The Nation Newspaper

Category: Business

  • Driving digital transformation despite challenges

    Driving digital transformation despite challenges

    In spite of the challenging operating environment characterized by willful vandalism and stealing of infrastructure, even after an Executive Order classified telecom equipment as Critical National Infrastructure (CNI), the information communication technology (ICT) sector continued to drive the economy, LUCAS AJANAKU reports.

    For Nigeria’s ICT sector, the year 2025 has proved to be a defining year. After the industry contended with the regulatory interventions which led to the clean-ups of unregistered or improperly registered subscriber identity module (SIM) in 2024 and early 2025, subscribers began returning to an upward growth trajectory. Recall the aggressive enforcement of the linkage of every SIM with a National Identity Number (NIN) had led to large numbers of unverified numbers being deactivated. However, by November 2025, Nigeria’s telecom subscriber base rose to approximately 177.4 million active subscriptions, marking a 2.1 million increase (about 1.2 per cent) from October and underscoring a strong rebound following mid-year contractions.

    The increase was driven by MTN and Airtel accounting for over 85per cent of the market, adding over 1.6 million connections that month, according to Nigerian Communications Commission (NCC) data. This growth signals a rebound from earlier contractions, with internet connections also climbing, and marks significant progress after a period of regulatory adjustments.

    Mobile internet connections also rose, with penetration nearing 50per cent.

    Nigeria’s teledensity (connections per 100 inhabitants) also increased, reaching over 80per cent.

    Telecommunications companies contributed N4.4trillion to Nigeria’s Gross Domestic Product in the third quarter of 2025, representing 84.5 per cent of the N5.2trillion generated by the wider ICT sector, the National Bureau of Statistics stated in its report.

    The ICT sector, which also includes broadcasting, sound and media production, and publishing, accounted for 9.1 per cent of real GDP in Q3 2025, down from 11.8 per cent in the previous quarter. Despite the decline in quarterly share, the sector achieved year-on-year growth of 5.78 per cent, highlighting its sustained contribution to economic expansion.

    These figures show that telecom operators, mainly MTN Nigeria, Airtel, Globacom and T2, are the backbone of the ICT sector. The broader digital economy, which includes the financial institutions sector, contributed 11.8 per cent of Nigeria’s real GDP, or N6.7trillion, to the country’s total N57trillion GDP in Q3 2025.

    Further, the report stated that broadcasting accounted for N430.7billion (8.2 per cent) and sound and media production contributed N379.2billion (7.2 per cent) to the ICT sector, while publishing remained minimal at N9billionn, representing just 0.1 per cent of the total.

    Overall, Nigeria’s GDP grew by 3.98 per cent during the quarter, slightly below the 4.23 per cent recorded in Q2 2025 but higher than the 3.86 per cent growth in Q3 2024.

    Evidence of recovery is visible in recent financial statements: MTN Nigeria posted a pre-tax profit of N419.61billion in Q2 2025, compared with a pre-tax loss of N179.60billion in the same period last year.

    Airtel Nigeria generated $333million in revenue for the quarter ended June 30, 2025, a 30 per cent increase year-on-year.

    After years of rising energy costs and currency volatility, a long-sought 50 per cent tariff increase approved earlier this year has given operators more room to invest. They are now pumping $1billion into network upgrades, much of it spent on Chinese equipment.

    The Federal Government is rolling out Project Bridge, a plan to construct 90,000 km of new fibre optic infrastructure, aimed at connecting all six geopolitical zones and increasing internet penetration, particularly in underserved rural areas.

    The expansion will build on the existing national fibre backbone, targeting 125,000 km by 2027, and aims to raise internet penetration to 70 per cent by 2025 and 80 per cent for underserved populations by 2027.

    While urban areas continue to see high penetration rates, rural regions are catching up, thanks to targeted initiatives aimed at expanding network infrastructure. This urban-rural balance is crucial for inclusive economic growth.

    Increased mobile connectivity has spurred the growth of small and medium-sized enterprises (SMEs), allowing them to leverage mobile platforms for marketing, sales, and customer engagement and innovations: The surge in subscribers has prompted mobile network operators (MNOs) to innovate and diversify their offerings. This includes mobile payments, health services, and e-learning platforms, which cater to the needs of a growing digital consumer base.

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    The contribution of the ICT sector to Nigeria’s GDP, which rose to 12 per cent, underscoring its significance in the areas of digital transformation across various industries, including agriculture, finance, and education. Mobile technology is enabling farmers to access market prices and weather forecasts, improving productivity and economic outcomes.

    The growth in GDP contribution is attracting both local and foreign investors. Startups in fintech, health tech, and ed-tech are gaining traction, supported by venture capital investments.

    The 3MTT or three million tech talent initiative is particularly noteworthy for several reasons. One is skill development: The project aims to bridge the skills gap in Nigeria’s tech ecosystem. By focusing on critical areas such as AI, data science, and software engineering, it prepares the workforce for future demands.

    Youth Empowerment: The initiative not only enhances employability but also encourages entrepreneurship among young Nigerians. Graduates are motivated to start their own businesses, contributing to job creation.

    Collaboration with Tech Hubs: The partnerships with tech hubs and educational institutions enhance the quality and relevance of training programs, ensuring they align with industry needs.

    President Bola Tinubu said Nigeria’s ambition to become a $1 trillion economy hinges on sustained investment in digital skills and the productivity of its youth.

     “The countries that lead the world today are those that invest purposefully in the skills of their young population,” he said.

    Tinubu added that digital skills are now essential across agriculture, healthcare, finance, manufacturing, education, and public service, positioning Nigeria as a competitive player globally.

    Already, the Federal Government has secured more than N6.45 billion in private sector support to scale up the 3MTT programme across the country.

    The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, said the support from IHS, MTN, and Airtel would strengthen training infrastructure, deepen community engagement, and widen access for young Nigerians preparing for technology careers.

    IHS committed N2.5 billion, MTN N2.95 billion, and Airtel N1 billion to the initiative.

    Tijani attributed the programme’s rapid growth to strong national demand and President Bola Tinubu’s reforms in the digital economy sector, which aim to improve the lives of ordinary Nigerians.

    “Every agenda of his administration and all the reforms that he’s made are solely for the average Nigerian,” he said, adding that the summit also served to appreciate the President’s contribution to the country’s digital economy.

    Tijani cited the National Data Protection Commission Act, the 2023 launch of 3MTT, the approval of a $2 billion, 90,000-kilometre fibre project, the designation of telecom infrastructure as critical national assets, and tariff adjustments for operators as catalysts for restoring investor confidence in the sector.

    He also detailed previous private-sector contributions, noting that IHS was the first to support the programme with N1 billion at its launch and later invested N1.5 billion to rehabilitate a damaged tech park in Kano.

    MTN contributed N3 billion for training, devices, and data, while Airtel provided N1 billion for the 3MTT NextGen stream.

    Tijani said non-cash support from global technology companies—including AWS, Google, Huawei, and Microsoft—further strengthened the programme.

    The minister said the overwhelming response to 3MTT confirmed that the initiative addressed a genuine national need, with over 1.8 million Nigerians applying within the first month from all states and local governments.

    Applicants were required to register with either NIN or BVN, ensuring unique identification.

    Tijani explained that the programme is being executed in phases: the first phase trained 30,000 learners starting December 2023, the second phase scaled to one million trainees by July 2024, and the final phase, targeting three million Nigerians, will begin next year.

    He said direct employment from the first phase already exceeds 15,000, with many fellows earning salaries above N250,000.

    The government has activated 201 applied learning centres nationwide and engaged 583 learning partners and 37 community managers to support delivery.

    Highlighting job placement, Tijani said the European Union (EU) and UNDP, through the Jubilee Fellows Programme, provided funding for internship placements, enabling fellows to transition into employment at no cost to host organisations.

    Launched in October 2023 by the Federal Ministry of Communications, Innovation and Digital Economy, the 3MTT programme aims to train three million Nigerians in digital and technical skills by 2027 with focus on software development, artificial intelligence (AI), cybersecurity, and data science, combining online learning with in-person instruction across all 36 states and the Federal Capital Territory.

    During the period under review, 5G technology adoption continued. The roll out of the technology has significant implications for Nigeria, especially in the area of enhanced connectivity. With 40 per cent of urban areas covered, 5G technology is set to revolutionize industries by enabling faster and more reliable internet access.

    The implementation of smart city projects leveraging 5G will improve urban living conditions through better traffic management, waste management, and public safety while the adoption of 5G will create new business models and revenue streams, particularly in IoT, autonomous vehicles, and smart agriculture.

    During the period under review, Airtel Africa Foundation was launched, reflecting a broader trend among MNOs to engage in corporate social responsibility (CSR). The initiative will hopefully focus on health and education to improve overall societal well-being, which is essential for sustainable development.

