The Nation Newspaper

Category: Business

  • NASME seeks structural entrepreneurship

    NASME seeks structural entrepreneurship

    The National President, Nigerian Association of Small and Medium Enterprises (NASME) Dr. Abdulrashid Yerima has called for structural entrepreneurship, stating that structural entrepreneurship and apprenticeships are crucial for driving Nigeria’s sustainable economic development.

    Yerima made this call during the induction of members of Institute of Entrepreneurship and Apprenticeship Management and Administration (IEAMA) in Abuja, with the theme, “Grooming a new generation of structured entrepreneurs and professional apprentices for sustainable national development.”

    He stated that entrepreneurship must evolve from improvisation to institutionized practices guided by discipline, ethics and structure.

    Read Also: NASME floats N2bn empowerment fund for MSMEs

    He explained that prosperity is structured systems that turn ideas into enterprises and skills into industries. He noted that millions are in business, but few manage apprenticeship with structure, ethics, long-term sustainability and from informal practice to professional identity.

    “Modern entrepreneurs create value, employ labour, contribute to GDP and drive innovation while apprentice is a training that promotes transparent processes and secure generational wealth transfer and reducing youth unemployment,” he said.

    The NASME President urged youths to engage in business activities that will generate wealth, employment and opportunities, noting that this opportunity exists for individuals to create wealth in various sectors. 18 members were inducted as Directorate fellows of IEAMA, 21 as fellow members and 14 as senior members.

  • Metering brouhaha: To pay or not to pay

    Metering brouhaha: To pay or not to pay

    The Federal Government has implemented several initiatives aimed at ensuring adequacy in electricity metering. These efforts have however proved to be almost ineffective even as the metering gap in the country remains at seven million. Stakeholders in the industry have since called for the liberalisation of meters’ sales and purchase as a way around the conundrum. Last week, the Power Minister appeared to have stirred the hornet’s nest declaring that meters under DISREP be issued and installed free of charge to consumers. The fallout has caused bickering between the electricity distribution compampanies (DisCos), consumers and other stakeholders threatening the installation of 1.5 million meters, MUYIWA LUCAS writes.

    Power Minister, Adebayo Adelabu, may have been a self-effacing man during his time at the Central Bank of Nigeria (CBN). However, owing to the quantum of demands and expectations of the ministry he superintends presently, the Adelabu has had to shout himself to the rooftops.

    While the minister may have unwittingly been vocal, stakeholders are convinced that it may be as a result of the need to succeed by delivering power to the Nigerian public, especially at a time when patience seem to be running out.

    His latest outburst on metering is one that obviously touches the raw nerves of electricity consumers as well as the utilities.

    “I want to mention that it is unprecedented that these meters are to be installed and distributed to consumers free of charge—free of charge! Nobody should collect money from any consumer. It is an illegality. It is an offence for the officials of distribution companies across Nigeria to request a dime before installation; even the indirect installers cannot ask consumers for a dime. It has to be installed free of charge so that billings and collections will improve for the sector,” an elated Adelabu said last week during an on-site inspection of newly imported smart meters at APM Terminals, Apapa, Lagos.

    The statement of the Minister exposed a brewing tension in the sector, leading to divergent tunes from all stakeholders in the electricity value chain, placing the DisCos and the Federal Government at logger heads over who pays for the cost of the meters and installation.

    The metering schemes

    The issue of meters in the sector remains very touchy given that efforts at ensuring adequately metering of electricity consumers have at best not yielded the desired result. To date, Nigeria has an estimated shortfall of seven million meters- a situation that has both placed a huge revenue loss on the electricity value chain as well as the consumers who are slammed with bogus estimated billings.

    There are various metering schemes initiatives by the Federal Government aimed at reducing the seven million metering gap in the country. These include Meter Asset Provider (MAP), as enshrined in 2018/2019 via a NERC regulation allowing third-party investors to supply and install meters. Customers under this scheme pay upfront for meters and are refunded through energy tokens over time. MAPs are companies granted approval by NERC to procure and install meters for customers of DisCos. Customers are required to make an upfront payment for the meter and the cost recovered over a period of time approved by the NERC.

    In 2020, the National Mass Metering Programme (NMMP), a Federal Government initiative funded by the CBN to provide free meters to Nigerians, aiming to end estimated billing, was introduced. This intervention sought to increase metering rate, eliminate arbitrary estimated billing, strengthen the local meter manufacturing sector, create jobs and reduce collections losses. Under this scheme, meters are provided and installed at no upfront cost to the consumer.

    A seed capital of N200 billion was invested to facilitate the Nigeria Electricity Supply Industry (NESI) revenue collections through the programme. Under Phase-0 of the NMMP, the sum of N59.280 billion was set aside for financing the installation of one million meters.

