The Nation Newspaper

Category: Business

  • NEITI hails EITI’s new chairman

    NEITI hails EITI’s new chairman

    Nigeria Extractive Industries Transparency Initiative (NEITI) has applauded the nomination of former International Energy Agency (IEA) Executive Director, Maria van der Hoeven, as the incoming Chair of the Extractive Industries Transparency Initiative (EITI) for the 2026–2029 terms.

    In a statement issued in Abuja, NEITI’s Executive Secretary, Musa Sarkin-Adar, described Van der Hoeven’s appointment as timely, noting that her extensive experience in global energy governance and public administration aligns perfectly with the EITI’s evolving agenda.

     “Ms. van der Hoeven assumes this critical role at a pivotal moment when the global energy transition is reshaping extractive industries. Her proven leadership and strong commitment to transparency will be invaluable to the EITI community. Nigeria looks forward to working closely with her to deepen accountability and strengthen compliance across implementing countries”, Sarkin-Adar said.

    He added that Nigeria remains committed to the EITI’s emerging priorities, including energy transition, climate governance, gender mainstreaming, and environmental accountability.

    The Chairman of NEITI’s National Stakeholders Working Group (NSWG), Senator George Akume, also praised the appointment, stating that Van der Hoeven’s leadership would drive stronger compliance and deepens the implementation of EITI standards worldwide.

    He reaffirmed Nigeria’s alignment with the government’s Renewed Hope agenda and global extractive-sector reforms.

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    Civil society groups have also welcomed the nomination. The Executive Director of the Centre for Transparency Advocacy (CTA), Faith Nwadishi, described Van der Hoeven’s emergence as “a strong affirmation of gender-responsive leadership and diversity within the EITI.” She highlighted the new chair’s record of effective engagement with government, industry, and civil society stakeholders.

    Van der Hoeven’s formal confirmation will take place at the EITI Members’ Meeting during the 2026 Global Conference scheduled for June next year.

    A former Dutch politician, Van der Hoeven previously served as the Netherlands’ Minister of Economic Affairs and Energy before leading the IEA between 2011 and 2015. She has since held several high-level board positions, including roles with TotalEnergies, Innogy SE, the Rocky Mountain Institute, and the UN’s Sustainable Energy for All.

    She is set to succeed Helen Clark, former Prime Minister of New Zealand, who has served as EITI Chair since 2019. Past EITI chairs include Sweden’s former Prime Minister Fredrik Reinfeldt, ex-UK Secretary of State Clare Short, and Transparency International founder Peter Eigen.

    The EITI Chairmanship runs for a renewable three-year term.

  • Ogun, Soilless Lab partner on youth agric

    Ogun, Soilless Lab partner on youth agric

    Ogun State is joining forces with Soilless Farm Lab to spearhead a major transformation in agriculture, focusing on training youth to create agribusiness jobs, develop modern, resilient, and technology-driven farming practices, and ultimately ensure food security across the country.

    The partnership was highlighted during the graduation of the 12th cohort of the Enterprise for Youth in Agriculture (EYIA) program, a joint initiative between the Mastercard Foundation and Soilless Farm Lab aimed at training young people in Good Agricultural Practices (GAP) and nutrition to enhance the vegetable value chain in Nigeria.

    Speaking at the ceremony, Senior Special Assistant on Agriculture to the Governor of Ogun State, Dr. Angel Adelaja, lauded the program’s alignment with the state’s vision. She said:”Our vision is clear, to build a modern technology-driven agricultural economy that empowers young people, enhances food security, and attracts investment. The work of Soilless Farm Lab aligns perfectly with this vision, and we’re proud to be partners on this journey.”

    Dr. Adelaja, who represented the Commissioner, emphasised the state government’s commitment, citing support provided to previous participants, which included five million Naira in grants and access to land to establish and scale their agri-ventures.

    She noted that many of these graduates are now building “thriving ventures and contributing meaningfully to food security.” She also confirmed the government’s broader initiatives to help farmers, including youth, use technology to adapt to climate change.

