The Nation Newspaper

Category: Business

  • CILT honours MAN Oron rector for leadership

    CILT honours MAN Oron rector for leadership

    The Chartered Institute of Logistics and Transport (CILT) Nigeria has conferred its Award for Distinguished Leadership in Logistics and Transport on the Acting Rector of the Maritime Academy of Nigeria (MAN), Oron, Dr. Kevin Okonna, in recognition of his outstanding contributions to maritime education and institutional reform.

    The award, according to a statement by the Academy, was presented during the 2025 CILT National Conference and Awards Ceremony held recently in Lagos, celebrating Okonna’s transformative leadership at Nigeria’s premier maritime education and training institution.

    President of CILT Nigeria, Barr, Mfon Usoro, commended Okonna for his vision and steadfast commitment to repositioning the Academy as a global centre of excellence in maritime education.

    “Dr. Okonna has shown exceptional leadership and professionalism in ensuring the Academy continues to meet international standards. His passion and zeal for the development of the Academy is worthy of emulation,” Usoro said.

    Speaking shortly after receiving the honour, the Acting Rector expressed gratitude to CILT Nigeria, describing the recognition as a motivation to further advance the Academy’s mandate of training world-class maritime professionals.

    He said: “This recognition is deeply appreciated.

    It is a call to a higher responsibility. This award reflects the collective effort of the Management, Staff, Students and Cadets of the Academy, whose dedication continues to drive our progress.

    “It means that what we do quietly is seen and valued. We’re ready to continue doing more for CILT, the industry, and the country as a whole.”

    Since assuming office ten months ago, Okonna has led major institutional reforms at the Academy, including infrastructure renewal, installation of new transformers, restoration of public power supply to the campus and adjoining communities, and the upgrading of teaching facilities.

    His administration, the academy noted, has also initiated the pursuit of ISO certification, development of Conditions and Scheme of Service, and introduction of new training courses on Port State Control to enhance cadet competence and align with international maritime standards.

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    Additionally, staff and cadet welfare have received a boost under his leadership, alongside strengthened collaborations with the International Maritime Organisation (IMO), Nautical Institute, UK, and the Institute of Marine Engineering, Science and Technology (IMarEST).

    A veteran maritime educator with over 30 years of service at MAN, Oron, Okonna has risen through the ranks from lecturer to Acting Rector. His leadership has been credited with revitalising the nation’s oldest maritime training institution, positioning it as a regional hub for maritime competence development.

    The CILT recognition, industry observers say, underscores his enduring impact and reaffirms the Academy’s standing as Nigeria’s foremost maritime education and training institution.

    In attendance at the event were members of the Academy’s CILT team, including the Acting Director, School of Maritime Transport studies, Mrs Theresa Eyo; Senior Lecturers – Mrs Nse Okon, Dr. Imoh Ekpo, Dr. Obot Idopise S., Dr. Ufia Friday M.; the Lagos Liaison Officer, Mrs Dorcas Titilola Imogore and the Academy’s Image Manager, Domo Umoekpe.

  • FIRS: Reforms reshaped tax ecosystem

    FIRS: Reforms reshaped tax ecosystem

    The tax reforms leading to amendments to the tax laws including the Finance Acts, the Petroleum Industry Act, and various subsidiary legislations, have significantly reshaped Nigeria’s tax ecosystem, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has said.

     In a goodwill message delivered at the training workshop for Justices of the Supreme Court, Court Of Appeal, and Judges of the Federal High Court on the new tax laws,  he said the reforms further led to the introduction of  new compliance obligations, dispute resolution mechanisms, and enforcement provisions that require robust judicial interpretation for effective implementation.

    Adedeji commended the steps being taken by the judiciary to achieve government’s tax objectives.

    He said: “The decisions of our superior courts have not only clarified ambiguities in tax statutes but have also provided stability, predictability, and fairness in the administration of the tax system”.

    He said the judiciary, through its interpretative powers, remains the ultimate arbiter in maintaining the delicate balance between the legitimate powers of tax authorities and the rights of taxpayers.

    “As you are aware, the efficiency of our tax system is closely linked to the timeliness and consistency of judicial decisions. Tax disputes that are resolved promptly and based on clear judicial principles foster voluntary compliance, enhance investor confidence, and ultimately contribute to national revenue mobilization,” he said.

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    In this regard, the importance of continuous judicial education on emerging tax issues cannot be overemphasized.

    “This workshop, therefore, is not only timely but also essential. The dynamic nature of the global economy — driven by digitalisation, cross-border transactions, and evolving business models — continues to present complex tax challenges. Understanding these complexities is crucial to ensuring that judicial interpretation aligns with both domestic legislation and international best practices,” he said.

    According to him, FIRS remains committed to supporting the judiciary through knowledge sharing, provision of technical resources, and continuous engagement.

    He said: “We recognize that a strong and knowledgeable judiciary is indispensable to the success of any modern tax administration.

