Category: Business

  • Energy supply to 11 DisCos soars to 4,871MW

    Energy supply to 11 DisCos soars to 4,871MW

    The Nigerian Independent System Operator (NISO) has said energy sent out to the 11 electricity Distribution Companies ( DisCos) rose to 4,871MW on Monday 27th October, 2025 from 4,783MW of Sunday, 26th October, 2025.

    This was made known in the Grid Performance Dashboard of the NISO.

    Similarly, the document said total energy generated rose to 4,923MW on 27th October, 2025 from 4,783MW of 26th October, 2025.

    Meanwhile, as at 16:00 hour on 28th October, 2025, NISO sent out 4,783MW to the 11 DisCos.

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    According to the load distribution profile of the NISO, 732MW was allocated to Abuja DisCo while 390MW was sent to Benin DisCo.

    The document said Eko DisCo got 613MW as Enugu DisCo got 372MW and Ibadan DisCo received 573MW.

    NISO added that Ikeja DisCo got 732MW, Jos DisCo 270MW as Kaduna received 309MW.
    Kano, said the document, received 321MW, Port Harcourt DisCo got 339MW as Yola DisCo got 139MW.

    At 16:00 hours on 28th October, 2025 energy generated by 16 plants was N3,141.58MW.

  • ‘Human capital is NPA’s greatest asset, says Dantsoho

    ‘Human capital is NPA’s greatest asset, says Dantsoho

    The Nigerian Ports Authority (NPA) has reaffirmed that its greatest asset lies not only in infrastructure and technology but in its people, who drive the nation’s maritime growth.

    Its Managing Director, Dr. Abubakar Dantsoho, stated this yesterday, during the maiden edition of the National Mentoring Day celebration held at the Authority’s headquarters in Lagos.

    Represented by the Executive Director of Finance and Administration, Vivian Richard-Edet, Dr. Dantsoho said the event marked a significant milestone in the Authority’s commitment to nurturing future leaders, promoting knowledge transfer, and entrenching a culture of continuous learning and professional growth.

    “This occasion marks an important milestone in our commitment to nurturing future leaders, promoting knowledge transfer, and institutionalising a culture of continuous learning and professional development,” he said.

    He added that while NPA continues to invest in world-class infrastructure and advanced port technology, its most valuable strength remains its workforce.

    “As an organisation at the heart of Nigeria’s maritime economy, we recognise that our true strength lies not only in infrastructure and technology but, more importantly, in our people,” he emphasised.

    Dantsoho also applauded the contributions of young professionals serving under the National Youth Service Corps (NYSC) at the NPA, describing them as the next generation of innovators and change agents who will shape the future of the maritime industry and Nigeria’s economy at large.

    Read Also: NPA shops for investors in Japan

     “The young professionals serving here under the NYSC are not just temporary participants; you represent the next wave of innovators, administrators, and change agents who will shape the future of the maritime sector and, by extension, our national economy,” he said.

    Established in 2014 and inaugurated in London in 2016, National Mentoring Day is celebrated globally on October 27 each year. The observance encourages individuals and organisations to participate in mentoring, ensuring equal opportunities for people to realise their potential.

    The initiative aligns with the United Nations Sustainable Development Goal 10 (SDG 10), which seeks to reduce inequalities by promoting inclusion and breaking down barriers through mentorship.

  • CBN refutes claims of $1.259b disbursement for petroleum imports

    CBN refutes claims of $1.259b disbursement for petroleum imports

    Central Bank of Nigeria (CBN) has dismissed reports suggesting that it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing such claims as inaccurate and misleading.

    In a statement yesterday, the CBN clarified that the figure referenced in its first quarter 2025 Sectoral Utilisation of Foreign Exchange data did not represent direct CBN disbursements.

    Instead, it reflected the total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

    According to the bank’s spokesperson, Mrs. Hakama Sidi Ali, “Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN. Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”

    She explained that the figure of $1.259 billion merely represents aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in compliance with existing regulations.

