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African Economy
Two banks have met N500bn recapitalisation target
Only two Tier 1 banks, Zenith Bank and Access Holdings Plc, have surpassed the N500 bn share capital and share premium threshold set by the Central Bank of Nigeria for banks with international licences, Proshare report has revealed.The report, titled ‘Tier 1 Banks Report: Getting Bigger, Braver, and Dominant – The Class of 2025’, stated that Zenith Bank leads with a share capital and share premium of N614.65bn, followed by AccessCorp at N594.90bn. Other Tier 1 banks, including Ecobank Transnational Incorporated and Guaranty Trust Holding Company, are trailing behind with N353.51 bn and N345.30 bn, respectively.Access Bank BuildingAccess Bank Building“All Tier 1 banks are licensed for international operations. However, tier 1 borderline banks (the highest-ranked tier 2 banks) have also chosen to achieve N500bn share capital to compete aggressively in the emerging global and continental banking markets,” the report stated.The analysts noted a shift in dynamics within the banking hierarchy, with ETI displacing Zenith Bank from the top of the Tier 1 ladder, largely due to its 67.11 per cent asset growth, driven mainly by its francophone West African operations.According to the report, Fidelity Bank, despite a recent N225bn Supreme Court judgement liability tied to its legacy acquisition of FSB International Bank, is projected to return to Tier 1 classification by the end of the 2025 financial year. The report stated that Fidelity Bank could still maintain adequate liquidity if it strategically managed the impact of the judgement.Proshare analysts also evaluated the broader implications of the recapitalisation drive, especially amid shifting customer expectations and banking trends.“The recapitalisation of Nigerian banks is not new, but the era in which it is now happening is different,” the report noted. “The contemporary era is hinged on a shift in the needs of bank customers. It is more aligned with the transactional needs of customers for bespoke services.”The report further pointed out that while asset size has traditionally been used to rank banks, asset growth is becoming equally significant in measuring market dynamics. By asset growth, the top five banks include ETI (67.11 per cent), Wema Bank (59.82 per cent), FCMB (59.46 per cent), FirstHoldco (56.60 per cent), and AccessCorp (55.49 per cent).However, the report flagged concerns about non-performing loans and suboptimal use of balance sheet leverage in the Nigerian banking sector.“While off-balance sheet transactions have grown exponentially globally, this type of banking operation remains relatively underutilised in Nigeria,” it added.Despite potential short-term pressures on return on equity and capital employed, the report said the long-term outlook remains positive as banks enhance capital adequacy ratios and risk management frameworks in response to the recapitalisation mandate.Proshare concluded that the recapitalisation timeline set by the CBN, ending in March 2026, remains realistic, with most banks making visible progress, although a few banks are lagging behind.Thousands of companies are sacking their workers due to AI (artificial intelligence), no industry is spared, business owners are in panic mode due to its rapid change. The solution is to earn in US Dollars(up to $55,000) while living in Nigeria or Diaspora.
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African Economy
Don Proposes Solutions for Economic Challenges
prominent economist has urged the federal government to reconsider its economic strategy, advocating for the restoration of fuel subsidies and an end to cash palliatives. Professor Sabastine Uremadu of the Michael Okpara University of Agriculture delivered these recommendations during the institution's 60th inaugural lecture, according to Vanguard Newspaper on Thursday, 12 June 2025.Speaking on the theme "Navigating the Trade-Off: Profitability Versus Liquidity in Nigerian Investment Environment," Uremadu attributed the country's economic challenges to the abrupt removal of fuel subsidies without adequate preparation. The banking and finance expert argued that the policy shift triggered hyperinflation and destabilized the economy.  "Fuel prices influence every sector of the economy," Uremadu stated. "Even developed nations like America maintain strategic subsidies. The government must restore fuel subsidies to stabilize prices and bring down inflation."  The academic criticized the distribution of cash palliatives, describing it as counterproductive. According to his analysis, such measures create dependency without stimulating economic activity. "Recipients simply wait for the next handout rather than engaging in productive work," he observed.  Uremadu also identified multiple taxation as a major obstacle to investment, calling for streamlined fiscal policies to attract both domestic and foreign investors. He emphasized the need for technocratic management of the economy to achieve sustainable growth.  Professor Maduebibisi Offor Iwe, the university's Vice-Chancellor, endorsed these recommendations during his closing remarks. He urged policymakers to consider the proposals, noting their potential to revitalize Nigeria's economic landscape.  The lecture attracted members of the academic community, business leaders, and policy analysts, sparking renewed debate about the government's economic direction. As the administration marks two years in office, these suggestions add to growing calls for policy adjustments to address the country's economic challenges.
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African Economy
The federal government is set to activate a policy that will shake up the petroleum sector
The Federal Government of Nigeria is set to roll out a new policy aimed at transforming the nation’s petroleum sector, in what experts are calling a potential game-changer for the industry. According to sources within the Ministry of Petroleum Resources, the policy—expected to be announced in the coming weeks—will address long-standing challenges in fuel subsidy management, pricing regulations, and private sector participation.This move comes amid growing pressure on the Tinubu-led administration to stabilize the oil and gas industry, which remains Nigeria’s economic backbone. The sector has faced persistent issues such as fuel scarcity, lack of investment, poor infrastructure, and inconsistent pricing regimes. The new policy, officials say, is designed to correct systemic inefficiencies, boost transparency, and attract much-needed investment.Nigerian billionaires to lose oil wells as FG activates revocation policyAlthough full details of the policy have not been officially released, insiders hint that it may involve the implementation of full deregulation of the downstream sector, including the complete removal of fuel subsidies. The Nigerian government has long struggled with the cost of fuel subsidies, which experts estimate consume trillions of naira annually—money that could otherwise be used for development projects.“We are moving towards a system that allows market forces to drive pricing, while still ensuring consumer protection and strategic regulation,” a senior official revealed. “The goal is to stabilize the market, end hoarding, and encourage the establishment of modular refineries and private participation.”Industry stakeholders are watching closely, with both hope and skepticism. Some fear that removing subsidies without a strong social welfare framework could worsen the cost of living for ordinary Nigerians. However, others argue that a restructured and liberalized sector will encourage competition, improve supply chains, and eventually drive down prices.Oil marketers and depot owners have welcomed the planned reforms, noting that a deregulated sector would help them plan better and ensure consistent availability of petroleum products across the country. The Nigerian National Petroleum Company Limited (NNPCL) is also expected to play a new strategic role under the policy.Analysts say the success of this bold step will depend on the government’s ability to communicate clearly, manage public expectations, and ensure that the policy is implemented fairly and transparently.As anticipation builds, many agree that the coming shake-up may finally set the Nigerian petroleum industry on a path to long-term sustainability and growth.
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African Economy
Most of the money that goes from anywhere in the world goes through America Swift Abraham Great
Potential changes to the United States' tax policies could have significant repercussions for international banking, particularly for "corresponding banks" that facilitate a vast majority of global financial transactions.This warning comes from Public Affair Analyst, Abraham Great, who highlights the lucrative position of American banks in the current international financial architecture.Great pointed to the pervasive role of the U.S. financial system in global money movement, stating, "Most of the money that leaves America or goes from anywhere in the world to anywhere goes through America Swift."He was likely referring to SWIFT (Society for Worldwide Interbank Financial Telecommunication), the secure messaging network that banks worldwide use to send and receive information, including money transfer instructions.While SWIFT is headquartered in Belgium, American banks play a crucial role as corresponding banks, especially for dollar-denominated transactions.The analyst then posed a rhetorical question underscoring the financial benefits derived from this role: "Do you know how much charges that American Banks make by just being the corresponding bank?" This emphasizes the substantial fees earned by U.S. banks for facilitating these international transfers, acting as intermediaries between banks in different countries.While Great did not specify the exact nature of the anticipated US tax changes, his remarks suggest a concern that any alterations could impact the profitability of these corresponding bank services, potentially leading to cascading effects across the international financial landscape.Such changes could include increased taxes on foreign income, new withholding tax rates, or other regulatory adjustments that might reduce the attractiveness of routing international transactions through U.S. financial institutions.The interconnectedness of the global financial system means that even seemingly domestic tax adjustments in a major economy like the United States can have far-reaching consequences for banking operations and the flow of capital worldwide.
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African Economy
GCR upgrade Wema Bank ratings
Wema Bank has received rating upgrades from credit rating agencies, Fitch and GCR.Fitch upgraded Wema Bank’s National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, with a Positive outlook, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B-‘.GCR also upgraded the bank’s National scale long and short-term issuer rating to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a Stable outlook, in what reflects the bank’s performance and resilience amid industry challenges.The bank’s intentional approach to banking has earned it a reputation as Nigeria’s most innovative bank, with a legacy of impact, resilience, empowerment, innovation, and excellence.Wema Bank’s managing director/CEO, Moruf Oseni commended Fitch and GCR for their objective assessment and projection of the bank’s promising future. He reiterated the bank’s promise to its customers and shareholders, asserting that Wema Bank’s journey has just begun at 80 years.According to him, “Wema Bank is more than just a provider of financial services. This great institution represents a bold and firm statement to the world, ‘Nigerian-owned can stand the test of time’. Wema Bank was founded on the precipice of catering to the needs of Nigerians when no one else would. 80 years later, that legacy lives on and we are more fueled than ever to keep that timeless legacy thriving.“Wema Bank has navigated every challenge, bounced back with an unquenchable thirst to keep going, and consistently developed solutions that accelerate progress across various industries beyond banking. Today, Wema Bank stands stronger than ever at 80 years. This is what happens when you devote your ‘all’ to self-improvement and delivering value to the people you serve. 80 years seems like a lot—and it is, but it is nothing compared to what lies ahead.“These upgrades are very significant and represent good news for us as a bank. It stands as a strong testimony to the great work we have all put in in the last one year. Wema Bank will continue to exceed all expectations, support the people on all levels and never relent in our promise to keep delivering optimum value to every stakeholder”, Oseni noted.The upgrades are consistent with previous ratings upgrades received by Wema Bank, including a rating upgrade from Agusto & Co to Bbb+ with an ESG Score of 2 and a stable outlook in 2024. The bank’s strong performance and resilience have earned it recognition both nationally and globally.“2024 also saw GCR upgrade Wema Bank Plc’s national scale long-term issuer ratings to BBB(NG) from BBB-(NG) and affirm the short-term issuer rating of A3(NG), with the Outlook revised to Stable; while Fitch Affirmed the Bank at ‘B-‘ with Outlook, Stable.
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African Economy
When Borrowing Becomes Harm and NITDA Responds By Fatimah Yusuf Usman
In an era where a few smartphone taps can secure a loan in minutes, digital lending has become a financial lifeline for millions of Nigerians. There are no queues, no forms, no physical encounters—just seamless access to credit.But behind this convenience lies a troubling underside. Stories abound of borrowers subjected to harassment, privacy breaches, and the misuse of their personal data.And this is precisely where the quiet but firm intervention of the National Information Technology Development Agency, NITDA, begins. NITDA is not a lender, nor does it offer loans.Yet it has emerged as a defender of digital dignity, stepping in to protect Nigerians from the rising tide of exploitation within the mobile lending space.Its mission is clear: to safeguard citizens’ privacy and uphold their digital rights in an economy that increasingly moves online. Over the past decade, the rapid growth of fintech in Nigeria has given rise to an array of mobile lending apps.Many of these platforms appeal to students, traders, artisans, and others who have been traditionally excluded from formal banking services. On the surface, this is a story of innovation and financial inclusion.But underneath, there has been a growing trend of abuse. Some lenders harvest borrowers’ contact lists and, in the event of a missed payment, begin to send defamatory messages to family members, colleagues, and even employers.In more extreme cases, they use borrowers’ personal photographs and sensitive information to shame or coerce them into repayment. What was once financial assistance has, in some instances, become digital bullying.NITDA’s intervention came into the national spotlight in 2021 when it imposed a ₦10 million fine on Soko Lending Company. The company had flagrantly violated the Nigeria Data Protection Regulation by unlawfully mining personal data.The sanction sent a strong and timely signal that the era of unchecked data abuse was coming to an end. Since then, NITDA has expanded its approach by working collaboratively with the Federal Competition and Consumer Protection Commission and the Central Bank of Nigeria.Together, they are building a framework that compels digital lenders to operate within the bounds of both law and conscience. While NITDA does not regulate loan conditions or determine interest rates, its core focus lies in ensuring that digital lenders respect the boundaries of data protection.Through its regulatory guidance, NITDA is promoting transparency in how apps collect and store user data. It insists that consent must be obtained before any sensitive information is accessed.It encourages adherence to international best practices in consumer rights and cyber security. And above all, it reminds tech innovators that real progress cannot be built on the violation of personal freedoms.These actions matter profoundly in a country where digital literacy is still evolving, and where many remain unaware of their rights in the digital space. In such a climate, silent exploitation often thrives.NITDA is striving to change that reality—not by stifling innovation, but by making innovation safer for everyone. In doing so, it is helping to build a more trustworthy fintech ecosystem, one that attracts responsible investors and expands financial access to the underserved.The work of NITDA is not always loud or dramatic. It rarely dominates headlines. Yet it is laying the foundation for a secure and ethical digital economy. Its efforts ensure that as Nigeria races toward a tech-driven future, the humanity of its citizens remains protected.With the growing sophistication of AI in lending, the use of facial recognition, and data-driven credit scoring, the relationship between finance and privacy is becoming more complex.But if Nigeria is to lead Africa’s digital transformation, then its rules must be strong, and its citizens’ rights must remain non-negotiable. NITDA’s quiet work speaks volumes.In a space where many have been hurt silently, it is offering something rare—protection without noise, reform without applause. It is leading a digital transformation that respects people as much as it embraces progress.Fatimah Yusuf Usman writes from PRNigeria Centre, Abuja. She can be reached via: [email protected].
