The Nation Newspaper

Category: Featured

  • FG opens applications for 2026 PTDF-funded overseas scholarship

    FG opens applications for 2026 PTDF-funded overseas scholarship

    The Federal Government has opened applications for the 2026 Petroleum Technology Development Fund (PTDF) Overseas Scholarship Scheme.

    The announcement in a post on X (formerly Twitter) by the Office of the Special Adviser to the President on Social Media, Dada Olusegun, said the programme offers Nigerian postgraduate students the opportunity to study abroad.

    According to the post, successful applicants will pursue studies in the United Kingdom, Germany, France and Malaysia under the fully funded scholarship scheme.

    “FG has announced the commencement of applications for 2026 Petroleum Technology Development Fund (PTDF) Scholarships overseas,” the post stated.

    Details published on the PTDF scholarship portal show that the scheme is open to MSc and PhD candidates in disciplines relevant to the oil and gas sector. Benefits include full tuition, return air tickets, accommodation, living allowances, health insurance and bench fees where applicable.

    The agency said the initiative is designed to strengthen local expertise in the energy sector.

    “The 2026 Overseas MSc and PhD Scholarships provide access to world-class training, research facilities, and global expertise, while developing indigenous capacity in Nigeria’s oil and gas sector,” PTDF said.

    For MSc applicants, eligibility requirements include a minimum of a Second Class Lower (2.2) degree or higher, completion of the National Youth Service Corps (NYSC) programme, computer literacy, and at least five O’Level credits, including English Language and Mathematics.

    PhD applicants are also required to submit a research proposal of no more than five pages detailing their objectives, methodology and data collection strategy.

    PTDF explained that PhD candidates studying in the United Kingdom will follow a split-site arrangement, conducting research between the College of Petroleum and Energy Studies, Kaduna (CPESK), and selected partner universities, including Robert Gordon University, the University of Strathclyde and the University of Portsmouth.

    The agency noted that the scholarship is highly competitive and selection will be strictly merit-based.

    “Only candidates who demonstrate outstanding merit and suitability will be considered,” the statement said.

    Applicants will be assessed based on academic performance, quality of research proposals, professional memberships and the relevance of their chosen fields to the oil and gas industry.

    PTDF also warned that applicants must verify their National Identity Number (NIN) before applying, adding that multiple submissions or falsified documents would lead to automatic disqualification.

    Interested candidates are to apply online via scholarship.ptdf.gov.ng for approved programmes at PTDF partner institutions.

    The deadline for applications is February 27, 2026.

  • What I discussed with Tinubu, by Kano governor

    What I discussed with Tinubu, by Kano governor

    Kano State Governor Abba Kabir Yusuf yesterday gave an insight into his meeting with President Bola Ahmed Tinubu at Aso Villa on Monday.

    Speculations were rife after the meeting because neither the President nor the governor spoke on the meeting’s outcome.

    But yesterday, the governor’s media adviser, Sunusi Bature, said: “He sought the president’s support and cooperation to fast-track federal projects and ensure Kano benefits maximally from federal programmes and investments. He informed President Tinubu about the recent tragic killing of a housewife and her children, stressing the need for decisive federal support to strengthen security operations and protect innocent citizens.

    “The governor highlighted the role of the Kano State Neighbourhood Watch Corps in complementing security agencies and called for deeper collaboration with federal security institutions. Governor Yusuf also discussed Kano’s development agenda, with special focus on mega infrastructure projects,” he said.

    Bature said the governor thanked the President for the federal intervention on the Wujuwuju Road, which he described as a critical step to unlocking economic growth and job creation.

    READ ALSO: Tax reform: Lessons for national health financing

    He said President Tinubu assured Yusuf of the Federal Government’s readiness to work with Kano state to tackle insecurity and drive sustainable development.

    The Nation learnt that the Kano governor is no longer a member of the NNPP, having removed the party’s flags in strategic areas in the Government House.

    It was gathered Yusuf had since concluded all levels of consultations, with the backing of the 44 local government chairmen and the 40 members of the House Assembly while waiting for the meeting with the president ahead of the defection rally.

    “There is no going back,” a close associate of the governor told The Nation.