    Read Also: Bagudu on governance: we never claimed monopoly of wisdom

    “The data cited in the report only captures legitimate market transactions and does not reflect any form of direct CBN intervention in the oil sector,” she stated.

    Sidi Ali noted that the willing buyer, willing seller system allows for transparency and fair price discovery in the foreign exchange market, reinforcing the CBN’s commitment to maintaining a market-based framework.

    She further assured the public that the Central Bank remains committed to transparency and stability in Nigeria’s financial system.

    “The CBN continues to promote a transparent, market-based foreign exchange regime that supports efficient price discovery, economic stability, and confidence in the Nigerian financial system,” she said.

    The Bank therefore urged the media and the public to verify information before publication, especially when it concerns sensitive economic data, to avoid creating false impressions about government policies or the management of the nation’s foreign exchange market.

  • PalmPay seeks collaboration to defeat cybercrimes

    PalmPay seeks collaboration to defeat cybercrimes

    Digital banking platform, PalmPay, has identified collaboration as a crucial element in defeating the menace of cybercrimes as digital banking takes a strong foothold across the country.

    Its Managing Director, Mr Chika Reginald Nwosu, who spoke when the firm supported the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) during its Cybersecurity Awareness Walk held in Abuja as part of activities marking the 2025 Cybersecurity Awareness Month, pledged the continued support of the firm to the initiatives of NPF-NCCC.

    Nwosu commended the NPF-NCCC for its efforts in combating cybercrime and protecting consumers. He emphasised the need for continued collaboration across sectors to build a safe and secure payment ecosystem for all Nigerians.

    “We commend the NPF-NCCC for its proactive leadership in driving cybersecurity awareness. At PalmPay, we are committed to supporting initiatives that promote digital safety and foster trust in Nigeria’s growing digital economy,” he said.

    With: “Secure Our World,” as the theme, the event brought together key stakeholders from law enforcement, regulatory bodies, and the private sector to promote public awareness on cybersecurity, financial fraud prevention, and safe online practices.

    PalmPay used the opportunity to join other participants in advocating for stronger public vigilance and safer digital engagement, reaffirming its commitment to supporting national efforts that enhance cybersecurity and consumer protection.

    At the event, PalmPay was commended for its outstanding efforts in strengthening regulatory engagement and advancing consumer protection initiatives across the fintech industry.

    Read Also: Bagudu on governance: we never claimed monopoly of wisdom

    The partnership underscores PalmPay’s ongoing commitment to promoting cybersecurity awareness, consumer protection, and fraud prevention as part of its mission to create a safer digital financial ecosystem in Nigeria.

    PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.

    PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.

  • Fed Govt remains committed to $1tr economy by 2030, says Bagudu

    Fed Govt remains committed to $1tr economy by 2030, says Bagudu

    The Federal Government has expressed confidence that Nigeria’s economy will attain the $1 trillion Gross Domestic Product (GDP) target set by President Bola Tinubu by the year 2030.

    Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this known in Abuja during a courtesy visit by the European Union (EU) Parliamentary Committee on Foreign Affairs, led by Mr. David McAllister.

    Bagudu said the administration is working closely with both local and international partners to achieve the goal, noting that the government’s growth strategy places significant emphasis on private sector participation.

    “Our President has set a clear target for Nigeria to achieve a one trillion-dollar GDP by 2030,” the minister told the EU delegation. “This is ambitious, but achievable through partnerships such as ours with the European Union.”

    In a statement issued by the ministry on Tuesday, Bagudu explained that the government’s economic blueprint is built around strong collaboration with the private sector, which he said would provide 86 percent of the investment required to reach the $1 trillion GDP target.

    He said the Tinubu administration is determined to achieve double-digit economic growth in an environmentally sustainable manner within the target period. “We are pursuing growth that is both inclusive and responsible—one that creates jobs, strengthens productivity, and protects the environment,” he said.

    Read Also: Bagudu on governance: we never claimed monopoly of wisdom

    Bagudu credited the ongoing reforms under President Tinubu for placing Nigeria’s economy on a more sustainable path and expressed appreciation to the European Union for its continued partnership and support.

