The Nation Newspaper

Category: Business

  • NACCIMA extols Awolowo Jr’s contributions to economy

    NACCIMA extols Awolowo Jr’s contributions to economy

    The respective tenures of the late Chief Executive Officer (CEO) of both the National Coordinating Office (NAC) of the African Continental Free Trade Area Agreement (AfCFTA) and the Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo Jr., stood out as beacons of ultimate professionalism and patriotic duty, contributing significantly to Nigeria’s export architecture and development.

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), which made this known over the weekend, said the contributions of Awolowo Jr., a distinguished public servant & technocrat, strengthened the bridge between enterprise and national growth.

    Awolowo Jr., who was a grandson of late foremost nationalist and statesman, Chief Obafemi Awolowo, died at the age of 62, with NACCIMA President Jani Ibrahim expressing deep regret and sorrow at his demise.

    The NACCIMA President, in a statement, stated that within the broader ecosystem of Nigeria’s private sector, policy institutions and development frameworks, his work echoed a legacy rooted in disciplined leadership and strategic foresight.

    Read Also: NACCIMA seeks stronger Nigeria-China collaboration

    “His voice, often calm, yet compelling, added depth to conversations that helped shaped our national economic outlook,” he added.

    According to Ibrahim, “NACCIMA extends heartfelt condolences to the entire Awolowo clan, his wife, children, grandchildren, staff of both NAC and NEPC and many other colleagues and compatriots who cherished his professionalism, wisdom and personal warmth.

    “His passage is a reminder of the beauty of stewardship and the enduring power of a fulfilled life lived purposefully.”

  • ‘Closed automation systems erode competitiveness’

    ‘Closed automation systems erode competitiveness’

    Closed industrial automation systems are quietly eroding competitiveness, costing mid-sized organizations an average of 7.5per cent of their revenue through downtime, inefficiencies, and compliance retrofits every year, according to a new report released yesterday.

    The new global research which was unveiled by Schneider Electric, the leader in energy technology, was titled: “Open vs. Closed: The $11.28 million Question for Industrial Leaders.”

    The research, conducted by Global Analysts firm Omdia, highlights how these costs stem from operational inefficiencies, downtime, compliance retrofits, and delayed production, issues often masked by the perceived reliability of legacy automation systems.

    For large enterprises, losses average $45.18 million, while smaller manufacturers face even steeper proportional impacts, losing up to 25 per cent of annual revenue.

    Traditional, hardware-defined automation systems, built for static environments, struggle to meet today’s dynamic industrial demands. Their rigidity turns routine updates into costly technical projects, while proprietary architectures limit data access, reducing visibility and responsiveness.

    At the core of the challenge is hardware complexity. Most companies operate across 2 to 10+ distinct platforms, each with unique maintenance needs. This fragmentation drives vendor dependency; 30% of issues require specialized support, and this strains workforce efficiency due to niche technical expertise required at a time when companies are facing workforce and skills shortages. Siloed systems also hinder predictive maintenance and fast issue resolution, leading to costly downtime and lost productivity. These inefficiencies scale across operations, limiting agility.

    The research underscores an urgent need for transformation. Open, software-defined automation offers a scalable, future-ready solution that modernizes legacy systems, accelerates ROI, and strengthens industrial competitiveness and resilience.

    By decoupling software from hardware, manufacturers gain the flexibility to integrate multi-vendor systems, adapt quickly to market shifts, produce small batches efficiently, and close engineering skill gaps. Real-time data becomes actionable, driving smarter decisions, boosting productivity, and reducing costs at scale.

    Schneider Electric customers are already realizing these benefits. Many begin with pilot projects or asset-level trials, then expand to full-plant or multi-site deployments, unlocking full data ownership, improved quality control, and greater cost transparency, while protecting existing investments.

    Executive Vice President, Industrial Automation, Schneider Electric, Gwenaëlle Avice Huet, said the research is an echo of the feedback from customers.

