The Nation Newspaper

Author: The Nation

  • Export containers jump 1,085% in Q3

    Export containers jump 1,085% in Q3

    The nation’s seaports recorded a dramatic turnaround in export performance in the third quarter of 2025, with export-laden containers surging by 1,085 per cent as total cargo throughput climbed to 33.52 million metric tons, the Nigerian Ports Authority (NPA) has said.

    The figures underscore a strengthening non-oil export pipeline and growing capacity to handle larger vessels across the port system.

    Operational data released by the authority yesterday, showed that overall cargo handled rose by 16.2 per cent from 28.84 million metric tonnes in Q3 2024, marking what the NPA described as one of its strongest quarterly performances in recent years amid rising trade activity.

    Container operations provided the clearest signal of the shift. According to the authority, “The NPA recorded a dramatic 1,085 per cent surge in export-laden containers as total cargo throughput rose to 33.52 million metric tonnes in the third quarter of 2025. Total container traffic climbed by 18.9 per cent to 546,931 twenty-foot equivalent units in Q3 2025, compared with 460,038 TEUs in Q3 2024.”

    Within the total, import-laden containers increased by 33.1 per cent to 268,713 TEUs from 201,839 TEUs a year earlier, while export-laden containers jumped to 69,039 TEUs, up from just 5,812 TEUs in the same period of 2024.

    The authority said the export rebound helped rebalance flows across terminals, noting that “the sharp rise in export containers also led to a 21.5 per cent reduction in empty container traffic, signalling improved balance between imports and exports and stronger non-oil export activity.”

    Beyond boxes, vessel activity also expanded, reflecting deeper draught utilisation and rising confidence by shipping lines.

    “Ship traffic equally recorded notable growth during the quarter. The number of vessel calls increased by 8.4 per cent to 1,074 ships, from 991 vessels in Q3 2024. At the same time, the total gross registered tonnage jumped by 18 per cent to 42.64 million, compared with 36.13 million recorded a year earlier, indicating that Nigerian ports are increasingly handling larger vessels,” the NPA stated.

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    A port-by-port breakdown of vessel calls showed sustained intensity at the western gateways and rapid scaling at newer facilities.

    Tincan Island Port accounted for 22.7 per cent of ship calls, closely followed by Apapa Port at 22.2 per cent. Onne and Lekki Ports posted 18.9 per cent and 18.4 per cent respectively, while Calabar Port contributed 2.1 per cent.

    By vessel size, Lekki Port led the league, receiving the largest ships with an average gross registered tonnage (GRT) of 57,244, followed by Onne Port at 51,276 GRT. Apapa and Tincan Island Ports handled ships averaging 35,556 GRT and 34,400 GRT respectively, while Delta Ports recorded an average of 18,677 tonnes, reinforcing the trend toward larger vessels calling at Nigeria’s deep-water facilities.

    An analysis of cargo volumes by port further highlighted the hubs accounting for the bulk of the growth.

    Lekki Port emerged as the dominant driver, accounting for 46.8 per cent of total cargo handled in Q3 2025. Onne Port followed with 17 per cent, Apapa Port with 15.1 per cent, and Tincan Island Port with 10 per cent, while Calabar Port recorded the lowest share.

    In terms of cargo mix, liquids remained the backbone of volumes, with liquid bulk contributing 53.8 per cent of throughput. Containerised cargo followed at 26.6 per cent, while dry bulk and other general cargo accounted for 11.3 per cent and 8.2 per cent respectively – an indication that container growth is accelerating even as energy-linked cargoes dominate tonnage.

    Commenting on the performance, NPA Managing Director, Abubakar Dantsoho, linked the results to the Federal Government’s export-focused economic reforms and rising investor confidence, saying the numbers reflect improving efficiency across all pilotage districts.

    He added that port modernisation efforts, the deployment of export processing terminals and the expansion of digital platforms, particularly the electronic truck call-up system, have reduced bottlenecks, improved turnaround time and positioned Nigeria’s ports for a more strategic role in regional trade.

  • Fed Govt to invest in commercial agriculture

    Fed Govt to invest in commercial agriculture

    The Federal Government has said it is prioritising large-scale investments across the agricultural value chain, particularly in land management, mechanisation, irrigation, farm inputs, processing and logistics, as part of efforts to reposition agriculture as a key driver of economic growth, job creation and private investment.

    The Minister of Agriculture and Food Security, Senator Abubakar Kyari, disclosed this on Tuesday in Abuja at the Ministerial Sectoral Retreat of the Federal Ministry of Agriculture and Food Security, where senior government officials outlined strategies to move Nigeria from subsistence farming to a commercially viable, investment-led agricultural economy.

    Kyari said the Federal Government is implementing mechanisation partnerships with international equipment manufacturers from Belarus and Brazil, as well as global firms such as John Deere and Origin, to address Nigeria’s long-standing tractorisation gap.

    According to him, the initiative is expected to reduce production costs, increase yields and attract private capital into farming and agro-processing.