    The minister specifically thanked the Head of the EU Delegation to Nigeria, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the 2025 Global Gateway Forum and for securing a N320.5 billion (€190 million) credit line allocated to Nigerian commercial banks and financial institutions to boost lending to the agricultural sector.

    He noted that the EU’s Global Gateway Project, which plans to invest €300 billion in Africa, aligns with Nigeria’s priorities of promoting a green, digital, and inclusive economy while enhancing healthcare, education, and democratic governance.

    Bagudu assured the EU delegation of the government’s readiness to deepen cooperation across key sectors of mutual interest. “We believe the absorptive capacity of our economy is strong, whether in agriculture or other forms of infrastructure. We are committed to partnering with you and fostering mutually beneficial relationships for our people,” he said.

    The EU delegation leader, Mr. David McAllister, described Nigeria as the EU’s largest trade and investment partner in Africa, accounting for a significant share of imports and exports between both regions.

    McAllister said the visit was aimed at strengthening collaboration in critical areas such as clean energy, industrialization, and economic diversification. “We seek to encourage investment and renewal in clean energy, to bolster Nigeria’s manufacturing sector and industrial capacity, and to broaden cooperation and sustainable economic diversification beyond oil exports,” he stated.

    Earlier, Dr. Sampson Ebimaro, the Acting Permanent Secretary of the Ministry, welcomed the EU delegation and commended their efforts in promoting democratic governance and sustainable development across the globe.

    He described the visit as an opportunity to explore how Nigeria and the EU can work more closely to address shared priorities and accelerate economic progress. “This engagement provides a platform to align our development goals and strengthen institutional cooperation for mutual benefit,” he said.

    The meeting concluded with both parties reaffirming their commitment to expanding economic cooperation, improving access to investment capital, and driving inclusive development through sustainable partnerships.

  • Discos to face fresh hurdle ahead of licence renewal

    Discos to face fresh hurdle ahead of licence renewal

    A new major policy requiring electricity Distribution Companies (DisCos) to meet a minimum capital adequacy requirement to qualify for the renewal of their operating licenses is underway. The policy is aimed at addressing the capital adequacy requirement to strengthen the financial health and liquidity position of the utilities.

    The Minister of Power, Chief Adebayo Adelabu, made this known yesterday at the  opening session of the Nigeria Energy Week 2025 which kicked off in Lagos at the Landmark Event Centre. The summit, organised by Informa Markets, has as its theme: “Powering Nigeria through Investment, Innovation, and Partnership.”

    According to Adelabu, the sector continues to face challenges of under-capitalisation among several Distribution Companies (DisCos) and a severe debt burden.

    “As the tenure of their operational licenses approaches renewal, the government intends to introduce a minimum capital adequacy requirement as part of the license renewal process, to strengthen the financial health and liquidity position of the utilities,” Adelabu said.

    The minister also disclosed that prior to the coming of the present administration, Nigerians spent about N15 trillion on diesel and fuel to power their generators in a year because of unreliable public power services.

    He, however, said that given the reforms of the President Bola Tinubu’s administration the narrative has changed as he claimed that there is better power provision currently.

    Adelabu’s disclosure corroborates with the report of the National Bureau of Statistics which stated that the cost of petrol imports rose by 105.3 per cent to N15.42tr in 2024 from the N7.51tr recorded in 2023.

    He therefore charged the private investors to invest more in the nation’s power sector, adding that the federal government alone does not have the capacity to fund all the investment needed to make very efficient.

    The minister also used the occasion to give updates on critical infrastructure projects. He confirmed that contracts for the Presidential Power Initiative (PPI) Phase One have been signed, with the aim of adding 7,000MW of operational capacity to the grid. He also revealed that generation capacity has been sustained at an average of approximately 5,300MW in 2024, up from 4,200MW in 2023.

