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Category: Business

Nigeria aligns with pan-African GGW SDGs

Minister of Environment Balarabe Abbas Lawal has assured that Nigeria will be aligning with the regional vision of the Pan-African Great Green Wall Sustainable Development Goal five on gender equality, while also giving practical effect to SDG 1 on Ending Poverty, Goal 5 on Gender Equality, Goal 13 on Climate Action, and Goal 15 on Life on Land.

The minister who was represented by Agnes Aneke, Director of Planning, Research and Statistics disclosed this at the green women platform validation workshop in Abuja, stating that this initiative demonstrates the government collective resolve to mainstream gender equality into the Great Green Wall programme and ensure that women are not left behind in the implementation of national environmental and climate commitments.

Lawal noted that Women bear the most significant burden of environmental degradation, yet they are also the most potent agents of resilience and adaptation. “By creating the Green Women Platform, Nigeria is aligning with the regional vision of the Pan-African Great Green Wall, as the task is urgent and essential”.

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“This workshop will validate the structural framework, adopt a national governance arrangement, and agree on a two-year action plan for the Green Women Platform. These outcomes will ensure that women are empowered as beneficiaries and full partners in decision-making, resource mobilization, and implementation”.

The minister commended the leadership of the National Agency for the Great Green Wall, NAGGW, the strong political support from the Office of the First Lady of Nigeria, Sen. Olufemi Tinubu and the collaboration of our partners, particularly the World Food Programme (WFP) and the Pan-African Great Green Wall Agency (PAGGW).

The Director General National Agency for the Great Green Wall, NAGGW Saleh Abubakar said the Green Women Platform is a unique innovation of the Pan-African Great Green Wall, designed to place women at the center of the fight against desertification, climate change, land degradation and livelihood. Stating that here in Nigeria, women are not only custodians of the land but also agents of transformation within their communities.

October 30, 2025
FAAN reaffirms commitment to aviation reform

The Managing Director, Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku, has reaffirmed the country’s commitment to transforming the aviation sector through increased private investment and large-scale infrastructure renewal.

Kuku stated this while speaking as a panelist on “Shaping the Future of Air Travel: A Global Airport Perspective” during the 35th Airports Council International (ACI) World Annual General Assembly held in Toronto, Canada.

She said Nigeria’s stabilizing economy is driving growth in passenger traffic but warned that challenges such as poor intra-African air connectivity continue to hinder progress across the continent.

The FAAN chief emphasized that private capital remains crucial to bridging the sector’s infrastructure gaps, adding that government funding alone cannot sustain aviation expansion.

According to her, FAAN has already embarked on several major upgrades, including the deployment of electronic gates for contactless passenger processing and stronger enforcement of consumer protection rules through sanctions on non-compliant airlines in partnership with the Nigerian Civil Aviation Authority (NCAA).

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Kuku also restated Nigeria’s support for the Single African Air Transport Market (SAATM), noting that its success depends on complementary investments in Maintenance, Repair, and Overhaul (MRO) services and air cargo facilities.

She highlighted the growing number of new international routes launched by domestic carriers as a sign of Nigeria’s expanding aviation footprint and readiness for sustained sectoral growth.

“Nigeria is on the verge of major aviation growth. With the right policies, investment climate, and regional cooperation, we can reshape the continent’s air transport future,” Kuku said.

Kuku also renewed calls for greater private-sector participation and investment in Maintenance, Repair and Overhaul (MRO) facilities to strengthen Nigeria’s aviation maintenance ecosystem and retain aircraft servicing locally.

Kuku said the initiative is central to FAAN’s infrastructure renewal programme, designed to reduce dependence on foreign facilities for heavy aircraft checks. She explained that despite ongoing improvements in airport modernization, Nigeria’s lack of comprehensive MRO capacity remains a key weakness in the aviation value chain.

“If you look at Africa, especially West Africa, there’s no single MRO facility that handles comprehensive C and D checks. We have maintenance facilities that do A and B checks, but the heavier maintenance work still requires ferrying aircraft abroad. That’s what we’re determined to change,” Kuku said.

