Category: Business

  • FoodCo unveils new year promo for consumers

    FoodCo unveils new year promo for consumers

    In a bid to strengthen customer connection and support households in managing post-festive financial pressures, FoodCo—a top-five retailer in Nigeria and operator of the largest supermarket chain in the South-West—has launched a New Year Promotional campaign.

    The campaign offers discounts across a wide range of products, including essential groceries, fresh foods, toiletries, and household items, available at all 23 FoodCo outlets across Oyo, Lagos, and Ogun States.

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    Commenting on the initiative, Funmi Aiyepeku, FoodCo’s Chief Commercial Officer, stated that the campaign underscores the company’s commitment to delivering sustained value while deepening long-term customer relationships.

    She said: “We are pleased to introduce our first promotion of 2026. The post-festive period often presents financial challenges for many households, and this initiative reflects our commitment to supporting customers at a time when value is most critical. At FoodCo, we view initiatives like this as important engagement touchpoints—reinforcing trust, loyalty, and the strong relationships we have built with our customers

  • Imoke, others mull incentives to drive better learning outcomes

    Imoke, others mull incentives to drive better learning outcomes

    Imoke, others mull incentives to drive better learning outcomes

    One better way to ensure learning systems delivers optimally in terms of performance outcomes and progressive development is to put in place the right incentives for those driving the process.

    This was the submission made by former governor of Cross River State Senator Liyel Imoke and echoed by many others during an interface and discussion in Lagos, recently.

    The occasion was the Pan-African Convening on Social and Emotional Learning (PACSEL), hosted by The Learning Craft Foundation as part of efforts to drive social and emotional learning across the continent.

    According to Imoke, education systems that neglect social and emotional development ultimately undermine their own goals.

    “Educational systems that ignore social and emotional development undermine their own academic and economic growth,” he said.

    He warned that progress measured only through access and enrolment figures is incomplete. “We have celebrated enrolment figures, but ignored what happens inside the hearts and minds of children,” Imoke said, noting that youth disengagement and weak life outcomes persist despite expanded schooling.

    On governance, Imoke who is the Founder of The Bridge Leadership Institute emphasised the role of incentives and institutional design. “Schools behave exactly as policy incentives encourage them to behave,” he said. “When systems reward examination results alone, schools produce certificates, not citizens.”

    He stressed the importance of policy for sustainability. “What is not institutionalised in policy rarely survives,” Imoke said, adding that durable reform requires deliberate system-level backing.

    The event which brought together educators, policymakers, development partners, and creative leaders to examine how African education systems can deliver outcomes for life, academics, and wellbeing, also focused on policy alignment, system reform, cultural relevance, measurement, and classroom practice. Speakers emphasised that social and emotional learning (SEL) must move beyond pilot projects into national education frameworks if it is to achieve scale, sustainability, and lasting impact across the continent.

    Rhoda Odigboh, Founder of The Learning Craft Foundation and Convener of the Pan-African Convening on Social and Emotional Learning, said the convening was intentionally designed around education outcomes that truly matter.

    “The theme of PACSEL is ‘for outcomes that matter’, and those outcomes are life skills, academics, and wellbeing,” she said. “They must be developed together, not in isolation.”

    She emphasised the importance of educating the whole child. “When we educate a child, we are educating the whole person, not just cognition,” Odigboh said. “Learning involves the mind, emotions, relationships, values, and lived experiences of every child.”

    On implementation, she stressed the importance of systems and policy. “Social and emotional learning cannot remain optional or fragmented,” she said. “It must be embedded in policy, curriculum, teacher development, and accountability structures if we are serious about scale, sustainability, and impact across African education systems.”

    Dr Aaliyah A. Samuel, Chief Executive Officer and President of the Collaborative for Academic, Social and Emotional Learning (CASEL), said decades of global evidence demonstrate the transformative impact of SEL when it is embedded across learning environments.

    “For over 30 years, CASEL has helped build the field of social and emotional learning,” she said. “What we consistently see is that when students experience SEL in their schools, homes, and communities, they come to class engaged and curious, develop self-motivation, benefit from strong, caring relationships, and build the persistence they need when learning becomes challenging.”