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African Economy
Osun Microfinance Banks gear up for digital revolution train staff
In a bold move to future-proof their operations, microfinance banks across Osun State launched an intensive training programme aimed at equipping staff with essential skills for modern banking and superior customer service delivery.The training, organized by the Osun State chapter of the National Association of Microfinance Banks, on Thursday in Osogbo brought together banking professionals to explore evolving trends in digital finance and customer engagement.Charles Abiodun Adedayo, Chairman of the Association emphasized the urgent need for microfinance banks to adapt to a rapidly changing financial landscape dominated by digital technologies.“Banking today is fast-paced and driven by innovation. For us to stay relevant and competitive, our staff must be digitally equipped and trained to deliver exceptional customer service,” Adedayo said.He described the training as a “long-awaited game-changer” tailored for junior officers, who play a crucial role in front-end banking operations. He praised the participants’ engagement and called for management practices that encourage inclusiveness and idea-sharing among all staff levels.“We want a workplace where junior officers don’t just follow instructions, but contribute ideas. Inclusive management leads to better results and growth,” he added.Yinusa Musiliu, Managing Director of a Legend Microfinance bank and Chairman of the Training Committee, stressed the long-term value of consistent staff development, noting that regular training translates into measurable improvements in service delivery and business sustainability.“With regular and relevant training, staff become more valuable and the institution becomes more resilient,” he said.The technical session, led by Kazeem Adekola, Principal Partner at Kazeem Adekola & Co Chartered Accountants, focused on digital banking tools such as mobile apps, internet banking, agency banking, POS terminals, and ATM services.“Digital platforms are no longer optional; they are necessary for survival and growth. Microfinance banks can significantly boost their income and asset base by leveraging these tools—just look at what Moniepoint has achieved using POS services alone,” Adekola noted.He encouraged banks to begin adopting digital solutions, even at a small scale, to unlock new revenue streams and meet evolving customer demands.Speaking with some of the participants, they expressed optimism about the training whilst emphasising that the training will improve their interactions with customers and widen Thier knowledge on digital banking.
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African Economy
Are You Applying For Loan Read This
The need for cash is never going to come with prior notice. In spite of the most well planned budget, chances are your calculations may go miserably wrong. The facility to be able to take loans comes in as a blessing during such situations. The need for loans may be backed by the desire to buy a new vehicle, get you home refurbished or any other personal reason. There are several money lenders willing to give loans at comfortable interest rates so that you can take care of your personal needs without being worried about the constraints of your budget. Traditionally, the idea of a loan was restricted to big amounts of money that are usually difficult to manage individually. However, this has now changed. People rely on loans for small amounts as well.For those of you who are planning to get a loan in the near future, here is a basic guideline that you can safely follow:Know your credit ratings!Yes! If you are planning to apply for a loan, better start with procuring this detail as soon as possible. Most money lenders will refuse to entertain your request if you have a bad credit. Also, your credit rating helps you get a clearer picture about the maximum amount of loan that you can take.Understand the different interest ratesIf you are going to borrow money, no one is going to do it for free. The ideal process is that when a money lender gives you a loan, you are bound to pay back the principal amount with a fair component of interest. As an applicant, you must explore the interest rates being offered by different money lending bodies. You can also get these details over the internet within a matter of few seconds.Compare different optionsWhen it comes to borrowing money, you will have to skim through several lending bodies before you narrow down on choosing one. From leading nationalized banks to small scale money lenders, there are many people on the block that deal with offering loans. You have to invest the time and effort to choose the most feasible option that suits your requirements.Once your loan application is approved, the lending authority will make you sign a deed prior to disbursing the required amount. Whilst signing the deed, we urge you to read every detail carefully. This deed carries all the information on the agreed interest rates, payment patterns and a lot of other things.
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African Economy
Top ten of Nigeria s trading partners by import value in Q1 2025
China and India again emerged as Nigeria’s largest sources of imports in the first quarter of 2025, showing a significant concentration of imports from a handful of global economies.The National Bureau of Statistics (NBS) data reveals the leading countries of origin for goods and services imported into Nigeria during this period.The figures represent the percentage share of Nigeria’s total imports from around the world. The value of total imports stood at N15.43 trillion in the first quarter of 2025, representing a rise of 4.59% from the value recorded in the corresponding quarter of 2024 (N14.75 trillion) and a decrease by 7.02% compared to the value recorded in Q4, 2024 (N16.59 trillion), NBS data shows.The data also shows that Nigeria’s total exports rose to N20.598 trillion in the first quarter (Q1) of 2025, representing a 7.42% increase compared to N19.176 trillion in the corresponding quarter of 2024, and a 2.92% rise from N20.01 trillion recorded in Q4 2024.Here is a ranking of the top 10 Nigeria’s trading partners in terms of imports (Q1 2025):10. United KingdomAt number 10 is the United Kingdom. According to data from the NBS, Nigeria imported goods worth N283.89 billion from the UK in the first quarter of 2025, accounting for 1.84% of the country’s total imports.Once Nigeria’s colonial trading partner, the UK remains a key player in trade, primarily exporting pharmaceuticals, machinery, and educational resources.9. SpainRanked at number 9 is Spain, from which Nigeria imported goods and services worth N381.21 billion. According to data from the NBS, this accounts for 2.47% of Nigeria’s total imports. Spain’s exports to Nigeria include industrial equipment, food products, and petroleum-related goods.8. BelgiumAccording to NBS data, Belgium exported goods worth N415.25 billion to Nigeria in Q1 2025, representing 2.69% of the country’s total imports. Belgium’s major exports to Nigeria include pharmaceuticals, chemicals, and mechanical appliances.7. Saudi ArabiaSaudi Arabia ranks as Nigeria’s seventh-largest trading partner, with imports valued at N515.12 billion. According to NBS data, this accounts for 3.34% of Nigeria’s total imports for the quarter.Crude oil derivatives and petrochemical products dominate imports from Saudi Arabia.6. BrazilBrazil holds the sixth position among Nigeria’s top trading partners, exporting goods and services worth N562.16 billion to Nigeria in Q1 2025.According to NBS data, this represents 3.64% of Nigeria’s total imports during the period. Brazil’s exports, mainly agricultural commodities, sugar, and machinery, are strengthening its trade ties with Nigeria within Latin America.5. United Arab EmiratesAt the 5th position is the United Arab Emirates, which exported N617.18 billion worth of goods and services to Nigeria. This, according to the NBS, represents 4% of Nigeria’s total imports.The UAE continues to be a major hub for re-exported goods into Nigeria, especially gold and luxury items.4. NetherlandsNetherlands retains its Number 4 spot from Q4 2024 as Nigeria’s fourth-largest trading partner in Q1 2025.The country’s total import value stood at N809.83 billion according to data from NBS. The country’s share of total imports was 5.25%.The Netherlands leads among European suppliers, with imports primarily in refined petroleum, food products, and industrial equipment.3. United StatesThe United States retained its position as Nigeria’s 3rd largest trading partner in Q1 2025, the same position as the preceding quarter.Its total import value stood at N1.42 trillion, down from N4.07 trillion in Q4 2024. The US share of total imports was at 9.22%.The U.S. remains a key trade partner, supplying Nigeria with technology, agricultural products, and machinery.2. IndiaIndia also retained its position as Nigeria’s second-largest trading partner in Q1 2025. India’s total import value stood at N1.72 trillion, down from N6.17 trillion. India stands firm as the second-largest trading partner, exporting pharmaceuticals, refined petroleum, and industrial products to Nigeria.1. China In the Number 1 spot is China, according to the NBS Q1 2025 data. The Chinese exported N4.66 trillion to Nigeria during the period.The data shows that this is down from N14.14 trillion the country did in Q4 2024. Its current Share of Total Imports stood at 30.19%.China continues to be Nigeria’s largest source of imports, contributing nearly one-third of the country’s total imports. This reflects Nigeria’s sustained dependence on Chinese-manufactured goods, electronics, machinery, and infrastructure-related products.An emerging trend from the Q1 2025 trade data suggests that Nigeria’s further tilt towards Eastern markets, particularly China and India, in its trade relations.The data further shows that while the United States and European nations remain key trade allies, their share of Nigeria’s imports appears to be shrinking in comparison to China and India.
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African Economy
Nigeria s petrol import bill crashes by 54 in Q1 2025 as Dangote boosts local supply
Petrol import in Nigeria drops by 3.58 billion litres after ‘subsidy removal’ Nigeria’s petrol import bill fell sharply in the first quarter of 2025, dropping to N1.76 trillion from N3.81 trillion recorded in the corresponding period of 2024.This represents a 54% year-on-year decline, according to the latest foreign trade statistics report from the National Bureau of Statistics (NBS).The drop also marks a 47% reduction from Q4 2024, when the country spent N3.3 trillion on petrol imports. The decline is largely attributed to increased domestic supply from the Dangote Refinery, which has continued to scale up operations.Import trend reverses after years of steady growth A five-year review of first-quarter petrol import figures shows that Nigeria had been on a steady upward trajectory until 2024. The country imported N732 billion worth of petrol in Q1 2020, rising to N1.29 trillion in Q1 2021, and doubling again to N2.69 trillion in Q1 2022. There was a moderate decline to N2.03 trillion in Q1 2023 before the value surged to an all-time high of N3.81 trillion in Q1 2024.With the Q1 2025 import bill dropping to N1.76 trillion, Nigeria’s petrol import value has now returned to pre-2022 levels, suggesting that domestic refining is beginning to displace foreign supply in a meaningful way.The NBS data signals a structural shift in Nigeria’s petroleum trade, following decades of dependence on imported refined products due to the collapse of state-owned refineries.Petrol accounts for 44.51% of Nigeria’s imports from the ECOWAS region The report further shows that petrol was Nigeria’s most imported product from ECOWAS countries in the first quarter of 2025, accounting for N89.18 billion or 44.51% of total imports from the subregion.News continues after this adThe figure highlights the continued importance of regional trade routes in meeting domestic fuel demand, despite Nigeria’s ongoing efforts to boost local refining through facilities such as the Dangote Refinery.Within the broader West African region, petrol imports made up 41.86% of Nigeria’s trade inflow, while it contributed 11.63% of total imports from the entire African continent.This dominance by petrol shows the lingering supply gaps in Nigeria’s downstream petroleum sector.While local refining is gaining momentum, it has yet to fully replace the need for imported refined products.Other major imports from the ECOWAS region during the period included gas oil at N23.15 billion (11.55%) and petroleum bitumen at N20.58 billion (10.27%), indicating that petroleum-based products continue to shape Nigeria’s import profile from the subregion.Petrol was also listed among the top five most imported commodities nationwide in Q1 2025, alongside gas oil, crude petroleum oils, cane sugar for refineries, and durum wheat.What you should know The decline in petrol imports aligns with the growing influence of the Dangote Petroleum Refinery. With an installed capacity of 650,000 barrels per day, the refinery is already supplying a significant portion of Nigeria’s petrol demand, although it is still operating below full capacity.The refinery, which is currently producing about 85 per cent of its 650,000 barrels per day capacity, has helped to reduce the volume of imported refined petrol substantially.This has introduced greater competition in the downstream market, with retail prices in Lagos dropping to as low as N860 per litre in early 2025.However, the refinery’s operations have faced early challenges. In March 2025, Dangote Industries halted local currency sales due to foreign exchange constraints, as it relies on dollar-denominated crude inputs but receives naira in return for local sales.However, the government has intervened to resolve the issues around the naira-for-crude deal. The facility continues to play a key role in narrowing the import gap.
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African Economy
FCT traders to close shops as Tinubu unveils Abuja road Friday
Residents and commuters in the Federal Capital Territory are advised to brace up for temporary traffic disruptions on Friday, as the Apo-Wasa Road will be closed from 11am to 4pm ahead of President Bola Ahmed Tinubu’s visit to inaugurate a major infrastructure project in the city.According to a statement issued on Thursday by the Senior Special Assistant on Public Communications and Social Media to the FCT Minister, Lere Olayinka, traders, mechanics, and shop owners at the Apo Mechanic Village have voluntarily agreed to shut down operations for the day.Olayinka confirmed that the road closure is necessary for the security and smooth flow of the event.According to the Federal Capital Territory Administration, the move is to enable them “give President Tinubu a rousing welcome and participate fully in the commissioning ceremony.”The project slated for commissioning is the newly completed Left-Hand Service Carriageway of the Outer Southern Expressway Stage II, stretching from the Ring Road I Junction to Wasa Junction.The event will take place at 2:30pm on Friday with Tinubu expected to personally perform the inauguration.“The Apo-Wasa Road, which is to be commissioned by President Bola Tinubu tomorrow, will be closed to vehicular movement between 11am and 4pm,” Olayinka said.He added that traffic enforcement personnel would be deployed to critical areas to ease movement and redirect motorists to alternate routes.“Motorists are therefore urged to use other routes between 11am and 4pm tomorrow, when the Apo-Wasa Road will not be accessible.“We appeal to road users that will be affected by this temporary closure to bear with the government while using alternative routes,” the statement read.