    The minister also revealed that the government is expanding Public-Private Partnerships (PPPs) through the establishment of Special Agro-Industrial Processing Zones, Agro-Industrial Estates, Agro-Processing Centres and Cottage Processing Mills nationwide.

    “These facilities are designed to boost value addition, reduce post-harvest losses and deepen agro-industrial activities across the country,” Kyari said.

    Speaking further, he stressed that agriculture remains central to Nigeria’s economic stability, foreign exchange conservation and national sovereignty, noting that food sufficiency is now being treated as a strategic economic priority.

    Kyari recalled that President Bola Tinubu declared a state of emergency in agriculture at the beginning of the administration, elevating food and water security to the highest level of national attention.

    “Our focus is to transit from subsistence to commercial farming. Agriculture must deliver productivity, income, jobs and wealth creation,” he said.

    To improve market stability and reduce price volatility, Kyari said the ministry is implementing a National Food Reserve Programme to mop up excess production during peak seasons, ensuring steady supply and predictable pricing for farmers and consumers.

    Other market-oriented initiatives, he added, include the development of Commodity Market Hubs, Farmers’ Markets, and Rural and Cooperative Markets to expand consumer demand and improve farmers’ access to profitable outlets.

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    He also highlighted programmes targeting youth and women in agribusiness, describing them as critical to unlocking Nigeria’s demographic dividend and stimulating rural economies.

    In his address, the Minister of State for Agriculture and Food Security, Senator Aliyu Abdullahi Sabi, said the ministry is deliberately restructuring to support private sector participation, data-driven decision-making and performance management.

    Sabi disclosed that new departments have been created, including Agricultural Mechanisation, Agricultural Data and Analytics, Agricultural ICT, Horticulture, Plant Health and Development Partners Projects, to sharpen the ministry’s focus and improve efficiency.

    According to him, the ministry is strengthening financing windows through the Bank of Agriculture and the National Agricultural Development Fund to support farmers, processors and agribusiness investors across the value chain.

    He added that improved coordination of agricultural inputs, including fertilisers, agrochemicals and certified seeds, through regulatory reforms and PPPs has already delivered tangible benefits.

    “This has yielded immense results, with prices of agricultural commodities dropping by about 30 per cent,” Sabi said, attributing the decline to improved supply, better regulation and market coordination.

    The ministers emphasised that agriculture is being repositioned not merely as a social intervention, but as a competitive sector capable of driving GDP growth, export expansion, rural industrialisation and poverty reduction.

    They stressed the need to integrate research, innovation, industry and policy to translate food systems into economic empowerment and sustainable livelihoods.

    The retreat is expected to produce actionable plans aimed at accelerating implementation, ensuring accountability and consolidating agriculture’s role as a cornerstone of Nigeria’s economic diversification agenda.

  • CBN revokes Aso Savings and Loans, Union Homes licences

    CBN revokes Aso Savings and Loans, Union Homes licences

    • NDIC begins insured deposit payment to depositors

    The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc

    In a statement, CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali said the action is part of its efforts to re-position the mortgage sub-sector and promote a culture of compliance with relevant laws and regulations.

    She said the apex bank acted in exercise of the powers conferred on it under Section 12 of BOFIA 2020, and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria has revoked the licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.

    Mrs Ali said the affected institutions had violated various Sections of BOFIA 2020 and the Revised Guidelines for Mortgage Banks in Nigeria, including failure to meet the minimum paid-up share capital requirement for the category of the bank licence granted to them by the CBN, having insufficient assets to meet their liabilities and being critically under-capitalised with a capital adequacy ratio below the prudential minimum ratio as prescribed by the CBN.

    They also failed to comply with several directives and obligations imposed upon them by the CBN. The CBN remains committed to its core mandate of ensuring financial system stability.

    Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc and the payment of insured deposits to their customers.

    In a statement, NDIC announced that it had started the formal liquidation process and the verification and payment of depositors in line with its statutory mandate.

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    The action followed the revocation of the licences of both institutions by the Central Bank of Nigeria on December 15, 2025, after which the NDIC was appointed as liquidator pursuant to Section 12 subsection 2 of the Banks and Other Financial Institutions Act 2020.

    The NDIC Management said it had activated all necessary procedures to protect depositors and ensure an orderly resolution of the failed institutions.

    “In line with Section 55, subsections 1 and 2 of the NDIC Act 2023, the Corporation has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc,” it said.

    The corporation disclosed that verification and payment of insured deposits to customers of the closed banks had already begun.

    It stated that depositors would be paid up to the maximum insured amount of N2 million per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate depositors’ alternate bank accounts into which payments would be credited automatically.

    The NDIC explained that depositors with balances above the insured limit would first receive the insured portion of their funds, while the remaining balances would be paid later as liquidation dividends.

    These subsequent payments, it said, would depend on the realisation of the banks’ assets and the recovery of outstanding debts.

    “Depositors with balances in excess of N2,000,000 will be paid the initial insured amount, while their outstanding balances will be settled as liquidation dividends upon the realisation of the assets and recovery of debts owed to the failed banks,” the management noted.

    To facilitate the settlement of uninsured deposits, the corporation disclosed that it would immediately commence the sale of the banks’ assets and intensify efforts to recover outstanding loans.