    She added that the outcomes extend well beyond academic performance. “Students experience stronger academic achievement, a love for learning, improved wellbeing, and a deeper sense of belonging and identity,” Samuel said. “These are the skills and mindsets young people carry into adulthood as they pursue meaningful careers and participate positively in society.”

    Andreas Schleicher, Director for Education and Skills at the OECD, noted that education systems globally are rethinking how success is defined and measured.

    “In PISA, we now report outcomes beyond academic performance,” he said. “These include wellbeing, agency, resilience, and the quality of relationships.”

    He explained that assessment must capture more than final results. “Digital technologies allow us to observe the learning process, not just the outcome,” Schleicher said. “When systems make social and emotional learning explicit in curriculum frameworks and measurement, they signal what truly matters.”

    Schleicher cautioned against uncritical policy borrowing. “International comparisons should help countries make informed choices,” he said, “not copy models that do not fit their context or values.”

    Aly Jetha, Co-Founder and Chief Executive Officer of Big Bad Boo Studios, highlighted storytelling as a powerful entry point for social and emotional learning.

    “African storytelling traditions already carry values such as empathy, cooperation, courage, and responsibility,” he said. “The opportunity is to use stories intentionally to model specific social and emotional competencies.”

    Jetha emphasised that storytelling must be paired with structured practice. “Stories are the starting point, but learning happens through discussion, reflection, role modelling, and repeated practice,” he said. He noted that while developing fully localised SEL curricula can be resource intensive, adaptation offers a viable pathway. “SEL becomes scalable and meaningful when global rigour meets local relevance.”

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    Dr Tina Udoji, Founder and Chief Executive Officer of the Chelis Group, said social and emotional learning reflects the realities children navigate every day.

    “Children do not leave their fears, family pressures, trauma, or uncertainty at the school gate,” she said. “Yet our education systems often behave as though they do.”

    She noted that schools frequently equate success with grades alone. “We focus heavily on academic performance and infrastructure, and forget the child as a human being,” Udoji said. “Many children are struggling emotionally, and nobody addresses this in school.”

    On leadership and governance, she stressed that reform does not begin only at the national level. “Policy also starts at the school level,” Udoji said. “When owners and leaders decide that child development matters as much as examination results, systems begin to change.”

    PACSEL was held over two days, combining a virtual first day with an in-person convening on the second day. Sessions spanned early childhood, primary and secondary education, and school leadership, with discussions covering policy integration, teacher practice, culturally responsive approaches, measurement in resource-constrained contexts, digital tools, and practical pathways for translating SEL from theory into classroom and system-level implementation.

    Speakers agreed that while access to schooling has expanded across Africa, education systems must now give equal attention to learner wellbeing, citizenship, and long-term life skills in order to deliver outcomes that truly matter.

  • IFAD rally world leaders to boost food security, rural development

    IFAD rally world leaders to boost food security, rural development

    In its quest to boost food insecurity and rural development, the International Fund for Agricultural Development (IFAD), has set machinery in motion to rally world leaders.

    IFAD President, Alvaro Lario, during a meeting with His Holiness Pope Leo XIV in a private audience at the Apostolic Palace, highlighted the strong convergence between the Holy Father’s social vision and IFAD’s mission to transform rural lives and economies for food security and more prosperity in some of the world’s poorest areas.

    President Lario expressed appreciation for Pope Leo XIV’s emphasis on human dignity, inclusion and support for vulnerable communities, priorities that mirror IFAD’s investments and programmes in rural areas, including regions affected by conflict, climate shocks and food insecurity.

    “IFAD and the Holy See share the conviction that everyone, especially in rural areas, must be given the opportunity to lead productive lives, earn a decent income, and live in peace. These are the fundamentals for all human beings to live in dignity,” said President Lario.

    Pope Leo XIV’s long pastoral experience in Peru was an important point of connection. IFAD’s work in the country, including a project, Avanzar Rural, which has increased rural incomes by an average of 40 per cent, demonstrating the impact of community driven development.

    President Lario also underscored the role of rural development, especially for young people, in preventing instability and forced migration. IFAD programmes show that when rural families have access to resources, markets and resilience tools, they can grow their income, build small businesses, and access new economic opportunities. This fuels growth in rural areas and makes rural communities less vulnerable to conflicts and instability, which are drivers of displacement.