    “As key stakeholders in the Nigerian tax system, we must continue to strengthen collaboration, foster dialogue, and develop mechanisms that promote the early and effective resolution of tax disputes”.

    He lauded the National Judicial Institute (NJI) and all participants for their dedication to capacity development.

    “I am confident that the insights gained from this workshop will further enhance the quality of judicial pronouncements and contribute to a more efficient and equitable tax system in Nigeria,” he said.

    Adedeji disclosed that the workshop provides an invaluable opportunity for interaction between the judiciary and the tax administration in order to deepen our collective understanding of the evolving tax landscape in Nigeria.

  • ‘FATF delisting major boost to Nigerian economy’

    ‘FATF delisting major boost to Nigerian economy’

    The removal of Nigeria from the Financial Action Task Force (FATF) grey list would enhance investors’ confidence and inflows of investments into the economy.

    Commendations continued to trail the weekend removal of the country from the grey list, with experts describing the achievement as a reflection of improvements in the country’s financial and economic regulatory systems.

    The naira yesterday recorded significant gains, appreciating by N10 per dollar and closing the day at  N1,486 per dollar at the parallel markets.

    Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama said the removal was a clear reflection of the country’s renewed policy direction and commitment to transparency.

    He said the development would significantly enhance investor confidence and attract more foreign investments.

    He said: “It means so much for us in the capital market; it means so much for us in the financial system. It brings about something that we have been craving for – investor confidence

    “The release of Nigeria from the FATF grey list means that investor confidence would be boosted. Delisting from that grey list sends a very strong signal to investors and trading partners that Nigeria has made significant progress in strengthening its anti-money laundering and countering of financing of terrorism regulations”.

    He described the delisting as a “welcome call to new investments,” saying it would further strengthen productivity and growth in the Nigerian economy.

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    President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said: “The recently announcement of the Financial Action Task Force on the Exist of Nigeria from its Grey list known as Dirty money list on Friday the 24th of October 2025 as result of Nigeria preparedness on remediating their 40 recommendations have tremendously induced confidence, and removed tension in the market”.

    He said: “The impacts reflecting plausibly as naira appreciate against dollars with N10/$”.

    At the official window, the naira traded at N1,457/$, maintain stronger position

    Nigeria Extractive Industries Transparency Initiative (NEITI) applauded Nigeria’s anti-corruption and financial integrity institutions for securing the country’s removal from the Financial Action Task Force (FATF) Grey List—a global list of countries under increased monitoring for financial integrity risks.

    In a statement, NEITI’s Executive Secretary, Orji Ogbonnaya Orji, described the delisting as “a strong vote of confidence in Nigeria’s ongoing reforms to combat corruption, improve financial transparency, and strengthen accountability systems across all sectors of the economy.”

    He noted that the achievement followed demonstrable improvements in the country’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework, enhanced regulatory oversight, and stronger collaboration among key national agencies.

    He highlighted the importance of existing Memoranda of Understanding (MoUs) between NEITI and institutions such as the EFCC, NFIU, and ICPC, which have proven effective in promoting information and data sharing to track illicit financial flows and money laundering.

    Grassroots Mobilization Initiative (GMI) also expressed support for the leadership of President Bola Tinubu, following the monumental announcement of Nigeria’s official removal from the Financial Action Task Force (FATF) grey list.

    In a statement issued by its National Coordinator, Samaila Musa, the GMI described the development as a decisive victory for Nigeria’s economic sovereignty, institutional integrity, and global credibility under President Tinubu’s Renewed Hope Agenda.

    He said: “This achievement, successfully communicated by the Presidency’s strategic team, is not merely a technical compliance milestone; it is a decisive victory for Nigeria’s economic sovereignty, institutional integrity, and global credibility under the Renewed Hope Agenda.”

    After implementing a 19-point action plan, the FATF removed Nigeria from the list more than two years later, acknowledging the country’s progress in tightening its AML/CFT framework.

    Speaking on Channels Television’s Morning Brief, Agama described the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility and commended the Mrs. Hafsat Abubakar Bakari, Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit and her team for their diligence in implementing the country’s action plan.

    He said: “The NFIU was in the fore front of this initiative and we commend their commitment which has earned Nigeria global recognition for its strengthened institutional framework to tackle financial crimes”

    He also praised the efforts of the National Security Adviser, the Secretary to the Government of the Federation, the Ministers of Aviation, Budget and Economic Planning, Defense, Foreign Affairs, Solid Minerals, and State for Finance, as well as the leadership of the National Assembly and the Judiciary.

    Commenting on the announcement, Central Bank of Nigeria Governor, Olayemi Cardoso, said: “The FATF’s decision to remove Nigeria from the grey list is a strong affirmation of our reform trajectory and the growing integrity of our financial system it reflects a clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms. Our priority now is to consolidate these gains, ensuring that compliance, innovation, and trust continue to advance hand in hand to reinforce financial stability and strengthen Nigeria’s global credibility.”

