The Nation Newspaper

Category: Business

  • ‘PwC Nigeria named system integrator for govt’s mandatory e-invoicing’

    ‘PwC Nigeria named system integrator for govt’s mandatory e-invoicing’

    PwC Nigeria has been accredited as a system integrator for Nigeria’s mandatory e-invoicing system under the Monitoring, Billing and Settlement (MBS) platform.

    The accreditation formed part of broader efforts to transform digital tax administration, increase transparency and improve the integrity of transaction-level tax reporting in Nigeria.

    Partner and Tax & Regulatory Services Leader, PwC Nigeria, Chijioke Uwaegbute, said the e-invoicing mandate reflected global trends toward greater transparency and real-time oversight in tax reporting.

    According to him, PwC would support businesses through the shift by helping them manage complexity, protect value and build trust across the tax ecosystem.

    He explained that e-invoicing embeds tax compliance directly into everyday business activity, noting that as transaction data moves into real-time digital systems, organisations must be able to rely on that data for tax reporting, audit and regulatory review.

    “This accreditation reinforces PwC’s role in helping organisations build trust, comply and report with confidence. We combine deep tax and regulatory expertise with technology to ensure e-Invoicing processes are accurate, empowering businesses to comply.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

    “Where e-Invoicing is treated simply as a technology exercise, organisations risk embedding data inconsistencies and control gaps into their operations. Managing these risks requires tax expertise to be built into how invoicing systems are designed, configured and governed from the outset,” Uwaegbute said.

    Under the MBS framework, organisations are required to transmit invoice data to the National Revenue Service (NRS) platform in real time. This embeds tax reporting directly into business operations, with invoice data and control processes applied at the point transactions occur.

    The MBS platform replaces traditional paper-based invoicing with a digital validation framework designed to reduce manual errors, improve oversight and enable real-time regulatory review. Accredited system integrators are responsible for enabling secure and reliable connectivity between taxpayers’ systems and the FIRS platform.

    Partner and Tax Technology Leader, PwC Nigeria, Tim Siloma said that with the accreditation, PwC Nigeria would work alongside organisations to review invoicing and reporting processes, implement required system integrations and support ongoing compliance as e-Invoicing requirements continue to evolve.

    “Technology can automate invoicing. However, interpreting tax requirements and managing risk require tax expertise. e-invoicing works best when tax rules, data controls and enterprise systems are designed together.

    “Our tax technology capability brings tax advisory expertise into technology execution, enabling organisations to manage complexity, maintain control and rely on e-Invoicing as compliance becomes embedded into their operations,” Siloma said

  • ‘How to deepen youth empowerment’

    ‘How to deepen youth empowerment’

    Partnerships with corporate bodies and individuals is one of the ways to deepen youth empowerment and banish the menace of poverty and its accompanying social vices, a group, Together Inspiring Kindness Family (THICC Family), has said.

    The group, which is an international non-governmental organization (NGO) focused on youth empowerment and comprises professionals from various parts of the world, said it is shifting its focus towards sustainable empowerment, particularly for the youth, to prevent political manipulation and social vices.

    A member of the group, Mr Mogaji Adewumi Christopher, who spoke in Lagos on the sideline of reaching out to youths during the Yuletide, said the initiative was designed to bridge the gap between the rich and the poor during the festive period.

    “We intend to impact teenagers and youths through vocational training and empowerment. When people are stabilized and can stand on their own, they cannot be easily manipulated by politicians.

    READ ALSO: Kano’s unfolding power game

    “We have seen cases where as little as N20,000 can start a business for someone in need. If we can get more support from the government and private sector, we intend to reach as many as 20,000 people in the coming years,” Christopher said.

    The group said it has targeted no fewer than 1,000 less privileged persons for its outreach.

    Also speaking on the occasion, the group’s coordinator, Mr Samuel Adelaja, said  the initiative, which has been running for five years, was funded through the personal contributions of members and friends.

    Adelaja said while the group had already reached hundreds of beneficiaries across different locations, the goal for the current year was to impact 1,000 lives.

    “We have programs rolled out throughout the year, but this particular one is unique because we are extending it to different parts of the country beyond Lagos State.

    “Our aim is to reach out to the less privileged who are wondering what they will eat during this festive season.  We want to encourage others to show kindness so that the world can be a better place,” Adelaja said.