    From inception to date, 89.96 per cent of the funds allocated for NMMP under phase 0 has been disbursed to the 11 DisCos for procurement of 962,832 meters through 23 MAPs.

    The funding under Phase 0 is through the CBN/NESI; financing for the phase 1, with a procurement of 1.5 million meter units, is through the CBN/ DMBs (Deposit Money Banks), while financing for the Phase 2, with a four million meter units procurement, is from the World Bank.

    Another is the Presidential Metering Initiative (PMI), established in 2023, as a five-year, 10-million-meter initiative, supported by the Nigeria Sovereign Investment Authority (NSIA) and World Bank, designed to fast-track metering. This initiative aims to close the metering gap for 60 per cent of estimated-billing customers by 2027 through the deployment of over five million smart meters to be funded by the Meter Acquisition Fund (MAF) and federation-funded initiatives. The Meter Acuisition Fund (MAF) Tranche B, guaranteed NERC-approved funds of N28 billion for DisCos to provide free meters specifically for Band A and B customers.

    Funding for meters under MAF is built from a pool of contributions from all DisCos based on their market collections. It gives priority in tiers- with the current phase (Tranche B) focusing on completing the metering of all outstanding Band A customers before fully extending to Band B. DisCos must use these funds to procure meters through competitive bidding and complete installations by specific deadlines.

    Also is the Distribution Sector Recovery Progranme (DISREP), a $500 million World Bank-funded initiative to deliver 3.4 million smart meters for free to consumers. It also aims to improve the financial and technical performance of the country’s DisCos. Like the NMMP and MAP Schemes, DisCos are expected to repay the cost of these meters over a period of 10-years. DisCos are also responsible for distribution, installation and maintenance of these meters within their franchise states.

    A for older metering scheme was the Credited Advance Payment for Metering Implementation (CAPMI), introduced by the NERC in 2013. The scheme allowed electricity customers to pay for their own meters to speed up installation and avoid estimated billing. Customers, who paid for meters directly were to be refunded through energy credits over a set period. The scheme was wound down in 2016 after it was found that only about 500,000 meters were deployed between 2013 and 2016, with many DisCos failing to fulfill their obligations despite receiving funds.

    Read Also: Tinubu, Akume,  Osa-Oni, others pay final respect to  Bishop Adegbite’s late father 

    Has metering been free?

    Adelabu’s directive that prepaid meters procured under the World Bank–funded DISREP be installed freely has elicited mixed reactions.  While the government argued that electricity consumers will only pay for the ongoing free meter installation through deductions from their electricity tokens, the DisCos are concerned over the long period of recovery of such funds which spans over a period of 10 years. They argue that such arrangement has effects on their operations, especially cost recovery, installation expenses and the financial implications.

    The position of government is understandable given that suppliers, it claimed, have already been fully paid for both the meters and the installation. Therefore, the reasoning  is that DisCos charging consumers again for installation would not only slow down the meter uptake, but it will also undermine the goal of the initiative.

    The Minister’s team pointed to poor enumeration and inaccurate customer information as the main bottlenecks, disclosing that installers are often sent to wrong addresses or to premises that are not technically ready for metering.

    The Director-General, Bureau of Public Enterprises (BPE), Ayo Gbeleyi, takes the DisCos’ position with a pinch of salt. Gbeleyi, who attended the N501billion bond issuance signing ceremony to settle legacy debts in the power sector in Lagos, regretted that the god gesture of government in line with free metering was being antagonised by the utility companies.

    He maintained that claims of repayment over 10 years assertions were inaccurate and misleading, explaining that cost of meters, transformer, feeders, and other components of investments, are embedded in tariffs and recouped over time.

    “We’ve had pushback. The truth is, every component of investment that goes into the DisCos gets recouped through the tariff structure. So, whether it is a feeder pillar, whether it is a transformer, or whether it is a meter, we as consumers will ultimately pay for those pieces of equipment through the tariff design.

    “What they (DisCos) are not telling you is that the Federal Government’s major intervention is indeed one of the best loan transactions today extended to the power sector. It is a 20-year loan facility. It comes with a five-year principal moratorium and a two-year interest moratorium to the DisCos. We have never seen any capital lending to that sector of that magnitude in the history of the power sector in Nigeria.”

    A public sector analyst, Mayowa Sodipo, corroborated the position of Gbeleyi, insisting that at no point in time was meter allocation ever free of charge. For him, while Adelabu may have played to the gallery with his statement knowing that these meters and installation costs have been factored into the electricity tariff paid by the consumer, he may have equally saved the consumers from exploitation.

    “At no point was meter ever free to any consumer. You pay through your electricity purchase because it is deducted from your token over a period of time. So the DisCos are not the ones even paying for the meters as they are now trying to claim, but the consumers because the cost is deducted from their electricity tariff bought. So the DisCos are not paying but the consumers are paying for the meters,” Sodipo argued.