  • Edun: Fed Govt will rely less on borrowing to drive growth

    Edun: Fed Govt will rely less on borrowing to drive growth

    • We will depend more on our own resources than on international institutions

    The Federal Government will cut down on borrowings and increase mobilisation of foreign and domestic investments under a comprehensive strategy to accelerate economic growth.

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, spoke in an interview with Bloomberg yesterday at the ongoing World Economic Forum (WEF) in Davos, Switzerland.

    He also said the government’s fiscal strategy prioritises revenue generation and sustainable financing.

    According to him, while Nigeria remains open to international capital markets, borrowing is no longer the first option, but rather the mobilisation of domestic resources to fund development.

    “The issue now is to focus on revenue and domestic resource mobilisation. We’re hoping to rely less on borrowing,” Edun said.

    He said the government is implementing reforms to strengthen fiscal sustainability amid mounting global economic pressures.

    READ ALSO; Arewa, this has to stop

    The minister pointed at ongoing efforts to raise tax revenue and expand the government’s fiscal space, noting that stronger revenue generation would automatically lead to a reduction in borrowing.

    Edun said Nigeria was looking to wealthy regions, especially the Middle East, to bring in private investment.

    He pointed to the recently signed Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates as an important step in attracting foreign companies and investors to Nigeria.

    He said: “We are looking to rely more on our own resources than on international institutions. We also want to make better use of our regional market in ECOWAS and the wider African market under the African Continental Free Trade Area (AFCTA).”

    He said Nigeria’s economy has been growing stronger, moving from about two per cent growth in early 2023 to over four per cent in the first half of 2025.

    He added that the country is also making progress in becoming more industrialised, pointing out that Nigeria is no longer just exporting crude oil but is now refining about 650,000 barrels of oil daily.

    “In terms of value, we now take oil that used to be exported as raw crude and refine it here into fuel and other chemical products. We are getting back on the path of industrial growth,” Edun said.

    He said despite global challenges, Nigeria still has a lot to offer international partners, especially because of its natural resources and important minerals.

    “We are confidently telling a story of real economic reform that we plan to continue. We have a large market, we have natural resources, and we now have a better environment for investment. We are ready to do business,” Edun said.

    He added that in the long run, the government wants to raise the tax-to-GDP ratio even higher, so it can spend more than 20 per cent of the country’s total economic output on social services and infrastructure.

    The minister said the Tinubu Administration has introduced a series of economic reforms targeted at stabilising public finances and driving growth.

    These included the removal of currency restrictions, elimination of fuel subsidies, and a comprehensive overhaul of the country’s tax framework designed to increase revenue to about 18 per cent of Gross Domestic Product by next year, up from approximately 14 per cent currently.

    Edun said the policies were designed to achieve long-term economic sustainability, reduce reliance on external debt, and boost investor confidence.

    He added that the reforms form part of broader efforts to modernise Nigeria’s economy.

    Edun is expected to use the Davos meeting to engage investors and address concerns around policy consistency, inflation, foreign exchange stability, and fiscal sustainability.

    Recent economic forecasts support a steadily improving macroeconomic outlook.

    The International Monetary Fund has upgraded Nigeria’s growth projection to 4.4 per cent for 2026, compared to an estimated 4.2 per cent in 2025, despite weaker global oil prices.

    The IMF noted that ongoing government reforms are expected to stabilise revenue collection and support fiscal sustainability.

    According to IMF, the combination of domestic resource mobilisation and ongoing reforms underscores Nigeria’s effort to reduce debt dependence and strengthen its economic foundations.

    The National Bureau of Statistics indicated that Nigeria’s public debt-to-GDP ratio stood at 39.4 per cent in the first quarter of 2025, following the successful rebasing of the country’s Gross Domestic Product (GDP).

    The Debt Management Office (DMO) reported that total public debts stood at N152.4 trillion or $99.66 billion by the second quarter of 2025.

    These included external debts of N71.85 trillion, 47.14 per cent of total debts. Thus, domestic debts amounted to N80.55 trillion, representing 52.86 per cent of total debts.

    A breakdown indicated that the Federal Government accounted for N64.49 trillion out of the external debts, while state governments and the Federal Capital Territory (FCT) were responsible for N7.36 trillion.

