Category: Business

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

    CBN refutes claims of $1.259bn disbursement for petroleum imports

    The Central Bank of Nigeria (CBN) has dismissed reports suggesting 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 on Tuesday, the Bank clarified that the figure referenced in its Q1 2025 Sectoral Utilisation of Foreign Exchange data does not represent direct CBN disbursements. 

    Instead, it reflects 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.

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    “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.

    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.

  • Fed Govt. faults Obi’s claim on port development

    Fed Govt. faults Obi’s claim on port development

    The Ministry of Marine and Blue Economy has faulted recent remarks by former Anambra Governor, Peter Obi, on the Federal Government’s approval of the $1 billion modernisation of the Apapa and TinCan Island Ports in Lagos. 

    The media aide to the Minister of of Marine and Blue Economy, Dr Bolaji Akinola in statement on Tuesday stated that Obi’s claim suggesting neglect of ports outside Lagos was incorrect and misleading.

    Akinola noted the federal government’s policies and actions demonstrate a balanced and inclusive approach to port development, guided by President Bola Ahmed Tinubu’s Renewed Hope Agenda, which seeks to promote national food security, economic diversification, and regional prosperity through the full harnessing of Nigeria’s maritime potential.

    A few days ago, Obi on his X handle, @PeterObi, expressed concerns over the concentration of port development only in Lagos.

    The post by Obi reads: “I have noted the Federal Government’s recent approval of $1 billion (₦1.5 trillion) for the modernisation of the Apapa and TinCan Island Ports in Lagos. While any effort to improve efficiency and embrace technology in our maritime sector is commendable, such an initiative must be guided by accountability, transparency, and equity for all Nigerians.

    “However, this development once again exposes a longstanding concentration of our port development only in Lagos. Nigeria’s infrastructure investment remains excessively concentrated in Lagos, often at the expense of other strategic ports such as Warri, Port Harcourt, Calabar, and Onne. If fully developed, these ports could enhance productivity, drive trade, create jobs, and open new economic corridors that would lift millions out of poverty across the federation.

    “Around the world, countries that have decentralised port development are reaping immense economic benefits. Vietnam operates over 300 ports — from Haiphong in the north to Da Nang in the centre and Ho Chi Minh City in the south — ensuring nationwide connectivity. Indonesia boasts about 111 commercial ports distributed across its territory to guarantee balanced access to trade. South Africa maintains eight major seaports — from Durban and Richards Bay on the Indian Ocean to Cape Town and Saldanha Bay on the Atlantic — reflecting a vision of maritime inclusion. Egypt runs about 15 commercial ports along both the Mediterranean and the Red Sea coasts; Morocco has about 14 ports open to international trade, including Casablanca, Tangier Med, and Agadir, distributed along its Atlantic and Mediterranean shorelines; and Algeria operates about 10 commercial ports spread across its extensive Mediterranean coast. Even Ghana, with only two major ports — Tema and Takoradi — ensured they are geographically decentralised on opposite ends of its coastline”.

    The post continues: “These nations have grasped a simple truth: no country seeking to maximise its blue economy concentrates all maritime activities in a single city.

    ” Decentralisation reduces congestion, improves logistics, enhances national security, and promotes balanced economic growth. In Nigeria, however, more than 70 per cent of port activities are still concentrated in Lagos, burdening the city with chronic congestion, high demurrage costs, environmental degradation, and delays that discourage investors and inflate the cost of goods nationwide. 

    “Developing other ports is, therefore, not merely an infrastructural necessity but a national imperative. Revitalising Warri, Port Harcourt, Calabar, and Onne would decongest Lagos, reduce shipping costs, attract investment, create employment, and stimulate regional economies.
    “As one who understands the critical link between infrastructure, trade, and national growth, I believe that a truly national blue economy must carry every region along. Beyond physical infrastructure, reform must also address corruption, reduce bureaucracy, and embrace technology to create a seamless, paperless port system that enhances turnaround time and global competitiveness. If prudently managed, the Lagos modernisation project could become a model for broader maritime transformation — a reference point from which similar development radiates across the nation.
    “Now more than ever, Nigeria must rebuild with fairness, guided by equity, integrity, and a clear vision to transform our nation from one of consumption to one of production and shared prosperity”. 

    Reacting to Obi’s claim, Akinola stated that while the ministry welcomes constructive dialogue on national development, it was important to correct the misleading impression created by Obi’s comments.