    But the DisCos are worried that as a business concern, the burden on payment for meters still rests with them. An official of a South West DisCo who spoke on condition of anonymity depriving payment for installation is an extra burden on the DisCos because this segment is contracted out to installers, who are not on the pay roll of the DisCos. 

    “So if consumers are not paying for installation, who should? Is the minster saying that the DisCos should still  be carrying the financial implication of this?” the official asked rhetorically.

    In a submission on the development, a Kano state based social commentator, Dr. Abubakar Ibrahim, said for Nigeria to close its metering gap, there is need for collaborative policy implementation between the regulators, government authorities, DisCos and meter providers and installers.

    “They must all agree to work together to establish a clear and sustainable funding framework that covers both meter procurement and installation.  The Federal Government on its part must design a financial framework that will balance customers’ interest with the sector financial sustainability,” Dr. Ibrahim said.

    He further said that while the Federal Government’s objectives are clearly to close the metering gap and ensure fair billing, however, lack of alignment with DisCos could unintentionally delay the very benefits the policy seeks to deliver.

    The Executive Director, Emmanuel Egbigah Foundation, Prof Wunmi Iledare’s submission in in sync with Dr. Ibrahim’s. He insisted that the development is a symptom of deeper structural and governance failures in the power sector. He said it is appalling for the Federal Government, as a part-owner of the DisCos, to publicly complain about their conduct without addressing underlying regulatory lapses, leaves more to be desired.

    Way forward

    Dr. Ibrahim and Prof. Iledare’s submissions summarises a critical issue in the metering scheme. Key industry stakeholders in the value chain blamed the DisCos shows of apathy of DisCos towards meter installation on the fact that they have not been part of the procurement process including the selection of installaters.

    “For this DISREP, the Federal Government nominated the installers, at a low cost expecting DisCos to cover some part of the cost to mobilise the installation activities. As usual since DisCos are not part of the entire procurement and acquisition process unlike other metering mechanisms, then they will show apathy; DisCos always wanted to have a say in some of these projects.

    “On paper, the paper the meters are free but the last mile issues are cost  burdens that the DisCos are not willing to cover. This is why the process is slow and bulk of the facilities are in stores across the DisCos,” a very senior official of a DisCo, who asked to be anonymous owing to the sensitivity of the matter, revealed at the weekend.

    With this recurring situation, Executive Secretary, Association of Power Generation Companies (APGC), Dr. Joy Ogaji, advocated that metering should be liberalised. To this end, Ogaji argued, both government and DisCos should hands off meter matters and allow it to run like the mobile phone is run in the telecommunications sector so that consumers can freely go to the open market to buy meters.

    Although she agreed that when customers buy meters from shops instead of DisCos, revenue assurance can become challenging, she nonetheless said this can be addressed through meter registration with DisCos to track usage and ownership; standardistion, by mandating the use of approved, tamper-evident meters with remote monitoring capabilities; implementing a centralised vending systems for meter top-ups, linking purchases to customer accounts and collaboration with shops and regulators to ensure compliance with industry standards, insisting that this approach helps DisCos track revenue and reduce losses

    “Design the standard or specifications for the meters for various categories- 1-phase, 3phase etc; make it available in shops for anyone to purchase; train installers and only contact your DisCos to inform them of synchronisation. With this, no cunnundrum; everyone is happy, except there are ulterior motives,” Ogaji submitted, warning that if after 15 years of privatisation of the sector, metering still remains a problem, then there is no point continuing with is the way it is being done.

  • Nigeria hands over African Energy Bank to promoters

    Nigeria hands over African Energy Bank to promoters

    The Federal Government has handed over the African Energy Bank (AEB) Corporate Head Office to its promoters: the Afrexim Bank and the African Petroleum Producers Association (APPO).

    The launch of the AEB has been scheduled for June 2026.

    APPO President, who is also Ivory Coast’s Minister of Mines and Energy,  Mamadou Colibaly, broke the news in Abuja during the handover ceremony of the bank to the promoters.

    He said: “We are all committed to launch this bank as soon as possible, no later than June this year. And we may be happy to do it earlier. I would like to say thanks because to allow this bank to take off, we need a headquarter, an office.”

    He said all is now set for the operation of the bank, stressing that what is left is the proceed to the Assembly General of APPO to launch it.

    After an inspection of the bank, he described it as a critical milestone.

    Read Also: Wike inaugurates, NDDC 9.4km road, 1,500-seater hall in Rivers community

    “And as we were visiting this beautiful location, I was talking to myself and say, This is a critical milestone,” said the Ivorian minister.

    Asked what the bank would be doing between now and June, the Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri said there are procedures for the establishment and take-off of a bank.

    He also said in preparation for commencement of operation, the bank needs to call a shareholder meeting, appoint the presidency of the bank and recruit its staff.

    The bank, he said, is being set up by 18 APPO member country.

