The Nation Newspaper

Author: The Nation

  • ITF DG reiterates plans to equip technical workforce

    ITF DG reiterates plans to equip technical workforce

    The Industrial Training Fund (ITF) has reiterated its plans to equip technicians, an initiative the Fund said is in line with the Federal Government’s Renewed Hope Agenda.

    ITF’s Director General, Dr  Afiz Ogun,  made this known during a visit to the Lanre Shittu Motor (LSM) Assembly plant in Amuwo Odofin, Lagos. He reaffirmed the Fund’s commitment to national development through skills acquisition, adding that beyond employment, the organisation is finalising a business incubation structure aimed at supporting entrepreneurship, providing a pathway for trainees to establish their own businesses after completing the programme.

    Ogun said its Skills Upgrading and Professional Advancement (SUPA) programme, introduced by President Bola Ahmed Tinubu’s administration, aims to enhance workforce capacity by equipping participants with industry-relevant skills.

    According to him, thousands of artisans have benefited from SUPA across sectors, including electrical installation, plumbing, tiling, ICT, fashion design, and project.

    “SUPA goes beyond just providing you with a starter pack. We discovered that giving a starter pack is not enough. At the end of it, it’s like back to square one.

     “The programme focuses on retraining, retooling, and certifying Nigerian artisans to meet international standards, enabling them to compete both locally and globally,” Ogun added.

    Read Also: FG, NSITF backs sweeping social security reforms

    Ogun said to improve the quality of training and empowerment, ITF is collaborating with stakeholders such as LSM, to procure training tools in bulk, ensuring participants have access to modern, industry-standard equipment.

    On the LSM’s deal with ITF, Ogun commended the company for the training put together by the LSM.

    Ogun, who commended the management of LSM for their dedication and collaboration, said ITF is ready to further collaborate with LSM to achieve a further fit.

    “We are very satisfied with what we have seen here  so far. Kudos to Lanre Shittu Assembly Plant. This collaboration reflects ITF’s commitment to bridging Nigeria’s skills gap and fostering economic development by preparing a workforce that meets the demands of various industries.

    Managing Director/CEO, LSM, Taiwo Shittu, who commended President Bola Tinubu for the various initiatives that had energised the auto industry, said the company remained committed to facilitating the growth of the auto industry by collaborating with the ITF in training technicians and providing them with modern tools.

    He said the company has contributed a lot to the economy, especially when it comes to manpower, training and empowerment of artisans, workforce technicians.

    “We have established three training centres in three states for technicians who have passion for automotive development. We equiped the centres with modern facilities and they are well trained for a certain period.

    “After the training, we send them to our customers across the country to service them. We ask them to be employed, accommodated and paid well,” Shittu said.

    He said the deal with the ITF is a great achievement for LSM, adding that this is something that LSM has been longing for.  He expressed gratitude to the ITF for the support and for giving hope to the automotive industry.

  • Alternative Bank expands footprint

    Alternative Bank expands footprint

    The Alternative Bank (AltBank) has expanded its non-interest banking footprint with the opening of a new branch in Effurun, Delta State, strengthening its presence across the Edo/Delta corridor.

    The branch is expected to serve individuals, businesses, and community organisations seeking banking solutions outside the conventional interest-based system, particularly in a region known for vibrant commercial activity and a large informal economy.

    Speaking at the inauguration, Chukwuemeka Agada, Divisional Head (South) of AltBank, said the decision to establish the branch demonstrates the institution’s commitment to deepening collaboration with communities in and around Warri.

    Read Also: The Alternative Bank, Plateau unite to transform livestock sector

    “By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta,” he said, adding that the Bank intends to tailor its services to meet the needs of traders, SMEs, and the growing population of young professionals.

    The launch attracted traditional and government representatives, including His Royal Majesty Emmanuel Ekemejewa Sideso Abe I, the Ovie of Uvwie Kingdom; the Chairman of Uvwie Local Government, represented by the Vice-Chairman, Hon. Andrew Agagbo; and officials from the Delta State Government, an indication of strong local interest in the bank’s arrival and the broader drive to improve financial access in the state.

    Delivering remarks on behalf of the Ovie, Chief Samuel Eshenake urged the Bank to ensure its presence contributes meaningfully to community development, particularly in the areas of employment and economic empowerment.