    Out of the domestic debts, the Federal Government accounted for N76.59 trillion, while states and FCT borrowed N3.96 trillion.

    The 2026 Appropriation Bill projects total revenue of N34.33 trillion, total expenditure of N58.18 trillion, N15.52 trillion for debt servicing, recurrent non‑debt expenditure of N15.25 trillion, capital expenditure of N26.08 trillion, and budget deficit of N23.85 trillion, representing 4.28 per cent of GDP.

  • Court likely to seal acquisition of Useni’s controversial UK house by Fed Govt

    Court likely to seal acquisition of Useni’s controversial UK house by Fed Govt

    All is set for the Federal Government to take over the controversial London house belonging to a former Minister of the Federal Capital Territory, the late Gen. Jeremiah Useni.

    Neither Chief Mike Ozekhome, SAN (who purportedly said he was gifted the property) nor any of the administrators of Useni’s estate appeared before the Federal High Court, Abuja Division within the 14-day window, to claim the house.

    The Code of Conduct Bureau (CCB) on November 28, last year, secured an interim forfeiture order of the house to the Federal Government of Nigeria.

    The court will decide on permanent forfeiture of the property on Tuesday.

    The depositions before the court exposed the dirty deals behind the purchase and management of the property.

    The Federal Government said it was out to seize the property because it was bought with looted public funds by a former Minister.

    READ ALSO; Arewa, this has to stop

    The Code of Conduct Bureau (CCB) filed an ex-parte application pursuant to Order 26 (B), Rule 6 and 7 of the Federal High Court.

    The Bureau listed the defendants as the Administrators of the Estate of late Gen. Jeremiah Useni; the Executors of the Estate of late Gen. Jeremiah Useni; and the Property No. 79 Randall Avenue, Neasden, London NW27SX.

    The CCB asked the court to invoke a preservation order of property suspected to be proceeds of unlawful activity under sections 4, 9 and 67 of the Proceeds of Crime (Recovery and Management) Act 2022; Section 44 (2) b of the 1999 Constitution (As amended); and Article 55(1)B of the United Nations Convention Against Corruption and under the inherent jurisdiction of the court.

    It asked for the following reliefs:

    ●A preservation order of the property of the deceased respondent at No. 79 Randall Avenue, Neasden, London NW27SX, restraining any person from dealing in any manner with the property subject to the conditions and exceptions as may be specified in this order.

    ●An order of this Honourable Court directing the publication of the Preservation Order in any widely circulating national newspaper, inviting any person(s) or body(ies) who may have interest in any part/all the property mentioned above to show cause, within 14 days of such publication why a final forfeiture order of the said property shall not be made in favour of the Federal Government.  

    ●An order that the applicant shall take possession of the property from any person in possession of the property on behalf of the Federal Government of Nigeria and may appoint a receiver to do so.

    Having listened to the CCB counsels, Sufyan Ibrahim Ahmad and Danjuma Fatima Ali, the presiding judge, Justice Binta Nyako granted all the prayers.

    She ordered: “Any person(s) or body (ies) who may have an interest in any part or all the property to show cause within 14 days why a final forfeiture order of the said property shall not be made in favour of the Federal Government of Nigeria.

    “That the applicant shall take possession of the property from any person in possession of the property on behalf of the Federal Government of Nigeria and may appoint a receiver to do so.”

    Although the court adjourned the matter to December 11th, 2025, no person or body has shown interest as at yesterday.

    The court will determine the final forfeiture on Tuesday.

    The latest on the property was the filing of a three-count charge of felony and forgery against Ozekhome, who claimed the house was a gift from Useni to defray the cost of election petitions and legal advice.

    How the London house was purchased

    In an affidavit by Raji Babatunde, who is an investigator with the Code of Conduct Bureau, the details of what transpired on the London property were disclosed on oath to the court.

    He said: “That I know as a fact that on the 11th September, 2025 a First Tier Land Registry Tribunal in a case between Tali Shani and Chief Mike Abu Ezekhome passed a judgment in respect of the ownership of a property at No.79 Randall Avenue, Neasden, London NW27SX.