    Initiatives that promote digital literacy and access to technology help bridge the digital divide, enabling marginalized communities to participate in the digital economy.

    The legacy challenges confronting the sector continued during the year as vandalism took a terrific toll on service quality and cash to fix the infrastructure by the affected MNOs.

    The telecommunications and ICT sectors in Nigeria are at a crucial juncture, with significant growth and transformative initiatives occurring alongside persistent challenges. The success of projects like the 3MTT initiative, the expansion of 5G technology, and the efforts of MNOs to engage in community development are paving the way for a more connected and prosperous Nigeria.As the sector navigates its challenges, the dual focus on innovation and security will be essential for sustaining growth and ensuring that the digital economy benefits all Nigerians. The future is bright, but collaboration among stakeholders—government, private sector, and civil society—will be key to realizing this potential.

  • Power: Still a long walk

    Power: Still a long walk

    The Electricity Act 2023 perhaps remains the driving force behind the successes recorded in the power sector in 2025. With a record peak generation of over 6,000 megawatts (MW), improved national grid stability with zero collapses in the first quarter; the successful unbundling of the Transmission Company of Nigeria (TCN), among others, were very remarkable. While all these and others gives hopes, yet, it is still not El-Dorado, MUYIWA LUCAS writes.

    Going by the record of successes recorded in the power sector, electricity situation in the country may have recorded a pass mark. From Generation to transmission, it has been sweet stories all the way.

    The Transmission Company of Nigeria recorded a transmission peak of 5,801.84 megawatts (MW) on March 4. Managing Director of TCN, Sule Abdulaziz, described this as “a historic milestone which occurred during the year” because it remained the highest peak of electricity generation ever delivered on the national grid.

     “A highlight of our progress came on March 4, when TCN transmitted an all-time peak generation of 5,801.84 MW nationwide. On the same day, a maximum daily energy of 128,370.75 megawatt-hours (MWh) was delivered across the country—the highest ever recorded in Nigeria’s history,” Abdulaziz disclosed, adding that TCN’s wheeling capability has grown to 8,700MW.

    TCN’s record transmission rode on the back of power generation and grid stability witnessed for most part of the year. For instance, new records for peak power generation throughout the year, were recorded culminating in a 6,003 MW electricity generation recorded on March 2. The average daily generation and distribution in Q1 2025 was approximately 5,700 MW, about 40 per cent increase from Q3 2023 levels.

    The national grid also enjoyed some huge measure of stability in the first half of 2025, with no major system collapses reported in Q1 and Q2 when compared to previous years. Power plants like the 700MW capacity Zungeru Hydropower Plant and the 40MW Kashimbila Hydropower evacuating their capacities into the national grid. Zungeru plant now contributes about 550 MW to the national grid.

    Still, the country’s power system successfully operated in real-time synchronisation with the broader West African regional grid for four uninterrupted hours, a breakthrough for regional power trade.

    The birth of the Nigerian Independent System Operator (NISO) in April, separated system and market operations from the Transmission Service Provider (TSP), also greatly enhanced efficiency and reliability as mandated by the Electricity Act of 2023. Under the unbundling, the TCN, now acts as Transmission Service Provider (TSP), focusing on building and maintaining the physical transmission grid, while NISO acts as an independent body that manages market operations, generation dispatch and grid security. The unbundling aims for greater operational clarity, transparency, efficiency, and investment attraction in the Nigerian power sector, following mandates from the Electricity Act 2023. And this is paying off. For instance,  as at November 2025, TCN had inaugurated 82 new power transformers, adding over 8,500 Megavolt-Amperes (MVA) to the national grid.

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    As provided for in the EA 2023, regulatory oversight roles was successfully transferred to eleven states, allowing sub-national governments greater control over their local electricity markets.

    The Rural Electrification Agency (REA) deployed over 200 mini-grids across underserved communities in 2025 under the Nigeria Electrification Project (NEP). The $750 million Distributed Access through Renewable Energy Scale-Up (DARES) project was approved to deploy 1,350 mini-grids nationwide, aiming to impact 17.5 million Nigerians.

    Phases 1 and 2 of the Energising Education Programme (EEP) were completed, providing reliable power to federal universities and teaching hospitals, with EEP III reaching 70 per cent completion.

    The tariff reforms, including the cost-reflective tariff for Band A customers, generated an additional N700 billion in revenue, reflecting a 70 per cent increase growing from N1 trillion in 2023 to N1.7 trillion by early 2025. It has also helped to reduce the government’s subsidy shortfall by 35 per cent, decreasing from N3 trillion to N1.9 trillion.

    Presidential Metering Initiative (PMI) also recorded some great measure of progress as the federal government secured N700 billion to deploy 1.1 million meters by the end of 2025, aiming to close the national metering gap.

    The National Integrated Electricity Policy (NIEP) and the Integrated Resource Plan (IRP), which set a clear roadmap for a resilient and sustainable power sector, were developed and submitted for approval.

    Minister of Power, Adebayo Adelabu, may well beat his chest for the successes recorded in the power sector in the outgoing year.  But for the consumers on the street, these successes do not reflect in their homes given several reasons. The long hours of darkness they have been clamped into; the hydra-headed problems of securing meters; issues around estimated billings, among others calls for urgent attention. 

    As of October 2025, the electricity metering shortfall in Nigeria was approximately 5.3 million customers, with a national metering rate of 56.07 per cent. The data from the Nigerian Electricity Regulatory Commission (NERC) indicates total active registered customers: 12.07 million; total metered customers: 6.77 million and total unmetered customers (shortfall): Approximately 5.3 million. This represents a steady improvement from earlier in 2025, where the deficit was around 5.4 million customers in June and an estimated 6.47 million in March. The government has initiatives, such as the Presidential Metering Initiative and the Distribution Sector Recovery Programme, to close the metering gap, with targets to install millions more meters in the coming years.

    Still, the Distribution Companies (DisCos) have been weighed down by aging infrastructure, underinvestment, low revenue collection, largely due to estimated billing, theft, unmetered customers; inadequate tariffs (not cost-reflective), weak enforcement, lack of technical capacity, and poor service delivery, especially where there is a fault or need to replace an equipment.  leading to a liquidity crisis and hindering sector growth.

    Earlier this month, the House of Representatives expressed grave concern over the failure of DisCos to meet their obligations and shortchanging Nigerians 13 years after privatisation of the power sector.

    Chairman, Ad-hoc Committee investigating expenditure in Nigeria’s power sector, Ibrahim Al-Mustapha Aliyu and other members expressed concerns at its resumed investigative hearing held in Abuja, during the examination of the activities of Abuja DISCO, Port Harcourt DISCO and Benin DISCO respectively.

    Aliyu said despite privatisation of the power sector which was aimed at providing stable power in the country, Nigerians still grappling with the challenges of power supply.

    He said: “You know  the overall perception of Nigerians is that DISCOs are the major problem, the major setback to the noble initiative of privatizing the power sector.

     “Because most of the DisCos fall in the hands of those that are not truly investors, that are not actually ready to invest, but take advantage of the sector. You know, nobody will agree with you that after 13 years, you could not show one particular deliberate initiative.

     “I have cited an example with Abuja DISCO last time. Abuja DISCO extends up to Kontagora, but their major concentration is in Abuja, because that’s where they can make money.

     “The larger part of Kontagora may be without electricity. They don’t bother. And to be honest, they find it not economically wise, as investors, to waste money extending lines, maybe of 300, 200, 250 kilometers to rural areas, to those other areas that they feel they will not be able to recoup their investment.

     “This is not the intention of the privatization. And this is what is constantly taking us to the major. issue of probe, the issue of establishing the effectiveness or otherwise of the privatization generally. Look at the DisCos on 60% by the investors and 40% by the government.

     “But if I ask you, how much have you returned as a dividend of the 40% back to the government? The answer is nil, because you always pose as those that are investing for charity at last. So these are the key issues. I have said it before we begin this meeting, maybe at the beginning of this meeting, that you know, we have already opened talks with these investors, with the co-investors. That is the co-investors to their DISCOs,”  Aliyu submitted.

    Generally, stakeholders maintained that until the tripod in the sector- Gencos, TCN and Discos are able to get their acts correctly, then the issues may persist.

  • Renewing housing hope

    Renewing housing hope

    The real estate sector showed resilience amidst high inflation and interest rates, driven by strong urbanisation, population growth and a significant housing deficit, leading to price increases and affordability challenges. Smart city focus, increased infrastructure and a rise in real estate’s gross domestic product (GDP) contribution, with projections pointing to continued growth, especially in residential markets, despite economic headwinds, shaped the industry in the year under review, OKWY IROEGBU-CHIKEZIE writes.

    There may be conflicting figures regarding Nigeria’s housing deficit; but several real estate experts estimate the gap at 28 million units, stating that the nation needs 700,000 new homes annually.