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African Economy
Will Zambia ev supply chain strategy boost the transportation sector
In a concerted effort to diversify its economy and capitalise on the rapidly growing electric vehicle (EV) industry, Zambia has proactively negotiated with automakers to establish EV component manufacturing plants near its extensive copper mining sites. This initiative underscores Zambia’s strategic vision to evolve from a mere exporter of raw materials into a key player in the global EV supply chain, leveraging its vast copper reserves—an essential component in EV engines.Copper’s Central Role in EVs and Zambia’s Mineral WealthCopper’s significance in the EV industry cannot be overstated. As Bloomberg reports, copper is vital for EV batteries, wiring, and motors, making it a critical resource in the transition toward cleaner transportation. Zambia, Africa’s second-largest copper producer, possesses some of the world’s richest copper deposits, positioning it uniquely to benefit from this burgeoning market. Rather than solely exporting raw copper, Zambia aims to add value by attracting manufacturers to set up nearby production facilities, thus capturing more of the economic benefits associated with downstream processing.Government Initiatives and Diplomatic EngagementsFinance Minister Situmbeko Musokotwane highlighted Zambia’s proactive approach during the Bloomberg Africa Business Media Innovators conference in Livingstone. He revealed that the government has been engaging with international automakers, even during recent visits to Germany, urging them to consider establishing EV component manufacturing plants within Zambia. “We have been talking, even last week when I was in Germany, telling these companies to please consider the manufacture of some of your electric vehicle components in Zambia,” Musokotwane stated. He added that these components could then be shipped to existing factories in South Africa, which currently exports EVs globally, thus creating a regional hub for EV component manufacturing—adding significant value to Zambia’s mineral wealth.Progress in Attracting Foreign InvestmentZambia’s efforts are already bearing fruit. Last year, Build Your Dreams (BYD), the world’s largest electric vehicle manufacturer, expanded its footprint in Zambia through a partnership with Pilatus Electric Mobility Zambia Limited (PEM). This development signals growing investor confidence in Zambia’s potential as a strategic location in the EV supply chain. Such moves not only diversify Zambia’s economic base but also position the country as a vital node in the global transition toward electric mobility.Fiscal Prudence and Regional CollaborationWhile pursuing these strategic objectives, Zambia’s government remains committed to prudent fiscal policies, even as its current IMF program concludes in October. Minister Musokotwane emphasised that the cabinet has not yet decided on pursuing new international loans, signalling a cautious but forward-looking approach to economic management. He also acknowledged the decline in U.S. aid programs, noting that such support was always expected to diminish gradually, and underscoring Zambia’s focus on self-reliance and regional partnerships.In addition to individual country efforts, Zambia’s broader strategy includes regional collaboration with the Democratic Republic of Congo (DRC). The two nations have signed an agreement to develop a regional value chain for battery and EV component production. Supported by the United Nations Economic Commission for Africa (UNECA), they are exploring blockchain-enabled traceability systems to ensure ethical sourcing of minerals—addressing a key concern for global automakers and aligning with international standards for responsible sourcing.Zambia’s efforts to attract EV component manufacturers and develop regional mineral and battery supply chains exemplify a strategic pivot toward sustainable economic diversification. By leveraging its copper wealth, fostering international partnerships, and promoting regional collaboration, Zambia aims to emerge as a significant player in the global EV ecosystem. As the world accelerates its shift to electric mobility, Zambia’s proactive stance and strategic initiatives could serve as a model for other resource-rich countries seeking to add value and foster sustainable development.
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African Economy
Tinubu s reforms attracting foreign investors eyeing Nigeria s long term growth
The Independent Media and Policy Initiative (IMPI), a civil society organisation (CSO), says foreign investors are increasingly showing confidence in Nigeria’s economic future, buoyed by the reforms initiated by President Bola Tinubu.Speaking in Abuja on Tuesday at a press conference, Omoniyi Akinsiju, chairman of IMPI, said the growing trend of long-term investments in Nigeria is a result of Tinubu’s reforms.Akinsiju said an audit conducted by IMPI on global and domestic institutional ratings showed a positive perception of Nigeria’s economic trajectory.“Investors are locking into longer-term assets because they expect inflation rates to reduce on the back of the government’s economic reforms,” he said.“This implies that investors expect lower inflation and interest rates over the long term, leading to higher bond prices and lower reinvestment risks indicative of a strong, positive perception of recovery and growth for the Nigerian economy.”He added that Nigeria is being increasingly recognised as a rising economic force and admired across the globe for the resolve shown by Tinubu in implementing difficult but necessary reforms.Akinsiju said the removal of the petrol subsidy has led to a significant reduction in daily consumption of the commodity from over 103 million litres in June 2022 to between 43 and 46 million litres post-subsidy removal.He said the unification of foreign exchange windows has also led to a substantial increase in federal revenue, rising by 82.4 percent from N6.8 trillion in 2023 to N12.4 trillion in 2024.“The immediate reflection of the positive move inherent in the unification of the foreign exchange windows is the increase in revenue for states and local governments and a reduction in public debt,” he said.“The federal government’s revenue rose by 82.4 percent from N6.8 trillion in 2023 to N12.4 trillion in 2024, driven by the unification of the foreign exchange rates, enhanced tax administration, and reforms in treasury remittances, according to data sourced from the World Bank.”
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African Economy
Tinubu Showcases Economic Gains Unveils CreditCorp For Youth
has presented a  optimistic outlook on Nigeria’s economy, crediting structural reforms for recent gains and unveiling fresh initiatives to boost youth empowerment and productivity.Addressing the National Assembly during the 2025 Democracy Day commemoration, Tinubu said GDP growth had reached 4.6% in the final quarter of 2024—the highest in over a decade—while inflation was easing and foreign reserves had increased fivefold.“We introduced fundamental reforms to correct structural imbalances that prevented maximum growth,” the President said, referencing improvements in the exchange rate, food prices, and sovereign credit ratings.He announced that over 100,000 Nigerians, including 35,000 civil servants, had already benefitted from affordable consumer credit via the Nigerian Consumer Credit Corporation (CREDICORP), allowing them to purchase essentials like vehicles and home appliances. A new programme launching in July will extend credit access to 400,000 young Nigerians, including members of the National Youth Service Corps (NYSC).Tinubu also touted investments in digital infrastructure and manufacturing, including a national fibre optic rollout to bridge the digital divide, and reiterated his administration’s commitment to food sovereignty and job creation.“Our medium-term growth target remains an economy growing at a 7% clip with a stronger manufacturing base,” he said.The President appealed to lawmakers for further collaboration in passing legislation that would support industrial expansion and improve food production. He also confirmed that comprehensive tax reform bills were awaiting his assent, describing them as “a model of democratic partnership.”“We are creating a new environment in which industry and manufacturing can thrive,” Tinubu said, citing the recent establishment of a National Credit Guarantee Company and enhanced support for small businesses through tax exemptions and oversight by the newly created Office of the Tax Ombudsman.
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African Economy
NGX Investors Appetite For Consumer Goods Companies Grows
Increased demand from excited investors have pushed consumer goods companies to the top of capital gains, with a year-to-date return of 40.65 per cent. A review of the Nigerian Exchange (NGX) at the weekend indicated that the NGX Consumer Goods Index, which tracks consumer goods companies, is the best-performing index so far this year. The performance of the consumer goods sector was driven by renewed investors’ appetite for large-cap sectoral leaders such as Nestle Nigeria and Nigerian Breweries. The NGX Consumer Goods Index is leading the market with almost a quadruple of the average market gain. The All Share Index (ASI)-which tracks all quoted equities at the NGX and serves as the benchmark index for the stock market, closed weekend with a year-to-date gain of 11.36 per cent. Other indices on the positive side included NGX Lotus Islamic Index, which tracks ethical stocks that comply with Islamic finance, recorded a gain of 22.75 per cent; NGX Pension Index, 19.98 per cent; NGX Banking Index, 12.32 per cent and NGX 30 Index, which rose by 10.73 per cent. On the negative side, NGX Oil & Gas Index declined by 11.33 per cent. NGX Industrial Goods Index dropped by 2.42 per cent while NGX Insurance Index slipped by 1.43 per cent. A breakdown showed that Nestle Nigeria-the most capitalised stock in the NGX Consumer Goods Index recorded a growth of 81.77 per cent to N1,590.50 per share by May 30, 2025, following an impressive first quarter ended 2025 results. Nestle Nigeria’s share price had opened 2025 at N875 per share. Average return in Honeywell Flour grew significantly by 233.3 per cent to close at N21 per share from N6.30 per share on the NGX while Northern Nigeria Flour Mills (NNFM) recorded a growth of 216.4 per cent. Golden Guinea Breweries was the only company that declined with a drop of 17.8 per cent to close May 2025 at N7.10 per share. Capital market analysts have attributed the soar demand for companies in the consumer goods index to recovery in first quarter 2025 corporate earnings. The foreign exchange policy by the Central Bank of Nigeria (CBN) of 2023 led to a sharp depreciation of the naira, adversely affecting companies in the consumer goods index.
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African Economy
Naira Firms to N1 540 1 at Official Market on Improved FX Liquidity
Investors’ Appetite for Unlisted Stocks Buoys NASD by 0.28%Customs Street Gives up 0.52% in First Session After Sallah BreakOfficial FX MarketThe first trading day after the two-working day holiday to celebrate Sallah ended on a negative note on Tuesday at the Nigerian Exchange (NGX) Limited with a 0.52 per cent loss.This occurred despite investor sentiment remaining bullish as Customs Street closed with 35 price gainers and 23 price losers, representing a positive market breadth index.During the session, RT Briscoe lost 10.00 per cent to trade at N2.25, John Holt fell by 9.87 per cent to N6.85, Beta Glass shattered by 9.69 per cent to N210.10, Aradel Holdings depreciated by 9.09 per cent to N500.00, and Deap Capital slumped by 8.16 per cent to 90 Kobo.On the flip side, DAAR Communications improved by 10.00 per cent to 66 Kobo, Berger Paints also added 10.00 per cent to sell for N22.55, eTranzact appreciated by 10.00 per cent to finish at N6.60, Legend Internet rose by 9.93 per cent to N5.87, and Omatek increased by 8.22 per cent to 79 Kobo.Business Post reports that 652.6 million stocks worth N18.9 billion exchanged hands in 23,978 deals compared with the 1.5 billion stocks valued at N33.5 billion transacted in 16,410 deals last Thursday, indicating a jump in the number of deals by 46.12 per cent, and a fall in the trading volume and value by 56.47 per cent and 43.52 per cent, respectively.Access Holdings topped the activity chart after selling 88.3 million equities valued at N2.0 billion, Zenith Bank traded 49.3 million shares worth N2.5 billion, GTCO transacted 47.3 million stocks for N3.3 billion, Fidelity Bank exchanged 42.9 million shares worth N844.8 million, and Coronation Insurance traded 35.0 million equities valued at N70.6 million.Yesterday, the consumer goods space increased by 0.83 per cent, the energy index appreciated by 0.08 per cent, and the banking counter expanded by 0.02 per cent.However, the commodity sector crumbled by 1.57 per cent, the industrial goods sector shrank by 0.83 per cent, and the insurance industry declined by 0.60 per cent.Consequently, the All-Share Index (ASI) went down by 599.27 points to 114,017.48 points from 114,616.75 points and the market capitalisation decreased by N378 billion to N71.898 trillion from N72,276 trillion.
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African Economy
Nigerian Investors Reap N129 Billion As Tech Stocks Drive Market Surge On NGX
Equity investors on the Nigerian Exchange (NGX) enjoyed a substantial windfall on Tuesday, gaining approximately ₦129 billion in market value, fueled by a robust rally in technology-related stocks such as Etransact, Omatek, and Legend Internet Plc.Construction giant Julius Berger also contributed to the market’s upward trajectory, while oil and gas firm Oando Plc continued its recovery. However, Aradel Holdings faced a sharp setback following a minor uptick last week. Trading resumed on a bullish note following the Islamic public holiday, as investors engaged in bargain hunting.The NGX All-Share Index (ASI) climbed by 204.11 basis points to a new record close of 114,820.86, translating into a 0.18% increase. The rally extended the market’s winning streak to a fifth straight session, underscoring persistent positive investor sentiment, particularly in mid- and large-cap stocks.Despite the gains, overall market activity declined. Total trading volume dropped by 55.36%, while the total value of transactions fell by 43.61%. Data from Atlass Portfolio Limited indicated that 652.64 million shares worth ₦18.88 billion were exchanged in 23,978 trades.Access Holdings Plc (ACCESSCORP) led in trade volume, contributing 13.70% of total market volume. Zenith Bank (ZENITHBANK), GTCO, Fidelity Bank (FIDELITYBK), and Wapic Insurance (WAPIC) followed closely.In terms of value, GTCO emerged as the day’s most traded equity, accounting for 17.75% of the total transaction value. Meanwhile, BERGER, DAARCOMM, and ETRANZACT topped the list of gainers, each recording a 10.00% price increase.Other notable advancers included LEGEN DINT (+9.93%), OMATEK (+8.22%), VITAFOAM (+8.00%), ABBEYBDS (+7.53%), and FTNCOCOA (+6.67%), alongside 27 additional stocks. On the downside, 24 equities recorded losses. RTBRISCOE led the decliners with a 10.00% drop in share value.Further laggards included BETAGLAS (-9.69%), ARADEL (-9.09%), ACCESSCORP (-4.74%), MTN Nigeria (MTNN) with a 2.88% dip, and ZENITHBANK, which slipped 0.89%.Despite these losses, the market’s breadth remained positive, with 35 gainers outpacing 24 losers. Sector performance was mixed: the Oil & Gas sector declined by 2.84%, Insurance slipped by 0.06%, and the Industrial Goods sector edged down 0.14%.Conversely, the Consumer Goods and Banking sectors recorded gains of 2.56% and 0.24%, respectively. The total market capitalisation rose by ₦128.72 billion to end the day at ₦72.40 trillion.
