The Nation Newspaper

Author: The Nation

  • Eko Atlantic tops Lagos luxury estate market by 59.5%

    Eko Atlantic tops Lagos luxury estate market by 59.5%

    A report by Estate Intel showed that Eko Atlantic has maintained its position at the top of Lagos’ luxury property market, recording a 59.5 per cent increase in sales over the past five years,

    The report highlighted that prime Lagos luxury residential assets delivered strong sales price growth in naira by an average of 38–60 per cent annually over the past five-year period.

    It stated: “While Eko Atlantic topped the list, other prime areas also posted impressive gains. Ikoyi followed closely at 58.14 per cent, reflecting its enduring appeal among affluent buyers, while Banana Island recorded 55.30 per cent growth, driven by its scarce waterfront properties and high-end residences.

    “Victoria Island grew 45.04 per cent, demonstrating strong demand in a mixed-use commercial and residential hub, whereas Oniru rose 38.32 per cent, showing steady but comparatively moderate appreciation in a district with a broader mix of housing options.

    The data illustrate a widening gap between ultra-prime, master-planned districts and more mixed neighbourhoods, as investors continue to pay premiums for security, competitive amenities and scarcity.

    The sustained demand, scarcity premiums, and superior urban planning remain the key drivers of ultra-prime areas’ strong performance.”

    Earlier report revealed that a plot of land in Eko Atlantic,  was valued at about N180million in the early 2000s, has now skyrocketed to over N2 billon, highlighting the rapid appreciation of prime coastal real estate in Lagos, according to a report by the State of Lagos Housing Market, Volume 3.

    The report said: “The past decade has marked a period of profound transformation for the Lagos real estate sector, particularly within its luxury segment. What was once a market with relatively affordable land plots has rapidly matured into a highly competitive and premium investment destination, driven by a dynamic interplay of economic, demographic, and infrastructural forces”.

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    Over the last 10 years, the Lagos property market has undergone a dramatic shift, transitioning from a landscape and premium investment space to a highly competitive one with more accessible entry points. This evolution is most vividly illustrated by the consistent and often exponential appreciation of land prices. This is more profound with the Lagos/ Calabar Coastal Highway, one of the current administration’s  legacy projects that has opened up the Ajah/ Epe axis for competitive high brow estates.

    It stated that historical data undeniably demonstrates that land values have moved in a singular direction: upward, with no significant reversals, noting that the longer an investor delays, the more expensive real estate becomes

    “A compelling illustration of this trend is observed in Ibeju-Lekki. A plot of land in this area, which was available for as low as N500,000-N1.5million in 2013 (prior to major development hubs like the Lekki Free Trade Zone), saw its value surge to N5m-N10 million by 2018 as significant infrastructure projects commenced.

    “By the first quarter of 2025, the same land commanded prices between N25 and N40 million, representing a potential 40 percent increase in value over a decade.

    Similarly, plots in Lekki Phase 1 that were priced at between N10–N15million in 2005 are now valued at between N400 million and N500million.

    Land prices in Eko Atlantic, which stood at N180 million per plot in the early 2000s, is valued at over N2 billion currently.

    “This extraordinary appreciation underscores that real estate in Lagos has become a primary vehicle for wealth accumulation. The market’s dynamism is driven less by a pure housing need for the general populace and more by its function as a high-yield investment vehicle for the affluent, including a significant proportion of diaspora investors. This establishes luxury real estate as a critical mechanism for wealth generation and preservation in Lagos, particularly for those with patient capital and a long-term investment horizon.”

  • NB, FATE Foundation empower students

    NB, FATE Foundation empower students

    Nigerian Breweries (NB) Plc has entered into a strategic partnership with FATE Foundation  to empower 1,000 Nigerian students under the Orange Corners Student Ambassadors Programme, an initiative of the Kingdom of the Netherlands.

    The Orange Corners Student Ambassadors Programme is an initiative by Orange Corners Nigeria to promote entrepreneurship and offer networking opportunities in Nigerian tertiary institutions. Ambassadors are selected from specific universities to inspire students to see entrepreneurship as a desirable career path and to foster a culture of innovation within universities.

    Speaking on the partnership, Uzodinma Odenigbo, Corporate Affairs Director, Nigerian Breweries Plc, explained that the company is committed to empowering additional 1000 students under the existing program, while FATE Foundation will oversee its implementation, including student mobilisation, programme coordination, and delivery.