    In Ethiopia, every 1 per cent increase in land productivity across IFAD investments was linked to a 3 per cent reduction in local conflicts. Similarly, in Mali, districts that did not receive investments experienced an 8 per cent rise in local conflicts compared to other districts that got access to financial assistance and engaged in rural advisory programmes.

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    President Lario welcomed the Holy Father’s moral leadership in encouraging global solidarity and promoting a more just and inclusive world.

    “We are inspired by Pope Leo XIV’s call to promote the craft of peace,” said Lario. “Investing in rural people delivers lasting stability and shared prosperity.”

    The meeting took place as IFAD prepares to launch its new three-year replenishment campaign, an effort to mobilise core resources to invest in rural people for the period 2028-2030.

    An estimated 8.2 percent of the global population, or about 673 million people, experienced hunger in 2024, down from 8.5 percent in 2023 and 8.7 percent in 2022. Eighty per cent of the world’s poorest live in the rural areas of developing countries.

    IFAD is an international financial institution and a United Nations specialised agency. Based in Rome – the United Nations food and agriculture hub – IFAD invests in rural people, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience. Since 1978, IFAD has provided more than US$25 billion in grants and low-interest loans to fund projects in developing countries.

  • NICA restates commitment to credit-driven economy

    NICA restates commitment to credit-driven economy

    THE National Institute of Credit Administration (NICA), chartered, has reiterated its statutory mandate and readiness to support President Bola Ahmed Tinubu and the Federal Government in transforming Nigeria from a cash-based economy into a sustainable, credit-driven ecosystem.

    Giving this assurance was the Dr. (Mrs) Markie Idowu, FICA (President/Chairman NICA Governing Council).

    In a statement issued on behalf of the Institute and made available to our correspondent, the body stated matter-of-factly that it in line with the provisions of the NICA Act 26 of 2022, it is empowered to support President Tinubu’s administration and the Federal Government in matters relating to credit administration, credit management, and the promotion of ethical credit practices, whether formally invited or not.

    NICA emphasises that achieving a functional credit economy requires deliberate collaboration, cooperation, and consultation with specialist professional institutions.

    NICA has consistently committed to training Nigerians, creating nationwide awareness, and advocating for the national policy shift to promote the culture of honesty, integrity, and trustworthiness necessary for credit business transactions, along with the stimulation of legal provisions to hasten credit default recoveries. These virtues, the Institute notes, are fundamental build up to confidence in both consumer and business credit activities for a resilient credit economy.

    While acknowledging efforts by the government towards creation of access to credit-induced economic reforms, NICA boss expressed concern that insufficient engagement with professional institutions could slow down the pace of meaningful transformation. Nigeria’s economy, the Institute stated, is complex and requires inclusive thinking that embraces expert input into policy formulation and implementation.

    “Nigeria belongs to all Nigerians,” the Institute noted. “Governments succeed best when they approach policy development with open minds and hands, engaging credible, transparent, and well-structured professional bodies with statutory powers, who are genuinely interested in national economic development.”

    The action of the federal government which seems unready to embrace professional synergy is a huge disincentive to the credibility and integrity of its plans and policies.

    As the nation moves into 2026, NICA congratulates Nigerians and those in government for sustaining governance and economic reform momentum, while at the same time, urging the Federal Government to institutionalise a culture of collaboration and partnership with critical stakeholders.

    According to the Institute, such openness is essential for entrenching a strong credit culture society and achieving long-term economic robustness. Essentially, the goal of the government is to launch Nigerians into a people-centred economic model which affords everyone the opportunity to create jobs, make wealth, and contribute to a stronger GDP. That economic model is the credit economy. But the government alone driving the process might be fruitless. No government knows it all. Federal government should work with the body of experts statutorily recognised, taking advantage of why such bodies exist under the legislative framework of the Federal Republic of Nigeria in the first instance.

    Prof. Chris Onalo, FICA (Registrar/Chief Executive Officer, NICA), some statutory professional bodies, by the nature of their mandates, have more to do with and for the government than others. Such is the case with the National Institute of Credit Administration (NICA), chartered. It would therefore be a misapplication to suggest otherwise.

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    Professional bodies like to keep their credibility and reputation. Nowhere in the world has any professional body gone out, cap in hand, begging the government for collaboration. It is the government that asks for their collaboration, requesting inputs into policies that are being formed. A government that wants to succeed goes out to ask for partnership discreetly.

