The Nation Newspaper

Author: The Nation

  • Govt moves to improve World Bank’s project transparency

    Govt moves to improve World Bank’s project transparency

    The World Bank has begun rolling out its new “Funds Chains” system, a blockchain-based platform designed to promote transparency, accountability and efficiency in the management of development project funds.

    The global institution is starting the implementation with six projects, marking a major shift toward digital tracking of donor-funded interventions.

    In response to this transition, the Office of the Accountant General of the Federation (OAGF) said it has instituted a series of management reforms aimed at improving the financial governance of World Bank–funded projects across Nigeria.

    The Accountant General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, made this known in Abuja during a financial workshop for Accountants-General, Heads of Project Financial Management Units (PFMUs) and Coordinators of World Bank–funded projects.

    The event took place at the Treasury House in Garki, Abuja, according to a statement signed by Mr. Bawa Mokwa, Director of Press in the OAGF.

    Dr. Ogunjimi said the workshop was convened to discuss ways of strengthening accountability in donor-funded projects. “This workshop is to deliberate on enhancing transparency and accountability in the financial management of donor-funded projects,” he said. “These values are the foundation upon which we build trust, ensure effective use of resources and achieve our project development objectives.”

    He announced that the OAGF had developed a Financial Management Manual (FMM) to provide clear guidance on executing financial transactions under various project arrangements. According to him, the manual is expected to serve as the principal reference document for all project teams. He encouraged project coordinators, accountants and PFMUs to adopt the FMM fully “to minimise infractions, improve performance and sustain favourable rating with the World Bank.”

    The Accountant General also revealed that the OAGF and the World Bank had reached an agreement preventing the removal of Project Financial Management staff within six months of a project’s closure date. This measure, he said, is meant to prevent lapsed loans and undocumented advances, which often occur when there is abrupt turnover of financial personnel.

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    He added that to ensure continuity in implementation, “the new project officer should be allowed to stay with the old management officer for a period not less than three months to avoid project stoppage.”

    Ogunjimi said the OAGF had intensified efforts to address obstacles that limit project ratings. “We continue to address the issues that hinder projects from attaining high ratings. Prominent among these issues are lapsed loans and undocumented advances,” he stated. He revealed that collaboration with the World Bank had already produced significant results, reducing outstanding lapsed loans from USD 18 million to USD 7 million, representing a 61 per cent decline.

    Similarly, he reported a 15 per cent reduction in undocumented advances. “Projects will continue to receive letters from us on outstanding lapsed loans and undocumented advances. Therefore, I urge all project coordinators and Project Financial Management Units to prioritise documentation, refund of lapsed loans and adherence to World Bank agreement terms,” he said.

    The AGF stressed the need for stronger cooperation and alignment with global best practices. He urged accountants and project managers to remain committed to strengthening their internal systems to deliver results that reflect the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration. He said collaboration, transparency and accountability must remain the driving principles of project management in Nigeria.

    Ogunjimi added that the adoption of the World Bank’s new blockchain-based Funds Chains system, coupled with ongoing reforms within the OAGF, places Nigeria in a stronger position to manage donor resources effectively while improving development outcomes across the country.

  • Lagos rewards 33 outstanding agripreneurs

    Lagos rewards 33 outstanding agripreneurs

    Lagos State Government has rewarded 33 exceptional young agripreneurs with a total sum of N150 million for their remarkable contributions to the growth and transformation of the State’s agricultural and food systems space.

     Speaking at the event organised by the Ministry of Agriculture and Food Systems, Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu, reaffirmed the State’s pivotal role as the intellectual and economic hub of Nigeria, emphasizing that the State remains the nation’s best chance to make a lasting difference.

    According to him, Lagos carries a responsibility not only to its residents but also to the entire nation, serving as a model for progress and innovation.

    Governor Sanwo-Olu, who was represented by the Deputy Chief of Staff, Mr. Sam Egube, said that food security remains central to both the national and State development strategies, stressing that a secure environment is the foundation upon which economic growth and social stability are built.

    He explained that Lagos is investing heavily in partnerships with the private sector to strengthen systems, logistics, and value chains that will enhance productivity and market efficiency.

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    In his words, “Lagos is the biggest market in sub-Saharan Africa; we must therefore pay particular attention to how we mobilize our people to produce for Nigeria. Agriculture is not just about planting and harvesting; it is about how food gets from the farms to the tables, and Lagos is strategically positioned to lead that process.”

    He emphasized that limited landmass should not be an excuse for low agricultural productivity, citing the Netherlands as an example of how innovation and technology can overcome natural constraints.

    He said that with the vision of building a 21st-century economy powered by knowledge and innovation, Lagos continues to lead as a state of possibilities.

    Governor Sanwo-Olu charged young people to take ownership of the future of agriculture in Lagos, assuring that the government will continue to provide investment, funding, and innovation-driven support systems through initiatives such as the Produce-for-Lagos Programme and the Guaranteed Uptake Fund.

