The Nation Newspaper

Category: Business

  • Stakeholders chart path for sustainable energy in Nigeria, Africa

    Stakeholders chart path for sustainable energy in Nigeria, Africa

    Over 8,500 energy professionals converged on Lagos last week for the 12th edition of Nigeria Energy week, which ended at the weekend. The event, organised by Informa Markets, had as its theme “Powering Nigeria Through Investment, Innovation and Partnership.”

    Welcoming stakeholders to the summit, the Exhibition Director, Energy Portfolio – MEA, Informa Markets, Ade Yesufu, noted the summit’s role as a national platform for progress and the urgency of moving from policy to implementation in Nigeria’s energy transition.

    “For over a decade, this platform has brought together the most influential voices shaping the future of Nigeria’s economy. Today, it stands not just as a conference but as a national platform for progress, a meeting point for government, private sector investors, regulators, innovators, and global partners united by one purpose: delivering reliable and sustainable power for Nigeria and for Africa,” he said.

    The Minister of Power, Adebayo Adelabu, described this year’s theme as timely. He reaffirmed the Federal Government’s commitment to implementing the Electricity Act 2023 and strengthening private sector participation, stating that “Nigeria stands at a historic turning point in its energy transition journey. With the Electricity Act 2023, we are unlocking state-led power generation, decentralised energy markets and increased private sector participation.”

    Adelabu further explained that the Ministry’s vision aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which focuses on economic revitalization through enterprise, innovation, and shared prosperity. He emphasised that the ultimate goal is to build a power sector where collaboration, innovation and transparency drive lasting progress.

    “The reforms underway are designed to open new doors for investment while improving reliability and access across all levels,” he added.

    In similar vein, Governor Babajide Sanwo-Olu of Lagos State, represented by the Commissioner, Lagos State Ministry of Energy and Mineral Resources, Biodun Ogunleye, emphasised the role of sub-national leadership in Nigeria’s energy transition.

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    “With the recent passage of the Lagos State Electricity Law 2024, Lagos has made it clear that we are ready to take on a significantly larger role in reforming and restructuring our power sector. This law sets the stage for a cleaner Lagos and a localized market, establishing an institutional framework with a state-level independent system operator, regulatory oversight, and welcoming private sector participation. Our vision for Lagos is straightforward: We aim to be a shining example of a 21st-century city, powered by reliable, affordable, and clean energy, ensuring that every home, business, and school in Lagos has access to power without any hindrance,” he stated.

    At the summit, leadership dialogues and expert panels addressing the sector’s most pressing challenges were prevalent, even as conversations around PPPs, electricity reform and the implementation of the Electricity Act highlighted the need for clear regulatory frameworks, investor confidence and stronger coordination between federal and state agencies.

    Speakers at the summit further emphasised that unlocking sustainable power development requires aligning reforms with financing and innovation, spotlighting the importance of energy efficiency as a core pillar of Nigeria’s power transformation. It also espoused how coordinated policies and private sector collaboration can reduce losses, optimise resources and drive long-term reliability across the value chain.

    Participants reinforced Nigeria Energy 2025’s central message: that the path to reliable and sustainable power lies in investment, innovation and partnership.

  • NESREA charges industries on circular economy

    NESREA charges industries on circular economy

    Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof Innocent Barikor, has urged industrialists to avail themselves of the benefits of the circular economy.

    He stated this at the training it held with ACCAPPOCCO Global Services Nigeria Limited in Ikeja, Lagos with the theme, “Circular economy in industries for environmental sustainability”.

    Barikor, who was represented by the Director, Lagos Liaison Office of the agency, Dr. Jonathan Dayal, said the successful transition of Nigeria to a sustainable economy depended on the industries, adding that they should be alive to this task to enjoy the merits.

    He noted that a circular economy is not “merely an environmental imperative, but a strategic economic opportunity that could position Nigerian industries at the forefront of Africa’s sustainable industrial revolution”.

    “Our intention”, he added, “is to use our responsibility to be a broker and organise partnerships designed to support industries in adopting cleaner technologies and record sufficient prices. We recognise that lasting changes emerge from partnerships, innovation and shared commitments. To the industry leaders present, you are the architects of this transformation. You are invested in investment decisions, technology choices, and operational practices to determine whether an engineer can successfully transition to a cyclical economy. When you embrace cyclical principles, new revenue streams from waste colonisation, enhanced plant repositions, and access to emerging grain and markets. More importantly, you create sustainable development and demonstrate that profitability.”

    He thanked ACCAPPOCCO Global Services Nigeria for their collaboration in holding the event. “Their expertise has provided the kind of partnership necessary to drive energy change across Nigeria’s agricultural landscape,” hoping that discussions at the forum would gender actionable insights and concrete commitments,” the DG said.