    In a keynote address Project Manager for Soilless Farm Lab, Ms. Peace Bassey, detailed the project’s profound success over its three-year pilot phase. According to her, the  EYIA project has directly trained 12,000 participants and its impact has extended to over 18,000 secondary beneficiaries trained by the graduates themselves.

    She added that the  initiative’s infrastructural achievements include the construction of 960 greenhouses and the establishment of 240 new companies. Ms. Bassey revealed the massive entrepreneurial success: “From 240 companies established, monthly revenue exceeds 40 million not including income from contract jobs. Furthermore, our graduates have secured over N50 million in grants. We have success stories of transformed entrepreneurs such as  Hannah-Rotimi-William of AgriWellness and Israel of Calvary Farms among many. They are   others who leveraged their business acumen to diversify into fields like fashion and catering.”

    Ms. Bassey highlighted the project’s significant community impact in the Awowo area, which included strengthening the local economy, electrifying the villages of Agbopa, Egan, and Olowopapa, and the creation of a 5 km road. “Through the vision of an EYIA graduate, free basic education is now provided for over 100 children in the surrounding village. The project’s model has also achieved institutional buy-in, securing government partnerships in states like Ekiti, Niger, and Jigawa for replication.

    She noted : “The EYIA project has laid a strong foundation for continued growth and impact. Let us build on this momentum to reach even more young people, create even more opportunities, and transform even more communities.”

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    The Monitoring and Evaluation Officer  Soilless Farm Lab, Paul Idoko, reiterated the organisation’s  commitment to combating hunger. He noted the organisation’s motto: “Farming should not be seasonal because hunger is not seasonal,” explaining their revolutionary approach of operating over 1,050 greenhouses on-site for 24/7 production all year round.

    Idoko indicated  the goal had been achieved. “Today we are at the twelfth cohort, the cohort of the pilot phase of the first three years and I am happy to tell you today that we have trained 12,000 young people who have come from all the diverse parts of Nigeria, the 36 states including the FCT and from other several African countries. “The people that learned from us and translated the knowledge to other people that are around them, they have recorded a number of 19,000 plus. That is our secondary impact,” he explained.

    In addition to empowering youth, he said Soilless Farm Lab has focused on strengthening the local farming community, having trained over 3,200 adult farmers in collaboration with various partners, including support from the British American Tobacco Foundation.

    He  was optimistic  with the future  “We believe that in time to come, Soilless Farm Lab, with the collaboration of the stakeholders that we have today, the support of the young and the youthful farmers that we have trained, we believe that hunger will be tackled. We believe that we’re going to contribute to that sustainable development goal. And we believe that the voice of the farmers is going to be heard and be on top of the game.”

  • Quality of service challenges hit Abuja subscribers

    Quality of service challenges hit Abuja subscribers

    Telecom subscribers in Abuja, the Federal Capital Territory (FCT) have been hit by poor service quality in the city which is the seat of government.

    While the current trivial of the subscribers have been blamed on the activities of the National Oil and Gas Suppliers Association (NOGASA), which disrupted diesel supplies to sites with the attendant telecommunications services outages in the city, the issue of expanding infrastructure to make the infrastructure more resilient had been hampered by the refusal of authorities to grant approvals,

    Reacting to the development, the Nigerian Communications Commission (NCC) said it acknowledged the development and restated its commitment to ensuring seamless communication services for all Nigerians and recognizes the importance of reliable power supply for the provision of optimal telecommunication services.

    “The NCC acknowledges the Quality of Service (QoS) challenges being experienced in Abuja, which have impacted the quality of experience of telecommunications subscribers.

     “In response, the Commission is collaborating with major stakeholders and licensees to address these challenges, largely caused by disruption to diesel supply affecting IHS Nigeria Limited, the colocation provider responsible for powering Airtel and MTN base stations in the affected areas.