    Still smarting from the joy of the real estate sector displacing oil and gas to emerge as Nigeria’s third largest sector, Gross Domestic Product (GDP) and Consumer Price Index (CPI) rebasing, the sector has continued to thrive, with an estimated value now at $2.61 trillion.

    In 2024, for instance, in nominal terms, real estate services grew by 46.52 percent in the Q3 of 2024, higher by 43.70 percent points than the growth rate reported for the same period in 2023 and lower when compared to the preceding quarter. On a quarter-on-quarter, the sector growth rate was 16.15 percent. It contributed 5.43 percent to real GDP in Q3 of 2024, lower than the 5.58 percent recorded in the corresponding quarter of 2023.

    This was why for discerning investors, the real estate presented the most veritable avenue for investment in 2025.  Rapid urbanisation in Lagos, Abuja, and Port Harcourt, coupled with a huge affordable housing demand from Nigeria’s growing population over 220 million; growing popularity of short-let rentals and a shift towards sustainable, solar-powered communities, with investors looking beyond major hubs to emerging corridors like border towns of big cities of Lagos like Akute (Ogun State), Ibadan (Oyo state) for better returns fueled the market.

    Besides, diaspora remittances in the sector, amounting to $5.2 billion in Q4 2025- a 10 per cent increase from Q3, stimulated driving investments in a real estate market valued at $2.61 trillion.  With 61.6 per cent demand in Lagos and 46.2 per cent for rentals, these funds were channeled into luxury apartments and commercial spaces.

    The sector showed resilience amidst high costs, driven by a huge housing deficit, rapid urbanisation, diaspora investment, and government focus on infrastructure, leading to strong rental demand, rising property values (especially in secondary cities like Ibadan, Epe, Ogun State), and increased acquisition volumes, despite persistent inflation and high borrowing costs. The market saw a mix of boom, driven by demand, new policies and affordability challenges, with investors exploring REITs and smart/sustainable developments

    The push for demand for both luxury and affordable housing surged, pushing prices up, particularly in high-growth areas like Ibeju-Lekki.

    The year also showcased high cost of construction materials and labour with a base material such as Cement costing up to N10,500 as against the previous year that was as low as between N4,000- N5,000. Cable, wires and iron doubled their previous year prices including plumbing materials.

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    It was also characterised by strong growth, driven by rapid urbanisation, population boom, and massive housing deficits of about 30 million units, leading to high demand, rising property values, and a thriving rental market, though challenges like high inflation, Naira devaluation, and soaring construction costs persisted, pushing tech adoption.

    High inflation and elevated interest rates challenged affordability, yet a mild stabilisation in the forex market eased some construction cost pressures.

    With high demand, there was a greater push for innovation in providing affordable housing solutions, a development that brought opportunities for potential for high returns, diaspora investment, infrastructure projects, tech innovation

     But persistent inflation impacting purchasing power, high borrowing costs for buyers and developers and the affordability gap for average Nigerians also had its effect on the sector, notwithstanding that the rental market grew as buying became harder, but long-term prospects remained strong for those who could navigate financing.

    Short-term rentals took a huge leap in the sector this year as a lucrative investment, especially in business/tourism hubs, offering passive income. A major shift towards solar-powered, green estates is occurring, reducing operational costs and enhancing liveability, is also a trend in the sector this year.

    Renewed Hope

    In the outgoing year, the Renewed Hope Agenda had a mixed impact on real estate, stimulating investment and project groundbreakings while grappling with significant challenges like high inflation, rising construction costs, and an ongoing housing affordability crisis.

    The government, through the Ministry of Housing and Urban Development, initiated the construction of over 10,000 housing units across 14 states as part of the Renewed Hope Cities and Estates programme. These projects were designed to offer a range of housing options, from one-bedroom bungalows to duplexes, with completion of early phases- like the 700 units in Ibeju Lekki, Lagos, expected for presidential inauguration.

    But despite government efforts, high costs remained a major deterrent for most Nigerians. Inflation-induced pressures, foreign exchange instability and high mortgage interest rates often between 18-30 per cent in the commercial market meant many citizens felt little direct impact from the initiatives.

    Undeterred, the government introduced strategies to improve access to homeownership like the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which was launched in earlier in the year. This fund aimed to provide mortgages at a more affordable 9.75 per cent interest rate with up to 20-year repayment plans, although initial uptake was slow. Similarly, the Federal Mortgage Bank of Nigeria (FMBN) expanded its rent-to-own and single-digit mortgage loan offerings to make homes more accessible to low- and middle-income earners and members of cooperative societies.

    The Renewed Hope Social Housing Programme planned to build 77,400 units in local government areas, offering them at heavily subsidised rates, with some allocated for free to vulnerable populations.

    Government’s land regulatory reforms agenda emphasised streamlining land administration to unlock “dead capital” valued at over $150 billion. Initiatives included a National Land Registration and Documentation Programme in collaboration with the World Bank to digitise land registries, improve transparency, and reduce bottlenecks that often hinder investment.

    Also, federal government finalized plans to establish six regional manufacturing hubs for building materials across the country. This was intended to reduce dependency on imported materials, cut construction costs, and create thousands of jobs, linking the housing sector to broader industrial goals.

    Overall, the Renewed Hope Agenda generated significant activity and laid policy groundwork for long-term transformation, but the real estate market in 2025 was still heavily influenced by persistent macroeconomic challenges, particularly inflation and high costs, which limited the immediate, widespread impact on housing affordability for the average Nigerian.

  • Stabilising oil industry

    Stabilising oil industry

    Aside from the crude oil production that has soared by nearly one million barrels per day, the turbulence that permeated the downstream industry upon the removal of petrol subsidy has calmed down with wet retail outlets and crashing pump prices, JOHN OFIKHENUA reports

    So soon, the endless queues around Premium Motor Spirit (PMS) petrol retail outlets have disappeared. The magic stemmed from the stability in the downstream sector. It is now based on market forces in accordance with the implementation of the Petroleum Industry Act (PIA).

    The calm came on the heels of the determination of the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri to leverage the law instead of unnecessary interference or discretion. To him, the law and nothing else should determine the operator’s decisions. Even in the face of disputes among parties in the industry, he advised them to settle amicably in line with the stipulations of the legislation.

    While the petrol prices were in the upward swing, he described it as a commercial matter emanating from the deregulation of the industry. To him, allowing the market fundamentals to regulate the market guarantees a steady supply of products for the much needed energy security. The last yuletide was stress free because the petrol stations were wet. This season, too, the product is everywhere with the prices nosediving.

    Elated that consumers were not falling over one another to access the fuel during the 2024 Yuletide, the minister  shared his experience of different prices in Bayelsa State. His words: “During the Christmas season, I was in Bayelsa, and I tried to go around different filling stations.

     “Some filling stations were selling N1,020, others were selling N999, while others were selling N1,015. The whole essence of deregulation is for the price to find its level. Before now, you will agree with me that every day you hear negative news about petrol subsidies. Today, you journalists have no negative news about petrol subsidies because it is completely regulated, and the price will find its level. As the oil price goes up, petrol price will go up, and as oil prices come down, the price will come up.”

    Being an outcome of the huge growth in the midstream with the $20 billion Dangote Refinery and a pocket of other modular refineries in the country, the implementation of the PIA under the watch of the minister has resulted in a competitive but stable industry. Call it the outcome of the price war or something else, the midstream and downstream are now stable and have freed the country from fear of supply shortage.  This is so because of the government’s refusal to interfere with the market forces. Since the PIA emphasizes domestic refining, import substitution and also leaves a breathing space for importers of products, players are allowed to operate to guarantee energy security. Interestingly, the Dangote Refinery has been very innovative in the competition. The company’s activities have crisscrossed refining to distribution to the end-users. This measure has helped him to cut out the cost of outsourcing haulage to middleman as he has already procured about 4,000 Compressed Natural Gas CNG (CNG) fired tankers to ferry the products nationwide. During the yuletide, he directed his affiliate petrol station MRS to vend petrol for N739 per litre. His other affiliates which look forward to receiving the free delivery from the refinery very soon are also optimistic they would crash their pump prices next week. In all, the consumer seems to be the beneficiary as the further competitions are likely to flatten the price curve.

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    On his own, Lokpobiri harps on domestic refining for lower prices and  job creation. He sees it as a catalyst for the complete stabilization of the industry. His tour of Ebenco Modular Refinery in Koko Delta State on November 21 was an eye opener on where he stands as he made a case for the local industry.  He urged illegal operators to emulate Ebenco to formalize their refineries. He pledged the government’s support for their take off. He said the initiative will not only save the environment but it will also stabilize the industry with a plausible solution to the headache of illegal refining, crude oil theft and pipeline vandalization. The minister said, “The government is  really committed to promoting local companies like Ebenco. It is committed to partnering with companies towards solving some of the problems that we are having. One of the biggest questions I ask people who are doing coal fire refining, why can’t we have improved machinery that could be used to refine this crude and resold to these men who are breaking pipelines and stealing the crude? Why can’t we work out an institution where we can have an improved refining like Ebenco is doing replicate it across?Today, I am here to find an answer to that question. If Ebenco is able to build a refinery that will refine products that meet international standards, it is easier for the government to.come up with fund and procure that and then give to different groups across the country.They will be given crude and pay for it in Naira the dollar equivalent because crude is sold in dollar. So even if you want to pay in dollar it has to be on the prevailing exchange rate.”