    He also thanked the minister of Environment for “his exemplary good leadership”.

    The Managing Director, ACCAPPOCCO Global Services Nigeria, Dr. Valentine Opone, said their objective is to build capacity of professionals in the sector, saying that with their honing of the skills of the practitioners things would get better.

    Opone said the forum afforded both the government’s enforcement agents and industries’ staff members the opprtunity to meet and sort out grey areas.

    He was optimistic that turning waste to wealth, which is the aim of a circular economy, is a necessity for industry owners.

    He thanked the government and NESREA for the collaboration and pledged more such programmes in future.

    Executive Director, HSE/Industrial Relations, Drugfield Pharmaceuticals Limited, Emmanuel  Afolayan, decried the multiple charges by government’s enforcement agents, submitting that they are draconian, affecting  their survival and anti-people.

    He warned that except the government changes its attitude towards manufacturers, the few survival companies might be sent packing from doing business.

    While urging the government on right policies, Afolayan tasked the people on good attitudes, especially on refuse disposal.

    Prof John Oyedepo of the Federal University of Agriculture Abeokuta advised NESREA on enforcement, saying their activities should not be only for compliance, but also for measurement and proper management boost efficiency.

    Jiji launches “Black Friday” sales (brief)

    Jiji, online marketplace, has launched its 2025 Black Friday campaign, themed “Deals Na Water.” The sale offers shoppers massive discounts of up to 85 per cent across top-selling categories like phones and tablets, electronics, fashion, home and furniture, and more.

    Chief Operating Officer, Jiji Africa, Maxim Makarchuk said the month-long “Money Na Water” Black Friday campaign promises buyers unbeatable affordability, while verified sellers offer genuine discounts to create the best value shopping season Nigerians look forward to every year.

    He noted that recent industry data showed that over 70 per cent of Nigerians now search online first when looking for the best prices on essential items.

    He said: “The country’s digital acceleration continues to reshape retail, with over 43 million active smartphone users and increased adoption of secure online buying platforms.

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    “As consumers become more cost-conscious and focused on savings, trusted marketplaces like Jiji are positioned as the go-to source for verified deals and everyday affordability.

    Shoppers can explore the exclusively refreshed Jiji Black Friday landing page to discover limited-time offers that update daily. Highlights included smartphones and tablets from top brands, air conditioners, televisions, sound systems, fashion essentials and accessories, home appliances, furniture and more”.

    The platform sourced discounted offers only from verified sellers with Verified ID badges on Jiji to ensure transparency and safety.

    “This year’s Black Friday is designed to give Nigerians real value through massive savings that feel like deals flowing as freely as water. We’re thrilled to connect millions of buyers to genuine discounts from trusted sellers across the country,” Makarchuk said.

    He added that Jiji is equally empowering businesses during the retail peak season:

    He said: “For sellers, this is the biggest opportunity to grow visibility and sell faster by offering at least 15 per cent off to be featured on our official Black Friday page. We believe that when buyers win, sellers also win. That’s the marketplace advantage.

    “Jiji continues to prioritise security, convenience, and transparency for its users. The platform enables buyers to chat directly with sellers, inspect items before paying, and follow the Jiji Safety Tips in-app to ensure safe transactions with sellers. This combination allows shoppers to secure top deals with confidence.

    “The “Money Na Water” Black Friday campaign runs from November 1st through 31st, 2025. Jiji invites buyers and sellers nationwide to tap into the best shopping month of the year, discover mouthwatering deals, and take full advantage of “Deals Na Water”.

  • PEARL Awards to honour impressive performances

    PEARL Awards to honour impressive performances

    Organisers of Pearl Awards, devoted to players within the capital and money market ecosystem have set machinery in motion to make this year’s edition a memorable one indeed.

    Addressing journalists in Lagos, at the weekend, the Board of Governors of PEARL Awards Nigeria, led by the Chairman, Dr. Faruk Umar, the President, Mr. Tayo Orekoya, and other members of the board including Chief (Mrs) Eniola Fadayomi, Mazi Sam Ohuabunwa, Alhaji Tijani Borodo, formally announced the nominees for the 2025 PEARL Awards Nite, with the theme, “Celebrating a Legacy of Corporate Excellence,” will take place on Sunday, November 30, 2025, at the Lagos Oriental Hotel, Victoria Island, with a hybrid presentation format — both physical and virtual.

    In his opening remarks, Umar said this is going to be the 30th anniversary edition and as such was going to be a showstopper of sorts, even as he commented on the members of the board for its resilience over the years.

    Also speaking at the pre-press conference event, Orekoya reaffirmed the Awards’ continued commitment to fairness, transparency, and objectivity, describing it as “the only capital market performance-based award in Nigeria founded on empirical data.”

