The Nation Newspaper

Category: Business

  • Controversy trails 15% petrol tax suspension

    Controversy trails 15% petrol tax suspension

    Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday suspended the proposed implementation of the 15 per cent of valorem import duty on imported Premium Motor Spirit (PMS) and Diesel, triggering concerns across sections of stakeholders.

    According to a statement posted on its X handle earlier, Director, Public Affairs Department, NMDPRA, George Ene-Ita, stated that the 15 per cent import duty was “no longer in view”.

    “It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” NMDPRA stated.

    The agency assured of adequate supply of products noting that it would continue to closely monitor the supply situation and take appropriate regulatory measures to prevent distruption of supply and distribution of petroleum products across the country, especially during this peak demand period.

    Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA) and Nigerian Coalition of Civil Society Organisations (NCCSO) have faulted suspension. Other stakeholders however said the decision would save the country from market distortions and potentially disruptive effects that could undermine recent gains in improvement in average living costs and disinflation.

    OGUNCCIMA’s President, Niyi Oshiyemi, described the suspension as a setback to Nigeria’s economic reform drive and a missed opportunity to protect local refiners, particularly the Dangote Refinery and other modular refining initiatives.

    “The suspension of the 15 per cent fuel import tariff is disappointing. The policy was a step in the right direction to promote local refining, reduce dependence on imports, conserve foreign exchange and create a fair competitive environment for domestic producers. Its reversal sends a wrong signal to investors who have shown confidence in Nigeria’s energy sector,” Oshiyemi said.

    He noted that implementing the tariff would have helped to stabilise the naira by curbing excessive demand for foreign exchange used in fuel importation.

    He added that local refineries need firm policy backing to thrive, warning that continuous reliance on imported fuel would make the economy vulnerable to external shocks.

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    He said: “The Dangote Refinery alone has the capacity to meet Nigeria’s domestic fuel needs and even export to other African countries. Supporting such investments with protective policies like the import tariff is not just economic common sense; it is a matter of national interest”.

    He urged the Federal Government to reconsider its decision and reintroduce the policy after consultations with key stakeholders in the oil and gas industry.

    He emphasised that sustainable industrial growth requires consistency in policy direction, noting that frequent policy reversals discourage private sector participation and hinder long-term development.

    While acknowledging the government’s concern about potential short-term price increases, Oshiyemi maintained that the long-term gains including job creation, forex savings and increased energy security far outweigh any temporary inconvenience.

    He reaffirmed OGUNCCIMA’s commitment to advocating policies that protect local industries and promote economic diversification.

    He said: “We believe in reforms that empower Nigerian investors and strengthen our productive base. The 15 per cent tariff was one of such reforms, and we urge the government to revisit it in the national interest”.

    In a statement signed by its National Spokesperson, Comrade Mustapha Ahmed, NCCSO noted that the decision to suspend the implementation of the tax has given importers time to flood the market with imported fuel, thereby undermining local production and discouraging investment.

    It added: “In fact it is a strategic victory for foreign fuel importers and their local collaborators, whose agenda is to keep Nigeria dependent on imported products and frustrate the growth of local refineries such as Dangote Refinery and other modular plants ready for operation”.

    The coalition argued that the deferment to first quarter 2026 was wrong and should be totally discouraged, with no further extensions.

    It stated: “The government must resist pressures from international traders and uphold its commitment to energy independence. All relevant agencies should monitor imports to prevent market distortion during the deferment period.

     “The deferment is a temporary win for importers but a setback for Nigeria’s refining future. NCCSO urges President Tinubu to remain resolute and protect Nigeria’s local industries from external manipulation”.

  • Senate demands full disclosures in probe of Stamp Duty collection

    Senate demands full disclosures in probe of Stamp Duty collection

    The Senate has launched a far-reaching investigation into stamp duty collections said to run into trillions of naira, demanding full disclosure from commercial banks, the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), and state governments.