    “The partnership reinforces Nigerian Breweries’ long-standing commitment to youth empowerment and entrepreneurship development,” said Odenigbo. “Through initiatives like this, we are creating pathways for the next generation of entrepreneurs and business leaders in Nigeria.”

    The programme targets students aged 18–35, currently enrolled in tertiary institutions across Lagos, Ogun, and Enugu States.

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    Odenigbo further highlighted the company’s track record in youth empowerment, noting that since the renewed focus onyouth empowerment and entreprenuership, Nigerian Breweries has impacted 2,365 young Nigerians across 24 states and the FCT.

    Also speaking on the partnership, Adenike Adeyemi, Executive Director of FATE Foundation, expressed enthusiasm about the collaboration between Nigerian Breweries and the Orange Corners Programme.

    “Nigerian Breweries has been a longstanding partner with Orange Corners Nigeria in many ways. We are delighted tohave the company continue to support the Orange CornersProgramme and elated that this commitment will reach anadditional 1000 young Nigerians leveraging the proven Orange Corners Student Ambassadors framework,” said Adeyemi.

    She outlined FATE Foundation’s role to include: designing and delivering the training curriculum, managing student registration and participation, maintaining accurate records of all beneficiaries, and coordinating all logistical and technical aspects to ensure successful programme delivery.

    This partnership marks a significant step in advancing youth entrepreneurship in Nigeria, equipping young people with the knowledge, skills, and opportunities needed to build sustainable businesses and contribute meaningfully to the nation’s economy.

  • Indigo wins model agency award

    Indigo wins model agency award

    Integrated Indigo Limited delivered an outstanding performance by dominating the 2025 Lagos Public Relations Industry Gala and Awards (LAPRIGA), sweeping an impressive five awards in different categories, including the most coveted Model Agency of the Year.

    The other four categories won by the agency during the awards ceremony in Lagos included Insight-Driven Communication, Private Sector Public Relations Campaign of the Year, Crisis and Issue Management, and Sustainability Communications.

    Managing Director, Integrated Indigo Limited, Bolaji Abimbola, explained that winning across various categories, including crisis management, sustainability communications, and insight-driven campaigns, highlights the agency’s versatility and deep understanding of evolving client and societal needs.

    Abimbola explained that the recognition further strengthens the Agency’s resolve to continue delivering innovative, responsible, and results-oriented solutions.

    “These awards reflect the strength of our thinking, the quality of our execution, and the dedication of our people. At Integrated Indigo, we remain committed to helping brands navigate complexity, manage reputation, and build meaningful connections with stakeholders through strategic, insight-led communication,” he said.

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    Speaking during the presentation of the Model Agency of the Year Award to Indigo, Chairman of the Selection Committee ChidoNwakanma revealed that the 2025 edition received over 100 entries across 19 award categories, reflecting the growing recognition of the awards and the improving quality of professional practice.

    While commending the quality of entries, Mr Nwakanma urged practitioners to embrace peer review and professional validation as essential to the growth and credibility of the profession.

    “Submitting your work for scrutiny is a professional stride, not a vulnerability. Excellence thrives when it is confidently showcased,” he said.

    The LAPRIGA triumph further builds on Integrated Indigo’s impressive run of industry recognitions in 2025. Recently, the agency clinched ‘Best in Brand Communications’ at the 2025 SERAS Awards and emerged as a major winner at the 2025 Brandcom Awards, where it was named PR Agency of the Year and Most Outstanding Agency in Corporate Communications.

    On the continental stage, Integrated Indigo also received the Excellence in Financial Communications honour at the 2025 SABRE Awards, reinforcing its reputation as a best-in-class communications powerhouse.

    With a growing portfolio of award-winning work and a strong track record across local and international platforms, Integrated Indigo continues to set industry benchmarks by blending strategy, creativity, and purpose to deliver impactful communication that drives both business success and positive societal outcomes.

  • Afreximbank, Heirs Energy seal $750m oil and gas financing deal

    Afreximbank, Heirs Energy seal $750m oil and gas financing deal

    Heirs Energy has secured a $750 million financing package from the African Export-Import Bank (Afreximbank).

    The deal is designed to propel the indigenous energy company into a new phase of growth and lift its oil and gas production to about 100,000 barrels of oil per day and 250 million cubic metres of gas.