    He noted the Minister of Marine and Blue Economy, Adegboyega Oyetola, has consistently stated at various fora that the Federal Government is modernising and upgrading the nation’s ports comprehensively and inclusively not concentrating efforts solely in Lagos. 

    Read Also: North-Central holds key to Nigeria’s non-oil export growth — Akume

    According to the statement, the Ministry has commenced the procurement process for the renovation and modernisation of the ports in Warri, Port Harcourt, Calabar, and Onne.
    He noted that the projects are being undertaken alongside the Lagos port modernisation initiative which forms part of a coordinated national strategy to revitalise and expand maritime infrastructure across all regions of the country.

    The statement reads in part: “In addition to these ongoing interventions, the ministry is working closely with the respective state governments and private investors to develop new deep seaports that will further strengthen the nation’s maritime capacity. These include the Agge Deep Seaport in Bayelsa State, the Ibom Deep Seaport in Akwa Ibom State, the Bonny Deep Seaport in Rivers State, and a deep seaport in Cross River State. Each of these projects reflects the Ministry’s commitment to balanced development and regional economic inclusion within the framework of the national blue economy.
    “Furthermore, the Onitsha River Port in Anambra State, developed by the National Inland Waterways Authority (NIWA), an agency under the ministry, stands as a practical example of the federal government’s efforts to decentralise port operations and expand maritime access beyond Lagos. These initiatives demonstrate a deliberate and strategic approach to strengthening Nigeria’s port network, improving logistics efficiency, and stimulating industrial and commercial growth across the federation.
    “The Lagos ports modernisation project is a necessary intervention given the age and scale of trade handled through Apapa and TinCan Island. However, it is by no means the sole focus of the Federal Government’s maritime infrastructure drive. The Ministry’s ongoing efforts to upgrade, modernise, and expand other ports outside Lagos clearly affirm a nationwide commitment to developing the marine and blue economy in an equitable, sustainable, and forward-looking manner”.
    The statement continues: “The Federal Ministry of Marine and Blue Economy therefore wishes to state unequivocally that Mr Peter Obi’s claim suggesting neglect of ports outside Lagos is incorrect and misleading. The Federal Government’s policies and actions clearly demonstrate a balanced and inclusive approach to port development, guided by President Bola Tinubu’s Renewed Hope Agenda, which seeks to promote national food security, economic diversification, and regional prosperity through the full harnessing of Nigeria’s maritime potential.

    “The Ministry remains committed to transparent, accountable, and equitable maritime governance, and assures Nigerians that ongoing reforms will ensure every region of the country benefits from the opportunities inherent in the nation’s growing blue”. economy”.

  • FG confident of attaining $1tr economy by 2030

    FG confident of attaining $1tr economy by 2030

    The Federal Government has expressed confidence the economy will attain the $1 trillion Gross Domestic Product (GDP) target set by President Bola Tinubu by 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 was working closely with 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 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 was 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.

    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.

    Read Also: ‘FATF delisting major boost to Nigerian economy’

    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.

  • Nestoil group clarifies recent reports, reaffirms operational stability

    Nestoil group clarifies recent reports, reaffirms operational stability

    The Nestoil Group has addressed recent media reports regarding certain enforcement actions and the status of its corporate assets. 

    The company has assured stakeholders, partners, and the general public that the matter in question is purely commercial, currently before competent courts, and being handled through appropriate legal and regulatory channels.

    According to the statement by its Corporate Communications Department (CCD), the Group said it is fully aware of the reports circulating in sections of the media and has maintained open and constructive engagement with all relevant authorities and financial partners. 

    Nestoil reaffirmed that these engagements are progressing positively and expressed confidence that the processes underway will culminate in a fair and lasting resolution that reflects its long-standing commitment to integrity, compliance, and accountability.

    Emphasising its operational stability, the company stated that all its business lines remain active and unaffected by the current situation. 

    “Nestoil remains fully operational across all business lines. Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption. Proactive measures have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners,” the statement noted.

    Read Also: Nestoil Group chair honoured

    Reiterating the Group’s corporate ethos, the release underscored that Nestoil’s identity is built on a legacy of resilience, professionalism, and service to national development. For over three decades, Nestoil has stood at the forefront of Nigeria’s indigenous participation in the energy and infrastructure sectors, pioneering complex engineering projects and contributing significantly to the country’s industrial growth.

    “We remain guided by our core values of resilience, integrity, and transparency, and will continue to conduct our business with professionalism and respect for the rule of law. These values define who we are and serve as a constant anchor through every challenge and opportunity we face,” the Group stated.