    “That the property on 79 Randall Avenue, London ,was bought under the name Tali Shani, who the First Tier Land Registry Tribunal in the United Kingdom later found to be nonexistent

    “That in the course of the aforementioned trial, the deceased Gen. Jeremiah Useni testified orally via video link as being the true owner of the said property even though it was purchased under a fictitious name.

    “That he bought the property in 1993 and made a cash payment, not a mortgage and the judgment of the Tribunal established same.

    “That the British Judge held that the late General Useni made the purchase under a false alias in order to avoid official records.

    “That the property has been a subject of litigation with several people claiming ownership including a woman purported to be Tali Shani, whose name the General used as an alias to purchase the property.

    “That the court found all their testimonies to be false and their evidence unsubstantiated. That the court held that the property belongs to General Useni.

    “That the deceased was a Minister of the Federal capital territory under the administration of Late General Sani Abacha at the time he made the purchase and later a Senator of the Federal Republic of Nigeria between 2015 and 2019.

    “That I know for a fact that the deceased has declared the said London property in his Asset declaration forms with the Code of Conduct Bureau, even though it was purchased under a false name.

    “That there is need to grant an order of preservation against the said property acquired with proceeds reasonably suspected to have been derived from unlawful activities of the deceased.

    “That this order sought is in the interim and nobody will be prejudiced by its grant

    CCB: Why Federal Government want to seize property

    In a written address presented to the court, the CCB, through its counsel, gave reasons why the Federal Government was out to take over the property.

    The counsel said: “A judgment of a First-tier property tribunal has shown that there is a probable cause that “tainted” money, which was suspected to be proceeds of unlawful activity was used in obtaining the property.

    “We humbly submit that ,considering the facts and circumstances of this matter as can be gleaned from the accompanying affidavit and annexures, the applicant has made out a case for the grant of the preservation order sought.

    “My lord, we humbly submit with respect that an application of this nature is designed to prevent the dissipation of assets that are reasonably suspected to have been acquired with proceeds derived from unlawful activities, or the subject matter of investigations and possible prosecution and is intended to preserve the Res.

    “My lord, we also submit that this application is a step in non-conviction-based recovery of assets proceedings. And it is also a necessary step in prosecution and procedures involving recovery of proceeds of crime. The Supreme Court pronouncement in 7-Up Bottling Co. Ltd. v. Abiola & Sons Ltd (1995) 3 NWLR (pt. 383) 357 at 280-281.

    “Additionally, an action of this nature does not require conviction before the order to preserve and subsequent final forfeiture is granted by the courts, it is merely to recover and deny the perpetrator the enjoyment of the proceeds of their unlawful activity while helping the state replenish what has been stolen. Kindly see Dame Patience Ibifaka Jonathan v. Federal Republic of Nigeria (2019) LPELR – 46944 (SC) at page 570

    “My lord, we equally place high reliance on the provisions of Sections 9(1)(2)(3)(7) & (8) read together with Section 15 and 67 (1) & (3) of the Proceeds of Crime (Recovery and Management) Act, 2022, which empowers this Honourable Court to grant this application.

    “My lord, in the instant case, it must be pointed out at once that the property in question is shown to belong to the late General Useni and it is a property suspected to have been acquired by unlawful activities and or from proceeds of crime and for which no person, including the late General himself was able to show cause that it is a property that was acquired by him from any legitimate fund.

    “In the circumstances therefore, in the interest of Justice, the most appropriate and fair thing to do is for the court to order for the preservation of the property in order to prevent any person from dealing with it and the subsequent final forfeiture of same, to Nigeria, and this Honourable court is clothed with the full jurisdiction both statutory and inherent to grant the orders sought.

    “My lord, it is a matter of public records that General Jermiah Useni was one time the second most senior army officer in Nigeria under the rule of General Sani Abacha, from 1993 to 1998. And at other times, he held different political offices within the county.

    “Flowing from the above, it is worth noting that the late General had some corruption cases even across the borders of Nigeria and had a pattern of deception while hiding stolen funds under false names. In the 2002 case of Attorney General v. Jeremiah Useni & Anor. (2022) JRC 230 (19th May 2022), the Jersey Royal court made a forfeiture order under the Anti-Money laundering law of Jersey in relation to some 1.9m GBP, which the court held to be “tainted property” and being “proceeds of unlawful conduct” arising from his activity in office as a prominent public figure in Nigeria.