    In the case of Nigeria moving from a cash-based economic system to a credit -based economy model, the government seems to be doing it all alone, and as a result, there are lots of avoidable policy errors and unclear implementation roadmap in what we have seen so far. These errors could have been avoided if government-recognised professional bodies in the credit economy management arena had been consulted.

    Such bodies don’t charge much, but they will charge for the value of the input they provide in shaping such policies; hence, they are not funded by the government.

    As NICA congratulates Nigerians and the people in government for making it to 2026, it urges the federal government to consider opening the culture of collaboration and partnership more critical with stakeholders in an honest and straightforward manner so as to make Nigeria great again.

    NICA reaffirmed its commitment to working with the federal and state governments, the media, and other stakeholders to advance Nigeria’s credit economy agenda in an honest, professional, and straightforward manner for the collective good of the country.

  • Nigeria earns $400m from cashew exports as stakeholders push for better data, $1bn target

    Nigeria earns $400m from cashew exports as stakeholders push for better data, $1bn target

    Stakeholders in Nigeria’s cashew sector have renewed calls for improved export data collection and tracking systems to fully harness the industry’s economic potential, as the country currently earns about $400 million annually from cashew exports.

    The call was made at the 4th National Cashew Day organised by the National Cashew Association of Nigeria (NCAN), where industry players assessed sector performance and outlined strategies ahead of the forthcoming trading season.

    Speaking at the event, NCAN National President, Dr. Ojo Joseph Ajanaku, said Nigeria possesses the natural resources needed to reclaim its status as a leading global cashew producer but is constrained by weak production and export data systems.

    “Nigeria has the land, the weather and the population advantage to be number one in the world again. What we are doing now is to energise stakeholders to push production capacity higher and grow the industry”, Ajanaku said.

    He noted that the cashew industry has experienced significant growth, expanding from minimal export levels in the early 2000s to nearly 600,000 metric tonnes exported annually.

    However, Ajanaku said official figures do not capture the sector’s full value, as some exporters operate outside formal channels and fail to properly document exports or repatriate proceeds.

    “The $400 million you are seeing is what came back to Nigeria. We would have earned more if we had the right structure to track what is produced and what leaves the country,” he said.

    To close the data gap, Ajanaku disclosed that the current administration is rolling out an income farmers’ mapper aimed at mapping cashew farms nationwide, monitoring production volumes and tracking export movements.

    According to him, the initiative will provide the Nigeria Bureau of Statistics (NBS) with accurate and verifiable industry data.

    Beyond data issues, NCAN expressed concern over Nigeria’s low level of cashew processing, warning that limited value addition is depriving the economy of billions of dollars in revenue and employment opportunities.

    Ajanaku called on the Federal Government to support Special Agro-Processing Zones (SAPZs) with dedicated agro-processing loans at single-digit interest rates to help local processors remain competitive.

    “We have intervention funds from the Central Bank, NEXIM, Bank of Industry, Bank of Agriculture and others. With loans below 10 per cent, processors can compete and add value locally,” he said, adding that Nigeria’s proximity gives it a logistics advantage in supplying European and United States markets faster than Asian competitors.

    Also speaking, President of the Federation of Agricultural Commodity Associations of Nigeria (FACAN), Sheriff Balogun, said the event would help align stakeholders across the cashew value chain and set the pace for a stronger 2026/2027 trading season.

    Balogun noted that NBS data shows Nigeria’s non-oil exports increased from about $5 billion to $6.1 billion, with cashew contributing over $400 million from more than 300,000 tonnes exported.

    “That is huge for one commodity. With proper planning, we can push cashew export earnings to $1 billion in the coming years”, he said.

    He added that Nigeria currently processes only 20–30 per cent of its cashew production locally, stressing that increased value addition could raise earnings more than fivefold while creating substantial employment.

    Stakeholders agreed that strengthening export data integrity, expanding local processing capacity and improving access to affordable finance are key to transforming cashew into a billion-dollar agribusiness.

    “With coordination across farmers, processors, marketers and exporters, the entire value chain stands to benefit,” Balogun said, expressing optimism for improved outcomes in the new trading season.