    The 40-member body, which has the backings of the World Bank Group and International Monetary Fund (IMF) sets international standards to ensure national authorities can effectively go after illicit funds linked to drugs trafficking, the illicit arms trade, cyber fraud and other serious crimes.

    Orji also commended the contributions of the 24 member agencies under the Inter-Agency Task Team (IATT)—chaired by NEITI and supported by the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR)—noting that political will and non-interference by the Federal Government were critical to the success.

    He further praised the media and civil society groups for their vigilance, advocacy, and public awareness campaigns, saying their efforts in “naming and shaming” corruption had strengthened accountability and deterrence.

    According to him, Nigeria’s removal from the FATF Grey List has far-reaching benefits for the economy and governance environment.

    He said: “These are boost to International credibility and investor confidence, lower cost of financial transactions and improved access to global capital, enhanced business environment and economic growth.

    “Nigeria’s exit sends a clear signal that our financial system now aligns with global transparency and integrity standards, making the country more attractive for foreign investment and international partnerships”.

    He said the delisting would reduce Nigeria’s financial risk ratings, improve cross-border transactions, and enhance access to international finance and correspondent banking services.

    He said: “With the stigma of high-risk status removed, the private sector—especially the extractive industries—will experience renewed investor interest, smoother trade flows, and greater confidence in financial governance”.

    NEITI emphasised that beyond financial markets, the delisting reflected the strengthening of Nigeria’s institutional reforms and the increased effectiveness of key anti-corruption and regulatory bodies, including the BPP, CCB, CBN, Federal Ministry of Justice, law enforcement agencies, and development partners.

    He stressed that the improved financial integrity framework provides a stronger foundation for governance in the extractive sector, revenue tracking, and anti-corruption reforms.

    He urged that the momentum be sustained through deepening reforms on beneficial ownership disclosure and open contracting, strengthening oversight of extractive revenue flows, and expanding collaboration with global transparency and accountability institutions.

    According to Musa, the delisting marks the culmination of the President’s political will and the implementation of far-reaching legal, institutional, and operational reforms within the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

    He said: “For years, the grey listing hampered capital inflows, increased transaction costs for Nigerian businesses, and negatively impacted our financial reputation.

    “President Tinubu’s commitment has now shattered that barrier, signaling to the world that Nigeria is ready for legitimate, large-scale international investment. This strategic victory will unlock new channels of global partnership and accelerate the economic recovery we all desire.

    “We commend the President for treating this challenge not as a setback, but as a critical call to action, thereby securing a “strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.

     “We pledge to intensify our efforts at the grassroots level to communicate the significance of this achievement to every Nigerian, assuring them that the economic pain associated with necessary reforms is yielding tangible, beneficial results”.

    The group also urged all stakeholders, patriotic citizens, and international partners to recognize this bold step and continue to support the administration’s drive toward a more transparent, stable, and prosperous Nigeria.

  • How we plan to sustain drop in food prices, by Kyari

    How we plan to sustain drop in food prices, by Kyari

    Against the background of nationwide decline in food prices, Minister of Agriculture and Food Security, Senator Abubakar Kyari, yesterday laid out a comprehensive plan by the government aimed at boosting food supply and sustaining cheaper prices.

    The National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) Report indicated that headline inflation rate dropped by 210 basis points from 20.12 per cent in August 2025 to 18.02 per cent in September 2025. It was the sixth consecutive time since April 2025.

    A survey by News Agency of Nigeria (NAN) across Lagos markets also showed steep declines in prices of various types of rice. 

    Kyrai, who expressed satisfaction with the recent decline in food prices across the country, said the Federal Government is now focusing on reducing the high cost of farm inputs such as fertiliser, irrigation, and fuel to sustain the trend.

    Kyari spoke to journalists in Abuja after attending a Senate public hearing organised by the Senate Committee on Agriculture, chaired by Senator Salihu Mustapha (Kwara Central).

    The hearing sought stakeholder input on three bills, the Cassava Flour (Mandatory Inclusion into Flour Production) Bill 2023, the National Food Reserve Agency (Establishment) Bill 2023, and the Rice Development Council of Nigeria (Establishment) Bill 2024.

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    Kyari said President Bola Tinubu’s administration is developing mechanisms to make critical agricultural inputs more affordable and accessible through credit facilities and public-private partnerships.

     “I’m happy with the crash in food prices, but it’s the inputs we’re working on, fertilisers, irrigation, fuel, and other essentials.

    “We are creating mechanisms that will allow farmers access to credit and, at the same time, cheaper products for farming,” Kyari said.

    He explained that the government’s intervention in input supply would not be limited to staple crops but extend to other key produce such as onions, tomatoes, and peppers.