    Responding, Regional Head, Edo/Delta, Akanni Owolabi,  reaffirmed AltBank’s commitment to sustained collaboration with stakeholders.

    “We see this branch as a catalyst for creating opportunities and supporting the growth of local businesses,” he said.

    AltBank operates on non-interest banking principles rooted in Islamic finance, an approach anchored in asset-backed transactions and risk-sharing mechanisms.

    With the Effurun branch now open, residents and businesses in neighbouring communities can now access products and services designed specifically around this financial model.

  • CBN raises interest on TBs above inflation rate

    CBN raises interest on TBs above inflation rate

    The spot rate on Nigerian Treasury Bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury Bills with one-year maturity has now surpassed Nigeria’s 16.05 per cent inflation by 145 basis points following a recent decision to keep the policy rate at 27 per cent.

    The Apex Bank came to the primary market with N700 billion Treasury Bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.

    Read Also: CBN removes deposit limits, raises withdrawal thresholds

    Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90 per cent of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.

    The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30 per cent, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50 per cent , the same as the previous auction.

    Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50 per cent , up from 16.04 per cent at the previous auction.

  • UBA, Lions Group, Wakanow partner on ‘Detty Side’ campaign

    UBA, Lions Group, Wakanow partner on ‘Detty Side’ campaign

    United Bank for Africa (UBA), has announced a strategic partnership with the Lions Group, a leading entertainment and lifestyle company, targeted at delivering exclusive benefits to customers and Nigerians as part of the highly anticipated ‘Welcome to the Detty Side’ festive campaign.

    This collaboration which will offer premium entertainment experiences throughout the festive season, is designed to provide unrivalled value to customers and visitors coming in from overseas.

    Both UBA customers and intending clients can seamlessly access all offers by simply obtaining the UBA Red Pass, which serves as the official access card for the entire Detty Side campaign.

    Speaking during the signing of the Memorandum of Understanding (MoU), Group Head, Marketing & Corporate Communications, Alero Ladipo, emphasised the bank’s commitment towards rewarding its customers with unique and memorable experiences, noting that UBA is always seeking innovative ways to add unequalled value to our customers at all times, especially during key moments of celebration like the festive season.

    She continued: “Our partnership with the prestigious Lions Group allows us give them premium value at a time most needed, by granting our customers, and would-be customers exclusive access to some of the most sought-after beach destinations and concerts in Lagos. The UBA Red Pass is your key to unlocking a truly memorable ‘Detty December for all’, and we are excited to offer these fantastic discounts plus cashback rewards.”

    Vice President, Strategy and Growth, Lions Group Africa, Adebayo Abe,  said: “At Lions Group, we are relentlessly committed to deepening value for our customers, through innovative and secure digital payment solutions that guarantee unmatched satisfaction for Nigerians particularly during this yuletide when Nigerians in diaspora are looking to have an unforgettable Detty December experience when they return. With UBA, we did not need to look far as we found in them the best suited partner to achieve our goals, especially with the Red Pass.

    Read Also: UBA Group ushers in 2025 Yuletide, lights up Lagos Marina

    Continuing, Abe said: “UBA Red Pass is a sure win for us, imbued with  endless possibilities that will help connect all seamlessly, by granting our customers, exclusive access to some of the best destinations and concerts in Lagos. we are excited to offer these fantastic discounts plus cashback rewards.”

    The partnership with Lions Group and Wakanow offers major benefits for UBA Red Pass holders that include, a 25% discount on access fees to Lions Group’s premium beach destinations, including Wave Beach, Kyma Beach, and Athena Beach plus 5% cashback on purchases of concert tickets for major December shows such as Kizz Daniel Live, Fireboy Live, Dance With Poco Lee, and other Lions Group events, when tickets are bought via the Detty Side website.

    Also speaking, Vice President, Wakanow, Gbolahan Salami, added that the partnership with a dependable bank like UBA is one that we are excited about as it will create an effective medium where we are able to reach a greater number of people and serve them seamlessly. “Our commitment without a doubt is to reward and pamper customers as well as ensure that they are treated to an invaluable experience inclusive of great deals during this period.

    This initiative reinforces UBA’s dedication to deepening customer engagement and leading the market in providing innovative, lifestyle-enhancing solutions.