     “The challenges are a result of the activities of the National Oil and Gas Suppliers Association (NOGASA), which disrupted diesel supplies to sites with the attendant telecommunications services outages in Abuja. The NCC is committed to ensuring seamless communication services for all Nigerians and recognizes the importance of reliable power supply for the provision of optimal telecommunication services,” NCC said at the weekend.

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    The NCC, in a statement, said it is actively engaging with relevant stakeholders to address the diesel supply issues and explore sustainable solutions. The Commission urges all parties to work together to collaboratively resolve these challenges swiftly by removing the diesel supply bottlenecks affecting critical telecommunications infrastructure, arising from NOGASA’s actions.

     “In the face of these challenges, we reiterate our commitment to fostering a conducive environment for the growth and sustainability of telecommunications services in Nigeria. We are taking proactive steps to facilitate dialogues between the impacted service providers and other stakeholders to promptly resolve the diesel supply concerns that have negatively impacted service quality.

     “The Commission remains dedicated to effectively managing the situation and will keep the public updated on progress towards restoring full telecommunication services in Abuja. We thank telecommunications subscribers for their understanding and patience during this period and reaffirm our commitment to delivering high-quality telecommunications services nationwide,” the statement said.

  • Enugu strengthens investment climate with reform plan

    Enugu strengthens investment climate with reform plan

    Enugu State Government has unveiled its 2026 Business Enabling Reforms Action Plan (BERAP) as part of a sustained drive to strengthen the state’s investment climate and position Enugu as a preferred destination for local and foreign investors.

    The plan was presented weekend during a private sector engagement session held at the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), where representatives of business associations, manufacturers and professional bodies reviewed the proposed reforms and offered inputs.

    Speaking at the session, the Commissioner for Trade, Investment and Industry, Dr. Sam Ogbu-Nwobodo, said the BERAP is a structured and measurable reform initiative that has been consistently implemented since the inauguration of Governor Peter Mbah’s administration, a development that has earned the state a major leap from 36th position to 6th position in the national ease of doing business survey.

    He noted that the 2026 edition is the third cycle of the programme, reflecting the government’s commitment to continuous improvement of the business environment.

    According to him, the state deliberately engaged the organised private sector at the formulation stage of the plan because reforms are most effective when beneficiaries are actively involved.

    He said the draft action plan had earlier been shared with various groups, including the chamber of commerce, manufacturers, engineers and lawyers, to allow for detailed review ahead of the validation meeting.

    Dr. Nwobodo explained that the 2026 BERAP focuses on four key result areas: land administration and property development, fibre-optic deployment to boost digital connectivity, public-private partnership frameworks, and tax measures.

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    He added that each result area contains defined actions, expected outcomes and measurable indicators to enable transparent monitoring and evaluation of implementation.

    He said the reforms were already yielding visible results, citing increased investment interest, heightened infrastructure activities and improved economic confidence, all of which are contributing to the state’s long-term goal of growing its economy to a $30 billion GDP.

    On land administration, the commissioner disclosed that the government has introduced gender-based classification in the issuance of Certificates of Occupancy (C-of-Os) to address disparities between men and women in property documentation. He said the measure would help government track inclusion, identify gaps and ensure that economic growth remains broad-based and equitable.

    Dr. Nwobodo also highlighted the complete removal of right-of-way charges for fibre-optic deployment, a policy aimed at attracting large-scale private investment in broadband infrastructure.

    He explained that investors are required to extend connectivity to smart schools across the state’s 260 wards, thereby bringing digital opportunities to rural communities and reducing rural–urban migration.

    A participant at the session, Mrs. Ijeoma Ezeasor of the Manufacturers Association of Nigeria (MAN), welcomed the initiative, describing Enugu as one of the most consultative states in the Southeast.

    She noted that while reforms must ultimately be judged by outcomes, the sustained engagement and improvements recorded since the last meeting showed that the state was on the right path.

    She expressed optimism that continued collaboration between the government and the organised private sector would further enhance Enugu’s competitiveness and investment appeal.