    Instead of someone going to China to look for refineries, you have brought the Chinese partner here who will do all the things and come up with quality refining.”

    From the 650,000 barrel per day refinery, Nigeria is also an exporter of petroleum products to far and near.  While other plants are at different stages of establishment, new modular refineries are springing up to compliment the existing ones.

    From the upstream, due to his supervision, crude oil production which plummeted to as low as 1.1million barrels per day has soared to about 1.8mb/d.

    On assumption of office, he was emphatic on his measure to address low output. He vowed to storm the creek. The minister has not limited is stance on the matter to the eloquent vow that elicited an applause, he has met traditional rulers in the Niger Delta to address the menace. Apart from that, he has engaged the security forces and players in the industry to create a peaceful atmosphere for production to thrive.

    With peace in the Niger Delta, several shut- in wells have been reopened to boost production. Similarly, marginal fields from the 2024 bid round are now contributing to the basket.

    In 2025 alone, 28 new Field Development Plans have already been approved, while an additional 1.4 billion barrels of oil have been unlocked.

    Throwing more light on the flourishing upstream operation, the former Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe said, “These projects are expected to add nearly 600,000 barrels of oil per day and more than 2 billion standard cubic feet of gas per day, supported by $18.2 billion in committed CAPEX. Together, these outcomes demonstrate that Nigeria’s upstream sector is not only on a growth trajectory but is also attracting the scale of investment needed to sustain its role as a premier global energy hub.”

    Following the thoughtfulness and thoroughness of the government, the industry concluded the divestments of International Oil Companies (IOCs) divestments of onshore assets from Shell, Total Energies, ExxonMobil and Eni to indigenous firms. The deal has potentially opened several opportunities with the potential to raise local control to 70 per cent of output.

    Already some of the companies have raised their production profile with the assets as hope abounds that the deal will culminate in the retention of profits in the country. Expectedly , this will further strengthen the nation’s earning from the industry and also stabilize the economy.

    The oil industry is now attractive to international oil companies (IOCs) that left Nigeria. Already, it has attracted $16 billion investments.

    As advocate of a fair and just energy transition, Lokpobiri has calmed the confused operators that Nigeria will not abandon its oil resources while the western world with their industrial companies that generated the carbon emissions which resulted in climate change sustain their operations in the industry. In order to compel Africans to abandon their oil deposit, international investors have cleverly withdrawn their funding of hydrocarbon projects for several years. The minister and other members of the African Petroleum Producers Association (APPO) who considered the stifling of fund a ploy to force developing countries abandoned their resources have teamed up to establish the $5 billion  African Energy Bank (AEB) to mobilize funding for the industry in the continent. Essentially, the step is to stabilize and strengthen the industry in Nigeria and by extension in Africa. The bank’s corporate head office in Abuja Nigeria is now set and awaiting the Afrexim Bank and APPO for commissioning.  After inspecting the bank a few weeks ago, the minister insisted that Nigeria has fulfilled its obligations as the host country.

    “I came to inspect the headquarters furnishing of the Africa Energy Bank and I am happy to disclose to the world and Nigerians and Africans that Nigeria has delivered on all the obligations made for us to fulfill as host country.

    “The headquarters is ready, tastefully furnished in the best location and so we are ready for the bank to take off. So we are waiting for, you know, APPO and African Exim Bank that are the drivers of this process, you know, to facilitate the takeoff,” he said

    Prior to this year, Nigeria had no record of any indigenous  onshore crude oil export terminal in the last 50 years. But working closely with the ministry, the Green Energy International Limited (GEIL) has completed and commissioned its  $400million Otakikpo Oil Export Terminal to lessen evacuation issues in the country.

    According to the minister, the terminal will give access to the evacuation of stranded oil fields in the country.

    Lokpobiri said, “The Otakikpo terminal will not serve GEIL production but will also open an efficient evacuation outlet for the marginal and stranded fields across this region, unlocking billions of barrels of reserves and creating values for our economy.”

    The country’s national oil company was able to make N5.4 trillion profit in 2024. This was largely due to the relative peace in the industry.

    From upstream to downstream, the oil sector has recorded significant stability in the last two years because the ministry has shunned whatever would drag down progress. As the dream of 2.5million barrels per day in 2026 stares the ministry in the face with a recovery petrol market, Nigerians look forward to the renewed oil industry.

  • Riding on policy execution, investment drive 

    Riding on policy execution, investment drive 

    The oil and gas sector grew in leaps and bounds in the outgoing year. Notably, crude oil production significantly improved, with Nigeria meeting her OPEC+ quota after years of failing in this regard. This feat, among other successes recorded, is hinged on detailed and targeted reforms, particularly, the implementation of the Petroleum Industry Act (PIA) 2021, MUYIWA LUCAS writes.

    Nigeria’s 2025 oil and gas sector began on a cautious optimism, driven by regulatory reforms Petroleum Industry Act (PIA) 2021, increased indigenous participation and ambitious oil production targets of 2.1 million barrels per day (mbpd).

    With this were associated rising gas focus and new investments which were expected despite persistent security challenges and past refinery operational issues. But with deeper upstream investment, new tax incentives, growing gas utilisation and enhanced security efforts, some measure of significant foreign direct investments (FDI) were attained. Key policies put in place with a focus on unlocking dormant assets via “drill or drop” initiative, were also instrumental in shaping the industry.

    Therefore, for observers and players in the country’s oil and gas sector, this year may after all be one to applaud owing to the quantum of achievements recorded.

    The sector, in the outgoing year, showed strong resilience with oil production hitting 1.8 million barrels per day. This feat was attained following a combination of several factors- sharp reduction in oil theft, pipeline vandalism and regulatory efficiency. In 2021, the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year. However, due to the combined efforts of security forces as well as the collaborative effort of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the nefarious activities were curtailed, reducing it by 90 per cent to specifically 9,600bpd as at September 2025.

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    Similarly, rig count significantly increased this year, reaching 69 compared to eight as at 2021,    representing a 762.5 per cent increase. A breakdown of this includes 40 active, eight standby, five warm stack, four cold stack, 12 in transit.  The increase is believed to be a reflection of renewed activity and investor confidence in the nation’s oil and gas sector.

    The “Project One Million Barrels” initiative has equally raised daily crude oil production to between 1.7 and 1.83 million barrels per day, with a notable increase of 300,000 barrels per day in July 2025.

    Besides, the launched of an initiative- Cost Efficiency Incentive, in June 2025, which offered tax credits of up to 20 per cent for operators who achieve lifting costs below benchmark levels ($25–$40/barrel), also served as great incentive to the improved production output.

    Although the year witnessed more divestments by the International Oil Companies (IOCs), it nonetheless unlocked huge new investments amounting to over $5.5 billion in Final Investment Decisions (FIDs). It equally increased local ownership of oil assets, even as their operations boosted production by 200,000 bpd. Still, enforcement of stricter rules for asset transfers secured billions in decommissioning funds and positioned indigenous players like Seplat and Oando for growth, signaling a shift towards a localised, resilient energy sector.

    Still, the 650,000 bpd Dangote Refinery, though faced early operational setbacks and regulatory disputes early in the year, but rebounded strongly. The refinery, which presently operates at about 85 per cent installed capacity, has been very instrumental in reducing fuel imports by 60 per cent and saving the country up to $15 billion in foreign exchange annually.

    It has also been cheery news for the country in the aspect of gas production. As of this mid-year, Nigeria had achieved its natural gas reserve target of 210 trillion cubic feet. Gas flaring fell to 7.16 per cent in July 2025, while daily gas production rose to 7.59 billion standard cubic feet per day (BSCFD). The simultaneous growth in output and decline in flaring underscores the Commission’s drive to boost production while advancing its 2030 zero-flare commitment.

    In terms of Domestic Gas Delivery Obligation (DGDO) performance, the sector delivered 72.5 per cent in July 2025, up from 71.8 per cent in June. DGDO performance stood at 72.2% in January, rose to 73.5 per cent in February, dipped slightly to 70.8 per cent in March, before climbing again to 73.7 per cent and 73.0 per cent in April and May, respectively.

    The AKK (Ajaokuta-Kaduna-Kano) Gas Pipeline project is in its final stages, reaching around 86 per cent completion as of mid-2025, with major works nearly done and mechanical delivery targeted for last month. Key milestones, like crossing the River Niger, were achieved in mid-2025, with the focus now on system testing and final infrastructure installation for the 614km pipeline.