    “My lord, the pattern adopted by the late General in acquiring 79 Randall Avenue London (the property against which this application is brought), under a false name has placed the property under legal uncertainty, the court in Jersey already dismissed his justification for employing such aliases, holding that the use of false names by him was intended to conceal the true ownership of the properties, which were likely acquired with proceeds of unlawful activity.

    “Similarly, in another grand corruption case in the United Kingdom, General Useni had, during his lifetime yet again, demonstrated corrupt tendencies and deception by purchasing property under false aliases, which is a layered disguise designed to keep his name off official records.

    “The evidence was so overwhelming that the British judge in a First-Tier Tribunal Property Chamber in the case of Tali Shani v. Chief Mike Agbedor Abu Ezekhome (REF/2023/0155) held at paragraph 214, page 48 of the judgment that: ‘the final outcome of this case therefore is that both parties have failed. Neither Tali Shani was who they said they were, and neither was the person who purchased the property in 1993. The real owner, via a false name was General Jeremiah Useni.”

    “Consequent upon the foregoing, suffice it to say that, even though the property that is suspected to be proceeds of crime is not within the shores of Nigeria, the United Nations Convention against Corruption (UNCAC) of which both Nigeria and the United Kingdom (where the property is situated) have been long standing signatories, is very clear and categorical with its provisions about international cooperation on detection, confiscation and return of proceeds of crime to its legitimate owners. In fact, it is one of the fundamental principles of the convention that state parties shall afford one another the widest measure of assistance in that regard.”

  • JUST IN: Ogun Magistrate Court adjourns trial of Anthony Joshua’s driver to Feb 25

    JUST IN: Ogun Magistrate Court adjourns trial of Anthony Joshua’s driver to Feb 25

    The Magistrate Court in Sagamu, Ogun state, has adjourned the trial of Adeniyi Kayode, the driver of the crashed Lexus sport utility vehicle (SUV) involving Anthony Joshua, to February 25, 2026.

    Kayode appeared before the court on Tuesday, January 20,  for the continuation of his trial.

    At the resumption of hearing on Tuesday, Richard Nigiwe, prosecuting counsel, told the court that three of four witnesses are currently in the court.

    The prosecution witnesses present in court were officials of the Federal Road Safety Corps (FRSC) and directorate of road traffic services, also known as the Vehicle Inspection Office (VIO).

    Read Also: Anthony Joshua returns to gym after car crash

    Abiodun Olalekan, council to Adeniyi Kayode Nigiwe asked the court for adjournment of the case to March to allow them to duplicate the case file and present it to the attorney-general of the state through the department of public prosecution for legal advice.

    But Olalekan Abiodun, the defence counsel, objected and argued that since three witnesses are in court, the trial should start.

    However, Somefun, the magistrate, ruled that the case should be adjourned to February 25 to enable the prosecutor seek legal advice.

    The magistrate ordered that the case be duplicated and sent to the Ogun AG.

  • Troops repel terrorist drone attacks, retain operational dominance

    Troops repel terrorist drone attacks, retain operational dominance

    Troops of Operation HADIN KAI (OPHK), a military offensive against Boko Haram splinter groups in the North East, repelled terrorist drone attacks during operations along the Timbuktu Triangle, in Borno State.

    The Spokesperson of Operation Hadin Kai, Lieutenant Colonel Sani Uba, disclosed this in a statement, noting that the operations, supported by the Nigerian Air Force, were conducted on Sunday, January 18.

    According to the statement, troops advanced from their harbour area and conducted deliberate, intelligence-led operations across several identified terrorist enclaves including Chilaria, Garin Faruk and Abirma. 

    It stated that the Air Component of OPHK provided persistent Intelligence, Surveillance and Reconnaissance (ISR) coverage over the axis. 

    The statement added that the air to ground synergy enabled real-time tracking of terrorist movement, deterred adversary reinforcement, and enhanced the precision and confidence of ground operations.

    It said: “At about midday, the advancing troops came under armed drone attacks by the terrorists. Despite this, the troops maintained momentum and continued the offensives. A second attempt in the evening was also decisively repelled, forcing the terrorists to withdraw reaffirming troops’ dominance of the area.”