    Read Also: Nigeria, others to spend $350b on automation, software, hardware

     “This research echoes what our customers tell us every day: industrial systems must adapt as fast as their markets. It’s particularly encouraging that smaller enterprises, the backbone of our economy, stand to gain the most in annual savings that can be reinvested in innovation and growth. Open, software-defined automation is a proven solution that empowers industrial players of all sizes build resilience, drive innovation, and thrive amid rapidly shifting consumer demands, regulatory pressure and market volatility,” Huet said.

    The report noted that key cost areas break down into four critical parts, annually. These are $6.1million in Operational Agility & Resilience losses. Inflexible hardware systems hinder responsiveness to market shifts, as 77.4per cent require physical modifications for functionality updates, while multiple vendor platforms create integration complexity. Modification costs range from $25K–$50K per hour, rising to $250K/hour for $1B+ companies.

    Another cost element is $2.28million in Optimization & Efficiency costs. Maintenance burdens, downtime, and talent gaps as hardware complexity drives operational inefficiencies. Companies manage 2-10 different industrial systems on average; 29per cent deploy 10+ hardware platforms, each with unique management requirements.

    There is also the $1.2million in Preventable Quality Failure and Costly Data maintenance. Proprietary systems create data silos and limit integration. Only 28per cent of companies access real-time insights; half report that 20–39per cent of critical data isn’t available in real time.

    Finally, there is $1.7million in Sustainability & Compliance Costs. Regulatory changes demand costly hardware retrofits, driving up compliance expenses.

    Principal analyst, Omdia, Anna Ahrens, added: “In response to mounting pressures, industrial leaders are deploying tactical solutions to sustain their core priorities of growth, competitiveness, and trust. In a world where product lifecycles shrink, supply chains fracture, and talent gaps widen, agility and flexibility aren’t optional. They are survival. Every quarter a business delays addressing the cost of closed automation ecosystems is another $1million+ in lost value: the money that could be reinvested in growth and innovation.”

    It also showed that rigid infrastructure slows response, adding that 77per cent of systems need physical updates; fragmented platforms increase complexity and delay action.

    Open, software-defined automation offers a way forward by decoupling software from hardware; it enables faster decisions, real-time insights, and competitive resilience.

  • NECA: PPP, others vital to ‘Nigeria First’ policy

    NECA: PPP, others vital to ‘Nigeria First’ policy

    The Nigeria Employers’ Consultative Association (NECA) has identified a strong public-private partnership, backed by reforms that reduce import dependence, ease pressure on the Naira, and support backward integration as vital to the full realisation of the Nigeria First Policy.

    Its Director-General of NECA, Mr. Adewale Smatt Oyerinde, who spoke when NECA convened a high-level virtual Knowledge Sharing Session (KSS) for employers nationwide, with “Nigeria First Policy: Unlocking Opportunities for Businesses and the Economy” as theme, reaffirmed the commitment of NECA to advancing enterprise competitiveness and national economic development through proactive policy advocacy.

    He emphasized the need for a more competitive and business-friendly environment, while urging employers to proactively patronize Nigerian products and services.

    The virtual engagement was designed to deepen understanding of the Federal Government’s Nigeria First Policy and explore its implications for private-sector growth.

    The Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Ambassador Nura Abba Rimi who was represented by the Director, Industrial Development Department, Mrs. OlumuyiwaAjayiade, made a detailed presentation on the policy’s objectives and strategic priorities. She explained that the Nigeria First Policy prioritizes local goods and services in public procurement, enhances local content participation, and promotes economic growth through targeted government expenditure. She further stated that the initiative aligns directly with President Bola Ahmed Tinubu’s Renewed Hope Agenda, focused on industrialization, strengthening local production, and shielding the economy from global disruptions.

    Read Also: NECA, Police partner on girls empowerment

    Also addressing the session, the Director-General of the Bureau of Public Procurement, Dr. Adebowale Adedokun, highlighted procurement and local content requirements under the policy. He assured stakeholders that the Nigeria First Policy aims to empower local enterprises, promote quality standards, and improve global competitiveness of Nigerian products. He disclosed that implementation guidelines are currently being finalized and will be shared with NECA for further stakeholder engagement.