    Chairman of the Senate Public Accounts Committee, Senator Ahmed Aliyu Wadada, who gave this indication during a press briefing in Abuja, said the move followed concerns over what he described as “humongous” sums generated from stamp duty between 2016 and 2024, much of which remains unaccounted for.

    “It is one thing to generate revenue and another to ensure it is judiciously utilized,” Wadada said.

    “The legislature cannot afford to look the other way when trillions are at stake.”

    He said the committee has written to all commercial banks to submit detailed records of stamp duty collections and remittances for the eight-year period.

    It has also asked the CBN to provide corresponding data on what the banks remitted and what the apex bank transferred into the Treasury Single Account (TSA).

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    Similarly, he said letters have been sent to the FIRS to account for stamp duties collected on government and private sector agreements, and to the Nigerian Governors’ Forum, chaired by Kwara State Governor AbdulRahman AbdulRazaq, to disclose proceeds received by the states.

    “We want to know what is where, and how effectively it has been used,” Wadada said.

    “This is about accountability and ensuring every kobo collected on behalf of Nigerians is properly tracked.”

    He added that the committee had received preliminary data from consultants but would wait to reconcile all submissions before making its findings public.

    “We have a fair idea of what’s involved,” he said. “But we’re verifying every figure. Once that’s done, we’ll not hesitate to summon anyone necessary to explain discrepancies.”

    He said that all concerned agencies have until November 25, 2025, to respond to the Senate’s requests.

    “This administration has shown commitment to transparency.

    “Our job is to make sure that the revenues it depends on are fully accounted for and effectively utilised for the benefit of Nigerians,” Wadada said.

  • ‘Govt issued 23 refineries’ licences in four years’

    ‘Govt issued 23 refineries’ licences in four years’

    In the last four years of the enactment of the Petroleum Industry Act (PIA), the Federal Government has issued 23 licenses to proposed refineries to establish their operations.

    Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed this at the maiden conference of the Energy Correspondents Association of Nigeria (ECAN) in Abuja yesterday.

    The theme of the conference was “Four Years of the PIA: Achievements, Gaps and the Road Ahead’’,

    NMDPRA Director Legal Tolurosho Joseph, who represented him said  upon completion, the plants will add over 850,000bpsd refining capacity to the present 1,125,000bpsd.

    He said: “23 refineries  ‘License To Establish’ were issued from 2021 to date which when constructed and commissioned will add over 850,000bpsd refining capacity to the existing 1,125,000bpsd capacity.”

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    He said crude oil supply to domestic refineries rose from about 20,000bpd in 2023 to above 40,000bpd in 2025.

    According to him, this is enabled by NMDPRA’s implementation of 2021 PIA provisions.

    Ahmed said refined product supplies from local refineries to the domestic market have experienced drastic improvement.

    He specifically noted that Premium Motor Spirit (PMS) supply grew from 1.3 billion litres in 2024 to 3.8 billion litres in 2025, and the outlook is positive.

    The Authority Chief Executive said the  Midstream and Downstream Gas Infrastructure Fund (MDGIF) has Invested over N287 billion in various gas infrastructure projects with 16 companies across 62 projects as of October 2025.

    He added that the MDGIF catalysed an additional $500 million investment to Gas infrastructure by leveraging on AFRIEXIM Bank MOU to expand energy access to drive economic development.

    According to him, UTM Offshore, NLNG train 7, AKK gas pipeline, OB3 gas pipeline, AIPCC refinery, Indorama fertilizer plant and Greenville’s LNG & LCNG projects, Walthersmith Refinery Train 2, Supertech’s Methanol Project are some of the key midstream and downstream facility development projects that brought significant investments into the sub-sector.

    He also said 10 Gas distribution Licenses were issued for 10 gas distribution zones covering a pipeline network stretch of 692km, with carrying capacity of 712MMscf/day, connecting a total of 412 customers.