According to her, FAAN’s plan is to create a sustainable maintenance ecosystem through collaboration with investors, state governments, and Original Equipment Manufacturers (OEMs). She said this approach will allow local airlines to conduct full-scale maintenance, reduce operational costs, and retain revenue within Nigeria.

Kuku revealed that FAAN is currently executing a 22 to 24-month capital renewal programme with partial government funding and internally generated revenue. She emphasized that aviation remains highly capital-intensive, making private collaboration crucial for long-term infrastructure sustainability.

“We can’t depend on government funding alone. The private sector must play a role, and we are seeing increased interest from investors who recognize the potential of Nigeria’s aviation market,” she said.

She added that the current reforms have strengthened investor confidence, enabling the development of new MRO zones and expansion of existing hangars. According to her, these facilities will form the foundation of a modern maintenance ecosystem capable of serving both domestic and regional fleets.

“There’s been a large focus on building MRO facilities within the market. We’re also working to ensure there’s a good market for spares as we expand infrastructure. This will make Nigeria a regional hub for maintenance and aircraft support,” she said.

Kuku said this dependence drains foreign exchange and limits local employment opportunities, underscoring the urgency of building a homegrown maintenance ecosystem.

“Our goal is to keep both the work and the revenue in Nigeria. We want to build a maintenance ecosystem that employs local engineers and attracts global certification,” she said.

She noted that the vision for aviation infrastructure goes beyond aircraft maintenance, encompassing cargo, logistics, and trade. Nigeria’s growing agribusiness exports, she said, require temperature-controlled facilities and reliable logistics support to strengthen the air cargo value chain.

Kuku maintained that regional hub development must integrate services such as MRO, spares supply, and cargo handling. This, she explained, would ensure that Nigeria’s airports evolve into fully functional commercial and technical centers capable of supporting sustainable growth.

She also linked FAAN’s efforts to the Single African Air Transport Market (SAATM), explaining that local MRO capacity will help improve fleet turnaround and enhance reliability for African carriers. “When airlines can maintain their fleets within Africa, turnaround times improve, reliability increases, and we create a sustainable maintenance ecosystem for intra-African connectivity,” she said.

Kuku added that Nigeria’s domestic airlines have begun expanding international operations, citing the new Abuja–Heathrow and Abuja–Gatwick routes as indicators of industry progress. She said such growth must be backed by a solid technical base that allows airlines to sustain international standards.

Beyond technical development, Kuku said FAAN is investing in passenger-focused technology, including e-gates for arrivals and departures and contactless travel systems. She explained that the goal is to build an airport environment that matches travelers’ lifestyles while ensuring operational efficiency.

“We are building an airport environment that matches the lifestyle of our travelers,” she said. “As we modernize, we’re ensuring that our technology solutions are seamless, user-friendly, and aligned with passenger expectations.”

She said sustainable aviation in the country depends on coordinated policy, private investment, and technical development. She said the establishment of a reliable maintenance ecosystem is key to achieving competitiveness, safety, and self-reliance in the region’s aviation industry.

October 30, 2025
National Assembly approves $2.347b external borrowing plan

• $500m debut sovereign Sukuk for global market

The National Assembly yesterday approved President Bola Tinubu’s request to implement the new external borrowing plan contained in the 2025 Appropriation Act.

The borrowing plan included external borrowings of up to $2.347 billion. The net proceeds of the issuances would be used partly to refinance maturing Eurobonds.

Also, both the Senate and House of Representatives approved a debut sovereign Sukuk of some $500 million for the international capital market. The maiden external Sukuk would be used to fund infrastructural projects.

The resolutions of the Upper and Lower Chambers followed the adoption of various reports by their committees. The Senate approval was sequel to adoption of the report of its Committee on Local and Foreign Debts, presented by its Chairman, Senator Aliyu Wamakko.

The House of Representatives approved the report of its Committee on Loans and Debt as presented in plenary by the committee’s chairman, Hassan Nalaraba.

The request was first read on the floor of the Senate on October 8, 2025 seeking for new external borrowing and debt.