    Representing the business community, the Chairperson of NECA’s Committee on Corporate Communications and Public Affairs Experts, Ms. Victoria Uwadoka, stressed the importance of sustainable enterprise growth and outlined the strategic opportunities the policy presents for Nigerian companies.

    The Knowledge Sharing Session recorded strong participation across sectors, with robust interaction and positive feedback from employers. Participants acknowledged the session as timely and expressed confidence in the policy’s potential to drive business expansion and national economic transformation.

    NECA remains fully committed to working with government and the private sector to ensure successful implementation of the Nigeria First Policy and to champion initiatives that strengthen the Nigerian economy.

  • Real estate firm expands to UK, others

    Real estate firm expands to UK, others

    A real estate firm, Akmodel Homes and Properties, said it has expanded its foothold to the United Kingdom (UK), Ghana and Côte d’Ivoire.

    The company which is celebrating its fifth anniversary of  resilience, innovation and commitment to excellWnce in the Nigerian real estate sector already has presence in Lagos, Awka, Uyo, Ibadan, Abeokuta, Ilorin, and Enugu.

    Its CEO, Dr. Abdulhakeem Odegade, said in the few years of the company’s existence, it has expanded its portfolio with strategic projects, modern estates, empowered realtors, and strengthened its reputation as a brand with vision.

    Read Also: Commissioner to lead talks at real estate summit

    According to him, the company’s growth story is a testament to consistency, dedication and the belief that Nigeria’s real estate industry can thrive when excellence is placed at the center of service, he added.

    He expressed gratitude to their loyal clients, partners, realtors, staff and supporters whose trust and commitment have fueled its journey.

    Odegade said the company remained committed to raising industry standards, creating more opportunities, building sustainable communities and shaping the future of real estate in Nigeria.

    From a humble beginnings, Akmodel Homes and Properties has grown into a trusted and influential brand, known for delivering quality housing solutions, fostering meaningful partnerships, and contributing significantly to economic development. Over the past years, the company has maintained its focus on integrity, professionalism, customer satisfaction and community impact values that continue to guide its operations.

  • Tax reform:Only 5% of Nigerians will pay tax, says FIRS boss

    Tax reform:Only 5% of Nigerians will pay tax, says FIRS boss

    Executive Chairman, Federal Inland Revenue Service (FIRS) Dr Zacch Adedeji yesterday revealed that 95 per cent of Nigerians will pay no tax under the new tax regime.

    He added that the new tax system would fairly affect the high-heeled in the country.

    The FIRS chief spoke in Ilorin, Kwara State shortly after he received an award from the University of Ilorin Alumni Association.

    He said the “focus will be on those at the top of the pyramid.”

    He said from January next year, FIRS would have a name change.

    Represented by Prof Abiola Sanni (SAN), the FIRS chairman said: “from January 2026 FIRS will have a name change. Is it going to be a new wine on old bottle? No. Looking at our revenue challenges that we face as a nation and our consistent ranking in terms of tax to GDP ratio, we must create new approaches to taxation.

    “I want to assure you that the tax system that is about to debut in January 2026 is a tax player-friendly one. It is one that is business-friendly. I daresay that there has never been a reform of taxation in this country that is this transformative and business-friendly.

    “Let me explain in case there are doubting Thomases among us, the tax system in the past used to focus on the people at the bottom. And what do I mean I that both it affected those at the informal sector and those in paid employment.

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    “Under the new emerging tax system, 95 per cent of Nigerians will pay no tax. Whether you like it or not those whom God has blessed and those benefiting from the economy but have not been paying their own fair share of the tax burden will be now be made to do so.

    “Like I said they will be made to do so fairly. In some countries whereas the tax rate may be as high as 50 per cent, but in Nigeria after the deduction of all the deductibles from the ‘big boys and big girls the tax will only be 25 per cent of what they earn.