    According to him, the 2025 awards will recognise corporate excellence under three major categories including: the Main Competitive Awards Category, which encompasses the Sectoral Leadership Awards, Market Excellence Awards, and the Overall Highest Award – The PEARL of the Nigerian Stock Market.

    The other categories are Honorary Awards, PEARL CEO of the Year, and the Special Recognition Awards Category for Corporate Governance Award. Additionally, to commemorate the 30th anniversary, the Board of Governors has introduced two new distinctions — the PEARL Excellence in Public Governance Award and the PEARL Excellence in Public Service Award.

    Amongst the nominees that would be competing for the honours include but not limited to Livestock Feeds Plc, Okomu Oil Palm Plc, Presco Plc, Custodian Investment Plc, Transnational Corporation Plc, John Holt Plc, Champion Breweries Plc, International Breweries Plc, Nigerian Breweries Plc, Honeywell Flour Mills Plc, NASCON Allied Industries Plc, BUA Foods Plc, Vitafoam Nigeria Plc, Unilever Nigeria Plc, P.Z. Cussons Nigeria Plc.

    Others include Guaranty Trust Holding Co. Plc, Wema Bank Plc, Zenith Bank Plc, Cornerstone Insurance Plc, Consolidated Hallmark Insurance Plc, NEM Insurance Plc, Nigerian Exchange Group, FBN Holdings Plc, United Capital Plc, Abbey Mortgage Bank Plc, Aso Savings & Loans Plc, Infinity Trust Mortgage Bank Plc, Academy Press Plc, Learn Africa Plc, University Press Plc, May & Baker Plc, Fidson Healthcare Plc, Neimeth International Pharmaceuticals Plc, NCR Plc, Omatek Ventures Plc, CWG Plc.

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    Besides, other contenders for the foremost prestigious awards includes: Seplat Energy Plc, TotalEnergies Marketing Nigeria Plc, Conoil Plc, CAP Plc, Dangote Cement Plc, Lafarge Africa Plc, SFS Real Estate Investment Trust, UPDC Real Estate Investment Trust, UH Real Estate Investment Trust.

    Orekoya also hinted that the Board of Governors has also approved the presentation of the second PEARL Lifetime Achievement Award, following the first-ever conferral on Alhaji Aliko Dangote during the 25th Anniversary edition in 2020.

    He described the forthcoming Awards Nite as “a grand celebration of resilience and distinction,” which will bring together captains of industry, top government functionaries, capital market operators, and media partners to honour companies that have demonstrated exceptional operational performance despite market headwinds.

    He expressed deep appreciation to the media for their consistent partnership over the past 30 years, urging for continued support in projecting the Awards’ role in strengthening corporate governance, investor confidence, and national economic growth.

  • Govt committed to advancing Brass Gas Projects, says Ekpo

    Govt committed to advancing Brass Gas Projects, says Ekpo

    Minister of State Petroleum Resources (Gas), Dr. Ekperikpe Ekpo has reaffirmed the Federal Government’s unwavering commitment to advancing the Brass Gas Projects as part of efforts to industrialise Nigeria through gas utilisation.

    Speaking at a two-day All-Party Stakeholders Workshop on the Brass Projects in Abuja, Ekpo said the Brass Methanol Plant, Gas Processing Plant, and the Brass Free Zone Infrastructure will collectively form the nucleus of the proposed Brass Oil and Gas City in Bayelsa State.

    “The Ministry of Petroleum Resources (Gas) remains fully committed to supporting the Brass Projects through policy facilitation, regulatory coordination, and stakeholder engagement,” Ekpo said.

    “We are particularly focused on ensuring that frameworks such as gas supply and offtake agreements, licensing, and infrastructure integration are streamlined and bankable.”

    He tasked participants to focus on actionable outcomes, defining clear responsibilities, closing gaps, and producing a roadmap toward achieving full financial close and project take-off.

    Ekpo stressed that the successful realisation of the Brass Projects would not only advance Nigeria’s gas industrialisation agenda but also deliver tangible benefits to the Niger Delta region through job creation, infrastructure development, and community empowerment.

    He commended the synergy among key partners — Brass Fertilizer and Petrochemical Company Limited, Nigerian National Petroleum Company Limited (NNPC Ltd.), Renaissance Joint Venture, Afreximbank, and other financiers — for their sustained collaboration toward bringing the project to fruition.

    Significantly, all key stakeholders — including NNPC Ltd., Renaissance JV, Bayelsa State Government, Host Communities, Trafigura (the product offtaker), and the EPC contractor, China Road and Bridge Corporation (CRBC) — reiterated their unwavering support for the Brass Gas Projects, pledging to work collaboratively toward achieving financial close and timely project execution.

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    Commissioner for Trade, Industry and Investment, Bayelsa State, Dr. Ebieri Jones, who represented Governor Douye Diri at the event, reaffirmed the state government’s commitment to providing a peaceful and investor-friendly environment for the successful execution of the Brass Projects.