    He said: “When we talk about fertiliser and inputs, it’s not just for staple foods. It covers everyone, onions, tomatoes, peppers, and other crops.”

    On efforts to curb post-harvest losses, a major challenge to food security, Kyari announced a shift in policy focus from large urban silos to community-based storage facilities.

    He said the ministry has launched a legacy project designed to establish smaller silos within farming communities where most produce originates.

    “We have made a legacy project on post-harvest losses which includes storage at the community level, not the big silos in urban areas.

    “About 85 percent of our new storage facilities will be located in rural communities to replace the old, inefficient silos,” he said.

    Kyari disclosed further that the initiative is being supported through two funding frameworks, the New Growth Infrastructure Fund and the National Agriculture Development Fund, both aimed at improving the agricultural value chain and reducing food wastage.

    According to him, community-based storage will not only reduce post-harvest losses but also strengthen the food supply chain by ensuring surplus produce can be stored and released during scarcity to stabilise prices.

    While acknowledging that food prices have dropped significantly since last year, Kyari said the government’s goal is to achieve greater stability and affordability by 2026.

    He said: “In 2020 and even before last year, food prices were high.

    “This year, prices have gone down, but we are not yet where we want to be. We are still on the path toward even lower prices.”

    Kyari reaffirmed that ongoing reforms in the agriculture sector are part of President Bola Tinubu’s Renewed Hope Agenda, which seeks to guarantee food security, boost rural prosperity, and support farmers nationwide.

    He hinted that the administration would soon unveil additional support measures to boost productivity, expand mechanisation, and promote agro-processing through partnerships with state governments and farmer cooperatives.

    “Our goal is to make sure every farmer, big or small, has the tools, inputs, and storage facilities needed to contribute to national food security,” Kyari said.

    Agricultural experts have long identified the high cost of inputs, poor storage infrastructure, and weak distribution networks as major obstacles to sustainable food production and price stability.

    Kyari’s remarks suggest that the Federal Government is now prioritising structural reforms to address these bottlenecks and consolidate recent gains in the food market.

    With cheaper farm inputs, improved credit access, and community-based silos to minimise losses, the Ministry of Agriculture hopes to place Nigeria firmly on the path toward self-sufficiency and long-term food security by 2026.

  • Firm unveils digital platform to unlock climate financing

    Firm unveils digital platform to unlock climate financing

    Vectar Energy, a climate technology company, has unveiled a flagship digital “ecoWise” platform to unlock climate finance through carbon credits.

    Nigeria is in urgent need of about $40 billion to meet its energy gap.

    Nigeria had officially launched its Carbon Market Activation Plan (CMAP) in February 2024 and a supporting policy, the Nigeria Carbon Market Activation Policy (NCMAP), in September 2024, which outlines the strategy to unlock an estimated $2.5 billion market by 2030.

    Speaking on the possibility of funding renewable energy through the initiative, the Founder of Vectar Energy, Deborah Fadeyi, reiterated the need for sustainable solutions through converting solar data into real capital via accelerating climate finance and clean energy in Nigeria

    Fadeyi disclosed this in her keynote address during inauguration of the ecoWise Multi-Stakeholder Forum in Abuja.

    The event with the theme: “Trust. Scale. Impact: Unlocking Climate Finance through Carbon Credits for Solar in Nigeria” focused on the need for a new era of climate action built on trade, not aid.

    Fadeyi said that Nigeria’s energy crisis, where more 86 million citizens lacked access to electricity, required market-based mechanisms that rewarded renewable energy deployment.  “For too long, the conversation around climate resilience has revolved around aid; it is time we trade value.

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    “If we deploy low-carbon solar systems that reduce emissions, then those verifiable reductions should be monetised as carbon credits, which is how we finance more renewable energy projects and achieve sustainable industrialisation.”

    According to her, ecoWise is Africa’s first patented digital Measurement, Reporting and Verification (MRV) platform that automates the process of transforming real-time solar generation data into certified carbon assets.

    “By digitising verification and linking directly to international carbon registries, ecoWise reduces costs by up to 80 per cent.

    “It shortens issuance cycles from a year to as little as three months, creating faster, transparent access to global climate capital,” she said.

    Fadeyi said that carbon credits derived from clean energy could be sold to corporate buyers, such as Amazon or Microsoft as net-zero commitments, allowing local developers to reinvest proceeds into new projects.

    In her special address, Caroline Eboumbou, Chief Executive Officer of All On, praised the unveiling of ecoWise as a landmark step in Nigeria’s journey toward a self-sustaining carbon market.

    “This is not just a conversation, it is a call to action; platforms like ecoWise are showing us that with real-time data, transparency, and integrity, we can unlock climate finance at scale.’’

    Eboumbou highlighted that the Carbon Market Activation Plan, unveiled by President Bola Tinubu in March, 2024, aimed to mobilise up to 2.5 billion dollars in high-integrity carbon investments by 2030.

