By Anifowoshe Oladipupo

Vice President Kashim Shettima on Monday declared Nigeria open for business as he officially launched the Nigeria 2025 Public-Private Partnership (PPP) Summit at the State House, Abuja.

The summit, organised by the Infrastructure Concession Regulatory Commission (ICRC), brought together key stakeholders from government and the private sector to discuss strategies for bridging Nigeria’s $2.3 trillion infrastructure gap.

Speaking on behalf of President Bola Tinubu, Shettima said, “We are not seeking investors to carry burdens; we are creating opportunities to generate value. We want long-term partners committed to bridging our infrastructure gap with purpose, precision, and integrity.”

He emphasised that Nigeria cannot build a modern economy on outdated infrastructure, stressing that relying solely on government funding for capital projects is no longer sustainable.

Shettima highlighted recent reform measures by the Tinubu administration, including the liberalisation of the foreign exchange market, the removal of fuel subsidies, and the strengthening of the ICRC to enhance investment attractiveness.

“Policies alone don’t generate megawatts or build roads,” he noted. “What we need is collective action.”

Citing the National Integrated Infrastructure Master Plan (2020–2043), the Vice President said the goal is to raise Nigeria’s infrastructure stock from 30-35% of GDP to at least 70% by 2043.

With a population exceeding 230 million projected to hit 440 million by 2050, Shettima underscored Nigeria’s vast market potential.

“One in every four Black people is a Nigerian. There is no African market like this,” he said, urging investors to focus on long-term impact.
“Let this summit not be remembered for kind speeches, we’ve had those for decades but for bankable projects, signed deals, and enduring progress.”

In his welcome address, ICRC Director General Jobson Ewalefoh reaffirmed the government’s commitment to closing the infrastructure deficit through strategic PPPs.

Speaking on the summit’s theme, “Unlocking Nigeria’s Potential: The Role of PPPs in Delivering the Renewed Hope Agenda,” Ewalefoh described PPPs as vital to achieving sustainable development.

He cited ongoing projects such as the Highway Development and Management Initiative, the Egini Medical Infrastructure Scheme, and the Dasin Hausa Dam as indicators of progress.

“ICRC is committed to ensuring that all PPP projects are legally compliant, economically viable, and socially impactful,” Ewalefoh stated.

By Onyeanya Ebere

Wang Ning, founder and CEO of Pop Mart International Group, has entered the ranks of China’s top ten richest individuals for the first time, thanks to soaring global demand for the company’s iconic Labubu dolls.

According to Forbes, the 38-year-old entrepreneur now ranks as China’s 10th richest person, with a net worth of $22.7 billion, largely driven by his stake in Pop Mart; a Beijing-based toy company whose shares have surged dramatically in 2025.

Pop Mart’s stock, listed on the Hong Kong Stock Exchange, has more than tripled this year, trading above HK$270 ($34.40), and pushing the company’s market capitalization to HK$365 billion.

The company’s breakout success is largely attributed to the Labubu doll, a mischievous, rabbit-like character created by Hong Kong-born artist Kasing Lung.

The toy has become a global collector’s item, especially popular across Asia, Europe, and the U.S.

Celebrities including Rihanna, Dua Lipa, and Blackpink’s Lisa have been spotted with Labubu dolls, further propelling the brand’s international appeal.

“It is rare for a comic/toy IP [intellectual property] to break the cultural wall and be embraced by both Asian audiences and mainstream Western pop and sports stars,” Deutsche Bank analyst Jessie Xu noted in a research report.

Labubu’s popularity has even prompted unconventional marketing efforts. For instance, China’s Ping An Bank recently offered the dolls as incentives to customers who opened new accounts and deposited over 50,000 yuan; a practice regulators later halted, citing it as an improper promotional tactic.

The April release of the third-edition Labubu led to fan frenzies, including scuffles at a London store where prices ranged from £13.50 ($18.30) to £50 per doll. In Beijing, a life-sized Labubu was recently auctioned for a staggering 1.08 million yuan (approximately $150,000).

With Pop Mart’s explosive global growth, investor confidence is rising. Deutsche Bank has raised its price target for Pop Mart shares by 52% to HK$303, while Morgan Stanley has also increased its forecast.

Wang Ning now becomes the youngest member of China’s billionaire elite, joining notable names such as ByteDance’s Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.

By Adenike Lawal

As Nigeria marks 26 years of uninterrupted democracy, the Federal Government says the country is firmly on the path to economic recovery and global reassertion under the leadership of President Bola Tinubu.

This was disclosed by the Minister of Information and National Orientation, Mohammed Idris, in an exclusive interview with Forbes Africa as part of events to commemorate the 2025 Democracy Day.

Idris highlighted a renewed national direction shaped by bold reforms, including the removal of the long-standing fuel subsidy and the unification of foreign exchange rates.

He described both as pivotal decisions that have reshaped Nigeria’s economic landscape.

“These were tough choices,” the minister said. “But just like a plane taking off, we experienced some turbulence. Now, stability is setting in. The World Bank has even acknowledged that we are reaching growth levels not seen in over a decade.”

Idris urged Nigerians to view this year’s Democracy Day not only as a celebration but also as a time for sober reflection on the nation’s democratic journey and the ongoing economic transformation.

He explained that funds saved from the discontinued fuel subsidy are being redirected into critical infrastructure, including two major highway corridors spanning more than 1,700 kilometres.

These projects, he said, aim to unlock economic opportunities and foster regional integration.

“The goal is not just better connectivity, but also to reignite productivity and drive economic inclusion across regions,” Idris said.

He added that Nigeria is experiencing a resurgence in international confidence, with global partners beginning to view the country more favourably.

“The respect Nigeria once enjoyed is returning. Investors are regaining confidence in the Nigerian economy,” he noted.

Reaffirming the essence of President Tinubu’s Renewed Hope Agenda, the minister said the reforms go beyond economic restructuring.

“They are about laying a new foundation rooted in transparency, inclusive growth, and long-term sustainability,” he said.

The interview formed part of the government’s media engagement strategy to mark Nigeria’s 2025 Democracy Day, observed annually on June 12.