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African Economy
Nigeria s Exports Reach 20 6 Trillion in Q1 2025 Driven by Crude Oil and Trade with China
Nigeria’s total exports surged to ₦20.598 trillion in the first quarter (Q1) of 2025, marking a 7.42% increase from ₦19.176 trillion recorded in Q1 2024 and a 2.92% rise from the ₦20.01 trillion posted in Q4 2024.This is according to the latest figures released by the National Bureau of Statistics (NBS) on Wednesday.Meanwhile, total imports in Q1 2025 stood at ₦15.43 trillion — up 4.59% year-on-year from ₦14.75 trillion in Q1 2024, but down 7.02% from ₦16.59 trillion in the previous quarter.Trade Balance Remains PositiveThe country recorded a positive trade balance of ₦5.17 trillion in Q1 2025, a 51.07% increase from Q4 2024, underlining sustained export growth and narrowing import levels.Crude Oil Leads the WayCrude oil exports continued to dominate Nigeria’s external trade, accounting for ₦12.96 trillion or 62.89% of total exports. Non-crude exports stood at ₦7.64 trillion (37.11%), with non-oil products making up ₦3.17 trillion or 15.38% of total export value.China remained Nigeria’s leading import partner with goods valued at ₦4.66 trillion (30.19% of total imports). Other top import sources included:India – ₦1.72 trillion (11.13%)United States – ₦1.42 trillion (9.22%)Netherlands – ₦809.83 billion (5.25%)UAE – ₦617.18 billion (4.00%)Non-Oil Exports: Mineral Products and Foodstuffs DominateMineral products – ₦17.56 trillion (85.23%)Prepared foodstuffs, beverages, and tobacco – ₦1.43 trillion (6.94%)Chemical and allied products – ₦869.50 billion (4.22%)Export Destinations: Europe Tops, Africa LagsEurope was Nigeria’s largest export destination at ₦8.64 trillion (41.96%)Asia followed with ₦6.75 trillion (32.79%)America received ₦3.33 trillion (16.16%)Exports to Africa totaled ₦1.85 trillion (9% of total exports), with ECOWAS countries accounting for ₦1.07 trillion (57.58% of African trade).South Africa – ₦708.69 billionIvory Coast – ₦428.56 billionSenegal – ₦346.26 billionTogo – ₦134.80 billionGhana – ₦122.07 billionThese five countries represented 93.91% of Nigeria’s total exports to Africa.Key African Import Sources:Angola – ₦224.39 billionTogo – ₦132.31 billionSouth Africa – ₦125.38 billionAlgeria – ₦124.39 billionEgypt – ₦90.21 billionThe data paints a picture of a resilient export sector, driven largely by oil but with signs of growing diversification, especially in food and chemical product exports.
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Rivers Resident Reacts to Afam II Power Plant Commissioned by President Tinubu
A rare bright spot in Nigeria’s energy crisis emerges as President Bola Tinubu commissioned the Afam II power plant recently. In a country plagued by power outages and failing infrastructure, the commissioning of the Afam II power plant is being commended by a prominent scientist in Rivers State, Engr. Cecilia Desmond Akaya, as a step in the right direction.“Nigeria has struggled with less than 5,000 megawatts for over 200 million people. It will be recalled that previous administrations promised reforms, but delivery remained weak. Afam II Power Plant is part of a broader push to revamp power generation in the country”, she saidSpeaking on the significance of the project, Engr. Cecilia Akaya described the move made by President Bola Tinubu to give hope to Nigerians through the completion of the all-important milestone as a welcome development. She stressed that this had shown the President Bola Tinubu administration’s willingness to complete legacy projects.Engr Cecilia Akaya, a Federal Polytechnic, Nekede, Owerri trained Computer Scientist, noted that the important aspect of the project is distribution challenges, which she said needed proper attention and action by the government.According to her, “Generation without stable transmission and billing reforms will still limit the impact. “Questions remain on long-term maintenance and transparency. I, therefore, cautioned that generation is only one piece of the puzzle which the government should attach importance on,” Engr Cecilia Akaya advocated.Concerning the outcome of the event, Engr. Cecilia Akaya applauded the move but wants more reliability, stressing that it is a welcome development, but remains skeptical. On lasting solutions to the problem of the distribution of electricity to Nigerians, Akaya calls for the decentralization of the national grid system to allow for regional mini-grids.Engr. Cecilia Akaya further urged the government to ensure public-private partnerships for long-term maintenance. “Afam II Power Plant is a step forward, but Nigeria needs systematic reforms to make such wins impactful. Power is restored, but the question remains: “Can it be sustained?”, Engr Cecilia Akaya queried.
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African Economy
Local telecom operators spend 350m annually on diesel Report
Nigeria’s telecom industry is grappling with mounting operational costs, spending over $350m annually on diesel-powered generators.According to the State of Africa’s Infrastructure Report 2025 by the Africa Finance Corporation, telecom operators in Nigeria consume more than 40 million litres of diesel every month.This growing reliance on diesel generators adds significant financial pressure on telecom operators, particularly in rural and underserved areas.The report stated, “A growing number of tower sites going off-grid or relying on diesel generators is a cause of concern for several reasons. First, it increases CAPEX and OPEX costs for operators, making investments in rural and remote areas even more prohibitive.“In fact, GSMA Intelligence estimates that the energy cost of a mobile base station in rural areas could be 37 per cent more than in urban areas. In Nigeria, for instance, telecom operators consume over 40 million litres of diesel per month, representing a yearly spending of over $350m.“Mobile broadband costs are further exacerbated by the higher amount of energy required to power data traffic in Africa (0.24 kWh/GB compared to a global average of 0.17 kWh/GB), where lower traffic volumes and use of older technologies like 3G are energy inefficient.Second, tower sites that rely on generators and batteries report frequent theft of battery equipment and diesel.”Nigeria’s energy sector faces significant challenges, with millions of households and businesses relying on petrol and diesel generators due to unreliable public supply.The report noted, “Unreliable public supply has pushed millions of households and firms to rely on petrol and diesel generators,” highlighting the gap between Nigeria’s energy demand and the capacity of its power grid.The report also pointed out the need for substantial investment in grid infrastructure and alternative energy sources to ensure energy security. As the country works to bridge the energy gap, the report also touches on Africa’s digital infrastructure challenges.“Nigeria, Egypt, and Kenya are emerging as hubs—but an estimated $7bn in annual investment is needed to close the data infrastructure gap continent-wide,” it noted.According to the report, Nigeria is developing an ambitious plan to expand its fibre network, using a public-private partnership model to improve broadband quality.The report read, “Nigeria, for instance, already relies on a backbone network of 35,000km but is rolling out an ambitious plan for an additional 90,000km of fibre under a PPP model to deliver a more modern and efficient backbone, able to support the latest technologies and bandwidth.”Despite this, the report pointed out that Nigeria still faces challenges in expanding internet access, especially in rural areas.An analysis by The PUNCH last September showed that telcos spent approximately N71.3bn every month on diesel, amounting to a total expenditure of N570bn over the eight months from January to August.As of May 2024, Airtel’s Director of Corporate Communications and Corporate Social Responsibility, Femi Adeniran, stated in Lagos that the company’s monthly diesel expenditure stood at N28bn.As companies strive to align with the United Nations’ Sustainable Development Goals, reducing their carbon footprint has become a priority. Telecom firms are now compelled to seek efficient, cost-effective energy solutions.The Chief Technical Officer of Airtel Nigeria, Harmanpreet Dhillon, said the operator is focused on expanding grid connectivity and deploying alternative energy solutions across its operations in Nigeria.“The most important factor for us here in Nigeria is the grid,” Dhillon stated. “Our first goal is to connect all of our sites to the grid, as many of our base stations currently lack grid connectivity. Once we achieve this, we’ll reduce our reliance on generators, which in turn will cut down our diesel consumption.”Thousands of companies are sacking their workers due to AI (artificial intelligence), no industry is spared, business owners are in panic mode due to its rapid change. The solution is to earn in US Dollars(up to $55,000) while living in Nigeria or Diaspora.
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African Economy
Nigerian Gas Association President Appointed International Gas Union s Africa Regional Coordinator
At the recently concluded World Gas Conference (WGC) in Beijing, China, the International Gas Union (IGU) announced the appointment of Mr. Akachukwu Nwokedi, President of the Nigerian Gas Association (NGA) as the Regional Coordinator for IGU activities and initiatives on the African continent.This appointment recognises the significant contributions of Mr. Nwokedi and the NGA to the advancement of gas as a catalyst for energy security across the continent while reaffirming Nigeria’s leadership position in Africa’s gas industry.In this strategic role, Mr. Nwokedi will be the principal link between the IGU and African member nations, ensuring that African perspectives are effectively represented in global gas policy discussions. His responsibilities will include advocating for policies that support natural gas development across the continent, facilitating knowledge transfer among industry stakeholders, coordinating regional events to promote collaboration, and providing critical analysis of regional developments to inform IGU’s global strategies.Mr. Nwokedi assumes this position following the exemplary service of Eng. Khaled AbuBakr from Egypt as the IGU’s Regional Coordinator for Africa and the broader Middle East, until his recent election as Vice-President of the IGU for the 2028-2031 term. This transition marks a critical moment for Africa’s growing influence in global energy governance.“The appointment represents both an honour and a profound responsibility,” said Mr. Nwokedi. “It acknowledges Nigeria’s leadership in Africa’s gas sector while providing an important platform to advocate for sustainable energy solutions that will drive economic development across our continent. I look forward to strengthening collaboration between African nations and the global gas community.”The Regional Coordinator Africa position is vital for the expansion of access to energy through gas infrastructure development, the promotion of sustainable energy practices, and enhancement of regional cooperation in Africa’s rapidly evolving gas sector. Mr. Nwokedi’s appointment underscores Nigeria’s central role in shaping Africa’s energy future and provides new opportunities to elevate the continent’s voice in international energy discussions.The NGA remains committed to advancing the sustainable development of Nigeria’s gas industry as a catalyst for national and regional economic growth. The IGU continues its global mission to promote natural gas as a foundation for sustainable energy systems worldwide.The Nigerian Gas Association is the umbrella body and advocacy voice for the gas industry in Nigeria, representing both private and public sector interests. Focusing on promoting natural gas as a vehicle for economic growth and sustainability, the NGA creates an enabling environment for the optimal development and utilisation of Nigeria’s vast gas resources.
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African Economy
NNPCL Posts N5 8tn Revenue N748bn Profit
The Nigerian National Petroleum Company Ltd has released its monthly report summary for the month of April this year with the national oil company recording the sum of N5.89tn as revenue.This is just as the report revealed that the company also recorded a profit after tax of N748bn.In the report seen by THE WHISTLER, the NNPCL put the crude oil and condensate production at 1.603 million barrels per day while natural gas production was 7.473 million standard cubit feet per day.Crude oil production was 1.67MBPD in January before dropping to 1.62MBPD and 1.56MBPD in the month of February and March this year, respectively.Between January and March this year, the company also made statutory payments of N4.225tn and empowered 531 NYSC Corps members with solar power starter packs, igniting anew generation of clean energy entrepreneurs under the NNPC/NYSC Business Empowerment Initiative.In the report, the NNPC stated that the AKK Gas pipeline project is about 70 per cent completed, while the OB3 pipeline project is about 95 per cent completed.The completion of the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project would enhance the transportation of gas across Nigeria, facilitating greater domestic supply and export capabilities.According to the report, the NNPC, through its Foundation, also equipped 83 ICT trainees & 170 creative industry talents with business starter kits, driving youth innovation across Nigeria’s digital and creative economies.The company also restored vision for 2,005 individuals through cataract surgeries in the South-East and South-South, delivering dignity, hope, and new beginnings.Also achieved during the period under review is the rehabilitation of three hospital wards with 100-bed capacity at National OrthopaedicHospital, Igbobi, advancing access to quality healthcare and saving lives.The NNPC Foundation also commissioned STEM books and science libraries in Abuja and Lagos schools, building future scientists, thinkers, and innovators from the ground up.Over 3,860 vulnerable farmers were trained in modern, climate-smart agriculture across the South-East and South-South, transforming rural livelihoods and food security.
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African Economy
The Q1 2025 VAT Revenue Distribution in Nigeria
The Federation Account Allocation Committee (FAAC) recently released its Value Added Tax report for the first quarter of 2025, revealing that Nigeria’s 36 states collectively generated ₦1.5 trillion in VAT revenue.Analysing Q1 2025 VAT revenue distribution in Nigeria helps us understand both the strengths and weaknesses of state economies and highlights where policy intervention may be needed.Lagos State’s Overwhelming LeadLagos State once again dominated VAT collections, contributing ₦819.62 billion—more than half of the national total.This figure underscores Lagos’s role as Nigeria’s commercial powerhouse, driven by its dense population, bustling ports, and vibrant service sector.Despite efforts to expand economic activity elsewhere, no other state came close to matching Lagos’s pace.Second and Third Places: Rivers and OyoRivers State followed with VAT receipts of ₦278.23 billion, reflecting its oil-rich economy and industrial base, while Oyo State secured third place by generating ₦79.78 billion in VAT during the quarter.Behind these front-runners, Bayelsa posted ₦27.26 billion, Kano ₦22.97 billion, and Edo and Delta both contributed above ₦20 billion each, showing that southern oil states and key industrial centres remain critical VAT engines.Heavy Concentration in the South and Industrial HubsThe Q1 2025 figures demonstrate that VAT collections remain heavily concentrated in a handful of southern, oil-rich, and industrialised states.Together, Lagos and Rivers alone accounted for nearly 73 percent of total VAT revenue, while the top ten contributors, including Akwa Ibom, Kwara, and Benue, represented the lion’s share of national receipts.This pattern underscores a persistent regional imbalance in consumption levels, business activity, and formal economic participation.States at the Bottom: Taraba, Imo, and AbiaAt the other end of the spectrum, smaller and northern states saw minimal VAT inflows. Taraba State recorded the lowest VAT revenue, at just ₦2.33 billion, with Imo State close behind at ₦2.34 billion and Abia State at ₦2.92 billion .These figures reflect limited industrialisation, lower consumer spending, and a narrow tax base in many inland and rural regions, highlighting the urgent need for targeted economic development.Implications for Policy and GrowthThe stark concentration of VAT collections in a few states raises questions about the equity and effectiveness of Nigeria’s fiscal federalism.While Lagos and a handful of others drive the bulk of consumption-based tax revenue, many states struggle to mobilise resources.Policymakers may need to consider measures such as incentivising investment in lagging regions, supporting small and medium enterprises, and strengthening tax-collection infrastructure to broaden the VAT base and reduce regional disparities.