  • Nigeria unveils two GM cotton varieties with higher yield potential

    Nigeria unveils two GM cotton varieties with higher yield potential

    Nigeria has advanced efforts to revitalise its cotton and textile industry with the introduction of two genetically modified cotton varieties designed to deliver higher yields, reduce pesticide application and improve fibre quality.

    The new varieties—Mahyco C567 BGII and Mahyco C571 BGII, were officially unveiled on Friday during a Mini Cotton Field Day organised by the National Agricultural Seeds Council (NASC) in partnership with Mahyco Nigeria PTE Ltd at NASC’s headquarters in Sheda, Federal Capital Territory.

    Addressing participants at the event, the Director of Seed Industry Development, Technical Support and Commercial Services at NASC, Mr Kunle Adeseko, said the field day underscored the country’s renewed drive to rebuild cotton production through the deployment of quality seeds, improved farming practices and effective institutional partnerships.

    “Cotton remains a strategic crop for Nigeria, supporting millions of smallholder farmers and serving as the backbone of the textile and garment industry. These improved varieties show what is possible when farmers have access to certified, high-performing seeds developed and tested under local conditions”, Adeseko said.

    He explained that prolonged challenges such as low yields, limited access to quality seeds and weak value-chain linkages had undermined farmer confidence over the years. However, he noted that NASC’s Highway Seed Demonstration Programme was helping to reverse the decline by promoting certified seeds and restoring trust among cotton farmers across producing states.

    In a keynote address delivered on behalf of the Director-General of NASC, Mr Kalu Okwa said the Bt cotton varieties were developed by Mahyco in collaboration with the Institute for Agricultural Research and approved for commercial use after undergoing regulatory review.

    According to him, the varieties are capable of producing between 3.5 and 4.4 tonnes per hectare, compared with the 900 kilograms to 1.5 tonnes per hectare commonly obtained from conventional cotton.

    He added that the built-in Bt technology provides resistance to bollworm, leading to lower pesticide use, reduced production costs and improved profitability for farmers.

    “These characteristics also align with industrial requirements, including better fibre length and strength, which are critical for ginneries and textile mills,” Okwa said, describing the initiative as a strong example of an effective public–private partnership.

    Also speaking, the Director-General and Chief Executive Officer of the National Biotechnology Research and Development Agency (NBRDA), Prof. Abdullahi Mustapha, represented by the Director of Agricultural Biotechnology at the agency, Dr Rose Gidado, said Bt cotton demonstrates how the responsible application of science can enhance yields, reduce crop losses and improve rural livelihoods.

    “Bt cotton helps minimise bollworm damage, lowers pesticide use and enhances productivity. That means safer fields, healthier communities and more competitive cotton for Nigeria’s textile value chain,” he said, while assuring stakeholders of strong biosafety regulation and continued support for locally adapted biotechnology.

    At the event, farmers, researchers and other value-chain stakeholders toured demonstration plots and exchanged insights on agronomic practices, pest control and post-harvest management.

    Stakeholders noted that widespread adoption of the new varieties could stimulate the revival of ginneries and textile mills, create employment opportunities for youths and women, cut textile imports and strengthen the national economy.

    They called for expanded distribution of certified seeds and supportive policies, as NASC reiterated its commitment to enforcing seed quality standards and collaborating with partners to reposition Nigeria as a leading cotton producer in Africa.

  • Foundation unveils initiative to promote data-driven seed selection for farmers

    Foundation unveils initiative to promote data-driven seed selection for farmers

    The Foundation for Sustainable Smallholder Solutions (FSSS) has rolled out a nationwide project designed to enhance seed choices and boost farm productivity through the use of reliable performance data.

    The initiative, titled “Using Performance Data to Promote Better Seed Varieties”—also known as ProSeV—is supported by the Gates Foundation and will run for 36 months, from November 2025 to November 2028.

    ProSeV aims to generate credible, location-specific performance data for key staple crops including rice, maize and cowpea, providing practical guidance for farmers, seed companies, extension agents and policymakers.

    Speaking at the project’s unveiling and stakeholders’ engagement workshop held in Abuja, the Executive Director of FSSS, Dr. Isaiah Gabriel, said the initiative was developed to close a long-standing gap in Nigeria’s seed system, where farmers frequently rely on availability or tradition rather than proven field performance when selecting seed varieties.

