
- Tax readiness.
- A clear plan for how you'll use the money and repay it.
Zidwell can help with this.

Banks are still lending, just selectively.

The lesson here:
Monetary policy alone can't fix a broken credit system. Banks must be encouraged, or forced to lend productively. Until then, businesses will suffer because its much safer for banks and high networth individuals to put their money in government bonds, stocks or real estate.

Are you finding it harder or easier to get a business loan compared to last year?