    The financing agreement was signed at the weekend in Abuja, marking one of the most significant recent commitments of African capital to an African-owned energy business. The facility is expected to strengthen Heirs Energy’s upstream operations while supporting Nigeria’s broader push for energy sufficiency and industrial growth.

    Chairman Heirs Holdings, Tony Elumelu, described the transaction as a strong signal of confidence in African enterprises and institutions, praising Afreximbank for its role in backing large-scale indigenous projects.

    “The most impactful and catalytic finance institution in Africa is Afreximbank. They have grown the capacity and the boldness to support African businesses,” Elumelu said.

    He noted that the journey to scale Heirs Energies had been shaped by trust from financial partners and a strong emphasis on performance. According to him, Afreximbank played a defining role from the early stages and has now returned to support the company’s next level of expansion.

    “For Afreximbank and others to come together and say, okay, we can restructure this, give you more room to do other things, it comes back again to Afreximbank. They started it, and they are now coming again to scale us to the next level.

    This is a clear manifestation of African capital working for African businesses,” he said.

    Elumelu also stressed that private sector leaders have a responsibility to deliver results when supported by financial institutions. “When financial institutions support you, the least you owe them is your performance. If you perform, you demonstrate and encourage them to do more for you and for others also,” he said, adding that even during periods of severe oil theft, the company never defaulted on its obligations.

    Reflecting on the early struggles surrounding the acquisition of Oil Mining Lease (OML) 17, Elumelu recounted the regulatory and financial hurdles Heirs Energy had to overcome. He disclosed that the acquisition faced prolonged delays under the administration of former President Muhammadu Buhari, partly due to concerns that the asset was too large for private sector ownership.

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    “Our government, led by President Buhari, refused to approve it. And the reason was that it was too big an asset to be in the hands of the private sector, forgetting that Shell was an international private sector entity that held this,” he said.

    According to him, the delays came at a high cost. “We went for over one and a half years. We were paying bank charges, we were raising money, we were paying legal fees. Surviving on this continent is tough,” he said.

    Elumelu explained that the initial transaction had to be unwound at significant expense before the company was allowed to proceed with only OML 17, after other assets such as pipelines and power plants were stripped out. He said Afreximbank stepped in once again to support the company at that critical point.

    “That’s how we started this journey. And I told my people, let us show that out of Africa, out of Nigeria, we can grow world-class businesses. We can grow an integrated energy company,” he said.

    President of Afreximbank, Dr. George Elombi, said the bank’s support for Heirs Energies reflects its broader commitment to the continent’s energy sector, which he described as critical to economic stability across Africa.

    “Afreximbank is still working on the energy bank, so that we can move most of this energy portfolio there, that’s where it should sit,” Elombi said. “And we would put tremendous capital in it and support it to be as bold and innovative as Afreximbank itself.”

    He warned that failure to support the energy sector would have severe consequences for many African economies. “If we didn’t support that sector, somewhere around 23 African countries would be in trouble. Congo, Nigeria, Angola, Mozambique, Algeria, Morocco, Equatorial Guinea, South Sudan, Senegal and others,” he said, adding that the bank is already preparing additional billion-dollar interventions.

    Elombi stressed that Afreximbank’s identity as an African-owned institution underpins its resolve. “It’s an African institution. It’s owned by the African public and private sector. The rest is African. So where else should we go? We are condemned to be here in good times and bad times,” he said, noting that this permanence has strengthened the bank’s standing as a dependable partner on the continent.

    Providing a detailed perspective on the transaction, Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, said the financing was structured to consolidate recent gains and unlock future expansion.

    “This funding is meant to scale the company and take us into the next phase of growth. Currently, we are producing well over 50,000 barrels of oil per day and about 120 million cubic metres of gas. The financing is designed to help us build on this performance,” Nwanze said.

    He explained that internal assessments show the asset’s capacity could reach about 100,000 barrels per day with the right level of investment. “What we want to do is secure the capital required to grow the business both organically and inorganically. This financing positions the company for that next phase of growth,” he said.

    According to Nwanze, Heirs Energies is targeting production of about 100,000 barrels of oil per day within the next three years, alongside gas output of roughly 250 million cubic metres. He said the new facility would also support growth beyond OML 17 through opportunities across the market.

    “We are an ambitious group. The core reason we are in the oil and gas business is to drive energy sufficiency for the continent,” he said, noting that while no specific acquisitions are being announced, the company remains open to assets that align with its long-term vision.

