Home Blog Page 39

Nigerian stock market tops N160trn after Dangote sugar listing

By
Boluwatife Oshadiya
-
Decline In Nigeria's Equity Market Creating Entry Opportunity For Investors - Analysts

By Boluwatife Oshadiya | September 8, 2026

Key Points

  • Dangote Sugar’s listing of 8.10 billion rights-issue shares lifted NGX market capitalisation by ₦1.04 trillion to ₦160.60 trillion
  • The NGX All-Share Index gained 0.29% to close at 247,699.78 points despite 43 stocks recording losses
  • Trading activity weakened sharply, with total volume and transaction value falling 81.81% and 62.88%, respectively

Main Story

The Nigerian Exchange (NGX) market capitalisation crossed ₦160 trillion on Monday after the listing of 8.10 billion additional Dangote Sugar Refinery Plc shares pushed the value of listed equities higher.

The NGX All-Share Index gained 707.34 points, or 0.29%, to close at 247,699.78 points, while total market capitalisation increased by ₦1.04 trillion to ₦160.60 trillion.

The increase in market value was largely linked to the additional listing of 8,097,918,827 ordinary shares of Dangote Sugar Refinery, each with a nominal value of 50 kobo and listed at ₦60 per share following the company’s rights issue.

Despite the rise in the headline index, underlying market breadth remained weak. Forty-three stocks declined against only 12 gainers, indicating that the broader market did not participate evenly in the advance.

Trading activity also weakened. Approximately 407.85 million shares valued at ₦27.25 billion changed hands in 52,322 deals, with total traded volume falling 81.81% and transaction value declining 62.88%.

Access Holdings led activity by volume, accounting for 9.84% of total units traded, followed by FCMB at 6.30%, Sterling Financial Holdings at 4.44%, Guaranty Trust Holding Company at 4.17% and Nigerian Breweries at 3.55%.

Aradel Holdings dominated transaction value with 27.89% of the market’s total value. Zichis Agro-Allied Industries led the gainers with a 9.97% increase, while Caverton Offshore Support and Omatek Ventures recorded the steepest declines at 10% each.

Sector performance was also mixed, with Oil and Gas gaining 2.19%, while Insurance, Banking, Consumer Goods and Industrial Goods declined.

What’s Being Said

The Monday session shows that the increase in market capitalisation should not be interpreted solely as broad-based price appreciation. Market data indicate that the additional Dangote Sugar shares materially increased the NGX capitalisation base.

The weak market breadth — 12 gainers against 43 losers — also points to limited participation across the wider market despite the index’s advance.

What’s Next

  • Investors will watch whether the NGX can sustain its upward trajectory after the impact of the Dangote Sugar listing is absorbed into the market
  • Market breadth and trading activity will remain important indicators of whether the rally is broadening beyond a relatively small number of counters
  • Nigeria’s reclassification to Frontier Market status under FTSE Russell is scheduled to take effect from September 21, potentially increasing international investor visibility

The Bottom Line:

The ₦160 trillion milestone is significant, but the underlying trading picture is less bullish than the headline suggests. A sustained market advance will require stronger breadth and trading participation, not just an expansion of the market’s capitalisation base.

Solar growth spreads beyond South Africa as Africa adds 17GW in 2026

Naira strengthens to N1,320 as reserves hit 18-year high

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | September 8, 2026

Key Points

  • The naira strengthened to ₦1,320.5574 per US dollar at the Nigerian Foreign Exchange Market
  • Gross foreign-exchange reserves reached US$54.08 billion on September 3, their highest level since December 2008
  • NFEM turnover fell 33% week-on-week to about US$2.14 billion, raising questions about the strength of the recent currency appreciation

Main Story

The naira strengthened to ₦1,320.5574 per US dollar at the Nigerian Foreign Exchange Market (NFEM), extending recent gains as Nigeria’s foreign-exchange reserves climbed above US$54 billion.

The currency improved from ₦1,321.2160 previously, while the official-market rate traded between ₦1,318.5000 and ₦1,322.5000 per dollar, according to the foreign-exchange data provided by the Central Bank of Nigeria (CBN).

The naira appreciated by 0.97% during the five trading days through September 4, closing the week at ₦1,322.50/$1 compared with ₦1,335.50/$1 at the start of the week.

