This is the moment we have all been waiting for. Nigeria‘s most anticipated election, the season Nigerians will perform their civic duties to vote in their preferred/qualified candidate.
With Nigeria’s most important election only three days away, it is critical that all stakeholders take the necessary steps to ensure a successful and peaceful election.
Here are some preparation tips for the upcoming election:
Polling Unit
Know your polling unit: It is critical to know your polling unit because this is where you will vote. Check your voter’s card or go to the Independent National Electoral Commission (INEC) website to find your polling unit.
Check your voter registration status. Make sure you’re registered to vote and your name is on the voter list. You can check the status of your voter registration by visiting the INEC website.
Candidates
It is critical to learn about the candidates running for office as well as their platforms. Investigate their track record, promises, and future plans if elected. This will allow you to make an informed decision when voting.
Before going to vote, learn your candidate’s political party and its logo.
Abenol a platform for nation building that connects tech-savvy and educated Nigerians to the grassroots; urged Nigerians to not only vote for a presidential candidate but be involved in all of the elections.
“There are many people seeking to represent you at various levels of government not just the presidency. Each position is of equal importance and the same attention to detail should be given,” Abenol said.
“It is how you exert the control you have over the government, push back bad leadership etc. if the state of Nigeria concerns you so much, you will not leave your card lying around on the day of the election, you will infact come out and vote.”
There are many people seeking to represent you at various levels of government not just the presidency. Each position is of equal importance and the same attention to detail should be given. pic.twitter.com/OsRMtGJpmG
Understand the election rules, including the voting process, time, and location.
Knowing the rules will ensure that you understand what is expected of you and that you do not break any rules inadvertently.
Plan your waka well
Plan ahead of time for transportation to and from the polling place. Make sure you have enough time to get to the polling place and that you have enough resources, such as food, water, and money.
Inform your loved ones about your plans.
Security
Be aware of any security threats in your area and take the necessary precautions. Avoid high-risk areas and report any suspicious activity to the appropriate authorities.
Protect yourself, do not go towards any riot or sponsor it. If you have a security dog feel free to take it along but but it on a leash and do not let it attack anyone.
Do not wear any political outfit!
The federal government may have deployed security personnel to protect cities, but will they be present at all polling places? Protect yourself by using “The N-Alert App” to report any suspicious or violent behavior.
‘The N-Alert App’ is a mobile app that allows you to report any type of crime and receive a quick response because it is routed directly to the command center.
The app is very simple to use, so please encourage anyone you know who is voting to download it and it is available for download on both iOS and Android.
Secure your votes
Don’t just vote and go home. Go early to your polling unit, make sure the electoral materials have not been tampered with and after voting, make sure that your votes are not stolen. Make sure that the electoral officer uploads your vote.
It is easy for your polling unit to be attacked, for your votes to stolen or rendered void if there is no one to stop them. Stay back and make sure that the right thing is done.
“Go early and stay until the votes in your unit have been submitted. Don’t just vote and go home, stay to protect your vote. This will help keep the officials accountable and make election violence less likely,” Laju Iren tweeted.
To summarize, all stakeholders must work together to prepare for Nigeria’s election in three days. We can ensure a successful, peaceful, and transparent election that reflects the will of the people if we follow these guidelines. Let us all work together to make this election a success.
Eating on a budget seems like a hard task in Nigeria especially with the rate of inflation and trying to avoid eating rice everyday.
Eating out can be expensive either it is at a big or small restaurant. Buying groceries frequently takes a chunk of your money.
Sometimes we try to count our money to calculate how much we spent; especially when our wallets are slim and our bank accounts are not smiling.
How can we reduce our spending? What can we do to eat healthy while maintaining a budget?
Eating healthy on a budget is not impossible. One of the ways to achieve it is to have a garden and grow your food.
Growing your food might seem extreme or overly expensive. No need to fear, you can start small.
As small as spring onions or pepper then work your way up to other agricultural produce.
Eating on a budget; how to
Growing your own fruits and vegetables is a great way to save money and have fresh produce at your fingertips if you have the space.
Having a steady supply of fresh produce at home can help you save money at the grocery store.
What should you plant?
You can start with the things you usually use; like ginger, spring onions, cabbage or even tomatoes. Take a look at the tools you have and watch videos that will help you decide what to start with, how to plant and when to plant.
How to plant
Watch videos and read articles on how to plant and how to maintain your garden.
Where to plant?
Start on a small scale. Many fruits, vegetables, and herbs can be grown in pots on patios or balconies especially if you don’t have a yard.
Snapchat, Twitter, and other social media sites may be sanctioned by the Federal Government over the display of porn and nudity on the Nigerian cyberspace. This is as the National Information Technology Development Agency (NITDA) released the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries (online platforms).
Part of the order included in the code is that -Snapchat, Twitter, TikTok, and other social media must ensure the removal, disabling, or blocking of access to any non-consensual content, which displays partial or full nudity, sexual acts, deep fake, or revenge porn within 24 hours.
The code mandated the social media platforms to “act expeditiously to remove, disable, or block access to non-consensual content that exposes a person’s private areas, full or partial nudity, sexual act, or revenge porn, where such content is targeted to harass, disrepute, or intimidate an individual. A Platform must acknowledge the receipt of the complaint and take down the content within 24 hours.”
Other things require of Snapchat, Twitter, and other social media platforms
The Code of Practice also directs these platforms to take down any unlawful content upon receiving a notice from a user, or an authorised government agency.
The platforms were also asked to exercise due diligence to ensure that no unlawful content is uploaded to their platform.
Aside from asking each online platform to have a country representative, who will interface with the Nigerian authorities, it also requires any platform with over 100,000 Nigerian users to have an office in Nigeria.
Other conditions include registering with the Corporate Affairs Commission as a legal entity, complying with tax obligations, abiding by regulatory and legal demands, and providing information about users on-demand, among others.
BizWatch Nigeria, however, understands that the Code of Practice recently published by the NITDA was designed to safeguard the fundamental human rights of Nigerians and non-Nigerians living in Nigeria, and to regulate interactions on the online platform.
World Bank, in its ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ report, disclosed that the number of Nigerians that would plunge into poverty by the end of this year would hit 95.1 million.
While warning that many non-poor Nigerians are only one small shock away from falling into poverty, the Washington-based lender lamented that since President Muhammadu Buhari was first elected into the office of president of Nigeria in 2015, there has been no improvement in the poverty crisis in the country.
According to World Bank, poverty reduction stagnated since 2015, with more Nigerians falling below the poverty line over the years.
Quoting its economists -Jonathan Lain and Jakob Engel, World Bank said rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.
“Nigeria’s aspiration to lift all of its people out of poverty by 2030 presents a serious challenge. Even before COVID-19, four in 10 Nigerians lived below the national poverty line – some 80 million people.
“The global pandemic, rising inflation, and ongoing uncertainty related to the war in Ukraine – combined with relentless population growth – have made Nigeria’s poverty-reduction goals more challenging than ever,” the economists were quoted.
Can Buhari truly lift Nigerians out of poverty?
With the factors identified by the World Bank economists, Buhari’s aspiration to lift Nigerians out of poverty has no doubt been met with a major blow.
It would be recalled that in June last year, the President inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President Yemi Osinbajo.
This, he said, re-echoes his commitment to lifting 100 million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.
The president was quoted in a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, as saying, “If India can lift 271 million people out of poverty between 2006 and 2016, Nigeria can surely lift 100 million out of poverty in 10 years.
“Fortunately, we have already started but we need to unlock the challenges of slow implementation, inappropriate targeting, and absence of adequate resources.”
For travellers, and for others seeking dollar to naira in exchange for one thing or the other, they are likely to experience stricter access to it considering the country’s external reserves that hit a seven-month low after falling to $38.57 billion as of May 25, 2022.
According to figures obtained from the Central Bank of Nigeria (CBN) on movement in external reserves, the reserves which had been fluctuating for weeks now, experienced its lowest of $39.01 billion and $38.39 billion on October 10 and 8, 2021 respectively.
However, as a result of the dollar to naira scarcity, banks are extending the waiting period to access forex for foreign trips, thereby denying travellers with urgent trips access to apply for Personal Travel Allowance or the Business Travel Allowance requests.
The banks have also been reducing the amount a customer can spend on the cards in dollar terms.
Explaining Ecobank Nigeria’s current stand on retail forex transactions for international school fees, accommodation and upkeep payments as well as PTA/BTA requests, the financial institution’s Head, Consumer Banking, Korede Demola-Adeniyi said, “Due to current market trends, we require a 30-day window to complete requests for school fees, accommodation, and upkeep.
According to him, part of the process involved a review of all documents to ensure compliance with regulatory requirements.
“In order to ensure smooth service and allow disbursement of PTA/BTA within the timeline, we request that applications are submitted with the required documentation,’ he added.
Like Ecobank, Access Bank stated: “All requests are reviewed to ensure that they meet regulatory requirements. In addition, due to limited forex availability provided by the Central Bank of Nigeria, we require a 30-day period to fulfill requests for school fees, upkeep, and rent payment.
“However, for PTA/BTA, we request that you submit your application 14 days before your proposed travel date to allow disbursement within the timeline.”
In response to economic challenges created by the global pandemic and the Russia-Ukraine conflict, Africa Finance Corporation (AFC) is launching a US$2billion facility to support recovery and resilience in Africa.
AFC has committed to funding up to 50% of the new African Economic Resilience Facility and mobilising the remainder through the Corporation’s network of international partners and investors. The facility will be announced at the AFC Live Infrastructure Solutions Summit today.
The facility will be disbursed through loans from AFC to selected commercial banks, regional development banks and central banks in various African countries, providing them with much needed hard currency liquidity to finance trade and other economic activities in their jurisdictions.
These institutions will be able to leverage AFC’s proven access to global funding to receive financing at competitive rates.
Speaking on the rationale behind the launch, Head of Treasury and Financial Institutions, Banji Fehintola, said: “The COVID-19 pandemic set back Africa’s economic growth trajectory and widened the trade financing gap, while the Russia-Ukraine conflict has added a further set of challenges negatively impacting growth prospects across the continent.
“We are determined to play a leading role in helping the continent’s recovery and resilience, not only though the work we do in bridging Africa’s infrastructure gap, but also through targeted interventions such as this US$2billion economic resilience facility.”
Applications for the African Economic Resilience Facility will open this month through AFC’s website.
Through this funding intervention, AFC will accelerate its developmental impact in Africa, helping to drive the continent to a new phase of growth that is focused on maximum resource value capture and domestic job creation.
Over the last 15 years, AFC has built experience mobilising global capital for critical infrastructure projects in Africa.
The Corporation’s recent bond issues include a US$750million 7-year Eurobond issued in 2021 at AFC’s lowest yield to date. The Corporation also established an independent asset management arm, AFC Capital Partners, with plans to raise US$2 billion to fund climate adaptation infrastructure projects in Africa.
To commemorate International Women’s Day 2022, themed “Break The Bias” BizWatch Nigeria presents Twitter Spaces conversation on Wednesday, March 9th 2022 tagged “Break The Bias: Is Nigeria Ready For A Female President?”
International Women’s Day is marked every year to celebrate women all around the world, eradicate gender bias and fight for gender equality. Clearly, we have a long way to go to achieve gender equality.
BizWatch Nigeria to mark this year’s International Women’s Day will have a Twitter Spaces Conversation by 7 pm (WAT) to provide solutions to gender bias and to discuss the following;
Gender bias
Issues in society
Empowering young girls and women
Gender equality and equity
Women in business and leadership
The role of the female gender in restoring Nigeria
Is Nigeria ready for a female president?
The rejected gender bills
Under representation of women in politics and government
The aim of this event is to celebrate women, eliminate gender bias and educate people on gender equality.
The speakers for the event are: Hansatu Adegbite, the Executive Director of WiMBIZ, Seyo Body-Lawson; a renowned entrepreneur and photographer, Gbemi Aleke; a Deputy Director of Account Management and Strategy at TBWA Lagos and Betty Abah; a seasoned journalist, women and children’s right activist and the Director of CEE-HOPE. The Twitter Spaces conversation will be hosted by Adepeju Aina, a content creator at BizWatch Nigeria.
Join our conversation on Twitter as we provide solutions to gender equality and as we break the bias!
The Nigerian National Petroleum Company (NNPC) said that a total of ₦249.3 billion for October 2021 domestic crude oil sales by six multinational oil companies operating in the upstream sector will be paid in January 2022.
The NNPC made this known in its latest report on Nigeria’s crude oil export and domestic crude oil sales in the month of October 2021.
This came as the oil firm revealed that it would also deduct ₦270.83 billion from what would be shared by the three tiers of government during the Federal Accounts Allocation Committee meeting in January next year.
It said the ₦270.83 billion was its November 2021 value shortfall. The NNPC posts value shortfalls as a result of what it spends on the monthly subsidy of Premium Motor Spirit, popularly called petrol.
On oil sales, the oil company explained in the report that while the October 2021 crude oil exports of 50,000 barrels under the Production Sharing Contract, valued at $4.18 million was payable in November 2021, the October 2021 domestic crude oil payment expected in January 2022 from the six firms is ₦249.3 billion.
The company further noted that the October 2021 domestic crude oil payable in January 2022 by the NNPC was in line with the 90 days payment terms, adding that the six firms were its Joint Venture partners.
Oil firms
It outlined the firms from where the funds were being expected to include Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN), Shell Petroleum Development Company (SPDC), MidWestern, Pillar and First Exploration and Production.
It said CNL would be paying for 2.268 million barrels of domestic crude valued at ₦73.85 billion, while MPN would remit ₦123.22 billion for 3.8 million barrels of domestic crude oil.
The SPDC and MidWestern would be paying for 828,556 and 100,000 barrels of domestic crude oil valued at ₦26.966 billion and ₦3.25 billion, respectively.
For Pillar and First E&P, the firms would pay for 20,000 and 649,677 barrels of domestic crude oil valued at N650.91m and N21.36bn, respectively.