    The Nigeria-Morocco gas pipeline project valued at $25 billion, made significant strides, establishing a dedicated project company, completing crucial technical/feasibility studies and confirming the pipeline route, securing interest from international financiers and preparing for the Final Investment Decision (FID).

    However, despite these production gains, oil revenue slumped by 23.9 per cent in June 2025 due to global price volatility and Asian demand shifts. This perhaps account for the N16.20 trillion shortfall or 63.49 per cent shortfall in government earning in its projected oil revenue target in the first half of the outgoing year.

    According to the second quarter Budget Performance Report released by the Budget Office last week, gross oil revenue of N9.32 trillion was recorded between January and June 2025, a figure way below the N25.52tr pro-rated budget projection for the period. Data from the report also indicated that average crude oil production stood at 1.68 million barrels per day, below the budget benchmark of 2.12mbpd, with significant revenue implications for the Federation Account.

    Interestingly, despite the revenue shortfall, the oil sector still rallied the country’s real gross domestic product (GDP) to grow by 4.23 per cent in the second quarter of 2025- its highest quarterly growth rate since Q2 2021. This surge is attributed to a boost in crude oil production, with Nigeria pumping an average of 1.68 million barrels per day during the quarter. That figure is significantly higher than the 1.41 million barrels per day produced in Q2 2024 and above the 1.62 million barrels per day recorded in Q1 2025.

    The sector is moving towards greater sustainability, efficiency and indigenous participation, balancing energy security needs with global transition goals, with 2025 marking a period of significant policy execution and investment drive.

  • Private-public partnerships signal new phase for conservation

    Private-public partnerships signal new phase for conservation

    A quiet but increasingly expanding partnership between government agencies, companies and non-governmental organisations is providing a more viable and sustainable for the preservation of Nigeria’s biodiversity. Deputy Group Business Editor, Taofik Salako examines how collaborative efforts are driving national agenda on gender inclusion, climate action and sustainability

    At dawn in Okomu National Park, the forest breathes slowly as mist clings to towering trees as birds fly freely above the canopy of green vegetation. On the human side, patrol teams start each day prepared to protect one of Nigeria’s last remaining strongholds of biodiversity.

    Few years ago, scenes like this were overshadowed by illegal logging, tension with host communities, and dwindling wildlife. Today, it is a different story in Okomu, one of the few remaining forest elephant landscapes in Nigeria.

    The new rhythm is one of peace and harmony with nature along with drums defined by community-driven ranger recruitment, renewed law enforcement, and a historic rescue of a baby forest elephant, with the widely reported rescue causing unbridled excitement in the Nigerian conservation sector.

    At the centre of this transformation is a growing partnership between the African Nature Investors (ANI) Foundation and the National Park Service (NPS), a collaboration that proves conservation works best when local people are empowered, rather than excluded.

    With ranger-led enforcement as one of the cardinal points of its operations, ANI Foundation recently undertook the recruitment of 40 new rangers to strengthen law-enforcement operations at Okomu National Park. Responding to that call, nearly 200 young men and women from communities surrounding the park turned up for screening, about four times the number recorded during the last recruitment drive three years earlier.

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    “For us, that turnout was the strongest signal that something fundamental had changed,” Peter Abanyam, ANI Project Manager at Okomu, stated. “Three years ago, we struggled to get even 40 people to show up. We had to postpone recruitment and call again. This time, they came willingly, close to 200 of them,” Abanyam added.

    The surge was not just about numbers. It reflected a shift in mindset: conservation was no longer seen as an external imposition, but as a shared responsibility. According to Abanyam, ANI deliberately redesigned its recruitment model to prioritise host communities, rather than sourcing rangers from distant locations.

    “We wanted rangers who have emotional connections to the land,” he explained, with that belief grounded in the fact that when you recruit from the communities, these are people protecting their own future; their forests, water and heritage. Despite funding constraints that limited intake to 40 rangers, many applicants met the demanding physical and technical criteria, a testament to the growing commitment among local youth.

    The emergence of women in ranger-led law enforcement, an area traditionally dominated by men, represents another remarkable outcome of the recruitment exercise as six women applied during the cycle as three passed the rigorous tests.

    Abanyam said: “Conservation is not gender-specific. Protection is for everybody. In fact, women often show greater perseverance and compassion, which are essential qualities for wildlife protection”.

    He recalled previous recruitment cycles in which female candidates outperformed their male counterparts in physical endurance tests.

    The women who qualified went on patrols, undertook training, and carried out enforcement duties alongside their male colleagues, with accommodation and welfare, however, based on gender-sensitive considerations.

    Speaking about the current state of things, Osaze Lawrence, the Conservator of Park (CP) at the park said the transformation did not happen overnight.

    “When I assumed duty in 2022, we had serious challenges, especially regarding illegal logging. It was around that time the partnership with the African Nature Investors (ANI) Foundation. They trained about 40 rangers to support the existing workforce, and together we began to reclaim the park,” Lawrence said.

    Admittedly, enforcement alone was not enough. What truly changed the dynamic was deep community engagement through meetings, dialogues, and livelihood programmes that redefined the relationship between the park and its neighbours. “We made the communities understand that the park belongs to them,” Lawrence stated, noting that hostility disappears once people are made to have a sense of ownership.

    Lawrence, an indigene of Edo State, attributed the achievements, including the partnership with ANI Foundation to the leadership of the NPS led by Conservator-General, Dr. Ibrahim Goni and Balarabe Musa, Nigeria’s Minister of Environment as well as the state government.

    According to him, through partnerships with other NGOs, community leaders and others, residents were trained in beekeeping, agroforestry, and alternative livelihoods to reduce dependence on illegal forest activities. Today, Lawrence estimates that about 70% of park employees come from surrounding communities, reinforcing local buy-in.

    On November 30, 2025, workers on a routine patrol at Okomu Oil Palm Company, located some kilometres from the park in Edo State noticed a figure wandering alone among the trees in Extension 1 of the plantation. At first, they thought it was a stray calf from a local livestock herd but as they drew closer, they saw it was a frail, dehydrated elephant calf, barely two months old.

    Struggling to stand and its ears drooping from exhaustion, the discovery of the baby elephant sent shockwaves through the conservation sector in Edo State and beyond as no one in Nigeria – be it in parks, among researchers or wildlife responders has ever rescued a forest elephant calf that lived long enough to make the effort worth it.

    According to Lawrence, Conservator of Park, officials of the Okomu Oil Palm kept the animal, gave it water and called on the authorities of the immediately. “When we arrived with African Nature Investors (ANI) Foundation, we picked it up and we made an attempt to reunite it with its herd,” he said.

    After retrieving the calf, the conservator of the park said rangers went deep into the elephant home range, guided only by faint noises which they believed came from a nearby herd. They placed the baby gently on the forest floor; hoping instinct would lead it back.

    “At first, it walked some metres into the wild; we stepped back to see if the family would find him but after two hours, there was no sign. Later, a bike rider called to say the small elephant had wandered onto the main road again.”

    This was when the heartbreaking truth that the calf’s mother was gone and the reunion attempt had failed dawned on them. At that point, it became clear that returning it to the wild would mean certain death – predation, hunger, dehydration, or poaching.

    “So, we agreed the only humane thing was to rescue it, rehabilitate it, stabilise it, and prepare it for a future return to the wild,” he said.

    The calf was moved to ANI’s R1 Base Camp, an operational facility near the park headquarters and a makeshift rehabilitation space was prepared, a quiet, isolated, space close enough to the forest to reduce stress from human presence.

    Within 48 hours, the calf’s condition deteriorated, according to Dr Faith Amune, a veterinarian with Okomu Oil Palm Company. “He had a very thin line between life and death. We were not prepared for it, but duty is duty; we administered emergency medication, and honestly, on that first Tuesday (Dec. 2), it looked like we were losing him,” she said.

    The crisis triggered an unprecedented collaboration. ANI quickly created an SOS WhatsApp group that linked wildlife experts within and outside Nigeria. Messages flew across time zones through symptoms, photos, hydration levels and recommended milk formulas. Responders realised they needed hands-on expertise.

    When wildlife rescue technical consultant Liz O’Brien, a UK-born elephant rehabilitation specialist based in Zambia, received the alert, she immediately booked the next flight to Nigeria.

    “I didn’t just come to save this calf,” O’Brien said. “I came to build capacity. Africa cannot depend on outsiders flying in every time. The real solution is to build capacity locally. If they learn how to handle this one, they will manage the next,’’ she stated.

    With over 15 years of experience across Africa, O’Brien worked alongside local vets and rangers, redesigning feeding formulas, correcting hydration patterns, and transferring rare, hands-on expertise. She has spent 15 years working across Africa in countries like Botswana, Kenya, Tanzania, Malawi and Burkina Faso, specialising in orphaned elephants.