    Read Also: NFF, Jalla bicker over planned workshop on  amendment of statues at Ibadan AGM

    “In parallel to the grid expansion, generation capacity is being expanded through the rehabilitation of existing NIPP plants to unlock about 345MW, alongside the successful integration of the 700MW Zungeru Hydropower Plant into the grid.

    “Collectively, these interventions have helped sustain an average generation capacity of approximately 5,300MW in 2024 up from 4,200MW recorded in 2023”.

    The Minister disclosed further that the government has operationalized the Presidential Metering Initiative, with N700 billion already secured to deploy 1.1 million meters by the end of 2025.

    He also noted that the unbundling of the Transmission Company of Nigeria (TCN) into two organisations: the Nigerian Independent System Operator (NISO), which manages the operation of Nigeria’s electricity grid and coordinates the electricity market, and the Transmission Service Provider (TSP), which owns, maintains, and expands the physical transmission infrastructure marks a long-awaited and critical structural reform in the power sector.

    Adelabu direct appealed for investment, emphasising that Nigeria’s power sector remains open and ready for business more than ever before. He pointed to the over 10 GW of stranded generation capacity as a critical opportunity, assuring stakeholders that market fundamentals are improving, policy environment is clear, and the national leadership is committed.

    “As we commence today’s forum, let me once again emphasise to our investors, financiers, and innovators that Nigeria’s power sector remains open and ready for business more than ever before. We recognize that achieving the scale of investment required to transform the sector requires greater private sector participation across the entire value chain, particularly in the transmission segment.

    “A useful reference is South Africa’s ambitious $25 billion transmission grid expansion initiative, which seeks private developers to deliver 14,000 kilometers of new power lines and connect over 59 GW of new capacity within the next 14 years. This is remarkable when compared to Nigeria’s Presidential Power Initiative (the Siemens project) valued at $2.3 billion.

    “In Nigeria today, we have over 10 GW of stranded generation capacity. Energy that could power industries, create jobs, and even support electricity exports to our neighbouring countries through the regional power pool. We are therefore open to strategic partnerships to mobilize the necessary investments and unlock this potential. Our market fundamentals are improving, our policy environment is clear, and the national leadership is committed to creating the enabling conditions for long-term investment and innovation,” Adelabu said.

    He also spoke of the comprehensive reform agenda for the sector since 2023, describing it as a multi-pronged approach to reposition the Nigerian power sector for sustainability, efficiency and growth.

    He said: “This approach spans critical pillars which include legislation, policy reforms, infrastructure development, energy transition and access expansion, and local content and capacity development with each designed to address structural challenges, unlock private capital, and enhance service delivery across the electricity value chain.”

    The Minister highlighted the Electricity Act 2023 as a foundational milestone, which has already granted regulatory autonomy to 15 states. On the policy front, he revealed that the first comprehensive, sector-wide policy in nearly two decades, the Integrated National Electricity Policy, has been approved.

    He said: “This represents a clear shift towards a liberalized and investment-friendly electricity market. Since its passage, 15 states have received regulatory autonomy to establish subnational electricity markets with one fully operationalized. We are working actively with these states to ensure strong alignment between the wholesale market and the retail market. In this regard, we believe the active involvement of state governments, particularly in the off-grid segment is critical, given the series of roundtable engagements held with governors by the Rural Electrification Agency (REA), as well as the ongoing efforts to closely track the Distribution Company (DisCo) performance within their respective jurisdictions.

    On stabilisation of the market and sector commercialization, he said the government is deepening power sector commercialization to strengthen revenue, liquidity, and investor confidence. “Through tariff policy reforms which enabled cost-reflective tariffs for select consumers, supply reliability has improved while reducing energy costs for industries, and industry revenue has increased by 70 percent to N1.7 trillion in 2024 compared to previous year and the revenue is expected to exceed N2 trillion for 2025.”

    To stabilise the market, he revealed: “Mr. President has approved a N4 trillion bond to clear verified GenCo and gas supply debts. Alongside this, a targeted subsidy framework is being developed to protect vulnerable households and ensure a sustainable path toward full commercialisation and viable industry,” the minister concluded.