The report put the total volume of domestic crude oil payable by the firms in January 2022 at 7.666 million barrels, while the value of the commodity was put at ₦249.3 billion.
“This value shortfall consists of ₦220,110,853,427.56 for November and ₦50,720,290,429.00 deferred for recovery in December 2021 FAAC Report.”
The Federal Government has signed a memorandum of understanding (MoU) with Developing Africa Group from UK, to establish the first in Africa first intellectual property rights (IPR) commercialization project in Nigeria.
The Head of Press and Public Relations of the Ministry of industry, Trade and Investment, Ibrahim Haruna disclosed the information.
The Minister of Industry, Trade and Investment,, Adeniyi Adebayo, was quoted as saying that the MoU would enable the group to use IPR as a means of resolving some of the issues and challenges facing Nigeria as well as provide jobs and trade services.
According to the minister, the pilot project was structured for a period of three years.
“This is to address some of the issues surrounding unemployment and allow rural communities in Nigeria to start attracting commercial interests,” he said.
“Since trademarks are crucial to the promotion of trade and economic development, and Nigeria happens to be one of the strong regional hubs of trade in Africa being the continent’s biggest economy.
“It is no surprise that it has attracted the world’s IP governing body in Abuja, as Nigeria hosted one of the only two World Intellectual Property Office’s (WIPO) external offices in Africa.
“Africa in general and Nigeria in particular, faces an enormous challenge of industrialisation and unemployment generation given the significant population growth.
“The African Development Bank estimates that youth unemployment is twice as high as that of adults and that young people account for approximately 60 per cent of the continent’s jobless population.
“The problem is only set to become more acute given estimates that some 12 million young people on the continent enter the job market each year.”
The minister advised the group to collaborate with the WIPO Office in Nigeria to accomplish the goals.
The chairperson of the group, Jamila Ahmadu-Suka, assured that the use of the IPR would introduce a several technology-based projects in the country.
The Nigerian National Petroleum Company (NNPC) has stated that the pipeline fire at Iyana-Odo/Baruwa axis of Lagos will not unsettle the supply of petroleum products across the country.
NNPC’s Group Managing Director, Mele Kyari, stated this on Friday during a visit to the scene of the incident.
The collapse of an electricity transmission tower on the pipeline on Friday resulted in the fire.
The NNPC GMD, who was represented by Isiyaku Abdullahi, managing director, Pipelines and Products Marketing Company (PPMC) Ltd, stated that the fire incident affected a portion of system 2B pipeline within the area, noting that the visit was to ascertain the extent of the incident.
“We want to assure Nigerians that this incident will not affect the supply and distribution of petroleum products across the country,” he said.
Kyari staed further that official of the national oil company were working with the Lagos government and other relevant authorities to permanently put out the fire.
Confirming the incident earlier on Friday, Ibrahim Farinloye, acting coordinator, south-west zonal office of the National Emergency Management Agency (NEMA), said sparks from the collapsed tower led to the fire outbreak.
“The electricity cable collapse led to sparks and the sparks got to spilled petrol around the area which led to the pipeline fire and a subsequent explosion,” he said.
“The pipeline corridor has been known to have spillage often due to activities of vandals.”
The incident caused power outage in parts of Lagos State.
The House of Representatives (reps) on Tuesday passed a 2022 budget of ₦17.126 trillion which is higher than the ₦16.391 trillion sum presented by President Muhammadu Buhari.
The Senate is also expected to pass the appropriation bill on Tuesday.
While the major capital, recurrent, debt service, statutory transfers remain untouched, the House made provision for an increase by ₦400 billion for agencies that came forward with financial reports which were not captured in the proposed budget, such as INEC, Ministries of Humanitarian Affairs, the National Assembly, and more.
In passing the bill, the House increased the benchmark price for crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected.
The lawmakers also made provision for 10 percent of monies recovered by EFCC and the National Financial Intelligence Unit to be utilised by the agencies for their operations, to strengthen their fight against corruption.
The budget deficit was increased by N98 billion to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.
The Nigerian National Petroleum Company Ltd. (NNPC) says it will continue to work tirelessly to ensure sufficient supply of petrol to every part of the country during and beyond the forthcoming festive period.
Group General Manager, Group Public Affairs Division, NNPC, Garba Muhammad, made this known in a statement in Abuja.
Muhammad expressed appreciation to Nigerians for always heeding its advisories not to engage in panic buying of petrol.
“The NNPC is once again giving Nigerians strong assurance that we have product sufficiency that will last far beyond the festive period.
“Indeed, our stock has risen from a reserve of 1.7 billion litres to over two billion litres within the last one month,” he said.
Muhammad, therefore, urged Nigerians not to engage in panic buying, but to fully enjoy the spirit of the festive season.
While appreciating Nigerians for their understanding and support, he promised that NNPC will not relent, in always ensuring sufficient supply of petrol.
Nigeria’s Headline inflation decreased by 0.59 percent to 15.40 percent in November, the National Bureau of Statistics (NBS) has revealed.
Statistician-General of the Federation, Simon Harry, who made the announcement on Wednesday in Abuja during a media conference, also stated that the rebasing of the nation’s economy would take place in 2022 after completing the National Agricultural Sample Census (NASC).
According to him, there has been a consistent decrease in the inflation rate in the last eight months and the figure for November is a decrease from the 15.99 percent recorded in October.
“With this, it means that the declining trend for about eight months portends a positive signal given the favourable economic conditions, the rate of inflation in Nigeria would come down to a bearable level.”
Harry said that on a month-on-month basis, the headline index increased by 1.08 percent in November, which was 0.10 percent higher than the 0.98 percent recorded in October.
The urban inflation rate increased by 15.92 percent (year-on-year) in November from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November from 14.33 percent in November 2020.
On a month-on-month basis, however, the urban index rose by 1.12 percent in November, up by 0.10 percent from the 1.02 percent recorded in October, while the rural index also rose by 1.04 percent in November, up by 0.09 percent from the 0.95 percent rate recorded in October.
He also said that the composite food index rose by 17.21 percent in November compared to 18.30 percent in November 2020.
According to him, the rise in the food index was caused by increases in prices of bread and cereals, fish, food product such as potatoes, yam, and other tubers, oil and fats, milk, cheese and eggs, and coffee, tea, and cocoa.
However, on a month-on-month basis, the food sub-index increased by 1.07 percent in November, up by 0.16 percent points from 0.91 percent recorded in October.
Also, the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.85 percent in November, up by 0.61 percent when compared with 11.05 percent recorded in November 2020.
He added that on a month-on-month basis, the core sub-index increased by 1.26 percent in November.
“This was down by 0.46 percent when compared with 0.80 percent recorded in October.
“The highest increases were recorded in prices of gas, liquid fuel, other services such as garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewelry, clocks, and watches.
“Others are passenger transport by air, pharmaceutical products, appliances, articles, and products for personal care, cleaning, repair and hire of clothing and fuels and lubricants for personal transport equipment.”
The Nigerian Communications Commission (NCC) says it has successfully carried out a mock session for the 3.5 gigahertz (GHz) spectrum auction for the deployment of the Fifth Generation (5G) network in the country.
Dr. Ikechukwu Adinde, NCC’s spokesman explained that the simulated auction held on Friday in Abuja was preparatory to the main auction scheduled to take place on Monday.
He said the conduct of the simulation exercise was in line with the requirements stipulated in the Information Memorandum (IM) for the 3.5 GHz spectrum auction.
The IM is a document that defines the process for the licensing of the 3.5 GHz spectrum band earlier published on the commission’s website at the inception of the auction process.
“Using the Ascending Clock Auction System for the mock session, the three qualified bidders for the 3.5 GHz spectrum, namely MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd, participated in the software-based simulated auction exercise,” the statement said.
“Following the successful mock auction, the stage is set for the commission to license two slots in the 3.5 GHz spectrum band expected to be picked by successful bidders at the end of the Main Auction on Monday, December 13, 2021.
“The auction on Monday will mark a turning point in Nigeria’s determination to harness the benefits of 5G for the nation’s socio-economic growth as the concrete roll-out of 5G commences in 2022.”
Chairman of NCC Board of Commissioners, Professor Adeolu Akande; the Executive Vice Chairman and Chief Executive Officer of the commission, Professor Umar Danbatta; Executive Commissioner (Technical Services), Ubale Maska, and the Executive Commissioner (Stakeholder Management), Adeleke Adewolu, were among those who witnessed the exercise.
Others include representatives from the bidding companies, senior management staff from relevant departments of the commission, technical consultants, software consultants, legal consultants, and other external observers.
In a brief remark at the mock auction, Danbatta said the commission had taken all necessary steps to ensure due diligence on the credibility of the consultants and to safeguard the integrity of the software solution being used to carry out the implementation of the national assignment.
“This is consistent with the open, credible transparent, and fair manner by which the commission is known to have conducted previous auction processes, which have been locally and globally applauded,” Danbatta was quoted as saying in the statement.
In order to ensure a fail-proof process, Adinde said the NCC also carried out a simulation of the manual process of the auction, aside from the electronic mock.
He explained that this was to make bidders familiar with the manual auction in case of any circumstances on the main action day that may warrant a need to switch to the manual auction.
“It is pertinent to note that the two forms- electronic and manual- are clearly stated in the IM and they follow the same process,” the statement added.
“Representatives of the bidding companies, the commission, the consultants, and other observers at the mock auction expressed satisfaction with the conduct of the simulation exercise, which also provided an opportunity for the commission to perfect the auction process ahead of the main auction.
“The commission had commenced the process for the auction of the 5G spectrum in the last quarter of the 2021 and had, since then, carried out a number of activities ahead of the main auction.”
The retail price of Premium Motor Spirit, popularly known as petrol, may be sold above the projected N340/litre in February 2022 once the Federal Government stops its subsidy on the commodity, oil marketers said on Tuesday.
Findings show that both independent and major oil marketers were perfecting plans to begin PMS importation soon as the government ends the subsidy regime.
They have raised concern over the unstable condition in foreign exchange rates and how this would affect petrol price in the coming year.
The Nigerian National Petroleum Company Limited has been the sole importer of petrol into Nigeria for about four years. The inability of marketers to effectively access the United States dollar for the purpose of importing refined crude oil forced them to stop.
The Group Managing Director of NNPC, Mele Kyari, last week, announced at a World Bank event in Abuja that beginning from February 2022, the price of petrol would range between N320 and N340 per litre by which time the Federal Government have removed the subsidy.
He stated that Nigeria would cease to subsidize the commodity in the first quarter of next year, adding that subsidy would have been removed this year but was suspended owing to certain conditions.
According to PUNCH, some marketers on Tuesday stated that the cost of petrol would be above the amount projected, which is between N320 – N340/litres if there was no improvement in the foreign exchange rate.
According to Dealers under the aegis of Independent Petroleum Marketers Association of Nigeria and Petroleum Products Retail Outlets owners Association of Nigeria stated their readiness to import petrol, however, also noted the cost of the commodity would be high in February.
IPMAN and PETROAN members own bulk of the filling stations across the country and currently make purchases from depots before selling to final consumers at their various retail outlets.
“Yes, if there is no subsidy, some marketers can import, but the only thing is that it will be costly. The price will be higher than the projected cost because of the exchange rate,” the National Vice President, IPMAN, Abubakar Maigandi, stated.
He added, “The challenge of accessing forex will definitely affect imports because over 90 per cent of petrol that will be consumed across the country will depend on importation. Also this is because the refineries are not functioning.”
The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, also stated that the foreign exchange rate would determine the cost of petrol from next year after subsidy removal.
He said, “If the Federal Government says there is no going back on subsidy removal this time round, which is a challenge that has dragged on for about 30 years, then it means that they are going to liberalise the market.
“By liberalising the market it will now help independent and major marketers to be able to freely import petroleum products from any source so that products will be available in Nigeria.”
He added, “However, it is pertinent to note the forces of demand and supply will determine the price of the commodity in Nigeria. So literally, whatever the dollar rate is in the international and local markets will pose the actual challenge to marketers
“The issue of black market and official exchange rates is a serious challenge that we foresee. But we believe that the Federal Government is doing something by meeting with the bureau d’change operators on this, so that whatever is obtainable at the banks is what you get in the open market.”
On whether the forex issue could lead to a higher price than the projected N340/litre, Chinedu replied, “Aside from the adverse effects of the removal of subsidy on the wellbeing of Nigerians, we will, of course, see a price that is higher than what they project.
“The price will be higher. It will be higher because the dollar to a large extent determines the price of petroleum products. If the dollar goes up, the price of petrol will increase, and vice versa.”
The President PETROAN, Billy Gillis-Harry, confirmed the position of IPMAN, as he, however, explained that members of his association were ready to import the commodity.
He said, “At PETROAN we already have a vehicle that is in place to start importation petroleum products, gas and other products. We encourage the government to completely remove subsidy.
On the possibility of higher pump price than the projected N340/litre, Gillis-Harry said, “That is why we said that every single thing about petroleum products should be premised on the forces of the market.
“The forces of demand and supply should determine the price.”
The spokesperson of NNPC, Garba-Deen Muhammad, told our correspondent that the issue of petrol pricing was not the function of the oil firm.
“Price issues are policy matters. NNPC does not fix price, it has no mandate. It operates in the sector as a business concern governed by CAMA Laws,” he stated.
Despite interventions and funding channeled to the distribution of prepaid meters across the country, about six million electricity consumers are still being given estimated billing.
A report by the Nigerian Electricity Regulatory Commission (NERC) in January this year had put the number of meters contracted through the Meter Asset Providers scheme (MAPS) and National Mass Metering Programme (NMMP) at 7,588,972, indicating that over 7.5 million customers will be needing prepaid meters had the time.
However, The PUNCH gathered from the Federal Ministry of Power on Tuesday that the deployment of meters through the NMMP had risen to 750,000.