    And we need this to develop infrastructure, provide education, revamp the system. Without a good tax system we are going nowhere as a country.

    “Finally you should be on the lookout for a new tax institute. We are changing the name to also signpost the fact that FIRS is not a federal institution now.”

  • Fed Govt restates support for private-sector investments

    Fed Govt restates support for private-sector investments

    • Approves new Customs leadership appointments

    The Federal Government has pledged continued support for private-sector investments capable of driving industrialisation, expanding supply chains and creating sustainable employment across the country. In a statement issued by the Ministry of Finance yesterday, the Minister of Finance and Coordinating Minister of the Economy,  Wale Edun, said the government was committed to working closely with local manufacturers whose investments are strengthening Nigeria’s productive base.

    He gave the assurance during a meeting in Abuja with executives of Folay West African Limited, where the company presented its expansion plans aimed at boosting domestic manufacturing and deepening the agricultural value chain. Folay Industries, a Nigerian-owned fast-moving consumer goods manufacturer operating from the Lekki Free Zone, has invested more than N11 billion in local production. According to the ministry, the company sources grains domestically and has continued to create employment opportunities through backward integration.

    It is also one of several indigenous manufacturers replacing imports with competitive products made in Nigeria.

    Mr. Edun, who welcomed the company’s progress, said, “Initiatives such as those undertaken by Folay Industries reflect the movement toward value-added production, which is vital for economic diversification and long-term growth.” He added that the administration would continue to encourage private-sector initiatives that strengthen Nigeria’s industrial capacity and contribute to national development.

    The meeting, the ministry noted, demonstrated the government’s steady support for the manufacturing sector at a time when the country is navigating the demands of diversification. “Partnerships with the private sector will be central to driving growth, creating jobs and building a resilient economy capable of securing a brighter future for Nigeria,” the statement added.

    In a separate development, Mr. Edun on Tuesday chaired the 64th Regular Meeting of the Nigeria Customs Service Board, where key leadership appointments and promotions were approved to enhance operational effectiveness and support the ongoing transformation of the Service.

    The Board confirmed five Deputy Comptroller-Generals and eight Assistant Comptroller-Generals in line with the Nigeria Customs Service Act, 2023 and the Federal Character principle. It also approved Special Promotions for ten officers who were recognised for what the ministry described as “exceptional professionalism and significant contributions to national revenue and security.”

    The ministry explained that the reforms form part of a continuing effort to modernise Customs operations, improve leadership succession and strengthen trade facilitation, transparency and border management.

    As Nigeria expands non-oil revenue sources and promotes private-sector–driven growth, a more agile and technology-driven Customs Service is expected to play a critical role in reducing bottlenecks, improving clearance timelines and enhancing competitiveness under the African Continental Free Trade Area (AfCFTA).

  • MAN: 37% borrowing cost hurts production, competitiveness

    MAN: 37% borrowing cost hurts production, competitiveness

    The Manufacturers Association of Nigeria (MAN), yesterday, lamented that at between 30 and 37 per cent, borrowing costs remain high for manufacturers, and this rate hinders production and reduces the manufacturing sector’s competitiveness.

    MAN, therefore, called on the Central Bank of Nigeria (CBN) to review downward the benchmark interest rate in subsequent meetings of its Monetary Policy Committee (MPC).

    The Association said adopting a downward review of the rate will lessen the burden of high borrowing costs and incentivize long-term investments in manufacturing, particularly in capital-intensive sub-sectors.

    MAN Director General Segun Ajaiyi-Kadir made this position known on Wednesday while reacting to the report of the 303rd meeting of the MPC held from November 24 -25, 2025.

    The MPC had at the meeting agreed to retain the benchmark interest rate at 27.00 per cent that was fixed at its September meeting.

    It also adjusted the Standing Facilities Corridor to +50 / -450 basis points around the MPR from +250/-250 basis points to encourage borrowing from the central bank, pushing commercial banks to lend more and reducing upward interest-rate volatility.

