The Nation Newspaper

Category: Business

  • ‘Nigeria can unlock $3.9b to boost non-oil exports’

    ‘Nigeria can unlock $3.9b to boost non-oil exports’

    Nigeria has an opportunity to boost its export earnings by up to $3.9 billion if it fully exploits untapped global demand for high-value products, according to new findings from the International Trade Centre’s (ITC) Export Potential Map.

    The report shows that Nigeria’s total export potential to the world stands at $7.6 billion, driven primarily by strong opportunities in cocoa, urea, cashew nuts and, increasingly, coffee.

    The ITC assessment reveals that cocoa beans remain Nigeria’s strongest export performer, with the largest absolute gap between potential and real-world exports. The agency stated that cocoa alone presents an unrealised export opportunity worth $749 million, representing 19 percent of the country’s untapped potential. Cashew nuts (in shell) and urea also rank among Nigeria’s highest-potential export products, underscoring the country’s competitiveness in agricultural and agro-industrial commodities.

    The report highlights a significant new frontier: unroasted, non-decaffeinated coffee (HS 090111). It identifies coffee as one of Nigeria’s best options for export diversification alongside copper cathodes and frozen fish. ITC noted that global demand for coffee continues to surge and that Nigeria “has closest export links with Japan,” while the United States is “the market with the highest demand potential” for Nigerian coffee.

    Japan currently imports $1.4 billion worth of this category of coffee, while Germany imports $4 billion and the United States $5.8 billion. All three markets apply a zero-percent tariff to Nigerian coffee, strengthening Nigeria’s competitiveness.

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    The Netherlands, Italy and Belgium also import large volumes of unroasted coffee—$843 million, $2.2 billion and $1.7 billion respectively—with no tariff barriers for Nigerian exports. Korea applies a modest tariff of 2 percent on the same product.

    ITC indicated that the scale of global demand makes coffee a strategic commodity for Nigeria’s export expansion efforts. The agency adds that “Nigeria finds Beans ‘Vigna mungo/radiata’, dried and shelled easiest to reach,” while jewellery of precious metals faces the strongest international demand potential.

    Responding to this, Chairman , Board of Trustees , Cocoa Association of Nigeria,(CAN) Dr. Victor Iyama,  said coffee remains one cash crop that can boost the nation’s  foreign exchange earnings.

    With cocoa, cashew, urea and coffee all showing substantial headroom for growth, the report positions Nigeria to unlock billions of dollars in additional export revenue if it aligns investment, logistics and trade policy with global demand.

  • Realtor urges developers to follow city plan

    Realtor urges developers to follow city plan

    Founder, Wardiere Oakmount Developments, Diamond Ilori has urged private developers to adopt a structured and sustainable approach to urban growth in the Federal Capital Territory (FCT), aligning their projects with government regulations and embracing the “master community” model of development.
    Speaking at a press briefing in Abuja, Ilori said the reforms being implemented by the FCT Minister, Nyesom Wike, to restore order in land administration and development control should be viewed as necessary corrections rather than punitive measures.
    “The FCT is our national capital. There should be a well-organized and properly followed plan. What the Minister is doing should be seen as a correction, not a punishment. We cannot afford to let Abuja become like Lagos where everyone builds whatever they like,” Ilori said.
    He called on developers to comply with the Land Use Act, pay ground rent, and perfect their title documents to avoid land revocation or demolition.
    “Once you are regularized and get documentation from the FCDA, you must keep paying ground rent. It’s a legal obligation, not an imposition,” he stated.
    Ilori, however, urged the government to carry developers along by increasing sensitization on land regularization and compliance procedures, noting that many violations occur out of ignorance rather than deliberate disobedience.
    To further professionalize the sector, he proposed the establishment of a Real Estate Regulatory Authority similar to Dubai’s Real Estate Regulatory Agency (RERA), which certifies agents, monitors developers, and enforces standards.
    “If such a system exists, every developer and agent would need certification before operating. It will bring order, professionalism, and protect investors,” he said.
    On the ongoing land regularization drive in the FCT, Ilori said disputes often arise because many landholders in area councils fail to update their documents with the FCDA.
    “Some people have titles issued by area councils but not recorded in FCDA’s system. When development control inspects such plots, they appear empty and are reallocated. Proper regularization would prevent this,” he said.
    He added that development control agencies prioritize large-scale, integrated communities over scattered small plots because they allow better planning and infrastructure.