  • Customs, NMDPRA collaborate to end fuel diversion

    Customs, NMDPRA collaborate to end fuel diversion

    The Nigeria Customs Service (NCS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are strengthening their collaboration to combat the diversion of petroleum products intended for domestic use and to safeguard Nigeria’s energy security.

    This renewed partnership, highlighted during a meeting between Comptroller General of Customs (CGC) Adewale Adeniyi and NMDPRA Executive Director of Distribution Systems, Storage and Retailing Infrastructure of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ogbugo Ukoha in Abuja.

    During the engagement, Adeniyi reaffirmed the Service’s commitment to strengthening interagency cooperation, particularly in safeguarding Nigeria’s domestic energy security and ensuring that petroleum products meant for local consumption are not diverted to neighbouring countries.

    He noted that collaboration between both agencies had already produced measurable results, especially through Operation Whirlwind, which he described as a model for intelligence sharing, joint enforcement and coordinated field operations.

    Adeniyi said the Nigeria Customs Service remains fully aligned with ongoing reforms in the petroleum regulatory space and will continue to provide technical input, operational feedback and border management expertise to support the implementation of new guidelines being developed by the NMDPRA.

    He commended the Authority for its efforts to harmonise legacy processes with the Petroleum Industry Act, stressing that clear and efficient export point procedures are essential as Nigeria moves from being a net importer to an emerging exporter of petroleum products.

     “We welcome every initiative that strengthens energy security and ensures that the gains made in reducing cross border diversion are not reversed. Our shared responsibility is to protect national interest, support legitimate trade and maintain a transparent system that stakeholders can rely on. We will continue to work closely with sister agencies to achieve these outcomes,” he stated.

    In his remarks, the Executive Director, Ukoha, said the NMDPRA enjoys a longstanding and productive working relationship with the Nigeria Customs Service, noting that Operation Whirlwind remained the high point of that collaboration.

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    He explained that both agencies deployed personnel, exchanged intelligence and jointly monitored petroleum products in border corridors, leading to a marked reduction in cross border diversion.

    Ukoha said the purpose of the visit was to brief the CGC on newly developed guidelines for designating export points for petroleum products as Nigeria’s refining capacity expands.

    He said the NMDPRA is engaging key institutions, including Customs, the Central Bank of Nigeria, the Federal Ministry of Industry, Trade and Investment, and the Nigerian Navy, to ensure the guidelines reflect operational realities before implementation.

    He recalled several field operations and strategic engagements with the Customs leadership, including the joint launch of Operation Whirlwind in Yola, where both agencies reinforced their commitment to curbing diversion and securing the domestic supply chain.

    He added that while enforcement had played a major role in reducing irregular movements of petroleum products, the removal of fuel subsidy had significantly reduced the economic incentive for cross border smuggling.

    According to him, the NMDPRA will continue to work closely with the Customs Service to sustain progress and ensure that petroleum exports are properly regulated without exposing the country to energy security risks.

  • How to achieve effective power reforms, by Yusuf

    How to achieve effective power reforms, by Yusuf

    Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, yesterday said the nation’s power sector reform remains a long-term and incremental process rather than a quick fix.

    He said the sector’s complexity, political economy constraints, and institutional weaknesses make progress gradual rather than instant.

    According to him, without decisive action to address structural inefficiencies, improve governance, and ensure fiscal discipline, the current trajectory will remain unsustainable.

    He noted that despite multiple reform efforts over the years, the sector continues to face deep structural, financial, and governance challenges.

    He said these challenges were multi-dimensional, spanning political economy constraints, tariff distortions, weak investor capacity, transmission bottlenecks, and a persistent liquidity crisis across the value chain.

    He added that the inability to implement a fully cost-reflective tariff regime—largely due to social and political sensitivities following recent macroeconomic reforms—has entrenched subsidy dependence and widened the sector’s financing gap, thereby making government intervention to become unavoidable in the short term to prevent system collapse and sustain electricity.

    He listed recent macroeconomic reforms, including foreign exchange unification and fuel subsidy removal, to have further complicated the reform environment by heightening cost-of-living pressures and intensifying resistance to tariff adjustments in the power sector.