    He noted that the government’s support for the initiative is anchored on the projects’ vast potential to create employment opportunities for citizens and to stimulate broad socio-economic growth and development across the state.

    In his remarks, the Managing Director of Brass Fertilizer and Petrochemical Company Ltd., Chief Ben Okoye, commended the Federal Government for its renewed drive, noting that the Brass Methanol and Gas Processing Plants will generate thousands of direct and indirect jobs, foster technology transfer, and stimulate ancillary industries across the Niger Delta.

    He described the project as a model of productive partnership between government, private investors, and host communities, urging all parties to remain steadfast in achieving early completion.

  • NOG Energy Week: stakeholders push for 3 million bpd oil production, gas monetisation

    NOG Energy Week: stakeholders push for 3 million bpd oil production, gas monetisation

    The 24th NOG Energy Week Conference & Exhibition concluded with resounding success. Held from 29 June – 3 July 2025, at the Bola Ahmed Tinubu International Conference Centre, Abuja, the event united 6,685 industry professionals, 250 exhibiting companies, 1,806 delegates, and 125 expert speakers from around the globe, fostering strategic connections and meaningful dialogue that will shape the future of the energy sector.

    The event communique, highlighting key outcomes from discussions among government leaders, industry executives, and international partners, has now been released. It outlines practical steps toward achieving Nigeria’s energy goals, with a strong emphasis on building local capacity and empowering indigenous companies to lead energy operations.

    Central to the communique is Nigeria’s commitment to producing 3 million barrels per day of oil and 12 billion cubic feet per day of gas by 2030, supported by the robust implementation of the ’Nigeria First’ policy and strengthened indigenous capacity across the energy value chain.

    Speaking on the significance of this year’s NOG Energy Week, Wemimo Oyelana, Country Director, Nigeria & Portfolio Director – Energy for dmg Nigeria events, emphasised: “NOG Energy Week 2025 has demonstrated its commitment to bridging the gap between government policies and industry capability. The comprehensive discussions around the ‘Nigeria First’ policy, indigenous operator capacity, and technological advancement have birthed actionable strategies that will define our energy sector’s trajectory. This communique serves as both a roadmap and accountability framework, ensuring that the transformative potential identified during our deliberations translates into measurable progress toward energy security and economic prosperity.”

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    Supporting this perspective, Engr. Felix Omatsola Ogbe, Executive Secretary of the Nigerian Content Development & Monitoring Board (NCDMB), added at the NOG Energy Week 2025, that “A nation that seeks energy sufficiency must build its energy future from within. This means deepening local capacity across the entire oil and gas value chain, from exploration and production to processing and final delivery. By doing so, we retain economic value within our borders, minimise supply disruptions, create jobs, and take meaningful steps toward a more secure and self-reliant energy future.”

    The event highlighted significant progress in Nigeria’s energy transformation journey. According to Engr. Bashir Bayo Ojulari, GCEO, NNPC Limited, the country secured $17 billion in new energy investments in 2024, with targets of $30 billion by 2027 and $60 billion by 2030. Major infrastructure milestones include achieving 100 per cent availability on major crude oil pipelines throughout June 2025 and successfully completing the AKK Gas Pipeline River Niger crossing, bringing this critical project closer to completion by Q4 2025.

    Central to the discussions was the enhanced role of indigenous operators following the completion of International Oil Companies’ divestments. Industry leaders emphasised that Nigerian operators possess the technical expertise and capacity to maximise production from recently acquired mature assets. The implementation of the Petroleum Industry Act has created a stable, investment-friendly regulatory environment that positions NNPC Limited and other indigenous players to lead strategic energy projects while maintaining commercial viability.

    As seen in the communiqué, industry leaders at the recently concluded NOG Energy Week 2025 addressed Nigeria’s abundant gas resources, which include over 200 trillion cubic feet of proven natural gas reserves. The industry is on the right course to drive industrialisation, improve power generation, and increase domestic LPG adoption, while promoting gas transportation and export expansion. However, key infrastructure developments include progress on the Nigeria-Equatorial Guinea Gas Pipeline and the activation of the Midstream and Downstream Gas Infrastructure Fund to mobilise capital for critical projects, which are crucial in realising the potential of the nation’s reserves.

    Technology integration emerged as a fundamental theme, with participants emphasising the need to transition from technology adoption to domestication. The discussions highlighted the importance of developing local innovation capabilities, creating frameworks for technology transfer, and building collaboration between industry and research institutions to drive sustainable growth.

    Human capacity development remains crucial for the sector’s future, particularly as the industry faces challenges from an ageing workforce. The communique showed the emphasis industry leaders placed on strengthening collaboration between industry and academia, standardising training programs, and establishing practical training opportunities for graduate engineers.