    The cash Reserve Ratio (CRR) was also retained at 45 per cent for commercial banks and 16 per cent for merchant banks.

    The Committee also retained the 75 per cent CRR on non-TSA public sector deposits to manage excess liquidity while maintaining the liquidity ratio at 30 per cent.

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    The Committee members expressed satisfaction with Nigeria’s macroeconomic stability, highlighting key improvements such as the continued slowdown in inflation, steady real output growth, a stable exchange rate, and stronger external reserves.

    They particularly noted the accelerated pace of disinflation standing at 16.05 per cent in October 2025, the most significant in seven months, attributing this progress to sustained monetary tightening, increased capital inflows, a surplus in the current account, as well as moderating fuel prices, all of which have collectively eased the inflationary pressures.

    Reacting, MAN said it appreciates the MPC’s decision to halt the increase in MPR and to maintain the 27.00 per cent fixed at the last meeting, including the decision to adjust the standing facilities corridor to enhance liquidity

    Ajaiyi-Kadir, however, said MAN’s expects a further reduction in the rate to reduce the cost of borrowing for manufacturers.

    He lamented that despite the reduction at the MPC’s last meeting, borrowing costs of 30 to 37 per cent remain high for manufacturers, which hinders production and reduces the competitiveness of the sector.

    The MAN DG insisting that it is essential to reduce the cost of funds to encourage borrowing for expansion and investment.

    He added that the emphasis on exchange rate stability and improved forex liquidity is also vital, as manufacturers rely on foreign exchange for imports.

    He further stated that persistent high lending rates will further limit access to affordable credit for manufacturers, especially those within the Small and Medium Industries (SMI) cadre.

    “The situation is complicated with prevailing structural challenges like poor infrastructure, high logistics costs, inadequate electricity supply, high energy cost and insecurity that cumulatively raise production costs and weaken competitiveness,” Ajaiyi-Kadir said.

    He urged the CBN and other policymakers to continue to pursue policies that foster inclusive growth, incentivize manufacturing and address binding constraints limiting the performance of the sector.

    “The CBN should also strengthen handshake with fiscal authority to promote reforms capable of unlocking the full potential of the manufacturing sector.

    CBN should consider additional policy instruments or incentives that facilitate credit flow to the real sector of the economy, especially the manufacturing sector,” the MAN chief added.Top of FormBottom of Form

    Ajaiyi-Kadir also urged closer collaborate between the Federal Government and CBN to stabilize the naira and manage external risks by monitoring the potential risk of capital flights because of the MPC’s corridor review that will push banks to lend more.

    MAN also recommended the implementation of complementary fiscal measures that support industrial development and promote structural reforms especially in real sectors of the economy including Agricultural, Manufacturing and Energy sectors to further reduce inflationary pressure.

    It also called for urgent resolution of the lingering spate of insecurity in the country, especially in agricultural and industrial zones to stabilize food supply and raw material inputs.

    “A secure environment is critical to food security, lower inflation rate and sustained industrial growth in both urban and rural areas,” Ajaiyi-Kadir said.

    He also urged CBN to monitor and evaluate the impacts of previous MPC decisions on credit access to the real sector to aid informed position at subsequent meetings.

  • Stakeholders set agenda for industrial growth at IMT forum

    Stakeholders set agenda for industrial growth at IMT forum

    The Federal Ministry of Industry, Trade and Investment, in partnership with dmg Nigeria Events, has announced plans for a high-level summit that will convene policymakers, industry leaders and investors to define West Africa’s next phase of industrial growth.

    The West Africa Industrialisation, Manufacturing & Trade (West Africa IMT) Summit & Exhibition is scheduled for March 3–5, 2026, in Lagos.

    With “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity,” as theme, the event will serve as a strategic platform for examining how regional policy shifts, cross-border supply chain integration and private-sector partnerships are reshaping the industrial landscape.

    Organisers noted that West African governments and businesses are gradually moving from extractive-driven economies toward industrialisation anchored on technology, regional integration and sustainable value creation.