    A beneficiary of the scheme, Mrs Fatou Bangura, shared a testimony of how the group transformed her life with a N300,000 business grant after she was displaced from her home.

    “They met me when I had nothing and was looking for help. They gave me money to start a business; I now sell clothes and can afford to rent a house.

    “I want to appeal to them to focus more on ‘handwork’ (vocational training) for street teenagers. Money can be spent, but a skill is forever,” Bangura said.

    Providing security at the event, a police officer from the Okokomaiko Division, Mr Balogun Richard, commended the organizers for the orderly conduct of the exercise.

    “What they are doing is amazing because not everyone has the heart to give like this. We were sent here to ensure security, and I am happy to report that everything went smoothly.

    “If initiatives like this continue, the people will be happier and the society more peaceful,” he stated.

  • LCFE set to list Kian Smith’s N21b gold bars

    LCFE set to list Kian Smith’s N21b gold bars

    The Lagos Commodities and Futures Exchange (LCFE) has concluded arrangements to list over N21 billion worth of Kian Smith FZE gold in a transaction aimed expanding investable asset classes within the capital market.

    The listing will feature internationally certified 1kg London Bullion Market Association (LBMA) gold bars, which expectedly would deepen Nigeria’s commodities market.

    Managing Director, Lagos Commodities and Futures Exchange (LCFE), Akin Akeredolu-Ale, and Managing Director, Kian Smith FZE, Nere Emiko, confirmed that the Exchange had received approval from the Securities and Exchange Commission (SEC) to list Kian Smith’s 1kg, LBMA-certified gold bars on its trading floor.

    Akeredolu-Ale said the impending listing highlights increasing confidence in structured commodities trading and marks a major milestone in attracting institutional capital.

    He noted that trading on the Exchange would improve market transparency while positioning gold as a credible alternative investment for both local and international investors.

    READ ALSO: Kano’s unfolding power game

    According to him, Kian Smith listing is expected to elevate the Nigerian capital market, in alignment with the broader vision of building a $1 trillion economy.

    He commended Kian Smith for the notable contributions to the gold sector, highlighting that Kian Smith FZE, is advancing its efforts further through the LCFE listing.

    He noted that, with PENCOM’s newly introduced investment guidelines, the timing of the 1kg LBMA gold bars listing is especially timely.

    Akeredolu-Ale noted that the transaction required significant effort and commitment, commending SEC for the strong support extended to the Exchange.

    He explained that the EKO Gold transaction, the first listing on the Exchange, highlighted the vast opportunities within the gold sector through commodities trading.

    Emiko explained that the initial offering is intended to gauge the Nigerian capital market’s response to structured gold trading, with additional tranches of gold contracts expected to be listed on LCFE in the future.

    She further highlighted the strong growth trajectory of the gold sector over time.

    She noted that in 2000 and early 2024, an ounce of gold traded at $1,800 and $3,200 respectively, and it currently trades at $4, 450.

    Emiko said that forecast for 2026 project gold prices could reach $5,000-$6,000 per ounce, underscoring the sector’s significant potential.

    Managing Director, First City Monument Bank Limited (FCMB), Yemisi Edun, said that the transaction represented a significant milestone in the evolution of the Nigerian capital market.

    She emphasised that the collaboration between Kian Smith’s supply chain expertise, LCFE’s trading platform, and FCMB as the receiving bank establishes a model for the future of commodities trading.

    Managing Director, WCM, Patrick Ajayi, the dealing member firm facilitating Kian Smith’s market entry, underlined the significance of investors understanding the robust risk management protocols that the instrument underwent prior to being listed on the Exchange.

    He further explained that each gold bar is sealed, with its quality and quantity guaranteed, providing investors with confidence that all necessary safeguards and protocols have been thoroughly implemented.

  • UBA exceeds N500b minimum capital base ahead CBN deadline

    UBA exceeds N500b minimum capital base ahead CBN deadline

    The United Bank for Africa (UBA Plc) has surpassed the N500 billion capital requirement set by the Central Bank of Nigeria (CBN) for banks with international licences.

    As at the 2025 half-year audited results, the UBA’s share capital and share premium stood at approximately N350 billion.

    However, following the successful completion of the second tranche of its Rights Issue, for which the Securities and Exchange Commission (SEC) approved the allotment of N157 billion to shareholders, the bank’s total share capital now exceeds the N500 billion minimum capital requirement prescribed by the CBN.