    Nestoil also moved to reassure its stakeholders that it remains financially sound and strategically focused despite recent reports. The Group reiterated its unwavering confidence in Nigeria’s institutions and the rule of law, noting that it will continue to engage with all stakeholders in good faith and in accordance with due process.

     The statement called for responsible reporting and public restraint, urging the media and general public to rely only on verified information issued directly by Nestoil Group. 

    It pledged that the company would continue to provide timely updates as appropriate, in the spirit of transparency and accountability.

    The Group reassured its stakeholders, partners, and the wider public that it remains strong and stable, adding: “We understand the concerns that recent reports may have generated and wish to assure all stakeholders that Nestoil Group remains financially strong, operationally stable, and strategically focused.

    “We will continue to provide updates as appropriate and urge the public and media to rely solely on verified communications issued directly by the Group.”

  • Kalu, SMEDAN DG, Okotete, Actor Usman, others to speak at Skyewise Foundation’s ‘Meet The CEOs’ 5.0

    Kalu, SMEDAN DG, Okotete, Actor Usman, others to speak at Skyewise Foundation’s ‘Meet The CEOs’ 5.0

    Notable personalities are expected to grace the upcoming business and mentorship roundtable, Meet The CEOs, organized by the Skyewise Foundation — a platform renowned for empowering young individuals to become self-reliant and supporting emerging entrepreneurs.

    The 5th edition of the programme, themed “The Modern Entrepreneur: Navigating an Evolving World,” is scheduled to hold at the Shehu Musa Yar’Adua Centre, Wuse, Abuja.

    Among the dignitaries expected at the event are the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu; Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Charles Odii; Nollywood actor and filmmaker, Uzee Usman; and former Executive Director of NEXIM Bank, Stella Okotete, among others.

    Speaking ahead of the event, Managing Director/Chief Executive Officer of Skyewise Group and President of the Skyewise Foundation, Dr. Elvis Abuyere, said Meet The CEOs was conceived to bridge the gap between aspiring entrepreneurs and successful business leaders through mentorship, guidance, and collaboration.

    “At Skyewise Foundation, we believe that mentorship and exposure to successful minds are vital ingredients in building sustainable businesses,” Abuyere said.

    He added that this edition aims to equip young entrepreneurs with practical strategies for thriving in a fast-changing business landscape, bringing together leaders who have demonstrated excellence in governance, innovation, and enterprise development to share their journeys and inspire the next generation.

    Dr. Abuyere noted that the event would also foster partnerships, investment opportunities, and networking that could lead to business expansion.

    He recalled that previous editions of Meet The CEOs had recorded remarkable impact, including the empowerment of seven young entrepreneurs with millions of naira to grow their ventures.

    “Our goal remains to nurture business minds, strengthen Nigeria’s entrepreneurial ecosystem, and ensure that every young person with a dream finds a pathway to success,” he stated.

    The Meet The CEOs 5.0 event promises to be an engaging and transformative experience for entrepreneurs, policymakers, investors, and professionals seeking to navigate modern business challenges and unlock opportunities for national economic growth.

  • NDCA hails NUPRC at four, commends Komolafe’s transformative leadership

    NDCA hails NUPRC at four, commends Komolafe’s transformative leadership

    The Niger Delta Citizens Alliance (NDCA) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its transformative achievements in improving the welfare of host communities across the oil-producing region over the past four years.

    In a statement issued on Tuesday in Port Harcourt by its President, Kingsley Charles, and Secretary-General, Ogbobetta Nelli, the group said the Commission, under the leadership of Gbenga Komolafe, has given new meaning to resource justice through the transparent implementation of the Host Community Development Trusts (HCDTs).

    “For decades, oil-producing communities were left with promises that never translated into tangible progress. But since the creation of NUPRC in 2021, and under Engr. Komolafe’s stewardship, we have witnessed a genuine transformation. The Host Community Development Trust has restored hope by ensuring that oil wealth is finally reaching the people,” the statement read.

    The group praised the Commission’s supervision of the ₦373 billion Host Community Development Fund and the over 500 ongoing projects across the Niger Delta, describing it as “the most inclusive community intervention in Nigeria’s oil history.”

    “These projects are not political billboards; they are real. From hospitals and schools in Rivers and Bayelsa to water projects and skill centres in Delta and Akwa Ibom, the impact is visible. NUPRC has bridged the gap between communities and corporations, replacing years of conflict with structured collaboration and accountability,” the group noted.

    According to NDCA, the digital HostComply dashboard introduced by NUPRC has ensured that community funds are tracked transparently, preventing diversion and guaranteeing that every naira is tied to measurable outcomes.