Commenting on the report, Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa urged his colleagues to support the approval as it has been captured in the fiscal document of the federal government.

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“It is very needful that we give approval to this request so that the 2025 appropriation will be given the necessary funding,” Musa said.

Chairman of the Senate Committee on Banking, Adetokunbo Abiru, said there’s nothing new in the request other than to ensure compliance with the revenue framework.

“This is more of a compliance issue because the 2025 Appropriation Act as it is has already captured it as part of the deficit financing.

“The second request is a refinancing to ensure that the country doesn’t default in the Eurobond servicing,” Abiru said.

Senator Adams Oshiomhole recalled that the chamber had previously agreed that there’s nothing wrong with borrowing if it is for addressing problems like unemployment and decaying infrastructure.

In a breakdown, the House of Representatives approved the implementation of the new external borrowing of N1.84 trillion, equivalent to $1.229 billion at the budget exchange rate of $1 for N1, 500 as provided as new external borrowing in the 2025 Appropriation Act, to part-finance the budget deficit of N9.276 trillion.

Lawmakers also approved the request to refinance the 7.625 per cent $1.118 billion Eurobonds maturing on November 21, 2025.

The government may adopt any suitable means to raise the funds including issuance of eurobonds, loan syndications, bridge finance facility from bookrunners and direct borrowing from international financial institutions.

Also approved is the request to issue a stand-alone debut Sovereign Sukuk of up to USD500M in the ICM with or without credit enhancement (Guarantee).

The President had, in a letter read at plenary on the 7th of October sought the approval of the House to implement the new external borrowing planning in the 2025 appropriation act, to refinance maturing eurobond and issue a debut sovereign sukuk in the international market.

The President’s letter dated 22nd September, 2025 was titled “request for the resolution of the National Assembly to implement new extern borrowing in the 2025 appropriation act, refinance maturing Euro bonds and issue debt sovereign sukuk in the international capital market.”

President Tinubu said the purpose of the letter is to seek a resolution of the House pursuant to the provisions of sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003 to implement the New External Borrowing of ₦1,843,669,786,987.16 (equivalent of USD1,229,113,000.00 at the budget exchange rate of USD1.00/N1,500.00) in the 2025 Appropriation Act for the part-financing of the Budget Deficit.

He is also seeking a resolution to refinance the USD1,118,352,000.00 Eurobonds (7.625% USD1.118BN NOV 2025) maturing on November 21, 2025; access aggregate external capital of USD2,347,465,000.00 (USD1.229bn and USD1.118bn).

The facility is to be accessed through any of the following channels in the International Capital Market (ICM): Issuance of Eurobonds, Loan Syndications, Bridge Finance Facility from Bookrunners and Direct Borrowing from International Financial Institutions.

Also, the request is also for a resolution to issue a stand-alone debut Sovereign Sukuk of up to USD500m in the ICM with or without credit enhancement (Guarantee).

He said “the House of Representatives may wish to note that 2025 Appropriation Act provides for N9,276,348,934,935.79 as New Borrowings to part-finance the 2025 Budget Deficit, of which ₦1,843,669,786,987.16 (equivalent of about USD1,229,113,000.00 at the Budget Exchange Rate of USD1.00/N1,500.00) is specified as New External Borrowing.

“The House of Representatives is kindly invited to issue its Resolution allowing the Government to raise the amount through any of the following options: Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions.

On refinancing of maturing Eurobonds of USD1.118 billion, he said “the House of Representatives may wish to note that Eurobonds of USD1,118,352,000.00 (7.625% US$1.118BN NOV 2025) issued in the ICM on November 21, 2018, with an original tenor of 7 years, will mature on November 21, 2025.

“The plan is to refinance the maturing Eurobonds through issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication, or Direct Borrowing from International Financial Institutions, if necessary to avoid default.

“This is a standard practice in debt capital markets, including the ICM. The proposal is for the House of Representatives to issue its Resolution authorising the FGN to refinance the Eurobonds, accordingly.”