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    “Small plots of 2,000 square meters cannot support schools or hospitals. Government prefers consolidated communities where essential services are integrated within defined spaces,” he explained.
    Ilori, who has worked and lived in Dubai for years, said Nigeria’s real estate industry could learn from countries that promote structured community development where housing, commerce, and recreation coexist seamlessly.
    He highlighted his company’s ongoing projects in Abuja, which he described as “master communities”, self-contained developments combining residential areas with schools, hospitals, parks, shopping malls, and public transport systems.
    “Our goal is to build ecosystems, not just estates. Every component, housing, transport, leisure, and retail, supports the other. The estate will have its own buses, city center, and malls. These make life easier for residents while generating income that sustains the community,” he said, citing The Valley, a Wardiere Oakmount project in Kuje, Abuja.
    “This is not about creating elitist settlements. The facilities are designed to make life easier and add long-term value for residents. When you solve daily challenges like transport and shopping within the estate, you make communities more livable,” he explained.
    Ilori said Wardiere Oakmount’s Al Barari project in Abuja was created by consolidating smaller parcels into a master community, with 40 percent dedicated to green areas, parks, and water bodies.
    “We are ensuring a balance between environmental sustainability and urban growth. Unlike many concrete-heavy estates, Al Barari will remain green and compliant with FCDA guidelines,” he said.
    He encouraged Nigerians abroad to apply the same level of discipline and planning standards they see in developed countries when investing at home.
    “Diaspora Nigerians should not just build houses; they should build organized communities. That’s how to grow our cities sustainably and make Abuja truly world-class,” Ilori said.

  • ‘MSMEs unprepared as AI use drops under 15%

    ‘MSMEs unprepared as AI use drops under 15%

    Nigeria’s push into a fully digital tax administration system may have collided with a major technology gap, as fewer than 15 percent of the country’s Micro, Small and Medium Enterprises (MSMEs) currently use artificial intelligence (AI) in their operations, a development experts say could slow compliance and expose businesses to new risks.

    MSMEs function as ancillary units that support larger industries, significantly contributing to the nation’s overall industrial development. They are actively involved in the production, manufacturing, and processing of various goods and commodities.

    Digital skills consultant Akin-Ayeni warned that the new Nigeria Tax Act (NTA) reforms represent a “transformative overhaul” that automates tax filings, eliminates manual errors and demands a new level of digital competence from every taxpayer.

     “The reforms require a new level of digital readiness from every taxpayer. AI skills are now essential—especially for MSMEs, the backbone of the economy,” he said.

    Ayeni said AI is fast becoming a mandatory business tool, improving productivity, strengthening customer acquisition, sharpening cash-flow management and opening access to finance. Yet most small businesses remain unprepared due to a widening skills gap, limited national digital capacity and poor awareness—trends global studies predict will worsen by 2025.

     “These gaps will pose serious challenges for the Federal Inland Revenue Service (FIRS). The processes built into the new law are digitally driven and cannot be handled manually,” he said. “Anyone who cannot function in an AI-supported environment cannot operate effectively as a tax consultant.”

    Under the new framework, businesses are expected to migrate to predictive digital systems that estimate tax liabilities in advance and influence financial planning, asset decisions and broader business strategy.

    Access to finance will also hinge on digital readiness. “AI tools will be required to track invoices, analyse transactions, prepare accounts, generate reports and support strategic decisions,” he said.

    He emphasised that data analytics is now a core requirement for accountants and tax practitioners. “If you call yourself an accountant, tax practitioner or consultant, you must understand data analytics and tools like Power BI. The era of spending three days auditing data manually is over.”

    A key feature of the new system is the direct integration of company accounting software with the national tax database. Through API connectivity, FIRS will automatically monitor income, expenses and invoices in real time.

     “The era of paper invoicing is over. E-invoicing is now mandatory. Once you generate an invoice, the national database receives it instantly. When you file your taxes, FIRS already knows your true assessment,” he explained.

    This level of automation is expected to tighten compliance, reduce tax evasion and enable businesses to generate receipts instantly without visiting tax offices.