    “To this end, the Corporation will commence the sale of the banks’ assets and continue recovery of outstanding loans to expedite payment of uninsured sums,” the statement added.

    The NDIC advised depositors to submit their claims either online or through physical verification.

    For online submission, depositors were directed to complete the digital claims form on the NDIC claims portal, while those opting for physical verification were asked to visit the nearest branch of the closed banks between Tuesday, December 16, 2025, and Thursday, December 30, 2025, where NDIC officials would be available to attend to them.

    For verification and payment, depositors are required to present proof of account ownership, a verifiable means of identification such as a driver’s licence, permanent voter’s card, or national identity card, as well as details of their alternate bank account and Bank Verification Number. (BVN).

    The corporation also advised depositors to activate transaction alerts on their alternate accounts to receive payment notifications, noting that those without active alerts could confirm payments using their banks’ USSD codes or by visiting their bank branches.

    Creditors of the defunct banks were equally advised to submit their claims within the same verification window, either online or by visiting the nearest branch of the closed institutions.

    The NDIC stressed that in accordance with the law, liquidation dividends to creditors would only commence after all depositors had been fully paid.

    On the status of bank staff and shareholders, the corporation stated that payment of staff deposits would be made after depositors had been fully settled, using proceeds from the sale of the banks’ assets.

    Shareholders, it added, would only be paid after depositors and creditors had been fully settled, and subject to further realisation of assets and recovery of outstanding debts.

    The NDIC also issued a warning to debtors of the defunct banks, urging them to regularise their obligations.

    Debtors were advised to visit the corporation’s Asset Management Department to ensure full settlement of their outstanding loans.

    Reassuring the wider banking public, the NDIC said the action should not be interpreted as a sign of distress in the financial system.

    The corporation reaffirmed its commitment to the protection of depositors’ funds in all licensed banks and urged customers to continue their banking activities without fear, while stressing that banks whose licences have not been revoked remain safe and sound.

  • DMO urges states to comply with Fiscal Responsibility Act

    DMO urges states to comply with Fiscal Responsibility Act

    The Debt Management Office (DMO) has urged state governments across the federation to comply with the provisions of the Fiscal Responsibility Act and other relevant laws when contracting loans.

    The DMO also warned state governments that borrowing outside the established framework could undermine fiscal sustainability at the sub-national level.

    The Director-General of the DMO, Ms. Patience Oniha, gave the charge in Abuja on Tuesday at a workshop on borrowing guidelines organised for officials of state governments and the Federal Capital Territory.

    Oniha said the workshop formed part of the Office’s ongoing capacity-building programme aimed at strengthening debt management practices among sub-national governments and ensuring that borrowing is undertaken in a transparent, responsible and legally compliant manner.

    “We have been doing capacity building for what we call the sub-national governments, meaning the 36 states of the Federation and the Federal Capital Territory, to put them through the things that we do – debt recording, debt sustainability analysis, medium-term debt management strategy, how to record debt. All of that we put them through,” she said.

    According to her, the training is designed to familiarise state officials with the borrowing process and the legal requirements that guide access to domestic and external loans.

    She noted that compliance with the Fiscal Responsibility Act is not optional, as it sets clear conditions for borrowing by all tiers of government.

    “This is very important because we want the states to be familiar with the guidelines for borrowing, to adhere to the provisions of the Fiscal Responsibility Act which have set the conditions for borrowing,” Oniha said.

    She explained that the current workshop was a targeted training focused strictly on borrowing guidelines, rather than an assessment of states’ debt profiles. “This part of it, which is the workshop on borrowing guidelines, is a targeted training. So it’s not about what is your debt stock. It is a case of what are the requirements and what is the process for borrowing,” she said.

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    Oniha recalled that in previous years, the borrowing process for many states was often slow and cumbersome due to poor understanding of the legal and procedural requirements. She said this experience prompted the DMO to introduce the workshop series to close knowledge gaps among state officials.

    “Our experience several years back was that each time a state wanted to borrow, because one way or the other, based on the laws – the Fiscal Responsibility Act, the DMO Act and the Investment and Securities Act – it has to pass through the Honourable Minister of Finance and through the Debt Management Office. We saw that the process was taking time because there wasn’t clarity or understanding. That was why we initiated this workshop,” she said.

    The DMO boss disclosed that the first edition of the workshop was held about five years ago in Lagos, but the current exercise was expanded to accommodate more participants from each state. She said some states were represented by as many as eight officials to ensure wider institutional understanding of the borrowing framework.

    “As you saw today, each state has about five, six, some eight people, so that they can all understand the borrowing guidelines which basically explain the major laws that govern borrowing,” she noted.

    Oniha listed the Constitution of the Federal Republic of Nigeria, the Fiscal Responsibility Act and the Debt Management Office Act as the core legal instruments regulating public borrowing, stressing that compliance with these laws is mandatory. “There’s no flexibility. If it’s in the law, you really have to comply,” she said.

    She said the ultimate goal of the training is to help states understand how to navigate the borrowing process efficiently, while ensuring that funds are raised strictly for development purposes.