    Also speaking, the Honourable Commissioner for Agriculture and Food Systems said the Agrinnovation Club was created to serve as a bridge between young agripreneurs and the broader agricultural transformation agenda of Lagos State, saying it is in the same spirit that the Eko Flavours Culinary Initiative, the Lagos Food Festival, the Lagos Agripreneurship Programme (L.A.P), and the Lagos Agric Scholars Programme were conceived.

    She noted that these initiatives are key components in delivering the Ministry’s Agricultural and Food Systems Roadmap, launched in 2021, which outlines the State Government’s long-term strategy to achieve self-sufficiency in wholesome, nutritious, and safe food.

    The Honourable Commissioner explained that within this roadmap, the Agrinnovation Club plays a pivotal role in the Produce-for-Lagos programme, an initiative designed to strengthen the State’s production base, connect rural producers to urban markets, and ensure that Lagos consumes what it produces.

    She emphasized that the creativity, resilience, and energy of Lagos youth remain central to driving this vision and positioning agriculture as a thriving and innovative sector.

    She added that the Ministry has already begun to witness inspiring innovations from young agripreneurs,  from rooftop farming and waste-to-feed initiatives to digital platforms linking farmers directly with buyers, saying these are clear indicators that the transformation of Lagos agriculture will not come from grand gestures alone, but from consistent acts of creativity, courage, and collaboration by young people who dare to redefine what is possible.

    In his remark, the Special Adviser to the Governor on Agriculture and Food Systems expressed profound gratitude to Mr. Governor, Babajide Olusola Sanwo-Olu, for his visionary leadership and unwavering support for the agricultural sector. He noted that the Governor’s commitment to food security, youth empowerment, and innovation continues to inspire every intervention and programme of the Ministry. He also commended the Honourable Commissioner and her team for their dedication to implementing policies that are transforming agriculture into a viable and modern enterprise in Lagos State.

    He stated that the creation of the Agrinnovation Club is another bold step toward building a sustainable agricultural ecosystem that thrives on creativity, collaboration, and technology. According to him, the initiative demonstrates the government’s determination to engage young people meaningfully while ensuring that agriculture becomes both profitable and attractive. He emphasized that the State Government remains steadfast in supporting initiatives that will strengthen the Produce-for-Lagos agenda and make Lagos a model for urban-agric innovation in Nigeria.

    He advised the beneficiaries to make the most of the opportunities provided through the Agrinnovation platform. He encouraged them to stay committed, innovative, and focused, reminding them that consistency and integrity are the true foundations of lasting success. He urged them to see themselves not just as participants, but as partners in building a Lagos where agriculture is smart, inclusive, and sustainable.

  • Lagos SME boot camp draws 1,000 entrepreneurs

    Lagos SME boot camp draws 1,000 entrepreneurs

    Over 700 small business owners converged in Lagos for the 8th edition of the Caladium Lagos SME Bootcamp.

    The business incubation gathering came on the heels of intensifying economic pressures across Nigeria’s entrepreneurship sector.

    The annual gathering, which also saw hundreds of participants joining virtually, addressed critical survival challenges facing small enterprises, including intellectual property theft, funding gaps, and brand visibility in crowded digital markets.

    According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), while SMEs contribute 48 per cent of the country’s GDP and provide 84 per cent  of jobs, most struggle with access to capital, legal protection, and market positioning.

    “Eight years ago, Oluwaseun Durojaiye and I started this journey with a simple belief: that small businesses deserve access to the same quality of insights and networks that larger corporations enjoy,” said Ayo Bankole Akintujoye, Co-Founder and Convener.

     “Today, we’re celebrating hundreds of businesses that have transformed their operations and built sustainable enterprises through the knowledge and connections gained here.”

    Speakers across three sessions addressed the most pressing SME concerns: protecting business assets, building customer trust, and adapting to market changes.

     The opening session focused on legal and financial foundations, with speakers including Oyinkansola ‘Foza’ Fawehinmi, Isah Yusuf Aruwa, and Todimu Ige emphasizing proper documentation and intellectual property registration.

    Fawehinmi, Lead Legal Consultant at Zaeda Oracle, warned that many SMEs lose significant revenue through unprotected intellectual property.

    “Too many business owners create value but fail to secure their rights to it. Your brand name, your unique process, and your creative content are assets that can be monetized, but only if they are properly registered and protected. The cost of registration is minimal compared to the cost of losing your business identity to copycats or being unable to enforce your rights when someone infringes,” Fawehinmi said.

    The second plenary explored brand visibility and trust-building, featuring Edward Israel-Ayide of Carpe Diem Solutions, Adebayo Adegun, Mobolaji Ajayi, and Suraj Oyewole.

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    Israel-Ayide challenged entrepreneurs to recognize untapped marketing assets within their daily operations.

    “Every SME has authentic stories to tell, they’re just not looking for them. Your customer transformations, your founding moment, your team’s daily wins, these are your marketing assets. In a digital space full of noise, authenticity cuts through. People don’t remember your product specifications or pricing tiers. They remember how you made them feel. Show the human side of your business, and watch how trust turns strangers into customers,” Israel-Ayide said.