  • Report: Supply chain reform could unlock billions for Nigeria

    Report: Supply chain reform could unlock billions for Nigeria

    Fixing Nigeria’s weak and fragmented supply chains could lift annual Gross Domestic Product (GDP) growth by between two and three per cent and unlock thousands of jobs across key sectors, a new report by Rome Business School Nigeria has said.

    The report, released last month notes that efficient supply chains are central to connecting farms to markets, factories to ports and consumers to essential goods, warning that current gaps are costing the country billions of naira yearly.

    Dean and Founder of Rome Business School Nigeria, Prof. Antonio Ragusa, described supply chains as “the backbone of modern economies,” stressing that their failure is felt most by ordinary Nigerians.

    According to him, strengthening supply chains would improve access to food and medicines, support industrial growth and reduce over-reliance on oil.

    The report traces Nigeria’s supply chain evolution from the colonial era of raw material exports, cocoa, palm oil and minerals, to the oil-driven expansion of the 1970s that reshaped trade and logistics around petroleum. 

    While oil and gas still account for about 90 per cent of foreign exchange earnings, the report says the sector remains highly exposed to theft, vandalism and bureaucratic delays.

    Beyond oil, Nigeria exports over $1.5 billion worth of cocoa and sesame annually. However, poor logistics, limited local processing and weak linkages between farmers, processors and exporters continue to erode value and limit the country’s agricultural potential.

    Infrastructure deficits were identified as a major constraint. Of Nigeria’s estimated 195,000 kilometres of roads, only a small fraction is paved, pushing transport costs up by as much as 40 per cent and increasing final consumer prices by nearly 30 per cent.

    Security challenges also weigh heavily on supply routes. Banditry in the North and vandalism in the Niger Delta frequently disrupt the movement of goods, endanger logistics workers and raise the cost of doing business.

    Read Also: TY Logistics to tackle supply chain inefficiencies

    The report further highlights the impact of the 2023 fuel subsidy removal, noting that the sharp rise in transport and logistics costs has strained supply chains and contributed to higher prices of essential goods.

    Although the COVID-19 pandemic accelerated the adoption of digital tools such as e-procurement and online inventory systems, the report says Nigeria still lags in advanced technologies like artificial intelligence and blockchain. High costs, weak broadband infrastructure and a shortage of skilled professionals have limited uptake, particularly among small and medium-sized enterprises.

    Despite the challenges, the report identifies significant opportunities. It points to the African Continental Free Trade Area (AfCFTA), projecting that intra-African trade could grow by over 20 per cent with improved logistics cooperation, customs processes and infrastructure. Emerging trends such as city-based warehousing, electric delivery vehicles and green logistics were also highlighted as cost-saving and growth-driving options.

    Ragusa said Nigeria has the resources, market size and talent to transform its supply chains, adding that coordinated action to modernise infrastructure, adopt technology and build resilience is now critical for inclusive and sustainable growth.

  • FAAN, Zuid Energies partner to operate electric taxis across airports

    FAAN, Zuid Energies partner to operate electric taxis across airports

    The Federal Airports Authority of Nigeria (FAAN) and Zuid Energies Limited, a new-energy mobility and infrastructure company, are collaborating to operate electric taxi services across the airports in Nigeria.

    The Chief Executive Officer of Zuid Energies Limited, Ogochukwu Abiakam, said the initiative is designed to modernise airport ground transportation, support Nigeria’s broader energy transition and economic development goals.

    He explained that the deployment will begin with a pilot phase in Abuja and Lagos airports, noting that the model will be expanded to other FAAN-owned airports nationwide.

    According to him, the fleet size will grow in response to passenger demand, performance data, and the availability of charging infrastructure.

    He added that the company aims to protect passengers from fuel price volatility by leveraging the lower operating and maintenance costs of electric vehicles.

    Abiakam also said the key aspect of the initiative is its collaborative approach with existing airport taxi operators.

    “Rather than displacing current players, Zuid Energies is developing a transition model that allows traditional operators to participate in the EV ecosystem. This includes: fleet conversion opportunities, driver integration, and training programmes.

    “The goal is to ensure that the shift to electric mobility is inclusive, sustainable, and economically beneficial for all stakeholders.

    Read Also: FAAN begins implementation of new cargo tariff

    “Zuid Energies’ electric taxi service introduces several differentiators to airport transportation in Nigeria: brand new, fully electric vehicles, professionally trained and uniformed drivers, a fully cashless payment system, digital booking, tracking, and centralised dispatch.

    “Beyond vehicles, Zuid Energies is also investing in a full electric mobility ecosystem, which includes a dedicated EV charging station in Abuja and Lagos.

    “This ecosystem approach ensures operational resilience and lays the foundation for long-term expansion.