    This outcome affirms the bank’s strong balance sheet and demonstrates its full compliance with applicable regulatory capital requirements.

    The CBN had, on March 28, 2024 announced a two-year bank recapitalisation exercise which commenced on April 1, 2024. The recapitalisation plan requires minimum capital of N500 billion, N200 billion and N50 billion for commercial banks with international, national and regional licences respectively. The 24-month timeline for compliance ends on March 31, 2026.

    A joint report by Vetiva Advisory Limited, United Capital and CardinalStone, which handled the rights issue, said N157.84 billion was raised after the exercise was fully subscribed. The rights issue offered 3,156,869,665 ordinary shares at N50 per share.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

    The shares were offered on the basis of one new share for every 13 existing shares held by shareholders on the register as of 16 July 2025.

    “At the close of the acceptance list on Friday, 19 September 2025, a total of 6,404 acceptances for 4,134,747,690 ordinary shares valued at N206,737,384,500.00 were initially received in connection with the rights issue. However, the issue is now valued at N157,843,483,250.00 for 3,156,869,665 ordinary shares,” the report said..

    Following scaling adjustments by shareholders, the final allotment amounted to 3.16bn shares worth N157.84 billion, representing 100 per cent subscription of the rights issue.

    Analysis of the subscriptions shows that 6,404 valid applications were received for 3.57 billion shares valued at N178.3 billion, while 568.7m shares valued at N28.43 billion were deemed invalid.

    Full acceptances accounted for 453.58 million shares, and partial acceptances totaled 135.27 million shares, resulting in 190.93 million shares partially renounced.

    During the exercise, a total of 2,568,006,215 shares were renounced and reallocated. Applications for additional shares amounted to 2.98 billion shares valued at N148.86 billion, of which 2.57 billion shares valued at N128.4 billion were allotted, following a scale-down by one shareholder.

    The Securities and Exchange Commission has cleared the basis of allotment. The PAC Registrars and Investor Services Limited will credit the CSCS accounts of allottees by Friday, 16 January 2026, while surplus subscription monies will be returned by Tuesday, 13 January 2026. Shareholders without CSCS accounts will have shares credited using a Registrar Identification Number in line with SEC directives on dematerialisation of share certificates.

    The successful rights issue highlights strong investor confidence in UBA and provides additional capital to support the bank’s operations and expansion initiatives across Africa.

  • Champion Breweries opens N42b public offer

    Champion Breweries opens N42b public offer

    Champion Breweries Plc has officially opened its N42 billion Public Offer of ordinary shares at N16.00 per share, following approvals from the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX).

    The public offer gives institutional and retail investors an opportunity to participate in Champion’s next phase of growth as it prepares to acquire the Bullet brand portfolio and expand its footprint across Africa.

    The company, in a statement released on Thursday, said the public offer follows the N15.9 billion Rights Issue to existing shareholders, representing the first phase of the company’s two-step capital-raising programme.

    The statement stated that application for the offer opened on January 8, 2026 and will close on January 21, 2026.

    Applications may be made through any of the receiving agents listed in the prospectus or electronically via the NGX Invest platform (https://invest.ngxgroup.com).

    Net proceeds from the public offer, together with those of the Rights Issue, will be applied in funding the acquisition of the Bullet brand portfolio through an asset carve out that transfers ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion.

    READ ALSO: Kano’s unfolding power game

    Proceeds will also be used in supporting working capital requirements and growth initiatives in areas such as route to market, marketing, innovation and capacity expansion.

    Bullet is Nigeria’s leading Ready-To-Drink (RTD) alcoholic beverage and one of the top energy drink brands in its markets of presence.

    The brand is currently sold in 14 African countries and earns a significant portion of its revenues in foreign currency, providing Champion with a natural FX hedge and a platform for continued regional expansion.

    Managing Director of Champion Breweries Plc, Dr Inalegwu Adoga, said: “The opening of our public offer is an invitation for investors to share in the next phase of Champion’s growth.

    “With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan-African RTD and energy drink platform.”

    Group Managing Director, enJOYcorp, David Butler, added: “Champion’s story is one of disciplined execution and smart capital deployment.

    “The asset carve out structure for Bullet will mean we can unlock FX earnings and scale quickly, without heavy upfront investment in new plants. This public offer allows a wider pool of investors to participate in that strategy.”