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Seplat to establish office in Akwa Ibom gets govt approval
Port Harcourt — In a landmark step to deepen investment in Nigeria’s energy sector, Akwa Ibom State Governor, Pastor Umo Eno, has approved the establishment of a SEPLAT Energy office at the Udom Emmanuel Towers in Uyo, the state capital.The decision was announced during a high-level courtesy visit to the Governor, by the Minister of State for Gas Resources, Hon. Ekperikpe Ekpo, and Executive Vice President (Upstream) of NNPC Limited, Mr. Udobong Ntia.The Governor hailed the development as a vote of confidence in Akwa Ibom’s growing stature as a regional energy hub and a bold signal to global investors that the state is open for business.“As we continue to build critical infrastructure, Nigeria and the global investment community will increasingly look to Akwa Ibom. SEPLAT’s presence here will drive local content, create jobs, and deepen economic linkages across our state.”He thanked SEPLAT, formerly ExxonMobil, for its commitment to expanding operations in the region and reaffirmed his administration’s focus on infrastructure-driven growth to attract and retain major players in the oil and gas sector.The Governor specifically credited his predecessor, Mr. Udom Emmanuel, for constructing the 21-storey Udom Emmanuel Towers, which now houses several multinational corporations and is poised to welcome SEPLAT’s operations.“That tower is more than a building, it’s a statement. And it’s fast becoming a center of energy diplomacy, technology, and investment.”The Governor also lauded the Gas Aggregation Company of Nigeria, GACN, for advancing gas sector reforms and promised full state support for the upcoming Gas Aggregator Conference, scheduled for July 2025 in Uyo.“We are prepared to provide the highest level of logistics, security, and hospitality for this industry-defining event. Akwa Ibom is ready to host Nigeria’s biggest gas players and chart the future together.”Governor Eno further highlighted progress on flagship infrastructure such as the Ibom Deep Seaport, Ibom Industrial City, aviation expansion, and digital backbone development; initiatives that reinforce the state’s readiness to absorb and accelerate major investments.In their responses, Minister Ekperikpe Ekpo and NNPC EVP Ntia, both lauded the state’s infrastructural readiness and pledged continued federal collaboration to unlock investment opportunities across the entire gas value chain.“The collaboration we see in Akwa Ibom is a model for other states. With projects like SEPLAT’s expansion, the Ibom Deep Seaport, and Ibom Industrial City, this state is clearly taking bold steps to position itself as a center of industrial excellence,” Ekpó said.“Gas is the future and Akwa Ibom is aligning with that future. We are excited to work with the state in realizing this shared vision,” added Mr. Ntia.
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NNPC confirms stable crude output in April 2025
The Nigerian National Petroleum Company (NNPC) Limited has reported a steady crude oil and condensate production level for April 2025, signaling operational stability despite sector-wide challenges.In its newly released monthly operational and financial report, NNPC disclosed that Nigeria maintained an average daily production of approximately 1.61 million barrels of oil per day (mmbopd). Production volumes during the month fluctuated slightly, ranging from 1.61 to 1.67 mmbopd.The company attributed the consistent output to ongoing efforts aimed at optimizing production and maintaining Nigeria’s competitiveness in the global oil market. The report emphasized that despite existing infrastructure constraints and security issues in the Niger Delta, NNPC remains committed to sustaining production targets and enhancing transparency across its operations.Industry observers have welcomed the report as a positive signal for Nigeria’s economy, given the country’s continued dependence on oil revenues. Analysts noted that the April figures align closely with trends from previous months, underscoring a level of predictability in Nigeria’s upstream sector.The release of the April summary forms part of NNPC Limited’s broader transparency and accountability initiative, which aims to provide stakeholders with regular insights into the nation’s oil and gas sector performance.Meanwhile, the Federal Government has responded to recent media reports regarding a potential forward sale of crude oil by NNPC Limited. In a statement, the government clarified that while discussions around innovative financing and reform strategies are ongoing, no final decision has been made.“Commentary suggesting the collapse of any such initiative is unfounded,” the statement said, reaffirming the government’s commitment to pursuing transparent and fiscally responsible strategies to optimize Nigeria’s oil assets, enhance external liquidity, and support macroeconomic stability.Further disclosures from NNPC on its April 2025 operational and financial metrics are expected in the coming weeks.
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Print Foundation charts course for AI driven entrepreneurship
has mapped out strategic approaches to tackle the challenges posed by artificial intelligence in the entrepreneurial space, a disclosure made in a statement on Monday.The foundation convened its 10th Entrepreneurship Lecture for Women and Youths under the theme ‘Entrepreneurship in the Face of Artificial Intelligence’, bringing together stakeholders across sectors to explore how best to embrace AI while addressing its implications for entrepreneurs.The keynote speaker, Senior Software Engineering Consultant at Casebook PBC, US, Mr Abisoye Lateef Atolagagbe, delivered an in-depth lecture on how entrepreneurs can benefit from AI.He highlighted the use of AI in product logo design, market research, global product marketing, and business visibility.The President of the Joan Agha Foundation, Joan Agha, reflected on its journey since its inception 10 years ago, emphasising its vision of empowering individuals with the knowledge and tools to transform lives and communities through entrepreneurship.“This year marks a decade of unwavering commitment to empowering minds, nurturing talents, and creating platforms that ignite innovation and economic independence,” said Dr Agha.She noted that the influence of AI on entrepreneurship is no longer theoretical but real and rapidly evolving, calling on participants to be equipped with the mindset and skills needed to adapt.“Our theme this year is timely, bold, and deeply relevant. AI is no longer a distant concept; it is here, transforming industries, redefining jobs, and presenting both opportunities and challenges,” she added.The Chief Medical Director of Clinix Healthcare, Lagos, Uche Ejifor, gave a presentation titled ‘Causes of Sudden Death’, identifying cardiac arrest as the leading cause.He educated participants on first aid measures and stressed the importance of a healthy lifestyle in achieving success in both personal and business endeavours.The event also featured award presentations and cash prizes to beneficiaries, underscoring the foundation’s continued commitment to youth and women’s empowerment.Thousands of companies are sacking their workers due to AI (artificial intelligence), no industry is spared, business owners are in panic mode due to its rapid change. The solution is to earn in US Dollars(up to $55,000) while living in Nigeria or Diaspora.
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African Economy
Dr Sanusi Abdul Sanusi Building a Forest Out of Desert in Estate Management an Inspiration to Youths
In these times of uncertainties and global economic down turn of events with its ripple effects in all areas of the individual life, families, communities and even nations at large, the easiest thing to do which many had indeed embraced and are daily doing, is to sit back and daily become the government or even God for the unprecedented nature of the current state of things happenings brood over the anomalies and losses and eventually get swept in the high current waves of mediocrity the situation at hand so easily initiates.In the face of this torrential waves which has caused and facilitated the downturn of many economies, we However see substantial progress on the shores of this Igala born estate management guru and philanthropist and business magnate, Dr Sanusi Abdul Sanusi, as he is popularly called, in an artful entrepreneur whose understanding of the magic of clarity of purpose and consistency in the pursuit of his passionate defined course which he had displayed over the years, endeared him to many and make him easily stands out.Unlike many who made forays and started businesses for the sole aim of amassing wealth, Sanusi started out with a mission to impact and help better the lives of people around him in any way possible. To this end, he identified an area of deep pain and interest in the Nigerian and indeed world economy which is housing. Consequently, the SANAN Real Homes, was birthed. This solely was as a result of Sanusi Visionary and people driven mindset which has grown, developed and posed to becoming Nigeria’s and of course Africa’s largest ponder of quality and affordable real estate developments.A blend of a human nature and tackfulness on the wings of foresight, has always been Dr Sanusi winning formular which is not ending anytime soon, this is because a critical look at his life and progress made with his projections for more reveals nothing short of this worthy of note is the fact that Sanusi life does not preach the Gospel of reserved success only for the few elite but presents a proven path to greatness for as many as would dare to stand out and impact the hives of many. His rise to Nigeria’s top list of influential personalities, tells us that a background no matter how tough, cannot stop a determined soul who creates and maximizes opportunities.Dr Sanusi Abdul Sanusi is Today known to have successfully built a real estate empire, which truth be told, turned out to be his most successful business venture till date. Love him or hate him the SANAN real estate strategies offers powerful lessons for investors into the Nigerian real estate world. Today many explores the lessons of his many successes and apply them as investors for a successful and profitable career in the real estate industry in Nigeria. He is so successful because he thinks big and takes calculated risks and this is because to those who knows him Sanusi is a big thinker.A good example of his think-big potential is his development of his housing estate in Abuja a project that many agrees, redefined luxury having and sealed his reputation as a real estate magnate. When Sanusi announced the plan for his signature with economic uncertainty. Many developers then avoided ambitious projects, but Sanusi saw an opportunity. His vision to embark on that single project at that time was seen in the industry as a bold risk given the economic situation and the super-high construction cost at that time. The project required massive upfront investment during a volatile market. His critics then called it reckless.Today, SANAN real homes in Abuja stands as one of Abuja’s most recognizable landmarks.in the eyes of the youth worth hundreds of millions of dollars. The lessons are that Sanusi has many times proved that ambitions ideas backed by strategic planning coned thrive even in a difficult market. His success with that particular project demonstrates the importance of having a clear vision, conducting market research and positioning your project as unique and desirable.Whether Dr Sanusi Abdul Sanusi is flipping property or building a multi-million naira property, his bold yet calculated risks had set him apart in the competitive red estate sector of the Nigerian economy. He calculates the down side, but don’t allow the fear of failures paralyze his potentially profitable opportunities.Another lesson from his success story is that Sanusi see potentials where others see problems. Seeing a property in a terrible state is enough to make most real investors beat a retreat. However, most times, looking beyond the present state of a property and coming up with how he can improve the value of the property, made all the difference in his success. He had transformed in to his success in one of the most striking examples, neglected real estate into high-value assets in his acquisitions and redevelopment of most of his properties at his disposals. He saw in them an opportunity that many others like him missed by unlocking the hidden potential of those properties. He was able to remarkably improve the value of these estates in such a way that appealed to his high profile clients. He demonstrated his ability to identify potentials in what other saw as a-no-go-areas.The lessons from this is very clearer: Sanusi had demonstrated on the way to his successes in real estate that even distressed and outdated properties often hide extra ordinary potentials. With the right execution and vision there coned be potentials where others see risk or neglect. Today, look for assets in prime locations with solid bones but poor management, outdated designs, or convictions, tried and tested successfully over and over again, that sometimes the best deals come disguised as disasters, he will turn if around.Another lessons out of Sanusi is that he succeeded because he built a strong and strategic networks and this is because to those who are abreast of his success story, he is a man known for leveraging connections to secure deals finding and is not just about properties alone – it is also about – relationships. From lenders to contractors to business partners, a strong network has been key to his success. His networks helped him secure prime developments sites navigate complex regulations and attract high-profile tenants. Networking is crucial in real investor, he never shied away from networking. Networking with other professionals, potential investors and decision-makers helped him uncover opportunities, gain insights, and close deals more effectively.SANAN real home’s portfolio is a perfect case study of diversifying a real estate portfolio. While he started with – residential properties, he expanded into commercial real estate. This diversification helped him create multiple streams of income and mitigate risks in volatile markets. He diversified his real estate investments quickly to reduce dependency on a single sector. He is never fixated on only one property type. Diversifications helped him smooths out the inevitable ups and downs in the market to maintain cash flows.The power of branding is Dr Sanusi greatest strengths in real estate because he has the ability of turning his name into a brand and that according to most real estate analyst is one of his greatest strength. His name is now a brand in the real estate world of Nigeria. The “Sanusi Abdul Sanusi” name is synonymous with luxury, opulence and success, a property in Abuja, Sanusi understood that buyers and investors weren’t just purchasing property – They were buying into a lifestyle he achieved thus because he invested heavily overtime in building his personal or company brand and this is because he knows a strong brand creates trust, attracts buyers and position him as an authority in the market. He specializes in Luxury homes and affordable housing, all a recognizable and respected name (Sanusi Abdul Sanusi), overtime through branding, made all the difference for him.Above all, prime locations is everything to Sanusi, as it is noteworthy that he is now known as the master of this school of thought. He builds most of his empire by only forensing on prime locations. Check it, his properties are often located in prestigious or high-demand areas, because he well understood that desirable locations command premium prices and ensures long-term value. Finally, SANAN real homes journey offers valuable lessons for investors at all levels. From transforming neglected properties into high-value assets to taking the much needed calculated risks on ambitions projects, his strategies highlights the importance of vision, boldness and adaptability in real estate. Today, he is a success because he had build forest out of the desert in the real estate sector of the Nigerian economy.After success what next? Sanusi is currently the shinning star among other rich people who have promised to give back to the society most of their wealth while still alive. He is today redefining the landscape of philanthropy in the country. Most of his wealth are being committed to noble causes in the country which span education, shelter for the poor, nutrition, the provision of portable water and similar poverty eradication measures. Indeed, one can say that in the pantheonof philanthropists, Sanusi undoubtedly encapsulates the self-sacrificing and giving spirit of Prometheus. Through these gigantic gestures, he is further challenging the ultra-wealthy like him to give more so that the less privileged who are ravaged daily by hunger and diseases and other dive socio-economic conditions in the country are afforded more opportunities to triumph over adversities and their existential situations. The promise he made of giving back to the society years ago through his charity works triggered his missionary peregrinations across the country, seeking to making a difference to the lot of the needy. His indivisible commitment to humanity is highly remarkable and an inspiration to successfully business men all over the country. His parallel display of humanism towards making the country “Kinder and gentler” is today rhapsodized and applauded all over the country. He knows the “Gospel of wealth” radicalized by the essay of Andrew Carnegie which forcefully argued that the wealth should return their resources to the Sanusi charity. His large-hearted approach to giving could not have come at a better time than now. The extended cover offered by his foundations charity in Nigeria is benefiting more people and providing them with the enabling environment for progress.Sanusi compassionate gift is a powerful message to the affluent class on how wealth should be viewed, as a tool for solving humanity’s greatest challenges and saving lives. This overarching need to radically change the purpose of wealth as being of value not simply to its narcissistic accumulations but as a tool for solving some of man kinds knottiest problems beyond the capacity or inclinations of the state is possibly one of the greatest lessons from the example of Sanusi Instructively, his genius and ingenuity have been homed along an unconventional path, which has largely yielded considerable insights and outcomes.