  • Govt partner World Bank, others on aquaculture

    Govt partner World Bank, others on aquaculture

    The Federal Government has concluded plans to partner with the World Bank, research institutions, and coastal communities to promote innovation, ensure environmental sustainability, and enhance data-driven planning for fisheries and aquaculture development.

    Minister of Marine and Blue Economy, Mr Adegboyega Oyetola who disclosed this in Lagos, said efforts are also being directed towards strengthening the cold chain system, promoting value addition through fish processing and packaging, improving access to quality feed and seed, developing functional hatcheries, expanding extension services, and facilitating access to finance for fish farmers and entrepreneurs.

    In his keynote during a one-day interactive seminar between Stakeholders and Regulatory Authorities involved in Stockfish and Seafood Import and Export Trade in Nigeria organized by the Norwegian Seafood Council and the Norwegian government in Lagos, he said the Federal Ministry of Marine and Blue Economy recognizes the importance of seafood trade not only as an economic activity but also as a source of animal protein and a driver of industrial linkages.

    “The seafood sector connects production, processing, storage, transportation, and marketing, thereby creating a comprehensive value chain that sustains livelihoods and supports national economic objectives.

    “The Ministry is partnering with development partners such as World Bank, research institutions, and coastal communities to promote innovation, ensure environmental sustainability, and enhance data-driven planning for fisheries and aquaculture development. In addition, the Ministry is also working to ensure that fish is affordable and available for the ordinary Nigerian.

    “The Ministry is equally working towards streamlining seafood import and export processes, thereby reducing administrative bottlenecks, and ensuring regulatory harmony through collaboration with relevant agencies such as NAFDAC, SON, the Nigeria Customs Service, and the Federal Ministry of Industry, Trade and Investment, as well as through the National Single Window platform and the digitalization of the entire fisheries and aquaculture processes,” he said.

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    Under the Blue Economy framework, government he said is implementing measures to strengthen monitoring, control, and surveillance systems to address Illegal, Unreported, and Unregulated (IUU) fishing; promote private sector investment in aquaculture and fisheries infrastructure; upgrade fish handling, processing, and certification systems to meet international export standards; and enhance collaboration with international partners on research, innovation, and digitalization of fisheries management.

    Oyetola acknowledged the fact that the government alone cannot achieve all the goals, underscoring the need for partnership. “Stakeholders must continue to cooperate with regulatory authorities, comply with established standards, and support the implementation of government policies and programmes. I encourage all stakeholders to freely express their concerns and share practical suggestions that will enable Government to address existing challenges and strengthen the regulatory environment.

    “I reaffirm the commitment of the Federal Ministry of Marine and Blue Economy to the development of a sustainable, efficient, and inclusive seafood value chain that will contribute to national food security, employment generation, and economic growth. Working together, we can transform Nigeria’s fisheries and aquaculture sector into a globally competitive industry that not only feeds our people but also advances the national Blue Economy,” he said.

    Royal Norwegian Ambassador to Nigeria, Mr Svien Baera, renewed the call for the inclusion of stockfish and its head in the list of goods with zero import duty to make it affordable in the country.

    Baera urged President Bola Tinubu to intervene in the sustainability of the sector through the zero import duties on stockfish due to the low quota of cod (the primary fish for stockfish) and its subsequent price increase fundamentally due to the forces and demand and supply.

    The Norwegian envoy said Nigeria remained one of its largest markets in the world, adding that government intervention would help drive affordability among the large consuming population.

    “Nigeria is consistently one of the largest importers of Norwegian stockfish in the world. It is an important part of the Nigerian kitchen.

     “What started as a trade relationship many decades ago has now grown into something mutually beneficial. This is not just a story of commerce; it is a story of cultural exchange.

    “Both our nations share a strong commitment to sustainability to ensure that our oceans continue to provide for generations to come.

    “As part of this responsible approach, we have in recent years seen a reduction in cod quotas, reflecting the need to protect fish stocks and support long-term marine health.