    She described ecoWise as “the kind of catalytic innovation Nigeria needed, saying it would enable developers to access new financing streams, lower project costs and accelerate solar deployment across communities.

    “ecoWise’s pilot projects platform is already proving what is possible with support from All On, the British Council and other partners.

    “This platform could unlock 13 percent of the financing needed to achieve Nigeria’s solar ambitions, around 3 GW of capacity by 2028, benefiting more than 100,000 households.

    “As Nigeria advances its climate-market framework and “Mission 300” initiative, the ecoWise platform stands as a bridge between climate integrity and capital flow; especially, in transforming renewable data into measurable, tradable, and investable assets,” she said.

    She added that carbon markets, when built on trust and transparency, could turn Africa’s vast solar potential into a 50 billion dollars opportunity, positioning Nigeria as the continent’s carbon finance hub.

    Fadeyi said that net zero was “the economic and industrial opportunity of the 21st century, essential to driving growth and creating good jobs.

    On her part, Ms Damilola Asaleye, Vice President of the Renewable Energy Association of Nigeria, commended ecoWise to be “home-grown solution for global climate finance”.

    She urged private developers to leverage the platform to monetise their clean-energy data and drive the energy transition from the grassroots.

    The Ambassador of Israel to Nigeria, Michael Freeman, represented by Thelma Agada, B-Technology Project Manager, lauded Vectar Energy’s innovation as a model of Nigeria-Israel cooperation through the Innov8 Hub initiative.

    “Nigeria has everything it takes to lead Africa’s clean-energy transformation, sunlight, talent and determination; the challenge is connecting innovation to investment. ecoWise does exactly that,” Freeman said.

    The forum culminated in the unveiling of ecoWise Technical White Paper, a 50-page research report that sets out a data-driven roadmap for scaling distributed solar in Nigeria through digital MRV and carbon markets.

    The report demonstrates how verifiable carbon revenues can improve project Debt Service Coverage ratios (DSCRs) and reduce the weighted average cost of capital (WACC), making solar assets more bankable.

  • Bayelsa, CCECC partner on road, agric, mass housing projects

    Bayelsa, CCECC partner on road, agric, mass housing projects

    Bayelsa State’s drive to grow its economy through foreign investment has gotten another boost with the signing of a Memorandum of Understanding (MoU) with construction giant, China Civil Engineering Construction Corporation (CCECC), at the firm’s headquarters in Beijing.

    The MoU covers infrastructure, agricultural and aquaculture projects as well as mass housing for civil servants and low-income earners in the state.

    Governor of Bayelsa State, Senator Douye Diri, signed on behalf of the government while President of the CCECC, Mr. Chen Sichang, signed for the firm.

    A statement by the governor’s spokesman, Mr. Daniel Alabrah, said this new deal comes on the heels of a similar agreement signed on October 14, 2025 in Abuja with Dubai-based Jampur Group for the construction of solar panels and smart electricity meters in the state.

    Mr. Sichang, who described it as a landmark agreement, said at the ceremony: “CCECC started its first project in Bayelsa in 2012.

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    We have successfully completed a number of projects over the past 13 years, including the Tombia road, Niger Delta University road, airport access road, Glory Drive Phase 2, and the Yenagoa-Angiama section of the Yenagoa-Oporoma road.

    “Notably, the ongoing construction of the 630-meter bridge (between Angiama and Oporoma) is the longest stand-alone bridge ever constructed by CCECC in Nigeria. The fact that such a significant project was awarded to our company is a clear reflection of Your Excellency’s strong confidence in our capabilities. For this, I again express our sincere gratitude and assure that we are fully committed to delivering the project on schedule and to the highest standards.”

    He said Bayelsa was one of its most important strategic partners and proposed collaboration on projects that include more community access roads, power, water supply, mechanised agriculture and aquaculture as well as production of fertiliser to boost agriculture.

    “Regarding financing of some of the projects, we will invest in them while for others we will seek government or credit support. We sincerely look forward to signing a Memorandum of Understanding with the state government to explore cooperation in these areas, and we hope to engage in concrete project partnerships in the near future. We are dedicated to delivering more exemplary China-Africa cooperation projects that support the state’s long-term growth.”

    Governor Douye Diri, in his remarks, described CCECC as development partners.

    He recalled that there were issues bordering on indebtedness to CCECC and some other companies when he assumed office in 2020 but that his administration had cleared the backlog.

    He said: “When I assumed office and saw the quality of work done by your company from the time of my predecessor, I decided to continue with you. For us, we see you not only as a construction company but more as a development partner. Today, you have confirmed this.

    “Since we overcame the initial challenges, your company has been doing wonderfully well in our state. In fact, it is one of the first top companies that partnered with us on infrastructure development of the state.

    “I’m impressed that you already mentioned some of the areas I wanted to talk about like roads, agriculture, aquaculture and housing development. I believe we are all thinking positively together.”