    The NMDPRA boss said the total investment value in this distribution system was estimated at $639.07 million with multiplier effect across energy, agriculture, industry, manufacturing and socio-economic impacts.

    According to him, the NMDPRA developed Gas Trading and Settlement Regulations in 2023, which applies to activities connected to the establishment of secure, reliable and efficient trading and settlement systems for natural gas and other gas commodities on exchange platforms regulated by the Authority.

     This, he said, led to the Award of License to Establish and Operate the first ever Gas Trading Exchange in Nigeria in May 2025 to Jex Market Limited.

    Ahmed said through efficient and prudent regulation, the Authority facilitated a steady supply of petroleum products in the country with product sufficiency within an average of 12 to 48 days, thereby eliminating fuel shortages and thereby catalyzing economic activities across Nigeria.

    In partnership with Platts S&P Global, according to him, NMDPRA convened the first ever West African Product Reference Market Conference with key milestone outcomes, in May 2025.

    He added that one of the major agreements at the summit was to work towards making Nigeria (Lagos) a subregional hub for product price referencing and market offtake.

    Noting that the conference coincided with the fourth anniversary of the NMDPRA, he said “To be invited at a time when we in the Authority are marking the 4th anniversary of our establishment as a Regulatory Agency, to reflect on our achievements, challenges and the look ahead, all within the context of our grundnorm, by the Petroleum Industry Act 2021, is indeed a commendable coincidence.

    “In the last 4 years, whenever I have had the opportunity to speak about our achievements and challenges at the NMDPRA, it always fills me with pride because on each occasion I am able to report that we are making very tangible progress at each step of the journey, even as we learn new ways to surmount challenges or turn them into building blocks of growth as an agency.

    “And today, with the theme “Four Years of the PIA: Achievements, Gaps and the Road Ahead’’, I believe we have another big opportunity to profoundly reflect on the journey so far and to showcase to the world just how far we have been able to positively change the dynamics of regulation in the midstream and downstream oil and gas sector.”

  • NCP moves to regularise sale of Afam Power Plant

    NCP moves to regularise sale of Afam Power Plant

    National Council on Privatisation (NCP) has approved a request by the Bureau of Public Enterprises (BPE) to conclude negotiations with Transcorp Power Consortium for the execution of the Performance Agreements (PAs) on the sale of Afam Power Plc and Afam III Fast Power Limited.

    The move is aimed at regularising outstanding conditions in the post-acquisition plan and ensuring the commercial viability of the facilities.

    According to a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, the approval was granted at the Council’s third meeting of the year, held Thursday at the Presidential Villa, Abuja, and chaired by Vice President Kashim Shettima.

    Presenting the memo, Director-General of the BPE, Ayodeji Ariyo Gbeleyi, said the government had completed the sale process and collected N53.9 billion in privatisation proceeds.

    He explained that although the asset had been fully handed over to Transcorp Power Consortium, the transaction underwent restructuring earlier this year to meet updated requirements.

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    Gbeleyi said the execution of the Performance Agreements—required of investors in the power sector—would enable the BPE to begin mandatory post-privatisation monitoring of Transcorp’s performance obligations, including operational capacity expansion.

    The DG added that the Council also reviewed its performance in 2025, noting major milestones such as the unbundling of the Transmission Company of Nigeria (TCN) into the Nigerian Independent System Operator and the Transmission Service Provider.

    Before the approval was granted, Vice President Shettima called for a fundamental rethink of Nigeria’s privatisation framework, insisting that the country must shift from routine sale of public assets to aggressive asset optimisation to achieve its ambition of building a trillion-dollar economy.

    “Our aspiration to build a trillion-dollar economy is a destination that demands discipline, vision, and absolute adherence to the compass produced by this Council. Without such a compass, our economic projections would amount to nothing more than an exercise in theory formation,” he said.