    He explained that although many improved seed varieties have been released over the years, there is still a shortage of accessible, post-release data showing how these varieties perform on farmers’ fields across different agroecological zones. 

    This, he said, has hindered adoption, constrained productivity and weakened competitiveness, especially in rice production.

    Under the project, ProSeV will carry out side-by-side performance trials of released and selected unreleased seed varieties across Nigeria’s six agroecological zones, spanning at least 12 states. 

    Beyond yield, the trials will evaluate traits such as resilience, taste and adaptability, with the goal of better aligning seed supply with farmers’ preferences and market needs.

    “This project, Using Performance Data to Promote Better Seed Varieties in Nigeria, is our collective attempt to change that story. It is about replacing guesswork with evidence, replacing assumptions with data, and ensuring that when a farmer asks, ‘Which variety works best for me?’ there is a clear and trustworthy answer.

    Across Nigeria, farmers are planting seeds every season, often based on hearsay, habit, or availability, not because those seeds are the best-performing options for their soil, climate, or market. When farmers are unsure, adoption slows, productivity suffers, and the entire value chain feels the impact,” Gabriel said.

    Also speaking, FSSS Partnership and Grants Manager, Eric Nyikwagh, disclosed that the project will commence with rice trials in its first year before scaling up to include maize and cowpea.

    He added that ProSeV will collaborate closely with national research institutions, regulators and seed companies, while leveraging the national variety database to promote transparency and ensure the credibility of its findings.

  • MEDA launches five-year rise project to boost agri-food systems in northern Nigeria

    MEDA launches five-year rise project to boost agri-food systems in northern Nigeria

    Mennonite Economic Development Associates (MEDA) has launched the Resilient and Inclusive Agri-Food Systems Empowering Women and Youth in Nigeria (RISE) project, a five-year initiative supported by Global Affairs Canada, aimed at strengthening agricultural value chains and expanding decent job opportunities in Northern Nigeria.

    The project, unveiled on Thursday, January 22, 2026, is designed to create 8,000 sustainable jobs across the region while directly supporting 12,500 smallholder farmers through improved access to finance, climate-smart agricultural practices, and stronger market linkages.

    RISE will also strengthen 450 women- and youth-led enterprises and empower 250 farmer cooperatives, with an overall projected reach of about 50,000 beneficiaries.

    Implementation will span Bauchi State, Kaduna State, and Kano State, focusing on key value chains such as rice, maize, groundnut, and soybean.

    The initiative is structured around a three-pillar strategy: increasing yields and incomes for smallholder farmers through climate-smart innovations; enhancing the competitiveness of women- and youth-led agribusinesses through access to finance and technology; and addressing harmful social norms by promoting inclusive leadership within cooperatives and agribusiness enterprises.

    The launch event brought together stakeholders from government, the private sector, financial institutions, women’s groups, and local cooperatives to identify and address systemic challenges across targeted value chains.

    Speaking at the event, MEDA Regional Director for West and Central Africa, Diaka Diallo Sall, said the RISE project places women and youth at the centre of agricultural transformation in Northern Nigeria.

    “With RISE, we are moving further and deeper. The project will strengthen agri-food systems in Bauchi, Kaduna, and Kano states, improve resilience to climate and economic shocks, and expand opportunities for smallholder farmers, cooperatives, and agribusinesses,” she said.

    According to her, women and youth will remain at the centre of the effort, not as beneficiaries, but as leaders and drivers of ecosystem transformation.

    The Canadian High Commissioner to Nigeria, Pasquale Salvaggio reaffirmed Canada’s commitment to Nigeria’s agricultural development, describing agriculture as a key driver of economic growth, gender equality, and poverty reduction.

    “By empowering women and youth across Nigeria’s agri-food systems, we are helping to create decent jobs, strengthen local economies and build more resilient and sustainable food systems,” Salvaggio said.

    The launch also featured panel discussions moderated by MEDA and Sahel Consulting experts, with Dr. Aishatu Bakari Usman representing women farmers.

    The RISE project is co-designed and implemented by MEDA in partnership with Sahel Consulting, Development Exchange Centre, Emeraid Capital, Extension Africa, Women in Business Forum, and the Federation of Muslim Women’s Associations in Nigeria (FOMWAN).