    The  Bayelsa governor stated that the President of Nigeria would be invited to inaugurate the Angiama-Oporoma bridge in February next year during the sixth anniversary of his administration.

    He also expressed the determination to provide mass housing within the remaining two years of his tenure.

    “This is one area of cooperation we seriously desire. We want to see private sector-driven housing projects in Bayelsa, particularly in a place we call the New Yenagoa City. Same for power and water supply.

    “From the day I came into office, two things I told myself we must do were the provision of electricity and pipe-borne water for our people. These are basic necessities.”

    Diri accepted the proposal for a fertiliser production plant and that the government was interested in mechanised agriculture and aquaculture.

    “As you stated, you are ready to go into financing of these projects. When you become development partners, it means government alone is not the party bringing all the money. So we will agree on the financing model and the investment model. That way, you are seen more as financiers and investors and no longer as contractors.”

  • ‘Nigeria committed to optimising oil resources’

    ‘Nigeria committed to optimising oil resources’

    Chairman, OTL Africa Downstream Energy Week Advisory Board, Tunji Oyebanji, has said the country is committed to fully optimising its crude oil and gas resources while ensuring that all operations are carried out in a sustainable manner.

    He made this known ahead of the 19th edition of the OTL Africa Downstream Energy Week in Lagos. The Energy Week conference and exhibition is focusing on sustainability, carbon capture, competition and cost-saving strategies as the industry adapts to Nigeria’s full deregulation regime.

    According to him, the deregulated market, which stakeholders advocated for many years, is now upon the industry and all interested parties are still trying to achieve balance and equilibrium in the new regime.

    Oyebanji noted that with deregulation now in full effect, conversations around sustainability, carbon management and energy transition has intensified, creating new opportunities for innovation within Nigeria’s downstream space.

    “Energy security remains a top priority for the sector as it navigates the evolving energy landscape. Transparency and data reliability will be key focus areas at the 2025 edition of the OTL Africa Downstream Energy Week because improving transparency remains critical to the growth of Nigeria’s downstream petroleum sector. Nigeria would benefit from a dedicated government agency mandated to determine the nation’s true fuel consumption, refinery output, and total depot capacity. This would allow for informed commercial and investment decisions and provide a basis for accurate fact-checking,” Oyebanji said.

    This year’s edition, with the theme: “Energy Sustainability – Growth Beyond Boundaries and Competition,” focuses on navigating the realities of a deregulated market and promoting balance within the evolving downstream landscape.

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    “The event will feature high-level engagements, including ministerial and regulator panels from five West African countries, alongside over 60 speakers across 10 sessions addressing investment, finance, technology, and corporate realignment.

    “Delegates will also explore innovations and partnerships at the OTL Trade Exhibition, with focus areas spanning refining, trading, logistics, LPG, lubricants, petrochemicals, and energy transition,” he stated.

    The Chief Executive Officer of OTL Downstream Development in Africa Ltd./Gte, Joyce Akabogu, noted that the event continues to lead the conversation in shaping the sector’s agenda, driving business growth, and promoting operational excellence.

    She assured that the forum will once again bring together Lagosians, Nigerians and international participants for insightful discussions, networking, and meaningful business engagements.

    Project Advance empowers female entrepreneurs (brief)

    By Chikodi Okereocha

    Project Advance, a flagship sustainability initiative designed to uplift female entrepreneurs and build stronger, more connected communities, has stepped up its empowerment programme for female entrepreneurs through the provision of personalized support and immersive workshops.

    Powered by Celebrations, a brand rooted in helping people express their hearts through gifts and meaningful gestures, the initiative has provided women-owned small businesses with access to vital resources, expert mentorship, and real-world market opportunities.

    At the heart of Project Advance is a simple but powerful belief: when women rise, communities thrive. And with this guiding principle, Celebrations CEO, Dele Balogun, said the initiative aligned with the United Nations Sustainable Development Goal 8: Decent Work and Economic Growth.

    Balogun, who spoke over the weekend, said since its launch, Project Advance has empowered over 50 female entrepreneurs and helped scale more than 70 small businesses.

    These efforts, the CEO said, have led to the creation of more than 100 new jobs, while participating businesses have seen an 85 per cent increase in sustainability.

    According to Balogun, these achievements reflect the initiative’s commitment to fostering long-term success and resilience among women-led ventures.

    “Project Advance is helping women not only grow their enterprises but also share their stories: stories of strength, vision, and heart.

    “This is just the beginning. “We remain committed to creating meaningful pathways for women to thrive, express their purpose, and build legacies that touch lives across generations,” the CEO stated.

    As Project Advance continues to grow, Celebrations is redefining sustainability, putting people, purpose, and empowerment at the center of lasting impact.