    “So how do we make the process work? How do we make the sub-national governments understand the process of borrowing, so that they can raise the funds that they need for development?” she asked.

    Oniha added that even loans from development finance institutions such as the World Bank must follow the same approval process, noting that lack of understanding could delay access to critical development financing.

    “This is very critical because if they haven’t understood the process, they can’t comply and they can’t raise the funds. Any lender they are borrowing from, even if it is a development finance institution like the World Bank, still has to go through that process,” she said.

    She said the DMO remains committed to equipping state governments with the skills and knowledge required to ensure smooth borrowing processes and sustainable debt outcomes.

    “The idea is to equip them with all the skills and the knowledge they need, so that each time they want to borrow, they are ready and the process is smooth,” Oniha said.

    According to her, the expectation is that funds raised by sub-national governments will be channelled into projects that drive development and improve the welfare of citizens across the states.

  • Minister assesses BUA Foods’ progress in sugar production

    Minister assesses BUA Foods’ progress in sugar production

    BUA Foods Plc has hosted the Minister of State for Industry, Dr. John Owan Enoh, alongside a delegation from the Nigerian Sugar Development Council (NSDC), led by its Executive Secretary, Kamar Bakrin, on an inspection tour of Lafiagi Sugar Company Limited (LASUCO) in Lafiagi, Kwara State.

    The visit was undertaken to assess the level of progress recorded on the sugar production facility, which is currently about 80 per cent completed.

    It was also to reaffirm the Federal Government’s commitment to support the backward integration program in line with the President Ahmed Bola Tinubu administration’s renewed hope agenda and Nigeria’s drive towards sugar self-sufficiency.

    The scale of investment in the project also reflects the unwavering commitment of the Chairman of BUA Foods Plc, Alhaji Abdul Samad Rabiu, to industrialisation and transformational outcomes that impact economic growth.

    The inspection tour provided the Minister and NSDC representatives with a firsthand view of the significant progress being made at LASUCO, which is being developed as a fully integrated sugar production facility that will produce 10,000 tons of cane per day.

    The LASUCO facility will also produce 220, 000 metric tons of refined sugar per annum, 35 megawatts of electricity and process 20 million liters of industrial ethanol per annum.

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    The visit formed part of the Federal Government’s broader efforts to monitor project execution, encourage timely delivery, and ensure alignment with national policies aimed at increasing local sugar production, reducing import dependence, and driving sustainable industrial growth.

    During the tour, the delegation was taken through LASUCO’s integrated operations, including sugarcane plantations, refinery and milling facilities, ethanol plant, irrigation systems, power plant, housing estate, airstrip, as well as healthcare and education facilities, all situated on approximately 20,000 hectares of land.

    Commenting on the progress of LASUCO after the tour, Industry Minister Dr. Enoh, said, “it is amazing to see the kinds of things I have seen on ground in terms of the necessary infrastructure, such as the road, the landing point of about 3 kilometers and the provision for workers and community.

    “Having said that, there is also the necessary infrastructure for the takeoff of LASUCO. So yes, progress has been made, and progress has to continue to be made. My understanding is that LASUCO is the largest green field factory by any of the majors; 10,000 tons of cane per day capacity at completion, so this factory has to be completed.

    “Part of my takeaway from this visit is that there is commitment on the part of the management of LASUCO and we need to work together to a completion date”.

    Prior to the facility inspection, Dr. Enoh, the Group Executive Director of BUA Group, Alhaji Kabiru Rabiu, Managing Director, BUA Foods Plc, Engr. Ayodele Abioye, and the accompanying delegation paid a courtesy visit to the Emir of Lafiagi, His Royal Highness, Alhaji Mohammed Kudu Kawu, at his palace.

    During the visit, Rabiu, announced that LASUCO will be the largest integrated sugar plant in Nigeria. In his remarks, he said, “What we are building here in Lafiagi will be the largest sugar mill, sugar plantation and sugar refinery in this country with a 10,000 tons of cane processing capacity per day.

    “We will be generating 35megawatts of electricity from bagasse, and process 20 million liters of industrial ethanol per annum. Yes, we have had some delays, but now, we have really gotten things on serious momentum, and we will continue with the plantation”.

    He expressed appreciation to the Emir and the Minister for their commitment and willingness to support BUA Foods and the Nigerian economy in general.

    The Emir expressed satisfaction with the commitment demonstrated by BUA Foods Plc on the LASUCO project and reiterated that Lafiagi, as a community, will continue to support the organisation, stating that “we are interested in the sugar masterplan to be operational, because we know what it can do for us”.

    NSDC Executive Secretary Kamar Bakrin also reaffirmed the Council’s commitment to working closely with BUA Foods Plc to ensure timely project delivery and long-term sector development, stating that “nobody has invested in a sugar factory as much as BUA Foods”.

    At the conclusion of the tour, BUA Foods Plc reiterated that construction activities at LASUCO will continue at an accelerated pace to ensure its successful completion, reinforcing the company’s long-term commitment to Nigeria’s sugar industry, agricultural development, and economic transformation.