However, the appreciation came alongside weaker market activity. NFEM turnover through September 3 fell to approximately US$2.14 billion from US$3.19 billion in the preceding week, representing a 33% week-on-week decline.

Coronation Merchant Bank’s research subsidiary said the recent naira strength had occurred alongside lower trading activity rather than a broad-based increase in market turnover.

Meanwhile, gross foreign-exchange reserves rose to US$54.08 billion on September 3, marking the first time since December 2008 that reserves have exceeded US$54 billion. The reserves have increased by about US$8.6 billion since the beginning of the year, strengthening Nigeria’s external liquidity buffer.

The parallel-market rate remained around ₦1,400/$1, leaving a sizeable gap with the official rate. The premium stood at about ₦68.78/$1 based on the rates provided.

What’s Being Said

“Looking ahead, we expect the Naira to remain broadly stable in the near term, supported by an improvement in external reserves and relatively contained exchange-rate pressures,” Coronation Merchant Bank’s research subsidiary said.

Coronation analysts nevertheless said the decline in FX turnover means the recent appreciation should be monitored for confirmation through stronger underlying market activity.

What’s Next

  • Coronation expects the NFEM rate to remain broadly within the ₦1,300–₦1,350/$1 range, barring major external shocks
  • Investors will monitor whether higher reserves translate into sustained FX liquidity and stronger official-market turnover
  • The impact of Nigeria’s Frontier Market reclassification on foreign investor participation will become clearer after FTSE Russell’s September 21 effective date

The Bottom Line:

The naira’s recent gains are being supported by a much stronger external reserve position, but declining FX turnover means the appreciation has yet to demonstrate broad-based market depth. The durability of the recovery will depend on whether stronger reserves are matched by sustained liquidity and trading activity.

Nigeria has almost 400MW solar mini-grid potential, IRENA says

Nigeria’s foreign reserves rise above $54 billion

By
Boluwatife Oshadiya
-

By Business Desk | September 7, 2026

Key Points

  • Gross foreign reserves increased to $54.083 billion as of September 3, up $277 million since the start of the month
  • Reserves ended August at $53.806 billion, providing about 10.5 months of import cover above the CBN’s $51.04 billion full-year target
  • Stronger oil receipts, remittances and foreign portfolio inflows are supporting external liquidity, although softer crude prices remain a risk

Main Story

Nigeria’s gross foreign reserves rose to $54.083 billion as of September 3, extending the country’s external liquidity buffer and providing about 10.5 months of import cover. Data from the Central Bank of Nigeria (CBN) showed that reserves increased by $277 million from $53.806 billion at the end of August.

Cowry Asset Limited said the August closing reserve position remained above the CBN’s $51.04 billion full-year target and strengthened Nigeria’s external liquidity position.

The increase has been supported by stronger foreign exchange inflows, including oil receipts, remittances and portfolio investments. The CBN recently disclosed that remittance inflows had reached about $1 billion monthly.

Moody’s said Nigeria’s strong current account surplus, sustained remittance inflows and continued, although moderating, portfolio inflows had supported the accumulation of foreign exchange reserves.

Foreign portfolio investors have also continued to target Nigerian financial assets, supported by improved sentiment around the ability to repatriate capital from the country.

The reserve position comes as global oil-market conditions remain an important determinant of Nigeria’s external earnings. Brent crude declined 7.46% in August to $83.40 per barrel from $90.12 at the end of July, while Bonny Light fell 6.64% to $88.50 per barrel from $94.79.

Cowry Asset Management Limited said Bonny Light nevertheless remained $13.50 per barrel above Nigeria’s 2026 budget benchmark of $75, providing some support for fiscal and external balances.

The stronger reserve position and sustained FX inflows remain supportive of the naira at the official market, although the impact of crude prices and portfolio flows will remain important for the outlook.

What’s Being Said

Moody’s said the combination of a strong current account surplus, remittance inflows and portfolio inflows has supported Nigeria’s accumulation of foreign exchange reserves.

Cowry Asset said the reserve position provides a stronger external liquidity buffer, although developments in crude prices and foreign exchange demand remain important considerations.

What’s Next

  • The CBN will continue to manage foreign exchange liquidity as seasonal demand evolves
  • Investors will monitor crude oil prices and portfolio inflows because both remain important sources of Nigeria’s external foreign exchange earnings
  • The direction of global oil prices and foreign investor demand will influence the pace of reserve accumulation in coming months

Bottom Line

The Bottom Line: Nigeria’s reserves have moved into a significantly stronger position, providing a larger buffer against external shocks and supporting confidence in the foreign exchange market. The durability of that improvement will depend on whether oil receipts, remittances and capital inflows continue to outweigh external pressures.