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    Ayeni disclosed that EDLI Digital, where he serves as lead consultant, is launching specialised training programmes focused on AI adoption, digital readiness and compliance with the NTA reforms. The sessions cover prompt engineering, data analytics, business AI tools and system integration with FIRS platforms. The company has also published a book on practical AI applications for Nigerian SMEs.

     “When you understand the cost of not training, you will realise education is cheaper than ignorance,” he said.

    He noted that the reforms include new incentives for small businesses: companies with turnover below ₦100 million will not pay company income tax. However, individuals operating unregistered businesses could face heavier tax burdens once their turnover crosses ₦50–100 million—while registered companies in the same bracket may pay nothing. “This is why awareness and education are critical,” he said.

    Responding to questions on the financial sector, Ayeni confirmed that Nigerian banks have already deployed AI tools, e-invoicing systems and advanced digital compliance platforms. He said ongoing recapitalisation efforts have accelerated the adoption of business intelligence technologies across top lenders, citing Access Bank’s expansion and innovation as an example of digital strength.

    Ayeni stressed that Nigeria’s shift to a fully digital tax ecosystem marks a decisive turning point for businesses of all sizes.

     “You must understand the new tax law. You must understand why AI matters. And you must begin learning immediately,” he said, warning that MSMEs that fail to build digital capacity risk being left behind in a rapidly evolving business environment.

  • Airtel, itel seal 4G device financing deal

    Airtel, itel seal 4G device financing deal

    Airtel Nigeria has unveiled a new Smartphone Financing Programme to aggressively bridge the digital divide. The innovation provides existing Airtel customers with a flexible and convenient payment plan to own fourth generation (4G) smartphones and drive wider digital inclusion.

    Through this innovation, Airtel will finance new smartphones via its exclusive retail network, helping customers currently using 2G and 3G devices upgrade seamlessly to 4G connectivity. The programme will kick off with the Itel A50 smartphone, a reliable, high-performing device designed to deliver a superior mobile experience for customers across Nigeria.

    Speaking on the launch, Chief Executive Officer of Airtel Nigeria, , Dinesh Balsingh, said the initiative reflects Airtel’s deep commitment to empowering Nigerians with all they need to thrive in a connected world.

    He said: “Connectivity is opportunity, and smartphones are the key that unlocks it. Through the Airtel Smartphone Financing Programme, we are enabling more Nigerians to access 4G technologies, experience the full benefits of digital inclusion without financial strain, and transform the way they learn, work, and live. This initiative goes beyond providing devices; it is about empowerment, progress, and building a truly connected future.”

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    To be eligible, customers must be Airtel subscribers and are advised to check their financing status by dialling *492# USSD code. Once approved, the final onboarding is completed at any Airtel-owned shop. Upon making the initial down payment of ₦19,000 or ₦21,000, customers will receive their smartphone and immediately gain access to fast 4G internet.

    All payments, including the down payment and subsequent weekly instalments, will be made exclusively through SmartCash, Airtel’s secure mobile money subsidiary.

    Also speaking on the innovation, Director of Marketing, Ismail Adeshina, emphasized the role of partnerships and technology in driving the initiative.

     “Our mission is to democratise access to technology by removing financial barriers. With this programme, customers can now afford quality smartphones without the burden of full upfront payment. By leveraging SmartCash and intelligent scoring systems, we are creating a sustainable model for inclusive digital growth,” Adeshina added.

    To qualify, customers must be active on the Airtel network for at least three months, have a registered SmartCash account, a valid form of identification such as NIN, Voter’s Card, or Driver’s Licence, and provide consent for data processing by Intelligra for eligibility verification.

  • ‘CBN’s interest rate hike boosted fixed income investments’

    ‘CBN’s interest rate hike boosted fixed income investments’

    The decision of the Central Bank of Nigeria (CBN) to embark on aggressive interest rate hikes boosted investors’ demand for fixed income instruments in 2024, President, Association of Issuing Houses of Nigeria, ‘Kemi Awodein, has said.

    Speaking during the AIHN’s Annual General Meeting and presentation of 2024 financial statements in Lagos, she said the apex bank had relied on the interest rate hike to tackle inflation.

    The AIHN financial statements for 2024 showed that total funds and liability grew from N452.6 million in 2023 to N518.2 million in 2024.