    Nwanze disclosed that when Heirs Energies acquired OML 17 from Shell, Total and Eni, it raised about $1.1 billion, adding that most of that debt has now been repaid after nearly four years of operations. He said the decision to raise fresh capital followed a significant increase in the asset’s capacity.

    The $750 million facility, he explained, is structured in two parts, including refinancing of existing reserve-based lending tied to production, as well as incremental capital for further expansion. The facility runs for five years under a standard reserve-based lending framework.

    He said the impact of earlier investments is already evident in Nigeria’s domestic gas market. “When we took over the asset, gas production was around 50 to 70 million cubic metres per day. Today, we are producing about 120 million cubic metres,” Nwanze said.

    He added that increased gas supply from OML 17 has boosted power generation across the eastern domestic gas network, enabling plants such as Geometric and Transcorp to operate at higher capacity.

    “If we are able to continue growing the business, we believe we can make an even more significant impact on energy supply and sufficiency, not just for Nigeria but for the continent as a whole. That is our long-term vision,” he said.

  • Our strategy to boost rural connectivity, by Airtel Africa

    Our strategy to boost rural connectivity, by Airtel Africa

    Airtel Africa said sealing a deal with SpaceX to introduce Starlink Direct-to-Cell satellite connectivity across all its 14 markets that serve 174 million customers in one of its strategies to boost rural connectivity in the country next year.

    Airtel Africa MD and Chief Executive Officer Sunil Taldar said the Direct-to-Cell technology deployment complements the terrestrial infrastructure and would reach areas where deploying terrestrial network solutions are challenging.

     “Airtel Africa remains committed to delivering great experience to our customers by improving access to reliable and contiguous mobile connectivity solutions. Starlink’s Direct-to-Cell technology complements the terrestrial infrastructure and even reaches areas where deploying terrestrial network solutions are challenging. We are very excited about the collaboration with Starlink, which will establish a new standard for service availability across all our 14 markets,” he said.

    Also speaking on the development, Starlink Vice President of Sales, Stephanie Bednarek said the deal will help bridge the access gap in the country and 13 others where the telco has its footprints.

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    “For the first time, people across Africa will stay connected in remote areas where terrestrial coverage cannot reach, and we’re so thrilled that Starlink Direct to Cell can power this life-changing service. Through this agreement with Airtel Africa, we’ll also deliver our next-generation technology to offer high-speed broadband connectivity, which will offer faster access to many essential services,” she said.

    Through this partnership, Airtel Africa customers with compatible smartphones in regions without terrestrial coverage can have network connectivity through Starlink, which is the world’s largest 4G connectivity provider (by geographic reach).

    The satellite-to-mobile service will begin in 2026 with data for select applications and text messaging. This agreement also includes support for Starlink’s first broadband Direct to Cell system, with next-generation satellites that will be capable of providing high-speed connectivity to smartphones with 20x improved data speed. The rollout will proceed in line with country-specific regulatory approvals.

    Airtel Africa is the first mobile network operator in Africa to offer Starlink Direct to Cell service, powered by 650 satellites to provide seamless connectivity to its customers in remote areas. The partnership reinforces Airtel Africa’s commitment to bridge the digital divide and offer seamless connectivity to its customers. Airtel Africa and Starlink will continue to explore additional collaboration opportunities to further advance digital inclusion across the continent.

    While Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries across sub-Saharan Africa with integrated offer that provides national and international mobile voice and data services as well as mobile money services to 174 million customers, Starlink Direct to Cell is the world’s only and largest constellation with more than 650 satellites in low-Earth orbit that delivers data, voice, video and messaging to devices in mobile dead zones.

    Connecting more than 11million customers across five continents and counting, Direct to Cell satellites work with existing LTE phones wherever users can see the sky because it acts like a cell phone tower in space with the most advanced phased array antennas in the world that connect seamlessly across the Starlink network over lasers to any point in the globe, it enables network integration similar to a standard roaming partner.

    Starlink is the world’s largest 4G coverage provider and partners with MNOs all over the world.

  • ‘Stable naira, glut to crash bread, pasta prices’

    ‘Stable naira, glut to crash bread, pasta prices’

    The USDA World Agricultural Supply and Demand Estimates (WASDE) report has projected that Nigeria could import more wheat in the first half of next year, due to a stable exchange rate and ample global supply.