South-South residents urge revival of moribund industries

Solar growth spreads beyond South Africa as Africa adds 17GW in 2026

By
Kehinde Victor
-

Key Points

  • Africa’s solar installations are estimated to reach 17GW in 2026, up 45 per cent from 2025.
  • Nineteen African countries recorded more than 100 per cent year-on-year growth in solar installations.
  • South Africa is expected to account for less than 20 per cent of Africa’s solar additions for the first time since 2019.

Main Story

Solar deployment is accelerating across Africa as cheaper panels drive rapid growth beyond South Africa, traditionally the continent’s largest solar market.

A new report by Forbes Africa, citing energy think tank Ember and the African Tech Futures Lab, estimates that Africa will install about 17 gigawatts (GW) of solar capacity in 2026, representing a 45 per cent increase from the previous year.

The report estimates that roughly 100,000 solar panels are being installed across the continent every day this year.

The latest increase follows an estimated 51 per cent growth in solar installations in 2025 and 25 per cent growth in 2024. Ember’s estimates are based on Chinese customs data and a methodology that accounts for the time between the shipment of panels and their eventual installation.

According to the report, Chinese solar panel exports to Africa rose sharply in the 12 months to June 2026, reaching levels comparable with exports to the Middle East and Latin America.

The expansion is increasingly being driven by countries outside Africa’s traditional solar leaders. Nineteen countries recorded year-on-year installation growth of more than 100 per cent, including the Democratic Republic of Congo (544 per cent), Zimbabwe (282 per cent), Egypt (176 per cent) and Zambia (117 per cent).

South Africa’s share of the continental market is consequently declining. It is expected to account for less than 20 per cent of Africa’s solar installations in 2026, the first time that its share has fallen below that level since 2019.

Solar is also becoming an increasingly important source of new electricity capacity. In Senegal, solar additions between 2023 and 2026 are equivalent to almost 80 per cent of the country’s entire grid capacity in 2023. Solar additions in the Democratic Republic of Congo and Kenya are each equivalent to more than half of their respective 2023 grid capacities.

The estimated 17GW of new solar capacity is expected to generate about 23 terawatt-hours of electricity annually, equivalent to 2.3 per cent of Africa’s electricity generation. According to the report, that is slightly above the continent’s average annual electricity demand growth of 2.2 per cent between 2014 and 2024.

The Issues

The rapid expansion is occurring alongside a major data gap. Only 12 African countries report an official or semi-official figure for distributed solar, and Ember believes those figures still underestimate the scale of deployment.

The continent is also heavily dependent on imported panels. Although Africa’s panel manufacturing capacity is expanding, 94 per cent of solar panels installed on the continent are still imported from China.

Ember estimates that African panel manufacturing output will reach about 3.5GW in 2026, or roughly one-fifth of the solar capacity expected to be installed during the year.

Access to finance remains another constraint. Grid Crux CEO Mojola Ola told Forbes Africa that access to capital is a critical factor determining the pace at which renewable-energy solutions can be deployed across the continent.

What’s Being Said

“Solar panels have become so cheap, the economics are compelling.”

Dave Jones, Chief Analyst at Ember, said the scale of the transition remains difficult to capture because governments need better systems for gathering solar data.

“This transition is chaotic and disruptive, and far from the orderly model planned in national strategies.”

Joel Nana, Research Director at African Tech Futures Lab and Project Manager at Sustainable Energy Africa, said policymakers need to determine how distributed solar assets should be incorporated into national electricity systems.

“At all levels of multiple segments this is one critical factor that determines the rate of acceleration or deployment of renewable solutions across Africa.”

Mojola Ola, CEO of Grid Crux, said access to capital remains critical to renewable-energy deployment.

What’s Next

Africa’s solar market is expected to continue expanding as falling panel costs improve the economics of deployment across more countries.

However, the report points to the need for better solar data, increased local manufacturing and improved access to finance if the continent is to sustain the pace of growth.

Bottom Line

Africa’s solar expansion is becoming broader and less concentrated in South Africa, with 19 countries recording more than 100 per cent year-on-year growth. Falling panel costs are driving deployment, but financing, data collection and dependence on Chinese imports remain constraints on the sector.