  • Non-remittance: CBN gets Jan 19 to reconcile with Finance Ministry, FRC

    Non-remittance: CBN gets Jan 19 to reconcile with Finance Ministry, FRC

    The House of Representatives Committee on Public Accounts has given the Central Bank of Nigeria (CBN) till January 19, 2026 to conclude all ongoing reconciliation with the Ministry of Finance and the Fiscal Responsibility Commission (FRC) over alleged unremitted revenues into the Federal government Account.

    Chairman of the Committee, Bamidele Salam, gave the directives yesterday following a request by the CBN for more time to appear before the committee following a House resolution summoning the apex bank governor.

    Salam recalled a December 10 resolution of the House at plenary directing the CBN Governor to appear before the committee following a motion indicating the CBN governor of failure to honour several invitations.

    He said the investigation followed extensive correspondence between the National Assembly, the CBN, the Ministry of Finance and other relevant agencies over alleged violations of the 1999 Constitution and the Fiscal Responsibility Act.

     Salam said reports by the Fiscal Responsibility Commission, the Office of the Attorney-General of the Federation and a special audit by consultants allegedly showed that the CBN failed to remit about N5.2 trillion in operating surplus to the Consolidated Revenue Fund between 2015 and 2022.

    He added that other findings include alleged outstanding remittances of about N954.3 million following the transition to the Treasury Single Account (TSA), discrepancies of about N11.09 billion, another N2.686 trillion uncovered during the migration of Federal Government balances, as well as N521.7 million in Value Added Tax (VAT) on remittance transactions.

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    Salam said the CBN, in a letter dated Dec. 15, 2025, requested additional time to respond and appear before the committee, citing the volume of information required and an ongoing reconciliation exercise with the Ministry of Finance.

    Speaking on the reconciliation process, Minister of Finance and Coordinating Minister of the Economy, Wale Edun said federal government revenue was central to governance, budgeting and public investment.

     “Federal government revenue is a critical aspect of government operations, budgeting, financing and investment in public assets,” he said, adding that reconciliation between fiscal and monetary authorities was a continuous process but acknowledged the need for a clear framework and timeline.

    “We need clarity and accuracy in both fiscal and monetary management. That is where transparency and accountability are seen, and it is also what rating agencies look at in assessing our financial position,” he said.

    Edun also reaffirmed the government’s respect for the National Assembly and its oversight role.

    Chairman of the House Committee on Public Assets, Ademorin Kuye pleaded with the committee to allow the CBN additional time to appear, stressing that the reconciliation must be concluded within a defined timeframe.

    “We are concerned that the 2025 budget is based largely on expected revenues, and we do not want this issue to drag on unnecessarily,” Kuye said.

    He said the House was required to submit its findings to plenary before the end of January 2026 and therefore needed to ensure that all parties were properly heard.

    “The reconciliation should involve the Fiscal Responsibility Commission and the Office of the Auditor-General for the Federation. The CBN and the Ministry of Finance remain the principal parties,” he added.

    Representative of Fiscal Responsibility Commission, Charles Abeta acknowledged longstanding challenges in engagements between the Commission and the CBN, saying “the history of engagement between the Commission and the CBN has not always been smooth”

    He welcomed the opportunity provided by the committee to engage constructively on the matter and expressed the Commission’s readiness for dialogue.

    “We are very keen on having a sit-down with the CBN to address any outstanding issues relating to remittances and compliance,” he said.

    Abeta said the Commission’s effectiveness had previously been hampered by weak enforcement powers but noted that recent legal amendments had strengthened its mandate.

    “With the amendment to the Fiscal Responsibility Act through the Finance Act 2020, particularly the provisions empowering the Minister of Finance to enforce remittances directly from source, there is now a clearer enforcement window,” he said.

    He added that while the Commission had historically lacked the capacity to compel compliance from defaulting agencies, the revised legal framework now provided an opportunity for improved enforcement.

    “This reconciliation process gives the committee a basis to issue clear directives and ensure compliance going forward,” Abeta said.

    The committee subsequently fixed Jan. 19, 2026, as the deadline for submission of reconciliation reports and Jan. 26, 2026, for the personal appearance of the CBN Governor before the committee.

    Salam said the final hearing would hold on Monday, Jan. 26, 2026, at 10 a.m., after which the committee would present its findings and recommendations to the House plenary.

  • Cardoso woos global investors, pitches Nigeria’s reform agenda

    Cardoso woos global investors, pitches Nigeria’s reform agenda

    Amid heightened global economic uncertainty, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has pitched Nigeria as a disciplined and credible investment destination.

    He told international investors that the country is firmly committed to rules-based economic management, transparent markets and predictable policy frameworks.

    A statement from the CBN yesterday said Cardoso made the case for Nigeria on Monday, December 15, 2025, while engaging senior business leaders and institutional investors in Washington, D.C., at the U.S.–Nigeria Executive Business Roundtable, a high-level forum aimed at strengthening commercial ties and attracting long-term capital into the Nigerian economy.

    Addressing the gathering, the CBN governor said Nigeria’s economic reforms are deliberately structured to restore confidence and provide investors with clarity and certainty in an increasingly volatile global environment.