     “However, without cost-reflective pricing, the sector is unable to generate sufficient liquidity to sustain operations or attract new investment. The resulting subsidy burden has forced government to repeatedly intervene financially, effectively transferring inefficiencies and revenue shortfalls onto the public balance sheet,” Yusuf said.

    According to him, the current trajectory, characterised by rising sector debt currently at about N4 trillion, is fiscally unsustainable without deeper structural corrections, improved transparency, and gradual but credible reform implementation.

    He advocated for a balanced approach-one that combines short-term government support with medium- to long-term structural reform.  This, he noted, is essential to building a financially viable, reliable, and inclusive power sector that can support Nigeria’s economic growth and development.

    He pointed out that the current financing model for the sector is not sustainable based on the sector’s liabilities which have risen to nearly N4 trillion and continue to grow.

    He stressed that there is an urgent need to ensure that all outstanding claims are properly verified; subjected to rigorous audit and managed transparently and credibly.

     “Nigeria’s experience with fuel subsidy regimes demonstrates the vulnerability of subsidy systems to abuse and malpractice. Strong oversight and accountability mechanisms are therefore essential to prevent similar outcomes in the power sector,” Yusuf said.

    He noted that one of the major problems that has continued to weigh on the finances of the sector is the lack of a cost reflective tariff regime.

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    He said government should implement a phased and predictable transition toward cost-reflective pricing, with targeted social protection for vulnerable consumers.

    He said the phased transition should be backed by a strong governance and accountability regime which will be targeted at improving transparency in subsidy management, debt verification, and financial settlements.

    He noted the urgency in addressing the distribution sector weaknesses by enforcing performance benchmarks for distribution companies, including recapitalisation, technical upgrades, and loss reduction.

    He also canvassed for a reform in  transmission management by exploring alternative management or concession models for TCN to improve efficiency and investment.

    “It is important to support decentralisation and renewables; encourage state-level initiatives, independent power projects, and renewable energy adoption to reduce pressure on the national grid. Also, we need to limit fiscal exposure as government financial support should be clearly time-bound and linked to measurable reform milestones,” Yusuf said.

  • Cold chain shortage, others threaten Nigeria’s banana export

    Cold chain shortage, others threaten Nigeria’s banana export

    Despite ranking as the fourth-largest banana producer globally, Nigeria’s ambition to capitalise on the estimated $140 billion world market is being severely hampered by persistent challenges, particularly in quality control and logistics.

    Recently a global banana supply crisis opened up a N22 trillion export opportunity for Nigeria, as climate change and plant diseases slash output in traditional producing nations, according to experts.

    Stakeholders are urgently calling for reforms to transform the sector from a domestic staple into a major global revenue earner. The global banana supply is in crisis, with devastating plant diseases like Panama disease (TR4) and Black Sigatoka, compounded by climate change and extreme weather, slashing output in traditional exporting countries such as Guatemala, Costa Rica, and Colombia.

    The Chief Executive, Agricultural and Rural Management Training Institute (ARMTI), Ilorin, Kwara State, Dr. Olufemi Oladunni said disruption has created a massive opportunity for new suppliers.

    With an annual output of approximately eight million metric tons, largely for domestic consumption, Nigeria has the raw volume, but lacks the necessary guarantee of better and more regular supply as well as more constant quality needed to compete overseas.

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    To address this, he recommended a road map which includes increased cultivation and processing in addition to pest control as  farmers confront diseases  that have destroyed the crop across the continent in recent years.

    He stressed the need to develop disease resistant banana plants and to establish infrastructure to support banana exports to Europe.

    Right now, only a few countries in Africa can export bananas to European markets. These include Ivory Coast, Ghana and Cameroon. Olufemi believes the country is in a better position to sell bananas overseas but lacks the wherewithal to compete with better mass production from other  enterprises in Africa.