    Its total income grew from N86.56 million in 2023 to N123.6 million in 2024, while expenditure for 2023 stood at N50.08 million, the figure for 2024 was N60.75 million resulting to surplus of N36.4 million and N62.9 million for 2023 and 2024 respectively.

    Speaking further on the markets development, Awodein said: “Key drivers for fixed income instruments in 2024 included: – Central Bank of Nigeria’s (CBN) aggressive interest rate hikes to combat inflation. There were significant interest rate hikes in February and March 2024 (a total of 600 basis points), aimed at curbing inflation. In 2024, CBN hiked the benchmark interest rate eight times and by 875 basis points to 27.5 per cent in November from 18.75 per cent at the beginning of the year”.

    Awodein explained that the high-interest environment saw the crowding out of the private sector, affecting issuance activities.

    She disclosed that government borrowing increased significantly, as efforts to manage liquidity were also heightened.

     “Data indicate that about N12.83 trillion in OMO bills and T-bills were sold compared to N716.7 billion for the whole of 2023. Despite these challenges, as the year progressed, there was renewed investor confidence, leading to increased capital inflows,” she said.

    She added: “This was driven by government policies and the anticipation of interest rate cuts in other markets. Significant in the year was the successful issuance of the first domestic dollar bond by the Debt Management Office (DMO)”.

    Awodein disclosed that in 2024, the Nigerian investment banking sector saw significant activity in equities capital raises, spurred by the announcement on recapitalisation by CBN in March 2024.

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     “By years-end, a number of banking institutions had concluded transactions, with Access Bank Plc announcing the attainment of the new regulatory capital. The activity in the sector will continue in earnest in 2025 as the deadline of March 2026 approaches,” she said.

    Continuing on highlights of market development, she said the transition of Aradel Holdings Plc from NASD to Nigeria Exchange (NGX) was impactful for investors and shareholders, providing investment opportunities as well as enhancing liquidity.

     “Long-term debt capital raises were muted in 2024 in light of the interest rate regime and the significant and frequent issuances by the FGN. The private sector was essentially crowded out. Activities in debt capital raising was concentrated in Commercial Paper issuances”.

     “Capital Raising – Prominent transactions included Seplat Energy’s $650 million bond issuance, aimed at expanding its energy operations, and Airtel Africa’s $500 million capital raise, which was used to enhance telecommunications infrastructure,” she stated.

     “By the end of 2024, some banks, including Fidelity Bank, GT Bank, Access Bank, FCMB and Zenith Bank, had undertaken issuances targeted at meeting new capital requirements. Recapitalisation was completed at year’s end by Access Bank, with all Banks being required to complete their respective transactions before the end of Q1 2026,” she said.

  • Nigeria’s, others’ instant payments hit $2tr driving inclusivity

    Nigeria’s, others’ instant payments hit $2tr driving inclusivity

    Nigeria’s and other Africa’s digital payments landscape is expanding at a record pace, marking a turning point towards more inclusive interoperable financial systems.

    According to a report obtained at the weekend, 36 systems are now live across 31 African countries, with five launched over the past year. Collectively, they processed 64 billion transactions worth nearly $2trillion last year, underscoring Africa’s rapid transition to digital finance.

    The State of Inclusive Instant Payment Systems (SIIPS) 2025 Report, released by the AfricaNenda Foundation, in partnership with the World Bank and the United Nations Economic Commission for Africa (UNECA), reveals how instant payment systems (IPS) are driving economic participation, innovation, and opportunity across the continent.

    Now in its fourth edition, SIIPS 2025 is Africa’s leading benchmark for inclusive instant payment systems (IIPS).

    CEO, AfricaNenda Foundation, Dr. Robert Ochola, said IIPs are redefining how the African economies connect, adding that progress has been made.

    “Inclusive instant payments (IIPs) are transforming how Africans connect economically. The findings of SIIPS 2025 show clear progress — more countries are adopting instant payment systems, and more people are gaining access to digital financial services that support livelihoods, trade, and growth across the continent,” Dr Ochola said.

    The World Bank acknowledged improvement but noted that more still needed to be done. The global bank urged countries without fast payment systems to begin implementations, while those already operating them should focus on greater inclusivity, innovation, and affordability in digital payment services.