    The public offer is managed by Rand Merchant Bank Nigeria Limited as Lead Issuing House, with FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, CardinalStone Partners Limited, Greenwich Merchant Bank Limited, Chapel Hill Denham Advisory Limited, Comercio Partners Capital Limited, and Fortress Capital Limited serving as Joint Issuing Houses. Africa Prudential Plc is the Registrar to the Offer.

    Prospective investors are advised to read the prospectus carefully and to consult their stockbrokers, bankers or investment advisers before making an investment decision.

    Champion Breweries Plc is a publicly listed Nigerian beverage company with nearly five decades of brewing heritage and a portfolio that includes Champion Lager and Champ Malta.

    The company is part of the enJOYcorp Group, a consumer brands platform focused on scaling African products into regional and global markets. Upon completion of the Bullet acquisition, Champion will operate across multiple beverage categories and 14 African markets.

    The Company has in recent years delivered strong and improving results. For instance, revenue increased from N12.7 billion in 2023 to N20.9 billion in 2024, while net income rose from N370 million to N817 million.

    In the first half of 2025, Champion reported N15.9 billion in revenue and N2.3 billion in net income, representing a record setting performance and underlining the robustness of its operating model.

  • NUPRC: Licensing round bid winners procedures out Jan 14

    NUPRC: Licensing round bid winners procedures out Jan 14

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will on January 14, 2026 determine its procedures for the assessment of the 2025 Licensing Round.

    This was contained in the announcement of Lagos pre-bid conference the commission issued yesterday.

    NUPRC said: “ The focus areas of the upcoming pre-bid conference include: The implementation timetable, the bid package preparation, eligibility terms: and the assessment and winners determination procedure.

    “The NUPRC has officially announced a pre-bid conference for the ongoing 2025 licensing round. The event is scheduled for Wednesday, January 14, 2026, starting at 9:00 AM at the Grand Ballroom, Eko Hotels and Suites, Lagos.

    Besides a statement signed by the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, and dated  January 8, 2026 said the conference serves as a follow-up to earlier notices published in local and international newspapers, in line with the requirements of the Petroleum Industry Act (PIA).

    READ ALSO: Kano’s unfolding power game

    She added that “This announcement is sequel to a notice already published by the NUPRC in foreign and local newspapers in line with the Petroleum Industry Act. The focus areas of the upcoming pre-bid conference include: The implementation timetable, the bid package preparation, eligibility terms; and the assessment and the winners’ determination procedure.

    Recall that last year, the NUPRC announcement the commencement of the bid process, which has a six-month timeline on December 1.

    Part of the highlights of the expectations was that it was designed to attract $10 billion investments in the next 10 years.

    According to the erstwhile NUPRC Chief Executive Officer, Eng. Gbenga Komolafe, “The Nigeria 2025 licensing round is therefore expected to attract about $10 billion in investment and add up to 2 billion barrels of oil output over the next 10 years, with an estimated 400,000 barrels per day of production volumes when the blocks are fully operational.”

    On December 8, 2025, NUPRC announced that the minimum financial requirement for an entity to participate in the 2025 licensing round is an average $100 million for deep offshore blocks while an average $40 million is required for onshore and shallow water blocks.

    This was contained in the “FAQ’s on the Nigerian Upstream Petroleum Regulatory Commission (NUPRC’s) 2025 Licensing Round.”

    The document which was released virtually said:    “Average annual turnover of $100,000,000.00 for deep offshore blocks and $40, 000,000 for onshore and shallow water blocks or

     “Minimum Cash in bank of $100,000,000.00 for deep offshore blocks and $40,000,000.00 for onshore and shallow water blocks or Bank  Guarantee  to  the  tune  of  $100,000,000.00 for  deep offshore, $40,000,000.00 for onshore, and shallow water blocks or

    “For newly incorporated companies, a parent company guarantee to the tune of $100,000,000.00 in deep offshore, $40,000,000.00 in onshore and shallow water.”

    NUPRC also also said from the $10 million per block charge in the 2024 oil block bid round, the Federal Government has reduced the signature bonus to between a minimum of $3 million to a maximum of $7 million in the 2025 bid round.

    This is an indication of 70 per cent and 30 per cent crash, according to the document.

    According to NUPRC, “The Nigerian government has graciously reduced the signature bonus to between $3 million and $7 million.”