    Organised by dmg Nigeria events in partnership with strategic industry stakeholders, including the NNPC Limited, NOG Energy Week 2025 reinforced its position as West Africa’s premier energy sector gathering. The comprehensive communique addresses critical resolutions and outcomes, ministerial directives, and strategic dialogue that collectively chart Nigeria’s path toward energy abundance and sustainable economic growth, and it’s available for download on the event’s website.

  • How to accelerate economic growth towards $1tr target, by experts

    How to accelerate economic growth towards $1tr target, by experts

    Business and economic experts have identified critical catalysts necessary for accelerated growth of the nation’s economy towards the $1 trillion target by the President Bola Tinubu’s administration.

    Experts who spoke at the 8th Triennial Delegates Conference of the Independent Shareholders Association of Nigeria (ISAN) at the NECA House, Ikeja, Lagos, were unanimous that in achieving the $1 trillion economy target, there must be policy consistency, corporate governance reforms, human capital investment, and sustained innovation.

    The conference, themed: “Nigeria: Towards a $1 Trillion Economy by 2030,” brought together policymakers, regulators, investors, and business leaders to deliberate on strategies for achieving sustainable national growth.

    Experts also underscored the need for synergy among government institutions, regulators, and private sector players in executing Nigeria’s economic blueprint.

    National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr Moses Igbrude said corporate governance, innovation, and stakeholder collaboration are important in achieving Nigeria’s ambition of becoming a $1 trillion economy by 2030.

    According to him, transparency, accountability, and ethical governance are critical elements in nation-building.

    He described the conference as a platform for shaping policies and sharing ideas that would accelerate Nigeria’s economic transformation.

    “This conference provides a platform for us to engage in meaningful discussions, share knowledge, and shape policies that will drive our nation’s economic growth.

    As shareholders, our duty extends beyond dividends; we must contribute to building a more stable and prosperous economy,” Igbrude said.

    He expressed appreciation to partners, sponsors, and participants for supporting the event, urging all stakeholders to collaborate toward Nigeria’s economic advancement.

    Delivering a paper titled “The Strategic Role of Insurance in National Development,” Mr. Ajibola Bankole, Director of Inspectorate at the National Insurance Commission (NAICOM), highlighted the pivotal role of the insurance sector in fostering economic stability and investor confidence.

    Bankole noted that despite its potential, Nigeria’s insurance penetration remains below one per cent of Gross Domestic Product (GDP),  a situation that calls for urgent reform.

    He pointed to the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a milestone initiative aimed at strengthening governance, capital adequacy, and consumer protection in the industry.

     “The NIIRA 2025 introduces far-reaching provisions designed to create a transparent, competitive, and investment-friendly insurance market. These reforms are not just about compliance, they are about confidence, stability, and long-term value creation,” Bankole said.

    He called for stronger collaboration between insurers, shareholders, and policymakers to unlock growth in key sectors such as health, agriculture, and infrastructure, noting that a vibrant insurance industry could serve as a catalyst for inclusive economic development.

    On cybersecurity, Dr Martin Ikpehai, a cybersecurity expert, presented a paper titled: “Securing and Protecting the $1 Trillion Economy against Cyber Terrorism by 2030.”

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    He warned that Nigeria’s digital vulnerabilities could undermine its trillion-dollar ambition if robust cybersecurity measures are not embedded in national planning.

    Drawing parallels with Australia’s digital economy framework, Ikpehai stressed that cybersecurity investment should be viewed as an enabler of growth and investor confidence rather than a cost.

     “To achieve a trillion-dollar economy, Nigeria must embed cybersecurity into every aspect of its economic planning.

    Digital resilience is now synonymous with economic resilience,” Ikpehai said.

    He called for the establishment of national cybersecurity standards, improved incident response systems, and greater public–private collaboration to mitigate digital risks.

    He also recommended more investment in cyber education and measures to secure emerging technologies such as artificial intelligence (AI), the Internet of Things (IoT), and 5G infrastructure.

    Reaffirming ISAN’s commitment to responsible investing and shareholder protection, Igbrude urged all stakeholders to act decisively toward shared prosperity.

    “Let us seize this opportunity to work together towards a brighter economic future for Nigeria. Our collective action today will determine the prosperity of tomorrow,” Igbrude said.

  • ‘Northern region huge opportunity for energy investments’

    ‘Northern region huge opportunity for energy investments’

    Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called on investors to explore the northern region of the country for investments in energy growth.

    Executive Director, Economic Regulation and Strategic Planning (ERSP) at NMDPRA, Prof. Zainab Gobir, said the region presents huge opportunities essential for Nigeria’s energy growth and economic balance, considering its vast population and growing demand for energy.

    She urged investors in the oil and gas industry to diversify operations and expand beyond the South-South and South-West regions of the country.