    Its Acting Global Director, Finance, Competitiveness & Investment Global Department, Niraj Verma, said: “The latest SIIPS report shows steady progress across Africa in the uptake of fast payments. This is promising and represents a great start, but there is much work to be done. Countries without fast payment systems should begin implementations, while those already operating them should focus on greater inclusivity, innovation, and affordability in digital payment services.

     “Regional FPS models have demonstrated a unique opportunity to facilitate cost-efficient and speedy cross-border payments and could be explored for scaling across regions and ultimately across the entire continent. At the World Bank Group, we believe fast payments development promotes broader goals such as financial inclusion, job creation, and trade facilitation. Through Project FASTT, the World Bank continues to help countries build and strengthen fast payment ecosystems through financing, technical assistance, and capacity building.”

    The report highlighted increasing interoperability across systems, with half of Africa’s IPS now connecting banks, mobile money operators, and fintechs through cross domain platforms.

    Nigeria’s Instant Payments (NIP) became the first system to achieve mature inclusivity on the AfricaNenda Inclusivity Spectrum, while 10 others have advanced to progressed levels.

    Beyond person-to-person (P2P) transfers, more systems are enabling person-to-business (P2B), government-to-person (G2P), and cross-border payments.

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    Research conducted in Angola, Côte d’Ivoire, Madagascar, and Tunisia finds that individuals are adopting digital payments faster than merchants, particularly in emerging and nascent markets. Adults over 30 and those with regular income remain the most active users, while young adults and women continue to face barriers such as fraud concerns, lack of identification, and limited access to agents.

    Between 50 and 75 per cent of cash-first users cited fraud risks as a key barrier to adoption. Addressing these challenges, the report notes it will be critical to ensure that digital payments are safe and accessible for all.

    Also commenting on the report, Chief of Section, Innovation and Technology, UNECA, Dr. Mactar Seck, said: “For digital payments to reach everyone, inclusion must be intentional. The data from SIIPS 2025 gives policymakers and regulators the confirmation they need to design ecosystems that serve marginalized parts of Africa’s communities. That is, women, youth, the informal sector and those in rural communities at large.”

    The report points to significant opportunities for growth through digital public infrastructure (DPI) integration, government-to-person (G2P) payments, and cross-border interoperability.

    With 36 countries now having live IPS, digital IDs, and data protection laws, better coordination across these systems could make Africa’s financial ecosystem more inclusive and secure. financial ecosystems.

    Scaling G2P and cross-border use cases, the report finds, will require improved digital identity coverage, regulatory harmonization, and stronger collaboration between public and private sectors. These efforts are crucial to Africa’s ambition of creating a single, digitally connected market.

    The SIIPS 2025 launch event, hosted by the Central Bank of Eswatini (CBE) brought together central banks, payment operators, policymakers, development partners, and the media from across the continent to discuss how inclusive instant payments can drive Africa’s digital future.

  • Diaspora investors mull strategies to deepen national development

    Diaspora investors mull strategies to deepen national development

    The 8th Nigerian Diaspora Investment Summit (NDIS) has raised optimism on prospects of investments in the economy as investors, government officials and entrepreneurs charted bold pathways to accelerate national development through strategic investments.

    With the theme, “Fast-Tracking Regional and National Development by Mobilising Diaspora Investment,” the summit drew over 1,000 physical participants from Nigeria and the Diaspora as well as several others who joined virtually.

    Organised by the Nigerians in Diaspora Commission (NiDCOM) in collaboration with the Nigerian Diaspora Summit Initiative (NDSI), the event reaffirmed the diaspora’s vital role as a powerhouse for innovation, enterprise, and sustainable growth.

    Coordinator, Nigerian Diaspora Summit Initiative (NDSI), Dr. Badewa Adejugbe-Williams,  described the summit as a bridge connecting ideas, people, and opportunities.

    She said: “Every edition of NDIS tells a story of progress, resilience, and possibility.

    “It reminds us that when Nigerians at home and abroad work together, the outcome is always extraordinary”.

    She commended the sustained support of partners, investors, and sponsors, while expressing special appreciation to Hon. Abike Dabiri-Erewa, Chairman and Chief Executive Officer of NiDCOM, for her unwavering leadership in creating platforms that link the Diaspora to national development.