    According to the statement, despite the sustained engagements, troops morale remains high, and fighting efficiency continues to be maintained. 

    “The general security situation in the area is assessed as calm but unpredictable, with troops remaining vigilant and at a high state of readiness,” it said.

  • Alleged terror financing: DSS arrests ex-AGF Malami

    Alleged terror financing: DSS arrests ex-AGF Malami

    • Ex-minister collaborator remains abroad

    The Department of State Services (DSS) yesterday arrested a former Attorney-General of the Federation and Minister of Justice, Mallam Abubakar Malami (SAN).

    This followed the discovery of arms and ammunition in his Binin Kebbi mansion.

    He has been taken into custody for questioning for alleged terror financing.

    It was alleged that he was working in cahoots with some vested interests abroad to destabilise the country.

    A former minister, allegedly collaborating with Malami, has been placed on the watch list.

    The collaborator allegedly set up a base outside the country for terror attacks on Nigeria.

    Investigation by our correspondent showed that Malami was arrested yesterday outside the Kuje Correctional Service, Abuja, after perfecting his bail conditions on economic and financial crimes-related matters.

    He was put on trial by the Economic and Financial Crimes Commission (EFCC) for alleged N8billion fraud.

    Justice Emeka Nwite granted him, his son, and others bail on January 7. 

    The Nation exclusively reported on January 12 that the DSS was waiting to arrest the ex-minister for questioning over arms and ammunition found at his residence by operatives of the EFCC during a search.

    In the course of investigating the financial sleaze, EFCC operatives intercepted arms in his residence and handed them over to the DSS.

    For almost two weeks, the DSS had laid an ambush for Malami in the precincts of Kuje prison.

    Sensing likely arrest by the DSS, Malami footdragged on meeting up with his bail terms.

    Read Also: DSS, NSCDC arrest trucks with stolen lithium ore

    But as he stepped out of the prison yard yesterday,  he was picked up.

    A security source confirmed Malami’s arrest.

    He said: “Yes, it is true that DSS operatives arrested Malami.

    “There are several petitions against him bordering on alleged terrorism financing.

    “Terrorism and terrorism financing are serious offences globally.

    ‘You’ll recall that when Malami was the Attorney-General of the Federation and Minister of Justice, he vowed that the government of the day would not shield any person or persons linked to terrorism or terrorism financing.

    “No responsible government would, in the same vein, fold its hands or turn a blind eye to weighty allegations of terrorism financing levelled against any individual, no matter how highly placed, in this case, Malami.

    “In the course of investigations, we have what is called inter-agency cooperation.

    “It is not uncommon for one security agency to hand over a person under investigation to another sister security agency.

    “In Nigeria, the DSS is the sole security agency tasked with the responsibility of investigating such allegations.

    “It’ll be best to allow them do their job.”

    Another highly-placed intelligence source said: “Security agencies will interrogate Malami and the ex-minister collaborator on their findings.

    “But the ex-minister has refused to return to the country from the base he has established abroad.

    “If he is adamant, the Federal Government may ask for his repatriation after securing the leave of a court in the country.

    “Fortunately,  the ex-minister is operating in a country that does not tolerate terrorism.”

  • ‘Nigeria ready for front seat in global economy’

    ‘Nigeria ready for front seat in global economy’

    • Shettima raises hope, opens House in Davos

    Nigeria is ready to take the front seat in global economy, Vice-President  Kashim Shettima declared yesterday.

    He spoke in Davos, Switzerland during the opening of the Nigeria House —a pavilion at the World Economic Forum— where he is leading the Nigerian delegation.

    Shettima, who performed the ceremony at the 2026 World Economic Forum (WEF), said  Nigeria’s future depends on deliberate, structured engagement with the global economy.

     “For the first time in our nation’s history, Nigeria stands at Davos with a sovereign pavilion of its own,”  he stated,  adding that it reflects the country’s seriousness, readiness and resolve to engage globally with purpose.

    The Vice President’s remarks are contained in a statement by his spokesman, Stanley Nkwocha.

    “This day is extraordinary in the history of our engagements at this beautiful meeting point of global political leadership, policy thinkers, and corporate enterprise.

    ‘’For the first time in our nation’s history, Nigeria stands at Davos with a sovereign pavilion of its own.