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African Economy
Zinox boss highlights tips of business success
Africa’s renowned tech entrepreneur and founder of Zinox Group, Leo Ekeh, outlined a bold blueprint for entrepreneurial success in Nigeria, urging business leaders to adopt a composite mindset inspired by the strengths of President Bola Ahmed Tinubu, former Vice President Atiku Abubakar, and former Anambra Governor Peter Obi.Speaking at a mentoring session organised recently by young business leaders in Ikoyi, Lagos, Ekeh emphasised that thriving in Nigeria’s volatile business landscape requires a unique blend of resilience, tenacity, and ethical conviction.Ekeh, who pioneered digital publishing in Nigeria and launched the country’s first internationally certified computer brand, argued that the complexities of Nigeria’s market demand a multifaceted approach.He likened the ideal entrepreneur to a fusion of Tinubu’s strategic acumen and courage, Atiku’s persistence and fairness, and Obi’s humility and thriftiness.“Nigeria’s entrepreneurial terrain is not for the faint-hearted,” Ekeh said. “It requires the combined strength of these leaders to navigate challenges and seize opportunities.”Drawing on Tinubu’s political career, Ekeh highlighted his resilience as the only opposition governor to survive the 2003 PDP sweep under President Obasanjo.“Tinubu’s defiance and long-term strategy are critical for entrepreneurs facing economic fluctuations, regulatory shifts, and intense competition,” he noted.He pointed to Tinubu’s bold declaration, “Emi lo kan” (it’s my turn), as an example of the courage entrepreneurs need to claim market leadership, regardless of limited resources or humble beginnings.Ekeh also praised Atiku’s tenacity, citing his willingness to challenge political structures, including taking the Federal Government to court during his vice-presidential tenure.Quoting Atiku’s 2023 statement, “I am not going away… For as long as I breathe, I will continue to struggle.” Ekeh stressed that entrepreneurs must mirror this perseverance to overcome bureaucratic hurdles and systemic challenges.“I’ve faced blackmail and persecution in my journey to build a digital Nigeria,” Ekeh shared, underscoring the need for relentless determination.Peter Obi’s prudent management and humility were equally vital, Ekeh argued. As Anambra’s governor, Obi cut governance costs, saved reserves, and delivered results, embodying a frugality that entrepreneurs must adopt in Nigeria’s volatile economy.“Obi teaches us the difference between thriftiness and stinginess,” Ekeh said. “His morality and credibility show that ethical practices build trust, making a company creditworthy.”Ekeh’s own success with Zinox Group, a leading tech conglomerate, reflects these traits. He emphasised that Nigeria, as Africa’s largest economy, offers immense rewards but demands strategic thinking, calculated frugality, and unwavering belief in possibilities.“The market does not forgive mediocrity or indecision,” he warned. “Entrepreneurs must be tacticians, reformers, and moral visionaries to survive and grow.”The mentoring session resonated with attendees, who saw Ekeh’s framework as a practical guide for navigating Nigeria’s challenges, from infrastructural deficits to intense competition.By blending Tinubu’s leadership, Atiku’s persistence, and Obi’s ethical approach, Ekeh believes entrepreneurs can build sustainable businesses that drive economic growth and prosperity.Thousands of companies are sacking their workers due to AI (artificial intelligence), no industry is spared, business owners are in panic mode due to its rapid change. The solution is to earn in US Dollars(up to $55,000) while living in Nigeria or Diaspora.
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African Economy
PremiumTrust Bank Opens New Branch in Osun Strengthens South West Expansion Drive
Nigeria’s fastest-growing commercial bank, has expanded its footprint in the South-West region with the grand opening of a new branch in Osogbo, the Osun State capital. This move marks a significant step in the bank’s national expansion strategy and underscores its commitment to bringing exceptional banking services closer to more Nigerians.The Osogbo branch becomes the 23rd outlet for PremiumTrust Bank, further solidifying its presence across key Nigerian states, including Lagos, Ogun, Ekiti, Kwara, the Federal Capital Territory, Delta, Bayelsa, Rivers, Kano, Oyo, Ondo, and Edo. This rapid growth has been achieved within just three years of full banking operations, which began in April 2022.Speaking at the launch, bank officials highlighted the strategic importance of Osun State in PremiumTrust Bank’s mission to foster economic growth and financial inclusion. According to the bank, the expansion is not only about increasing physical locations but also about partnering with local governments and stakeholders to create an enabling environment where businesses can thrive, entrepreneurs are supported, and communities are empowered.Since its inception, PremiumTrust Bank has distinguished itself with a vision to be Nigeria’s bank of first choice, driven by resilience, innovation, and impact. The bank has earned a reputation for its customer-centric approach and digital innovation, rapidly gaining the trust of individuals and businesses across the country.Beyond traditional banking, PremiumTrust Bank is actively involved in youth development, small and medium-sized enterprise (SME) empowerment, and sports development initiatives. These community-focused programs are part of the bank’s broader commitment to sustainable growth and national development.As the bank continues its expansion journey, it aims to leverage cutting-edge technology and a robust branch network to drive financial inclusion and redefine service delivery in Nigeria’s banking sector. With each new branch, PremiumTrust Bank reaffirms its ambition to become a leading financial institution in Nigeria, dedicated to serving the diverse needs of its customers nationwide.
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African Economy
Princess Osifo Celebrated For Impact In Energy Development
Princess Joy Osifo, founder and CEO of JENIKS Group, received widespread recognition as she marked her birthday, with tributes highlighting her achievements in Nigeria’s energy sector and her contributions to philanthropy.Popularly known as the “Queen of Gas,” Osifo is regarded as one of Africa’s most prominent female entrepreneurs. Over the years, she has built JENIKS Group into a major player in Nigeria’s gas distribution and infrastructure space, operating in what remains one of the country’s most competitive industries.Industry watchers describe her trajectory as a classic example of entrepreneurial resilience—from modest beginnings to leading what associates say is a billion-dollar enterprise. Her leadership at JENIKS Group has been credited with helping to boost local content participation and opening doors for more women in energy sector leadership.Beyond the boardroom, Osifo has also built a reputation for philanthropy. Through her foundation and other initiatives, she has supported programs focused on women’s empowerment, education, and community development. These efforts have drawn both local and international recognition.She is described as a visionary who has used her success not just to grow a business, but to lift others.As messages of goodwill poured in for her, many described her as a trailblazer and role model whose influence extends beyond corporate Nigeria.Celebrations are expected to continue throughout the week as Princess Osifo begins a new year, with close associates saying she remains focused on expanding her business footprint and scaling up social impact projects across Nigeria and the continent.
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African Economy
These Are Ways You Can Generate Business Ideas
Great ideas are the foundational stone of a great business and you have what it takes to come up with a ground breaking idea. This is easier said than done. Coming up with a viable product or idea is sometimes harder than constructing a business plan. Having a good business plan is important for every entrepreneur, but what if you do not have an idea upon which to build a plan?This is one of the biggest plights most people desiring to becoming entrepreneurs find themselves in. If you find yourself in such a situation, I want to promise you that you are not alone and it is not the end of the road. Join me as we journey on ways to generate business ideas.Hobby: You can make money from what you like doing. I love speaking, singing and writing and I am making money from these talents. You are not empty; you are loaded with many talents. The talents are not for decoration but to be a blessing to people and for the people to pay you money back in return. Check your life what are the talents you have that you can convert into skills that will bless lives and that will make money for you?Felt need: A business idea may also arise from your own felt need and you may proceed to establish a business based on that felt need. Make sure others need the product or services. I felt a need to communicate to my clients at a cheapest rate that lead me to open a bulk-sms website www.smsmak.com. Now I can communicate and promote my business at a cheaper rate and I have made good money by helping people to achieve same purpose.Potential Customers: You may also get ideas from potential customers of your identified product or services which you intend to offer. Some potential customers can articulate their needs and also indicate those areas where existing products are inadequate. The statistic that 40 million Nigerian youths are jobless, inspired me to start a business school (LEAD BUSINESS SCHOOL) that is focused on raising entrepreneurs.Ideas through observation: Inspiration to get into a new business may develop simply through direct observation within the environment. Study what people need in your environment.Deliberate Search: This may involve scanning the environment to identify a need. This scan may cover the economic, social, cultural, political, legal and technological environment for new ideas. The search may also involve looking through magazine, newspaper, etc.The Environment: A study of the foreign environment may indicate opportunities for exports or import in the industrial, agricultural and service sectors of the economy.Brain Storming Session: This is practiced more often in large organizations. It may involve stimulation of the mind through question and answer with a facilitator guiding the process. It may be formal or informal.Self –Employment as an Opportunity: A business idea could come while being engaged in self-help activities or while providing a professional service to clients.From Social Engagements: These social engagement may include parties, discussion with friends, parents, relations, peer group, neighbors, colleagues, people of high standing in public and private sector. From discussion and observation an idea might come.Personal Experience: Your work experience may be the source of your business idea. Such experience may be from a good knowledge of the products, market, suppliers, customers etc. For example your knowledge of the deficiencies of supplies can help you to build a better supply organization, or your knowledge of customer complaint can help you to establish a business that can serve them better.Wholesalers and Distributors: Wholesalers and distributors who currently handle the type of product you intend to provide can be a rich source of ideas. You can contact them to seek their advice on the strengths and weaknesses of the products they are currently handling and potential improvements on them or on entirely new product or services desired by their customers.Trade fairs, Shows and Exhibition: A lot of ideas may be derived from attending general trade fairs, trade shows and trade exhibitions, if you have not yet decided on the particular product line to handle. On the other hand if you have already decided on the product then attending trade fairs, trade shows and trade exhibitions organized by a specific industry can sharpen your idea and focus.Seminars/Workshops/Conferences/Webinar. When you attend a business seminar, one word from the facilitator can inspire you to come up with a whole new idea.Business failure: Very useful ideas may also emerge from a systematic study of business failures that could be turned around either with better financing or management or some other vital ingredients or factors that were lacking and that must have been the cause of their failures.Potential Competitors: Your potential competitors can also be a very rich source of ideas. While you may not be able to meet and discuss with them as in the case of customers, wholesalers and distributors for obvious reasons, you may, however, be able to study their products and see where you can offer improvements or better alternatives. You should, however, guard against infringing on patents.
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African Economy
NLNG partners NCDMB to train 140 world class technicians engineers
has partnered with the Nigerian Content Development and Monitoring Board (NCDMB) to train 140 technicians and engineers through its Train 7 HCD Advanced Training Programme.The training, which is to run for three months at the gas company’s Bonny Island complex, is to produce world-class professionals – technicians and engineers – that would further boost the Nigerian content in the oil and gas industry.The initiative, which is the on-the-job component of the NLNG Train 7 NC-HCD programme, will see the trainees gain practical exposure and experience across various technical domains within the NLNG plants.Sophia Horsfall, NLNG’s General Manager External Relations and Sustainable Development, NLNG, delivered a key at the kick-off in Port Harcourt on June 4, 2025, said the programme represents “a reaffirmation of NLNG’s unwavering commitment to human capital development mandate of the Federal Government, through NCDMB, to build its strong, skilled and competitive Nigerian workforce, for the oil and gas industry.”She said the 140 trainees inaugurated on Wednesday are “to undergo a robust advanced training, an on-the-job training program within our facilities.They through this program will be able to enhance skills obtained in various disciplines prior to this time.”Horsfall noted that Batch A of the NLNG T7 HCD basic training program began in November 2024 with 331 trainees undergoing capacity development in facility management, engineering, ICT, HSC, quality assurance, quality control, welding, fabrication and others.“Batch B of the NLNG train 7 basic training program which also kicked off on the 27th of May 2025 has some 70 trainees undergoing capacity development and they’re doing so in the fields of data analysis, supply chain management. All these are critical skills required in the industry and it is a testament to many impressive benefits of the NLNG train 7 project which is currently at about 80 percent of completion,” she said.Horsfall urged the trainees to take advantage of the training, adding that “it is a unique opportunity to develop yourselves, actualize your full potential, and contribute meaningfully to the future of Nigeria’s energy sector.”The Executive Secretary, NCDMB, Felix Omatsola Ogbe represented by Tarilate Teida-Biribena, Manager, CBD, said “the NLNG Train 7 Advanced National Content Human Capital Development (NC-HCD) Programme is a declaration of our collective commitment to nurturing world-class Nigerian professionals who will shape the future of our oil and gas industry.“Building on the Train 7 project, and through this framework, we have facilitated basic training for over 400 Nigerians in diverse technical, vocational, and specialized areas, equipping them with practical skills directly aligned with industry needs.“This initiative underscores our belief that theory must meet practice, and that skills must be honed inenvironments that reflect the realities of the modern energy sector,” he said.Ogbe commended NLNG for its commitment to national capacity building, and the Oil and Gas Trainers Association of Nigeria (OGTAN), for its role in promoting human capacity development in the oil and gas industry.“Through their professionalism, dedication, and technical competence, OGTAN has helped to bridge the gap between training and employability — ensuring that our trainees do not just learn, but are ready to contribute meaningfully from day one.“Projects such NLNG Train 7 NC-HCD is an embodiment of a functional collaboration that fosters a pipeline of skilled professionals capable of driving innovation and efficiency in the oil and gas value chain.“As a result, Nigerian youths are being strategically equipped to take on high-value roles, participate in international projects, and contribute meaningfully to the global energy market, thereby fulfilling the broader goals of economic inclusion and national development envisioned under President Tinubu’s Renewed Hope Agenda,” Ogbe said.Nnadi Chikwado, one of the trainees (electrical), expressed gratitude to NLNG for the opportunity to be part of the programme. He described it as a life-changing opportunity that should be sustained to improve the fortunes of youths in the region.