A combination of meter deployment by both schemes showed that about 1.26 million meters had been deployed out of the over 7.5 million unmetered customers captured by the NERC.
Operators in the sector explained that the deployment of meters this year was basically through the NMMP, as the MAP scheme was not fast in meter provision.
The National Mass Metering Programme, funded by the Central Bank of Nigeria, was instituted in September 2020 to increase the rate of metering through the provision of free meters.
The Meter Asset Providers scheme, on the other hand, took effect on April 3, 2018, introducing meter providers as a new set of service providers in the Nigeria Electricity Supply Industry.
This came as power distributors told our correspondent that meters provided under Phase Zero of the NMMP had so far been deployed to customers.
They stated that many Discos currently lacked meters as only a few were on ground for distribution to the over six million unmetered power users nationwide.
“Under Phase Zero, they (government) had a particular number that they gave to each Disco and the target was to provide about one million meters,” an official with the Association of Nigerian Electricity Distributors, who pleaded not to be named as he was not authorised to speak on the matter, said.
The official added, “Ikeja Disco received over 100,000 meters; Ibadan Disco also got over 100,000 meters; while some others got about 90,000 meters, as the allocations were based on the Disco.”
Explaining how the free meters under Phase Zero of the NMMP were acquired, the ANED official stated that the government worked with meter manufacturers to know their respective capacities.
Women entrepreneurs have been urged to adopt artificial intelligence (AI) and digital technologies to improve their business operations, build customer trust and expand into regional and international markets.
The call was made at the NNEW Summit, held at NECA House on October 15 and 16, 2026, under the theme ‘Rise – Lead – Transform’. The discussions focused on the opportunities emerging technologies offer businesses and the challenges limiting their adoption, particularly among small and medium-sized enterprises (SMEs).
During a discussion on the impact of AI and digital platforms on business development, a speaker said digital technology had created opportunities for Nigerian women to reach customers beyond the country’s borders.
The speaker, however, identified policy constraints, inadequate infrastructure, unreliable connectivity, funding difficulties and a lack of trust in online transactions as challenges entrepreneurs must address.
The speaker said businesses could work together to reduce the cost of accessing traditional and digital media platforms through shared advertising budgets and collaborative content production.
The speaker also disclosed that his media organisation was developing a platform intended to address problems associated with fraudulent products and unreliable online transactions. According to the speaker, the initiative involved collaboration with relevant regulatory agencies, although no launch date was provided.
Addressing the practical use of AI by small businesses, guest speaker Evans Edebo said entrepreneurs needed to understand the technology before adopting it.
Edebo stressed that AI literacy was an important starting point for business owners seeking to move from awareness to practical application. According to Edebo, entrepreneurs should first identify their business needs and determine the tasks they want digital tools to perform before selecting the appropriate technology.
Edebo explained that technology should help businesses improve existing activities rather than be adopted without a clearly defined purpose.
Edebo outlined three broad categories in Nigeria’s digital business landscape: digital novices, social media sellers and aspiring international digital traders.
Digital novices, Edebo explained, include people who use smartphones and basic applications but have limited knowledge of the wider range of digital tools available to them.
Social media sellers have progressed to using online platforms to promote products and create content, while aspiring international digital traders are seeking to participate more actively in digital commerce across borders.
Edebo encouraged entrepreneurs to identify their current level of digital adoption and choose tools that correspond with their business needs and capacity.
Edebo also highlighted the importance of learning from credible sources as AI technology continues to evolve.
Edebo disclosed that he was involved in an AI literacy training initiative targeting 10,000 business owners in Lagos through a programme associated with the Lagos State Employment Trust Fund.
The training, Edebo said, was designed to help participants develop the knowledge and confidence required to use AI in their businesses.
On sustainable business growth, another speaker said entrepreneurs needed to establish a clear business identity, plan for the long term and build trust with customers.
The speaker argued that sustainability required more than immediate financial returns, stressing the importance of considering environmental, economic and social outcomes.
The speaker also advised businesses to understand their regulatory environment, conduct adequate research and explore local resources and technologies that could support long-term growth.
The speaker emphasised collaboration, noting that partnerships could help entrepreneurs access opportunities and resources that might be difficult to obtain independently.
The discussion also highlighted local content development as a possible route to strengthening production and creating business opportunities across Nigeria.
A speaker outlined an initiative aimed at developing industrial clusters across the country’s 774 local government areas, with the intention of building production hubs around products and economic activities associated with different locations.
The speaker said the proposed hubs were intended to bring relevant commercial facilities and services together to support entrepreneurs and improve productivity.
However, the discussions did not establish a detailed implementation timetable for the nationwide initiative.
The discussions highlighted the gap between awareness of digital technology and its effective use by small businesses.
Although AI and online platforms offer opportunities to reach wider markets, entrepreneurs still need the skills, infrastructure and financial resources to take advantage of them.
Trust also remains an important consideration in digital commerce. Customers who receive products that differ from what was advertised may become reluctant to transact online, creating challenges for businesses that depend on digital platforms.
For women entrepreneurs, the cost of technology, advertising and business expansion can further limit their ability to compete.
The speakers therefore emphasised practical digital training, collaboration and the need for businesses to identify their specific requirements before investing in new technologies.
“The first thing I would want to mention is learning about AI, AI literacy, the foundational programme, AI literacy, in order for you to build confidence,” Evans Edebo said.
“Technology, generally speaking, is an enabler. It helps you to do better what you’re already doing,” Edebo said.
The discussions pointed to the need for continued AI literacy training, wider adoption of digital tools by small businesses and stronger collaboration among entrepreneurs.
The proposed industrial cluster initiative could also create opportunities for local producers if the plans are implemented and the necessary facilities and support services are provided. Further details would be required to establish the implementation schedule, participating local governments and funding arrangements for the proposed clusters.
AI and digital platforms offer Nigerian women entrepreneurs opportunities to improve business efficiency and reach new markets. Turning those opportunities into sustainable growth will depend on practical digital skills, access to funding, reliable infrastructure, customer trust and effective implementation of the initiatives discussed.
Travelling within Nigeria can be an opportunity to explore the country’s beaches, waterfalls, wildlife reserves, historic landmarks and cultural festivals. From a weekend in Abeokuta to a holiday in Calabar or a visit to the hills of Jos, there are destinations to suit different interests and budgets.
However, travelling within the country requires more than choosing a destination and booking a hotel. Traffic congestion, changing transport fares, road conditions, electricity supply, payment difficulties and security concerns can affect travel plans. A trip that seems easy to plan may take longer or cost more than expected.
Whether planning a solo trip, a family holiday or a weekend getaway with friends, these seven practical tips can help you prepare for a smoother travel experience in Nigeria.
1. Check the road and security before you leave
Most people still travel between cities by road, and delays come from traffic, roadworks, diversions and checkpoints. Ask your driver or transport company about the route, and look for recent news on road and security conditions. The article says Lagos to Ibadan can be slow when many people are leaving the city. Longer trips, like Abuja to Kaduna or Enugu to Port Harcourt, need more care. The writer says these are only examples and not a promise of how things are today, so check your own route before you go.
Book with a known transport company, not a stranger offering a ride. Confirm the terminal, departure time, fare, luggage allowance and where you will be dropped. On a long trip, ask if the bus makes stops and how passengers are told about delays. Don’t think night travel saves time or money. Think about poor visibility, a tired driver and security on the road. If there are real warnings that a route is unsafe, wait or go another way.
2. Budget in naira and expect fares to change
The cost of a trip depends on fuel prices, distance, demand, the type of transport and the time of year. Fares often go up at Christmas, Easter, Sallah and other busy periods, mostly on routes between big cities and hometowns.
Compare buses, flights, trains (where they run) and private cars. Don’t look at the ticket price alone. Add the cost of getting to the terminal, food on the way, the hotel, entry fees and transport at your destination. For example, if you fly from Lagos to Calabar, you still pay for the ride to the airport and for moving around Calabar. If you go by road, you pay for snacks, possible delays and the ride from the bus park to your hotel.
Keep some money aside for emergencies instead of spending everything on tickets and hotel. Write down your expected costs on your phone or in a notebook so you can track your spending. Before you pay, confirm the final fare and ask about refunds or changing the date, especially in festive seasons or when you book through an agent.
3. Carry cash, but not only cash
Transfers and electronic payments work well in many cities, but not everywhere. Network problems, failed transfers, POS issues and few ATMs can cause trouble, mostly in small towns and far-away tourist spots.
Carry enough cash for transport, market shopping, small restaurants and entry fees. Keep it in a safe place and don’t show off large amounts. At the same time, keep a working bank account and a way to pay electronically. Check that your bank app works, keep your phone charged and make sure you can reach your account without depending only on mobile data. A power bank helps on long road trips.
Don’t assume every hotel, restaurant or attraction takes cards or transfers. Ask before you arrive. If you are going somewhere with few banks, work out how much cash you need before you leave, but don’t carry more than necessary. Never share your PIN or OTP with anyone who offers to “help” with a payment.
4. Confirm your hotel details
Hotels differ a lot. A hotel may advertise air conditioning, internet and other extras, so check which ones are really available and whether they cost extra. Read recent reviews and confirm the address. Ask about steady electricity, backup power, enough water, safe parking if you are driving, and working air conditioning if you need it. This matters most in hot weather or where public power is unreliable.
Location matters too. A cheaper hotel far from where you want to go can cost more in transport and leave you stuck in traffic. Compare the full cost, including the time and money it takes to reach attractions, restaurants and terminals.
Book through a known platform or contact the hotel directly. Be careful with social media adverts that ask for payment right away and give no proof the business is real. If you will arrive late, tell the hotel and make sure someone will be there for you. Keep the address and phone number handy in case your driver needs directions.
5. Pick a place that fits your interests, budget and time
Nigeria has attractions in every part of the country, but think about how hard a place is to reach, what facilities are there and how many days you have. For a short trip from Lagos, the article suggests Olumo Rock in Abeokuta or places around Badagry for history and culture. It also mentions sites around Calabar in Cross River State, Yankari Game Reserve in Bauchi State, the Osun-Osogbo Sacred Grove in Osun State, and Jos in Plateau State for its scenery and cooler weather.
Before you pick a place, check that it is open, the entry fee, the road, where you can stay and what the security advice says. Some places need a guide or permission in advance. Don’t assume a place is open just because it appears in an online article. If you only have two or three days, choose places close to each other. Jumping across several states leaves little time to enjoy anything and costs more. For a longer holiday, split the trip into areas and leave enough time to travel between them.
6. Prepare for weather and traffic
The rainy and dry seasons are not the same everywhere. The coast, the middle belt and the far north can have different weather at the same time. Check the forecast before you go. In heavy rain, some roads become hard to use and outdoor plans can be cancelled. Listen to local advice about flooding and never drive through floodwater.
In hot weather, carry drinking water, use sun protection and wear suitable clothes. If you are visiting a nature reserve or a rural place, ask the operator about shoes, insect protection and other things to bring.
Traffic in Lagos, Abuja, Port Harcourt and other busy cities can mess up airport transfers, restaurant bookings and planned activities, so leave extra time, especially at rush hour and on public holidays. Pack your medicine, toiletries, chargers, a power bank, ID and comfortable shoes. If you are travelling with children or older relatives, plan more breaks and keep food and medicine within reach.
7. Make safety and emergency plans
Security is not the same in every state and it can change. Read current official travel advisories and look for reliable local information about your destination and route. Don’t depend on old travel blogs, social media comments or people who haven’t been there recently.
Share your plan with a trusted friend or relative, including your transport company, your hotel and when you expect to arrive. Keep important phone numbers with you and know how to reach emergency services. If you go by road, make sure the vehicle is fit for the trip and the driver is fit to drive. Keep your valuables safe and be careful with offers from strangers. In an unfamiliar area, ask trusted local contacts or tour operators which places to avoid.
Find the nearest hospital or clinic, especially if you travel with children or someone who takes regular medicine. Keep medicines in their original packs where you can. Think about travel insurance, and check if it covers local trips, medical emergencies, cancellations and lost items. Keep an emergency fund for surprise costs.
The most important point is to be ready to change your plans if there are credible security warnings, bad weather or transport problems. No attraction or schedule is worth risking your safety.
Bottom line: A good trip in Nigeria comes from preparation, a realistic budget and being ready to adjust. Whether it’s a weekend away or a long holiday across several states, plan around your interests, your money and the conditions at your destination.
The Agricultural Agenda Nigeria Initiative (AANI) has urged federal and state governments to provide affordable credit and strengthen security for farmers.
The group called for single-digit interest loans, accessible agricultural insurance, lower production costs and improved access to farm inputs.
AANI advocated increased investment in irrigation, storage, mechanisation, renewable energy and digital agricultural services.
The organisation said its #OutgrowHungerProject had supported approximately 10,000 smallholder farmers since its launch in 2020.
MAIN STORY
The Agricultural Agenda Nigeria Initiative (AANI) has called on federal and state governments to improve farmers’ access to affordable financing, strengthen security and reduce agricultural production costs to boost food production in Nigeria.
The organisation made the appeal in a statement issued by its president, Ephraim Audu, in Abuja on Friday to mark the 2026 World Food Day.
Audu said persistent food insecurity, rising production costs and other challenges facing farmers required urgent and coordinated government interventions.
He urged authorities to ensure that agricultural subsidies and support programmes reached genuine smallholder farmers, particularly those in rural communities.
The AANI president also called for affordable loans with single-digit interest rates, accessible agricultural insurance and the removal of excessive collateral requirements that prevent farmers from obtaining financing.
He said stronger protection for farmers, farmlands and agricultural supply routes was necessary to sustain food production.
“There is need for stronger protection of farmers, farmlands and agricultural supply routes to ensure uninterrupted food production,” Audu said.
He further identified investment in irrigation, agricultural extension services, climate-resilient farming, storage, processing, transportation and market access as important measures to reduce post-harvest losses and excessive dependence on food imports.
Audu also advocated tax incentives for smallholder farmers and eligible agricultural businesses, alongside greater opportunities for women and young people in the sector.