    On arrival, O’Brien assessed the calf and immediately began working side by side with local vets, rangers, keepers, and park managers. She redesigned the milk formula, corrected hydration patterns, and began teaching techniques that normally take years to learn through field exposure.

    “For vets like us, who rarely encounter elephants, this was priceless,” another veterinarian, Dr Adedolapo Oke, said. “She has decades of experience; you could see immediately that she knows exactly what to do, Oke added.

    Peter Abanyam, Project Manager for ANI at Okomu, said for years, elephants avoided the eastern corridor of the park because of human pressure. “But recently they have started crossing again. It shows that protection efforts are working,” he said.

    As far as he was concerned, the baby elephant’s rescue symbolises a larger conservation shift: local communities are no longer passive observers; they are now participants.

    For Lawrence, the lesson from Okomu is clear: when conservation is community-led, results follow. And while Nigeria has expanded from seven to seventeen national parks, reflecting growing awareness of biodiversity protection a lot still needs to be done.

    Nigeria’s elephant population has declined drastically over the past century. From tens of thousands, forest elephants have disappeared from most states due to logging, poaching, and habitat fragmentation.

    Today, the Okomu–Omo–Osse landscape hosts the last viable population of critically endangered African forest elephants in southern Nigeria.

    To wildlife veterinarians, elephant calf care is one of the hardest tasks in the world and the calf will need specialised milk for two to three years, constant monitoring, hydration therapy, environmental enrichment, and minimal human contact to avoid imprinting.

    For Nigeria, the experience is historic.

    Dr Abdulrahman Adam, a wildlife vet who flew in from Bauchi to learn on the field, said it was his first elephant calf case. “In Nigeria, this has never happened before. What I learned here, you cannot get in any classroom,” Adam said.

    For Lawrence, Abanyam, the veterinarians, and the communities, the calf has become more than an animal; it is a symbol of what collective action can achieve.

    “This is a first for Nigeria, and it shows that when the community, NGOs, government and experts come together, wildlife can survive,” Lawrence said.

  • A year of transformation, global recognition

    A year of transformation, global recognition

    Nigeria’s maritime sector in 2025 recorded a watershed year of transformation, strategic reforms, and global recognition, demonstrating resilience despite structural challenges. With investments in port modernisation, digitalisation, human capital development, and fisheries, Nigeria positioned itself as a competitive continental maritime hub. AFIONG EDEMUMOH reports

    The year marked Nigeria’s return to global maritime prominence. In November 2025, Nigeria reclaimed a Category C seat at the International Maritime Organisation (IMO) Council for the 2026–2027 biennium after a 14-year absence, securing 116 votes and defeating Denmark, Kenya, and Bangladesh. Category C representation includes nations with special interests in maritime transport and navigation, ensuring Nigeria a platform to influence global maritime policies, from safety and environmental protection to trade facilitation and technical cooperation.

    Minister of Marine and Blue Economy, Adegboyega Oyetola, described the victory as a “landmark endorsement of renewed global confidence in Nigeria under President Bola Tinubu’s administration.” The seat strengthens Africa’s representation at IMO and enables Nigeria to advance Gulf of Guinea security priorities, including piracy suppression and maritime capacity-building initiatives.

    Complementing this, the Nigeria Customs Service (NCS) Comptroller-General, Adewale Adeniyi, was elected Chairperson of the World Customs Organisation (WCO) Council in June 2025, the first Nigerian to lead the body since its inception in 1952. The WCO represents 187 customs administrations globally, and Adeniyi’s leadership validates Nigeria’s digitalisation and trade facilitation reforms, including the Authorised Economic Operator (AEO) programme, SAFE Framework implementation, and the $3.2 billion E-Customs Modernisation Project. His December 2025 chairing of the WCO Policy Commission session in Guatemala further advanced Nigeria’s role in shaping continental trade facilitation standards under the African Continental Free Trade Area (AfCFTA).

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    Port modernisation and infrastructure upgrades

    The Nigerian Ports Authority (NPA) accelerated port modernisation programmes in 2025, with Dr. Abubakar Dantsoho’s election as Vice President (Africa) of the International Association of Ports and Harbours (IAPH) lending global recognition to Nigeria’s reforms. The authority undertook extensive dredging and channel expansion at Calabar, Warri, and Burutu ports, deployed six advanced scanners, including the FS6000 model for non-intrusive inspections, and implemented the Unified Customs Management System (UCMS), codenamed B’Odogwu.

    These initiatives were complemented by the full operationalisation of Dangote Refinery’s marine facilities, expected to attract over 600 vessels annually, and substantial capital investments at Eastern ports aimed at decongesting Lagos-based facilities. The strategic deployment of modern port technologies improved cargo handling, reduced turnaround times, and reinforced Nigeria’s capacity under AfCFTA to serve as a regional transshipment and logistics hub.

    The Lekki Deep Sea Port emerged as a game-changer, processing goods worth nearly $9.3 billion (N13.46 trillion) in the first nine months of 2025. Automation in container handling and cargo tracking, combined with a deeper draught accommodating ultra-large vessels, positioned Lekki as Nigeria’s second-largest port by trade value, surpassing Tin Can Island and Onne, with only Apapa maintaining higher throughput.

    Digitalisation and regulatory reforms

    Digital transformation extended beyond ports. The Nigerian Shippers’ Council (NSC) launched its Enterprise Content Management System (ECMS) in Abuja, unveiled by Secretary to the Government of the Federation, Senator George Akume, and Oyetola. ECMS introduced automated workflows, centralised digital records, real-time task tracking, and secure approvals, significantly reducing bureaucratic delays and enhancing port performance. This initiative aligned with broader sector reforms, including the rollout of inland dry ports and the resolution of chronic congestion at Apapa.

    Regulatory reforms also delivered economic impact. The NSC’s Alternative Dispute Resolution mechanism saved maritime stakeholders over N10 billion in 2025, handling between 300 and 400 cases. The Council advanced 14 Vehicle Transit Parks to mitigate driver fatigue, accelerated inland dry port projects in Funtua and Borno, and established Border Information Centres to capture informal trade and curb smuggling. The Nigerian Port Economic Regulatory Agency Bill, pending presidential assent, promises to replace the outdated 1978 decree, providing regulatory certainty for investors while strengthening the NSC’s mandate.

    The Nigeria Customs Service further enhanced trade facilitation through the National Single Window platform and the Authorised Economic Operator programme, reducing clearance timelines at Apapa and Tin Can ports from 21 days to 7–10 days for compliant operators. The indigenous B’Odogwu customs clearance platform expanded nationwide, streamlining operations and boosting transparency. Joint border patrols with the Nigerian Army, DSS, and Police, supported by drones and real-time intelligence, enhanced security and revenue collection.

    Revenue performance and economic contributions

    Maritime agencies under the Ministry of Marine and Blue Economy achieved remarkable revenue growth in 2025.

    Nigerian Ports Authority (NPA) targeted N1.28 trillion, a 40 per cent increase from N865.39bn in 2024 which it surpassed by recording an actual income of N894.86bn, with over 70 per cent earmarked for capital projects at Calabar, Warri, Burutu, and other Eastern ports. Revenue streams include ship dues (N544.06 billion), cargo dues (N413.06 billion), concession fees (N249.69 billion), and administrative revenue (N73.07 billion).

    Nigerian Maritime Administration and Safety Agency (NIMASA) projected N774.66 billion, leveraging automation, offshore waste management, sea protection, and ship registration, with N264.96 billion available for agency operations post-deductions.

    National Inland Waterways Authority (NIWA) targeted N34.389 billion, exceeding a 200 per cent growth over 2024, driven by Port Development Levies and remittances to the Consolidated Revenue Fund, alongside investments in dredging, wreck removal, and vessel acquisition.

    According to reports, the Nigerian Shippers’ Council (NSC) did not set a major standalone revenue target for 2025. Instead, its budget relied on the collection of a 1 per cent Freight Stabiliaation Fee, as authorised under the NSC Act, to fund its regulatory functions. This fee is expected to take effect once the Nigerian Port Economic Regulatory Agency (NPERA) Bill receives Presidential assent.

    In the meantime, the council generated N19.15 billion in 2024, maintaining its regulatory role despite marginal declines from the previous year.

    Human capital development

    Human capital development remained a critical focus. NLNG Shipping and Marine Services Ltd (NSML) inducted 21 Nigerian cadets for UK-based training and mandatory sea-time leading to Certificates of Competency. Nigerian shipowners provided over 60 sea-time slots to cadets of the Maritime Academy of Nigeria (MAN), Oron, complementing training for Nigerian Maritime University (NMU) cadets. NSML’s Maritime Centre of Excellence secured UK accreditation for four specialised courses, aiming to become a premier training hub in Africa.