  • CITN: Tax reforms to boost compliance, tax base

    CITN: Tax reforms to boost compliance, tax base

    The Chartered Institute of Taxation of Nigeria (CITN) has said that the ongoing tax reforms will lift citizen’s standard of living, expand the tax base and boost compliance with tax regulations. CITN President and Chairman of Council, Innocent Ohagwa disclosed this at the institute’s 53rd induction ceremony.

    He explained that while the detailed accreditation framework would be formally issued by the relevant authorities, its role remained clear under the new Act.

    He said the CITN will continue to regulate the taxation practice, set professional standards, maintain registers of members, and enforce discipline among its members.

    To this new development, he said the CITN has raised the bar of competence and ethical standards that every member, particularly practitioners, must strive to meet.

    The CITN boss called on the new members to devote their time to reading and understanding the current tax laws, remain relevant and continually invest in knowledge and build capacity.

    Read Also: Tinubu establishes national tax policy implementation committee to drive new law execution

    Special Guest of Honour and Managing Consultant, CSDC Consulting Limited, Dr Oladeji Akinyele, spoke on ‘Building a New Generation of Ethical and Innovative Tax Professionals’.

    He disclosed that the next decade redefines tax professionals as policy influencers and nation-builders.

    He urged the newly inducted members to be tech-savvy, policy-minded, ethically-grounded, and socially conscious.

    Using the four quotients of intelligence, emotional, social and adversity quotient as thriving for astute professionals, Akinyele said: “Let your IQ make you credible, your EQ make you humane, your SQ make you visible and your AQ make you unstoppable,” he said.

  • Economic outlook for2026 positive, says CBN

    Economic outlook for2026 positive, says CBN

    • Senate commends apex bank on inflation

    The Governor, Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, yesterday gave a detailed report on the macroeconomic performance of the second half of 2025 and the outlook for 2026, affirming that Nigeria’s economic recovery is firm and broad-based, declaring that “the outlook for 2026 is positive.”

    Cardoso said despite global headwinds, ranging from geopolitical tensions to fluctuations in oil prices, Nigeria has “consolidated macroeconomic stability, strengthened financial markets, and improved monetary policy effectiveness.”

    He made the disclosure yesterday during the second statutory engagement of the year between the Senate Committee on Banking, Insurance and Other Financial Institutions and the apex bank, in Abuja.

    According to the CBN Governor, the Bank’s inflation-targeting transition, tighter monetary stance and FX market reforms have restored credibility to monetary policy.

    For instance, he noted that the real GDP grew by 3.98 per cent in the third quarter of 2025, driven by crop production, ICT, real estate and financial services, while the Purchasing Managers’ Index reached 56.4 points in November, its highest level in five years, indicating stronger output growth.

    On inflation, Cardoso reported that headline inflation has fallen for seven consecutive months, down from 34.6 per cent in November 2024 to 16.05 per cent in October 2025, the lowest in three years.

    Read Also: CBN redesigns credit-risk policy to protect N4.14tr new capital

    Food inflation, he said, has also dropped significantly to 13.12 per cent, easing pressure on household consumption and business operations.

    The Governor emphasised that the benefits of the CBN’s reforms are most evident in the foreign exchange market, where stability has returned and arbitrage opportunities have largely disappeared.

    He said the gap between the official and parallel market rates has narrowed to under 2 per cent, compared to over 60 per cent a year ago.

    “As of November 26, the naira traded at N1,442.92/$ at the Nigerian Foreign Exchange Market, an improvement from the first-half average.

    “Foreign reserves have surged to $46.7 billion, the highest in almost seven years, while diaspora remittances have risen by 66.7 per cent to about $600 million per month,” he said.

    Perhaps the most significant achievement, he noted, was the clearance of the $7 billion FX backlog, which has restored investor confidence and catalysed foreign capital inflows.

    Nigeria recorded $20.98 billion in capital inflows in the first 10 months of 2025—a 70 per cent increase over the entire 2024 figure and a 428 per cent jump from 2023.

    Cardoso also confirmed strong gains in the external sector, including an 85 per cent improvement in the current account balance and a dramatic narrowing of the balance of payments deficit by over 90 per cent in Q2 2025.