He called for wider adoption of solar-powered irrigation, renewable-energy cold storage, mechanisation and digital agricultural services to improve productivity and strengthen farming operations.
The organisation also stressed the need for transparent implementation of agricultural programmes to ensure that government interventions reached their intended beneficiaries.
Highlighting its own efforts to support farmers, Audu said AANI had been implementing the #OutgrowHungerProject since its inauguration in 2020, in collaboration with the Food and Agriculture Organisation of the United Nations (FAO).
“The project has supported approximately 10,000 smallholder farmers through agricultural inputs, development financing and capacity building,” he said.
Audu urged private sector operators, development partners, financial institutions and other stakeholders to increase investment in smallholder agriculture through strategic partnerships, innovative financing and technology transfer.
He said sustained investment in farmers was necessary to strengthen food security, support economic growth and improve livelihoods in rural communities.
THE ISSUES
Farmers face several constraints that can affect food production, including high operating costs, limited access to affordable credit and insecurity affecting farms and agricultural supply routes.
AANI argues that reducing these barriers would help smallholder farmers obtain essential inputs, invest in production and improve their capacity to supply food markets.
The organisation also highlighted the importance of agricultural infrastructure, including irrigation, storage, processing and transportation, in reducing post-harvest losses and limiting dependence on imported food.
Access to financing remains another key concern, with AANI advocating single-digit interest loans, agricultural insurance and less restrictive collateral requirements.
WHAT’S BEING SAID
“Persistent food insecurity, rising production costs and other challenges confronting farmers require urgent and coordinated interventions,” Ephraim Audu, President of the Agricultural Agenda Nigeria Initiative, said.
WHAT’S NEXT
AANI has urged federal and state governments to improve agricultural financing, strengthen security and ensure that subsidies and other support programmes reach smallholder farmers.
The organisation has also called on financial institutions, private businesses and development partners to expand investment in agricultural technology, infrastructure and capacity building.
BOTTOM LINE
AANI says improving food production in Nigeria requires affordable financing, stronger protection for farmers, lower production costs and sustained investment in agricultural infrastructure and technology.
The Forum of Governorship Candidates of the Democratic Leadership Alliance has endorsed President Bola Tinubu for re-election in 2027.
The forum said it would work with Arewa for Asiwaju to mobilise support for Tinubu despite the party maintaining its own candidates for other elective offices.
DLA said it had 15 governorship candidates, alongside senatorial and House of Assembly candidates, for the 2027 elections.
The forum cited the administration’s education loan scheme and infrastructure projects as reasons for supporting a second term.
MAIN STORY
The Forum of Governorship Candidates of the Democratic Leadership Alliance (DLA) has endorsed President Bola Tinubu for a second term in 2027, saying his re-election is critical to Nigeria’s economic and infrastructure development.
The forum’s chairman and DLA governorship candidate in Taraba, Aboki Bayonga, announced the decision at a news conference in Abuja on Friday.
Bayonga said the party would collaborate with Arewa for Asiwaju (A4A), a political pressure group, to mobilise support for Tinubu because DLA would not field a presidential candidate in the 2027 election.
He explained that the decision to support Tinubu did not mean the party had abandoned its own electoral ambitions, as it would still contest senatorial, House of Assembly and governorship seats.
The party has 15 governorship candidates across the country, according to Bayonga, who said members had agreed to align with the All Progressives Congress (APC) for the presidential election.
“We are declaring our support for President Tinubu as our Presidential Leadership Alliance candidate in 2027 on the platform of Arewa for Asiwaju,” he said.
“It is not that we have dropped our aspirations as a party but as for the presidential election we are for Tinubu,” Bayonga added.
He said the forum would work to secure Tinubu’s re-election, arguing that the president had performed well enough to deserve another term.
Bayonga pointed to what he described as achievements across different sectors, saying the administration could deliver more if given another four years.
He specifically cited the education loan scheme introduced by the Tinubu administration, saying it had made access to higher education less financially stressful for students’ parents.
The DLA chairman also referenced infrastructure development, including completed and ongoing road and railway projects in different parts of the country.
Bayonga said members of the forum would work with A4A to deploy their political structures and grassroots networks to mobilise votes, particularly across the 19 northern states, as well as other parts of Nigeria.
THE ISSUES
The endorsement shows how a political party without a presidential candidate can seek to influence the presidential contest while maintaining its candidates for other elective positions.
For DLA, supporting Tinubu allows the party to back a presidential candidate while continuing to pursue governorship and legislative seats in 2027.
The forum’s position is based on its assessment of the administration’s education and infrastructure programmes. However, the endorsement represents the political position of the candidates and does not establish the level of support Tinubu will receive from voters in the states targeted for mobilisation.
WHAT’S BEING SAID
“We are declaring our support for President Tinubu as our Presidential Leadership Alliance candidate in 2027 on the platform of Arewa for Asiwaju,” Aboki Bayonga, chairman of the Forum of Governorship Candidates of the Democratic Leadership Alliance, said.
“It is not that we have dropped our aspirations as a party but as for the presidential election we are for Tinubu,” Aboki Bayonga said.
“We will work and do everything possible to ensure that Tinubu is re-elected in 2027 because he has done well to deserve a second term,” Aboki Bayonga said.
WHAT’S NEXT
The forum plans to work with Arewa for Asiwaju to mobilise voters for Tinubu, particularly in the 19 northern states and other parts of the country.
DLA is also expected to pursue its own electoral ambitions through its governorship and legislative candidates in the 2027 general elections.
BOTTOM LINE
The Democratic Leadership Alliance’s governorship candidates have backed Tinubu’s re-election bid while retaining their party’s candidates for other offices, making collaboration with Arewa for Asiwaju central to their planned presidential campaign.
The World Trade Organization (WTO) and the International Finance Corporation (IFC) convened multilateral development banks (MDBs) and other international organisations in Bangkok, Thailand, on Friday, 16 October, to review progress on expanding supply chain finance in developing economies. According to the WTO, MDBs’ direct trade-related financing has risen to about USD 65 billion in 2026 from about USD 35 billion before COVID-19. Of this, about USD 10 billion is supply chain finance in developing economies, a two- to threefold increase from 2024.
The roundtable, held on the sidelines of the 2026 World Bank-International Monetary Fund (IMF) Annual Meetings, built on the commitments in the 2024 joint statement on Boosting Supply Chain Trade in Emerging Markets. Participants assessed developments since the initiative launched and examined how the current global trade and economic environment is affecting access to supply chain finance, particularly for small and medium-sized enterprises (SMEs) in low-income and vulnerable economies.
What has been done
Since 2024, the work has covered:
expanding supply chain finance programmes
strengthening legal and regulatory frameworks
promoting market infrastructure
building institutional capacity
broadening the range of financing products available to businesses
Supply chain finance supports SME participation in trade by providing affordable financing that improves cash flow. The WTO says the growth in MDB financing benefits both low- and middle-income countries.
What comes next
Participants discussed how to draw in more private-sector investment and how to reach underserved markets. Measures on the table include local currency financing, product innovation, partnerships, capacity-building and financial product awareness, all aimed at improving SME resilience in supply chains.
The work runs through the Supply Chain Finance Task Force under the WTO’s MDB Working Group. The Task Force coordinates action across seven institutions:
the IFC (World Bank Group)
the European Bank for Reconstruction and Development (EBRD)
the Asian Development Bank
the African Development Bank (AfDB)
Afreximbank
the Inter-American Development Bank
the Islamic Trade Finance Corporation (Islamic Development Bank Group)
The banks also coordinate with the WTO Secretariat and private-sector bodies, including the International Chamber of Commerce and FCI, the global representative body for the factoring and receivables finance industry. The Working Group agreed at the roundtable to keep coordinating efforts to expand financing in developing economies.
Why it matters for Nigeria
Nigeria is not named in the WTO release, but the Task Force includes two African lenders, the AfDB and Afreximbank, and the gap it is trying to close is large on the continent. The AfDB’s latest Trade Finance Report, released at its 2026 Annual Meetings in Brazzaville, puts Africa’s unmet demand for trade finance at between USD 74 billion and USD 92 billion in 2024, about 5.4 per cent of the continent’s merchandise trade. It warns that weaker currencies and tighter correspondent banking conditions could widen the gap to between USD 86.6 billion and USD 102.6 billion by 2027. The bank also flags the risk from disruption to shipping routes such as the Strait of Hormuz, a point that bears on Nigerian importers’ costs.
Commercial banks intermediated only 23 per cent of Africa’s trade between 2020 and 2024, down from 40 per cent in 2011-2019, which leaves development finance institutions carrying more of the load. The AfDB says these institutions facilitated about USD 32 billion in trade finance annually over 2020-2024.
For Nigerian firms, the question is who these programmes actually reach. The 2017 NBS/SMEDAN survey counted 73,081 small and medium enterprises against 41.47 million micro enterprises. The latest NBS figure, from the 2021 survey, puts total MSMEs at 39.65 million as of 2020. Supply chain finance products built around SME buyers and suppliers can only serve a very small share of that base.
What’s Being Said
WTO Director-General Ngozi Okonjo-Iweala, opening the meeting, said: “Expanding access to supply chain finance is essential to ensuring that smaller businesses can seize trade opportunities and contribute to economic growth. By working together, multilateral institutions can help address persistent financing gaps and support more inclusive participation in global trade.”
IFC Managing Director and Executive Vice President Makhtar Diop, who co-chaired the event, said: “Supply chain finance can have a transformative impact on trade flows and emerging market economies when the right elements come together: capital, legal infrastructure, digital platforms, and the market capacity to put it to work. Together, multilateral development banks (MDBs) are uniquely positioned to strengthen regulatory and market conditions and leverage our own capital to mobilize private investment at scale, channeling it to smaller businesses and markets where access to finance remains out of reach.”
Bottom Line
MDB lending into supply chain finance is clearly growing, but the gap it targets is still large and, on the AfDB’s projections, could widen. The WTO disclosed no data on how much of the USD 10 billion has reached SMEs in low-income economies, or on how much has gone to Nigeria. Without that split, Nigerian exporters cannot tell whether the growth is reaching them.
Niger Delta youth and community groups have called for unity and cooperation to protect oil and gas infrastructure in the region.
The organisations urged stakeholders to support allegations concerning pipeline surveillance contracts and public expenditure with verifiable evidence.
The groups commended Pipeline Infrastructure Nigeria Limited (PINL) for its reported engagement with host communities.
They called on oil and gas operators to strengthen community relations, address legitimate grievances and promote transparency.
MAIN STORY
Niger Delta youth and community organisations have urged residents and stakeholders in the region to unite in protecting critical oil and gas infrastructure, warning that unverified allegations and divisive campaigns could undermine peace and economic development.
The Niger Delta Youth Council Worldwide (NDYCW) and Niger Delta Communities in Northern Nigeria made the call in a joint statement issued in Abuja on Friday.
The statement was signed by NDYCW National Coordinator, Jator Abido; its Secretary-General, Kede Michael; and spokesperson, Akowien Joshua, alongside the Paramount Ruler of Niger Delta Communities in Northern Nigeria.
The organisations called for responsible public discourse, constructive engagement and stronger cooperation among stakeholders to protect the region’s economic interests.
They acknowledged that freedom of expression and legitimate criticism were important in a democratic society but maintained that allegations involving pipeline surveillance operations, contractual arrangements, public expenditure and institutional conduct should be supported by credible evidence.
According to the groups, the circulation of unverified information, speculation and personal grievances could mislead the public, create unnecessary tension and weaken collective efforts to secure critical national infrastructure.
Abido said divisions and unsubstantiated accusations should not undermine the cooperation needed to protect the region’s interests and maintain peace.
He stressed that pipeline surveillance and protection were important to Nigeria’s economic stability, crude oil production, national revenue and the livelihoods of communities in oil-producing areas.
“We call on the people of the Niger Delta to reject baseless hatred, unfounded allegations and divisive narratives that could undermine the peace and progress of our region,” Abido said.
“Where genuine concerns arise, they should be addressed through evidence, dialogue and the appropriate institutional channels,” he added.
The organisations also commended Pipeline Infrastructure Nigeria Limited (PINL) for its reported collaboration with host communities and monthly stakeholder engagement meetings.
They described the meetings as a means of building trust, resolving grievances and strengthening relationships between pipeline surveillance operators and host communities.
The groups said the engagements provided opportunities for traditional rulers, youth representatives, women leaders, security agencies and industry operators to discuss pipeline security, environmental protection and community development.
Abido urged other international oil companies, pipeline surveillance contractors and oil and gas operators to adopt similar approaches by consulting communities regularly, encouraging inclusive participation and responding promptly to legitimate concerns.
He said effective pipeline protection required more than physical surveillance and security operations, noting that community cooperation, responsible leadership and respect for host communities were also important.
The organisations further acknowledged the role of surveillance personnel, security agencies and residents in preventing pipeline vandalism, crude oil theft and other activities that could disrupt production and cause environmental damage.
They urged Niger Delta youths, traditional rulers, community leaders, women’s groups and civil society organisations to prioritise the region’s collective interests over personal disagreements and political differences.
The groups also emphasised that accountability and transparency should guide the activities of companies contracted to protect critical national infrastructure.
They called on PINL and other operators to maintain meaningful engagement with host communities, meet their contractual obligations, address legitimate grievances and ensure that community participation remained central to pipeline security.
The organisations added that security efforts should be accompanied by environmental responsibility, youth empowerment, employment opportunities and tangible development in oil-producing communities.
They said addressing the socioeconomic needs of host communities could strengthen public confidence, encourage cooperation and support the long-term protection of oil and gas infrastructure.
Michael, the NDYCW secretary-general, also called for collective responsibility, dialogue and peaceful dispute resolution, urging stakeholders to avoid actions that could deepen divisions.
Similarly, Joshua, the organisation’s spokesperson, urged media practitioners, community representatives and other stakeholders to exercise caution when reporting allegations concerning pipeline surveillance operations.