He stressed that “based on the presentations in Paragraphs 2 and 3, the aggregate amount proposed to be raised in the ICM either through Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions or combination of the options for which Resolution of the House of Representatives is being sought is USD2,347,465,000.00.

“Whilst exploring all the options, the plan is to focus on the Issuance of Eurobonds, and we believe that Nigeria, being a regular issuer of Eurobonds in the ICM could raise the proposed amount, subject to market conditions.

“The House of Representatives may wish to note that because Eurobonds Issuance is a market-based transaction, the terms and conditions can only be determined at the time of the transactions, and they will be subject to prevailing market conditions.

“The Federal Ministry of Finance (FMF) and the Debt Management Office (DMO) will work with the Transaction Advisers to secure the most favourable terms and conditions.

“Meanwhile, it is expected that the pricing of the new Eurobonds will reflect the Yields on Nigeria’s Eurobonds trading in the ICM at the time of Issuance, while Tenors will be guided by investors’ preferences, price and the DMO’s liability management strategy.

On the issuance of a stand alone 500 million dollars debut sovereign sukuk, the President said “the House of Representatives is invited to issue its Resolution authorising the Issuance of a stand-alone debut Sovereign Sukuk of up to USD500m in the ICM

He said “the FGN has recorded considerable success in the Issuance of Sukuk in the domestic capital market for the development of critical infrastructure projects across the country. Between September 2017 and May 2025, the DMO has raised N1,392.557 trillion through Sukuk in the domestic capital market to fund critical road infrastructure projects.

“There is the need to pool resources from external sources to complement domestic issuance to help bridge infrastructure funding gaps; and,

“It is imperative to open new sources of funding for the FGN, and thereby diversify investor base, as well as deepen the FGN Securities market.

“The proposal is for the House of Representatives to approve the issuance of a stand-alone debut Sovereign Sukuk with or without credit enhancement (Guarantee) from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group.

*The Policy Premium for the Guarantee proposed by ICIEC is 3.5% of Issue Amount per annum. If the credit enhancement from ICIEC is taken for the proposed Sukuk Issuance, 25% of the Issue Proceeds may be used to repay relatively more expensive debt obligations of the FGN, and the balance will be used to finance the development of pre-identified infrastructure projects”.

President Tinubu also said that “based on the foregoing, I respectfully request the House of Representatives to pass a resolution to raise external capital in the sum of USD2,347,465,000.00 comprised of New External Borrowing in the 2025 Appropriation Act (USD1,229,113,000.00) and refinancing of maturing Eurobonds (USD1,118,352,000.00), through any of the following option(s): Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions.

“To issue a debut stand-alone Sovereign Sukuk of up to USD500 million, with or without credit enhancement from the Islamic Corporation for the Insurance of Investment and Export Credit”.

October 30, 2025
Students urge Tinubu to prioritise local refining, allocate 100% crude supply to Dangote Refinery

The National Association of Polytechnic Students (NAPS) has called on President Bola Ahmed Tinubu to prioritise local refining and allocate 100 percent of the nation’s crude oil supply to the Dangote Refinery to enable full-scale production and self-sufficiency in fuel supply.

The students, armed with various placards and banners, made the call during a peaceful protest on Wednesday from the Millennium park to the Unity Fountain, as security agents did not allow the protesters storm the National Assembly as earlier scheduled.

Addressing newsmen, President of NAPS, Comrade Eshiofune Oghayan described the Dangote Refinery as “a root that has given life to a decaying tree,” symbolising hope for Nigeria’s long-awaited industrial revival.

According to him, Dangote Refinery was a symbol of Africa’s industrial power and a cornerstone for Nigeria’s ambition to become the refining hub of the continent.

He said: “For decades, our nation lived under the shadow of dependency, we were exporters of crude and importers of survival. But today, we have found pride again in an African-built refinery, one that can restore Nigeria’s economic independence.”

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Reaffirming their confidence in the Tinubu led administration, the students while praising the President’s investments in education and youth empowerment initiatives, noted that Tinubu “understands the suffering of the common man and the Nigerian student, that is why we believe he will listen to our appeal.