    Dignitaries present at the event included the Minister of State, Federal Ministry of Agriculture and Food Security, Senator (Dr.) Aliyu Sabi Abdullahi; the Canadian High Commissioner to Nigeria, Pasquale Salvaggio; the Bauchi State Commissioner for Agriculture, Dr. Iliyasu Aliyu Gital; the Bauchi State Commissioner for Women Affairs, Mrs. Lydia Tsanman; the Kano State Commissioner for Women Affairs, Hajiya Amina Abdullahi; the Kaduna State Commissioner for Agriculture, Hon. Muritala Dabo; the Kaduna State Commissioner for Human Services and Social Development, Hajia Rabi Salisu; the Kano State Commissioner for Agriculture, Dr. Danjuma Mahmud; and the Bauchi State Commissioner for Budget and National Planning, Hon. Amina Katagum.

  • Oyetola unveils cabotage fund portal

    Oyetola unveils cabotage fund portal

    Minister of Marine and Blue Economy, Adegboyega Oyetola, has officially launched and unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal, marking a historic step in the nation’s long-awaited journey to operationalise structured financing for indigenous ship ownership.

    The event, which was held in Lagos, yesterday, drew senior government officials, maritime industry leaders, legislators and key stakeholders from across the sector.

    Declaring the portal open, Oyetola described the occasion as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”

    He noted that the launch aligned with the broader national objective of diversifying the economy and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.

    “The maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, our participation in coastal and inland trade has remained limited,” the Minister said.

    “A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership. Today, we are changing that narrative.”

    The Minister recalled that the Cabotage Vessel Financing Fund, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners.

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    He, however acknowledged that institutional and structural considerations over the years delayed its operationalisation.

    Oyetola added that upon assuming office, his Ministry adopted a clear policy objective to strengthen Nigeria’s maritime capacity and ensure that the CVFF is implemented strictly in line with sound governance and financial principles.

    “The CVFF is structured as a strategic development instrument,” he said. “By facilitating access to competitive vessel financing for indigenous operators, we hope to reduce reliance on foreign-flagged vessels in our coastal trade, improve retention of value within the domestic economy, create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair, and maritime services.”

    He further emphasised that the Fund’s impact extends beyond economics, noting that a stronger indigenous fleet would enhance maritime safety and security while supporting national efforts to maintain a regulated and efficient maritime domain.

    Stressing accountability, he reminded potential beneficiaries that the CVFF is a revolving fund that must be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.

    The Minister explained that the newly launched digital portal would serve as the institutional gateway for transparent administration of the Fund.

    “Through this platform, eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria, supported by robust due diligence and professional financial oversight through approved Primary Lending Institutions,” he said.

    He said that the portal aligns with the Federal Government’s e-Government agenda and efforts to reduce bureaucratic bottlenecks and improve ease of doing business.

    “By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent, and responsive,” he said. “I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise, and contribute meaningfully to national growth,” he said.

    Also speaking at the event, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the CVFF delivers on its purpose. He stated that NIMASA has established a dedicated CVFF unit to drive implementation, manage applications, coordinate with financial institutions and ensure strict adherence to eligibility, compliance and risk management procedures.

    “Our objective is to make the CVFF work as a practical and reliable financing window for Nigerian shipowners to acquire vessels at competitive long-term financing rates,” he said.

    He assured that the agency will ensure professional handling of applications, continuous engagement with Primary Lending Institutions, rigorous due diligence, and transparent monitoring of the entire process.

    He said the agency is determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practice.

    Goodwill messages were delivered by the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinloku, and the Chairman of the House Committee on Maritime Safety, Education and Administration, Hon. Khadija Bukar Abba Ibrahim.

    Both legislators commended Minister Oyetola and NIMASA for what they described as a landmark achievement that responds to longstanding demands of the maritime community. They pledged continued legislative support to ensure effective implementation of the Fund and sustained reforms in the sector.

    Industry stakeholders also expressed strong support for the initiative. The President of the Nigerian Maritime Law Association, Mike Igbokwe (SAN); President of the Nigerian Chamber of Shipping, Aminu Umar; President of the Nigerian Shipowners Association, Sola Adewunmi, and President of the Shipowners Association of Nigeria, Sonny Eja, all praised the Minister and NIMASA for their commitment to finally unlocking the CVFF.