    The document noted that the Minister of Petroleum Resources has approved the new signature bonus in order to reduce entry barriers.

    “All Bidders shall be required to submit a bid within a range of $3 million and $7 million as approved by the minister of petroleum for the reduction of entry barriers,” said NUPRC.

    The document explicitly stated that the designated signature bonus account is United States dollar- denominated, an indication that it is not dominated in local currency (Naira).

    NUPRC said the exercise is a score based approach, taking into consideration the following parameters: Signature bonus (provided it is within the prescribed limit), and work programme.

    It also said the score based approach considers unit cost per barrel with reference to the work programme, professionalism, human and technical capacity.

    It also looks into percentage of bank guarantee made available Balance sheet, Turnover, Green story and decarbonisation programme and Corporate governance structure.

    NUPRC said no bidder, whether participating individually or as a member of any consortium, shall submit applications for more than two assets in total across all applications.

    It stressed that “participation in more than one consortium shall count towards this limit. For the avoidance of doubt, where a company has equity, direct or indirect ownership, or management involvement in multiple consortium vehicles, all such applications shall be aggregated and treated as a single bidder’s applications.”

    The document said the applicant’s Technical Competence will be evaluated using work experience across the under-listed work areas: Geological and geophysical capabilities; Drilling and well engineering; Reservoir evaluation and management; Production engineering and technology;   Development planning and Facilities engineering and management.

  • EU, NESG unveil framework for food security

    EU, NESG unveil framework for food security

    The European Union (EU) and the Nigerian Economic Summit Group (NESG) have unveiled policy frameworks and documents aimed at revitalising agricultural production, strengthening food security and raising farmers’ incomes, signalling a decisive shift toward more interventionist strategies to cushion agriculture from global volatility.

    In Europe, the push follows an extraordinary meeting of EU Agriculture Ministers on January 7, where the European Commission elevated food security to a core pillar of the Union’s broader security and sovereignty agenda. Confronted with market uncertainty, climate pressures and persistently high input costs, the Commission announced a mix of financial backing and regulatory safeguards to stabilise farm incomes while sustaining large-scale production.

    At the centre of the plan is the protection of the Common Agricultural Policy (CAP) budget, including a proposed National and Regional Partnership Fund of 293.7 billion euros to ensure predictable income support and long-term investment capacity for farmers across the bloc.

    The Commission also moved to double its crisis reserve through a new €6.3 billion Unity Safety Net to shield farmers from natural disasters, climate shocks and animal diseases.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

    Recognising the strategic importance of farm inputs, Brussels proposed temporary tariff reductions on ammonia and urea to ease fertiliser costs and improve availability. Member States will also be able to strengthen rural development spending through new National and Regional Partnership Plans, while a semi-automatic “handbrake” mechanism will allow the EU to respond swiftly to import surges that threaten domestic producers. An implementation dialogue scheduled for the first quarter of 2026 will assess the cumulative impact of environmental regulations on farmers.

    EU Commissioner for Agriculture and Food, Christophe Hansen, stressed that farming remains central to Europe’s strategic autonomy. “Farming and the agri-food sector are essential for European sovereignty and strategic autonomy. And the Common Agricultural Policy is our core instrument to support farmers. In the future CAP, farmers’ income support is safeguarded and guaranteed,” he said.

    Hansen explained that, beyond a minimum €300 billion ring-fenced for farmers in the next EU budget, at least 10 per cent of each National and Regional Partnership Plan would be dedicated to rural development, amounting to about €49 billion, and potentially rising to almost €63 billion when catalyst loans are included. “We also proposed to Member States to mobilise an additional €45 billion to support farmers and rural communities,” he added, noting that agriculture would further benefit from the European Competitiveness Fund and a €40 billion research programme covering biotech, the bioeconomy, health and agriculture.

    On fertiliser policy, EU Commissioner for Trade and Economic Security, Maroš Šefčovič, warned that costs remain dangerously high despite recent stabilisation. “While prices have stabilised, fertiliser costs remain around 60 per cent higher than in 2020. That is simply not sustainable,” he said. According to him, the Commission will propose the temporary suspension of remaining MFN tariffs on ammonia, urea and, where necessary, other fertilisers. “Robust safeguards will ensure that this relief is well-targeted and that its benefits flow directly to farmers,” he added.