    According to him, what the industry has done to retain its global position is  to ensure  that growers guarantee better and  more regular supply as well as  more constant quality.

    According to the Executive Director Gogreen Africa Initiative, Ambassador Adeniyi Sola Bunmi   Nigeria already grows millions of tons of bananas/plantains (roughly 7–8 million tons a year, quoting the Food and Agriculture Organisation (FAO) figures mostly for domestic consumption.

    He noted: “Nigeria is one of the world’s top banana/plantain producers (multi-million tons), so scaling value-addition (chips, flour, puree, dried fruit) targets an existing, large supply. There is a strong demand  for domestic eating and snack markets plus diaspora demand for processed plantain/banana products. Small but growing export potential if quality and cold-chain improve.”

    He listed the challenges to include pests   diseases and poor surveillance and extension. Others are  increase rate of post-harvest loss caused by poor cold/logistics and low level of value-addition

    The Director-General, African Centre for Supply Chain, Dr. Obiora Madu, had lamented that the country’s fresh fruit export is “weak and uncompetitive.” This is starkly illustrated by the fact that Nigeria exported a mere $45,000 worth of bananas and plantains to the United Kingdom last year, according to UN COMTRADE, compared to countries like Cameroon, which saw a 15 per cent rise in banana exports in August, with the UK market alone contributing nearly €10 million to its earnings.

  • Seplat Energy wins three awards

    Seplat Energy wins three awards

    Seplat Energy Plc has secured three significant awards across finance, upstream operations, and sustainability, reinforcing its position as one of Africa’s most admired corporate performers.

    At the 30th Anniversary of the PEARL Awards in Lagos, Seplat clinched the Market Excellence Award for the 2025 Highest Net Asset Ratio, a recognition that underscores the company’s strong asset efficiency and profitability on the Nigerian Exchange (NGX). The PEARL Awards—established in 1995 to promote discipline, transparency, and growth within Nigeria’s capital market—apply a rigorous, data-driven process to honour top-performing listed companies.

    Explaining the metrics, the organisers stated that the Return on Net Assets (RONA) ratio highlights how efficiently a company converts its assets into earnings. Seplat’s performance in this category reflects sustained operational strength and investor value creation.

    The company also won Upstream Deal of the Year at the World Energy Capital Assembly (WECA) Awards in London, a global recognition that celebrates outstanding transactions, financial performance, and innovation in the oil and gas industry. The accolade places Seplat among globally respected deal-makers shaping the future of upstream energy.

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    Rounding off the honours, Seplat received the Education Intervention of the Year at the SERAS Africa Sustainability Awards in Lagos. The award recognises the company’s contributions to human capital development and its role in driving inclusive, community-focused education initiatives. This year’s SERAS theme—“Sustainability 2.0: Innovating for Impact and Inclusive Growth”—reflects a shift towards more intentional, future-ready actions across the continent.

    SERAS Founder Ken Egbas emphasised that African companies must increasingly connect “growth to inclusion, profit to purpose, and ambition to equity,” noting that Seplat and other winners demonstrated exemplary leadership in sustainable development.

    Pearl Awards President/CEO Tayo Orekoya highlighted the credibility of the awards’ methodology, adding that each category is determined through verifiable metrics. NGX CEO Jude Chiemeka commended the Awards’ founders for fostering a culture of performance excellence within Nigeria’s capital markets.

    Together, the recognitions affirm Seplat’s strong strategic execution, operational resilience, and commitment to innovation and social impact—hallmarks that continue to position the company as an industry leader both locally and globally.

  • Firm pledges faster, cheaper project delivery

    Firm pledges faster, cheaper project delivery

    Nigeria’s renewed push to cut production costs, accelerate field development, and attract fresh oil and gas investments has received a major boost as Marconi.NG EPC limited restates its commitment to delivering world-class engineering projects at competitive cost and speed.

    The company made the pledge during a facility tour organised by the corporate communications division of the Nigerian Content Development and Monitoring Board (NCDMB), which led select journalists to some of Port Harcourt’s leading oil and gas service hubs.