    “Electric vehicles represent a strategic opportunity for Nigeria’s transportation sector. Their adoption will lead to reduced dependence on imported refined fuel and lower operating costs for transport services.”

    Speaking further on the importance of the initiative, he said: “EVs also allow Nigeria to better leverage its domestic energy resources.

    By combining innovation, sustainability, and collaboration, the Zuid Energies FAAN partnership positions Nigeria as an emerging leader in clean, modern aviation ground transportation and sets the tone for the future of mobility in the region”. 

  • Urban Inflation And The Changing Lagos Basket

    Urban Inflation And The Changing Lagos Basket

    Lagos is a city that edits its shopping list in real time. As transport, power and food costs climb, households do not simply buy less of everything. They reshuffle, protect a core set of must-haves and resize the little extras that make city life feel dignified. Reading that basket and how it changes month to month, explains far more about urban inflation than a single headline price.

    What Lagos households protect first

    When prices rise faster than pay, families build a defensive ring around a few essentials. The exact mix differs from Surulere to Lekki, but the logic is consistent.

    • Core foods remain, variety narrows. Rice, garri, beans and tomatoes stay, imported condiments and novelty snacks rotate out.
    • Connectivity is treated like a utility. Data plans get downsized, not cancelled, because work, school and community run on messaging and video.
    • Transport is optimised for reliability and cost. People mix BRT, ride-hailing and carpooling, shifting departure times to avoid peak rates.
    • Power gets its own micro budget. Families track fuel for generators or payments for small backup devices, focusing on cost per usable hour.

    Everything outside this ring must flex. That is where the basket becomes a story about adaptation rather than retreat.

    The quiet reshuffle of discretionary spend

    Discretionary items rarely disappear, they reappear in smaller, smarter formats that match weekly cash flow. Three shifts shape the Lagos basket today.

    1. Right-sized packs and refills. Sachets, refill pouches and store brands keep habits alive without a big upfront ticket.
    2. Pay-as-you-go access. Learning apps, entertainment and creative tools promote day or week passes so people can sample value without long commitments.
    3. Micro treats instead of big splurges. A single high-ticket outing gives way to small morale boosters spread through the month.

    Sidebar on choices: For readers studying how digital platforms package bite-size value in entertainment, comparison hubs that rank the best online casinos show how options are organised for quick, low-commitment decisions. The same playbook appears in music, fitness and e-learning, where trials and small passes lower the barrier to first spend.

    How retailers and platforms earn trust under inflation

    Inflation squeezes shoppers and it also forces suppliers to rethink formats, inventory and messaging. The operators that win during high churn share practical habits.

    • Make the first value obvious. Whether it is a mini pack on a shelf or a one-week digital pass, the benefit should land the moment someone pays.
    • Price ladders that respect cash flow. Entry SKUs need to sit at what a household can afford today, with clear steps up when readiness grows.
    • Friction-light checkout. Saved details, in-app wallets and trusted local rails reduce the time from interest to access.
    • Transparent totals. Hidden fees at the counter or on the payment screen destroy confidence fast, especially when every naira is counted.
    • Service cues after purchase. A short confirmation that restates the benefit and points to the next action keeps momentum.

    These are not tricks, they are signals of respect for attention and scarce cash. They help a family feel in control, which is the real currency during long price cycles.

    Reading the new Lagos basket like an operator

    Instead of one static list, think in layers that move with events and thresholds. This approach helps marketers, grocers and digital services make offers that travel with their customers.

    • Protected layer: staple foods, transport to work or school, basic data, essential power.
    • Flexible layer: personal care, entertainment, fashion, dining out, small home upgrades.
    • Trigger points: a price crossing, a school milestone, a job change or a power issue that promotes or demotes an item between layers.

    Consider a few common pivots:

    • When cooking gas crosses a pain threshold, dining out trims so home meals are preserved.
    • When exam prep begins, data steps up and weekend leisure spend steps down.
    • When hybrid work reduces commuting days, some transport costs shift into modest home upgrades that improve productivity.

    Mapping these pivots clarifies why an item sells or stalls, without guessing at sentiment.

    Practical playbook for Lagos brands

    If you sell to urban consumers, build for movement in the basket, not for a perfect month that never comes. A concise playbook helps teams stay aligned.

    • Design portable sizes. Offer SKUs that shrink or stretch with income swings.
    • Use plain language. State the benefit and time horizon in everyday terms.
    • Offer graceful exits. Easy cancellation and returns reduce regret and encourage repeat trials.
    • Watch local trigger points. Track transport fare changes, school calendars and power reliability, then prepare a rapid response SKU when a shift hits.
    • Measure early signals. Time to first purchase, repeat within seven days and upgrade rate from entry SKUs are better guides than vanity counts.