     ‘’Nigeria House reflects our intention, our seriousness, and above all our resolve to take a front-line seat in the discourse of the global economy, not as observers, but as participants with a clear sense of purpose.

    “It (Nigeria House) advertises our intention to take a front-line seat in the global economy, not as observers, but as purposeful participants.’’  

    Read Also: Stakeholders push for Africa’s greener global economy

    Shettima said even though   Nigeria House was conceived as a whole-of-government platform,  its success would ultimately be driven by private enterprise.

     Government, according to him, can open doors and de-risk environments; only enterprise can animate growth and translate policy into productivity.

     Pointing out that the inauguration of the facility coincides with early dividends of  President Bola Ahmed Tinubu’s reforms, Shettima said that services, agriculture, finance and technology are expanding, thus making non-oil revenues account for a larger share of government collections.

     Inflationary pressures, he said, eased through 2025, foreign reserves improved, and stability returned to the foreign exchange market.

    He added: “Our decision to open up to the world more deliberately comes at a turning point in our economic journey.

    “The dividends of the difficult but inevitable reforms of recent years are beginning to show.”

    The Vice-President recalled that last year, the nation’s economy expanded by about 3.9 per cent, the fastest in over 10 years.

    He attributed the development to the resilience of the non-oil economy that now accounts for roughly 96 per cent of the country’s Gross Domestic Product(GDP).

    Industry, Trade and Investment Minister Dr. Jumoke Oduwole applauded Shettima’s support for the project, describing Nigeria House as a product of strong public-private partnership and a symbol of renewed national pride.

    Mrs. Oduwole said investment playbooks launched at the event outline opportunities across solid minerals, climate-smart agriculture, creative and digital sectors, aligning with the administration’s drive to rebuild trust and restore credibility.

     Permanent Secretary, Ministry of Solid Minerals Development,   Faruk  Yano, said Nigeria House would consolidate the gains of the ongoing economic transformation by attracting non-oil investments and advocating fairer access to finance for emerging markets.

     Lead Execution Partner, Omowunmi Imoukhuede, said the pavilion offers a rare chance to tell Nigeria’s investment story to the world.

    Inauguration of the building was followed by a  Global Business Roundtable on resilient supply chains for the energy transition.

    Dignitaries at the event included  Foreign Affairs Minister Yusuf Tuggar, his Science and Technology counterpart,  Kingsley Ude; heads of agencies and captains of industry.

  • CBN: banks raised lending to firms, households in Q4 2025

    CBN: banks raised lending to firms, households in Q4 2025

    Access to credit finance for households and companies improved, according Central Bank of Nigeria (CBN) report for quarter last year.

    Banks increased lending to meet higher demand for loans for mortgages, overdrafts, inventory and capital investments.

    The fourth quarter 2025 Credit Conditions Survey (CCS) Report released yesterday by the CBN indicated increases in demand, supply and approval for loans across personal and corporate credits.

    The survey- which covered the three-month period ended December 31, 2025 –  was coordinated by the Statistics Department of the Economic Policy Directorate of the CBN.

    The Credit Conditions Survey (CCS) is based on application of questionnaires across lenders and it report on secured and unsecured lending to households, private non-financial corporations (PNFCS), small businesses and other financial corporations (OFCs).

    In the latest survey, which was conducted in November 2025, banks indicated a rise in credit availability for secured, unsecured, and corporate lending.

    According to the report, the increase in credit availability was attributed to the changing economic outlooks and market share objectives for secured and corporate lending.

    “For unsecured credit availability, the main factors affecting increase in credit were attributed to changing economic outlook and changing cost and availability of fund,” the CCS report stated.

    Read Also: UBA exceeds N500b minimum capital base ahead CBN deadline

    The report also showed general improvement in demand for credit increased for secured, unsecured and corporate lending.

    “All the demand for lending types reportedly increased in fourth quarter 2025, except for demand for credit to OFCs, which remained unchanged,” the report stated.

    A breakdown indicated that consumer loans to households, credit for house purchase to households, mortgage and re-mortgage lending from households, lending for small businesses to households, credit cards lending from households and overdraft and personal loans to households all increased during the period.