“The Nigerian government should please approve 100% crude oil allocation to Dangote refinery let us refine our destiny at home. When we feed this refinery fully, it will produce more barrel, flood the market supply, decrease the price of fuel and stabilize our economy.

“We are appealing to the federal government and relevant agencies to prioritize local refined products. Nigerians, we want you to be reassured, Dangote has come to help you and the people that are coming to sabotage this effort are feeding fat on our national failure.”

While commending Dangote for his bold investment in the energy sector, the students urged President Tinubu to take decisive action including the scrapping of anti-development elements within the oil and gas sector who they claim were frustrating national progress.

“For over 30 years, the nation’s refineries in Kaduna, Port Harcourt, and Warri were dead. These same groups did nothing. But now that one man has chosen to rebuild our dream, they have risen against him.”

The students called on their peers across universities, polytechnics, and colleges of technology to defend and promote homegrown innovation.

“The soul of a nation is not measured by the size of its GDP, but by the strength of its will. When the youth rise to defend productivity, the nation itself will stand tall.”

October 29, 2025
NEXIM Bank identifies South-South as new hub for export diversification

The Nigerian Export-Import Bank (NEXIM Bank) has identified the South-South region as the emerging strategic hub for export diversification.

It said the South-South has access to infrastructure like ports and proximity to export corridors.

Managing Director of NEXIM Bank, Abba Bello, stated this in Benin City at the opening session of a one-day NEXIM SME Export Finance Sensitization Forum.

Bello noted that the South-South offered offers immense potential for trade following successful agro-processing clusters in oil palm, cassava, cocoa, rubber, solid minerals projects and in the petro-chemical industries in Rivers State.

He said industrial hubs in the region were home to MSMEs along value chains that produced high-quality food products, chemicals, building materials and servicing oil companies.

The NEXIM bank boss said the industrial hubs provided products and services that would shape Nigeria’s non-oil export future.

Represented by Mr. Flaring Tianiyu, Bello noted that improved access to finance, robust infrastructure, and effective trade facilitation would help the South South region continue to be a strong contributor to Nigeria’s non-oil export growth.

He said the NEXIM Bank was working with partners such as GIZ, to address challenges faced by the over 41 million MSMEs in the country.

Bello explained that the EXCEL Programme was designed to identify, strengthen, and finance export-ready MSMEs across the country, by leveraging digital tools, providing targeted-training, and enhancing financial-inclusion strategies.

His words, “The EXCEL Programme enables small businesses to scale up their operations, improve quality standards, and trade seamlessly within regional and international markets.

“This initiative falls within the NEXIM Bank’s mandate of promoting diversified, non-oil exports, through inclusive financing models that empower women, youth, and small businesses to participate effectively in trade.

“In addition, through the Nigeria Export Academy (NEXA), a digital platform, the Bank is expanding export capacity, providing export advisory and enabling MSMEs to operate with greater transparency and efficiency. We are also onboarding SME clients onto the African Trade Gateway (ATG), a digital ecosystem powered by Afreximbank, which integrates risk management tools (MANSA) payment systems (PAPSS), trade documentation, and logistics support to facilitate seamless cross-border trade for SMEs within Africa”, Bello further explained.

GIZ Trade Advisor, Raymond Dangana, said major objective of the event was to sensitize participants on export financing.

October 29, 2025
NIAS welcomes 252 new members, urges commitment to professional ethics

The Nigerian Institute of Animal Science (NIAS) has formally inducted 252 Registered Animal Scientists (RAS) and five Associate Animal Scientists (AAS), urging them to maintain ethical standards, integrity, and innovation in driving growth and sustainability within Nigeria’s livestock industry.

Speaking at the opening ceremony of the 2025 Animal Science Meeting and Industry Exposition yesterday in Abuja, with the theme, “Transforming Nigeria’s Livestock Sector For Economic Growth and Economic Competitiveness,” the President of NIAS, Chief Simeon A. Ohwofa, said the induction marked a new chapter in the country’s drive to strengthen professionalism and quality standards within the livestock industry.