    He described Nigeria’s underutilised land, dormant real estate and untapped intellectual property as vast reservoirs of national wealth and directed the Council to immediately explore modern optimisation models, including long-term concessions, asset-backed securitisation and core investor sales tied to strict performance benchmarks.

    Shettima also issued a stern warning on transaction integrity, insisting on zero tolerance for ambiguities that could trigger litigation and undermine investor confidence.

    “We must send a powerful signal of stability and seriousness to the international investment community,” he said.

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, commended the BPE for its efforts and urged sustained commitment to global best practices.

    Others who made submissions included the Minister of Power, Chief Adebayo Adelabu; Minister of Budget and Economic Planning, Senator Atiku Bagudu; Attorney-General of the Federation, Lateef Fagbemi, SAN; and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.

  • Norrenberger acquires N1.31b major stake in NASD

    Norrenberger acquires N1.31b major stake in NASD

    Norrenberger Securities Limited has acquired a 4.35 per cent equity stake in NASD Plc in a transaction that saw the emergence of the firm as a major shareholder in the evolving over-the-counter (OTC) market.

    The transaction, valued at N1.306 billion, has been hailed by market analysts as the most significant institutional vote of confidence in the country’s OTC exchange in over a year.

    The deal involved divestments by GTI Securities Limited, GTI Capital Limited, and GTI Asset Management & Trust Limited, which sold 21.76 million ordinary shares at N60 per share, representing 111.7 per cent premium to NASD’s current trading price of approximately N28.35.

    Market analysts indicated that Norrenberger’s decision to pay premium over the current share price of NASD underlined the firm’s depth of analysis and futuristic valuation as sophisticated investors typically move ahead when the market hasn’t fully priced in the full value yet.

    Analysts noted that when NASD listed on its own platform in 2013 at N1.50, it looked like just another financial infrastructure play, but 12 years later, the share price had hit N29.98 by July 2025, 28.35 per cent compound annual growth rate that turned N100,000 into N1.99 million.

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    NASD equity has surged by 93.29 per cent, rising from N15.51 in January N29.98 by July 2025, underlining the potential of the stock as one that has consistently made millionaires while most Nigerian equities have struggled with inflation and currency headwinds.

    Analysts pointed out that under the leadership of Eguarekhide Longe as Managing Director, NASD has transformed from a sleepy OTC platform into a profit-printing machine, even as its broader market capitalization weathered storms from Aradel Holdings’ high-profile 2024 exit to NGX.

    “This heavyweight action by Norrenberger an integrated financial services group established in 2017, led by Group Managing Director Tony Edeh, spanning eight business verticals from securities dealing to private equity to investment banking requires the market to pay attention.

    “Owning 4.35 per cent of Nigeria’s premier OTC exchange isn’t just an equity investment, it’s positioning at the command center of alternative capital raising. As NASD pivots toward digital securities, tokenization, and SME-focused listings, this is not speculative money. Norrenberger, an integrated financial services group spanning securities dealing to investment banking, doesn’t deploy N1.3 billion on a whim,” one analyst said.

    Some analysts also pointed to the infrastructure angle, noting that a 4.35 per cent stake in Nigeria’s premier OTC exchange positions Norrenberger closer to deal flow and market intelligence as NASD pursues digital securities and new product categories.

    Analysts, who noted the e valuation arbitrage, positioned that if NASD secures some three credible listings in 2026 and market cap expands toward historical levels, the N60 price tag starts looking less generous and more calculated.

    Analysts also said Norrenberger’s Abuja headquarters represented a departure from Lagos-dominated capital markets dealmaking.

    Key extracts of the first half 2025 results showed that NASD recorded 308 per cent growth in revenue to N657 million. It recorded a profit of N129.3 million as against losses posted in the comparable period of previous year. Trading income had rose by 264 per cent to N1.07 billion. NASD paid its first-ever cash dividend of 20 kobo per share this year.