    A highlight of the event was the Founder’s Spotlight featuring Razaq Ahmed, Co-Founder and CEO of Cowrywise, who shared lessons from building one of Nigeria’s leading fintech platforms. Ahmed discussed navigating regulatory challenges, achieving product-market fit, and democratizing access to savings and investment products, emphasizing vision clarity and customer-centric innovation.

    The third plenary examined business model evolution and leadership in uncertain times. Godwin Tom of Sony Music Publishing Nigeria and Ashley Immanuel of Semicolon encouraged entrepreneurs to build with sustainability and scalability in mind while staying agile amid Nigeria’s evolving market dynamics.

    Beyond the sessions, the event featured an exhibition marketplace with over 75 businesses and a pitch competition where three entrepreneurs received grants.

    Since its 2018 inception, the Caladium SME Community has impacted more than 10,000 small businesses through bootcamps and training initiatives.

  • Maritime Academy’s council kicks against conversion

    Maritime Academy’s council kicks against conversion

    The Governing Council of the Maritime Academy of Nigeria (MAN), Oron, has cautioned that the ongoing push to convert the institution into a university could derail decades of specialised maritime capacity development it offers the industry.

    Chairman, Governing Council, Maritime Academy of Nigeria (MAN), Kehinde Akinola, at a media parley, said the proposal threatens the Academy’s international standing, stressing that MAN’s specialised mandate remains critical to the Federal Government’s marine and blue economy agenda.

    He said conversion could also jeopardise its statutory five per cent funding from the Nigerian Maritime Administration and Safety Agency (NIMASA).

    Akinola warned that replacing the Academy with the proposed University of Maritime Studies, would “distort its specialised mandate,” weaken its regimented cadet training system and threaten long-standing international collaborations.

    Besides, he argued that such conversion would immediately strip MAN of access to the statutory five per cent NIMASA revenue allocation, since the NIMASA Act recognises only the Maritime Academy of Nigeria as a beneficiary.

    “This would create serious operational challenges for an institution that relies heavily on these funds to maintain its extensive training facilities and infrastructure,” the Council chairman warned.

    Recall that MAN Oron, established in 1977 with technical support from the International Maritime Organisation (IMO), was designed as a specialised maritime training institution for cadets, shipboard officers and maritime managers.

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    Akinola further explained that the institution’s enabling Act—Cap M3 LFN 2010, already empowers the Academy to run advanced programmes “without limitation on the type or level of certificates awarded,” aligning it with global maritime training standards.

    While acknowledging that youths from Oron Local Government have the right to seek development for the community, Akinola said the calls for a university should not come at the cost of destabilising a national institution serving the entire maritime sector. He argued that national maritime priorities must take precedence over local interests.

    He also expressed concern over recent actions by the Oron Youth Movement (OYOM), noting that protests, tensions and escalating hostility around the conversion debate were affecting the Academy’s stability, warning that such activities “pose risks to the Academy’s smooth operations and the policy direction of the Federal Government.”

    Highlighting progress under the current administration, Akinola said President Bola Tinubu has positioned MAN as a key driver of the Marine and Blue Economy Ministry’s manpower development agenda.

    Since the Governing Council’s inauguration in October 2024, he said the Academy has developed a “five-year strategic plan” aligned with national blue economy goals and secured approval for a Conditions of Service document—its first in 48 years.

    He disclosed that a bill amending the UMSO Act to reaffirm MAN’s status and empower it to award degrees, similar to the Nigerian Defence Academy and the Police Academy, has already passed its first reading at the National Assembly.

    Akinola also referenced MAN’s recent support to host communities, including restoring electricity to Oron after eight years and installing solar-powered streetlights as part of its corporate social responsibility programme.

    Citing global examples, he pointed to specialised maritime academies such as the United States Merchant Marine Academy in New York, the Arab Academy for Science, Technology and Maritime Transport, and Kenya’s Bandari Maritime Academy, all of which award degrees while maintaining regimented training systems—proof, he said, that the Academy does not need to be converted into a university to attain degree-awarding status.

    “We will not be intimidated or cowed by any group attempting to appropriate a national asset for narrow interests,” he reiterated, insisting that the Governing Council remains committed to safeguarding the Academy’s mandate.

    These concerns align with the position of the Alumni Association of the of the Maritime Academy of Nigeria, Oron (AMANO), which in July 2025 wrote an open letter to President Bola Tinubu urging him to preserve the Academy’s specialised status.

    In the letter signed by its President, Emmanuel Maiguwa, AMANO cautioned that converting MAN to a university under the Ministry of Education would violate IMO regulations and jeopardise Nigeria’s compliance with the Standards of Training, Certification and Watchkeeping for Seafarers (STCW) Convention.

    “The Maritime Academy of Nigeria, MAN Oron, is a strategically vital institution, purpose-built to deliver specialised training in accordance with global maritime standards. We respectfully express concern over the proposed conversion of the Academy into a conventional university under the Ministry of Education. This move, while perhaps well-intentioned, poses significant risks,” the letter to President Tinubu read in part.