    He explained that the authorities are focused on creating a stable macroeconomic foundation that supports sustainable, private-sector-driven growth.

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    According to Cardoso, recent reforms in the foreign exchange market have been central to improving transparency and price discovery, while the adoption of orthodox monetary policy is helping to anchor expectations and contain macroeconomic risks.

    He added that ongoing reforms in the banking sector are strengthening resilience, governance and capital buffers, positioning the financial system to better support productive investment.

    Cardoso also pointed to the modernisation of the payments system as a critical component of Nigeria’s investment pitch, noting that efficient, secure and inclusive payment infrastructure is essential for business growth, innovation and financial inclusion.

    The U.S.–Nigeria Executive Business Roundtable was convened by the U.S. Chamber of Commerce’s U.S.-Africa Business Center and brought together American and Nigerian corporate executives, institutional investors and policymakers. Discussions focused on Nigeria’s macroeconomic stabilisation efforts, regulatory clarity and opportunities to scale bankable projects across priority sectors of the economy.

    The forum provided an opportunity for Nigerian policymakers to engage directly with potential investors on areas such as infrastructure, energy, financial services, agriculture and technology, while addressing concerns around policy consistency and the investment climate.

    Reacting to the discussions, the President of the U.S.-Africa Business Center at the U.S. Chamber of Commerce, Ms. Kendra Gaither, said global investors are increasingly drawn to markets that demonstrate discipline and credibility.

    “What investors are responding to today is clarity, clear rules, credible reforms, and a seriousness of purpose. Nigeria’s message is increasingly one of discipline and opportunity, and that matters in a global economy seeking actively for stability and predictability,” Gaither said.

  • N577b paid to retirees, contributors, says PenCom

    N577b paid to retirees, contributors, says PenCom

    The National Pension Commission (PenCom) has paid out over N577.26 billion to retirees and pension contributors, following the Federal Government’s unprecedented intervention to clear long-standing pension liabilities.

    The Director-General of PenCom, Ms. Omolola Oloworaran, made this known while addressing journalists at the “2025 Pension Revolution Summit – A 365 Days Scorecard,” where she presented an account of reforms, payouts and structural changes recorded by the Commission over the past year.

    Oloworaran said the Federal Government approved and released N758 billion to settle outstanding pension liabilities, describing the development as one of the most historic milestones in the pension industry.

    According to her, the funds were realised through the bond market and deployed to address pension increases, accrued rights and other legacy obligations.

    “The National Pension Commission has paid out N362,742,954,000 to about 194,000 retirees from the N758 billion realised,” she said. “The major tranche of this was N387 billion for pension increases. Out of this amount, we have paid N362,742,954,000, leaving a balance of about N24.7 billion, which we are processing.”

    She explained that the disbursement had a significant impact across the public sector, with a notable portion paid to security personnel. A director of the Commission added that “out of the N362 billion paid out, 32 per cent, amounting to N132 billion, was paid to the Nigeria Police.”

    Oloworaran further disclosed that the Commission has commenced payments under the minimum pension guarantee framework, describing it as the Federal Government’s contribution toward protecting retirees on the lower end of the income scale.

    “We are coming out with the minimum pension guarantee. This is just a share of the Federal Government in paying the subvention for the minimum pension guarantee, and this is also being disbursed,” she said.

    She added that PenCom has also remitted N107 billion to cover the Federal Government’s outstanding 2.5 per cent pension contributions for a five-year period, after noting that the government did not make those contributions between 2017 and 2021.

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    “This went directly to the addresses of 750,223 individual retirement savings accounts,” Oloworaran said, adding that payments to professors under approved pension enhancements were also ongoing in batches.

    According to her, the cumulative effect of all the disbursements shows that a total of N577,264,960,890.43 has been credited directly to the accounts of pension retirees and contributors, impacting more than 1.05 million retirement savings accounts nationwide.

    Speaking on the significance of the intervention, Oloworaran said the Presidential approval and release of N758 billion sent a strong message about the country’s commitment to its workforce. “This unprecedented intervention set a clear and powerful signal that Nigeria honours its promises to its workers and retirees. We have the talk and we do the precedent,” she said.

    She also said PenCom introduced Pension Post 1.0 earlier in the year to improve benefit adequacy, noting that the initiative has already added N2.6 billion to monthly pension payments for retirees under the Contributory Pension Scheme since June.

    “These are not just numbers,” she said. “They are meals on tables, medicine bought, debts settled, and dignity preserved.”

    On technology-driven reforms, Oloworaran said the Commission has automated several previously manual processes, including pension payroll certification. “The process is now automated, and there is a significant upgrade coming,” she said, adding that benefit processing and contribution maintenance platforms have also been upgraded through a system known as COBRA, which she said is now live and operational.

    She disclosed that PenCom inaugurated the Board of Trustees of the Pension Healthcare Initiative, known as PENCARE, describing it as a landmark intervention to provide affordable and accessible healthcare for low-income retirees.