    The Lagos basket is a negotiation, not a surrender

    Urban inflation forces constant trade-offs, but it also rewards clarity and empathy. The brands that thrive do not chase a single big transaction. They earn a series of small yeses by making the first step obvious, the next step fair and the exit kind. In a city that edits its basket every quarter, that is how discretionary spend survives and how trust compounds even when budgets are tight.

  • Aig-Imoukhuede calls for enhanced focus on agriculture

    Aig-Imoukhuede calls for enhanced focus on agriculture

    Chairman, Access Holdings Plc, Mr. Aigboje Aig-Imoukhuede has called for a renewed focus on agriculture as Nigeria’s pathway to sustainable jobs, inclusive growth and long-term national resilience.

    He said Nigeria’s growth lies in deliberate reinvention of agriculture as a coordinated, system-driven engine of work.

    Aig-Imoukhuede spoke at the weekend at the 33rd Convocation Lecture of the Federal University of Agriculture, Abeokuta (FUNAAB), in Abeokuta, Ogun State.

    Speaking on the theme “Agriculture, the Future of Work, and the University as Catalyst,” Aig-Imoukhuede challenged policymakers, universities and graduates to look beyond traditional narratives of farming and recognise agriculture as Nigeria’s most scalable platform for dignified employment, innovation and national transformation, if properly governed and coordinated.

    The lecture formed a central intellectual pillar which has reinforced the university’s growing reputation as a global thought leader at the intersection of agriculture, governance and development.

    Aig-Imoukhuede noted that while global discourse on the future of work was dominated by automation and artificial intelligence, Africa’s more urgent challenge is the creation of productive, sustainable and large-scale employment for its youthful population.

    READ ALSO: The men who ruined a republic

    Agriculture, he argued, offers a unique comparative advantage.

    He said: “Agriculture is not merely about farming. It is a complex system encompassing science, engineering, logistics, finance, technology, regulation and trade. No other sector matches its capacity to create jobs across skill levels, income bands and rural–urban divides while strengthening food security and national resilience”.

    Drawing lessons from the biblical account of Joseph in Egypt and Brazil’s agricultural transformation, he emphasised that agriculture becomes truly transformative only when treated as an integrated system rather than a series of isolated interventions. Turning to Nigeria, he observed that despite vast arable land, human capital and a large domestic market, the country remained a net food importer due to weak coordination rather than a lack of ideas or effort.

    “Nigeria’s agricultural story is not one of failure,” he stated, “but one of unfinished architecture.”

    He urged graduates to see agriculture as a modern, technology-enabled and value-chain-driven career space, noting that the most significant employment opportunities lie beyond the farm gate, in storage, processing, logistics, quality assurance, branding and export markets.

    He also cautioned against over-reliance on technology without strong institutions and governance, stressing that enduring transformation required patient capital, credible systems and consistent leadership.

    Addressing the graduating class, directly, Aig-Imoukhuede called for adaptability, lifelong learning and civic responsibility, reminding them that Nigeria’s future depends on builders of systems, not spectators.

    Earlier, Vice-Chancellor of FUNAAB, Prof. Babatunde Kehinde, welcomed guests and described the Convocation Lecture as a celebration of excellence, learning and institutional pride.

    He noted that the lecture remained a defining intellectual tradition of the University, providing a platform for critical engagement with national and global challenges. He, however, expressed confidence in FUNAAB’s commitment to excellence, innovation and national development.

    The lecture was chaired by the Chairman of the Federal Civil Service Commission, Prof. Tunji Olaopa, who called for a fundamental rethinking of Nigeria’s University education system, particularly universities of agriculture.

    He urged such institutions to align more deliberately with national development priorities and the future aspirations of Nigerian youth. He raised concerns over youth unemployment and unemployability, warning of their implications for social stability and national cohesion.

    He advocated a balanced educational model that combines manpower development with character formation and urged universities to embrace emerging technologies, such as artificial intelligence, robotics, drones, GIS and the Internet of Things, to drive smart agriculture and innovative agribusiness. He also called for sustainability-driven research, innovation hubs and community-focused solutions, particularly for rural development.

    In his concluding remarks, Olaopa identified key reforms needed to reposition Nigeria’s university system, including greater institutional autonomy, improved funding through public-private partnerships and a more developmental approach to industrial relations.

    The 33rd Convocation Lecture thus underscored FUNAAB’s role as a global knowledge hub and catalyst for ideas capable of reshaping agriculture, governance and the future of work in Africa, while positioning the University at the forefront of debates shaping Nigeria’s long-term development trajectory.

  • Nigeria, Saudi Arabia deepen housing development

    Nigeria, Saudi Arabia deepen housing development

    As part of Nigeria’s investor engagement on the sidelines of the 2026 Real Estate Future Forum (RFF 2026) in Riyadh, the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, held a high-level bilateral meeting with the Saudi Arabian Minister of Municipal and Rural Affairs and Housing (MOMRAH), Majed bin Abdullah Al-Hogail, alongside senior officials of the Ministry.