    Besides, lending to small businesses and medium and large private non-financial companies, specifically real sector operators, increased during the period. However, credit to other financial companies remained unchanged

    The report stated that “inventory finance and capital investments were reported as the major factors that influenced the increase in demand for corporate lending”, corroborating other reports that showed improved confidence in the economy by chief executives and investors.

    The survey however showed that banks were more willing to lend to individual and corporate consumers with collaterals.

    The percentage of loan approvals for secured credit rose by 14.3 per cent while approvals for corporate lending increased by 26.1 per cent. However, approval for unsecured lending dropped by 3.9 per cent.

    Besides, banks appeared willing to offer lower interest rates to most corporate borrowers but rather increased lending rates on secured and unsecured lending rates to households.

    However, during the period, banks reported higher default rates for secure, unsecured and all corporate lending types, raising concerns about the disparity between the tendency to borrow and willingness to pay.

    A three-year data analysis provided by the CCS report showed consistent tendency to higher default rates, which underlined the need for banks and financial services regulators to further interrogate the disparity between credit access and fidelity to terms and conditions.

    As against the case with factors affecting increase in credit, the CCS report however did not provide reasons for reported higher default rates.

  • WEF 2026: Shettima commissions first-ever Nigeria House in Davos

    WEF 2026: Shettima commissions first-ever Nigeria House in Davos

    …says sovereign pavilion signals renewed resolve to shape global economic conversations

    …investment playbooks unveiled for solid minerals, agriculture, creative and digital sectors

    Vice President Kashim Shettima on Monday formally opened Nigeria House at the 2026 World Economic Forum in Davos, describing the country’s first-ever sovereign pavilion at the annual meeting as a statement of Nigeria’s renewed seriousness and readiness to engage the global economy as an active participant.

    Speaking at the commissioning ceremony, Shettima said nations do not prosper in isolation and stressed that Nigeria’s future growth depends on deliberate, structured engagement with the world. 

    “For the first time in our nation’s history, Nigeria stands at Davos with a sovereign pavilion of its own,” he said, adding that Nigeria House “reflects our intention, our seriousness, and above all our resolve to take a front-line seat in the discourse of the global economy, not as observers, but as participants with a clear sense of purpose.”

    The Vice President noted that although Nigeria House was conceived as a whole-of-government platform, bringing together leadership across trade, investment, foreign affairs, energy, infrastructure, technology, climate and culture, its success would ultimately be driven by private enterprise. 

    In a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said “government can open doors and de-risk environments; only enterprise can animate growth and translate policy into productivity”.

    Shettima said the commissioning coincides with early dividends from President Bola Ahmed Tinubu’s reforms, citing stronger non-oil growth and improved macroeconomic indicators. 

    He added that services, agriculture, finance and technology are expanding, while non-oil revenues now account for a larger share of government collections. 

    Inflationary pressures, he said, eased through 2025, foreign reserves improved, and stability returned to the foreign exchange market.

    Inviting global investors to engage through the new platform, the Vice President said Nigeria House would host forward-looking conversations. 

    “Nigeria is open for business, and more importantly, open for collaboration. Progress is not a monologue; it is a dialogue,” he said.

    Earlier, the Minister of Industry, Trade and Investment, Jumoke Oduwole, applauded Shettima’s support for the project, describing Nigeria House as a product of strong public-private partnership and a symbol of renewed national pride. 

    She said investment playbooks launched at the event outline opportunities across solid minerals, climate-smart agriculture, creative and digital sectors, aligning with the administration’s drive to rebuild trust and restore credibility.

    Also speaking, the Permanent Secretary, Ministry of Solid Minerals Development, Engr. Faruk Yusuf Yano, said Nigeria House would consolidate gains of ongoing economic transformation by attracting non-oil investments and advocating fairer access to finance for emerging markets. 

    The Lead Execution Partner, Omowunmi Imoukhuede, said the pavilion offers a rare chance to tell Nigeria’s investment story to the world.

    The commissioning followed a Global Business Roundtable on resilient supply chains for the energy transition. 

    Dignitaries at the event included the Minister of Science and Technology, Dr Kingsley Ude; the Minister of Foreign Affairs, Yusuf Tuggar; heads of agencies and captains of industry.