    “Retirement should be a season of peace, not a period defined by anxiety over medical bills,” she said, thanking industry stakeholders for supporting the initiative.

    Oloworaran also announced the establishment of the Pension Industry Leadership Council, a platform designed to foster collaboration, accountability and innovation across the sector.

    She said another major reform was the restructuring of the micro-pension plan into the Personal Pension Plan, aimed at expanding coverage among informal sector workers such as artisans, traders, gig workers and creatives.

    “Under the Personal Pension Plan, onboarding is completely simplified. I believe you only need your name and a verifiable identity to onboard,” she said.

    She disclosed that PenCom has expanded digital enrolment and introduced accredited pension agents, adding that approval in principle has already been granted to one agent Awabah, with another in progress. According to her, the initiative is also designed to create employment opportunities for young Nigerians.

    “Accredited pension agents are not merely a distribution channel. They are also an employment strategy,” Oloworaran said.

    On regulation, she said the Commission deliberately raised capital requirements for pension operators to strengthen the industry. “This was not punitive. It was purposeful. Stronger capital means stronger institutions,” she said.

    She added that governance rules were also tightened to eliminate shadow directorships. “Pensions cannot be managed from the shadows. Transparency, accountability, and fit-and-proper leadership are not negotiable,” she said.

    Oloworaran said a compliance circular issued in the second quarter of the year, which linked pension clearance certificates to participation in pension-related transactions, has already changed behaviour across the system.

    “If you don’t have a pension clearance certificate, you can’t do business with PFAs, custodians or even transact with the largest banks,” she said.

    According to her, pension recoveries rose sharply following the directive. “From January to November this year, total pension recoveries reached N4.04 billion, compared to N1.44 billion for the whole of 2024. That is an increase of about 180 per cent,” she said, adding that N2.06 billion was recovered in the third quarter of 2025 alone.

    She said the surge in recoveries and clearance certificate issuance shows that compliance improves when enforcement carries real economic consequences. “This clearly demonstrates that when compliance is tied to real consequences, behaviour changes,” Oloworaran said.

  • Schneider Electric commits to SDGs

    Schneider Electric commits to SDGs

    Energy technology company, Schneider Electric has restated its commitment to working with the relevant authorities in Nigeria to advance the United Nations (UN) Sustainable Development Goals (SDGs), particularly in the areas of quality education and decent work and economic growth.

    Country President, Schneider Electric, West Africa, Ajibola Akindele, reaffirmed the company’s dedication to expanding learning opportunities when the company unveiled a multimodal centre at the Federal Polytechnic of Oil and Gas, Bonny Island, Rivers State, designed to ease commuting challenges and provide students with convenient access to examination facilities.

    The centre represents Schneider Electric’s proactive response to a critical educational need in Nigeria and underscores the company’s commitment to SDGs.

    “At Schneider Electric, access to education is one of our top priorities because no child should be left behind. As a global energy technology leader driving efficiency and sustainability across industries, businesses, and homes, we wanted to bring that same spirit to Bonny Island. What began as a JAMB centre has grown into a multi-testing facility, providing students with convenient access to examination facilities and creating meaningful opportunities for the community. At Schneider Electric, we are committed to making a lasting impact,” Akindele said.

    The initiative further strengthens Schneider Electric’s 25-year legacy of partnership, innovation, and sustainable development in the country. By providing access to essential testing and training facilities, the centre empowers young people in Bonny Island and supports pathways to education, skills development, and employment.

    Expressing gratitude on behalf of the community, Se Alabo Abel Adafe Attoni, Community Leader, Bonny Island, highlighted how the centre eliminates costly and time-consuming travel to Port Harcourt, as well as the security risks associated with such journeys. “The benefits cannot be quantified. Presently, travelling from Bonny by sea costs around twenty thousand naira excluding accommodation. For families, this centre has brought peace of mind. We are grateful to Schneider

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    Electric for taking up this initiative and to his majesty the king for ensuring this community responsibility was fulfilled. This centre sets us above most communities in Rivers State,” he said.

    Marketing Manager, Schneider Electric West Africa, Omobolanle Omotayo, spoke on the challenges students face and how the centre helps address them.

    “Students have multiple challenges, and we have solved one of them by creating the multimodal centre. For every level of education, you must be tested, and it is easy for students to hit a roadblock and give up. With this facility, they can write their tests and exams conveniently and progress to other institutions. We aim to inspire, and we hope this centre shows them what is possible,” she explained.

    Acting Rector, Federal Polytechnic of Oil and Gas, Bonny, Dr Akos Noel Ibrahim, described the centre as a catalyst for improving the quality of training in the polytechnic.

     “This centre elevates the standard of teaching by helping our students and staff stay current with industry trends. With the internet facilities, we can install study packages and other resources that give our students the leverage to compete globally. Through this centre, we are already receiving partnership requests from examination bodies to further strengthen the polytechnic,” he said.

    On energy stability at the facility, Ajibola added: “The power infrastructure is being provided largely by NLNG, and for us, it is ensuring uninterrupted energy supply. Schneider Electric has provided a backup system to guarantee consistent electricity.”