He called for thorough fact-checking, responsible reporting and the use of appropriate institutional channels to raise concerns, adding that accurate information and balanced communication were necessary to prevent misinformation and sustain confidence among stakeholders.
THE ISSUES
The groups’ appeal centres on the relationship between pipeline security, community cooperation and public accountability in the Niger Delta.
Oil and gas infrastructure is important to Nigeria’s crude oil production and revenue generation, while pipeline vandalism and crude oil theft can disrupt operations and contribute to environmental damage.
At the same time, questions about surveillance contracts, public expenditure and corporate conduct require credible scrutiny. The organisations argued that such concerns should be investigated through evidence-based processes rather than unverified claims.
Their position also highlights the importance of host communities in pipeline protection. Regular consultations and responses to legitimate grievances, they said, could strengthen trust between operators and residents.
WHAT’S BEING SAID
“We call on the people of the Niger Delta to reject baseless hatred, unfounded allegations and divisive narratives that could undermine the peace and progress of our region,” Jator Abido, National Coordinator of the Niger Delta Youth Council Worldwide, said.
“Where genuine concerns arise, they should be addressed through evidence, dialogue and the appropriate institutional channels,” Jator Abido said.
“We must not allow differences of opinion to destroy the cooperation required to protect our collective interests,” Jator Abido said.
WHAT’S NEXT
The organisations want oil and gas operators and pipeline surveillance contractors to maintain regular engagement with host communities, address legitimate grievances and fulfil their contractual responsibilities.
They have also urged community leaders, youths, media practitioners and other stakeholders to promote evidence-based discussions and peaceful approaches to resolving disputes.
The statement did not announce any new security measures or specific implementation deadlines.
BOTTOM LINE
Niger Delta groups say protecting oil and gas infrastructure requires cooperation between operators, security agencies and host communities, alongside transparency, credible accountability processes and attention to the development needs of oil-producing areas.
Olam Agri a leading agribusiness across food, feed and fibre value chains, has partnered with the Lagos Food Bank Initiative (LFBI) to distribute 600 food boxes of spaghetti, macaroni, semolina, and vegetable oil to vulnerable households across Lagos, Kano, Nasarawa and Kwara to commemorate World Food Day.
Marked every 16 October, World Food Day calls for collective action so that everyone has enough safe, nutritious food. This year’s theme, “Innovate today. Nourish tomorrow,” gave Olam Agri a platform to deepen its commitment to the communities where it operates.
“The 2026 World Food Day theme reminds us that building resilient food systems requires both innovation and action,” said Elizabeth Nnoko, Communications Manager, Olam Agri. “Innovation can improve how food is produced, processed and distributed, but its impact is ultimately measured by whether people can access the food they need. That is why we are putting a smile on the faces of local households with food that nourishes.”
For the families, the boxes brought relief, comfort and reassurance in the daily struggle to put food on the table.
Rose Okereke, a grandmother caring for seven grandchildren, said: “This intervention will help me feed my seven grandchildren for days. Food brings joy, energy and growth for every human being. Our children will eat healthy meals through this food box.”
Mrs Jadesola Kasali thanked Olam Agri for including her household, saying the food would sustain her family for the week. Many other beneficiaries echoed their gratitude and urged other food businesses to follow suit with more corporate-led support for vulnerable households.
“We are excited to partner with Olam Agri to serve hundreds of families in several communities,” said Dr Michael A. Sunbola, President/Executive Director, LFBI. “Olam Agri’s sustained partnership shows the difference responsible corporate engagement can make in addressing food insecurity. The future of food security depends heavily on strong partnerships. For many vulnerable households, essential food items ease immediate pressure and help families direct limited resources to other critical needs. We appreciate Olam Agri’s continued commitment to improving food access in Lagos and beyond.”
Anil Nair, Country Head, Olam Agri Nigeria, said: “Through our partnership with LFBI, we are bringing essential food staples directly to families who need support. As a food business, our responsibility goes beyond the products we make and the markets we serve. It includes supporting the well-being of the communities around us and a more food-secure Nigeria. This commitment aligns with the Federal Government’s Renewed Hope agenda and the UN Sustainable Development Goal of Zero Hunger.”
The partnership reflects the importance of coordinated action in building a more inclusive and resilient food ecosystem. While food relief remains critical for individuals and families facing immediate challenges, sustained collaboration, community empowerment and investment in sustainable food systems are equally important to achieving lasting progress.
For Olam Agri, the intervention builds on a record of community-focused food support and wider contributions to food security in Nigeria. In 2024, the company partnered with the Lagos Food Bank Initiative to distribute 800 food boxes valued at ₦13 million to vulnerable residents of Makoko and Ajegunle in Lagos, as well as flood-affected communities in Maiduguri. The company also sponsored the Eko World Food Day initiative and committed to providing boreholes for farming communities in Nasarawa State.
Maritime stakeholders have called for effective implementation of shipping policies to strengthen indigenous participation and grow Nigeria’s blue economy.
The Nigerian Chamber of Shipping has urged the government to review vessel registration rules and address why Nigerian shipowners register vessels under foreign flags.
NLNG Ship Management Ltd. says it employs more than 50 Nigerian captains and chief engineers on ocean-going vessels.
Industry operators have called for practical policies, guaranteed cargo availability and stronger collaboration between regulators and shipping businesses.
MAIN STORY
Maritime industry stakeholders have urged the Federal Government to reform shipping policies and improve their implementation to expand indigenous participation and accelerate the growth of Nigeria’s blue economy.
The call was made during a panel session at the 2026 World Maritime Day celebration held at the Lagos Continental Hotel, Victoria Island, on Friday.
The discussion, moderated by former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Ufon Usoro, focused on translating government policies into practical results for the maritime industry.
The President of the Nigerian Chamber of Shipping, Aminu Umar, commended the Federal Government for establishing the Ministry of Marine and Blue Economy, noting that it had developed a 10-year maritime policy document and initiated port modernisation and digitalisation efforts.
He also acknowledged efforts to revive the Cabotage Vessel Financing Fund (CVFF), which is intended to support indigenous shipowners.
However, Umar called for a clear distinction between Nigerian-flagged vessels and vessels owned by Nigerians, noting that some Nigerian shipowners operate their vessels under foreign flags, including Liberia.
He urged the government to review the vessel registration system and engage shipowners to understand why they choose to register their vessels abroad.
The Managing Director of NLNG Ship Management Ltd. (NSML), AbdulKadir Ahmed, said a thriving maritime economy depended on access to reliable shipping assets.
Ahmed said NSML had invested in vessels and local operations, creating opportunities for Nigerian seafarers to work internationally.
He disclosed that the company was the largest single employer of Nigerians on ocean-going vessels, with more than 50 captains and chief engineers.
The NSML managing director called for stronger collaboration between regulators and industry operators, arguing that regulation should support the growth of maritime businesses rather than focus exclusively on enforcement.
Similarly, the Managing Director of Maritime Shipping and Ocean International Resources Ltd., Oluseyi Oluyede, said some government policies failed to achieve their objectives because they were difficult to implement in practice.
Oluyede cited Section 56 of the NIMASA Act on cargo carriage, questioning how indigenous operators could acquire vessels without guaranteed cargo to transport.
She pointed to the recent £236 million UK-Nigeria infrastructure agreement, which includes £76 million for steel imports, as an opportunity to increase the participation of Nigerian shipping companies in cargo transportation.
Oluyede urged the government to review impractical policies, involve industry practitioners in advisory committees and ensure cargo availability for local operators.
She said these measures would help Nigeria translate its Category C status at the International Maritime Organisation (IMO) into increased indigenous fleet capacity.
THE ISSUES
Nigeria’s maritime sector faces challenges in translating policy objectives into greater local ownership and participation. Stakeholders argue that registration rules, limited access to cargo and policies that are difficult to implement can restrict the growth of indigenous shipping companies.
The distinction between Nigerian-owned and Nigerian-flagged vessels is also important because ownership does not necessarily mean a vessel operates under the Nigerian flag. Stakeholders want the government to investigate why local shipowners choose foreign registration and address the factors influencing those decisions.
Cargo availability is another concern. Industry operators argue that Nigerian shipping companies need access to cargo contracts to justify investments in vessels. Without sufficient business opportunities, acquiring and maintaining vessels could become difficult for local operators.
WHAT’S NEXT
Stakeholders have urged the government to review vessel registration policies, consult shipping operators and address implementation challenges affecting indigenous businesses.
They have also called for stronger cooperation between regulators and industry players, alongside measures to improve local operators’ access to cargo opportunities.
The government’s response to these recommendations could influence efforts to expand Nigeria’s indigenous fleet and strengthen the country’s participation in international shipping.
BOTTOM LINE
Maritime stakeholders say Nigeria’s blue economy will require more than policy development. Effective implementation, practical regulations, access to cargo and stronger support for indigenous shipowners are needed to translate government plans into industry growth.
Mallam Muhammad Sani, a Diploma graduate of Kano State Polytechnic, earns an average of N150,000 monthly from printing.
The Kaduna-based printer earns between N5,000 and N10,000 daily.
He learnt the trade while in Senior Secondary School and has trained more than eight people.
Sani identifies unreliable electricity supply as a major challenge facing his business.
He encourages young people to embrace entrepreneurship and calls on the government to provide essential social amenities.
MAIN STORY
A printing business has become a source of financial independence for Mallam Muhammad Sani, a Diploma graduate of Kano State Polytechnic, who earns an average of N150,000 monthly from the trade in Kaduna State.
Sani, who studied Public Administration, operates at a printing shop in Millennium City under the supervision of his master. He said the business generates between N5,000 and N10,000 daily, enabling him to meet his financial needs and support others.
His journey into printing began while he was in Senior Secondary School Two, when he started learning the trade at a neighbour’s graphics shop. The experience equipped him with the skills he now uses to earn a living.
Having acquired practical experience, Sani has also trained more than eight people in the trade. He said he hopes to establish his own printing shop in the future.
Despite the income generated by the business, he identified unreliable electricity supply as a major obstacle to its operations. According to him, most printing machines cannot run on solar power, making the business vulnerable to interruptions in electricity supply.
Sani also noted that technological improvements have made printing faster and more efficient. He explained that screen printing, which traditionally required considerable time and working under the sun, can now be completed in about two minutes with the use of machines.
“Advancement in printing technology has improved service delivery, enabling us to complete most jobs within a day, with only minor finishing work left,” he said.
With plans to establish his own business, Sani urged young people to consider entrepreneurship as a path towards financial independence, regardless of the scale of the business they intend to start.
He also appealed to the government to provide essential social amenities that would support business operations and encourage enterprise growth.
THE ISSUES
Sani’s experience highlights the role of vocational skills and small businesses in providing income and employment opportunities for young people. His progression from learning printing as a secondary school student to earning a monthly income from the trade illustrates how practical skills can create an alternative source of livelihood.
However, unreliable electricity remains a challenge for businesses that depend on machinery. For printing operators, interruptions to power supply can affect productivity and the timely completion of customers’ jobs.
The experience also points to the importance of access to basic infrastructure in supporting small enterprises and enabling them to expand.
WHAT’S BEING SAID
“Advancement in printing technology has improved service delivery, enabling us to complete most jobs within a day, with only minor finishing work left,” Mallam Muhammad Sani said.
WHAT’S NEXT
Sani hopes to establish his own printing shop, building on the skills and experience he has gained. He has also called on the government to improve the provision of essential social amenities that support business activities.
BOTTOM LINE
Mallam Muhammad Sani’s printing business provides him with an average monthly income of N150,000 and an opportunity to train others. His experience demonstrates the income-generating potential of vocational skills while highlighting unreliable electricity as a continuing challenge for small businesses.
The Federal Government plans to modernise Onne, Warri and Calabar ports to ease congestion at Lagos ports.
More than 70 per cent of cargo destined for other regions passes through Lagos ports, according to the Minister of Marine and Blue Economy, Adegboyega Oyetola.
The government is pursuing proposed deep seaports at Agge, Bakassi, Bonny, Gateway, Ibom and Ondo.
Plans include linking seaports, inland dry ports and production centres through road, rail and inland waterways.
The Nigerian Ports Economic Regulatory Agency Act, 2026, is expected to strengthen economic regulation and promote fair competition.
MAIN STORY
The Federal Government is prioritising the modernisation of Onne, Warri and Calabar ports as part of efforts to reduce congestion at Lagos ports, lower cargo transportation costs and expand maritime trade across Nigeria.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this on Friday in Lagos during the 2026 World Maritime Day celebration, saying the initiative formed part of President Bola Tinubu’s Blue Economy agenda to increase the maritime sector’s contribution to national revenue and economic growth.
Oyetola said the government was also pursuing plans to develop deep seaports at Agge, Bakassi, Bonny, Gateway, Ibom and Ondo, while continuing the modernisation of Apapa and Tin Can Island ports.
He explained that the objective was to establish an interconnected port system that would distribute cargo traffic more efficiently, ease pressure on Lagos facilities and improve access to maritime services across the country.
According to the minister, the government intends to connect seaports, inland dry ports and production centres through road, rail and inland waterways. The proposed connections are expected to reduce the cost of moving goods and strengthen non-oil exports.
He also identified inland waterways and river ports, including those at Onitsha and Baro, as important links between businesses and domestic and international markets.
To support the plans, Oyetola said the ministry was working with relevant government agencies and private investors to improve port infrastructure, cargo-handling facilities, navigational channels and transport connections.
He described the Nigerian Ports Economic Regulatory Agency Act, 2026, recently signed into law, as a step towards strengthening economic regulation, encouraging fair competition and improving service delivery in the maritime sector.
The minister said the reforms were intended to attract investment, create jobs and address concerns among importers and exporters in the South-South and South-East over the additional costs associated with transporting goods through Lagos.
Oyetola noted that more than 70 per cent of cargo destined for other regions still passes through Lagos ports, contributing to congestion around Apapa and the loss of productive man-hours.