  • Air Peace begins direct flight from Abuja to Heathrow

    Air Peace begins direct flight from Abuja to Heathrow

    Air Peace airline has commenced its direct flights from Nnamdi Azikiwe International Airport, Abuja to London Heathrow Airport.

    Minister of Aviation and Aerospace Development, Festus Keyamo led passengers and dignitaries in the inaugural direct flight of the airline from Abuja airport.

     Keyamo, in a letter dated August 1, 2024, to the UK Secretary of State for Transport Louise Haigh, requested that a Nigerian carrier be granted landing rights at Gatwick and Heathrow airports.

    The Minister in a statement by his media aide, Tunde Moshood noted that the commencement of the flight was rooted in the mandate from President Bola Tinubu that local carriers be supported to thrive and survive.

    He stated: “With that mandate in our right hand we went to work. We dug deep to discover the problems of local operators over the years. The mortality rate in our aviation sector for more than 40 years has been very high, over 100 airlines have come and gone.

    Concord, Belview, Sosoliso, Chanchangi, name them. So we had a clear mandate to ensure that we support the growth, sustenance and competitiveness of our local operators.

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    “If you destroy the private sector in your country, you destroy the country. Every good economy thrives on the wealth and well-being of the private sector because they are the greatest employer of labour and engine of growth.

    “We have done all we can within our powers to give our local operators the muscle and leverage for fair competition. International airlines have been coming to Nigeria for nearly 90 years on some routes, lifting passengers back and forth without our operators fully participating. Under our Bilateral Air Services Agreement (BASA), we have rights too, but no capacity, no access, no slot at Heathrow. Today that changes.”

    Chairman, Air Peace, Allen Onyeama lauded the minister for his intervention.

    He said: “I could remember when the Customs brought in a 4% FOB charge for our imports; aviation operators, we went to the Minister and he stepped into it immediately. He took the matter to the Finance Minister and to Customs and within one week, the 4% FOB was removed for Nigerian airlines. So, tell me why I will not support or applaud this government?

    “This government has proven that it listens to the yearnings and aspirations of the people, the complaints and challenges of the people, and that is what we need. When Nigerian helicopter-airline owners cried to the minister about a certain charge, he removed it on the spot to make life very easy for these airlines. So it’s not just about Air Peace”.

  • NGX Group engages women on investment

    NGX Group engages women on investment

    Nigerian Exchange Group (NGX Group), through its regulatory subsidiary, Nigerian Exchange Regulation Limited (NGX RegCo), has reaffirmed its commitment to expanding financial inclusion and deepening retail investor participation following the successful FinTribe Finance Fair 2025, which convened over 9,000 women focused on wealth creation and capital market opportunities.

     The event, organized by FinTribe, one of Nigeria’s fastest-growing women’s finance communities, has become a leading platform for promoting financial literacy and building investment confidence among women. NGX RegCo’s participation, through its flagship EquipHER initiative, featured interactive sessions that demystified capital market concepts and empowered women to make informed investment decisions.

    “You have what it takes to step into greater capability and control over your financial agenda,” said Olufemi Shobanjo, Chief Executive Officer, NGX RegCo. “The same mindset that drives you to start a business, buy a home, or save for your child’s education, to plan, commit, and follow through, is exactly what makes women exceptional investors.”

    Commending FinTribe for its sustained commitment to financial education, Shobanjo emphasized that the Nigerian capital market offers practical frameworks for translating financial discipline into purposeful wealth-building strategies. “Financial inclusion begins with awareness,” he affirmed. “When women understand how the market works, they can own their financial futures and build sustainable wealth.”

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    In alignment with these educational efforts, NGX Group’s technology-driven innovations are lowering barriers to market entry. The Group’s digital investment platform, NGX Invest, enables investors to participate in public offers and rights issues directly from their smart devices, bridging awareness with active market participation.

    Jennifer Awirigwe, founder of FinTribe and popularly known as Financial Jennifer, commended the collaboration for driving meaningful impact. “Our partnership with NGX RegCo through EquipHER has created a bridge between knowledge and action,” she stated. “Women are not just learning about finance, they are taking ownership of their financial journeys and inspiring others to do the same. It’s equipping her, not in words, but in action.”

    During an interactive Q&A session, Shobanjo addressed questions on share ownership transfers, portfolio management, and investment process navigation, encouraging participants to engage licensed stockbrokers and financial advisers for transparency and efficiency. “It can seem overwhelming at first,” he acknowledged. “But with the right professional guidance, investors can easily navigate the process and take control of their holdings.”

    Throughout the fair, the EquipHER booth became a hub of engagement, attracting participants eager to learn how to initiate or expand their investment portfolios.

    This initiative complements NGX Group’s broader retail engagement strategy, aimed at deepening participation in Nigeria’s capital market. Recently, the Exchange participated in a public lecture at Godfrey Okoye University, Enugu, themed “Harnessing the Capital Market for Catalyzing Infrastructure Development and Economic Transformation in Nigeria,” reinforcing NGX’s conviction that an informed and engaged public is essential to sustainable economic growth and inclusion.