    She made the appeal during the OTL Africa Downstream Energy Week 2025 which ended at the weekend in Lagos.

    According to her, investors must rethink their business models and explore opportunities across all geopolitical zones to ensure equitable participation and sustainable energy access nationwide.

    “The numbers exist across all regions; not just in the South. Population and available volumes in other regions matter and companies must model their operations around this reality to optimise margins and logistics,” he said.

    Gobir disclosed that the Authority was leveraging Artificial Intelligence (AI) and data analytics to enhance transparency, efficiency and investor engagement across Nigeria’s midstream and downstream oil and gas sectors.

    “We are deploying AI for data collection and integrating it into our operations. We are taking feedback from Nigerians to identify bottlenecks and improve regulatory performance. Soon, consumers will be able to see pricing data in real time and choose the retail outlets they prefer,” she said.

    According to her, the NMDPRA has automated key regulatory processes to improve operational efficiency, compliance monitoring and customer experience. She revealed that most of the Authority’s processes have been digitised and also activated customer platforms that follow all necessary licensing and qualification procedures.

    “Through predictive and regression analysis, we can now understand the peculiarities of each oil and gas segment and respond proactively,” she revealed.

    According to Gobir, the NMDPRA is developing a comprehensive data bank to give operators access to real-time market information and business intelligence.

    “Our goal is to make data accessible. We are working on a platform where operators can track market trends and make informed business decisions.

    “We have also automated our investment portal where prospective investors can register and join monthly roundtables to explore new opportunities in the sector.”

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    Gobir revealed that the Authority’s consumer experience platform has also been automated to allow the public to directly report market issues and engage with regulators.

    Speaking on the impact of technology on regulation, Gobir described automation as inevitable, warning that operators who failed to adopt AI-driven systems risk being left behind.

    “Automation is now a necessity. AI is not here to replace people but to enhance monitoring and improve accountability. It is a tool to help scale the market and drive sustainable growth,” she explained.

    She said that Nigeria’s downstream market was both data-driven and population-driven, noting that taxation, logistics and market reach depend heavily on accurate demographic and operational data.

    “Taxation is not only about the amount paid but also about the volume and reach of operations. Understanding population dynamics helps determine how far products like petrol and gas can go efficiently,” she added.

    Gobir noted that the NMDPRA was evolving from a traditional regulator into a business enabler, and supporting small and medium-sized operators to scale up through technology and data access.

    “We are helping MSMEs connect with customers. For instance, in the LPG sector, when operators provide their data, it allows consumers to locate the nearest LPG depot through our portal, (thus) increasing visibility, compliance, and business growth,” she said.

  • Firm eyes $940b food waste market for Nigeria

    Firm eyes $940b food waste market for Nigeria

    Founder and Convener ,Small Scale Enterprises Lab (SSE Lab), Mrs. Desola Jimmy-Eboma, has revealed that her organisation is training entrepreneurs to convert massive amounts of agricultural waste — such as stems, leaves, and seed pods — into food, packaging, and skincare products. This initiative aims to boost Nigeria’s non-oil export earnings and promote sustainable economic growth.

    Global agricultural waste statistics indicate that about 30 to 40 percent of food produced is lost or wasted annually, costing the global economy nearly $940 billion. Worldwide, crop residues — the plant waste left in fields after harvest — total about 5.5 billion tons.

    In an interview with The Nation, Mrs. Jimmy-Eboma said that as the nation grapples with the challenge of providing meaningful employment and entrepreneurial opportunities, there are untapped prospects in food and agricultural waste. Under proven business models, she said such opportunities can be transformed into ventures that generate economic wealth for both entrepreneurs and the country.

    Speaking on the sidelines of the MBA Business Shower Cohort 2 Graduation and Business Showcase held in Lagos, Mrs. Jimmy-Eboma, who is also the convener of the event, noted that agricultural waste is packed with potential wealth for savvy entrepreneurs. She said it offers opportunities to create new forms of business and spur innovation across industries.

    “As concern about waste grows, researchers and commercial partners around the world are working to turn what’s being left behind or burned into new, useful products. By doing so, they hope not only to reduce the adverse environmental impacts of agriculture but also to provide new sources of income for farmers,” she said.

    She cited numerous untapped opportunities in the agriculture sector, such as processing fruits and vegetables that often go to waste into dehydrated products. She also highlighted the potential of overlooked resources, mentioning how banana leaves are used in some countries to make biodegradable attachments. “Nigeria has similar resources such as plantain sheaths that are often discarded. There are so many aspects of our resources that can be explored,” she concluded, calling for a national drive to empower people to transform local materials into exportable goods.

    Mrs. Jimmy-Eboma stressed that significant collaboration between government and institutions is essential to increase the number of SMEs and strengthen the nation’s Gross Domestic Product (GDP).

