Business
Asylum Seekers And The Nigerian Project
The Nigerian project has become in the nation’s lexicon, a cliché that captures the desire of government and patriots to make Nigeria a model nation, economically, socially, politically and beyond.
Being generously endowed with human and natural resources, Nigeria requires the right mix of enabling environment, purposeful leadership and supportive citizenry to become one of the greatest economies of the world in the year 2020.
However, the growing number of Nigerians seeking refuge in the world’s richest countries in recent times is bound to undermine the Nigerian project and the nation’s desire to meet the genuine needs of the people within a good time frame and available resources.
According to recent United Nation’s (UN) report, more than 10,500 Nigerians sought asylum last year. Released by the UN refugee agency the report showed that the figure was higher than the number of 2010 which was 9,500. The report further showed that Nigeria ranked 10th on the list of asylum seekers in 2011.
Clearly, these asylum seekers are running away from the challenges of developing their country to enjoy the good life in developed nations made possible by the patriotic contributions of citizens of those countries.
No doubt, the challenges of development are enormous in Nigeria. The need for social amenities in rural and urban communities, as well as developmental infrastructure, regular electricity for domestic and industrial uses and security challenges are not limited to Nigeria.
Citizens who run away from Nigeria may not understand what they may be getting into. There are chilling tales of suffering of many Nigerians overseas with some ending up in prisons. The restriction of movement and difficulty in securing respectable jobs in these countries are very real.
We are not unmindful of the fact that some Nigerians may have gone for asylum because of the difficulty of acquiring visas and other requirements that they may have to deal with in their preferred countries of stay
Even so, the application for asylum by thousands of Nigerians gives a wrong impression of the realities in the country and tends to deny the economy the desired foreign participation and support.
But governments in the country cannot miss the meaning of the desire of many Nigerians to leave the country. Government must ensure that the condition of life for the ordinary Nigerian is enhanced. Clearly, the contribution of every Nigerian is required for the realization of the Nigeria of our dream.
In spite of the exaggerated presentation of security challenges in the country, government truly needs to provide the level playing field and justice for all. The fight against corruption should be real and unbiased, while infrastructural needs should be pursued with every vigour.
As the government tackles the regime of impunity, it behooves every citizen and resident to deliberately contribute to the development of Nigeria and not the other way round. The challenges confronting Nigeria are surmountable and only Nigerians can turn the situation around.
That is why the economic base of the country needs to be expanded with the needed slant to industrialization, agriculture and the development of information and other knowledge based assets of the country.
We expect that Nigeria will not treat the issue with levity as some Nigerians have also resorted to building refineries and cement industries in neighbouring countries. Even imports go through other countries and the list is increasing. The time to stop the trend is now.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