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African Economy
FG Intervenes As Sterling Oil PENGASSAN Reach Amicable Resolution To Strengthen Industry Harmony
The Federal Government has facilitated a constructive and amicable resolution between Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), bringing an end to their ongoing dispute and paving the way for strengthened industrial harmony and long-term growth.According to a source in Abuja, the resolution was reached following collaborative engagements and multiple rounds of meetings that had been ongoing since the beginning of the year under the supervision of government authorities.The milestone agreement reflects the shared commitment of both parties to promote industrial peace, support national production goals, and enhance the overall wellbeing of personnel within the oil and gas sector. It also outlines a clear direction for Sterling Oil and PENGASSAN to operate in full compliance with federal laws and industry regulations.The agreement highlights Sterling Oil’s dedication to regulatory compliance, capacity development for Nigerian professionals, and maintaining open dialogue with stakeholders.In the spirit of mutual respect and long-term collaboration, both parties reaffirmed their commitment to internally resolving future matters and engaging proactively on emerging issues.Sterling Oil expressed its appreciation to PENGASSAN leadership, the Ministry of Petroleum Resources, the Ministry of Labour and Employment, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and NNPC Limited for their vital roles in facilitating a fair and forward-looking agreement.This resolution is seen as a positive step toward strengthening trust and cooperation across the industry. Sterling Oil reiterated its commitment to contributing to Nigeria’s energy development through sustainable and inclusive practices, supported by mutual collaboration with industry unions.
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African Economy
Gas Producers Express Frustration Over N2 7 Trn Gas Debt By Government
Frustration is crippling into operations of indigenous gas companies in Nigeria over uncertainty as to when Government will offset huge debt on gas supplied by the firms.The legacy debt reportedly standing at over N2.7 trillion is linked to gas produced by the companies and sold to electricity generation companies (GenCos).Worried by uncertainties about when they will receives their money, the producers under the aegis of the Independent Petroleum Producers Group (IPPG) made the plea during a meeting with the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, on Tuesday.The delegation led by its chairman, Abdulrazaq Isa, urged the Minister to address the challenges facing gas producers in Nigeria.As of December 2024, it was reported that the Federal Government and some power generation companies owed over N2.7 tn in legacy debts to gas producers in Nigeria.Earlier in 2024, the gas companies stopped supplying the GenCos due to mounting debt, plunging the country into weeks of darkness.The Federal Government promised to offset the debt gradually, but the producers are still begging for attention.The IPPG Chairman, Isa, “solicited the intervention of the Federal Government to resolve issues around key areas like gas pricing, gas flare penalty, legacy debt, gas infrastructure, gas supply receivables, and LPG availability to encourage upstream investment and move the sector forward,”.However, Isa thanked President Bola Tinubu for appointing members of the group into key positions in the Nigerian National Petroleum Company Limited and the Organisation of the Petroleum Exporting Countries.He also commended Ekpo for the strides achieved so far in the gas sector.Speaking, Ekpo lauded IPPG for the role they play in the gas value chain, noting that as indigenous investors, they not only create jobs in the country but also plough their profits back into the economy to support the nation and Tinubu’s Renewed Hope agenda in repositioning the energy sector for sustainable development.The Minister pledged the Federal Government’s support in resolving the challenges affecting the group’s operations and called for enhanced collaboration between the group, the government, and regulatory Agencies to foster growth and development.The chairman was accompanied by other IPPG members, including Chief Executive Officers of oil and gas companies such as Dada Thomas of Frontier, Gbite Falade of Aradel, Lanre Kalejaiye of ND Western, and Dapo Filani of Waltersmith Petroman.Others are officials of companies like Trost Amos of Renaissance Africa, Chikaodili Okoye and James Makinde of Seplat Energy, Sunday Okunbor of ND Western, Nkiruka Ajah of Waltersmith, and Oyeleke Banmeke from the IPPG Secretariat
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Cameroons Thailand oil back drilling delay to end in 10th year
Cameroon’s near-decade-long wait for drilling in its Thali licence is set to end later this year, following the award of a rig contract by the operator, UK-listed exploration company Tower Resources.Tower Resources said it has now awarded a contract for a rig to drill the NJOM-3 well in Thali to Saudi services company ADES, for one of the contractor’s 48 jack-up rigs. The NJOM-3 drilling is likely to be done using ADES’ 2019-build Admarine 510 jack-up rig, which is currently undergoing its five-yearly recertification in Bahrain.In a pattern that has become familiar over the last nine years, Tower Resources said earlier this month that it submitted a fresh application to Cameroon for “the further extension of the current exploration period of the Thali licence”. But the government asked “to see the final rig selection completed so that they can see more clearly what extension may be required”. Cameroon granted Tower Resources a Thali licence production sharing contract (PSC) for a three-year exploration period in September 2015.In securing an ADES jack-up rig, the UK-listed exploration company benefitted from an opportunity for lower rig mobilisation and demobilisation costs and the contractor’s market expansion drive. Tower Resources said the ADES’ jack-up rig first got a separate contract to drill in Cameroon in late 2025 from Addax Petroleum Cameroon, a subsidiary of China’s Sinopec in the country. The difficulty of coordinating timing with Addax Petroleum Cameroon was more than offset by the “favourable terms” that ADES offered. ADES has also been looking for opportunities to enter new markets since Saudi Aramco suspended contracts for its rigs in 2024.Early in 2025, ADES secured an entry into neighbouring Nigeria when it got a rig contract from upstream operator Britannia-U, which aims to unlock new production of 25,000BOPD of oil and 23MMscfd of gas under a $283Million revised field development plan.Tower Resources said it planned to drill the NJOM-3 well last year but financing activities did not align with the 2024 rig schedule offered by Norwegian rig contractor Borr. The company’s improved fortunes in 2025 follows a farm-out agreement with Pakistan’s Prime Global Energies that was announced at the beginning of this year, which secured $15Million of additional capital in exchange for a 42.5% Thali licence stake. Approval for the farm-out agreement, along with the application for an exploration period extension, awaits government approval.The shallow-water Thali licence, in the Rio del Rey basin, was formerly part of the Dissoni oil block that was included in TOTALEnergies’ 2010 divestment of its Cameroonian assets to Anglo-French independent Perenco Energy. The Thali licence spans 119km2 that Perenco gave up after it started production from the Dissoni field, having selected the area it wanted covered by its production lease.Rio del Rey is an eastern sub-basin of the Niger Delta and accounts for about 70% of Cameroon’s oil production. Tower Resources said it has successfully optimised the location and design of the NJOM-3 well based on 3D seismic data that it reprocessed using the AI-driven Paradise workbench software in 2023. The new location was chosen so that the well “encounters the thicker sections of the largest number of target reservoirs, while also minimising the exposure to potential gas caps in the reservoirs”.Tower Resources said its base case plan after drilling NJOM-3 is to “test it and then suspend it”. But the company is also considering options to put the well on “longer term test and production” while preparing to drill additional production wells. A Thali licence valuation completed for Tower Resources by consultancy Oilfield International in 2020 projected that a first phase could target a best-estimate 12Million barrels of crude oil in recoverable reserves with four wells. Under the terms of the PSC, Tower Resources could operate a two-year extended production test, using a leased mobile offshore production unit and a shuttle tanker that will evacuate the production 25km to Cameroon’s Massongo floating storage and offloading (FSO) facility for export, according to Oilfield International.Tower Resources’ NJOM-3 well is expected to be drilled before the ADES jack-up rig starts its work for Addax Petroleum Cameroon in Fourth Quarter (Q4) 2025.
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African Economy
How Nigeria produced 566 8mbpd of crude oil in 2024
Nigeria produced a total of 566.8 million barrels of crude oil and condensate in 2024 as it seeks to ramp up oil production and meet local and international obligations, a report has revealed.Though the Daily Average of Crude Oil production (without condensate) stood at 1.34 mbpd and 1.56 mbpd inclusive of condensate in 2024, with the highest monthly production of 1.69 mbpd in November, the lowest of 1.23 mbpd was recorded in March 2024.The performance was against a target of 1.78 mbpd set for 2024.SPONSOR ADAccording to the data, this shows a slight, but consistent increase in crude oil production over the past year 2023, where the Daily Average of Crude Oil production (without condensate) was 1.23 mbpd and 1.47 mbpd inclusive of condensate.Though Nigeria is still far behind in terms of meeting the 2.2m barrels set for 2025, upon which the 2025 budget was benchmarked, authorities are said to be making frantic efforts to increase oil production and improve the revenue of Nigeria.The figure was contained in the midterm report (May 2023 – May 2025) of the Ministry of Petroleum Resources against the backdrop of the set objectives under the Renewed Hope Programme.Breakdown of monthly production According to the figure, January started on a high note with 1.64mbpd recorded, while February recorded 1.53mbpd, while March recorded 1.44 mbpd.In April, there was a slight increase to 1.45 mbpd, just like in May when the nation produced 1.47 mbpd. Also, in June production increased to 1.50 mbpd with a further increase in July to 1.53 mbpd, while August recorded 1.57 mbpd. In September, 1.54 mbpd was achieved, while October had 1.54 mbpd, followed by 1.69 mbpd in November, and December recorded the highest of 1.67 mbpd in 2024.With the number which shows a slight, but consistent increase in crude oil production over the past year 2023, the country retained its position as the largest oil producer in Africa, while the country has consistently met its OPEC quota.Gas production marginally increasesSimilarly, according to the report, the Total Gas Production in 2024 stood at 2,508,327.51 (mmscf), comprising 1,440,742.48 mmscf for Associated Gas and 1,067,585.02 mmscf for Non-Associated Gas.This was an increase from the 2,491,481 mmscf recorded in 2023 as the country leverages its abundant mineral deposits to improve revenue.But more importantly, analysts believe there was a need for a more investor-friendly regulatory environment to improve the numbers.According to the federal government, the Ajaokuta–Kaduna–Kano (AKK) Natural Gas Pipeline and Oben-Obrikom- Obiafu (OB3) Projects, which stood at 76.73% and 98.47% completion as of the end of 2024, would boost the government’s efforts to improve gas revenue.The report said, “The completion of the AKK and OB3 Gas pipeline projects will help to ensure a more reliable and sustainable supply of natural gas across the country. This is crucial for both economic development and environmental sustainability.“The commissioning of the AHL Gas Processing Plant, ANOH Gas Processing Plant, and the 23.3km x 36-inch ANOH-OB3 Gas Pipeline Projects in Delta and Imo States will address critical energy infrastructure needs in Nigeria, enhance natural gas utilization, and contribute to the nation’s economic and environmental goals“The Midstream and Downstream Gas Infrastructure Fund Council, in line with Section 52 of PIA 2021, has approved seed investment in Six (6) Midstream and Downstream Gas projects to the tune of N122 billion that will accelerate Mr. President’s “Gas to Prosperity Agenda” across various parts of the country.“This is a critical first step, and it is expected that more approvals and project monitoring will be carried out to ensure these projects are delivered on time and within budget.”DivestmentOne major development in the oil and gas sector is the divestment by oil firms as well as the attraction of final investment decision (FID) to the tune of $5bn.By ensuring that President Bola Ahmed Tinubu’s directives on regulatory policies are carried out, and addressing key stakeholder concerns, the Ministry of Petroleum was said to have created an enabling environment that attracted Shell SPDC and partners’ commitment.The investment, according to analysts, will enhance offshore production, generate substantial revenue, create jobs, and promote local content participation, reinforcing Nigeria’s position in global deep-water oil production.Some of the divestments included the Oando Petroleum and Natural Gas Company Limited acquired the Nigerian Agip Oil Company (NAOC) from Eni.The transaction increased Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%, as well as raised Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure.“The transaction also grows Oando’s exploration asset portfolio through the acquisition of a 90% interest in OPL 282 and a 48% interest in OPL 135,” the statement noted.Chappal Energies, through its project vehicle Odinmim, acquired Equinor Nigeria’s assets. Seplat Energy acquired Mobil Producing Nigeria Unlimited (MPNU), a subsidiary of ExxonMobil, while Renaissance completed the landmark transaction between itself and Shell for the acquisition of the entire (100%) equity holding in the oldest oil firm in Nigeria at a sum of $2.4bn.Analysts believe that two years into the Bola Tinubu-led administration, the petroleum sector is witnessing initial signs of change, including modest investment inflows into the Niger Delta, renewed efforts to curb oil theft, and gains in production, suggesting the first steps on a long road to recovery.To stimulate the sector, President Tinubu signed an Executive Order on Wednesday introducing a performance-driven fiscal framework aimed at linking tax incentives to verifiable cost savings for operators.This builds on earlier executive orders targeting fiscal terms and local content bottlenecks.According to experts, while major new field investments remain pending, these measures appear to be encouraging reinvestment in existing assets.The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) also launched its “Project 1 Million Barrels of Oil Per Day” (1MMBOPD) initiative to galvanise producers. However, Nigeria’s commitment to OPEC’s new production caps, around 1.8m bpd, presents a balancing act for its short-term output ambitions.Nigeria still short of production target – ExpertSpeaking with our correspondent, Wumi Iledare, Professor Emeritus of Petroleum Economics, described the two-year record card in the petroleum industry as a mixed feeling.He stated that on the reform front, the Tinubu administration has made notable progress in implementing the Petroleum Industry Act (PIA), adding that Key regulatory agencies—the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)—have been strengthened.However, he observed that a critical gap remains, which is the absence of governing boards as mandated by the PIA. Does that matter? Absolutely—it’s a legal requirement that cannot be overlooked.He added, “The transition of the Nigerian National Petroleum Company (NNPC) into a fully commercial entity has advanced, but concerns persist regarding transparency and corporate governance. The push for commercial efficiency must be guided by sound economic principles, not political expediency.“On the production side, Nigeria has continued to fall short of its targets. Crude oil output hovered between 1.2 and 1.5 million barrels per day, well below the benchmark of 1.8 million bpd. Oil theft, pipeline vandalism, and technical challenges continue to plague the sector. Still, higher global oil prices and improved remittances from NNPC provided a revenue boost, even as gains were offset by fuel subsidies and persistent forex instability.“One of the administration’s key achievements was the commissioning of the Dangote Refinery in 2024, with a capacity of 650,000 bpd. Additionally, efforts have been made to rehabilitate state-owned refineries and expand domestic gas infrastructure through the “Decade of Gas” initiative. In this context, natural gas offers a strategic bridge towards a sustainable energy future. The focus should be less on short-term foreign currency earnings and more on long-term national development.“Despite these strides, significant challenges remain. Progress on improving security in the Niger Delta and advancing environmental remediation—particularly the Ogoniland clean-up—has been slow. Renewable energy integration has received limited attention, and enforcement of gas flaring regulations remains inadequate.“As the administration moves into its third year, stakeholders are calling for stronger accountability, faster refinery rehabilitation, and a clearly defined roadmap for Nigeria’s energy transition. To truly reposition the sector for sustainable growth, the industry must shift from a transactional to a transformational leadership model,” he added.On his part, an economist, Dr. Marcel Okeke, told our correspondent that Nigeria must strive to improve its production output by removing impediments to oil production.“As we speak, we are still at around 1.5m barrels per day, when our budget is 2.2m barrels. Also, the price of oil itself, the budget is based on $75 per barrel, and as we speak, crude oil is around $64 per barrel. This is an area where the government should do everything to increase crude oil production. So if export goes up, it brings foreign exchange inflow among other policies, this should be pursued vigorously, and also there should be proper diversification of the economy,” he added.