Nigeria projected to add 1.7GW of solar power in 2026

Nigeria has almost 400MW solar mini-grid potential, IRENA says

By
Kehinde Victor
-

Key Points

  • IRENA identifies almost 400MW of near-term solar PV mini-grid potential in Nigeria.
  • Battery-backed mini-grids could expand electricity access across underserved communities.
  • Agency urges stronger skills, certification, safety standards and metering systems.

Main Story

Nigeria has almost 400 megawatts (MW) of near-term solar photovoltaic (PV) mini-grid potential, according to the International Renewable Energy Agency (IRENA), which has called for stronger policies and technical capacity to support the expansion of battery-backed systems.

IRENA made the recommendation in a report titled Unlocking battery storage potential for sustainable mini-grid electrification in West Africa, which assesses the potential of solar-storage mini-grids in Nigeria, Burkina Faso, Mali and Senegal.

The agency said solar PV-based mini-grids would be important to achieving universal electricity access across the four West African countries.

Its analysis identified a near-term market of 568MW of solar PV mini-grids across the four countries, covering about 42,700 settlements and potentially serving around 21 million people.

Nigeria accounts for the largest share of the potential, at almost 400MW, followed by Burkina Faso with 91.7MW, Mali with 56.3MW and Senegal with 20.3MW.

IRENA said solar PV was suitable for more than 98 per cent of the sites assessed for mini-grid development, while hydropower was suitable for less than 2 per cent and wind for less than 0.1 per cent.

The agency said the findings showed the importance of creating an enabling environment for solar mini-grids equipped with battery storage as the market develops.

For Nigeria, it recommended developing technical skills, expanding certification programmes, establishing safety standards and promoting open metering systems.

IRENA also called for local-content policies tailored to the resources and capabilities available in each country, allowing local production of relevant equipment to develop as markets expand.

The report said mini-grids would become increasingly important as electricity demand rises and grid expansion faces constraints.

Under scenarios where grid expansion is restricted, mini-grids could potentially provide electricity access to between 60 million and 110 million people across the four countries.

IRENA estimated that about 397,270 settlements could be served by battery-supported mini-grids under the scenarios assessed.

The agency said standalone solar systems would play the largest role at lower electricity-demand levels, potentially serving between 70 million and 122 million people.

Mini-grids, however, would become more prominent from tier 3 demand levels, while standalone systems would increasingly serve the most remote and sparsely populated areas.

IRENA also estimated that achieving universal electricity supply at tier 2 demand levels by 2030 would require about 2.25 gigawatt-hours (GWh) of battery storage across the four countries.

Nigeria would account for about 1.59GWh of the requirement, compared with 367 megawatt-hours (MWh) for Burkina Faso, 220MWh for Mali and 75MWh for Senegal.

The report said the total requirement was equivalent to about 815,217 units of a typical 2.76 kilowatt-hour, 51.2-volt lithium iron phosphate battery system.

The Issues

IRENA’s assessment highlights battery-backed mini-grids as a potential route to expanding electricity access where extending the national grid is difficult or costly.

The agency’s recommendations for Nigeria focus not only on installing more systems but also on developing the ecosystem needed to operate and regulate them. This includes technical skills, certification, safety standards, open metering and local-content policies.

Battery storage can also reduce reliance on diesel generators. In an example involving a mini-grid serving about 500 people, IRENA found that a system incorporating batteries could provide a discounted lifetime value of about $20,000 compared with an equivalent system relying on diesel generators for flexibility.

Although the battery system required greater upfront investment, the report said fuel savings from reduced diesel consumption could offset the additional cost over its lifetime.

What’s Being Said

“Although the system with batteries requires a higher upfront investment, these costs are offset by the fuel savings resulting from reduced diesel consumption,” the report said.

“In this context, battery storage can play a strategic role in enhancing energy security, lowering system costs and accelerating the transition away from diesel dependence,” IRENA said.

IRENA said achieving universal electricity access would require “an unprecedented deployment effort that surpasses recent growth rates.”

What’s Next

IRENA recommended integrating off-grid solutions into national electrification strategies, improving geospatial electrification planning and mobilising finance, appropriate business models and de-risking mechanisms.

For Nigeria, the agency also recommended strengthening technical skills and certification, establishing safety standards, promoting open metering and developing local-content policies as the mini-grid market matures.