Ohwofa stated that the newly inducted members had undergone rigorous training and were found worthy in both character and learning to uphold and represent the animal science profession.

“Today, you do not just earn recognition; you inherit a mandate,” he told the inductees. “Your oath will not only license your practice but bind you to excellence, discipline, and national development. The badge you are about to receive is not for decoration, but for duty.”

He revealed that with the latest additions, the Institute now has 2,936 Registered Animal Scientists and 154 Associate Animal Scientists, including 127 Fellows.

The NIAS president commended President Bola Ahmed Tinubu for establishing the Federal Ministry of Livestock Development, describing it as a milestone that aligns Nigeria’s livestock sector with global best practices and opens new opportunities for professionals in the field.

Ohwofa revealed that the Institute has an ongoing partnership with the Food and Agriculture Organization (FAO) and the International Feed Industry Federation (IFIF) through the Feed Industry Practitioners Association of Nigeria (FIPAN) to promote safe, nutritious, and sustainable livestock production.

He called on the newly inducted scientists to contribute to food security, economic diversification, and sustainable agricultural development through research, innovation, and ethical practice.

“You are stepping into a profession guided by science, structured by ethics, and driven by service to humanity,” Ohwofa added.

Also speaking, the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, called on animal scientists and industry experts to lead Nigeria’s transition to modern livestock production, stressing the need to develop Nigerian cattle breed that meets global standards.

Maiha said the creation of the new ministry marks a turning point in Nigeria’s agricultural history, after years of advocacy by stakeholders.

“For the first time since independence, we have a government that recognizes the importance of livestock and has established this ministry,” he said.

He tasked researchers and professionals to work towards producing local breeds capable of gaining two kilograms per day with efficient feed conversion rates.

“Our vision is to move beyond inefficient traditional systems and make our livestock sector legitimate, competitive, and globally recognized,” he said.

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The minister also highlighted Nigeria’s untapped potential in the $300 billion meat market, urging stakeholders to position the country for export opportunities in the Gulf region.

He maintained that President Tinubu’s administration remains committed to achieving food security and self-sufficiency, ensuring that “Nigerians drink fresh milk from Nigerian cows and eat quality meat from Nigerian farms.”

The minister alongside former Independent National Electoral Commission Chairman, Professor Attahiru Jega were conferred with honorary fellowship awards in recognition of their contributions to national development.

Professor Jega, while receiving the award, expressed appreciation for the honour, describing it as a call to further support knowledge-based development in agriculture and food security.

The event brought together stakeholders from government, academia, and the private sector to explore strategies for strengthening Nigeria’s livestock value chain, featuring presentations on sustainable livestock practices and the role of science-based innovations in driving food systems transformation.

October 29, 2025
Reps seek easy access to short loan for cassava farmers

The House of Representatives on Wednesday asked the Federal Government, through the Central Bank of Nigeria (CBN) to direct the Bank of Agriculture, the Bank of Industry (BoI) and other relevant financial institutions to provide easy access to short-term loans in favour of cassava farmers in the country.

The House also asked the government to immediately reconstitute the defunct Presidential Committee on the Cassava Initiative Programme, known as “Composite Cassava Flour of 2002” to improve the welfare of cassava peasant farmers in the country.

In a resolution following a motion sponsored by Canice Moore Chukwuugozie Nwachhukwu, the House urged the Federal Ministry of Agriculture and Food Security to embark on massive value chain training of peasant farmers on cassava production, processing and packaging.

Moving the motion, Nwachhukwu said cassava production in Nigeria is developing as an organised agricultural crop with locally established processing techniques for food products and livestock feeds.

He informed cassava is produced in almost all the 36 States of the Federation, including the FCT, while the peels have a high level of Hydrogen Cyanide (HCN), particularly in bitter cassava varieties, which are common in Nigeria and used as an energy supplement in cattle, which can partly replace 30% of total Dry Matter Intake (DMI) energy concentrates, with no influence on the intake, digestibility, microbial efficiency and nitrogen retention and act as an antidote to many cattle diseases.