    While the divestment, completed on Wednesday, removed a major institutional shareholder from NASD’s register, the GTI firms would continue to operate as registered participating institutions on the platform.

    The timing, coming as NASD rebounded from Aradel’s 2024 departure made the deal one of the largest institutional exits from the exchange operator in recent years.

    Analysts cited four reasons why the Norrenberger deal was a game-changer. They said a N1.3 billion block trade at premium pricing obliterated the “NASD is illiquid” narrative, noting that when institutional appetite exists, the platform delivers.

    The N60 transaction price established a new reference point, even though markets may take six to 12 months to converge, but the anchor has been set.

    Analysts said where Norrenberger seeks board representation, there could be aggressive advocacy for digital securities, geographic expansion beyond Lagos, and small and medium enterprises (SME)-focused initiatives.

    Analysts added that with a competing securities firm now owning 4.35 per cent of the exchange infrastructure, this could supercharge cooperation with Norrenberger possibly becoming NASD’s most prolific listing sponsor or create fascinating governance tensions.

  • Stakeholders fault N1.4b judgment against Polaris Bank

    Stakeholders fault N1.4b judgment against Polaris Bank

    Some stakeholders in the Rivers State justice sector have expressed deep concern over a judgment delivered by Justice Alatuwo E. Fubara of the Rivers State High Court against Polaris Bank in a foreign exchange dispute involving Paulazanda Nigeria Limited.

    Justice Fubara ordered Polaris Bank to pay N1.4 billion in damages and, on the same day, issued a Writ of Execution.

    This move effectively denied the bank the opportunity to file an appeal or seek a stay of execution.

    The dispute dates back to 2019 when Polaris Bank facilitated a foreign exchange transaction on behalf of Paulazanda Nigeria Limited through the Central Bank of Nigeria (CBN) for the importation of goods. When the supplier failed to deliver part of the goods, the unutilised portion of the foreign exchange was returned to the CBN.

    However, due to prevailing CBN policies, Polaris Bank could not re-credit Paulazanda’s account with the unutilised funds at the 2019 exchange rate.

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    The bank’s appeals for a policy exception were rejected, and Paulazanda was advised to reapply for foreign exchange at the prevailing 2025 buying rate.

    CBN Circulars TED/FEM/PUB/FPC/001/011 of May 3, 2024, and TED/FEM/PUB/FPC/001/001 of January 12, 2025, stated that unutilised foreign exchange must be returned to the CBN for repurchase at the buying rate prevailing at the time of allocation, not at the time of return.

    Following these directives, reimbursement to Paulazanda was processed directly by the CBN.

    Dissatisfied with this outcome, Paulazanda sued Polaris Bank on May 23, 2025, challenging the handling of the reimbursement. The suit, PHC/1856/CS/2025, was assigned to Justice Fubara and served on the bank on June 10, 2025.

    What followed, however, has drawn sharp criticism from legal analysts and observers. Justice Fubara reportedly conducted hearings at an unusually rapid pace.

    The first session was held on July 2, 2025, even though the bank had not yet secured legal representation. By July 9, the judge adjourned for judgment, despite the absence of a defence or evidence that the bank had received formal hearing notices.

    Legal commentators, who craved anonymity, have noted that most judges insist on proper issuance and service of hearing notices in the interest of justice to ensure that all parties are fully aware of proceedings.

    Once aware of the case, Polaris Bank entered an appearance and filed extensive documents challenging the court’s jurisdiction.

    The bank cited Section 251(1) of the Nigerian Constitution, which vests exclusive jurisdiction in the Federal High Court over matters involving currency, banking, and the operations of the CBN. The bank also highlighted its prior correspondence with the CBN seeking redress under established monetary policies.

    Despite these submissions, Justice Fubara assumed jurisdiction and, on November 4, 2025, ruled against Polaris Bank. On that same day, the judge enrolled the judgment and signed a Writ of Execution, a move that foreclosed the bank’s constitutional right to appeal or seek administrative relief.