    The report indicated a strong global supply outlook for wheat, which has a direct impact on import-dependent nations such as Nigeria.

    Also, a new sense of “macroeconomic stabilisation is expected to reshape the pricing landscape for the country’s most essential staples: bread and pasta”.

    The primary catalyst for this shift, according to analysts, is the relative calm of the Naira. Analysts suggested that if the currency maintains its current stability through January and February, the benefits of lower global wheat prices—which have remained soft on international markets—will finally “trickle down” to the Nigerian consumer.

     For months, the high cost of foreign exchange acted as a barrier, preventing domestic price relief even when global commodity prices fell. With a steadier local currency,  the report  said millers can now lock in import costs with greater certainty, paving the way for more predictable retail pricing.

    The USDA increased its global wheat carryover forecast to 274.9 million tons, the ninth-largest on record. While global prices are low, analysts noted that the final price of a bag of flour in Lagos or Kano is heavily dictated by the Naira-to-Dollar exchange rate.

    Industry analysts point out that Nigerian millers currently operate with a thin stock-to-use ratio of roughly 40 days. This “hand-to-mouth” approach means that any sudden fluctuation in the Naira is reflected in flour prices almost immediately.

    USDA  said current wheat imports, the main contributor to the surge, are expected to increase by 450,000 tons to reach 6.7 million tons. The overall jump in imports is attributed to the combined effect of a stable local currency exchange rate, improved consumer purchasing power, and a drop in global grain prices compared to the previous period. These factors are also expected to lower production costs for millers and livestock feed manufacturers.

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    Recently, officials of the United States Mission in Nigeria  said the  Nigerian-American agricultural trade, mainly driven by wheat imports, is on track to exceed $700 million by the fall this year.

    The outlook was announced during the recent visit to Apapa Port by the US Consul-General in Lagos, Rick Swart, and the US Agricultural Counsellor, Chris Bielecki.

    The delegation’s visit was to witness the unloading of 50,000 metric tons of US-grown wheat valued at about $15 million, purchased by Flour Mills of Nigeria (FMN), a major importer of American wheat.

    Nigeria is currently the third-largest export market for US wheat, reflecting the country’s reliance on imports to meet demand for flour, bread, pasta, and other wheat-based foods.

    According to the official, the US agricultural trade with Nigeria continues to support American farmers while enabling Nigerian manufacturers to sustain jobs across milling, baking and food processing. The trade also ensures a consistent supply of quality grain and inputs for Nigerian consumers.

    According to the US Mission, the expanding trade volume reflects stronger commercial ties at a time when global food supply chains remain exposed to geopolitical tensions, climate volatility and disruptions linked to the Russia–Ukraine war, which has reshaped grain flows since 2022.

    In response, Nigeria and other African countries have diversified sourcing away from the Black Sea region, increasing purchases from the United States and other exporters.

    Nigerian authorities have stepped up engagement with international partners to stabilise food imports while working to lift domestic output.

    The Federal Government has continued to promote wheat under the National Agricultural Growth Scheme, with a focus on irrigation farming and improved seed varieties.

    However, analysts say local production still falls well short of industrial demand, leaving millers dependent on imports in the near to medium term.

    Trade specialists point out that the projected $700 million agricultural trade figure for this year marks a notable increase compared with levels recorded just a few years ago. Growth,they noted, has been driven mainly by wheat, alongside soybeans, poultry inputs and animal feed components.

    Beyond wheat, US exports to Nigeria also include dairy products, poultry, food preparations, and beverages, while Nigeria ships smaller volumes of cocoa, sesame, and processed foods to the US market.

  • Elizade JAC to make new vehicles affordable to Nigerians

    Elizade JAC to make new vehicles affordable to Nigerians

    Managing Director, Elizade JAC Autoland Limited, Mr. Demola Ade-Ojo said the company’s plans to disrupt the used automobile markets by making brand new vehicles accessible to Nigerians.

    He spoke during the extensive tour of Elizade JAC Autoland’s facilities in Lagos including the company’s headquarters and its expanded Ikotun assembly plant by the Federal Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole.

     Ade-Ojo said that Elizade JAC’s strategic vision for 2026 is to positively disrupt the Nigerian automotive market by making brand-new vehicles accessible to average citizens.

    He said that currently, Nigeria’s automotive landscape is dominated by used imported vehicles, commonly known as “tokunbo,” which often come with hidden risks and questionable reliability.