    “Through technology, the Commission has empowered host communities to take ownership of their development. For the first time, people can monitor how funds are used and what projects are delivered. This level of openness has drastically reduced community tensions and fostered trust between oil operators and residents,” the statement added.

    The NDCA also lauded the Commission’s policy mandating that project execution prioritises local labour and suppliers, noting that it has created thousands of jobs for young people across host communities in the region.

    Read Also: WACEPR Hails NUPRC boss Komolafe as LEADERSHIP’s CEO of the Year

    “This model of development is what the Niger Delta has always demanded; a process where the people are participants, not spectators. The success of the Host Community Trust is a testament to what visionary leadership can achieve when transparency meets compassion,” the statement added.

    The group also urged oil companies operating in the Niger Delta to remain faithful to their statutory obligations under the Petroleum Industry Act (PIA), particularly the three percent annual contribution to the Host Community Development Trust Fund.

    It said sustained compliance by operators would ensure the continuity of critical infrastructure projects, deepen trust with host communities, and consolidate the gains already recorded under NUPRC’s supervision.

    The group congratulated NUPRC on its fourth anniversary, describing it as a new era of fairness, inclusion, and shared prosperity in the oil-rich region.

  • Firm marks 10 years of impact, reiterates commitment to improving digital access

    Firm marks 10 years of impact, reiterates commitment to improving digital access

    Izili, formerly known as Baobab+, has marked its 10th anniversary. 

    The firm renewed commitment to driving energy access and digital inclusion across Africa.

    The celebration comes alongside the company’s rebranding, symbolising a new chapter in its mission to make affordable energy and technology available to all, even in the most remote communities.

    Founded in 2015 within the Baobab Group, Izili was established on the conviction that access to energy and digital tools is key to unlocking the potential of African households, entrepreneurs, and communities.

    The company, which operates in Senegal, Côte d’Ivoire, Madagascar, and Nigeria, has distributed over 700,000 solar and digital products, directly impacting more than 2.5 million lives across the continent. 

    Its flexible financing options, last-mile distribution model, and partnerships with major players such as Baobab, Lapo, Nim, MTN, Orange, and Moov Africa have contributed to this success.

    Earlier this year, Izili entered a new growth phase following the acquisition of majority shares by BioLite, a global manufacturer of off-grid solar solutions. 

    The move is expected to strengthen Izili’s capacity to deliver locally adapted, durable, and cost-effective solar and digital products.

    Chief Executive Officer of Izili Group, Kolawole Osinowo, said the rebrand reflects the company’s continued dedication to improving lives. 

    “For ten years, we’ve been working to improve our customers’ daily lives. 

    “With Izili, we are reaffirming our mission: to bring access to solar energy and digital solutions to everyone, everywhere. We are Izili. We energise lives. We connect communities,” he stated.

  • FG urges Southeast businesses to key into ECOWAS trade scheme

    FG urges Southeast businesses to key into ECOWAS trade scheme

    The Federal Government has called on business owners in the Southeast to take advantage of the ECOWAS Trade Liberalisation Scheme (ETLS) to boost cross-border trade and expand their markets across West Africa.

    Director, ECOWAS National Unit, Ministry of Foreign Affairs, Ambassador Olawale Emmanuel Awe, made the appeal on Tuesday in Enugu during a one-day sensitisation workshop on the scheme, organised to enlighten Micro, Small and Medium Enterprises (MSMEs) in the region with the theme: “Increasing intra regional trade through ETLS”.

    He explained the ETLS was designed to promote economic integration among member states by allowing goods produced within any ECOWAS country to be traded freely within the sub-region without payment of customs duties.

    “The ETLS is primarily made for business people, particularly MSMEs, big entrepreneurs, and petty traders who have products that can be sold within the West African region,” Awe said. 

    “Once registered under the scheme, Nigerian manufacturers can export their products to the 12 ECOWAS countries without paying customs duties.”

    According to him, the scheme, which is one of the protocols underpinning ECOWAS’ founding vision in 1975, aims to achieve free movement of goods and services and foster regional prosperity through economic integration.

    Read Also: Nigeria firmly committed to ECOWAS trade liberalisation, common tariff – Minister

    Awe stressed that businesses must, however, complete the required registration process to benefit from the initiative. 

    “Any businessperson manufacturing in Nigeria must first register with us. They will need to submit samples of their products, after which the National Approval Committee—comprising the Ministries of Foreign Affairs, Trade, SON, NAFDAC, Customs, MAN Export Group, and NEPC—will conduct factory inspections to confirm that the products are genuinely made in Nigeria,” he said.