    It listed the risks to include the loss of international accreditation, particularly under IMO and STCW requirements; the dilution of training quality, stressing that maritime education requires simulators, specialised facilities and technical expertise that a generalised university curriculum may be unable to sustain; reduced global competitiveness, as weakening MAN’s technical focus would likely disadvantage Nigerian cadets seeking international maritime placements and career opportunities and potential national security risks considering that maritime security and port operations require precision-trained personnel, which specialised institutions like MAN Oron are critical to sustaining such competencies.

    They also noted that Nigeria already has a Maritime University in Okerenkoko, one that has struggled outside sector-specific oversight; and that several conventional universities already offer maritime-related degrees under the Ministry of Education.

    The Oron community had celebrated in 2021 when both chambers of the National Assembly passed a bill upgrading MAN to a university, a victory after 40 years of agitation, later gazetted in May 2023.

  • Foreign reserves hit $46.7b on steady inflows

    Foreign reserves hit $46.7b on steady inflows

    Nigeria’s external reserves have risen to $46.7 billion as of November 14, 2025, providing 10.3 months of import cover in goods and services.

    The Central Bank of Nigeria (CBN) attributed the growth to steady inflows and renewed investor participation across different asset classes.

    CBN Governor, Mr. Olayemi Cardoso, represented by the Deputy Governor, Economic Policy Directorate, Mr. Muhammad Sani Abdullahi, disclosed this at a colloquium marking the 20th anniversary of the Bank’s Monetary Policy Department (MPD).

    He said the increase in reserves “reflects investor confidence in our policies leading to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows.”

    Cardoso linked the rising confidence to recent upgrades of Nigeria’s sovereign outlook by the three leading international ratings agencies, including S&P Global Ratings, which recently revised Nigeria’s outlook from stable to positive. According to him, the upgrade “reflects the impact of sustained reforms that have placed our economy on a more resilient path.”

    He also noted that Nigeria’s removal from the Financial Action Task Force (FATF) Grey List marked “another significant milestone in restoring international confidence in our financial system.”

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    Cardoso stated that the development shows “our full alignment with global standards on anti-money laundering and counter-terrorism financing,” adding that it opens more opportunities for foreign investment and trade finance.

    The CBN Governor said the combination of these developments has strengthened the currency, boosted trade balances and provided a firmer base for inclusive growth.

    Speaking on the role of the MPD, Cardoso described the Department as central to the Bank’s policy architecture. He noted that it supports the Monetary Policy Committee (MPC) and the Monetary Policy Technical Committee (MPTC) with research, analysis and coordination to ensure coherence in decision-making.

    A major task ahead, he said, is the Bank’s transition to a full inflation-targeting regime. Cardoso stressed that the shift is “a strategic imperative for anchoring expectations and sustaining price stability.” He added that inflation targeting will promote transparency, boost credibility and improve how monetary policy decisions transmit through the economy.

    Cardoso urged MPD staff to remain focused on the bigger national goal. “Remember that our ultimate goal extends beyond technical achievements. It is about building a resilient economy that fosters growth, creates jobs, and delivers shared prosperity. Monetary policy must remain credible, coherent, and adaptive to changing realities,” he said.

    He further encouraged them to maintain high standards. “The journey ahead requires even greater commitment, creativity, and collaboration. Continue to innovate, continue to strengthen coordination, and continue to uphold the highest standards of professionalism,” he said.

    Director of the Monetary Policy Department, Dr. Victor Oboh, in his address, traced the evolution of the department from its early team-based structure to a modern system built around five specialized divisions covering macroeconomic analysis, monetary policy, committee coordination, international economic relations and policy research. He said the department has consistently produced experts who have served as special advisers and directors to successive CBN governors.

    Oboh noted that the department has grown into a strategic centre of the Bank’s policy framework, supporting the MPC with high-level research and analysis that aligns Nigeria’s policy decisions with global standards. He recalled key historical moments—such as the global financial crisis, commodity price shocks and the COVID-19 pandemic—where MPD’s capacity “proved its resilience and relevance.”

    Th MPD Director further explained that Nigeria’s gradual migration toward inflation targeting followed lessons from global and domestic crises. According to him, the CBN moved from an exchange rate targeting framework to monetary targeting, before adopting a hybrid model that integrates elements of inflation targeting.

    Oboh said the Bank has made significant progress since announcing its decision to adopt inflation targeting in late 2023. “We have pursued a disciplined monetary policy stance, hosted high-level monetary policy forums to deepen dialogue on disinflation, and strengthened policy communication to anchor expectations,” he said.

    He added that these efforts have helped moderate inflation, stabilize the foreign exchange market, reduce exchange rate gaps and increase external reserves to more than $46 billion. “Today, we stand at an advanced stage of this phased migration, integrating elements of inflation targeting into our hybrid framework while laying the foundation for a credible, forward-looking regime that will restore price stability and further strengthen investor confidence,” Oboh stated.