    They described the portal launch as a turning point for indigenous ship ownership, capacity development and investor confidence in Nigeria’s maritime sector.

    The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 as a vital instrument to provide structured financing for Nigerian shipping companies to acquire vessels and participate meaningfully in domestic maritime trade. However, for more than two decades, the Fund remained largely inaccessible, leaving indigenous operators dependent on costly foreign financing or foreign-flagged vessels.

    Recall that in 2025, Dr Oyetola directed NIMASA to commence the process of disbursing the CVFF, signalling a firm commitment to actualising the Fund’s original intent and unlocking its immense potential for national economic growth.

    Responding to this directive, NIMASA issued a Marine Notice inviting eligible Nigerian shipping companies to submit applications. Qualified applicants will have the opportunity to access up to USD 25 million each at competitive interest rates to acquire modern vessels that meet stringent international safety and performance standards.

    The Fund’s administration will be conducted in close collaboration with carefully vetted and approved Primary Lending Institutions, ensuring a professional, efficient and accountable disbursement process.

  • Shell plans $20b investment in Nigeria

    Shell plans $20b investment in Nigeria

    • IOC: Govt’s reforms driving fresh investments

    Global energy giant Shell Plc has indicated plans to invest up to $20 billion more in Nigeria over the next couple of years, signalling renewed confidence in the country’s oil and gas sector following recent policy reforms.

     Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, said this yesterday after a meeting between President Bola Ahmed Tinubu and Shell’s global leadership led by its Chief Executive Officer, Wael Sawan, at the State House, Abuja.

     Ojulari said the visit marked the first time the global chairman of the Shell Group was meeting President Tinubu, explaining that the purpose was to formally appreciate the President for the executive orders issued early last year to improve Nigeria’s investment climate.

     He noted that although the Petroleum Industry Act (PIA) laid an important foundation for sector reforms, additional incentives were required to keep Nigeria competitive in the race for global capital.

     “The competition for investment is global,” Ojulari said, pointing out that other African countries, Guyana and parts of the Far East were continually adjusting policies to attract investors.

     “One of the great things that Mr. President did was to announce those executive orders to put additional incentives in place to attract investments”, he said.

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     According to him, the policy shift enabled Shell to complete three major milestones in the last 18 months, beginning with the divestment of its onshore joint venture assets to Renaissance.

    He said the successful conclusion of that transaction demonstrated the administration’s commitment to allowing investors both to enter and exit the market when necessary.

    “That brought confidence to the international community, including Shell,” Ojulari said.

    He added that following the divestment, Shell took a final investment decision (FID) of $5 billion on the Bonga North deepwater project, and later approved another $2 billion investment for a shallow-water gas development project.

    “Overall, since Mr. President announced those incentives, just one company—Shell alone—has already invested over $7 billion,” he said, describing this as evidence of growing investor confidence in Nigeria’s economy.

    Ojulari disclosed that during the meeting, Shell formally committed to pursuing additional investment opportunities worth about $20 billion in the coming years, citing confidence in President Tinubu’s leadership, transparency and demonstrated commitment to reform.

    He said discussions also focused on Shell’s next major project, the Bonga Southwest development, on which the company is working toward a final investment decision.

    The project, he noted, would require capital expenditure of close to $10 billion, in addition to substantial operating costs.

    Explaining the broader impact, Ojulari said such projects translate into large-scale job creation, revival of dormant fabrication yards, and long-term employment opportunities over the 20 to 30-year lifespan of oil and gas projects.

    “For many years, fabrication yards have been idle because there were no projects. Those yards will come back to life,” he said, adding that Nigerians would benefit from construction, maintenance, manpower and supply contracts over decades.

    Ojulari said NNPCL, as concession holder under Nigeria’s production sharing contracts with international oil companies such as Shell, Chevron, ExxonMobil and Total, would continue to work with investors and relevant government agencies to develop credible proposals for approval.

    “Our responsibility is to be the conscience of the government and the conscience of Nigerians, ensuring that the assumptions and promises being made are correct and authentic,” he said, expressing optimism that with continued presidential support, final investment decisions would be reached in due course.