He assured maritime stakeholders that the ministry would continue implementing policies aimed at making Nigerian ports more competitive, efficient and attractive to international shipping lines.
At the event, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinlokun, called for an end to attacks on seafarers in the Strait of Hormuz.
Eshinlokun said the safety of Nigerian seafarers operating in international waters remained a priority for the National Assembly.
The 2026 World Maritime Day celebration brought together maritime industry leaders, heads of government agencies, lawmakers and other stakeholders in the marine and blue economy sector. The annual event highlights shipping safety, maritime security and the protection of the marine environment.
THE ISSUES
The concentration of cargo traffic at Lagos ports remains a challenge for Nigeria’s maritime and logistics sectors. With more than 70 per cent of cargo destined for other regions passing through the Lagos facilities, congestion around Apapa can contribute to delays and the loss of productive working hours.
Modernising ports in other parts of the country could provide additional capacity and give importers and exporters more options for moving goods. However, the effectiveness of the strategy will depend on improvements to port facilities and the transport links connecting them to production centres and markets.
The cost of transporting cargo is another concern, particularly for businesses in the South-South and South-East that rely on Lagos ports. Better connections between seaports, inland dry ports, roads, railways and waterways could help reduce the burden, although the extent of any savings will depend on implementation.
The proposed deep seaports and the development of inland waterways also form part of the government’s broader effort to expand maritime trade and strengthen non-oil exports.
WHAT’S BEING SAID
“The safety of Nigerian seafarers on international waters remained a priority for the National Assembly,” Senator Wasiu Eshinlokun, Chairman of the Senate Committee on Marine Transport, said.
WHAT’S NEXT
The Federal Government is expected to continue working with relevant agencies and private investors on port modernisation, infrastructure improvements and transport connections.
The development of the proposed deep seaports and the implementation of the Nigerian Ports Economic Regulatory Agency Act, 2026, are also part of the measures outlined by the minister. The practical impact of these initiatives will depend on their implementation and the extent to which they improve cargo movement and port operations.
BOTTOM LINE
The Federal Government plans to reduce pressure on Lagos ports by modernising Onne, Warri and Calabar ports, developing proposed deep seaports and improving transport connections. The stated objectives are to lower logistics costs, expand trade and make Nigeria’s maritime sector more competitive.
Senator Muntari Dandutse has called for collaboration among government agencies to improve recovery of loans disbursed under the Nigerian Education Loan Fund (NELFUND).
The senator said agencies should help identify beneficiaries who have secured employment to facilitate repayment.
He said loan recovery would help sustain the scheme and enable more financially disadvantaged students to access higher education.
Senate Committee engagements are being used to sensitise stakeholders and monitor the implementation of NELFUND and TETFund interventions.
Dandutse also welcomed the establishment of the Federal University of Medical and Health Sciences in Funtua, Katsina State.
MAIN STORY
The Chairman of the Senate Committee on Tertiary Institutions and TETFund, Senator Muntari Dandutse, has called for collaboration among government agencies to identify employed beneficiaries of the Nigerian Education Loan Fund (NELFUND) and facilitate the recovery of outstanding student loans.
Dandutse, who represents Katsina South Senatorial District, said effective cooperation among relevant agencies would help establish which beneficiaries had secured employment and ensure they fulfilled their repayment obligations.
He made the call in Abuja on Friday while discussing the implementation of NELFUND and efforts to expand access to higher education.
The senator said the recovery of loans would depend partly on beneficiaries securing jobs and the ability of government agencies to work together to facilitate repayment.
“If there is an inter-agency collaboration, the money can be recovered,” he said.
Dandutse expressed optimism that beneficiaries who had secured employment in banks, government establishments and other organisations would repay their loans, allowing other students facing financial difficulties to benefit from the scheme.
He explained that NELFUND was established to prevent financial constraints from denying eligible Nigerians access to higher education. He added that the programme’s sustainability would depend partly on beneficiaries meeting their repayment obligations.
The lawmaker described the fund as one of the initiatives of President Bola Tinubu’s administration and said effective loan recovery would help preserve its capacity to support students in need of financial assistance.
He also disclosed that the Senate Committee had conducted zonal engagements to sensitise stakeholders and encourage eligible students to apply for the facility.
According to him, the engagements also provide opportunities for oversight and discussions with stakeholders on the implementation of NELFUND and interventions by the Tertiary Education Trust Fund (TETFund).
Dandutse urged Nigerians to recognise the importance of education, stressing that expanding access to higher education was essential to national development.
He expressed confidence that improved collaboration among relevant agencies and increased public awareness would strengthen the student loan scheme and extend its benefits to more Nigerians.
On TETFund, the senator said the agency had recorded achievements through its interventions in federal tertiary institutions, particularly in infrastructure, research and innovation.
He also welcomed the establishment of the Federal University of Medical and Health Sciences in Funtua, Katsina State, describing it as an important development for his senatorial district.
Dandutse said the institution’s establishment through an Act of the National Assembly would provide a legal framework for its continued existence and protect it against arbitrary discontinuation by future administrations.
He expressed optimism that the university would strengthen medical education and contribute to the training of professionals capable of providing essential healthcare services.
THE ISSUES
The recovery of student loans is central to the long-term sustainability of NELFUND. While the scheme is intended to expand access to higher education for students who face financial difficulties, repayment by beneficiaries who have secured employment could help make funds available to future applicants.
Identifying employed beneficiaries presents an important part of this process. Dandutse’s call for inter-agency collaboration reflects the need for relevant government institutions to work together to support loan recovery.
The senator also highlighted the importance of public awareness and stakeholder engagement in encouraging eligible students to access the scheme and improving understanding of its implementation.
Beyond student financing, his remarks on TETFund and the new medical university in Funtua point to the role of funding, infrastructure and institutional development in expanding Nigeria’s higher education capacity.
WHAT’S BEING SAID
“If there is an inter-agency collaboration, the money can be recovered,” Senator Muntari Dandutse, Chairman of the Senate Committee on Tertiary Institutions and TETFund, said.
WHAT’S NEXT
The senator’s call places emphasis on cooperation among government agencies to identify employed beneficiaries and facilitate loan repayment. The effectiveness of the approach will depend on how relevant institutions coordinate their efforts and support the recovery process.
The Senate Committee is also expected to continue its stakeholder engagements and oversight activities concerning NELFUND and TETFund interventions.
BOTTOM LINE
Senator Muntari Dandutse wants government agencies to work together to identify employed NELFUND beneficiaries and recover student loans. He said repayment would help sustain the scheme and enable more financially disadvantaged Nigerians to pursue higher education.
The African Development Bank Group has committed $750,000 to support women entrepreneurs in Nigeria.
The Lagos State Employment Trust Fund, Pan African Women Empowerment Network and ImpactHER Foundation will each receive $250,000.
The three-year initiative will provide business development services, financial literacy training, mentorship and improved access to markets and financing.
The Lagos State Employment Trust Fund will use its allocation to support 610 women-led businesses.
The investment builds on AfDB’s wider efforts to expand financing opportunities for women-owned enterprises across Africa.
MAIN STORY
The African Development Bank Group (AfDB) has committed $750,000 to support women entrepreneurs in Nigeria through three institutions under the second cohort of its Women Entrepreneurship Enablers Project.
The funding, provided through the bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, will be shared equally among the Lagos State Employment Trust Fund (LSETF), Pan African Women Empowerment Network (PAWEN) and ImpactHER Foundation, with each institution receiving $250,000.
According to a statement released by the bank on Friday, the three-year initiative will support women-owned businesses through business development services, financial literacy training, mentorship, business formalisation and improved access to markets and financing.
LSETF will deploy its allocation to support 610 women-led businesses in Lagos, with the aim of helping them expand operations, create jobs and contribute to economic development.
The Governor of Lagos State, Babajide Sanwo-Olu, represented by his Deputy Chief of Staff, Sam Egube, reaffirmed the state government’s commitment to entrepreneurship and inclusive economic growth.
Egube said LSETF had provided business support and affordable financing to more than three million small businesses in Lagos over the past decade.
He added that women accounted for nearly 60 per cent of businesses in the fund’s portfolio, noting that the AfDB grant would help beneficiaries increase revenue, expand their operations and create employment opportunities.
The bank’s Acting Vice-President for Regional Development, Integration and Business Delivery and Director-General for Nigeria, Dr Abdul Kamara, said women entrepreneurs played an important role in economic transformation.
“Women-owned and women-led businesses are essential to Nigeria’s economic growth and job creation,” Kamara said.
He explained that the partnerships would help women entrepreneurs acquire the skills, business networks and financing opportunities needed to build sustainable enterprises and contribute to national development.
The first cohort of the Women Entrepreneurship Enablers Project was inaugurated in 2022, with a target of supporting 16,000 women-led businesses across 26 African countries.
In Nigeria, the latest intervention aligns with AfDB’s Country Strategy Paper 2025–2030, which prioritises inclusive economic growth and expanded opportunities for women and young people.
The project also complements the bank’s broader financing support for women entrepreneurs, including a $61 million financing package to the Development Bank of Nigeria aimed at expanding access to affordable finance for women-owned businesses.
THE ISSUES
Access to finance remains a key consideration for women seeking to establish or expand businesses. The AfDB commitment combines funding for partner institutions with training, mentorship and business development support intended to help women-led enterprises strengthen their operations.
The allocation to LSETF is expected to reach 610 women-led businesses in Lagos. The fund’s existing portfolio, in which women account for nearly 60 per cent of businesses, provides a basis for directing support towards female entrepreneurs.
Beyond financing, the programme includes business formalisation and access to markets, which can help enterprises improve their operations and pursue expansion opportunities.
The initiative also forms part of AfDB’s wider strategy to increase women’s participation in economic activity and strengthen the contribution of women-owned businesses to employment and growth.
WHAT’S BEING SAID
“Women-owned and women-led businesses are essential to Nigeria’s economic growth and job creation,” Dr Abdul Kamara, AfDB’s Acting Vice-President for Regional Development, Integration and Business Delivery and Director-General for Nigeria, said.
WHAT’S NEXT
The three partner institutions are expected to implement the three-year initiative using their respective $250,000 allocations to support women-led businesses.
LSETF’s component will focus on 610 businesses in Lagos, while the wider project will provide business development services, financial literacy training, mentorship and improved access to markets and financing.
The programme’s impact will depend on how effectively the participating institutions deliver the support and how beneficiaries use the resources and services to develop their businesses.
BOTTOM LINE
AfDB has committed $750,000 to three Nigerian institutions to support women entrepreneurs through financing, training and business development services. The initiative aims to help women-led enterprises expand, create jobs and contribute to Nigeria’s economic growth.
The Federal Government has directed NIMASA to accelerate the disbursement of the Cabotage Vessel Financing Fund to eligible Nigerian shipowners.
Oyetola said the fund would support indigenous ship ownership, strengthen the national fleet and encourage investment in maritime-related businesses.
The minister unveiled the Nigeria Ports Economy Regulatory Agency logo to improve port regulation, transparency and operational efficiency.
Denmark’s Ambassador to Nigeria, Jens Hansen, identified opportunities for bilateral cooperation in shipping, fisheries, green shipping and maritime training.
MAIN STORY
The Federal Government has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to eligible Nigerian shipowners as part of efforts to strengthen indigenous shipping.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, gave the directive on Friday at the ministry’s third-quarter 2026 Citizens and Stakeholders Engagement in Lagos.
Oyetola said the government remained committed to implementing the Coastal and Inland Shipping (Cabotage) Act to increase Nigerian participation in domestic shipping operations.
He disclosed that he had directed NIMASA to work with approved Primary Lending Institutions (PLIs) to speed up the processing and disbursement of the fund to qualified beneficiaries.
“Progress may require patience, but our direction remains firm,” he said.
The minister described the CVFF as a critical financing instrument for expanding indigenous ship ownership, strengthening the national fleet and improving Nigeria’s competitiveness in the maritime industry.
He said effective deployment of the fund would encourage investment in shipbuilding, marine engineering, vessel maintenance and maritime logistics.
Oyetola added that developing local capacity remained central to the government’s efforts to ensure Nigerians benefited more from the country’s maritime resources.
He also emphasised professional training, local expertise and strategic investment as essential to building a competitive domestic shipping industry.
“Our ultimate objective is to build an industry in which Nigerians possess opportunities, capabilities and resources to own, operate and lead,” he said.
The minister also unveiled the logo of the Nigeria Ports Economy Regulatory Agency (NPERA), which he said would strengthen economic regulation, promote transparency and improve efficiency in port operations.
According to him, the agency would establish a clear regulatory framework, boost investor confidence and promote competitive pricing to support sustainable growth in the ports economy.
Meanwhile, Denmark’s Ambassador to Nigeria, Jens Hansen, highlighted opportunities for cooperation between both countries in developing a sustainable blue economy.
Hansen said Nigeria and Denmark had complementary strengths and shared interests in using the blue economy to drive sustainable economic growth.
He described Denmark as a maritime nation with about 2,000 years of seafaring history and expertise in shipping, maritime technology, offshore energy and environmental management.
The ambassador said Nigeria’s strategic position in West African trade, large domestic market and potential in ports, inland waterways, fisheries and entrepreneurship offered opportunities for further development.
He identified regulatory frameworks, cooperation between maritime authorities, education and capacity building, investment, fisheries and green shipping as key areas for partnership.
Hansen said both countries were working to develop practical initiatives following engagements in September. He added that the partnership should be measured by its contribution to job creation, stronger Nigerian businesses, improved maritime performance and sustainable economic benefits.
THE ISSUES
The CVFF is intended to support indigenous shipowners and increase Nigerian participation in domestic shipping. Faster disbursement could help eligible operators obtain financing for vessel acquisition and other maritime investments.
However, the minister did not specify when the funds would be disbursed, the amount to be released or the number of shipowners expected to benefit.
