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Tinubu calls for stronger collaboration between federal, states to address challenges

Nicholas Ojo by Nicholas Ojo
January 2, 2025
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President Bola Tinubu has called for stronger collaboration between the federal and state governments to address pressing challenges, including local government autonomy, agricultural productivity and currency stability.

Tinubu who made this known on Wednesday while addressing state governors who paid him a New Year homage led by Vice President Kashim Shettima and members of the Nigeria Governors Forum (NGF), refuted speculations making the rounds that he is at war with state governors over his push for local government autonomy.

While expressing his commitment to local government development and autonomy, the president stressed its importance for grassroots development and dispelled rumours of any disagreement with the state governors.

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Tinubu emphasised the critical role of state governors in driving Nigeria’s development and prosperity, saying their leadership at the sub-national level is central to achieving food security, economic prosperity and rapid national growth.

He said: “You are the most important link to Nigeria’s prosperity and development. The federal government accounts for about 30 to 35 percent of the allocated revenue; the rest comes to you. The agricultural value chain depends on you. You own the land, and the job is in your hands.

“We will not fight within us. I will drive the change. You control your local governments. You can restore hope by effectively fulfilling what the people expect at the grassroots level.

“There were gossips that we had disagreements on local government autonomy. No. Just drive development at the local government. Nobody wants to take them away from you, but we need collaboration. Let’s do it together and ensure Nigeria is better off for it.”

Read also: Reforms necessary for sustainable economic growth – Omo-Agege

Tinubu urged state governors to prioritise agricultural growth as a pathway to economic stability.

“We have to work harder, grow more, and ensure the situation of our currency improves. Nigeria will see prosperity, but it requires consistent effort from all of us,” he said.

He also urged the governors to take pride in their efforts and acknowledged their progress across the states.

“There is no state we cannot visit and be proud of its development. We have better allocations now. Let me take the abuse; you take the privileges. Together, we will build a nation we are all proud of,” he said.

Reflecting on his leadership journey in the last 19 months, the president expressed confidence in Nigeria’s capacity to thrive given the resilience and leadership demonstrated by the administration.

“I am glad I asked for this job, and Nigerians gave me the mandate. We’ll be on this voyage together. I thank all of you for where we are today and where we are heading,” he said.

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AI Material Exposure

AI Now Drives 62% of S&P 500 Market Value as 218 Companies Join $42.4tn AI Economy