    During the meeting, Arc. Dangiwa presented Nigeria’s flagship Renewed Hope Housing Programme, highlighting its scale, structured delivery architecture, and strong alignment with private capital.

    He also showcased the Federal Government’s Building Materials Manufacturing Hubs initiative, aimed at accelerating local production, reducing construction costs, creating jobs, and strengthening Nigeria’s construction value chain.

    “Nigeria is positioning housing not just as a social good, but as a major driver of economic growth, industrialisation, and investment,” Dangiwa said.

    “Under the Renewed Hope Housing Programme, we are delivering homes at scale across income segments, supported by clear policies, bankable PPP frameworks, and strong demand fundamentals.”

    He added that Nigeria is actively seeking strategic partnerships with credible Saudi institutions and firms.

    READ ALSO: The men who ruined a republic

     “We are keen to deepen collaboration with the Kingdom through MOMRAH and to be introduced to reputable Saudi developers, manufacturers, financiers, and technology partners who are ready to enter the Nigerian market. Our Building Materials Manufacturing Hubs, in particular, offer a compelling opportunity for Saudi investors to participate in local production and long-term value creation,” the Minister noted.

    In his response, Minister Al-Hogail welcomed Nigeria’s reform-oriented housing agenda and expressed openness to enhanced institutional cooperation between both countries.

     “Saudi Arabia recognises the scale of Nigeria’s housing demand and the seriousness of the reforms being undertaken to unlock private investment,” Minister Al-Hogail said. “There are clear areas of synergy between our housing and urban development objectives, especially in large-scale housing delivery, construction technologies, and local manufacturing.”

    He further noted that MOMRAH would support engagement with relevant Saudi stakeholders.

     “We see value in facilitating connections between Nigerian counterparts and reputable Saudi entities with the experience, capital, and technical capacity to contribute meaningfully to Nigeria’s housing and construction sector,” he added.

    The meeting reinforces Nigeria’s strategy of leveraging global platforms such as RFF 2026 to mobilise investment, share best practices, and forge strategic alliances that accelerate housing delivery and industrial development under the Renewed Hope Agenda.

    The Federal Ministry of Housing and Urban Development will continue follow-up engagements with MOMRAH and prospective Saudi partners to translate the discussions into concrete investment pathways and project-level collaborations in Nigeria.

  • Reforms, inclusion, technology reshaping capital market, says NGX Group

    Reforms, inclusion, technology reshaping capital market, says NGX Group

    Group Chief Executive Officer, Nigerian Exchange Group (NGX Group) Plc, Mr. Temi Popoola has said Nigerian capital market has been consolidating its position as a structured gateway to the African market.

    According to him, macroeconomic reforms, digital platforms, and expanding investor participation have seen the market scaling from milestones to milestones.

    Popoola highlighted how Nigeria’s ongoing reforms are translating into tangible investment opportunities, particularly for women and diaspora investors.

    Reflecting on Nigeria’s 2025 adjustment phase, he noted that difficult but necessary reforms, alongside improved price discovery, have laid the foundation for more sustainable growth in 2026.

    He pointed to the NGX All-Share Index’s 51.19 per cent gain in 2025, attributing the performance to improvements in corporate earnings, dividend consistency, and economic reforms, rather than speculative activity.

    He said: “Capital is becoming increasingly selective globally. What we are seeing in Nigeria is a market that has embraced reforms, strengthened transparency, and invested in resilient infrastructure. The focus is on building an investable platform that supports long-term economic growth”.

    READ ALSO: Mutfwang, Plateau APC and 2027 battle

    He underscored the role of inclusive participation in deepening market resilience, noting a growing proportion of women investors among new retail accounts.

    Referencing a recent telecommunications public offer in which women accounted for 76 per cent of more than 110,000 new investor accounts, Popoola said broader participation contributes to healthier markets through longer investment horizons, disciplined accumulation, and more risk-aware decision-making.

    “Women don’t just participate in markets; they help stabilize them,” Popoola said.

    Popoola spoke at Pan-African Investment Lounge hosted by Radiant Collective Capital (RCC). With the theme: “Global Economic Outlook 2026 & Overview of the Nigerian Stock Exchange: Opportunities and Market Structure,” the virtual session brought together women professionals, founders, and business leaders from across Africa and the diaspora.

    Looking ahead to 2026, Popoola identified five interconnected pillars shaping Nigeria’s investment landscape: global geopolitical shifts creating alternative supply-chain opportunities; strengthening macroeconomic stability with projected GDP growth of 4.4 per cent; renewed foreign portfolio investment driven by improved transparency and attractive yields; closer coordination between fiscal and monetary policy; and greater asset utilisation through new listings and infrastructure-linked instruments.