    Reflecting on the theme of the anniversary, “Monetary Policy in Nigeria: Past, Present and Future,” Oboh described it as a moment for reflection and projection. He said the MPD’s work over two decades has strengthened credibility, supported transparency and sustained public confidence in monetary policy.

    Looking ahead, he noted that the future of monetary policy would require even greater innovation and coordination. Oboh pointed out that global fragmentation, digital currencies such as stablecoins and climate-related financial risks will demand that MPD remains agile, data-driven and forward-looking.

  • How to achieve $1tr economy, by experts

    How to achieve $1tr economy, by experts

    Building a trade-ready Nigeria–one supported by strong institutions, efficient ports, digitized customs systems, vibrant private sector participation, and an enabling environment for sustainable investments is required if Nigeria must achieve her aspiration to become a $1 trillion economy.

    International trade experts, industry leaders, and policymakers made this known at ‘The NIIA Trade and Investment Forum 2025 held in Lagos, with the theme “Reform to Results: Building a Trade-Ready Nigeria in the Emerging Global Order.”

    The strategic forum, organised by the Bashir Adeniyi Centre for International Trade and Investment (BACITI) in partnership with the Nigeria Institute of International Affairs (NIIA), brought together influential voices shaping the future of Nigeria’s trade landscape.

    Accordingly, experts from diverse sectors seized the platform of the forum for open dialogue, shared insights, and strategic collaboration to bare their minds on how government reforms can translate into enhanced competitiveness, stronger trade facilitation, and deeper integration into global and continental markets.

    President of the Nigerian-Indonesian Chamber of Commerce and Industry (NICCI), Mr. Ishmael Balogun, said, for instance, that in 2019, the Nigerian-Indonesian trade stood at about $1.9 billion, and by 2022, grew to $4.7 billion. By 2023, it crossed the $6 billion mark.

    However, Balogun, in his presentation, titled ‘Maximizing Economic Reforms: Positioning Businesses for Expansion and Regional Integration’, said these gains did not just happen by chance, but because of reforms that created opportunities and institutions at the Chamber that connected these opportunities to real businesses.

    Balogun said three shifts are critical in positioning Nigerian businesses for expansion within Africa, across Asia and into the global value chains.

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    The first, according to him, is that Nigerian businesses must move from raw commodity trading to value chain participation. “The future of export lies in processed inputs, not raw materials,” he emphasised.

    The NICCI president said the second shift is for Nigeria to prioritize sustainability and transparency, while the third is that it must use bilateral platforms as strategic entry points.

    “There is need to organize trade missions, joint business councils, and investment delegations. Trade does not happen by luck, it happens through structured facilitation,” he said.

    Balogun, however, said to unlock these opportunities, “Nigeria must maintain regulatory stability, inter-agency coherence, and strengthen commercial diplomacy. Embassies must serve as trade accelerators, not mere political outposts.”

    These, he said, have become even more necessary in view of the volatility in today’s world of trade and investment.

    “Supply chains are shifting; nations are restructuring industrial policies and competition for investment has intensified. In this global order, competitiveness is no longer optional, it is essential,” Balogun pointed out.

    He noted that Nigeria’s recent reforms, including the liberalization of the foreign exchange markets, the subsidy removal, consolidation of multiple taxes, among others, represent meaningful steps towards competitiveness.

    The NICCI chief, however, insisted that a reform is only successful when the private sector can feel it, use it and grow because of it. “Reforms only matter when they translate into ease of doing business, predictable regulation, efficient logistics and transparent systems,” he stated.

    In his presentation, titled ‘Value Addition at all Costs: Redirecting Policy and Action Toward Export Diversification’, Professor E. Olowale Ogunkola, of the University of Ibadan, said policy incoherence undermines Nigeria’s trade facilitation efforts and by extension, her global competitiveness.

    “Policy coherence is the major issue. Government agencies are not working in collaboration with each other. Customs is doing its own. Immigration is in another sector. We are not speaking the same language,” he said

    He also said infrastructure deficit, both hard and soft infrastructure such as Internet and data connectivity must be addressed if Nigeria must facilitate trade and become globally competitively, adding, however, that this can be achieved through public-private partnership.

    The renowned economist listed the need to address the issue of regional value chain logistics and Special Economic Zones as other necessary requirements, pointing out that “Nigeria must grow at between 15-18 per cent per annum to achieve $1 trillion economy.”

    Managing Director and CEO of financial Derivatives Company Limited, Mr. Bismark Rewane, said although, Nigeria’s is currently a $250 billion economy, he is remains optimistic that the $1 trillion target will be achieved provided there is a clear deliberate plan.

    Rewane, while noting that “reforms are necessary for growth,” however, said “revenue is not the same thing as growth.” He said income inequality is a major problem for stability.

    Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose-Medebem, said to translate reforms to tangible results, three strategic shifts are required, one of which is a coordinated sub-national investment framework that empowers states to compete but not to conflict.

    The Commissioner, who was represented by Mrs. Nana Huwa Adeoye, also said Nigeria needs a harmonised investment protocol that aligns federal incentives with state-level facilitation.