    According to the statement announcing the summit, the subregion is witnessing rapid transformation powered by established manufacturing clusters, expanding processing capacity and advancements in digital innovation and next-generation industries.

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    Nigeria’s incoming National Industrial Policy (NIP) was highlighted as one of the region’s most ambitious upgrade programmes. The NIP prioritises technology adoption, equipment financing and digitised manufacturing as core drivers of long-term economic competitiveness.

    Portfolio Director, Africa, and Country Director, Nigeria, at dmg events, Wemimo Oyelana, said the summit comes at a defining moment for the region’s industrial evolution.

    “The next chapter of West Africa’s industrial growth will be shaped by innovation in areas such as advanced manufacturing, gas-based production, technology adoption, and stronger policy alignment,” he said.

    According to him, the West Africa IMT Summit is designed to set strategic priorities and shape the regional industry agenda.

    “We are convening industry leaders, policymakers, innovators and investors to turn ideas, reforms, and emerging technologies into real industrial outcomes across the region,” Oyelana added.

    He noted that participants at the 2026 summit will gain firsthand insights into the region’s fast-evolving manufacturing environment and the opportunities driving sustainable growth. Delegates will also engage in high-level discussions, technical sessions and strategic networking focused on emerging investment frontiers, policy frameworks and cross-border collaboration models that can accelerate competitiveness across West Africa’s industrial ecosystem.

  • Group challenges govt on fertiliser raw material imports control

    Group challenges govt on fertiliser raw material imports control

    The Organic Fertiliser Producers and Suppliers Association of Nigeria (OFPSAN) has called on the Federal Government to sustain its exclusive control over the importation of fertiliser raw materials, warning that relaxing the policy could expose the sector to abuse, price instability, and an influx of substandard products.

    Speaking at a press briefing in Abuja yesterday, OFPSAN President, Alhaji Adams Musa, said the policy remains essential for protecting local producers and ensuring a stable and credible fertiliser market.

    This measure, he said, remains indispensable for preventing market abuse, curbing the influx of substandard and adulterated materials, stabilising market prices, ensuring consistent availability of inputs, and protecting local producers from unfair distortions caused by uncontrolled importation,” he said.

    Musa added that sustaining stakeholder engagement, policy consistency, improved access to financing, and strengthened regulatory enforcement would further boost Nigeria’s fertiliser sector and overall agricultural productivity.

    He said the briefing was convened to reaffirm OFPSAN’s commitment to national food security, sustainable agriculture, and the empowerment of Nigerian farmers. According to him, the association remains grateful for the Federal Government’s continued investment in local fertilizer production, especially through the Presidential Fertilizer Initiative (PFI).

    He noted that the PFI has revived dormant blending plants nationwide, stabilized input prices, created jobs, and reduced reliance on imported finished fertilizer.

    “In light of these achievements, we respectfully call on the Federal Government to sustain, deepen, and further consolidate the Presidential Fertilizer Initiative. This programme remains crucial to Nigeria’s agricultural transformation and long-term food systems resilience,” he said.

    Read Also: NACCIMA seeks stronger Nigeria-China collaboration

    The association also commended the Federal Government for the recent inspection of blending plants across the country, describing it as proof of its commitment to accountability and efficiency in the sector. Musa further acknowledged the key role of MOFI in strengthening the sustainability and success of the initiative.

    However, he stressed that as global agricultural standards evolve, Nigeria must adopt policies that reflect sustainability, noting rising soil degradation, climate variability, and farmers’ increasing demand for eco-friendly inputs.

    “Organic fertilizer is not just an alternative input, it is a critical component for soil regeneration, climate resilience, environmental protection, improved crop quality, and long-term agricultural sustainability,” he said.

    He added that the inclusion of organic fertiliser would support millions of smallholder farmers seeking safer and more natural soil-enhancing options.

    “We cannot overlook human health, especially as many of the foods we consume today are no longer truly natural. When our soil, environment, water, and all living organisms are healthy, people become healthier too,” he said.