    In a dramatic turn, the claimant’s legal team immediately began enforcing the following day, November 5, by attempting to seize Polaris Bank’s business premises in Port Harcourt. Strangely, the actual judgment document was not available for collection until November 6, a day after enforcement had commenced. Upon review, Polaris Bank’s counsel reportedly found inconsistencies in the computation of damages, raising further questions about the judgment’s preparation.

    Legal experts monitoring the case argue that the judge’s actions violate the Sheriffs and Civil Process Act, which stipulates a mandatory grace period, typically three days, after judgment before a writ of attachment can be issued. They described the sequence of events as “procedurally improper” and potentially amounting to judicial misconduct.

    The judgment, they warned, not only caused significant financial and reputational harm to Polaris Bank but also set a troubling precedent for due process in commercial litigation.

    Observers within the Rivers justice sector say the case underscores deeper issues surrounding judicial impartiality, procedural fairness, and accountability.

    The unusually swift handling of the matter, they insist, calls for urgent scrutiny and reforms to protect litigants’ rights and preserve public confidence in the state’s judicial system.

  • MTN Nigeria unveils YelloTide plans

    MTN Nigeria unveils YelloTide plans

    After days of online conversations and speculation, MTN Nigeria has unveiled its much-anticipated Festive campaign, YelloTide, a nationwide celebration aimed at spreading joy, kindness, and connection across the country.

    The campaign officially kicks off this week, following a three-day teaser that had Nigerians across social media guessing what MTN had up its sleeve. Now, the wait is over.

    According to the brand, the initiative will unfold in three major phases designed to light up the festive season with colour, community engagements, and giving spirit.

    Activities begin with Y’ello Santa, a three-day activation held from Thursday, November 13 to Saturday, November 15, 2025, in six key cities: Lagos, Port Harcourt, Abuja, Enugu, Kano, and Ibadan. Each stop will feature surprise appearances, and special giveaways, turning everyday spaces into pockets of celebration.

    Chief Marketing Officer, MTN Nigeria, Onyinye Ikenna-Emeka said: “This season, we want to bring the smiles back. We want people to remember what it feels like to come together, celebrate each other, and share happiness. From city centres to small communities, we’re taking the celebration to where Nigerians are.”

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    The campaign will run through the festive period into early 2026, combining physical activations, digital engagement via the MTN portal – yellotide.mtn.ng, and heartfelt community moments.

    With millions of Nigerians already interacting online and city-wide celebrations set to begin, MTN’s festive campaign is shaping up to be one of the most unifying and memorable projects of the season.

  • Firms partner on lithium power solutions

    Firms partner on lithium power solutions

    Genus, a power solutions specialist, in collaboration with Simba Industries has introduced its latest range of high-performance solar inverters and lithium-ion battery systems.

    The power solutions will be distributed in the country by Simba Industries. The introduction marks a major step forward in providing reliable, efficient, and future-ready energy solutions for Nigerian homes and businesses.

    Built on years of engineering expertise, the new Genus range combines faster charging, longer battery life, and greater energy efficiency with a compact, modern design. The new series achieves a full charge in just three to four hours, nearly three times faster than traditional alternatives, offering both performance and convenience for today’s power-conscious users.

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    Speaking on the development, Sandeep Sharma, spokesperson for Simba Industries, said: “The new Genus range has been developed to meet the practical needs of Nigerian consumers – delivering dependable performance, durability, and energy savings. These systems are engineered for high load capacity, quick recharge times, and long service life, while also reducing overall operating costs. Together with Simba’s trusted service network, we’re providing a solution that delivers lasting value and reliability.”

    The collaboration between Genus’s technology-driven innovation and Simba Industries’ service and distribution strength reinforces both companies’ shared goal of enabling energy independence through accessible, reliable, and cost-effective power solutions.