     “For 2026, that’s exactly what we’re going to do. We want to begin to inform Nigerians so that they can begin to understand why it is actually beneficial to them and to the nation as a whole to drive new vehicles as opposed to used vehicles,” he said.

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    Praising the company’s investment in Nigeria, Oduwole added, “Industrialization is a priority to the administration, and we’re glad that we have businesses like this partnering with our administration to deliver for Nigerian people”.

    Oduwole reinforced this message with stark warnings about the dangers of used vehicle imports. “Nigerians are buying used goods that have been damaged elsewhere, damaged by flood, damaged by fire, refurbished and packaged with paint and shipped into Nigeria,” she cautioned. “They’re essentially possible death traps if we’re not careful. So, we don’t want Nigerians buying substandard used goods that other countries have rejected.”

    During her tour of the Ikotun facility, Oduwole inspected two state-of-the-art assembly lines: a single-track line dedicated to passenger vehicles and an innovative dual-track system for industrial vehicles. The facility’s expansion is a substantial increase in production capacity, positioning Elizade JAC to meet growing demand for locally assembled vehicles.

    “What has impressed me most is that the company’s management has signified its willingness to really be vested in its product and stand behind its product for Nigerian people,” the Minister stated during the media briefing. “This is real commitment to making Nigeria work, which is the priority of the President Bola Ahmed Tinubu administration.”

    The minister emphasized that the federal government is eager to support domestic investors like Elizade JAC who are reinvesting profits into expanding their operations and increasing production capacity to serve the Nigerian market.

    Executive Director, Sales,  Elizade JAC Autoland Limited, Mr. Biola Odukomaiya, emphasised the comprehensive nature of the company’s offering: “We want to try as much as possible to encourage people to take advantage of this offering to the public. Offering them lower-priced products and also giving them maintenance and service all as a package. You’re buying the car, you’re buying peace of mind.”

    Looking ahead, Elizade JAC’s leadership articulated an ambitious agenda for 2026 centered on public education and market disruption. The company recognizes that shifting consumer preference from used imports to new domestic vehicles requires not just competitive pricing but also a comprehensive communication strategy.

    “Right now, the Nigerian market is still very low when it comes to new vehicle sales as opposed to used vehicle sales,” Mr. Ade-Ojo acknowledged. “So we are looking at how we can begin to have Nigerians enjoy using and owning new vehicles.”

    The company’s 2026 campaign will emphasize the total cost of ownership, highlighting how the higher upfront cost of new vehicles is offset by lower maintenance expenses, greater reliability, better fuel efficiency, higher resale value, and the peace of mind that comes with comprehensive warranties and nationwide service support.

  • MOFI, FEPSAN partner to curbrising fertiliser prices

    MOFI, FEPSAN partner to curbrising fertiliser prices

    Executive Secretary, Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN), Mr. Gideon Negedu, has said the association is working closely with the Ministry of Finance Incorporated (MOFI) to address the rising cost of fertilser.

    Negedu explained that fertiliser producers are facing hurdles due to the high cost of importing production components. The situation, according to him, is primarily driven by a reliance on imported raw materials, global supply chain disruptions, and foreign exchange volatility. He noted that producers rely heavily on imported components such as phosphate from Morocco, which exposes the industry to global market shocks. He explained that producers have had to explore cheaper sources of components abroad to prevent production halts.

    “We operate as a business. We’re not going to produce at a loss,” Negedu stated.

    With MOFI now managing the Presidential Fertilizer Initiative (PFI-NPK Limited), Negedu noted that efforts are ongoing to ensure local producers have access to funds for critical imports.

    He recalled a period when producers brought in items at a rate of N1,800 per dollar, though he noted that recent shifts have started to impact local prices. “The price of fertilizer is going down. Before, it sold for N57,000 a bag. Today, it is between N35,000 and N42,000,” he said. However, he admitted that the depreciation of the Naira against the US Dollar remains a challenge, as it directly increases production costs for domestic manufacturers and landed costs for importers.

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    Farmers across Nigeria and the globe are facing a renewed period of financial uncertainty as fertilizer markets exhibit fresh volatility ahead of the 2026 planting season. According to a recent market intelligence report, while prices have not returned to the record peaks of 2022, they are climbing steadily. The report warned that the reprieve seen in 2023 and 2024 has ended, replaced by rising costs for key nutrients like phosphates and potash. This resurgence is driven by trade disruptions and energy shocks. Notably, Gulf diammonium phosphate (DAP) prices jumped from approximately $583 per ton in January 2025 to nearly $800 in August—a 36 percent increase in less than eight months.