    At MAN, reforms included the first-ever approved Conditions of Service in 48 years, employment of professional lecturers, and expansion of infrastructure, simulators, medical centers, and engineering workshops. Despite graduating over 200 cadets in 2025 with international professional registration, challenges remain in securing adequate onboard training due to limited vessel availability.

    Maritime security and the deep blue project

    Security improvements were sustained through the Deep Blue Project, officially the Integrated National Security and Waterways Protection Infrastructure. Nigeria achieved its third consecutive year of zero piracy reports, deploying patrol boats, interceptor vessels, surveillance aircraft, helicopters, drones, and the C4i command system integrated with the Nigerian Navy’s Falcon Eye system. These interventions eliminated War Risk Insurance premiums estimated at $400 million annually and positioned Nigeria as a safe maritime corridor in the Gulf of Guinea.

    Fisheries and blue economy development

    The fisheries and aquaculture sector expanded production from 1.1 million to 1.4 million metric tons, supported by federal interventions, capacity-building, and access to single-digit interest loans. Oyetola emphasised the sector’s role in food security under the Renewed Hope Agenda, reducing illegal fishing practices, and contributing to Nigeria’s blue economy valuation of $296 billion.

    Persistent challenges

    Despite progress, significant challenges remain. About 85 percent of port infrastructure exceeds 40 years, overlapping agency mandates create bureaucratic bottlenecks, and regulatory inconsistencies persist. Cargo dwell times remain 18–20 days, far above the global benchmark of 3–5 days. Foreign exchange volatility, stowaway incidents, empty container mismanagement causing $500 million losses annually, and a lack of national shipping capacity continue to constrain efficiency. Seafarer brain drain and insufficient certification opportunities further limit Nigeria’s global maritime competitiveness.

    Strategic opportunities

    The African Continental Free Trade Area (AfCFTA) presents opportunities to expand intra-African trade flows, increase cargo volumes, and position Nigeria as a transshipment hub. Inland waterways activation across 10,000 kilometers of navigable routes offers year-round multimodal logistics potential, reducing road congestion. Export diversification of solid minerals and agro commodities, alongside the proposed national maritime flag carrier through a public-private partnership, seeks to retain freight earnings domestically. Lekki Deep Sea Port, capable of accommodating ultra-large vessels, demonstrates Nigeria’s potential to serve landlocked countries such as Chad, Niger, and Burkina Faso.

    Outlook and reform imperatives

    The 10-Year National Policy on Marine and Blue Economy (2025–2034) provides a comprehensive framework covering port modernisation, inland waterways, cabotage enforcement, maritime security, and technology adoption. However, implementation gaps remain the central challenge. Key reforms include accelerating National Single Window deployment, enforcing the Cabotage Act, fully digitising port operations, activating inland waterways for multimodal transport, enhancing inter-agency coordination, and sustaining maritime security investments. Comparative benchmarks from Ghana’s Tema Port and Togo’s Lomé Port emphasise that efficiency, automation, and regulatory certainty, not scale alone, drive maritime competitiveness.

    2025, industry players affirm, was a transformative year for Nigeria’s maritime sector, marked by digital innovation, port modernisation, regulatory reform, global recognition, and human capital development. Historic achievements, such as IMO Council election, WCO leadership, and Deep Blue Project success, they agree, underscore Nigeria’s growing influence in global maritime governance. Strategic investments in Lekki Deep Sea Port, inland dry ports, and capacity-building initiatives position Nigeria to lead in regional maritime trade. With sustained implementation of the National Policy on Marine and Blue Economy, coherent reforms, and enhanced inter-agency collaboration, the sector, stakeholders say, is poised to drive economic diversification, strengthen food security, and establish Nigeria as Africa’s premier maritime and logistics hub.

  • Tilling on hard ground

    Tilling on hard ground

    Nigeria’s agricultural landscape in 2025 presents a paradoxical picture of cautious optimism shadowed by persistent structural challenges. Beneath agricultural figures lies a more complex reality of technological promise wrestling with harsh institutional and environmental constraints, DANIEL ESSIET reports.

    The year began with an institutional shift with the Ministry of Livestock Development marshalling the National Livestock Master Plan, which acknowledges that livestock, contributing roughly 17 per cent of agricultural Gross Domestic Product (GDP), could no longer be relegated to secondary status behind crop farming. 

    At the sub-national level, Lagos State government also launched ambitious initiatives including the N500 billion “Produce for Lagos” programme.  Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya said that the initiative is an intervention to transform Lagos’ food ecosystem through public-private partnerships engagement. Olusanya said that the programme would focus on private sector investment, bulk aggregation towards reducing costs, streamlining food value chains as well as reducing post-harvest losses.She added that the initiative is in collaboration with some states and the private sector would not only promote urban agriculture but also establish food supply partnerships with other states to compensate for Lagos’ land limitations.

    “The programme targets robust inter-state collaboration and private sector involvement as essential to achieving food resilience and market stability in Nigeria’s commercial capital. These moves signal governmental recognition that agriculture remains central to Nigeria’s economic survival and food security objectives.

    The year witnessed an unprecedented surge in agri-tech interventions, from AI-driven soil mapping to drone-assisted pest monitoring. These innovations have indeed increased productivity for large-scale commercial farms with access to capital and infrastructure. The Bank of Agriculture announced ongoing reforms to improve access to finance for farmers, including digitalisation of agricultural lending for faster credit delivery and plans to raise the N250,000 maximum limit on micro-loans for smallholder farmers. Foreign partnerships also show promise, with Qatar expressing investment interest in  the agricultural sector during high-level discussions in May 2025. The African Development Bank, in collaboration with the  government, inaugurated the Special Agro-Industrial Processing Zones Project in Kaduna, part of a broader strategy to address food insecurity and modernize agricultural practices.

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    Markets in Lagos and other key cities markets have recorded a marginal reduction in the prices of some staple foods, offering relief to consumers grappling with months of steep inflation. However, market data reveal conflicting trends, with gains in affordability for some items offset by fresh surges in others.

    The prices of food items such as rice, garri and yam  reduced drastically across the nation.

    A 50kg bag of rice which was usually sold for N75,000 now sells for N60,000. A 10kg gallon of garri which was sold for N7,600 in November now sells for N5,000. Also, a tuber of yam which was initially purchased at N2,500 now sells for N1,900, while a 50kg bag of beans, which was bought at N34,000 previously, now sells for N30,000.

    In Lagos, the price of rice has equally dropped significantly Mushin and Daleko markets,  the price of a 50kg pof rice now goes for N54,000 away from N75,000 which it was sold in Novermber and before then.

     Observations

    However, the gap between policy ambition and ground reality remains troublingly wide. The crop sector showed modest recovery in 2025, particularly for staples such as  rice, maize, and cassava. This rebound stemmed largely from improved rainfall patterns in the North-West and South-West zones and a gradual stabilisation of the Naira, which helped reduce the cost of imported agricultural inputs.

    The nation’s continued reliance on rain-fed agriculture, which dominates the farming landscape, leaves food production vulnerable to climate shocks. Excessive flooding in states  such as Borno and Bauchi earlier in the year exposed the catastrophic inadequacy of drainage and irrigation infrastructure, which still covers less than 1% of total arable land. The 2025 National Agricultural Extension Review and Planning Meeting, held at Ahmadu Bello University in Zaria in early December, brought these contradictions into sharp focus. The four-day gathering of 229 participants from National Agricultural Research Institutes, Agricultural Development Programmes, and various development agencies painted a sobering picture of the sector’s operational challenges. Climate change emerged as an existential threat, with flood-related losses now exceeding N700 billion annually. Farmers reported grappling with irregular rainfall, heat stress, pest outbreaks, soil degradation, recurrent flooding, and climate-induced conflicts that compound the already difficult task of feeding a growing population. Over the course of the meeting, 26 ADPs and 11 NARIs presented their extension reports, which were technically reviewed, leading to the adoption of a harmonized 2026 calendar of extension activities.

    Participants expressed deep concern over the devastating effects of climate change on Nigeria’s farming systems, noting that flood related losses now exceed N700 billion annually, with farmers grappling with irregular rainfall, heat stress, pest outbreaks, soil degradation, recurrent flooding and climate induced conflicts.

    They also observed that unreliable internet access, low digital literacy and minimal use of smartphones for agricultural purposes continue to hinder e-extension service delivery.

    The meeting further noted that women, youth and persons with disabilities remained key contributors to agriculture but still faced systemic barriers in accessing land, credit, technology and training.

    Stakeholders lamented the extremely low extension worker-to-farmer ratio of 1:6,466 far below the FAO recommendation of 1:800.

    The post-harvest loss crisis represents another hemorrhaging wound in  the  agricultural economy. Current estimates place annual losses at a staggering N3.5 trillion, with up to 40% of harvested crops perishing before reaching consumers. This figure far exceeds the African average and reflects the chronic inadequacy of storage facilities, inefficient transportation networks, limited access to modern preservation technologies, and critically deficient cold chain infrastructure.