    “Every state has unique assets, whether agriculture, minerals, logistic positioning, population density or creative capacity. Sub-nationals must build specialised value chains around the streets,” she said.

    The Commissioner insisted that sub-national governments are not secondary actors, but are frontline institutions in Nigeria’s journey towards becoming a trade-ready nation.

    “If we are to thrive in the emerging global order, we must do it in Nigeria, where reforms are not merely announced but sustained, where processes are not opaque but transparent, where policies are not unpredictable but consistent, and where the private sector is not peripheral but central to development.

    “The world is watching and investors are evaluating. Africa is rising and Nigeria stands still. Let us, therefore, commit the federal and state governments, private sector, academia, civil society and our international partners to building a modern, competitive, investment-friendly nation, grounded in collaboration and driven by results,” she stated.

    Earlier in remarks, the Special Guest of Honour and Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adeniyi, said as part of enhancing Nigeria’s trade and investment readiness, the Service has expanded its commitment to digitalization, transparency, and collaboration with the private sector.

    The Customs CG, who was represented by ACG Olomo Babajide, said this commitment aligns with continental trade priorities, particularly the African Continental Free Trade Area (AfCFTA).

  • Edun kicks off user acceptance testing of NSW

    Edun kicks off user acceptance testing of NSW

    The Federal Government has commenced the National Single Window (NSW)’s user acceptance testing (UAT) with the first cohort of participating stakeholders to ensure the unified and technology-driven trade ecosystem becomes operational by March 2026.

    The technology vendor, CrimsonLogic, yesterday, walked each agency and stakeholder through NSW’s onboarding process, system navigation features and the operational framework designed to streamline the country’s trade processes.

    Minister of Finance, Wale Edun, and the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, yesterday, visited the UAT grounds to assess progress.

    Representatives from key regulatory and trade bodies that participated in the inaugural session included the Nigeria Agricultural Quarantine Service (NAQS), Standards Organisation of Nigeria (SON), National Environmental Standards and Regulations Enforcement Agency (NESREA), the Nigeria Customs Service (NCS), the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) as well as importers, exporters, clearing agents, freight forwarders.

     The engagement allowed the organisations to test functionalities, validate workflows, and align on expectations ahead of the platform’s deployment.

     The commencement of testing brings Nigeria closer to making the NSW operational with the aim of harmonising documentation, cutting trade costs and eliminating duplication.

     The visit demonstrated the strong commitment of the Federal Government to ensuring the successful implementation of the NSW initiative, which aims to transform Nigeria’s trade ecosystem through a unified digital platform.

     During the tour, the minister and the FIRS Chairman visited each breakout room, engaging directly with participating agencies to better understand their experiences during the testing phase.

    Both Edun and Adedeji expressed satisfaction with the progress of the UAT sessions and commended the collaborative effort among agencies.

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     They reaffirmed the government’s commitment to driving a modern, transparent, and technology-driven trade environment for Nigeria.

     President Bola Ahmed Tinubu, who was represented by the Vice President, Kashim Shettima, at the opening ceremony of the maiden Customs Partnership for African Cooperation in Trade (C-PACT) Summit on Monday in Abuja, assured over 30 African countries present that the NSW was set to go live in March 2026.

     Tinubu said the NSW will significantly reduce clearance timelines from 21 days to below seven, thereby fully aligning the country with the Africa Continental Free Trade Area’s (AfCFTA) digital trade requirements and positioning Nigeria as a standard-setter in port automation.

    Registrar and Chief Executive Officer, CRFFN, Kingsley Igwe, had at a stakeholders’ engagement forum jointly organised by the Nigeria Customs Service (NCS) and the National Single Window Secretariat in Lagos, states that the digital system has already been adopted in Singapore, South Korea and Rwanda to integrate all trade-related agencies and processes into a unified digital system, cutting down duplication, paperwork and delays.

     Igwe outlined the economic benefits of its full adoption, such as reducing logistics costs by up to 25–30 per cent, while boosting the country’s competitiveness in global trade and attracting new investments.

     He added that the system would empower manufacturers through faster clearance of raw materials and equipment, help small and medium-sized enterprises (SMEs) scale their operations by simplifying access to trade tools, and enable freight forwarders to enjoy digitally tracked consignments with fewer operational bottlenecks.

     “The National Single Window will lower the cost of doing business, enhance supply chain visibility and give Nigeria a stronger footing in the global market,” Igwe added.

  • VFD reinforces creditworthiness with N12.8b CP redemption

    VFD reinforces creditworthiness with N12.8b CP redemption

    VFD Group Plc has redeemed its N12.83 billion Series 5 Commercial Paper (CP), reinforcing the strong liquidity and efficient balance sheet management of the group.

    The CP, issued under the company’s N20 billion commercial paper programme, was redeemed on its maturity date of November 14, 2025, further demonstrating the group’s unwavering commitment to market discipline.

    Executive Director, Finance & Investor Relations, VFD Group, Mr. Folajimi Adeleye said the successful settlement, completed amidst ongoing domestic market volatility, was a decisive strategy to deleverage the balance sheet.