    Schneider Electric continues to demonstrate that true innovation goes beyond products and technologies to include co-creating sustainable, community focused solutions that shape brighter futures.

    The company said it is driving efficiency and sustainability by electrifying, automating, and digitalizing industries, businesses, and homes. Its technologies enable buildings, data centers, factories, infrastructure, and grids to operate as open, interconnected ecosystems, enhancing performance, resilience, and sustainability. The portfolio includes intelligent devices, software-defined architectures, AI-powered systems, digital services, and expert advisory. With 160,000 employees and 1 million partners in over 100 countries, Schneider Electric is consistently ranked among the world’s most sustainable companies.

  • Ethics, integrity vital in PPP

    Ethics, integrity vital in PPP

    Public-Private Partnerships (PPPs) has been identified as a vital mechanism for bridging the infrastructure and service delivery gap, yet experts emphasised  that their success relies less on financial modeling and more on a fundamental bedrock of ethics.

    Without a strict adherence to transparency and procurement best practices, the experts noted that  such y vehicles designed to deliver innovation and value for money risk  could become liabilities rather than assets.

    It was one of the highlights of the 2025 National Mandatory Continuous Professional Development (MCPD) seminar of the Nigerian Institution of Estate Surveyors and Valuers (NIESV)  held in Lagos.

    At the heart of the discourse is the recognition that corruptly procured PPPs represent a significant failure in governance.

    The MCPD  themed “Infrastructure Concession Regulatory Commission (ICRC) Act: A Strategic Overview of the New Public Private Partnership Framework  (PPP)and Role of Estate Surveyors and Valuers in National Infrastructure Transformation was an avenue for professionals, especially estate Surveyors to showcase  their professional embodiments.

    A Speaker, Dr. Samson Agbator said the country is entering an era where infrastructure will dominate the national development agenda, and professionals must build the capacity needed to participate effectively.

    He noted that PPPs will drive major capital investments, valuation standards will determine financing, and feasibility studies will influence project selection.

    “The ICRC Act 2005 represented a bold step in Nigeria’s infrastructure journey. Opportunities before estate surveyors and valuers are unprecedented. This shift from regulation to realisation is a professional mandate. The estate surveyor and valuer are indispensable; this is our moment to rise, innovate and redefine our relevance,” he said.

    He urged professionals to strengthen technical skills, deepen financial literacy and adopt multi-disciplinary approaches. He highlighted opportunities emerging from the Senate’s recent approval of $22 billion in external loans for key infrastructure, the government’s target of raising infrastructure stock to 70 per cent of GDP by 2043, and the nation’s projected population growth to 400 million by 2050, all of which signal increased activity in the infrastructure sector.        

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    He also stated that the nation is moving into an era where infrastructure will dominate national development as PPPs will shape major capital investments while valuation standards will influence financing; feasibility studies drive projects and secure investors’ confidence.

    He encouraged his colleagues that it’s a moment to rise, to innovate, to expand, and to redefine our relevance. Let us step boldly into this new frontier and contribute meaningfully to Nigeria’s infrastructure transformation.

    With Nigeria’s infrastructure deficit projected to reach $878 billion by 2040, experts urged real estate professionals to take advantage of emerging opportunities within the PPP framework to help reshape the country’s infrastructure landscape.

    Key provisions of the revised ICRC Act allow Federal Government ministries, departments and agencies (MDAs) to partner with the private sector on viable infrastructure projects, subject to competitive bidding. The ICRC retains custody of PPP agreements, issues guidelines and oversees contract implementation.

    Under the 2025 reforms, projects valued above N20 billion require Federal Executive Council (FEC) approval, while those below the threshold may be approved by the supervising ministry or agency. Projects that involve multiple MDAs automatically require FEC approval to accelerate decision-making and delivery.

    NIESV President, Victor Alonge, said estate surveyors and valuers have a pivotal role to play in realising the objectives of the ICRC Act, particularly as the 2025 Nigerian Insurance Industry Reform Act mandates professional valuations for insurance coverage.

    “As determinants of premiums, reinstatement costs, indemnity values and risk exposure, our expertise is required. To remain ahead of the curve, professionals must keep investing in capacity building,” he said. He also urged practitioners to uphold integrity and maintain public trust.

    He stressed the place of ethics and integrity for professionalism to thrive. He urged the new entrants to shun anything that will dent their track record as professionals.

    Ayo Oladapo, stressed that the ICRC Act and its regulations form a comprehensive federal-level framework for implementing PPPs. He described the law as a critical instrument for mobilising private capital to address the nation’s multibillion-dollar infrastructure deficit.

    He recommended stronger collaboration between the Federal Government, ICRC and state governments to harmonise PPP laws and frameworks. He also urged practitioners to embrace technology, international best practices and specialised skills, including green building valuation and mineral resource valuation.

    Oladapo advised estate surveyors and valuers to utilise special purpose vehicles (SPVs) to provide clearer guidance to government and public-sector institutions on PPP execution.

    Also, Chairman of the National MCPD Committee, Fatima Olowookure, encouraged practitioners to embrace lifelong learning to remain competitive in a rapidly evolving professional environment.