    “The success of it reflects what can happen when passion meets purpose. The diaspora continues to prove that distance does not diminish patriotism, it strengthens it,” Adejugbe-Williams said.

    Highlights of the summit include high-level panel discussions, startup pitches, and exhibitions across priority sectors.

    The energy was palpable as participants explored how diaspora collaboration can translate into tangible investments for job creation and inclusive growth.

    Technology and Education took centre stage as innovators showcased transformative ideas.

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    Moderated by Ms. Evelyn Dan Epelle, Managing Director of IGET, diaspora innovators presented cutting-edge solutions in FinTech, ICT, logistics, and e-learning.

    Epelle noted that FinTech continues to redefine inclusion in Nigeria’s digital economy, adding, “Technology is no longer a luxury. It is the foundation for Nigeria’s next growth phase, and the diaspora is a powerful engine behind that transformation.”

    The Education and Human Capital session, moderated by Prof. Onyishi Ernest Ike, spotlighted innovative proposals aimed at improving learning access, quality, and employability.

     Ike stressed that sustained investment in education remains critical to Nigeria’s long-term growth.

    He said: “Our young people are our greatest asset, investing in their minds is investing in Nigeria’s future”.

    Diaspora investors engaged directly with startup founders, exploring how scalable, impact-driven solutions can support national priorities in education and technology.

    Head: Media, Public Relations and Protocols Unit,
NiDCOM, Abdur-Rahman Balogun, in a statement noted that the three- day event continued with a shared commitment among participants to deepen partnerships that make the Nigerian Diaspora a true force for innovation, investment, and nation-building.

  • ‘How Land Use Act can maintain balance in ownership’

    ‘How Land Use Act can maintain balance in ownership’

    Land Ownership is often mired in controversies and experts are of the opinion that the challenges in the sector can be extensively checked if there are reforms in the Land Use Act.

    The “Land Use Act” (LUA), is a  federal law that vests all land in each state in the governor, who holds it in trust for the people.

     Enacted in 1978, its main purpose is to simplify land ownership, ensure equitable distribution, and centralize land administration to prevent disputes. The Act allows individuals to acquire a right of occupancy to use land, rather than owning it outright, and requires Governor’s consent for transferring these rights. The government can also revoke these rights for public purposes, with compensation for improvements made to the land.

    Land ownership: The Act “nationalizes” all land by vesting it in the state governor, who acts as a trustee.

    Rights of occupancy: Individuals and corporations are granted rights of occupancy, which are categorized as statutory rights of occupancy (urban areas) or customary rights of occupancy (non-urban areas).

    Certificate of occupancy: A Certificate of Occupancy is issued to the holder of a right of occupancy.

    Land use allocation: The governor is responsible for allocating land in urban areas, while local governments handle non-urban areas.

    Transfer and consent: Transferring a right of occupancy is only valid with the governor’s consent, which is typically obtained through a Deed of Assignment.

    Revocation of rights: The government can revoke a right of occupancy for public purposes, such as mining, public works, or planned development.

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    Compensation: When land is revoked, the government is required to compensate the landowner for the value of the improvements made to the land.

    Former Chairman, Nigeria Institution of Estate Surveyors & Valuers ( NIESV), Lagos State chapter, Gbenga lsmail  asked the government to digitise all land records at state level (C of O, Governor’s Consent, surveys, mortgages).

    He said: “ Government should deploy a transparent GIS-based land information system, set strict service-level timelines (e.g., 14–21 days for Governor’s Consent), professionalise workflows using Estate Surveyors & Valuers, planners, and lawyers”.

    “ They should publish clear, uniform fee schedules to eliminate informal charges,

    decentralise minor land allocations to Local Governments,strengthen tenure security through streamlined issuance of C of O and Rights of Occupancy”.

    He also  asked for the adoption of valuation-based ground rent and premium assessment.

    Ismail further asked for the reduction of  discretionary powers through statutory checks and digital tracking dashboards. He harped on the need to integrate planning approvals, survey, and LUA processes on a single one-stop portal, use government land strategically for affordable housing PPPs build capacity of land officers and enforce discipline for delays or extortion. The former Lagos NIESV Chair also asked that Land Use Act  implementation  should align with climate, environmental, and urban planning frameworks.