    He warned that the scheme does not permit re-export of foreign goods. “We don’t want a situation where someone imports from China and re-exports. Only products made in Nigeria are eligible,” he added.

    Awe noted the sensitisation workshop was necessary because many business owners in the South-East were still unaware of the benefits of the scheme despite the region’s thriving entrepreneurial base.

    “We are doing this to enlighten our businessmen to leverage this opportunity and earn more profit. Once you don’t pay customs charges, you are as good as selling within Nigeria,” he said.

  • NNPCL renews commitment to robust downstream infrastructural development

    NNPCL renews commitment to robust downstream infrastructural development

    The NNPC Ltd has reiterated commitment to the development and revamping of downstream across the country to enhance collaboration and drive efficiency in the sector. 

    Group Chief Executive Officer, Engr. Bayo Ojulari, stated this at the opening ceremony of the 2025 OTL Africa Downstream Energy Week in Lagos on Monday. 

    A statement by NNPCL Chief Corporate Communications Officer, Mr. Andy Odeh explained the  conference’s theme was “Energy Sustainability: Beyond Boundaries & Competition”. 

    Ojulari said competition alone was no longer enough to drive efficiency, adding that operators must embrace collaboration, sustainability, and resilience as the new benchmarks for success.

    “At NNPC, we are committed to deploying additional infrastructure across the oil and gas value chain while revamping our existing downstream infrastructure nationwide. These assets will be accessible to partners seeking to store and transport products, supporting strategic alliances and collaboration in the downstream sector,” the GCEO said.  

    Read Also: NNPCL posts N216b profit on N4.26tr turnover

    He disclosed that a cocktail of factors ranging from strategic policies and fiscal incentives to transparent and well-structured regulatory frameworks exemplified by the PIA have engendered expansion and growth in the sector requiring new skill sets and further investments in new lines of business such as Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and mini-LNG projects.

    He urged participants at the conference to discuss challenges and align on opportunities “to redefine energy systems in ways that are both profitable and sustainable, to forge cross-sector partnerships that transcend traditional competition, and to explore innovative business models and technologies that support decarbonization while driving economic value”.

    The OTL Africa Downstream Energy Week is the continent’s leading downstream and midstream energy event for international organizations, policy makers, regulators, development organisations, operators, service providers, and consumers in the downstream energy value-chain. 

  • ECN DG signs €100M clean energy investment deal with UNIDACO in London

    ECN DG signs €100M clean energy investment deal with UNIDACO in London

    The Director-General and Chief Executive Officer of the Energy Commission of Nigeria (ECN), Dr. Mustapha Abdullahi, has led the signing of a landmark €100 million clean energy investment deal with UNIDACO Limited, London, aimed at advancing Nigeria’s transition to sustainable energy solutions.

    The historic Memorandum of Understanding (MoU) was signed on Saturday at the prestigious House of Lords, London, during the Renewed Hope Global Dialogue (UK Edition), a high-level international forum promoting Nigeria’s global partnerships and investment opportunities.

    The agreement marks a significant milestone in Nigeria’s clean energy journey and reaffirms the ECN’s commitment to expanding renewable energy access, driving innovation, and strengthening the nation’s capacity to harness sustainable technologies.

    Speaking at the ceremony, Dr. Mustapha Abdullahi stated: “This partnership is a clear demonstration of our readiness to collaborate with credible international partners in accelerating Nigeria’s clean energy transition. It aligns perfectly with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes sustainable energy solutions as a catalyst for economic growth, industrialization, and national prosperity.”

    Also speaking, Amb. Joseph Adebola, Global Chairman of Renewed Hope Global, described the signing as a symbol of renewed investor confidence in Nigeria’s energy sector.

    “This MoU reflects Nigeria’s seriousness about energy diversification and sends a strong message to global investors that the country is open for business and committed to innovation-driven growth,” he said.

    Lead organiser of the event. Prince Ade Omole, applauded the ECN’s leadership for its proactive engagement and alignment with the Renewed Hope vision.

    “The Renewed Hope Global Tour continues to deliver tangible results. This €100 million clean energy investment is proof that President Tinubu’s global engagement strategy is working, positioning Nigeria as a destination of choice for serious investors. Truly, Nigeria is open for business,” Omole affirmed.

    The event drew members of the British establishment, investors, and stakeholders from Nigeria and around the world, further cementing Nigeria’s leadership in Africa’s renewable energy revolution.