    He reaffirmed OFPSAN’s readiness to work with the Federal Ministry of Agriculture and Food Security, regulatory agencies, and private-sector partners to advance the objectives of the PFI and ensure farmers nationwide have access to affordable, high-quality, and sustainable fertiliser inputs.

  • NNPC/Heirs Energies boost domestic gas supply with 135 MMscf/d

    NNPC/Heirs Energies boost domestic gas supply with 135 MMscf/d

    Gas supply received a boost in the country as the NNPC/Heirs Energies OML 17 Joint Venture (JV) announced an additional 135 million standard cubic feet per day (MMscf/d), to the basket, thus further strengthening the nation’s energy security.

    The feat, achieved after a rigless recompletion of a key non-associated gas well in OML 17, is said to be a pioneering intervention of such regarded as the first of its kind in the country, doubled the JV’s gas output.

    Prior to this development, the Well from which the new increase accrued, had previously been shut in due to excessive water production. Rather than drilling a new well or undertaking a conventional workover, Heirs Energies engineered a rigless through-tubing recompletion into an untapped reservoir interval. Completed safely, in record time, and at just 15 per cent of the cost of drilling a new Well, the operation sets a new standard for rigless solutions in Nigeria’s upstream sector.

    A statement signed by the Head Corporate Communications, Heirs Energies, Chidimma Ugbojiaku, a copy of which was made available to The Nation, explained that this significant production increase has transformed power generation across the eastern network.

    Read Also: NACCIMA seeks stronger Nigeria-China collaboration

    For instance, it explained that Transcorp PLC – TransAfam Power, has quadrupled its output, rising from an average of 50 megawatts to more than 180 megawatts, with peaks of 200 megawatts. It further disclosed that other power plants also supplied by the network, including First Independent Power Limited (FIPL) and Geometric Power, have also recorded more stable operations and higher generation.

    “In total, the power plants now receiving gas from the Joint Venture have seen combined output surge from around 100 megawatts to more than 350 megawatts. This increased power generation provides enough energy to power hundreds of thousands of homes and businesses – reducing blackouts, supporting hospitals, and schools, and keeping factories, small enterprises, and critical infrastructure running,” the statement read in part.

    Commending the feat, the Special Adviser to the President on Energy, Mrs Olu Verheijen, hailed the feat. “I congratulate the entire Heirs Energies team on this remarkable achievement, which is a testament to the strength of Nigerian engineering expertise and the value of persistent technical innovation. Please be assured of my continued support as you expand your operation across the energy sector, unlocking additional oil and gas resources to power homes, industries and commercial activities nationwide,” Mrs. Verheijen, remarked in a message to Heirs Energies CEO, Osa Igiehon,

    According to Igiehon, “the milestone is another testament to Heirs Energies’ leading capabilities in managing brownfields. The ingenuity, thoroughness, and resilience of our 100 per cent Nigerian workforce made this possible. We remain committed to supporting Nigeria’s gas-to-power agenda through innovation-led, responsible, and performance-driven upstream operations.”

    Executive Vice President, Upstream, NNPC Ltd, Udy Ntia, said: “This innovative intervention demonstrates NNPC’s strong commitment to unlocking the nation’s gas resources in support of national development. The performance of the NNPC/Heirs Energies OML 17 Joint Venture shows the power of partnership, disciplined execution, and innovation in driving substantial value for Nigeria.”

    In similar vein, the Chief Upstream Investment Officer, NUIMS, Seyi Omotowa, an engineer, added: “This project reflects NUIMS’ strategic focus on safe, efficient, and value-driven upstream operations. It is a model for the type of innovative solutions required to optimise Nigeria’s hydrocarbon assets.”

    The NNPC/Heirs Energies OML 17 Joint Venture continues to advance gas-focused, innovation-driven developments, aiming to expand domestic gas supply, strengthen electricity generation, build local capacity, and support broader economic and industrial growth. This latest success reinforces the JV’s commitment to delivering energy that powers homes, industries, and national prosperity

    Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals. Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.