September 3, 2026
I’ve edited this into a fuller newspaper-style technology/business report, with a stronger SEO headline, the primary keyword naturally integrated, key highlights after the opening paragraph, and a clean SEO keyword section. # AI Now Drives 62% of S&P 500 Market Value as 218 Companies Join $42.4tn AI Economy **By The Trumpet News** Artificial intelligence has become a dominant force in the US stock market, with companies that have material exposure to the AI value chain now accounting for **62.04 per cent of the total market capitalisation of the S&P 500**, according to a new analysis by BestBrokers. The analysis of all 503 S&P 500 constituents found that 218 companies across eight categories have a combined market capitalisation of approximately **$42.4 trillion**, highlighting how deeply artificial intelligence has become embedded in the broader US economy and investment market. ### Key Highlights * **AI-exposed companies account for 62.04% of S&P 500 market capitalisation.** * **218 companies** have material exposure to the AI value chain. * AI-related companies have a combined market value of about **$42.4 trillion**. * AI chips and hardware suppliers represent the largest category at **18.14%** of the index. * AI cloud and model providers account for **17.18%**, despite comprising only five companies. * AI software and applications represent **10.82%** of the S&P 500. * AI-related energy, utilities and infrastructure companies collectively contribute billions of dollars in market value. * **285 companies, representing 37.96% of the index, remain outside the AI ecosystem** under the report's methodology. ## AI Exposure Spreads Across S&P 500 The findings suggest that artificial intelligence is no longer limited to a small group of technology companies widely associated with the sector. BestBrokers analysed the 503 companies that make up the S&P 500 and classified them according to their roles within the wider AI economy. The categories include AI chips and hardware, cloud and model providers, AI software and applications, energy and utilities, data centre infrastructure, infrastructure suppliers, and security and trust services. The analysis used market capitalisation data from July 2026 to determine the contribution of each category to the overall S&P 500. According to the report, the result shows that investors are increasingly exposed to the AI economy through a broad range of companies, even when they do not directly invest in businesses traditionally identified as AI stocks. ## AI Chips and Hardware Lead the Market AI chips and hardware suppliers emerged as the largest category, accounting for **18.14 per cent of the S&P 500**. The category comprises 28 companies with a combined market capitalisation of approximately **$12.39 trillion**. Major companies in this segment include **NVIDIA, Broadcom, Micron Technology, AMD and Intel**, reflecting the importance of semiconductor manufacturers and hardware suppliers to the rapid expansion of artificial intelligence. The growing demand for computing power has made semiconductor companies a critical component of the AI investment ecosystem, particularly as businesses and technology providers continue to expand their AI infrastructure. ## Hyperscalers Account for 17.18% AI cloud and model providers make up another major component of the AI economy, accounting for **17.18 per cent of the S&P 500**, according to the analysis. The category consists of only five companies, namely **Microsoft, Oracle, Meta Platforms, Amazon and Alphabet**. Collectively, the five companies are valued at approximately **$11.74 trillion**, making the cloud and model-provider segment one of the most influential components of AI exposure within the index. The findings underscore the growing importance of large technology companies that provide the cloud computing infrastructure and platforms required to develop, train and deploy AI applications. ## AI Software Market Reaches $7.39tn The report also identified AI software and applications as another significant component of the market. The 17 companies classified in this category account for **10.82 per cent of the S&P 500**, with a combined market capitalisation of approximately **$7.39 trillion**. Companies identified in this category include **Apple, Tesla, Palantir and IBM**, which are developing or deploying artificial intelligence across a range of consumer, industrial and enterprise applications. Despite receiving considerable attention because of the growing use of AI applications, the software segment remains smaller by market value than the hardware and cloud categories. ## AI Infrastructure Extends Beyond Technology Companies The analysis found that the AI economy extends beyond semiconductor manufacturers, cloud providers and software companies. Energy and utilities companies are increasingly important because AI data centres require significant amounts of electricity to operate. According to the report, **58 energy and utilities companies account for 6.01 per cent of the S&P 500**. Data centre and infrastructure companies contribute another **3.14 per cent**, while 37 AI infrastructure suppliers account for **2.99 per cent** of the index. Together, these less-visible components of the AI supply chain represent approximately **$8.3 trillion in market capitalisation**. The findings highlight the broader economic impact of AI infrastructure, particularly the demand for electricity, data centres, networking equipment and other supporting services. ## Security Companies Form AI Trust Layer The security and trust segment also plays a role in the expanding AI ecosystem. Seven companies in the category have a combined market capitalisation of approximately **$674.5 billion**, representing about one per cent of the S&P 500. Companies such as **Palo Alto Networks, CrowdStrike and Fortinet** are among those identified in the category. As businesses increasingly deploy artificial intelligence, cybersecurity and trust mechanisms have become important components of protecting data, systems and AI-enabled operations. ## 38% of S&P 500 Remains Outside AI Economy Despite the growing influence of artificial intelligence, the analysis found that a significant portion of the S&P 500 remains outside the AI ecosystem. The report identified **285 companies, representing 37.96 per cent of the index**, as having no material exposure to the AI value chain under its methodology. This means that while AI now accounts for nearly two-thirds of the S&P 500 by market value, more than one-third of the index remains outside the AI investment theme. ## AI Creates Potential Concentration Risk Alan Goldberg, a data analyst at BestBrokers, said the findings demonstrate that AI's influence on financial markets has expanded beyond the companies most commonly associated with the technology. He noted that investors may already have substantial AI exposure through their portfolios even when they are not deliberately targeting AI investments. Goldberg also highlighted a potential concentration risk, pointing to the enormous market values of a relatively small number of companies and their influence on the broader index. The findings come as investor attention increases around the expected initial public offerings of leading artificial intelligence companies, including Anthropic and OpenAI. The broader AI ecosystem suggests that the technology's impact on financial markets extends far beyond frontier AI developers, encompassing semiconductor manufacturers, cloud providers, software companies, energy firms, data centres, cybersecurity companies and other infrastructure providers. The BestBrokers analysis therefore presents AI not merely as a technology sector, but as an increasingly significant component of the wider US stock market and investment landscape. ## SEO Keywords AI economy, S&P 500 AI companies, AI stocks 2026, artificial intelligence stocks, S&P 500 market capitalisation, AI market value, AI investment, AI companies in the S&P 500, AI chips and hardware, AI cloud providers, AI software companies, AI infrastructure stocks, AI energy companies, AI cybersecurity companies, NVIDIA AI, Microsoft AI, Amazon AI, Alphabet AI, artificial intelligence investment, US stock market, AI market exposure, AI investment ecosystem

Cascador Selects 10 Nigerian Companies for 2026 ScaleUp Programme After 1,000 Applications

September 3, 2026
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