    Marconi—now a wholly owned Nigerian firm—acquired the expansive Rumuolumeni Yard from Saipem Contracting Nigeria in May 2025. The company’s CEO, Gian Fabio Del Cioppo, disclosed that the yard spans over 1 million square meters, features a 330-meter jetty, and can fabricate more than 25,000 tons of heavy structures annually.

    With these capabilities, he said, Marconi is positioned as one of the largest and most sophisticated fabrication yards in Nigeria and West Africa, fully equipped to execute complex onshore and offshore EPC projects.

    According to him, Marconi’s operational strength—ranging from legacy infrastructure and technical expertise to highly skilled local manpower—allows the company to offer “the highest quality of delivery at globally competitive cost and schedule,” in line with the Presidential Directives on Local Content and the NOGICD Act of 2010.

    Del Cioppo urged the Federal Government and industry players to remain firm in their commitment to local content growth, noting that rolling back the gains achieved over the past 15 years would undermine national economic priorities. “Marconi is ready to support Nigeria’s drive for industrialisation, job creation and value retention,” he said.

    During the tour, David Editang, Nigerian Content Manager at Marconi, noted that the company retained the core expertise that previously ran the facility—professionals with decades of experience in executing global-standard projects. He added that the yard’s jetties enable full fabrication, storage and load-out operations for large offshore structures.

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    Marconi has recently commenced the First Steel Cutting Ceremony for subsea structures linked to a major offshore development in Nigeria. Historically, the facility has contributed to landmark projects such as Egina, Usan, Akpo, and NLNG Train 7, reinforcing its strategic importance in the nation’s energy landscape.

    The NCDMB delegation, led by Obinna Ezeobi, General Manager of Corporate Communications, emphasised that Marconi now has the asset base to operate across the entire oil and gas value chain—from land and swamp operations to shallow and deep offshore activities.

    Explaining the rationale behind the tour, Ezeobi stated: “As we showcase these companies, we are fulfilling our mandate as outlined in Sections 67 and 70(n) of the NOGICD Act, which require us to promote Nigerian Content through communication and capacity building.”

    He noted that journalists play a critical role in shaping public understanding of the oil and gas industry, and the Board’s media engagements in Port Harcourt, Lagos, and Abuja are designed to deepen this relationship and strengthen industry reportage.

    With Marconi’s renewed investment and NCDMB’s continued support, stakeholders say Nigeria is better positioned to expand local capacity, reduce capital flight, and boost investor confidence in the oil and gas value chain.

  • World Bank’s $500m deepens economic stimulus funding

    World Bank’s $500m deepens economic stimulus funding

    National Coordinator, Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES), Dr Abdulkarim Obaje, has said the additional financing of $500 million from the World Bank wiould further catalyse governments at all levels to deepen and strengthen economic resilience among poor and vulnerable households, smallholder farmers and small businesses affected by economic shocks.

    The World Bank had declared the effectiveness of additional financing for the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme  following  an official communication dated 9th December 2025, indicating that all conditions for effectiveness have been fully met.

    Obaje  described the effectiveness of the additional financing as a major milestone in the Federal Government Renewed Hope Agenda to expand social protection support to poor an vulnerable Nigerians.

    He  stated that with this approval, states and the FCT can commence full implementation of NG-CARES by funding Delivery Platforms and Coordination Units, as this will be reimbursable after an independent verification Agent (IVA).

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    He reaffirmed that the Federal CARES Support Unit (FCSU) will continue to provide the required technical support, guidance and oversight to ensure smooth rollout and strict adherence to programme standards

    He thanked  President Bola Ahmed Tinubu for the achievements realised under the NG-CARES programme.

    He also acknowledged the leadership and guidance provided by the Minister of Budget and Economic Planning  Abubakar Atiku Bagudu, which have significantly contributed to the notable results achieved so far under the programme.

    NG-CARES remains one of the flagship programmes in the World Bank Nigeria portfolio and has earned a highly satisfactory rating for performance.