  • ‘Gold metal of strategy, inflation firewall’

    ‘Gold metal of strategy, inflation firewall’

    Executive Director, Tropical General Investments (TGI Group), Mudassir Amray, has described gold as “a metal of strategy” and “an inflation firewall” for African economies.

    Amray made this remark during his keynote address at the Gold Roadshow Africa, which brought together central bankers, policymakers, and institutional investors to explore Africa’s growing role in the global gold value chain.

    In his presentation, titled “The Bridge Between Trust, Value and Financial Sovereignty for Africa,” Amray highlighted that the recent rally, which saw gold cross the $4,300 mark for the first time in history, reflects a broader global shift in trust, capital, and power.

    He said: “For years, gold was seen as a metal of beauty. Today, it stands as a metal of strategy, politically neutral, instantly liquid, and a firewall against inflation and currency depreciation”.

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    He stated that Africa produces over 40 per cent of the world’s gold but captures less than two per cent of its financial value, calling for a stronger focus on domestic value addition.

    “We export raw and import finished wealth,” Amray said.

    He commended ongoing local initiatives by Kian Smith Gold Refinery as important steps toward sustainable value capture and industrial growth.

    Following his keynote, Amray joined a high-level dialogue with Bolaji Balogun, Founder and Chief Executive Officer of Chapel Hill Denham, moderated by Bode Oyetunde of the African Development Bank (AfDB). The discussion focused on the policy, infrastructure, and investment frameworks needed to integrate gold into Nigeria’s financial system.

    The Gold Roadshow Africa concluded with a shared commitment among participants to strengthen policy alignment, promote private sector investment, and advance local processing to drive inclusive and sustainable growth across the continent’s gold value chain.

  • Lagos to fund ocean projects

    Lagos to fund ocean projects

    Lagos State government, has announced plan to align the state, Federal and International Climate policies with investor priorities to fast track green finance and fund coastal resilience and ocean innovation projects.

    In a communiqué from the recently held 11th Lagos International Climate Change Summit, it was resolved that bankable projects in renewable energy, aquaculture and marine innovation would be developed.

    The Participants also agreed to use blended finance, fiscal incentives and transparent systems to attract private and international investments.

    It was resolved that data should be deployed alongside AI, and digital tools for efficient resource management while supporting research, start -ups and partnerships to scale climate smart and ocean innovation solutions.

    Participants also agreed to enforce environmental laws and expand mangrove, wetland, and marine habitat protection and integrate nature-based solutions and community initiatives into development planning.

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    The communiqué also resolved to promote electric vehicles and clean transport hubs linking land, water and rail and ensure expansion of EV infrastructure, support local manufacturing and create green jobs.

    Other resolutions include, adopting climate smart agriculture, strengthening cooperatives and building cold-chain systems to enhance food security and reduce and waste.

    They also recommended expanding drainage, water and flood control infrastructure as well as integrating resilience into housing and urban plans using smart water technologies and PPPs.

    “Establish a climate project Office and investment fund to mobilize capital, strengthen investment opportunities institutions, and turn innovations into bankable climate projects”.

    The summit also resolved to promote habitat restoration, digital biodiversity monitoring and ecotourism to protect ecosystems and create jobs.

    “Scale grassroots programmes like coastal champions to build public participation, inclusion and a strong culture of sustainability”.

    The 11th Summit also affirmed Lagos State commitment to taking the lead in climate action, resilience building and the advancement of the Blue economy.

    Amongst the key outcomes was a collective resolve to integrate policy, finance, technology and community driven solutions to safeguard ecosystems, reduce emissions and promote sustainable livelihoods.

    Stakeholders also called for immediate implementation of the recommendations across sectors, strengthened public private community partnership, and sustained public service investment in green infrastructure and ocean innovation.

    They all agreed that by operationalising these initiatives, Lagos can serve as a model for coastal resilience, sustainable urban growth and climate -smart economic development in Africa.