    He also emphasised that future market growth will increasingly be driven by technology, sustainability, and strategic partnerships. Digital platforms such as NGX Invest are expanding access and transparency across the primary market, while ESG-linked initiatives, including the NGX Net-Zero project, support long-term market resilience and risk management. Partnerships with regulators and key market stakeholders, he noted, remain central to sustaining investor confidence.

    Popoola said NGX Group plans to build on this engagement with targeted investor education initiatives in 2026, focusing on digital market access, sector-specific opportunities, and structured pathways for diaspora investment.

    The session set the stage for deeper collaboration between NGX Group and women-led investment networks across the continent.

  • Oando grows net profit to N241.3billion amid optimism on production

    Oando grows net profit to N241.3billion amid optimism on production

    Oando Plc grew its net profit to N241.3 billion in 2025 as the indigenous energy solutions group saw double-digit growths across crude and gas production.

     Key extracts of the interim report and accounts of Oando for the year ended December 31, 2025 showed 32 per cent increase in production by its upstream business, averaging 32,482 boepd.

    The growth was driven by 36 per cent increase in crude oil production to 11,269 bopd, 24 per cent increase in gas production to 19,982 boepd, and 715 per cent increase in NGL production to 1,231 bpd.

    The group attributed the production growth to the full-year consolidation of the NAOC JV interest, improved operational uptime resulting from the reactivation of previously constrained wells, and targeted infrastructure upgrades across operated assets.

    The report showed that profit after tax rose by 10 per cent to N241.3 billion in 2025 compared with N220.1 billion in 2024, supported by higher upstream production, impairment reversals, and favourable tax adjustments.

    However, revenue declined 21 per cent to N3.21 trillion from N4.09trillion in 2024, while gross profit decreased by 82 per cent year-on-year to N27.8 billion, down from N155.9 billion in 2024.

    According to the group, the decline in earnings reflected change in revenue mix as it scaled back high-turnover, lower-margin refined-product trading in favour of higher-margin crude and gas trading opportunities, as well as the impact of non-cash items.

    READ ALSO: Mutfwang, Plateau APC and 2027 battle

    Group Chief Executive, Oando Plc, Mr. Wale Tinubu, CON, 2025 was a year of relentless execution as the group successfully transitioned from the integration of the NAOC Joint Venture into operational delivery.

    “Over the year under review, we reinforced asset integrity, strengthened security across our operating areas, and materially improved uptime, delivering a 32 per cent year-on-year increase in total production. Operated Joint Venture production averaged approximately 80,545 boepd, translating to 32,482 boepd net to Oando, alongside a 30 per cent increase in crude oil liftings and a 59 per cent increase in gas sales volumes.

    “Building on this foundation, we launched our development drilling programme with the successful completion and start-up of the Obiafu-44 gas-condensate well. This well represents the first execution milestone within a phased 36-well development programme, designed to restore field deliverability, unlock incremental production and advance the Group’s medium-term growth objectives,” Tinubu said.

    According to him, within its trading business, the group recorded a 42 per cent increase in crude oil cargos traded, rising to 26 crude oil cargos (29.4 MMbbl) compared to 21 cargos (20.7 MMbbl) traded in 2024.

    “In our downstream trading business, we responded decisively to evolving market dynamics by deliberately rebalancing our portfolio away from gasoline importation toward higher-margin crude and gas opportunities. We expanded global exports and leveraged structured offtake and pre-export financing arrangements to support liquidity, cash-flow resilience, and effective production monetization for our clients,” Tinubu said.

    He noted that during the period, Oando deliberately paused premium motor spirit (PMS) trading in response to structural changes in Nigeria’s domestic downstream landscape, pointing out that while the rebalancing resulted in a short-term reduction in reported earnings, it aligns with the group’s longer-term focus on margin quality and capital efficiency.

    Looking ahead, Tinubu assured that with operational control firmly embedded and the foundations for growth clearly established, the group is focused on the diligent execution of its development programme to accelerate production growth, strengthen cash generation and enhance long-term value creation.

    “As we enter 2026, we will continue to allocate capital prudently, deepen operational resilience and build on the momentum achieved,” Tinubu said.

    The report showcased the company’s transition from asset integration following the acquisition to a decisive assumption of operatorship, evidenced by strong upstream performance.

    Capital expenditure increased significantly from 2024, with higher investment in upstream development, facility integrity, and infrastructure optimisation. This investment is strategic; production growth and increased revenue depend on these foundational capabilities being in place, and more importantly, it is evidence that the company is postured correctly for the future.

    In line with its group-wide optimisation strategy, the company realised $17.7 million in cost savings across key operating inputs through disciplined contract optimisation.

    During the period, retained earnings returned to a positive position, reflecting non-cash intra-group balance sheet realignments associated with ongoing capital restructuring. Collectively, these developments enhance the Company’s financial resilience and position it to deliver sustainable, long-term value as it enters its next phase of growth.