    On the financial system, he said the banking recapitalisation programme is “firmly on track,” with 27 banks raising capital and 16 already meeting or exceeding the new thresholds ahead of the March 31, 2026 deadline. The stock market, he added, has surged by 19 per cent between June and November due to renewed investor confidence.

    He also highlighted advances in digital finance, including the extension of the Payment System Vision Roadmap to 2028, the rollout of over 12 million contactless cards, expansion of the regulatory sandbox to 40 fintechs, and progress in interoperability and cybersecurity.

    He projected further moderation in inflation, sustained exchange-rate stability, stronger banking-sector resilience, and continued reforms to bolster payment infrastructure, liquidity management, and prudential oversight.

    The CBN, he assured the Senate, will remain vigilant amid global uncertainties but is confident that Nigeria’s strengthened economic foundations will mitigate risks and sustain recovery.

    With both arms of government aligned on economic direction, the Senate expressed optimism that the reforms will deliver lasting stability, growth, and improved living standards for Nigerians.

    In similar vein, the Senate, at the same sitting, commended the apex bank for what it described as a remarkable turnaround in key macroeconomic indicators, including sustained disinflation, exchange rate stability, rising external reserves and renewed investor confidence. Lawmakers also welcomed the Bank’s positive projections for 2026, noting that Nigeria’s economic fundamentals have strengthened significantly under ongoing monetary and structural reforms.

    Chairman of the Committee, Senator Mukhail Abiru, in his opening remarks, before the meeting went into closed door, said recent economic data show that the CBN’s reforms are yielding tangible results, with inflation declining steadily from its peak and the naira maintaining stability across markets.

    Abiru praised the CBN for steering inflation down to about 16 per cent as of October 2025, a sharp drop from the pressures of the past two years.

    He said the stability in the foreign exchange market, convergence of rates, and improved liquidity have strengthened business planning and boosted investor confidence.

    He also highlighted the steady growth in external reserves, now above $46.7 billion, which he said provides “stronger buffers against external shocks and reinforces Nigeria’s creditworthiness.”

    The Senator further commended the apex bank for its role in securing improved sovereign ratings from global agencies Fitch and S&P.

    On monetary policy, Abiru noted the CBN’s decision to retain the Monetary Policy Rate (MPR) at 27 per cent while adjusting the standing facility corridor, saying it reflects a delicate balance between anchoring inflation expectations and supporting credit expansion.

    But the Committee Chairman also raised issues requiring clarification, including the 2026 timeline for banking sector recapitalisation, the clearing of outstanding FX forwards, and lingering concerns about mutilated naira notes, excessive bank charges, cyber risks in the digital finance space, and the controversial Auditor-General’s report on unremitted operating surplus allegedly involving N1.44 trillion.

  • Fed Govt begins payment of N185b gas legacy debts

    Fed Govt begins payment of N185b gas legacy debts

    • Expect improved power sector gas supply, Ekpo assures

    The Federal Government has begun the settlement of N185 billion in long-standing debts owed to natural gas producers. This is to guarantee steady gas supply to the power stations.

    The move, endorsed yesterday by the National Economic Council (NEC) headed by Vice President Kashim Shettima, marked one of the most significant interventions in Nigeria’s energy sector in recent years.

    The N185 billion legacy debts, longstanding government obligations to gas producers for past supplies, have strained cash flow and hindered operations, discouraged further exploration and production and reduced gas supply for power generation, thereby worsening Nigeria’s power shortages and unreliable electricity supply.

    The payment, to be executed through a royalty-offset arrangement, is expected to restore confidence among domestic and international gas suppliers who have long expressed concern about persistent indebtedness in the sector.

    The Minister of State Petroleum Resources (Gas), Dr. Ekperikpe Ekpo, described the approval as a “decisive step towards revitalising the country’s gas sector and strengthening its power-generation capacity in a sustainable manner.”

    Read Also: Man City snatch a crucial last-gasp win

    He praised President Bola Tinubu’s leadership, noting that the intervention aligns with the Decade of Gas initiative, which aims to unlock more than 12 billion cubic feet per day (bcf/d) of gas supply by 2030.

    In a statement by the Spokesman for the Minister of State Petroleum Resources (Gas), Louis Ibah, the minister said clearing the arrears will deliver wide-ranging benefits, beginning with restoring investor confidence in the sector.