    Addressing the ambitious goal of expanding Nigeria’s current 39 million SMEs, she explained that while her organisation is contributing to that effort, it cannot achieve the required growth alone. “I cannot single-handedly say I’m going to increase the number by X, Y, Z percent because I can’t do it alone as a hub or platform.If we have collaborations — collaborative efforts from the government with institutions — then definitely we can grow, and we can grow significantly,” she said.

    She also pointed out a critical gap in current empowerment programmes, arguing that mere skills acquisition is not sufficient for sustainable growth. “While many programmes train people in skills such as candle-making or confectionaries, the focus often ends there. What happens after that training session? Who teaches them the business side of that learning? Who tells them or who holds their hands to say, okay, now that you have learned all these things, how do you then turn it into a venture?” she observed.

    According to her, “Turning it into a venture, and not just another venture, but into bankable ventures, is actually where the real empowerment lies.”

    Mrs. Jimmy-Eboma explained that SSE Lab’s approach involves helping entrepreneurs transform basic skills into marketable, distinct products. “For example, if someone learns candle-making, the Lab helps them differentiate their product, asking how it is going to be different from what we currently have in the market. That is how it becomes a bankable product.”

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    She noted that the organisation is currently working with 65 established businesses and aims to at least double that number. “I am looking for an opportunity where single-handedly, by the end of 2027, I would have worked with individuals to establish nothing less than 200 businesses,” she said.

    She added that Nigerian businesses have the potential to explore new product and service opportunities but require guidance in branding and addressing growth and expansion challenges.

    According to her, the MBA programme gives SMEs the boost they need to embark on global trade,adding that it is designed to help SMEs overcome challenges stifling both local and international ambitions.

    She explained that the accelerator supports SMEs and scale-ups at different stages of their journey, offering a three-month training focused on transforming ambition into both national and global impact.

    Group Head of Retail and SME Banking , Nova Bank, Mrs. Esther Obiekwe, said the bank is committed to helping small businesses access finance to scale their operations. According to her, SMEs need access to key resources such as credit, governance, technology, and market linkages to thrive.

    She noted that financial institutions gain confidence in lending to SMEs through the formalisation of records. “While SMEs represent a growing market, traditional lending to these businesses continues to be fraught with challenges.Secured lending requires borrowers to pledge an asset as collateral, while unsecured lending does not require collateral but often comes with higher interest rates and stricter eligibility criteria,” she explained.

    Mrs. Obiekwe added that these conditions often make it difficult for MSMEs to access loans. However, she said cash flow-based lending has recently emerged as an ideal solution to meet SMEs’ short-term borrowing needs.

  • Anambra tops Nigeria’s fiscal sustainability ranking

    Anambra tops Nigeria’s fiscal sustainability ranking

    Anambra State has emerged as Nigeria’s most fiscally sustainable state, according to BudgIT’s 2025 State of States report, marking a significant leap from second place in 2024 and underscoring the growing dividends of reform-driven governance under Governor Chukwuma Charles Soludo.

    The report, which assesses all 36 states across five fiscal performance indices, placed Lagos, Kwara, Abia, and Edo in second to fifth positions respectively.

    BudgIT described the ranking as a product of a decade-long assessment framework that measures states’ internal revenue strength, debt sustainability, capital investment priorities, and overall financial independence.

    Governor Soludo’s Chief Press Secretary, Christian Aburime, hailed the ranking as a validation of Anambra’s economic discipline and policy innovation. He noted that the state’s top performance was “neither coincidental nor cosmetic” but the outcome of systematic reforms designed to boost internally generated revenue (IGR), eliminate inefficiencies, and strengthen fiscal transparency.

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    BudgIT’s evaluation hinged on five indices — ranging from the ability to cover recurrent expenditure through IGR to debt management and capital investment ratios — revealing Anambra’s dominance across key parameters of fiscal sustainability.

    “Governor Soludo’s administration has demonstrated that effective governance is not about rhetoric but results. Anambra’s fiscal prudence now fuels real development in infrastructure, education, healthcare, and job creation,” Aburime said.

    A former Central Bank Governor and economist, Soludo has leveraged data analytics and evidence-based policies to reposition the state’s finances, building on a legacy of accountability while enhancing efficiency in resource management.

    The 2025 State of States report positions Anambra as a model of subnational fiscal governance, showing that sustainable growth is achievable when leadership prioritizes discipline, innovation, and long-term value creation over short-term populism.

    As the state heads into another electoral cycle, analysts say the latest BudgIT ranking reinforces Governor Soludo’s credibility as a reformer whose policies continue to deliver measurable impact.

    “This milestone is not an endpoint but a call to sustain momentum,” Aburime added. “Anambra’s success proves that with fiscal wisdom and visionary leadership, Nigerian states can thrive on their own terms.”