    Nigeria’s heavy dependence on these imports has reignited calls for the speedy completion of the Akwa Ibom fertilizer complex, a joint venture with Morocco seen as critical to achieving self-sufficiency. MOFI disclosed that more than 560,000 metric tons of fertilizer raw materials were imported into Nigeria in 2025 alone, with at least 10 vessels discharging cargoes under the PFI.

    The President of FEPSAN, Sadiq Kassim, warned that delays in the Akwa Ibom complex could undermine national ambitions. “The understanding I have of the bilateral agreement is for Morocco and Nigeria to collaborate in producing and establishing a manufacturing plant that can use Nigeria’s gas resources and Morocco’s phosphate expertise. This would enable Nigeria to produce not only ammonia but also phosphoric acid and other phosphates. The project was initially targeted to begin its first phase by June 2025, but it is clearly facing delays,” Kassim explained. He described the facility as a vital South-South cooperation where two developing countries use their own natural resources to impact the global market, noting that its completion would significantly ease the nation’s import burden and strengthen food security.

  • Binatone launches new electronic power station

    Binatone launches new electronic power station

    Global Appliances Nigeria Limited, manufactures of Binatone products, has launched an ultra- modern power station into the Nigerian electronics market.

     Managing Director, Global Appliances Nigeria Limited, Mr Prasun Banerjee said the new Binatone power station is a portable plug-and-play power station with solar charging capability.

     He said the new power station is built for modern living stressing that the new product offers clean, dependable backup power for homes, small offices, and outdoor activities, especially during long power cuts or in off-grid areas.

      Speaking during the formal launching of the product in Lagos, Banerjee said for more than five decades, Binatone has supported African households with reliable and affordable appliances.

    He said: “The Binatone Power Station is another important step in our mission to make life easier, smarter, and more sustainable.”

    According to him, two powerful variants the new power station series is available in two high-performance models, including BPS-2400 (2400W) – a robust 2,240Wh unit powered by a 44.8V  and 50,000mAh LiFePO₄ battery, offering up to 4000 charge cycles.

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    He also disclosed that the products comes with multiple output ports, Bluetooth app connectivity and the option to expand capacity by adding up to two additional BEB-2400 batteries for a total of 6720Wh.

    “The BPS-1800 (1800W) – Designed as a lighter, high-efficiency model ideal for everyday household needs, providing safe, stable power for appliances, gadgets, and essential home devices” he stated

    Stressing that Quality, affordability, and customer-focused innovation have always defined Binatone products and innovations, Mr Banerjee disclosed that the Power Station carries this legacy forward by offering a safe, reliable, and eco-friendly way to stay powered anytime, anywhere.

    He disclosed that the Binatone power Station range will soon be available across leading retail outlets and online platforms in Nigeria.

  • Expert seeks year biofuel production

    Expert seeks year biofuel production

    As the agricultural sector grapples with shifting economic tides, Chief Executive, SMEFUNDS, Dr. Femi Oye, has called for a strategic pivot toward increased biofuel production and year-round supply of ethanol.

    He asserted that the measures are essential to bolstering the farm economy, providing much-needed market stability for growers, and ensuring that energy expenditures remain within local communities.

    He noted: “The push for year-round ethanol comes at a critical juncture where farmers are actively seeking expanded market opportunities.”

    According to Oye, the transition to higher biofuel blends represents a reliable avenue for increasing farm revenue and revitalising the broader rural landscape.

    “Biofuels drive steady demand for corn and soybeans. They create jobs at ethanol and biodiesel plants. They also attract a lot of local investment and keep energy dollars circulating in rural communities, rather than allowing that capital to exit the local ecosystem,” Oye stated.

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    On Kike Ai application, Oye highlighted how technology is already bridging the gap between energy production and consumer efficiency. He noted that SMEFUNDS has successfully deployed the Kike Ai application, an innovative digital tool designed to optimise how households and businesses interact with energy resources.

    “Our Kike Ai application has helped to promote efficient gas usage and drive retail gas sales. By integrating artificial intelligence into energy management, we are enabling better kitchen management and fostering healthy dietary habits for our users. It is about creating a holistic cycle where sustainable fuel production meets intelligent consumption,” Oye said.