    According to him, settling the debts is crucial to rebuilding trust between the government and gas producers, many of whom have withheld or slowed new investments due to uncertainty over payments.

    Ekpo explained that improved financial stability will help revive upstream activity by accelerating exploration and production, ultimately boosting Nigeria’s gas output. Increased gas supply, he added, would also boost power generation and ease the long-standing electricity shortages that continue to hinder businesses across the country.

    The gas minister noted that these gains are expected to stimulate broader economic growth, as reliable energy underpins industrialisation, job creation and competitiveness. He added that better fiscal discipline and enhanced transparency across the sector will further attract fresh investment from both local and foreign players.

    Coordinating Director of the Decade of Gas Secretariat, Ed Ubong, said the approved plan to clear gas-to-power debts sends a powerful signal of commitment from President Tinubu to address structural weaknesses across the value chain.

    “This decision underlines the Federal Government’s determination to clear legacy liabilities and give gas producers the confidence that supplies to power generation will be honoured. It could unlock stalled projects, revive investor interest and rebuild momentum behind Nigeria’s transition to a gas-driven economy,” said Ubong.

  • Lagos innovation, tech ecosystem valued at $15.3b

    Lagos innovation, tech ecosystem valued at $15.3b

    The Lagos State Commissioner for Innovation, Science and Technology, Mr. Olatunbosun Alake, yesterday, said the innovation and technology ecosystem in the state is currently valued at about $15.3 billion.

    He said, for instance that Lagos State accounts for 80 – 90 per cent of the almost 2, 000 tech startups recorded between 2024 and 2025, making Lagos, the Centre of Excellence, the largest startup concentration in Africa.

    Speaking in Lagos, yesterday, during the unveiling of the 7th edition of the Art of Technology (AOT 7.0) Lagos, with the theme, ‘Future Technologies and a Sustainable Lagos,’ the Commissioner also said between 2019 and 2024, Lagos-based tech startups attracted about $6 billion in funding.

    Alake said the over $6 billion in funding represented more than 70 per cent of Nigeria’s total tech investment, cementing Lagos as a state experiencing a renaissance in the Information Technology (IT) and innovation space in the past couple of years.

    Read Also: Lagos advances economic planning transition at 2025 Roundtable

    Held at Landmark Event Centre, Lagos, AOT Lagos 7.0   is a convergence point for innovators, creators, and visionaries; a dynamic space where ideas are co=created, and the future is shaped.

    Alake explained that AOT Lagos is a platform to bring together all the stakeholders in the innovation and technology ecosystem, including founders, developers, entrepreneurs, tech enthusiasts, policymakers, inventors, financiers, government officials etc.

    The Commissioner said AOT Lagos has over the past six years become the benchmark for technology-led innovation in the state, bringing together government, industry leaders, investors, and innovators to shape a smarter, more competitive Lagos.

    He stated that each edition of the platform explored a rich array of diverse topics. “From unveiling the Lagos Innovation and Technology Master Plan at AOT 1.0 to exploring the impact of Artificial Intelligence at AOT 6.0, the conference has consistently advanced Lagos’ digital transformation agenda,” he said.

    He said while AOT 2.0 launched Startup Lagos and Eko OpenSource, strengthening private sector collaboration and providing vital insights into the local tech ecosystem, AOT 3.0 focused on improving the investment climate by addressing funding gaps and enabling policies to attract global technology capital.

    AOT 4.0 rolled out the Talent Acceleration Masterplan to expand the pool of skilled tech talent needed to power Lagos’s digital economy; the fifth edition of the conference was on “The Creative Economy and a Digital Lagos,” celebrating innovators and ecosystem contributors through the AOT Ecosystem Awards and showcasing the fusion of creativity and technology.

    The Commissioner, however, explained that AOT Lagos 7.0: Future Technologies and a Sustainable Lagos will examine how emerging technologies such as AI, blockchain, IoT, smart mobility and clean energy can drive a sustainable, climate-resilient Lagos.

    “Aligned with ongoing climate and innovation commitments, AOT 7.0 will explore solutions including smart grids, digital infrastructure and data-driven urban planning to accelerate inclusive growth and ensure the city’s rapid innovation supports long-term sustainability,” he stated.