    Through initiatives such as EquipHER and regional retail engagements across Nigeria, NGX Group continues to build a more inclusive, informed, and empowered investor base, reflecting its vision to deepen market participation across gender, geography, and generation.

  • Senate moves to slash $2 billion rice import bill

    Senate moves to slash $2 billion rice import bill

    Nigeria may soon reduce its $2 billion annual rice import bill as Senate Committee on Agricultural Production, Services, and Rural Development advanced deliberations on the Rice Council Development Bill, a proposal to transform the sector and achieve food self-sufficiency.

    Sponsored by Senator Adamu Aliero, the bill seeks to establish Rice Development Council of Nigeria, to coordinate research, regulate production standards, support farmers, and promote innovations across the rice value chain. Experts say the initiative could make Nigeria Africa’s rice powerhouse, create jobs, and strengthen food security.

    Speaking at a public hearing on the bill with the Cassava Inclusion and Flour Production Bill and National Food Reserve Agency Bill, Senate President, Godswill Akpabio, represented by Senator Mohammed Monguno, said the measures align with President Bola Tinubu’s Renewed Hope Agenda for agricultural and economic transformation.

    “The bill represents our economic firepower, poised to create millions of jobs, reduce foreign exchange spending on importation, and make Nigeria Africa’s rice powerhouse.

    By passing this bill, we will drive research, innovation, and value chain development, ensuring our children inherit a prosperous future,” he said.

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    He added that the three agricultural bills can reshape Nigeria’s food system. While the cassava inclusion bill would stimulate agro-industrial growth and employment, food reserve agency bill would provide a safety net against shortages caused by climate change and global disruptions.

    Committee Chair, Salihu Mustapha said rice is a staple on every table but lamented inefficiencies in the sector despite capacity to produce over seven million metric tonnes annually.

    “This bill heralds a dedicated council to orchestrate research, extension services, and value chain innovations, from flood-resistant seeds to modern milling technologies.

    “It promises to slash our $2 billion import dependence, ignite agro-industrial hubs in North and South, and elevate our farmers from subsistence to commercial stardom.”

    Mustapha also noted that the council would ensure inclusivity by engaging women and youth in agribusiness.

    “It is a blueprint for turning paddy fields into prosperity engines and positioning Nigeria as Africa’s rice powerhouse,” he added.

    He however called for collective commitment among all stakeholders, government, private sector, and local farmers to ensure the bill’s success.

    The Rice Millers Association of Nigeria (RIMAN) backed the proposal, describing it as a timely intervention that could unlock Nigeria’s full potential in rice production.

     RIMAN National Chairman, Peter Dama, highlighted persistent challenges such as insecurity, poor irrigation, and lack of mechanisation.

    “There should be deliberate promotion of climate-smart agricultural production innovations, including research for high-yield resilient seeds and renewable energy to power irrigation,” Dama said.

    He emphasised that rice is both a food and an economic staple.

    “Rice is not just a meal on the table; it is a political and economic staple. It plays a role in palliatives for distressed communities, contributes to national GDP, and provides livelihoods for millions.”

    RIMAN proposed key amendments, including the inclusion of financial institutions like NIRSAL, Bank of Agriculture (BOA), Bank of Industry (BOI), NAIC, and the National Agricultural Development Fund (NADF) on the Council’s governing board, replacing the Central Bank of Nigeria, which no longer funds agricultural development directly.

    The association also recommended six zonal offices to enhance regional program delivery and seven technical committees for areas such as research, quality control, marketing, rice fortification, and gender equity.

    Dama aligned the initiative with the National Rice Development Strategy II (2020–2030) and urged the conversion of the existing Rice Desk in the Federal Ministry of Agriculture and Food Security into a full-fledged council for stronger coordination.

    The Women Farmers Advancement Network (WOFAN), also reiterated its support for the proposed Rice Council Development Bill, describing it as a game-changer that will generate millions of job opportunities for women and youth across the rice value chain.

    Speaking on behalf of the organisation, Hajia Maryam Lawal urged the Senate to ensure the bill’s swift passage, noting that it would not only strengthen the rice industry but also enhance national food security.

    Hajia Lawal recalled that WOFAN had been actively involved in developing the bill since 2020, working alongside key stakeholders including CARF, RIMAN, and RIPAIN.

    “WOFAN worked with CARF, RIMAN, RIPAIN, and other stakeholders on the Rice Council Bill from 2020 to 2023 when it was passed by the 9th Senate. However, the President’s assent was delayed until the bill lapsed and had to be re-presented in 2024. We are therefore confident that the 10th Senate will pass it again, and this time around, it will be signed into law accordingly,” she said.

    She emphasised that the establishment of the Rice Council would help drive inclusive growth by empowering women and youth to take on active roles in agribusiness and value chain development.