    To improve the storage of perishable goods and pharmaceutical products, the Netherlands government, in partnership with Lagos State, developed and launched the Polar Store, an innovative solar-powered cold storage infrastructure in the state.

    Funding constraints continue to strangle the sector’s potential. At the extension services level, only 4-8% of the already meager agricultural budget reaches those crucial advisory services. The extension worker-to-farmer ratio stands at an alarming 1:6,466, far below the FAO recommendation of 1:800. This severe deficit leaves smallholder farmers without the technical knowledge necessary to adopt high-yield seeds, implement effective pest control methods, or navigate the increasingly complex agricultural landscape. Delayed release of research funds further hampers innovation, creating a vicious cycle where knowledge generation and dissemination both suffer.

     The stakeholders at the Zaria extension meeting noted that unreliable internet access, low digital literacy, and minimal use of smartphones for agricultural purposes continue to hinder e-extension service delivery. The average smallholder, often located in areas with poor connectivity and no access to credit, according to the meeting remains excluded from this technological revolution. Without deliberate efforts to democratize these technologies through affordable mechanization and mobile-based extension services, the meeting noted that the sector’s growth will likely remain concentrated among wealthy agro-industrialists, exacerbating existing inequalities.

    The livestock subsector, despite receiving new institutional attention, continues to struggle with fundamental value chain problems. The transition from open grazing to ranching systems, while gaining policy traction, faces resistance and implementation challenges. High animal mortality rates and poor veterinary health infrastructure plague the industry.

    The 2025 extension review meeting concluded with recommendations for intensified development and dissemination of climate-smart technologies, improved digital literacy for farmers, targeted empowerment programmes for vulnerable groups, recruitment of more extension agents, adequate budgetary allocation with timely fund release, strengthened farmer outreach mechanisms, strict regulation ensuring subsidized inputs reach genuine farmers, improved infrastructure and rural security, and greater professionalism in agricultural appointments. A committee was constituted to consolidate these outcomes and guide follow-up actions.

  • NIRSAL facilitates over N100bn in 2025, drives 159 jobs

    NIRSAL facilitates over N100bn in 2025, drives 159 jobs

    The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has facilitated more than N290 billion in finance between 2013 and 2025 across primary production, processing, logistics, market development, and exports.

    The institution also facilitated the creation of over 520,000 jobs, impacting more than three million lives across rural and urban communities.

    The institution, in a statement on Sunday, said the interventions strengthened industrial capacity utilisation, supported farmers to expand production, deepened market access, and preserved value across agricultural value chains through risk-sharing, insurance advocacy, incentive mechanisms, and technical assistance.

    According to performance records, NIRSAL facilitated N298.49 billion in credit through its Risk Sharing Facility during the period, issued 949 guarantees, and supported 251 agribusinesses, with a non-performing loan ratio of less than 0.8 percent. In addition, over 449,000 agricultural value chain actors were trained, more than 159,000 jobs were supported, and about 795,000 lives were directly impacted through programme interventions.

    NIRSAL Plc also developed more than 20 agribusiness models and tools, trained over 2,000 financial institution staff and more than 303 value chain actors, and facilitated N33.9 billion through programme management initiatives. 

    Its insurance advocacy drive led to the introduction of five index insurance products, onboarding of nine insurance firms, issuance of 1.8 million index insurance policies, and over N5.2 billion in insurance payouts, with N4.6 billion in claims paid and N4.2 billion recovered. Through its incentive mechanism, NIRSAL processed $1.8 million in interest drawback payments to 386 obligors.

    Closing 2025 with its highest annual finance facilitated to date, NIRSAL announced that total approved credit guarantees for the year surpassed N100 billion in loans and investments in agriculture and agribusiness nationwide.

    The feat enabled partner banks and lending institutions to extend credit to value chain activities that would otherwise be considered too risky for on-balance sheet exposure.

    The institution said the performance demonstrates steady progress in de-risking agricultural lending, improving access to finance for agribusinesses, strengthening lender confidence in the sector, and deepening financial inclusion across the agriculture-to-market ecosystem.

    In recognition of these outcomes, NIRSAL received the MSME Agrifinance Enabler of the Year Award at the 2nd Edition of the MSME Finance & CEO Awards held in Lagos state.

    Speaking at the event, NIRSAL’s Managing Director/CEO, Sa’ad Hamidu, said the recognition “speaks to the power of structured risk-sharing models, strong partnerships with financial institutions, and the resilience of Nigeria’s agribusiness entrepreneurs.” He was represented by Akinola Baiyewu, NIRSAL’s Regional Head, South, Business Development Group.

    Hamidu added that the organisation is “not chasing after awards, but is focused on drawing the attention of potential partners across the agrifinance value chain to NIRSAL’s value proposition for safe, profitable, and sustainable investments in Nigeria’s agriculture sector.”

    NIRSAL’s partnerships with commercial banks and other lenders supported commodity exports, agro-processing, input supply, primary production, storage, warehousing, and logistics. Through technical assistance programmes, field monitoring, and project mapping protocols, the institution said it continued to unlock opportunities for farmers, processors, aggregators, and market actors.

    On its role as a facilitator rather than a lending house, the Managing Director explained that substantial financial capital exists within the financial system to transform agriculture, but inherent value chain risks often discourage lending. 

    He said the N100 billion milestone recorded in 2025 represents a shift from caution to stronger confidence among lenders, driven by NIRSAL’s credit risk guarantees and risk management frameworks that assure banks of viable portfolio performance.

    Financial institutions, he noted, are increasingly relying on NIRSAL’s risk-sharing tools to grow agricultural portfolios, optimise capital deployment, and pursue both commercial and development outcomes.

    To date, the institution has signed 41 master agreements with counterparties willing to jointly finance agriculture and agribusiness across the country.

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    NIRSAL also strengthened its role in mobilising alternative finance for agriculture. As a Delivery Partner to the Green Climate Fund (GCF) for climate finance readiness, it is delivering capacity development programmes across Nigeria, with optimism that the country will attract sizable climate finance inflows to support climate-smart agriculture and resilience-building initiatives.

    Drawing from lessons learned through national and sub-national smallholder financing schemes, the organisation refined its programme management offerings for state governments, private agribusiness investors, and cooperative-led primary production clusters.

    The refined approach includes improved protocols for farmer onboarding, capacity-building, geo-mapping, soil testing, and mechanisation support aimed at boosting productivity and production outcomes.

    Looking ahead to 2026, NIRSAL said it will continue to expand its finance facilitation footprint, support climate-smart agriculture, enhance sectoral resilience, and improve the competitiveness of Nigeria’s agribusiness ecosystem.

    “Our journey is far from over,” Hamidu said. “In fact, it is only just beginning. We will continue to innovate, deepen partnerships, and scale solutions that reduce risks and unlock finance for Nigeria’s agriculture sector. With the support of our Board of Directors and the dedication of our people, 2026 will see NIRSAL further scale its contribution towards agriculture transformation.”

  • Coke studio returns with ‘December Takeover’

    Coke studio returns with ‘December Takeover’

    As the year comes to an end, Coke Studio has continued to shape how young Nigerians experience December through music and culture.

    In 2023, Coke Studio rode the ‘We Outside’ wave with its ‘Outside With Coke’ theme, keeping the brand at the center of Detty December conversations. By 2024, it leveled up with ‘Flex With Coke,’ to deliver live experiences, raves, and bold stage takeovers that made Coke Studio the heart of December.

    Going into 2025, Coke Studio is evolving once again by adopting one of the year’s most resonant cultural expressions as its December identity: ‘Locked In with Coke Studio.’

    In locking down Detty December, Coke Studio will transform music and culture events into more. Coca-Cola’s December takeover will be anchored by its flagship partnerships with Flytime Fest and Rhythm Unplugged.

    Beyond these anchor events, Coke Studio will power a diverse selection of live experiences across multiple cities, including Palmwine Fest, Davido 5ive Alive Abuja, Even in the Day Dance Eko, Group Therapy, Iconiq Fest, Roadblock Fiesta, DJ Tunez’s Blackout Tour, and Adekunle Gold Fuji Live.

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    “Coke Studio has been the platform amplifying the music, moments, and energy that define this generation,” said Yusuf Murtala, Senior Director & Head of Marketing, Coca-Cola Nigeria. “Locked In with Coke Studio is our way of tapping into the DNA of December in Nigeria and showing up where culture is created, where connections happen, and where memories are made. This is our biggest, boldest, most culturally charged December yet.”

    Coke Studio’s artist-led experiences will deliver performances from leading musical acts like Flavour, Olamide, Asake, Davido, Rema, Central Cee, MOLiY, Shoday, Dope Caesar, Zaylevelten, DJ Tunez, and more, in a carefully curated line up that defines what December looks like when everyone is Locked in with Coke.