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Traders chairman denies selling off doors of demolished shops in Aba market
This was in response to allegations by some aggrieved traders that iron doors to their shops in the demolished section of the Ekeoha-Aba market were taken away or sold without their consent.But Okeke clarified that every single door that was removed under his supervision was properly handled in accordance with due process, as directed by the government.He emphasized that all removable fittings, particularly the shop doors, were meticulously documented and returned to their rightful owners, either directly to the shop owners or to their duly authorized representatives.According to him, any doors that remained unaccounted for were likely taken away in haste by some shop owners or their tenants before the arrival of the official demolition task force.He added that none of the doors removed by the task force was misplaced or sold illegally, as there was a dedicated team responsible for the collection, documentation, and return of the fittings.Comrade Okeke also recalled that in a general town hall meeting of the market when the allegation first surfaced during the early stages of the demolition, the Chief Security Officer of the market, who was fingered in the alleged illegal sale, challenged anyone with evidence of his involvement to tender evidence.Meanwhile, the Special Adviser to Abia State Governor on trade, commerce and industry, Nwaka Inem last week visited the traders of Ekeoha market to assure them that no order was given by Abia State government for a fresh demolition in the market.
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Floods wipe out 180 000 farmlands in Nigeria Report
Rice farmers raise concern over low production amid rising demand Nigeria’s agricultural sector has suffered unprecedented damage due to a combination of climate change and growing insecurity, according to a new report by SBM Intelligence.Widespread flooding, which has affected more than 30 states, has led to the destruction of an estimated 180,000 cultivated farmlands nationwide.This crisis, which intensified throughout 2024, has not only crippled local farming but also exacerbated food insecurity, which has now reached alarming levels.The report read, “Since July 2024, 31 of Nigeria’s 36 states have been inundated by floods, affecting approximately 1.2 million people. This widespread deluge has destroyed an estimated 180,000 cultivated farmlands nationwide.”Severe flooding and desertification leave millions vulnerable The catastrophic flooding that began in July 2024 continues to have far-reaching consequences for the country’s food security. In addition to widespread damage in states like Borno, where the destruction of agricultural infrastructure intensified food insecurity, the floods have affected over 1.2 million people across the nation.The Middle Belt, traditionally known as Nigeria’s “food basket,” has been particularly hard-hit, with the destruction of crops further compounding the national crisis. The damage to farmlands has led to food price inflation, reaching 35.41% in January 2024, a significant surge driven by the agricultural sector’s collapse.The report highlights how the flooding’s devastating impact is compounded by desertification, particularly in the northern regions. An estimated 350,000 hectares of arable land are lost annually to desertification, exacerbating the already fragile agricultural output. While floods and desertification are central to the current crisis, the compounded effect of insecurity, such as farmer-herder conflicts and armed banditry, has made it even harder for farmers to recover. These violent clashes, which have now spread beyond the traditional farming zones of the Middle Belt to southern states, have forced many farmers to abandon their lands.In some areas, like Benue, farmers have witnessed the complete destruction of their crops, and a growing number of displaced persons is putting further strain on food supplies. In total, more than 2.2 million people have been displaced by conflict, and the agricultural consequences of these displacements are severe. A staggering 1.3 million internally displaced persons are in the Northcentral and Northwest regions, where agriculture has been virtually halted due to insecurity.100 million food insecure Nigerians The overall impact on Nigeria’s food security is dire. According to the report, 100 million Nigerians were food-insecure by the first quarter of 2024.The widespread destruction of farmland and the collapse of critical agricultural infrastructure have led to an increase in hunger, especially in the most vulnerable populations.In March 2024, 18.6 million Nigerians were classified as facing acute hunger, and millions more were using crisis-level coping strategies to access food.They also noted that insecurity has disrupted agricultural productivity, leading to the forced abandonment of farmland, particularly in regions like the Northcentral, Northwest, and Northeast. Farmer-herder conflicts and banditry have intensified, with the Middle Belt seeing a significant rise in violence. Displaced farmers are unable to return to their land, and as a result, agricultural output in the country continues to decline.News continues after this adThe report stresses the need for a holistic approach to tackling this crisis. Addressing the underlying causes of insecurity, strengthening food systems, and providing targeted support to displaced communities are all essential components of a comprehensive strategy. This approach must also involve fostering peace between conflicting parties and implementing robust environmental policies that mitigate the impacts of climate change.What you should know The report was released amid concerns over the Niger flood, which occurred on May 29, resulted in more than 200 fatalities, displaced over 3,000 residents, and caused significant damage to homes and critical infrastructure, according to the National Emergency Management Agency (NEMA).In response, President Bola Tinubu pledged federal assistance and activated the National Emergency Responder Centre to oversee recovery operations in the affected communities.Several prominent Nigerians have also made donations to support the victims and aid relief efforts.
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Alleged 1bn scam CBEX promoters ask court for bail from EFCC custody
Nigerian court unfreezes N89 million in bank accounts previously indicted for illegal crypto dealingsThree promoters of the now-collapsed and fraudulent cryptocurrency investment scheme known as “CBEX” have sought bail from the Federal High Court in Abuja following their detention in connection with an alleged $1 billion scam targeting Nigerian victims.The legal team for the three suspects, Babatunde Busari and Justice Otorudo, sought bail from Justice Emeka Nwite over the alleged prolonged detention of their clients at the Economic and Financial Crimes Commission (EFCC) facility.Nairametrics previously reported on April 24, 2025, that the court had ordered the arrest and remand of six promoters of “CBEX” following an EFCC ex parte motion.Emefiele: Forensic expert confirms to court how Buhari, Ex-SGF signatures were forged to withdraw $6.2 million from CBN Bank officials to testify as EFCC sues Ex-CBN Governor Emefiele over 753 housing units and N7.8 billion fraud  May 31, 2025 The six affected suspects are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim (1st to 6th defendants).The Commission alleged that the defendants used a company called ST Technologies to promote CBEX, luring Nigerians to invest.Legal Development At the previous court session, EFCC counsel Fadila Yusuf informed the court of a motion ex parte relating to investigations into CBEX and the Commission’s intention to prosecute the suspects in accordance with the Administration of Criminal Justice Act. “An order of this Honourable Court for the issuance of a warrant of arrest for the defendants “An order of this Honourable Court remanding the defendants in the custody of the Complainant/Applicant pending the conclusion of the investigation into the alleged offences and possible prosecution,” Yusuf said in open court, emphasizing that the case involves foreign collaborators and a scam worth over $1 billion. The EFCC added that after victims deposited over $1 billion, the CBEX platform became inaccessible, preventing users from withdrawing their investments and revealing the operation to be a scam.In response, Justice Nwite stated that after reviewing the EFCC’s submissions and court documents, he found merit in the application and consequently granted the motion as prayed.What Transpired in Court At the resumed court session on Wednesday, Babatunde Busari, who stood in for Abiodun, asked the court to grant his client bail on “liberal terms.”He argued that on April 24, the court issued an arrest warrant in line with the EFCC’s request.He said that prior to April 24, his client, through his lawyer, informed the EFCC that the applicant would honor the Commission’s investigation.He stressed that the applicant (Abiodun) has been in EFCC custody, allegedly beyond the period required by law, “with no charge filed against him” yet.He also asked the court to direct the EFCC to produce his client in court.Responding to the EFCC’s counter-affidavit against his bail request, the lawyer claimed that the entirety of the Commission’s counter-affidavit had not controverted his assertions.He urged the court to admit the applicant to bail.Justice Otorudo, who represented Otorudo and Ehirim, also called for the bail of his clients on liberal terms.On her part, Yusuf opposed their applications for bail.“Our submission is that this prayer has been overtaken by events as a charge has already been filed before this honourable court, and we urge you to so hold,” she said. Yusuf added that all the defendants in this matter are being charged with the offence of $1 billion fraud.After hearing from the lawyers, the judge fixed June 30 for ruling on the bail applications.What You Should Know Amid the collapse of the CBEX scheme, the EFCC clarified that possessing a Special Control Unit against Money Laundering (SCUML) certificate does not constitute legal clearance to operate in Nigeria.In a statement released Monday, the EFCC noted that while ST Technologies (not CBEX) is registered with SCUML in accordance with Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022, this does not authorize it to offer investment services.CBEX, a digital investment platform operated by foreign nationals in collaboration with Nigerian partners, reportedly collapsed on Monday, leaving thousands of investors stranded and unable to access their funds.The platform, which had promised 100% returns within 30 days through online trading, first restricted withdrawals on April 9, 2025. Many users initially believed the issue was a temporary glitch—until their account balances vanished.In a bizarre twist, affected users were instructed to deposit additional funds—at least $100—to regain access to their accounts. For users with balances over $1,000, the required deposit was $200.Shortly before cutting off subscribers, CBEX released a message stating: “All accounts need to undergo the following verification steps to ensure their authenticity. For accounts with funds below $1,000 before any losses, a deposit of $100 is required. For accounts with funds exceeding $1,000, a deposit of $200 is required. Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews.” Despite signs of trouble, several new users reportedly joined the platform after the withdrawal restriction, believing it was a temporary technical issue.
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FG directs civil service MDAs to achieve full digitalisation go paperless by end of 2025
Tinubu appoints Didi Esther Walson-Jack as Head of Civil Service of the FederationThe Federal Government has directed all Ministries, Departments, and Agencies (MDAs) within the civil service to fully digitise their operations and adopt paperless workflows by the end of 2025.This directive was issued by the Head of the Civil Service of the Federation (HCSF), Mrs. Didi Walson-Jack, during a world press conference held in Abuja on Wednesday, ahead of the 2025 International Civil Service Week and African Public Service Day, scheduled for June 25 to 26, according to the News Agency of Nigeria (NAN).Walson-Jack noted that the transition is a core objective of the Federal Civil Service Strategy and Implementation Plan 2021–2025 (FCSSIP 25), which is set to conclude on December 31. The reform agenda emphasises digital transformation, improved performance management, and more efficient service delivery across MDAs.According to Walson-Jack, the Office of the Head of the Civil Service had already gone paperless before her assumption of office.“Realising that FCSSIP 25 ends this year, we resolved to accelerate the implementation of its core pillars, especially digitalisation. “We are urging all MDAs to go paperless. This is not just a directive; it is something we have already implemented. “The Office of the Head of the Civil Service of the Federation has been paperless even before I assumed office,” Walson-Jack stated. She added, “The race to Dec. 31 is on, and by the grace of God and with sustained effort, the entire civil service will be paperless by the end of 2025.” More insights  The Head of the Civil Service of the Federation cited the Federal Ministry of Health as the latest to implement an enterprise content and Performance Management System (PMS), making it the 11th MDA to adopt such a system.While progress has been made, Walson-Jack acknowledged that some MDAs are experiencing challenges, particularly around access to capital funding. These constraints have delayed the full rollout of PMS and slowed digital adoption in some areas. Nonetheless, Walson-Jack said the systems remain operational at different levels across the service.She noted that efforts are ongoing to support MDAs through partnerships and collaborative platforms. The broader goal is not just the elimination of paper, but a shift toward automated workflows and enhanced accountability in public service delivery.With the FCSSIP 25 deadline approaching, the federal government appears determined to embed digital systems into the foundation of civil service operations, marking a significant step in Nigeria’s public sector reform agenda.
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Makinde approves N1bn gratuity for retired LG staff others
Oyo State Governor, Seyi Makinde has approved a sum of 1 billion monthly for payment of gratuity and death benefits to retired Local Government Staff and public primary school teachers in the state.The Chairman of the Local Government Staff Pension Board, Ademola Ige announced this while delivering his speech during the flag-off ceremony for the payment of gratuity and death benefits to another batch of retirees, held at the Mini Hall of the Local Government Staff Training School, Agodi, Secretariat in Ibadan.Ige said, ”The pensioners friendly governor, Makinde has increased monthly allocation for payment of retirement benefits twice within one year from N250 million to N500 million, and now N1billion.“This is unprecedented and highly commendable.“This is aimed to fastrack completion of payment and increase the number of beneficiaries.” It is interesting to know that the governor will fulfill the promise made to ensure that no inherited debt and accrued retirement benefits is left before the expiration of his tenure in May 2027.”In his remarks, the Chairman of the state Local Government Service Commission, Akinwale Akinwole, lauded Makinde’s exemplary leadership qualities.This, according to him, has positively impacted lives and transformed all sectors since he assumed office in May 2019 till date.Earlier, the Permanent Secretary, Local Government Staff Pension Board, Lukman Muraina said, “Makinde approved N1.650billion for this payment exercise. I, therefore, congratulate all the 454 beneficiaries.”In their various goodwill messages, the state Chairmen, Nigeria Union of Pensioners, Retired Local Government Staff Wing, Muniru Adesope and Dosu Akinpelu, respectively and also the Full Time Commissioner, Local Government Service Commission, Yusuff Temitope commended Makinde for being pensioners’ friendly, who has been doling out various welfare packages to senior citizens since he came on board.
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