  • IHS reduces diesel consumption

    IHS reduces diesel consumption

    IHS Nigeria said it has reduced diesel consumption across it footprints by early 50 million litres, adding that it has also fitted P6,000 power sites with hybrid energy solutions, and connected almost 4,000 sites to the grid stating that its Project Green is the Group’s initiative and a key step in the company’s carbon reduction roadmap.

    IHS Nigeria is part of the IHS Holding Limited group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world.

    The towerco reiterated its commitment to advancing sustainability, environmental stewardship, and community empowerment through responsible telecommunication infrastructure.

    This reaffirmation came during the Sustainability Table Discourse Series (STS) with: “Sustainability in Action: Scaling the Impact of a Thriving Future to Achieve the SDGs” as theme where industry leaders, policy makers, and private sector players converged to discuss the role of collaboration, innovation, and circular economy models in achieving Nigeria’s

    sustainability goals.

    Representing Kazeem Oladepo, Senior Vice President and Chief Operating Officer, IHS Nigeria, Gimba Mohammed, Director, Government and External Relations, IHS Nigeria, delivered the keynote titled “Sustainability in Action: Scaling Impact for a Thriving Future Through Sustainable Telecommunications Infrastructure – A Provider’s Perspective.”

    In his remarks, he emphasized that sustainability remains central to IHS’s operations and

    long-term strategy.

    “Sustainability is at the heart of who we are. It is embedded within our corporate values and

    reflected in every aspect of our operations, from powering sites sustainably to nurturing the

    communities we serve and promoting sound ethical practices throughout our business,” he

    said.

    He further highlighted Project Green, describing it as an IHS Group initiative and a key step

    in the company’s carbon reduction roadmap.

    “Through Project Green, IHS Towers continues to prioritize alternative energy sources to

    reduce dependency on diesel.

    “Across our markets, we have reduced diesel consumption by nearly 50 million litres, and in Nigeria fitted over 6,000 power sites with hybrid energy solutions, and connected almost 4,000 sites to the grid,” Gimba noted.

    In addition to its clean energy initiatives, IHS Nigeria has made significant strides in community and environmental development. These include planting 4,000 trees across eight states, installing solar streetlights in underserved communities, and collaborating with Green Hope Africa to launch the Climate Action Superheroes (CASH) initiative, an educational program aimed at empowering students to become climate ambassadors.

    The company’s efforts in e-waste management were also highlighted, following its

    partnership with the Electronic Producers Responsibility Organisation of Nigeria (EPRON).

    “We trained 214 participants, including collectors and regulators, and supported the

    establishment of 69 waste collection centers across six states and the FCT. Our goal is to

    drive sustainable waste management practices through advocacy and strategic

    collaboration,” Gimba said.

    During the panel session, Ghaith Al Hasan, Director, Engineering and Design, IHS Nigeria,

    elaborated on the success of Project Green and the importance of strong partnerships in

    achieving scale.

    “Our experience has shown that the right partnerships, technologies, and maintenance structures are essential for sustainability. Today, IHS operates renewable energy systems across more than 10,000 sites in Nigeria, demonstrating what is possible when innovation meets commitment,” he stated.

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    Adding a regulatory perspective, Grace Majekodunmi, Principal Environmentalist Scientist

    and Regulatory Specialist, National Environmental Standards and Regulations Enforcement

    Agency (NESREA) spoke on the circular economy model being adopted across Nigeria’s

    manufacturing sectors.

    “Producers must now take responsibility for the entire lifecycle of their products, from

    production to disposal. The Extended Producer Responsibility framework ensures that

    manufacturers adopt cleaner technologies and minimize waste,” she explained.

    Representing the agricultural sector, Aisha Raheem-Bolarinwa, Chief Executive Officer,

    Farmz2U discussed the role of technology and collaboration in building climate-resilient

    value chains.

    “We don’t have a production problem as much as we have a distribution problem.

    Technology can enable resilience, but without hard infrastructure and supportive policy,

    farmers cannot access the full benefits,” she noted.

    From a financing and investment standpoint, Adaobi Nnorukah, Investment director, ARM-

    Harith Infrastructure Limited, highlighted the importance of early engagement with equity

    partners to secure climate infrastructure funding.

    “Successful climate projects require institutional investors at the table from the start. Early

    collaboration helps identify and manage risks, ensuring projects remain bankable and

    sustainable,” she said.

    In concluding his keynote speech, Gimba reaffirmed IHS Nigeria’s ongoing commitment to

    sustainable growth and partnership.

    “At IHS Nigeria, we are deliberate about scaling impact through sustainable infrastructure.

    Our mission is to ensure that our assets not only connect people digitally but also empower

    them environmentally, economically, and socially,” he concluded.