The unveiling of NPERA also signals the government’s intention to strengthen economic regulation in the ports sector, with transparency, efficiency and competitive pricing identified as priorities.
WHAT’S BEING SAID
“Progress may require patience, but our direction remains firm,” Adegboyega Oyetola, Minister of Marine and Blue Economy, said.
“Our ultimate objective is to build an industry in which Nigerians possess opportunities, capabilities and resources to own, operate and lead,” Oyetola said.
WHAT’S NEXT
NIMASA is expected to work with approved Primary Lending Institutions to accelerate the processing and disbursement of the CVFF to eligible shipowners. No specific disbursement date was announced.
The implementation of NPERA and proposed maritime cooperation between Nigeria and Denmark are also part of the broader efforts to develop the country’s maritime industry.
BOTTOM LINE
The Federal Government is seeking to strengthen indigenous shipping by accelerating access to the CVFF while pursuing regulatory reforms and international cooperation to improve Nigeria’s maritime industry.
INEC Resident Electoral Commissioner Anugbum Onuoha says PVC collection turnout in Akwa Ibom is below expectations.
Residents who registered between August and December 2025 are urged to visit collection centres.
INEC says collecting a PVC is necessary to participate in the 2027 general elections.
Residents in Uyo commend electoral officials for a smooth and orderly collection process.
MAIN STORY
The Independent National Electoral Commission (INEC) has urged residents of Akwa Ibom to collect their Permanent Voter Cards (PVCs) ahead of the 2027 general elections, expressing concern over turnout at collection centres.
The Resident Electoral Commissioner (REC) in the state, Prof. Anugbum Onuoha, made the appeal on Wednesday while monitoring the PVC collection exercise across Uyo metropolis.
Onuoha said he was assessing the effectiveness of the exercise and observed that, although residents were turning up to collect their cards, the turnout was not encouraging.
He urged residents who registered between August and December 2025 to visit designated collection centres and obtain their PVCs before the elections.
“It is important to collect your PVC, having a voter card is a condition for participating in elections.
“Anyone who has not registered or collected their PVC will not be able to vote in the forthcoming elections,” he said.
The REC commended INEC officials working at various collection centres for their patience and diligence throughout the exercise.
He also called on media organisations to sustain public awareness campaigns on PVC collection, describing the media as a critical stakeholder in the electoral process.
Residents who participated in the exercise in Uyo also commended the electoral officials for their conduct and the organisation of the collection process.
A resident, Akanimo Paul, described the officials as thorough and well-mannered and encouraged others who had yet to collect their cards to take advantage of the opportunity.
Another resident, Mrs Grace Nsikan, said the exercise was fast, free and satisfactory.
She also observed that the process was peaceful, with no fighting or struggling among those present.
THE ISSUES
PVC collection remains an important step in preparing eligible voters for the 2027 general elections. Although INEC has continued its collection exercise, Onuoha’s assessment suggests that the level of participation in Akwa Ibom has not met expectations.
Residents who registered during the specified period are therefore being encouraged to collect their cards to avoid being unable to vote when the elections take place.
WHAT’S BEING SAID
“It is important to collect your PVC, having a voter card is a condition for participating in elections. Anyone who has not registered or collected their PVC will not be able to vote in the forthcoming elections,” Prof. Anugbum Onuoha, Akwa Ibom Resident Electoral Commissioner, said.
“I am impressed with the process, I encourage others who have yet to collect their PVCs to take advantage of this opportunity,” Akanimo Paul, a resident of Uyo, said.
“You can see that the situation is calm. There is no fighting, there is not struggling at all,” Mrs Grace Nsikan, a resident of Uyo, said.
WHAT’S NEXT
Residents who registered between August and December 2025 are expected to visit INEC collection centres to obtain their PVCs. Public sensitisation efforts are also expected to continue, with the commission urging the media to help inform residents about the importance of collecting their cards.
BOTTOM LINE
INEC is urging Akwa Ibom residents to collect their PVCs ahead of the 2027 general elections, warning that those without the required voter cards will not be able to vote.
The foundation’s analysis of alumni reform projects identifies stakeholder engagement, communication, organisational culture and collaboration as key factors in implementation success.
The Aig-Imoukhuede Foundation held its 2026 Public Sector Reform Convening in Lagos on 14 October, bringing together public sector leaders, alumni and reform stakeholders under the theme “Unblocking Reform: From Design to Delivery.”
The event drew on the Foundation’s analysis of reform projects run by its alumni network.
What was on the programme
A keynote by Olabode Shuageeb Agoro, Lagos State Head of Service
A panel, “Advancing Reform: Building Buy-In and Coalitions”
An in-conversation session with experienced reform leaders
An interactive Reform Reality Check and a Reform Solutions Lab, where multidisciplinary groups worked on organisational support, stakeholder engagement and collaborative action, and identified steps they could adapt to their own institutions
The sessions focused on stakeholder engagement, communicating change and sustaining reform over time.
What’s being said
Ofovwe Aig-Imoukhuede, Executive Vice Chair of the Foundation, said successful reform depends on understanding the institutional realities that shape implementation:
“This is not to suggest that every objection to reform is unreasonable or that resistance can simply be overcome through better communication. Rather, effective reform leadership requires an understanding of institutional contexts, a willingness to listen to those affected and a deliberate effort to build the support necessary for implementation.”
Agoro said resistance to reform may stem from gaps in skills, resources or understanding:
“A capacity gap cannot be resolved by repeating an instruction. Leaders must communicate the purpose of reforms, align institutions around their objectives, provide the resources and capabilities required for implementation, and ensure that accountability continues long after implementation. People always feel better if they are carried along. Nobody wants to feel that they don’t matter. So it is always important to engage at all levels.”
What’s next
The Foundation says the convening is part of a broader effort to position its alumni network as a platform for peer learning, strategic dialogue and collaboration among public sector reform leaders. Its stated aim is for reforms to be both well designed and implemented in ways that improve outcomes for citizens. Participants left the Reform Solutions Lab with practical actions they could adapt to their own institutions.
Bottom line
The Foundation is framing public sector reform as an implementation problem rather than a design problem, and both speakers tied delivery to listening, resourcing and sustained accountability.
The Aig-Imoukhuede Foundation is a public sector-focused philanthropic organisation founded by Aigboje and Ofovwe Aig-Imoukhuede. It supports reform initiatives across Africa through financing, strategic advisory services and capacity-building programmes.
Rabiu Musa Kwankwaso says the Nigeria Democratic Congress (NDC) will consider restoring petrol subsidy to reduce fuel prices if elected in 2027.
The vice-presidential candidate says high energy costs continue to place pressure on Nigerians.
Presidential candidate Peter Obi has also said he would restore the subsidy after tackling corruption.
Other presidential candidates, including Donald Duke and Atiku Abubakar, have proposed reducing fuel prices or reinstating the subsidy.
MAIN STORY
Rabiu Musa Kwankwaso, vice-presidential candidate of the Nigeria Democratic Congress (NDC), has said the party may restore the petrol subsidy if elected in the 2027 presidential election as part of efforts to reduce fuel prices.
Kwankwaso, a former governor of Kano State, made the statement on Thursday during an interview on Channels Television’s Politics Today. He said the party would consider measures to bring down petrol prices, including reinstating the subsidy.
President Bola Tinubu announced the removal of the petrol subsidy on May 29, 2023, during his inauguration. The policy has remained a major issue in Nigeria’s economic and political debate, with rising energy costs adding to the financial pressure on households and businesses.
Kwankwaso said Nigerians had yet to recover from the economic shock associated with the policy. He also argued that tackling corruption in the oil industry should form part of efforts to address the high cost of fuel.
“We have seen the implication of removing the subsidy from day one in the country till today. Up till now, I think nobody has recovered from that shock of removing the subsidy on that day,” he said.
According to Kwankwaso, the NDC leadership had examined the issue, drawing on the experiences of its political figures, including presidential candidate Peter Obi’s tenure in Anambra State and his own time as governor of Kano State.
He said the party considered current energy prices too high and would pursue measures to reduce the cost of fuel.
“Our collective position now is that the price of energy in this country is too high,” Kwankwaso said.
“And our position is we are going to do whatever is necessary to ensure that the price of fuel in this country is taken back, including doing whatever we can, including the subsidy.”
His comments follow a statement by Obi, the NDC presidential candidate, who said his administration would restore the petrol subsidy after addressing corruption. Speaking at the Nigerian Bar Association’s 2026 conference in Port Harcourt in September, Obi argued that the current administration’s handling of the gains from subsidy removal did not, on its own, justify reinstating the policy.
Other presidential candidates have also made fuel prices and subsidy policy part of their proposed economic agendas ahead of the 2027 election.
Donald Duke, presidential candidate of the Peoples Redemption Party (PRP), said earlier this month that he would reduce petrol prices to about ₦300 per litre if elected. Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), said in August that he would restore the subsidy if elected president.
THE ISSUES
The debate centres on how to make fuel more affordable while addressing the fiscal and governance implications of subsidising petrol.
Restoring the subsidy could reduce the amount consumers pay at the pump if the government absorbs part of the cost. However, the proposal also raises questions about public spending, how the subsidy would be funded and whether measures to tackle corruption in the oil sector would be sufficient to prevent abuse.
Kwankwaso’s remarks indicate that the NDC is willing to consider reinstatement, but the statement does not set out the proposed subsidy structure, its cost or how the party would finance it.
WHAT’S BEING SAID
“We have seen the implication of removing the subsidy from day one in the country till today. Up till now, I think nobody has recovered from that shock of removing the subsidy on that day.” – Rabiu Musa Kwankwaso, vice-presidential candidate of the NDC
“Our collective position now is that the price of energy in this country is too high.” – Rabiu Musa Kwankwaso, vice-presidential candidate of the NDC
“And our position is we are going to do whatever is necessary to ensure that the price of fuel in this country is taken back, including doing whatever we can, including the subsidy.” – Rabiu Musa Kwankwaso, vice-presidential candidate of the NDC
WHAT’S NEXT
The NDC’s position on petrol subsidy is likely to remain part of its economic messaging ahead of the 2027 presidential election. Further details on how the party would reduce fuel prices, finance any subsidy and address corruption in the oil industry would be needed to clarify how the proposal would work in practice.
BOTTOM LINE
Kwankwaso says the NDC would consider restoring petrol subsidy if elected in 2027, placing fuel affordability and the management of the subsidy at the centre of the party’s proposed response to Nigeria’s high energy costs.
Gold traded near $4,160 an ounce on Friday after rising 1.6 per cent in the previous session.
A selloff in technology stocks and a rally in government bonds pushed US Treasury yields lower, supporting bullion.
Spot gold fell 0.3 per cent to $4,158.03 an ounce at 7:48 a.m.
Investors were awaiting comments from Federal Reserve Chairman Kevin Warsh at an IMF meeting in Bangkok.
Silver declined 0.5 per cent, while platinum and palladium were largely unchanged.
MAIN STORY
Gold prices steadied near $4,160 an ounce on Friday after recording their biggest one-day gain in more than two weeks, as falling US Treasury yields and demand for safer assets supported the precious metal.
Spot gold was down 0.3 per cent at $4,158.03 an ounce at 7:48 a.m., after rising 1.6 per cent during Thursday’s session.
The recovery followed a selloff in technology stocks, particularly chipmakers, as concerns about the scale of investment in artificial intelligence weighed on investor sentiment. The shift towards government bonds triggered a broader bond market rally, pushing Treasury yields lower and supporting gold prices.
Treasury yields fell by as much as 12 to 15 basis points across the yield curve. Lower yields tend to support gold because the metal does not pay interest, making it relatively more attractive when returns on interest-bearing assets decline.
Gold also recovered losses recorded after US inflation data for September came in hotter than expected on Wednesday, prompting increased market bets on an interest rate hike in October.
Investors were looking ahead to remarks by Federal Reserve Chairman Kevin Warsh at an International Monetary Fund meeting in Bangkok, scheduled for 10:30 a.m. local time. His comments were expected to be assessed for indications about the direction of US monetary policy.
Elsewhere in the precious metals market, spot silver fell 0.5 per cent to $57.13 an ounce, while platinum and palladium were largely unchanged. The Bloomberg Dollar Spot Index was flat after declining 0.3 per cent in the previous session.
THE ISSUES
Gold’s latest movement reflects the influence of interest rate expectations and shifts in investor risk appetite. Falling Treasury yields can support bullion, while expectations of higher interest rates may weigh on it by increasing the relative attractiveness of interest-bearing investments.
The technology stock selloff also highlighted how changes in investor sentiment can redirect funds towards assets perceived as safer during periods of market uncertainty. However, gold’s direction will continue to depend on developments in inflation, monetary policy and financial markets.
WHAT’S NEXT
Investors will monitor Federal Reserve Chairman Kevin Warsh’s comments for clues about US interest rate policy, alongside further inflation data and movements in Treasury yields. These factors could influence demand for gold and other precious metals.
BOTTOM LINE
Gold steadied near $4,160 an ounce after a strong Thursday advance, supported by falling Treasury yields and market uncertainty. The outlook remains sensitive to US inflation and interest rate expectations, which will help determine the metal’s appeal relative to interest-bearing assets.
US Democrats have introduced legislation requiring federal financial regulators to disclose records related to Jeffrey Epstein and his associates.
The proposed Epstein Wall Street Record Act would give regulators 120 days to release relevant supervisory records.
The bill would require investigations into potential violations of banking, securities and anti-money laundering laws.
Senior financial executives found to have violated the law could face fines, industry bans or criminal referrals.
The proposal targets records held by the Securities and Exchange Commission, Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation.
MAIN STORY
Democratic lawmakers in the United States have introduced legislation seeking to compel federal financial regulators to release records relating to convicted sex offender Jeffrey Epstein and his associates, while requiring investigations into potential legal violations by banks and their executives.
The proposed Epstein Wall Street Record Act would require regulators to make relevant supervisory records public within 120 days of the law’s enactment. The records would include internal communications concerning Epstein and Ghislaine Maxwell, his former girlfriend who was convicted of sex trafficking offences.