    “Unfortunately, this necessary reduction has led to increased prices for both stockfish and stockfish heads, impacting both producers and consumers.

    “Hence, we respectfully appeal once again for zero import duty on stockfish heads as a meaningful step towards ensuring continued accessibility and affordability for Nigerian consumers,” Baera said.

    Also speaking on the occasion, both the Director of Africa, Norwegian Seafood Council, Mr Johnny Haaberg, and Fisheries Consultant to Norwegian Seafood Council, Ms. Abiodun Oritsjemine Cheke also supported the envoy’s call for zero-duty on the importation of fish head to promote the health of Nigerians.

    “We try to share our knowledge about aquaculture and management of fisheries, also with Nigeria, and we have been doing that for many years, and we think the cooperation is very good.

    “We have been raising the issue of zero duties for stockfish imports because we think the Nigerian consumers deserve better access to cheaper stockfish heads.

    “Actually, we would wish to have more stockfish heads and stockfish at a good price to offer to the Nigerian market.

    “But because of the lowering of our quotas, the exporters that are here, they sell everything they have, and they are not able to access more,” Haaberg said.

    Ms. Cheke said Norway is ready to increase the training of local fish farmers in the country to increase local export opportunities.

    “In the coming year, we will embark on the training of fish farmers and government officers in fisheries in the sustainability aspect and the documentation aspect of the trade.

    “Nigeria’s product is banned from international trade simply because of documentation, sustainability and quality assurance.

    “So, with this, we intend to leverage it to complement the last training we did for the fish farmers and fisheries officers.

    “And we are also appealing to the federal government that stockfish, especially the heads, is for everybody and is about the cheapest protein in Nigeria.

    “Stockfish heads should be placed on zero per cent import duties for a 150-day period, like the other staple foods. We are also praying for our appeal on zero per cent to be heard and for stockfish heads,” Cheke said.

  • Manufacturers see brighter outlook for economy

    Manufacturers see brighter outlook for economy

    • Stronger naira, lower inflation, 4% GDP growth

    Nigeria’s Gross Domestic Product (GDP) will grow by four per cent, and the Naira will further strengthen in 2026,  Manufacturers Association of Nigeria (MAN) has projected.

    Director, Research and Economic Policy Division, Manufacturers Association of Nigeria (MAN), Dr. Oluwasegun Osidipe, who made the projections yesterday in Lagos at a news conference on the 2025 MAN Think Tank Session, also projected sustained decline in inflation, and improved access to credit in 2026.

    He predicted these projections on favourable oil prices, rising foreign investments, stable energy costs, and the effective implementation of key industrial and fiscal policies.

    Osidipe said the projections, if actualised, would lead to higher manufacturing output.

    He said: “For manufacturers, naira is projected to appreciate further to N1, 300 to N1, 400 per dollar, driven by global oil price recovery, stronger external reserves, robust export earnings, increased foreign investments, and remittance inflows.

    “Headline inflation will decelerate further to 14 per cent, supported by easing food prices, stable energy prices, and appreciation of the naira.

    “The Central Bank of Nigeria is anticipated to implement further cuts in the benchmark interest rate to about 23 per cent, in line with disinflationary trend, and to stimulate credit expansion and output growth.

    “Further reduction in lending rates and completion of the bank recapitalisation exercise will enhance credit availability to manufacturers, strengthening investment and capacity utilization”.

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    News Agency of Nigeria (NAN) reported that Osidipe said that for manufacturing output, real growth was projected to reach 3.1 per cent while contribution to real GDP was expected to rise to 10.2 per cent.

    He, however, said the expected gains will be propelled by the effective execution of new tax laws’ incentives, operationalisation of the National Single Window Project, and purposeful implementation of the Nigeria Industrial Policy in close alignment with the “Nigeria First” policy framework.

    Osidipe said overall GDP growth was expected to reach four per cent in 2026 due to higher oil output and further improvement in fiscal space.

    He added that expansion in financial and manufacturing sectors, and heightened consumption during the election campaigns in fourth quarter 2026, would also spur GDP growth.