    According to him, by successfully retiring  the N12.83 billion commercial paper, VFD Group demonstrates its capacity to generate internal liquidity to meet all obligations as and when due.

    He pointed out that the redemption underscored the strong credit rating and overall credibility of the group.

    He added that investors have continued to demonstrate confidence in the strong fundamentals of VFD Group Plc, as reflected in the positive momentum of its ongoing N50 billion rights issue.

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    VFD Group is offering 5.0 billion ordinary shares of 50 kobo each to existing shareholders at N10 per share. The rights issue is scheduled to close on November 24, 2025. 

    “Notably, VFD has shown consistent credibility and commitment to the growth of the Nigerian debt market, since its debut commercial paper offer in July 2023, the series 1 offer.

    The group has raised and successfully redeemed a total of N33.4 billion in commercial paper from the domestic market, highlighting the strong investors’ confidence in the group, as a prime Issuer in the market.  

    “This specific redemption now solidifies a track record of five consecutive, flawless cyclical maturity settlements since the CP programme was launched in 2022. This history demonstrates VFD Group’s ability to successfully leverage short-term financing for operational utility, integrate the funding efficiently, and meet every obligation on time, establishing the firm as a reliable and predictable Issuer in the Nigerian fixed-income market.

    “The timely redemption of the Series 5 CP is non-negotiable proof of VFD Group’s robust liquidity and commitment to every stakeholder who entrusts us with capital. The redemption action, which achieved a tangible reduction in the Group’s short-term debt obligations, directly improves VFD’s funding structure. This performance contrasts sharply with prevailing fixed-income trends, positioning VFD as a premium issuer, capable of navigating current high-yield environments,” Adeleye said.

    He stressed that the act of discipline provides assurance to shareholders and new investors, considering the rights issue, underscoring VFD’s commitment to an efficient capital structure and reinforcing the firm’s resilience against the backdrop of prevailing market volatilities.

    He said: “The successful redemption of the N12.83 billion commercial paper underscores VFD Group’s strategic commitment to financial excellence and stability. This liquidity event ensures the group is structurally prepared, financially sound, and technologically equipped to leverage the new capital from its Rights Issue. This augmented capacity will accelerate strategic initiatives, including the expansion of the Bvndle Loyalty Platform and the successful execution of critical initiatives, securing VFD Group’s place as a seasoned, dominant player in the African investment ecosystem”.

  • Telecom operators’ opex rises 85%to N5.85tr

    Telecom operators’ opex rises 85%to N5.85tr

    Nigeria’s mobile network operators (MNOs) total operating expenditure (opex) rose from N3.16 trillion  in 2023 to N5.85 trillion in 2024 marking a significant increase of 85 per cent.

    This was contained in data compiled by Nigerian Communications Commission (NCC).

    Operating cost in a business refers to the expenses incurred in the day-to-day functioning and maintenance of the business operations.

    It includes both the cost of goods sold (COGS), which are direct costs related to producing goods or services (such as materials, labor, and manufacturing expenses), and opex, which are indirect costs necessary for running the business, like rent, utilities, salaries for non-production staff, marketing, insurance, and administrative expenses.

    According to the 2024 Subscriber/Network Performance Report compiled by the Policy, Competition and Economic Analysis Department of the NCC, most licensees of the regulator complained of high Right of Way (RoW) fees, harsh micro economic operating employment and rising inflation.

    However, the NCC has been able to secure zero RoW fees in some states in year 2024., the report added.

    “Operating cost: Five Trillion, Eight Hundred and Fifty-Four Billion, Two Hundred and Fifty-Seven Million, Four Hundred and Fifty-One Thousand, Two Hundred and Twenty-Five Naira, Seventy-One Kobo (N5,854,257,451,225.71) is the total operating cost collated in year 2024 which increased by 85% Year on Year from the Three Trillion One Hundred and Fifty Eight Billion Four Hundred and Three Million Seven Hundred and Sixty Seven Thousand Three Hundred and Twenty Eight Naira Forty Eight Kobo (N3,158,403,767,328.48),” the report noted.

    For capital expenditure (capex)/ domestic investment, the report showed about N2.9trillion in 2024 as against N1.12trillion invested the previous year

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    “The Year-on-Year (2023/2024) comparison indicates a 159.03per cent increase in CAPEX expenditure in the industry. The Unification of Exchange (Parallel Market and CBN rates) rates of Naira to Dollar as well as inflation impacted on the value of Naira spent upgrading network facilities in the industry. Most of these network equipment are not manufactured locally but imported into the country,” the report noted.

    On the revenue side, the MNOs posted about N7.67trillion during the period under review against N5.3trillion the previous year. This showed an increase of 44.70per cent.

    On capital inflow or Foreign Direct Investment (FDI) into the Nigerian telecoms industry, the report noted that it was approximately $457million in 2024 as against $134.75million recorded in 2023, according to the Central Bank of Nigeria (CBN).