The measure would apply to the Securities and Exchange Commission, Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation.
Beyond disclosure, the legislation would require regulators to investigate any potential violations of banking, securities or anti-money laundering laws identified in the records. Senior executives found to have violated the law could face fines, exclusion from the banking industry or referral to the Justice Department for possible criminal prosecution.
Epstein conducted substantial business during his career with major financial institutions, including JPMorgan Chase, Deutsche Bank and Bank of America. The proposed legislation seeks greater transparency over financial records connected to Epstein and his associates, although the existence of business relationships does not by itself establish wrongdoing by any institution or executive.
Senator Elizabeth Warren of Massachusetts, one of the bill’s sponsors, said she had called on financial regulators to investigate banks and executives who may have enabled Epstein’s crimes but had not seen the action she wanted.
“I have spent the last year calling on Donald Trump’s financial regulators to launch investigations into the big banks and executives who may have enabled Jeffrey Epstein’s horrific crimes. Since they have failed to act, Congress must,” Warren said in a statement.
Other Democratic sponsors include Senator Ron Wyden of Oregon, Senator Richard Blumenthal of Connecticut and Representative Robert Garcia.
Republicans currently control the congressional agenda, potentially limiting the legislation’s immediate prospects. However, Democrats have previously worked with Republican lawmakers to advance measures related to Epstein.
Last year, President Donald Trump signed legislation requiring the Justice Department to release files after members of both parties demanded greater transparency concerning Epstein, who died in prison while awaiting trial on sex trafficking charges involving minors.
The new proposal focuses specifically on financial regulators and the records they hold, extending the transparency debate to the banking and financial services sector.
The legislation could also gain greater attention if Democrats win control of either chamber of Congress in the November midterm elections. Warren could then seek the chairmanship of the Senate Banking Committee, while Garcia could be positioned to lead the House Oversight Committee, which has broad subpoena powers. Wyden could also be positioned to lead the Senate Finance Committee, while Blumenthal may seek a leadership role on an investigative subcommittee.
Those potential changes in committee leadership could affect congressional oversight priorities, but the legislation’s progress would depend on the election outcome, the legislative process and support in Congress.
THE ISSUES
The proposed legislation raises questions about transparency, regulatory accountability and the responsibility of financial institutions to detect and prevent unlawful activity.
Making supervisory records public could provide lawmakers and the public with greater insight into how financial regulators handled information connected to Epstein and whether potential violations were investigated adequately.
However, allegations or business connections alone do not establish that a bank or executive committed an offence. Any enforcement action would depend on evidence and the applicable legal standards.
The proposal would also expand pressure on financial regulators by requiring investigations into potential violations identified in the released records, rather than limiting the exercise to disclosure.
WHAT’S BEING SAID
“I have spent the last year calling on Donald Trump’s financial regulators to launch investigations into the big banks and executives who may have enabled Jeffrey Epstein’s horrific crimes. Since they have failed to act, Congress must.” – Elizabeth Warren, US senator and bill sponsor
WHAT’S NEXT
The bill’s prospects will depend on congressional support and whether lawmakers move it through the legislative process. The November midterm elections could change committee leadership and the balance of power, potentially influencing how much attention the proposal receives.
If enacted, the measure would require the specified federal regulators to disclose relevant supervisory records within 120 days and investigate potential legal violations revealed by those records.
BOTTOM LINE
Democratic lawmakers want federal financial regulators to release records connected to Jeffrey Epstein and investigate any potential legal violations by banks and their executives. The proposal would impose a disclosure deadline and could expose financial institutions and individuals to further scrutiny, but it must first secure congressional approval.
Brent crude fell 0.67 per cent to $105.21 a barrel, while US WTI declined 0.79 per cent to $97.20.
Brent remained up 0.44 per cent for the week, while WTI gained 5.81 per cent.
Disruptions around the Strait of Hormuz have raised concerns about global oil supplies.
The International Energy Agency agreed to release more than 20 million barrels of diesel and remaining oil from an earlier emergency reserve release.
Market analysts say easing tensions in the Middle East would help reduce pressure on oil prices.
MAIN STORY
Oil prices declined on Friday but remained on course for weekly gains as concerns about crude supplies from the Middle East and a larger-than-expected drawdown in US crude inventories supported the market.
Brent crude futures fell 71 cents, or 0.67 per cent, to $105.21 a barrel by 0352 GMT, while US West Texas Intermediate (WTI) crude futures dropped 77 cents, or 0.79 per cent, to $97.20.
Despite the declines, Brent had gained 0.44 per cent so far during the week, while WTI was up 5.81 per cent.
WTI settled more than three per cent higher on Thursday following a substantial drawdown in US crude stocks associated with production shutdowns caused by hurricane conditions.
Geopolitical tensions remained a major factor influencing prices, particularly concerns about the movement of oil through the Strait of Hormuz, a key shipping route for global energy supplies.
ING analysts said uncertainty in the Middle East and concerns about the sustainability of oil flows through the strait had contributed to a significant risk premium in the market. They added that an agreement between the United States and Iran would help restore confidence in continued oil supplies from the region.
Shipping data cited by Reuters showed that average clearance through the Strait of Hormuz stood at 11.62 million barrels per day over the seven days to October 13, according to Kpler. This represented about 68 per cent of the baseline of 17.15 million barrels per day.
Kpler analysts said intensified Iranian attacks had sharply reduced crude flows from the Gulf and expected the recovery in shipping through the strait to be slower and more uneven without a comprehensive political agreement.
The wider regional conflict has also escalated, with attacks reported in Yemen and on Saudi infrastructure, adding to concerns about the security of energy supplies across the region.
In response to rising prices, the International Energy Agency agreed on Thursday to release more than 20 million barrels of diesel to the market, alongside any oil remaining from a record emergency reserve release pledged in March to increase supply and moderate prices.
However, the measures have not eliminated market concerns. Haitong Futures said the rise in oil prices during the previous trading session suggested investors were dissatisfied with the steps taken so far. The firm argued that easing tensions in the Middle East would be more effective in cooling the market.
THE ISSUES
Oil prices are being influenced by competing pressures. The decline recorded on Friday contrasted with the weekly gains in both benchmarks, reflecting continued concern about supply disruptions even as authorities seek to increase the availability of petroleum products.
The Strait of Hormuz is particularly important because restrictions on shipping through the route can affect oil movements from Gulf producers. Prolonged disruption could tighten global supplies and sustain upward pressure on prices.
Emergency stock releases may provide additional supplies, but their effect could be limited if geopolitical tensions continue to disrupt production or shipping. A sustained easing of prices would depend partly on improved confidence in the security and continuity of oil flows.
For Nigeria, a prolonged period of elevated global oil prices could increase the cost of imported petroleum products and contribute to domestic inflationary pressures. The effect on government revenue and foreign exchange earnings would also depend on domestic crude production, export volumes and other market conditions.
WHAT’S BEING SAID
“Uncertainty in the Middle East and concerns over the sustainability of oil flows through the Strait of Hormuz has the market pricing in a significant risk premium.” – ING analysts
“What would really cool the oil market is an easing of tensions in the Middle East.” – Haitong Futures
WHAT’S NEXT
Market attention will remain on developments affecting oil shipments through the Strait of Hormuz, the course of tensions between the United States and Iran, and the effect of emergency stock releases on available supplies.
BOTTOM LINE
Brent and WTI prices eased on Friday but remained on track for weekly gains as supply concerns and geopolitical tensions continued to support the market. Emergency stock releases may provide some relief, but a sustained reduction in prices will depend partly on improved security and continuity of oil supplies from the Middle East.
The IMF projects Sub-Saharan Africa’s economy will grow by 4.5 per cent in both 2026 and 2027.
The 2026 forecast is 0.2 percentage points higher than the Fund’s April projection.
Median inflation is expected to rise from 3.4 per cent in 2025 to 4.3 per cent in 2026 and 5 per cent in 2027.
The Fund warns that rising energy costs, expensive borrowing and declining foreign aid could worsen economic pressures.
The IMF urges governments to protect vulnerable households, maintain economic stability and pursue reforms to boost productivity and investment.
MAIN STORY
The International Monetary Fund (IMF) has projected that Sub-Saharan Africa’s economy will grow by 4.5 per cent in both 2026 and 2027, despite the ongoing conflict in the Middle East and a challenging global economic environment.
Zeine Zeidane, Director of the IMF’s African Department, disclosed the projections during a news briefing on the October Regional Economic Outlook Update for Sub-Saharan Africa in Bangkok, Thailand, on Thursday.
The 2026 growth forecast represents an upward revision of 0.2 percentage points from the IMF’s April projection. Zeidane attributed the improved outlook to the region’s economic resilience, reforms implemented before the latest global disruptions and businesses’ ability to adjust to changing conditions.
However, he warned that the regional growth forecast concealed significant differences among economies. Commodity exporters are benefiting from higher oil, copper and gold prices, while countries with less reliance on natural resources are experiencing slower growth and widening external deficits.
Rising fuel and transportation costs, alongside the prospect of more expensive fertiliser, could further increase living costs and threaten food security across the region. The IMF projects median inflation to rise from 3.4 per cent in 2025 to 4.3 per cent in 2026 and five per cent in 2027.
Zeidane said reforms undertaken before the current shock had helped strengthen the region’s capacity to withstand external pressures. These included subsidy and exchange rate reforms in Ethiopia and Nigeria, as well as structural reforms in South Africa.
He also cited the rerouting of global energy supplies, the use of existing inventories and adjustments to business sourcing and logistics as factors that had helped cushion the effects of international disruptions.
Despite these buffers, governments face constraints in responding to additional economic shocks. Earlier fiscal adjustments had helped reduce budget deficits and debt ratios, but limited fiscal space continues to restrict the resources available for new interventions.
Interest payments account for about 12 per cent of government revenue in a typical country in the region, according to Zeidane. The burden leaves governments with fewer resources for essential public services and investment.
Although some countries have retained access to international capital markets, borrowing costs remain high. Zeidane also warned that greater reliance on domestic banks to finance government spending could reduce credit available to businesses and households while increasing banks’ exposure to government debt.
The region’s financing challenges are compounded by declining bilateral aid. The IMF official said assistance to Sub-Saharan Africa was expected to fall by another 12 per cent in 2026, following a sharp reduction in 2025.
He warned that renewed disruptions to energy supplies, a sharp increase in global risk aversion or a strong El Niño weather event could intensify economic pressures. Conflict and insecurity also continue to weigh on economic activity in parts of the region.
Against this backdrop, Zeidane said the balance of risks remained firmly tilted to the downside, despite the region’s demonstrated ability to adapt to difficult conditions.
He urged policymakers to protect vulnerable households, preserve economic stability and implement reforms that could support sustainable long-term growth.
On social protection, he advised governments against broad fuel-price relief measures, arguing that they were expensive and poorly targeted. Instead, he recommended targeted assistance, including school feeding programmes and geographically focused support, particularly in countries with weak social protection delivery systems.
Where temporary fuel-price relief is necessary, he said it should be transparently funded, capped and time-bound to prevent additional pressure on public finances.
For commodity-exporting countries, Zeidane recommended saving most windfall revenues, including by repaying expensive debt. He also said monetary tightening might be necessary in many economies to prevent temporary price increases from becoming persistent inflation.
Beyond immediate stabilisation measures, the IMF called for continued reforms to improve electricity supply, expand digital connectivity, strengthen workforce skills and create a more predictable business environment capable of attracting private investment and generating jobs.
Zeidane also advocated stronger regional trade and electricity integration to expand markets and reduce dependence on imported fuel.
He said these reforms were particularly important because Sub-Saharan Africa continued to face a substantial productivity gap compared with other emerging and developing economies. Closing even part of that gap, he added, could create significant opportunities for stronger and more inclusive growth.
The IMF reaffirmed its commitment to supporting countries across the region through financial assistance, policy advice and capacity development tailored to their individual circumstances.
THE ISSUES
The IMF’s growth forecast suggests that Sub-Saharan Africa’s economy could continue expanding despite external shocks. However, higher projected inflation, rising energy and transport costs, and expensive borrowing could weaken the benefits of that growth for households and businesses.
Governments also face a difficult balancing act. Broad subsidies and price relief could offer immediate support but strain public finances, while tighter monetary policy could help contain inflation but also affect borrowing conditions.
Declining foreign aid adds to these pressures, increasing the importance of domestic revenue mobilisation, efficient public spending and reforms that encourage private investment and productivity growth.
WHAT’S BEING SAID
“Although some countries have maintained access to international markets, borrowing costs remain high, while increased reliance on domestic banks for government financing can reduce credit available to businesses and households. Such borrowing can also increase the banking system’s exposure to government debt. – ”Zeine Zeidane, Director of the IMF’s African Department
“This leaves the region with little room to absorb another shock. Renewed disruption to energy supplies, a sharp increase in global risk aversion, or a strong El Nino can all intensify pressures. Conflict and insecurity remain an additional drag in parts of the region. – ”Zeine Zeidane, Director of the IMF’s African Department
“The region’s experience of difficult reforms and rapid adaptation offered grounds for confidence. Protecting vulnerable populations, preserving macroeconomic stability and sustaining productive investment are, however, essential to converting resilience into lasting prosperity. – ”Zeine Zeidane, Director of the IMF’s African Department
WHAT’S NEXT
Governments across Sub-Saharan Africa will need to balance measures to cushion households against rising living costs with efforts to preserve fiscal and monetary stability. The region’s ability to manage further external shocks will also depend on energy security, financing conditions, social protection systems and the pace of structural reforms.
BOTTOM LINE
The IMF expects Sub-Saharan Africa to grow by 4.5 per cent in 2026 and 2027, but rising inflation, high borrowing costs and declining foreign aid threaten to undermine that outlook. The Fund is urging governments to protect vulnerable households while pursuing reforms that can strengthen productivity, attract investment and make growth more inclusive.