  • BoI: funding, skills gap hinder ESG adoption by MSMEs

    BoI: funding, skills gap hinder ESG adoption by MSMEs

    Bank of Industry (BoI) has identified limited access to finance and lack of technical capacity as the biggest challenges preventing Nigerian Micro, Small and Medium Enterprises (MSMEs) from adopting Environmental, Social and Governance (ESG) practices — a global standard increasingly shaping investment and sustainability trends.

    This was revealed in the bank’s new report titled: “Environmental, Social and Governance (ESG) Adoption by Nigerian MSMEs”, launched yesterday in Lagos at the BoI’s inaugural ESG Conference which had: “Advancing ESG Adoption” as theme.

    According to the report, 78 per cent of MSMEs surveyed cited financial constraints as the major barrier to ESG adoption, while 65 per cent highlighted lack of technical expertise. Other challenges include limited policy-linked incentives (65 per cent), inadequate knowledge (45 per cent), and low customer demand (20 per cent).

    The nationwide survey captured over 300 valid responses from MSMEs across the six geopolitical zones, covering key sectors such as agro-processing, ICT, manufacturing, creative industries, hospitality, healthcare, construction and financial services.

    Speaking at the event, BoI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, said MSMEs remain critical to the economy, accounting for over 80 per cent of businesses, contributing nearly half of the GDP, and employing millions of people.

    “Many still face barriers in understanding what ESG means in practice and how to embed the principles in their daily operations. These barriers make enterprises more vulnerable, less competitive, and less future-ready,” Olusi said.

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    He explained that BoI is working to bridge these gaps by equipping MSMEs with the tools and financing needed to operate sustainably and competitively in a changing global economy.

    “Our goal is to help MSMEs grow, compete and prosper sustainably and profitably. ESG principles will help us align our industrial ambitions with national and global climate goals, while enabling us to attract green capital, spur innovation and build industries that can compete globally,” he added.

    Olusi noted that the report aligns with Nigeria’s international commitments under the Paris Agreement, Nationally Determined Contributions (NDCs) and the Energy Transition Plan (ETP), particularly in achieving the country’s 47 per cent conditional emission reduction target by 2030.

    He said that embracing ESG practices would enhance MSMEs’ access to finance, as global investors and development finance institutions (DFIs) increasingly prioritise sustainability-linked projects.

    “ESG adoption will improve access to finance, help businesses manage risks, reduce costs, attract talent, and comply with emerging global standards,” Olusi said.

    The report recommended targeted financing instruments, capacity-building programmes, and gender-focused ESG credit schemes to close adoption gaps. It also called for the development of ESG-compliant loan products, regional hubs for technical training, and blended finance models to expand access to sustainable capital.

    Delivering the keynote, Director-General, National Council on Climate Change (NCCC), Dr. Tenioye Majekodunmi, said climate realities and changing investor expectations are reshaping global business environments.

    “The transition to a low-carbon future will profoundly affect how businesses compete, attract finance and build resilience. Global investors are redirecting trillions of dollars towards sustainable assets, while consumers now demand transparency and ethical sourcing,” she said.

    Majekodunmi stressed that for MSMEs in the country, adopting ESG principles is no longer optional but strategic.

    “Enterprises that adapt early by embedding ESG principles into their operations will become the preferred partners for global trade and finance,” she noted, describing BOI’s ESG framework as “a blueprint for directing finance towards inclusive and responsible industrial growth.”

    Deputy Country Director of Agence Française de Développement (AFD), Mahamadou Diarra, commended BoI’s leadership in promoting responsible and sustainable financing within Nigeria’s financial ecosystem.

    “BoI’s proactive steps will position it as a trusted partner for international financiers,” Global development partners, including the World Bank and Asian Development Bank, are harmonising ESG frameworks and due diligence standards,” Diarra said.

    He reaffirmed AFD’s commitment to supporting the BoI in strengthening its ESG management systems and promoting climate-linked investments nationwide.