Bottom Line

IRENA estimates that Nigeria has almost 400MW of near-term solar mini-grid potential, the largest share of the 568MW identified across four West African countries. The agency says unlocking that potential will require stronger technical capacity, regulation, finance, metering systems and local-content policies, alongside greater use of battery storage.

UAE builds alternative routes to shield energy exports

Nigeria projected to add 1.7GW of solar power in 2026

By
Kehinde Victor
-

Key Points

  • Ember projects Nigeria will install 1.7GW of solar capacity in 2026.
  • The projected addition is about 40% of the electricity available from the grid in April.
  • Solar companies and panel manufacturing capacity are expanding rapidly in Nigeria.

Main Story

Nigeria is projected to install 1.7 gigawatts (GW) of solar power in 2026, placing it among six African countries expected to add at least 1GW of new solar capacity during the year.

The projection is contained in a new report by Ember, an energy think tank, titled The take-off in African solar that official statistics can’t yet see, released on Aug. 27.

Ember estimates that Africa will add a record 17GW of solar capacity in 2026, representing a 45 per cent increase from 2025.

Nigeria’s projected 1.7GW addition is expected to be matched by the Democratic Republic of Congo, while South Africa is projected to install 3.3GW, Egypt 2GW, Algeria 1.4GW and Morocco 1GW.

For Nigeria, the projected addition is equivalent to about 40 per cent of the electricity currently available from the country’s grid-connected power plants.

The Nigerian Electricity Regulatory Commission (NERC) reported that an average of 4,286 megawatts (MW) was available for dispatch from the country’s 13,625MW installed grid capacity in April 2026.

Ember said the rapid expansion was being driven largely by distributed solar systems, with about 75 per cent of solar capacity added across Africa between 2023 and 2025 coming from distributed installations.

These systems, which include solar deployed by households and businesses, are also contributing to a gap between actual solar growth and what is reflected in official electricity statistics.

Ember estimated that Africa installed 12GW of solar capacity in 2025, almost twice the 6.2GW estimated by the International Energy Agency (IEA) and the 4.6GW estimated by the International Renewable Energy Agency (IRENA).

The think tank attributed part of the discrepancy to the difficulty of tracking distributed systems outside conventional electricity networks.

Nigeria’s domestic solar industry is also expanding. Ember said 370 new solar companies were registered in the country in 2025, compared with 56 in 2019.

The report also projected that Nigeria’s solar-panel manufacturing output would triple in 2026 compared with 2024.

National solar-panel manufacturing capacity has risen to about 300MW from 120MW two years earlier, according to Ember.

The projected growth comes as households and businesses increasingly turn to distributed energy systems, while the country continues to face limitations in its conventional grid system.

Ember said the 17GW of new solar capacity expected across Africa in 2026 could generate about 23 terawatt-hours of electricity annually.

The additional generation would be slightly higher than Africa’s historical annual electricity-demand growth of 2.2 per cent recorded between 2014 and 2024.

The Issues

Nigeria’s projected 1.7GW solar addition represents a significant expansion outside the conventional grid system. The scale of distributed solar also means that conventional electricity statistics may not fully reflect the amount of power being generated and consumed across the country.

The growth of local solar companies and manufacturing capacity points to an expanding domestic ecosystem around the technology, although Ember noted that Africa remains heavily dependent on imported equipment.

About 94 per cent of solar panels installed across Africa are imported from China, highlighting the continent’s reliance on external manufacturing despite the rapid growth in demand.

What’s Being Said

“Countries are already leapfrogging into faster, more secure, cleaner energy growth, and the governments that get ahead of it stand to gain all the benefits,” Dave Jones, Chief Analyst at Ember, said.

“Africa’s solar revolution is no longer something we’re waiting for – it’s happening right now. What’s particularly significant is that this is no longer just a South African story,” Mohamed Adow, Director of Power Shift Africa, said.

“Across Africa, distributed energy resources are rapidly expanding, and in many cases, overtaking grid capacity,” Joel Nana, Research Director at African Tech Futures Lab, said.

What’s Next

Ember said governments and international financial institutions would need to support the expansion with affordable finance, stronger electricity grids and battery storage.

The rapid growth of distributed energy is also raising questions over whether such systems should remain largely separate from national grids or become integrated into wider electricity systems.