He stated that there are four planting seasons across the country’s six geopolitical zones and is therefore available all year round.

According to him, this will give the farmers access to a better market share with good selling prices, which will ultimately increase their income while contributing their quota in feeding the nation and increase Gross Domestic Product (GDP), adding that diversification of the Nigerian economy could be achieved by using cassava as an alternative to crude oil to earn substantial amounts of foreign exchange through massive cultivation both for local consumption and export.

October 29, 2025
Market Economics: The Responsibility of Nigerian Regulators in Preventing a Dangote Refinery Monopoly

It is crucial to start this by acknowledging the importance of Dangote Refinery as a turning point in Nigeria’s oil and gas downstream sector. For nearly 40 years, the country has relied on imports to meet its energy needs, even though Nigeria is a major crude oil producer and the government has built three refineries.

This situation has caused a lot of contention for the country, including the introduction of fuel subsidies to provide a cushion for impoverished citizens in the country at the mercy of international markets.

The completion of the $20 billion Dangote Refinery is a monumental achievement. With a projected capacity of 650,000 barrels per day, it is the largest single-train refinery in the world and a symbol of industrial ambition with the potential to change the lives of Nigerians for the better or worse.

The Dangote Refinery can become a catalyst for healthy competition, accelerating the development of the downstream sector, or a monopolistic force that stifles competition, dictates prices, and undermines the broader goals of economic inclusion. The direction the refinery takes will be decided by the actions of Nigeria’s regulatory agencies.

The Promise and the Peril

The Dangote Refinery promises to transform Nigeria’s energy landscape. We can already see the added benefits of local production in the stabilisation of the naira against the dollar as the country saves billions in foreign exchange and reduces its reliance on imported refined petroleum products. But, there have also been concerns about how the Dangote Refinery, which, despite its scale, intends to achieve vertical integration, will stay profitable without artificial market dominance.

Moves made in the company’s first year of operations suggest the Dangote Refinery is looking to replicate its attempts at a forced monopoly in other sectors in the downstream oil and gas sector. The refinery has already sought to disrupt the complex logistical network that ensures petroleum reaches final consumers by introducing a ‘free’ delivery service targeting major retailers, in a bid to incentivise them to ditch their long-term relationships with importers and depots and to buy products exclusively from the refinery. Industry stakeholders have condemned this move as predatory.

The Dangote Refinery has also been accused of abruptly lowering ex-depot petroleum prices and bearing the cost differential to undercut importers who cannot bear the losses incurred by this tactic. Already, many major importers and depots have been forced to shutter their businesses or risk bankruptcy. When challenged on the integrity of its tactics, the Dangote Refinery has defended its actions as healthy market competition.

A monopoly, even one born from private investment and innovation, can distort markets. It can lead to price manipulation, limit consumer choice, and create barriers for new entrants. In the absence of robust regulatory oversight, the very infrastructure meant to empower the economy could end up concentrating power in the hands of a few.

The Mandate of Regulators

Nigeria’s regulatory bodies, particularly the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Federal Competition and Consumer Protection Commission (FCCPC), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), have a constitutional and moral obligation to safeguard the principles of fair competition.

It is their responsibility to ensure transparency in all business practices, monitor market behaviour and intervene when predatory actions are taken against competitors or consumers, even when they are ‘legal’. They must also enforce anti-trust laws and deter larger corporations from engaging in anti-competitive practices that marginalise smaller marketers. But most importantly, it is their responsibility to provide a favourable environment for new entrants into the downstream sector, and by doing so, ensure the energy sector remains resilient and dynamic.

The Dangote Group is only as big and successful as it is today because regulatory agencies ensured indigenous entrepreneurs were protected from monopolistic manoeuvres from international competitors. The same consideration must now be extended to other players in the energy sector to balance industrial ambition and market fairness. The Dangote Refinery represents a significant advancement towards self-sufficiency, but that doesn’t exempt it from the same standards of accountability that any other market participant must adhere to.

A Delicate Balance

Nigeria stands at a crossroads. The emergence of the Dangote Refinery offers a rare opportunity to redefine the country’s energy future. The refinery may be privately owned, but the market it operates in belongs to the people.