    “As a key development partner, AFD places great emphasis on ensuring that institutions it supports maintain the same level of environmental and social diligence required in its own operations,” he added.

    With the launch of the ESG report, stakeholders say BoI has positioned itself at the centre of the nation’s sustainable industrialisation drive. Those at the event agreed that integrating ESG principles into MSME operations will not only boost competitiveness but also ensure Nigerian businesses remain viable in an economy increasingly defined by sustainability, accountability, and global market alignment.

  • FIRS deepens taxpayer engagement

    FIRS deepens taxpayer engagement

    The Federal Inland Revenue Service (FIRS) has restated its commitment to building a transparent, inclusive, and technology-driven tax system that fosters clarity, trust, and shared prosperity among Nigerians.

    Executive Chairman of FIRS, Dr. Zacch Adedeji, made this known in his keynote address at the Abuja Edition of the 2025 Emerging Taxpayers’ Tax Clinic, held on Tuesday.

    According to Adedeji, the FIRS is focused on bridging the gap between citizens and government through open communication, modernized systems, and simplified processes that make tax compliance easier for individuals and businesses.

    “This Tax Clinic is not just a program, it is a bridge between the government and the governed, policy and people,” he said. “Our tax reforms are designed to simplify compliance, reduce bottlenecks, and build trust with taxpayers. A modern revenue system can only thrive on fairness, empathy, and collaboration.”

    He explained that the ongoing tax reforms aim to remove complexities that often discourage compliance, while ensuring that revenue collection supports national growth and development in an equitable manner.

    Speaking during a panel session at the event, Mr. Collins Omokaro, Special Adviser on Communications and Advocacy to the Executive Chairman, said the FIRS is transforming public perception of taxation.

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    “What we are doing is changing the narrative—from tax being seen as a burden to being understood as a shared responsibility for national growth,” Omokaro said. “This Clinic reflects the power of clarity and collaboration.”

    The Abuja Tax Clinic featured multilingual community outreach programmes and media campaigns in English, Pidgin English, Hausa, Yoruba, and Igbo, ensuring that the message of voluntary compliance and taxpayer support reached Nigerians across different backgrounds.

    The event also provided a platform to deepen public understanding of the recently enacted four new Tax Reform Acts: Nigeria Tax Act; Nigeria Tax Administration Act; Nigeria Revenue Service (Establishment) Act; and Joint Revenue Board (Establishment) Act.

    These laws, described by participants as a landmark in Nigeria’s fiscal framework, are designed to simplify tax administration, harmonize revenue systems, and place taxpayers at the center of policy design and implementation.

    According to FIRS, the Tax Clinic continues to serve as a strategic tool to strengthen voluntary compliance, improve service delivery, and foster trust between taxpayers and government institutions.

    Participants benefited from expert presentations, interactive service desks, and panel discussions that provided practical guidance on registration, filing, dispute resolution, and available incentives under the new tax administration framework.

    There was strong institutional representation from key partner agencies, including the Federal Capital Territory Internal Revenue Service (FCT-IRS), Corporate Affairs Commission (CAC), Joint Tax Board (JTB), Tax Appeal Tribunal (TAT), National Identity Management Commission (NIMC), and Nigerian Investment Promotion Commission (NIPC).

    Also in attendance were major professional bodies such as the Chartered Institute of Taxation of Nigeria (CITN), Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN), Nigerian Bar Association (NBA), and Nigerian Medical Association (NMA).

    These partners operated service desks at the event, providing hands-on support to taxpayers, responding to inquiries, and offering real-time guidance on various tax-related issues.

    FIRS, in a statement, expressed appreciation to its institutional partners, professional bodies, and the thousands of taxpayers who participated both physically and virtually, describing the Abuja edition as “a resounding success.”

    The Emerging Taxpayers’ Tax Clinic, which has held in several states across the country, forms part of the Service’s broader effort to modernize Nigeria’s tax administration, improve compliance rates, and promote an inclusive, technology-driven tax culture that supports national development.