    In Nigeria, a parallel sense of urgency emerged at the 31st Nigerian Economic Summit (NES #31), where policymakers and business leaders rallied around agriculture and agribusiness as engines of industrialisation and competitiveness. The summit concluded with a mandate to build a prosperous and inclusive Nigeria by 2030, anchored on a shift from a consumption-driven economy to a production-based one.

    The NESG framework prioritises infrastructure, innovation and regional integration, with a strong emphasis on value-chain development rather than raw commodity exports. Participants underscored the need to institutionalise policy coherence and execution discipline to end frequent reversals that have long undermined agricultural growth. Digital tools, improved access to finance and targeted reforms were identified as critical to unlocking agribusiness potential.

    To ensure that reforms deliver tangible gains for farmers, the NESG called on federal and state governments to deepen decentralisation, empower local governments and strengthen accountability frameworks for agricultural funding. The group also advocated a decisive shift toward value-added processing and agro-industrial development.

    As part of its reform push, the summit proposed scaling up a Citizen Delivery Tracker to monitor government performance on agricultural commitments, while integrating socio-economic interventions with security operations to protect farming communities from regional disparities and exclusion.

  • Fed Govt woos Spanish investors

    Fed Govt woos Spanish investors

    Nigeria has declared readiness to deepen economic partnership with Spain.

    The Minister of Foreign Affairs, Yusuf Tuggar said Spain remains a strategic partner and an important bridge between Africa and Europe.

    Tuggar made the statement during an engagement with the leadership of CEOE, Spain’s foremost business confederation in Spain.

    He assured Spanish investors that Nigeria’s economy is steadily stabilising and repositioning through structural reforms, diversification, and stronger macroeconomic coordination.

    The Minister who is currently in Spain as head of Nigeria’s delegation to engage with the Spanish investors urged them to come invest in Nigeria.

    The statement which was signed by the media aide to the Minister, Alkasim Abdulkadir highlighted several priority sectors for Spanish investors.

    The statement reads: “In energy and gas, Nigeria’s vast reserves underpin opportunities across LNG, power generation, petrochemicals, fertilisers, and the energy transition, including major cross-border initiatives such as the African Atlantic Gas Pipeline and the Trans-Saharan Gas Pipeline.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

    In agriculture and agro-processing, opportunities span mechanisation, food processing, cold-chain logistics, and export-oriented agribusiness.

    “Infrastructure and industrial development were also identified as key areas, particularly through public–private partnerships in transport, logistics, and special economic zones. Nigeria further positioned itself as an emerging hub for Business Process Outsourcing (BPO), citing its young, English-speaking, digitally skilled workforce capable of supporting customer services, shared services, and IT outsourcing for European markets. Technology, fintech, digital infrastructure, creative industries, and professional services were also presented as high-growth sectors.

    “Addressing Spanish business leaders, Nigeria underscored its appreciation of CEOE’s role as the institutional backbone of Spain’s productive economy, while highlighting the growing alignment between Nigeria’s reform-driven economic agenda and Spain’s outward-looking private sector.

    “Officials noted that Nigeria’s economy is steadily stabilising and repositioning through structural reforms, diversification, and stronger macroeconomic coordination. Growth is increasingly driven by non-oil sectors including agriculture, services, manufacturing, technology, and global services. With a population exceeding 200 million over 70 per cent making up a very young demography.

    “Nigeria stressed its relevance to Spanish business as Africa’s largest market and a natural gateway to West and Central Africa. Through the African Continental Free Trade Area (AfCFTA), investments anchored in Nigeria can serve a continental market of more than 1.3 billion people.

    “The country emphasised its preference for productive, long-term capital, technology transfer, and partnerships that deepen value chains, rather than short-term or speculative engagement.

    “On migration and labour mobility, Nigeria reiterated that it does not encourage irregular migration, favouring instead structured and legal mobility aligned with labour market needs. Spain’s circular migration framework was commended as consistent with long-standing West African labour practices. Properly managed labour mobility, Nigeria noted, can enhance business competitiveness, reduce irregular migration flows, and strengthen bilateral trust.

    “The Nigerian delegation also pointed to ongoing policy reforms aimed at improving the ease of doing business, regulatory transparency, and investor protection. Investors were assured of incentives, sector-specific support, expanding infrastructure, and a strong emphasis on diaspora- and skills-based investment that connects global expertise with domestic opportunity.