The future of the energy sector is the responsibility of the agencies tasked with ensuring that Nigerians reap the benefits of deregulation and that companies maximise the opportunities a free market offers Nigerian entrepreneurs. If local regulators rise to the occasion, they can ensure that this refinery becomes a cornerstone of shared prosperity, not a symbol of concentrated power.

Olatunde Adebanjo, lawyer and real estate advisor based in Lagos, writes on the intersection of law, real estate, and public policy.

October 29, 2025
NEPAD canvasses stronger private sector push for Africa’s growth

The Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has reaffirmed the pivotal role of the private sector in driving Africa’s transformation under the African Continental Free Trade Area (AfCFTA), ahead of a high-level business forum scheduled for Thursday, October 30, 2025, at Eko Hotels & Suites, Victoria Island, Lagos.

Themed: “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty,” the event will bring together leading voices from government, business, and development circles to explore how private sector innovation and investment can accelerate intra-African trade and industrial competitiveness.

Speaking ahead of the Forum, Randle emphasised that unlocking the continent’s full economic potential hinges on the active participation of private enterprises.

He said: “The private sector remains the engine of Africa’s transformation. Through this Forum, we aim to build actionable strategies that will strengthen Africa’s economic resilience, promote cross-border trade, and ensure inclusive prosperity for all.”

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According to NBGN, the Forum will serve as a platform to promote partnerships and facilitate practical dialogue on the private sector’s role in achieving sustainable and inclusive economic growth across Africa. Discussions will focus on “policy alignment, trade facilitation, investment promotion, value-chain development, and industrial cooperation” among African economies.

The event is expected to attract participants from federal and subnational government ministries, departments, and agencies, as well as financial institutions, regional economic communities, chambers of commerce, business associations, development partners, and captains of industry from across the continent.

Organisers said the outcomes of the Forum would inform policy formulation and implementation frameworks designed to enhance regional trade integration and support Nigeria’s long-term development goals. The deliberations are also expected to contribute to the realization of Nigeria’s Agenda 2050, the African Union’s Agenda 2063 (The Africa We Want), and the United Nations Sustainable Development Goals (SDGs).

The NEPAD Business Group Nigeria (NBGN) is a private sector-led platform dedicated to advancing the objectives of the New Partnership for Africa’s Development (NEPAD).

The Group works to promote sustainable economic growth, regional integration, and public-private partnerships across Africa. It serves as a bridge between government, business, and development partners, driving investment, trade, and industrialisation initiatives that align with Africa’s long-term development agenda.

October 29, 2025
FG allocates ₦450m fertiliser to Jigawa farmers

The Federal Government has allocated fertiliser worth over ₦450 million for sale to farmers in Jigawa State at subsidised rates.

The drive, according to Governor Umar Namadi, is part of ongoing efforts to boost agricultural productivity and ensure food security under the Renewed Hope Agenda of President Bola Ahmed Tinubu.

He spoke at the Citizens’ engagement programme in Miga, the headquarters of Miga Local Government Area.

According to him: “Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Federal Government has allocated 20 trucks of fertiliser to Jigawa State to be sold at subsidised rates to farmers.

“This initiative is aimed at supporting farmers with essential inputs and equipment to enhance food production and agricultural business across the state.”

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Namadi noted that Miga, being an agrarian area with vast arable land suitable for year-round farming, stands to benefit significantly from the Federal Government’s agricultural support.

He explained that his administration’s 12-point agenda aligns with the Renewed Hope vision, with agriculture and food security as top priorities.

“To complement President Tinubu’s efforts, we have introduced several innovations to modernise and transform traditional farming into a mechanised system,” he said.

The Governor also revealed the establishment of the Jigawa State Farm Service Mechanisation Company Limited, to provide affordable and efficient mechanisation services to farmers across the state.

“The company will operate a network of service centres equipped with modern tractors, combine harvesters, and other agricultural machinery. We are also seeking qualified and motivated individuals to manage and operate these centres effectively,” he added.

October 29, 2025