    In the area of contribution to the Gross Domestic Product (GDP), the telecoms industry contribution to the economy increased from 14.00per cent in the fourth quarter (Q4), 2023 to 14.40per cent in Q4, 2024 indicating a 2.86per cent growth year-on-year. “The Rebasing of the GDP is ongoing by the National Bureau of Statistics (NBS) to extract optimally the contribution of the Digital Economy from the Information and Communication Sector,” the report noted.

  • ‘Deploy off-grid power to close electricty gap’

    ‘Deploy off-grid power to close electricty gap’

    CEO of Okra Solar, Afnan Hannan, has identified the deployment of off-grid power solutions as a way to close the yawning power deficit in the country estimated at over 90 million citizens lacking electricity access – the world’s largest off-grid population.

    Hannan who spoke during the unveiling of Mesh-grid Beyond, a suite of new hardware that delivers on three critical promises to energy developers: power communities further from the grid than ever before, said the innovation deploy projects faster than traditional approaches allow, and reaches everyone, from the productive to the lowest-consuming households – profitably.

     “Our mission has always been to unlock opportunities through energy access. Mesh-grid Beyond gives Nigerian developers the tools to scale faster, hit productive use, and electrify communities that were previously out of reach,” Hannan said.

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    The announcement comes at a pivotal moment for Nigeria’s electrification efforts. With 90 million citizens lacking electricity access – the world’s largest off-grid population, the country also offers developers unprecedented opportunity through progressive regulations and the ambitious Distributed Access through Renewable Energy Scale-up (DARES) program. The challenge, Okra Mesh said, has been execution: how to serve remote communities with no mobile coverage, connect low-income households profitably, and do it all fast enough to meet aggressive expansion targets.

    “The company explained that Mesh-grid Beyond answers all three challenges with an integrated solution that changes the fundamental economics of rural electrification revolving around three new products: Sprout, Leaf and OkraNet. These products upgrade Okra’s existing mesh-grid: a solution electrifies communities in a Hub and Spoke approach, giving high quality service tailored to the needs of businesses and households, at lower cost and with faster deployment than traditional mini-grids.

    “Sprout puts productive users at the center of mesh-grid design as Hubs. Configurable with up to 2.4kW AC output, Sprout units reach 99per cent of the productive use in a typical community and anchor the mesh-grid around businesses that drive economic growth. It’s an integrated design that arrives to the field pre-configured and pre-wired, saving hours per installation, while housing electrical components in a sleek enclosure that also deters power theft.

    “Leaf rewrites the economics of rural electrification by enabling a revolutionary price point of under $100 per connection for the majority of households. With mini-grids, over 80per cent of users are considered unprofitable to serve, because their consumption is so low. Leaf addresses exactly these households. It creates household Spokes that take excess power from Hubs, with a meter that leverages OkraNet technology and provides 150W AC power for the majority of household usage, such as phone charging and lights. Even households consuming less than 5kWh per month become profitable, opening up more communities to become commercially viable with attractive payback periods that satisfy both social impact goals and investor returns,” the company said.

    OkraNet, the company said, liberates energy developers from depending on cell coverage, adding that using advanced networking technology, OkraNet allows data to ‘hop’ between households to a central gateway that can be connected to satellite internet or 3G/4G, meaning any community can be energised and handle reliable billing, remote monitoring and automated maintenance. If you can physically reach a community, you can now power it.

    The true magic happens when these products work together. Consider a typical last-mile community, embodying every challenge: remote location with no mobile signal, a few productive users surrounded by predominantly low-income households using minimal electricity, and a grant program requiring commissioning within 12 months, not years. Previously, this community would be written off as impossible. With Mesh-grid Beyond, it becomes a standard, profitable project.

    “Okra’s new products are game-changing. People in Burum have loved having it in their homes, and in the next year we’re going to be using them to deploy faster, reaching more communities, and I’m confident that we can maintain profitability,” CEO of First Electric, Daniel Komolafe, said.

    The suite represents a fundamental shift in the industry: from carefully selecting profitable customers to achieving profitable universal access. Every developer can now embrace the full mission of electrification without compromising financial sustainability.

    With Nigeria’s universal access goals and Mission 300 targeting electricity for all by 2030, the window for action is narrowing. Developers and financiers are scrambling to get into the DARES program, which is supercharging the industry’s efforts.

    “Mesh-grid Beyond arrives precisely when developers need it most: delivering proven technology with superior reliability and twice the deployment speed of mini-grids. Mesh-grid Beyond cuts the grant requirement in half compared to mini-grids, giving the Nigerian government more connections and reach for less funding, and it’s the first off-grid technology that demonstrates a pathway to full grant independence.

    “Nigerian electricity distribution companies (DisCos) can begin deploying mesh-grids with the Beyond suite immediately. The complete solution is field-tested, DARES-compliant, and ready for scale. Okra Solar provides comprehensive support including training, project planning assistance, and dedicated technical backing for large deployments.

    “Energy developers looking to deploy as fast as possible under the DARES program or those simply bold enough to connect more of the hardest to reach households with reliable, renewable energy access can learn more and contact our team at www.okrasolar.com,” the company added.