    Deputy Governor of Lagos State, Dr. Kadri Obafemi Hamzat, said the theme of this year’s Art of Technology Conference “speaks directly to the State Government’s mission of building a mega-city that is digital, resilient, inclusive, and globally competitive.”

    He said Lagos has been adjudged as the fastest-rising innovation center on the planet, describing the feat as “a testament to the bold collaborative agenda between private and public stakeholders within the ecosystem.”

    The Deputy Governor, however, said with continuous investment in infrastructure and enablement programmes, the Lagos State Government seeks to increase the contribution of technology and innovation to the state’s Gross Domestic Product (GDP).

    The Lagos State Government is seeking a 100 per cent increase in the share of IT and innovation’s contribution to the state’s economy by 2030. “We want to increase the share of Lagos’ economy today that IT serves by 100 per cent,” Alake said.

    Dr. Hamzat confirmed this much, noting that “the state is making deliberate, measurable, and bold investments to strengthen its digital path. According to him, “we see technology not just as an enabler; we see it as the foundation for sustainable growth, efficient governance, and a resilient future.”

    He said as part of accelerating the innovation ecosystem, funding talents, and research, the State Government, through the Lagos State Science, Research, and Innovation Council, has committed almost N2 billion to food innovators, researchers, and startups.

    According to him, more than 75 startups across fintech, agritech, construction tech, air tech, and climate tech, have received various supports and grants. “Lagos is now the number one sovereign funder of research and development in our country. This pipeline of ideas and talent is the engine of our long-term competitiveness,” Dr. Hamzat stated.

    He also announced that the Lagos Innovation Bill, a pioneering legislative framework designed to be the most transformative innovation law on our continent, has reached an advanced stage.

    When passed into law, the Deputy Governor said it will institutionalize innovation as a core part of the social economy strategy of Lagos State. “It will strengthen intellectual property protection, expand access to funding for startups and researchers, deepen collaboration among governments, academia, industry, and innovators,” he added.

    He further stated that the law will provide a stable, forward-looking foundation for the next decade of technology growth.

    One of the major highlights of this year’s AOT Lagos was a Fireside Chat featuring the State Commissioner for Innovation, Alake, and Sara Sabry, the first African woman astronaut, engineer, entrepreneur, and influential advocate for expanding global access to space and science.

    Sara, who is CEO & Founder, Deep Space Initiative (DSI), made history as the first Egyptian astronaut and the first Arab and African woman to travel to space, emerging from a competitive pool of over 4,000 applicants through the world’s first Citizen Astronaut Program by Space for Humanity.

    There were also breakout sessions, visit of exhibition pavilions as well as the Gala Night Awards, a grand celebration of ingenuity, excellence, and transformative technology.

  • ‘33% of Nigeria’s soil faces severe degradation’

    ‘33% of Nigeria’s soil faces severe degradation’

    The Federal Government has expressed concern over Nigeria’s worsening soil health crisis, revealing that at least 33 per cent of the nation’s soil is already degraded, posing a major threat to food production, climate resilience and environmental sustainability.

    Minister of State for Agriculture and Food Security, Dr. Aliyu Sabi, made this known yesterday  in Abuja during the 2025 World Soil Day celebration. He described healthy soil as the backbone of the country’s food sovereignty and a critical resource now under severe pressure.

    He stressed the urgency of adopting scientific and sustainable land management practices to halt further deterioration.

    Sabi noted that climate change, population growth and poor farming practices have compounded the crisis, making it imperative for Nigeria to adopt conservation agriculture, crop rotation, agroforestry and reduced tillage.

    Highlighting government interventions, the minister pointed to the Nigeria Farmers’ Soil Health Scheme (NFSHS), launched in October as part of President Bola Tinubu’s Renewed Hope Agenda for Food Security.

    The programme provides crop- and location-specific fertiliser recommendations to curb excessive fertiliser use, reduce pollution and lower production costs while promoting organic inputs and regenerative practices.

    Read Also: New soil health scheme to boost crop yields

    A key component, he said, is the establishment of soil-testing laboratories in all 774 local government areas, to be operated by youth and women agripreneurs. Already, 12 laboratories equipped with modern diagnostic technologies have been set up across the six geopolitical zones.

    “Soil supplies 95 per cent of our food and provides 15 of the 18 essential elements needed for plant growth. Yet our soils are currently facing unprecedented threats from degradation, erosion, and pollution.