    “CEOE was invited to play a catalytic role by encouraging Spanish firms to view Nigeria not merely as an export destination, but as a production and services base; by supporting joint ventures and SME partnerships; and by helping shape a more balanced Europe–Africa economic narrative founded on mutual benefit.”

  • NERC, NMDPRA meet on security

    NERC, NMDPRA meet on security

    Owing to their desire to enhance energy security and economic growth, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Saidu Aliyu Mohammed, alongside members of his management team, paid a courtesy visit to the Nigerian Electricity Regulatory Commission (NERC) in Abuja.

    This was made known in the X handle of the NERC, which said the the visit was aimed at strengthening institutional collaboration between the two regulators in recognition of their strategic roles in Nigeria’s energy landscape.

    Discussions focused on enhancing synergy between the power and gas sectors to support national economic growth and energy security.

    READ ALSO: Kano’s unfolding power game

    Speaking during the meeting, both parties emphasised that as regulators of two critical sectors of the economy, there is a need for continuous engagement and coordinated strategies to develop practical solutions that will move their respective sectors forward.

    The NERC Chairman, Dr. Musiliu Oseni welcomed the visit, noting that closer cooperation between the electricity and petroleum regulators would promote policy coherence, operational efficiency, and sustainable development across the energy value chain.

    The meeting concluded with a shared commitment to deepen collaboration and explore joint initiatives that will advance the growth and stability of Nigeria’s power sector.

  • Fed Govt bolsters national economy through NPA

    Fed Govt bolsters national economy through NPA

    The Federal Government, through the Nigerian Ports Authority (NPA) bolsters the national economy through record trade facilitation, infrastructural development, and key operational efficiencies.

    A fresh $60 million investment in green port initiatives by the President Bola Tinubu administration is set to transform the NPA’s operations, driving a renewed focus on local content development.

    Recent data from 2025 has shown an unprecedented growth, positioning Nigeria’s ports as crucial hubs for economic prosperity.

    Findings revealed that the NPA has significantly contributed to the  nation’s economy through various avenues. Sustained efficiencies have led to Nigeria’s international trade reaching N5.81 trillion in the third quarter of 2024, resulting in a significant trade surplus. In Q3 2025, export-laden container volumes saw a substantial increase, and total cargo throughput rose by 16.2 per cent. The agency also made a notable contribution of N400.8 billion to the Consolidated Revenue Fund (CRF) in 2024, nearly doubling the previous year’s remittance.

    The operationalisation of the Dangote Refinery’s Single Point Mooring (SPM) system is anticipated to attract a large number of vessels annually, further boosting revenue. Additionally, the NPA’s support in implementing the presidential mandate to trade petroleum in Naira has helped conserve the country’s foreign exchange reserves and enhance energy security.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

    By integrating Nigeria into the International Port Community System Association (IPCSA) and championing the National Single Window project, NPA has ushered in a new era of transparency. His visionary leadership was recently honored with the Award of Excellence for his role in modernizing maritime infrastructure.

    The NPA’s achievements in 2025, stakeholders said, are a clear indication  to the Federal Government focus on excellence and innovation through its agencies.

    These sustainability efforts are backed by record-breaking performance metrics.

    In the third quarter of 2025 alone, the Authority saw export-laden container volumes skyrocket by 1,085per cent, while total cargo throughput climbed by 16.2%, marking a stellar period of maritime growth.

    Container operations were a key driver of this growth, with total container traffic rising by 18.9% to 546,931 TEUs.

    Import-laden containers also witnessed an increase by 33.1per cent to 268,713 TEUs, while export-laden containers jumped to 69,039 TEUs from 5,812 TEUs in Q3 2024.

    “The sharp rise in export containers also led to a 21.5per cent reduction in empty container traffic, signalling improved balance between imports and exports and stronger non-oil export activity,” according to operational data released by NPA in December.

    Ship traffic also saw significant growth, with vessel calls up by 8.4per cent to 1,074 ships and total Gross Registered Tonnage (GRT) rising by 18per cent to 42.64 million.

    Lekki Deep Seaport emerged as the dominant growth driver, handling 46.8per cent of total cargo, followed by Onne Port with 17per cent. In terms of vessel size, Lekki Port received the largest ships, with an average GRT of 57,244.

    Attributing the strong performance to the Federal Government’s export-driven economic reforms and growing investor confidence, Dantsoho said: “The figures reflect improved operational efficiency across all pilotage districts,” he said.