    For Jide Olalekan a Lawyer if properly deployed the LUA has the capacity to reduce  land disputes as it vests land ownership in the state governor, which according to him has helped to eliminate or reduce the multiple and endless litigations that arose from conflicting claims and interest on land.

     The Act is intended to provide a simplified framework for land ownership and allocation, especially for public and large-scale projects, which was previously difficult for government agencies and also helps prevent the displacement of farmers and communities from their lands,  also aiding in national security by creating a more stable land tenure system he stated. However, he lamented that the Act  has contributed to poverty for many communities, as their primary assets were lands that were acquired by the state.

  • NUPRC revives abandoned oil wells for project 1mb initiative

    NUPRC revives abandoned oil wells for project 1mb initiative

    In order to attain its one million barrels initiative launched in 2024, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it has been reactivating dormant fields, fast-tracking regulatory approvals, and enhancing operational efficiencies across the upstream value chain to ramp up production.

    Commission Chief Executive (CCE), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, who made the remark during the Maiden conference of the Energy Correspondents Association of Nigeria (ECAN) in Abuja, said with a clear target of increasing production to 2.5 million bpd by 2026, the initiative has already demonstrated strong momentum with current unreconciled daily production averaging 1.7 – 1.83 million bpd.

    He said there are new frontier opportunities in onshore, shallow water and deep offshore blocks, especially in underexplored basins, enabled by its new licensing rounds regime.

    He said: “There are also other vast and compelling transformative opportunities particularly in natural gas development, gas-to-power initiatives, Liquefied Natural Gas (LNG) projects, FLNGs and Compressed Natural Gas (CNG) transportation infrastructure, aimed at enhancing both export capacity and domestic energy supply.”

    He said the commission has given approval of 37 new evacuation routes, coupled with intensified collaboration with national security agencies, has significantly curtailed crude theft and enhanced accountability across the industry.

     “At the same time, the enforcement of the Domestic Crude Supply Obligation (DCSO) is securing consistent feedstock to local refineries, strengthening Nigeria’s internal supply chains and building long-term economic resilience.”

     On the socio-developmental front, the Host Community Development Trust (HCDT) framework, fully operational via our HostComply digital platform, has created unprecedented transparency and direct community impact, fostering trust, reducing conflict, and reinforcing social licence to operate. Our broader digital transformation agenda is also reshaping regulatory engagement: streamlining approvals, improving investor clarity, and delivering faster and smarter oversight.”

    He stated that while hydrocarbons continue to generate nearly 90% of Nigeria’s foreign exchange earnings and 70% of government revenue, he said its long-term viability of the energy sector depends on aligning growth with climate responsibility.

     “Our gas-centric energy transition strategy is a cornerstone of this effort, anchored by flagship initiatives such as the Decade of Gas, the Nigerian Gas Flare Commercialisation Programme (NGFCP), and the Presidential CNG Initiative. These programmes collectively aim to eliminate routine gas flaring by 2030 and reduce methane emissions by 60% by 2031.”

     “In parallel, we are working collaboratively with industry stakeholders to fully monetize Nigeria’s abundant gas resources through strategic LNG expansion, deployment of floating production solutions, and the development of cross-border pipelines designed not only to power Nigeria’s economy but to accelerate Africa’s broader industrialisation. Beyond infrastructure, the NUPRC is also championing the creation of a transparent, competitive, and investor-friendly gas market, unlocking the commercial potential of an estimated 600+ trillion cubic feet of gas resources (upward potential) and positioning Nigeria as a central hub in the global energy transition.”

    The net-zero ambition is also anchored on Nigeria’s Upstream Decarbonisation Framework and Blueprint designed by the Commission to integrate emissions monitoring, MRV systems, carbon capture and storage, and access to climate finance via carbon markets. In doing so, we are enabling emissions reduction to generate value through a burgeoning carbon services ecosystem: comprising monitoring technologies, advisory services, and advanced deployment tools, while upholding the highest standards of environmental and asset integrity.

    Earlier, the Chairman of ECAN, John Ofikhenua, siad the theme of the conference, ‘Four Years of the Petroleum Industry Act (PIA): Achievements, Gaps and the Way Ahead,’ is both timely and thought-provoking.