    “It is regrettable that 33 per cent of our soils are already degraded, and it may take up to 1,000 years to regenerate just 2–3 cm of soil,” the minister said.

    “We are implementing the Nairobi Declaration on African Fertiliser and Soil Health endorsed by African Heads of State,” he added, acknowledging support from partners such as GIZ, Soil Values, AGRA, the World Bank’s ACReSAL Project, Sasakawa Africa, IITA, and the Bill & Melinda Gates Foundation.

    He also listed progress including the Soil Health Card, the Nigeria Soil Information System (NiSIS), regional capacity-building workshops, and the training of laboratory technicians in Oyo and Kano states. The NFSHS, he noted, has been fully integrated into the 2025 national budget.

    In a goodwill message, President of the Nigerian Institute of Soil Science (NISS), Prof Abubakar Musa Kundiri, said rapid urbanisation has increased pressure on Nigeria’s soil resources through erosion, waste mismanagement, construction stress, and pollution.

    Kundiri, who was represented by Vice President, Prof Olumuyiwa Jayeoba, said this year’s theme: “Healthy Soils, Healthy Cities,” underscores the essential role of soil health in urban sustainability.

    Kundiri reiterated NISS’s commitment to promoting evidence-based soil management, ethical fertiliser use, urban agriculture, and enforcement of the Soil Science Profession Act. He urged Nigerians to view soil as “a living foundation for thriving cities,” not merely dirt beneath their feet.

  • Naira exports surged to N77 trillion in 2024

    Naira exports surged to N77 trillion in 2024

    Nigeria’s export sector showed promising growth in 2024, with total exports expressed in naira surging to N77.4 trillion, up from N36 trillion the previous year. While challenges remain in key international markets, the increase underscores the country’s resilience and potential to expand trade across Africa and beyond.

    Data from the International Trade Centre (ITC) indicate that while dollar-denominated export earnings fell slightly to $57.9 billion from $60.65 billion in 2023, non-oil sectors are showing remarkable gains that could strengthen Nigeria’s global trade position over time.

    Cocoa exports emerged as a standout performer, rising sharply to $2.6 billion in 2024 from $759 million in 2023. Ores and residues also recorded significant growth, climbing to $824.4 million, demonstrating Nigeria’s ability to diversify its export base beyond crude oil.

    The country maintained strong intra-African trade performance, supported by the stability of the West African CFA franc. Companies such as Unilever Nigeria, Cadbury Nigeria, and Guinness Nigeria reported combined export sales of N22.8 billion in 2024, more than double the N9.92 billion recorded in 2023.

    Analysts say this reflects growing competitiveness in regional markets.

    Read Also: Top 5 Crypto Exchanges to Buy & Sell Bitcoin (BTC) using Naira

    Despite EU rejections of some agricultural and manufactured products due to quality and certification gaps, Nigeria has been making strides in aligning its export processes with global standards. The Federal Government’s Trade Policy of Nigeria (2023–2027) seeks to modernise inspection, certification, and compliance systems, boosting prospects for long-term acceptance in premium markets.

    Oil continues to underpin export earnings, contributing nearly 90 per cent of total revenue between 2022 and 2024. Crude oil revenues, although slightly lower at $50.3 billion in 2024, remain a strong foundation for Nigeria’s overall export performance and provide critical foreign exchange inflows.

    Analysts note that the sharp rise in naira-denominated export values, driven in part by currency depreciation, offers opportunities for local businesses to expand operations, invest in processing technology, and increase domestic value addition to boost competitiveness abroad.

    Countries like South Africa, Morocco, and Kenya continue to provide benchmarks for high acceptance rates in EU markets, and Nigeria is gradually adopting best practices in supply chain management, laboratory accreditation, and quality assurance to close these gaps.

    Non-oil export growth, rising regional trade, and government-backed policy reforms signal an emerging trajectory for Nigeria’s export sector. With targeted investments in processing, certification, and infrastructure, the country is well-positioned to convert naira gains into stronger dollar earnings over time.

    As Nigeria navigates structural challenges, ongoing reforms and sectoral successes, stakeholders say, highlights the nation’s potential to diversify its export portfolio, strengthen regional trade, and eventually secure higher acceptance rates in high-value international markets, including the EU.