     “Four years on, it is right that we pause to ask: How far have we come? What has changed? And what must we still do to make the promise of the PIA a living reality for all Nigerians? As one who has covered this sector for many years, I cannot forget the long and tortuous journey that brought us here. For over two decades, we reported the hopes, frustrations, and sheer resilience of stakeholders who yearned for reform. We chronicled the endless back-and-forth of the Petroleum Industry Bill — its drafts, its withdrawals, its controversies, and its rebirth as the PIA.”

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    He said the passage of the Act was no accident but a triumph of persistence — a product of the vision and hard work of men and women like the late Dr. Rilwanu Lukman, Dr. Emmanuel Egbogah, and many others who laboured behind the scenes from the days of the Oil and Gas Sector Reform Implementation Committee.

     “Those of us who were there remember the uncertainty that once defined the sector — when decisions were made by discretion rather than law; when even ministers lamented that their hands were tied. We remember how former Petroleum Minister, Odein Ajumogobia, eager to deliver results, was accused of jumping ahead of legislation — a reflection of just how paralyzed the system had become. And who among us can forget those long, frustrating queues at filling stations — symbols of a broken framework and an outdated policy regime?”

    On his part, the minister of Petroleum Gas, said the eevnt is  is both timely and commendable, as it also provides an essential platform to reflect on the progress made since the enactment of the Petroleum Industry Act four years ago.

     “The PIA remains a landmark legislation that has redefined the governance, fiscal, and operational frameworks of Nigeria’s oil and gas industry.”

  • CAP leads Africa’s sustainable building materials

    CAP leads Africa’s sustainable building materials

    Managing Director of Chemical and Allied Products Plc (CAP), Bolarin Okunowo, has called on African designers, architects, and builders to embrace smart and sustainable materials that merge aesthetics with environmental responsibility. She delivered the message during Design Week Lagos 2025, the continent’s premier platform for design and innovation.

    Throughout the week-long exhibition at Livespot Entertainium, CAP Plc hosted an interactive booth showcasing its newest Dulux innovations and colour technologies. The company also engaged industry professionals in B2B sessions covering colour psychology, climate resilience, and sustainable surface preparation.

    This marks CAP’s second year partnering with Design Week Lagos, reinforcing its purpose of “Creating a New Africa Inspired by Colours” and strengthening its commitment to sustainability, creativity, and innovation in Africa’s built environment.

    Speaking in a keynote titled “Colour, Materials and Innovation in our Built Environment” at the Design Week Lagos (DWL) Talks, Okunowo detailed how CAP’s flagship brand, Dulux, is driving transformation across Africa through low-emission coatings, digital access tools, and colour systems tailored to African climates and cultural contexts.

     “The future of the built environment will be shaped by materials that are not only beautiful, but also smart, efficient, and sustainable. At CAP Plc, we believe sustainability is the foundation for designing spaces that inspire and endure,” Okunowo said.

    She highlighted CAP’s continued investments in low-VOC coatings designed to improve indoor air quality and align with global green-building standards. She also showcased the Dulux Tint-Base System, launched in 2022, which gives customers instant access to thousands of colours nationwide.

    Okunowo further spotlighted Caplux, CAP’s surface-preparation range, stressing that premium finishes start beneath the surface.

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     “The true colour on the surface is ultimately a function of what happens below the surface,” she noted, emphasising that well-prepared substrates are essential for long-lasting finishes—a technical capability that Caplux brings to every project.

    Reinforcing CAP’s innovation journey, Okunowo unveiled the upgraded Dulux e-commerce platform, a digital solution that streamlines colour selection and paint purchases for users across Nigeria. The platform enables professionals and homeowners to browse, choose, and order Dulux products seamlessly—bringing trusted quality directly to their doorsteps.

     “Sustainability is not just about what we build, but how we empower others to build responsibly. Through innovation and digital access, we are making sustainable design solutions more inclusive and accessible across Africa,” she added.

    Beyond sustainability, Okunowo underscored the transformative power of colour.

     “Colour shapes experiences, influences emotion and productivity, and expresses identity. At Dulux, we have spent decades studying how colour interacts with light, culture, and climate to help customers express who they are.”