Bottom Line

Ember projects Nigeria will add 1.7GW of solar capacity in 2026, reflecting the rapid growth of distributed energy alongside expansion in the domestic solar industry. The projection also highlights a wider shift in Africa’s electricity market that is increasingly taking place outside traditional grid infrastructure.

UAE builds alternative routes to shield energy exports

RMAFC plans China summit to attract oil, gas investment

By
Kehinde Victor
-
RMAFC Kicks Off Revenue Allocation Formula Review
RMAFC Kicks Off Revenue Allocation Formula Review

Key Points

  • RMAFC is consulting stakeholders ahead of a proposed oil and gas summit in China.
  • The summit is tentatively scheduled for November 2026.
  • Commission says increased investment could expand Federation Account revenues.

Main Story

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has begun consultations with government agencies and oil and gas stakeholders ahead of a proposed investment summit in China aimed at attracting fresh capital into Nigeria’s petroleum sector.

Dr Ekene Enefe, Chairman of RMAFC’s Investment Monitoring Committee, disclosed this on Monday in Abuja during a stakeholders’ engagement.

Enefe, who represents Anambra on the commission, said the proposed Oil and Gas Investment Summit was tentatively scheduled for November 2026.

He said the initiative was part of efforts to identify and promote investment opportunities across Nigeria’s oil and gas value chain while increasing the revenues accruing to the Federation Account.

According to him, RMAFC’s constitutional committees are mandated to monitor Federal Government investments in the sector and ensure that the country receives appropriate revenues and other accruals from them.

Enefe said the commission had recorded progress in monitoring oil and gas investments, including recovering revenues and enforcing penalties against companies that defaulted on their obligations under the Petroleum Industry Act.

He said some of the penalties related to breaches of provisions covering gas flaring.

The chairman said RMAFC had identified substantial investment opportunities in Nigeria’s gas sector and considered it necessary to encourage greater participation in both upstream and downstream activities.

“We looked at the opportunities in the gas sector and felt that we need to intervene, especially in bringing investors to the sector,” he said.

He said the commission had engaged the Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission to explore ways of attracting investors.

Enefe said China was selected for the proposed summit because of its significant role in the global energy and investment landscape.

He added that RMAFC had consulted the Nigerian High Commission in Beijing, including Nigeria’s ambassador and other stakeholders, who expressed support for the initiative.

The commission has also briefed the Presidency and is consulting relevant government agencies as preparations for the summit continue.

Enefe said a stakeholder breakfast meeting scheduled for Wednesday in Abuja would formally brief participating institutions on the proposed summit and obtain their input.

He said ministries and agencies would nominate representatives to serve on the summit’s planning committee.

The Issues

RMAFC is seeking to link Nigeria’s oil and gas investment opportunities with potential international investors while strengthening government revenue from the sector.

The commission’s focus on the gas industry reflects the investment opportunities it has identified across the value chain. Nigeria has estimated gas reserves of about 215 trillion cubic feet, according to the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo.

What’s Being Said

“We looked at the opportunities in the gas sector and felt that we need to intervene, especially in bringing investors to the sector,” Enefe said.

Ekpo stressed the need to “showcase Nigeria’s investment opportunities” and ensure effective implementation of Presidential Executive Orders and the Petroleum Industry Act.

Ekpo said the initiative could attract new investments and increase government revenue.

What’s Next

RMAFC will continue consultations with relevant government institutions and stakeholders ahead of the proposed November 2026 summit.

The ministries and agencies involved are expected to nominate representatives to the summit’s planning committee, while the Ministry of State for Petroleum Resources (Gas) has pledged its cooperation.

Bottom Line

RMAFC is preparing to take Nigeria’s oil and gas investment opportunities to potential investors in China as part of efforts to attract fresh capital and increase Federation Account revenues. The proposed November 2026 summit will be preceded by further inter-agency consultations and planning.

Nigeria’s merchandise trade rises 19.13% to N41.44tn

Adebayo proposes 75,000MW power generation target

By
Kehinde Victor
-

Key Points

  • SDP candidate proposes expanding Nigeria’s electricity generation to 75,000MW.
  • Plan combines gas, solar, hydro and decentralised generation.
  • He says local manufacturing and reliable power are critical to industrialisation.

Main Story

The Social Democratic Party (SDP) presidential candidate, Prince Adewole Adebayo, has proposed raising Nigeria’s electricity generation capacity to 75,000 megawatts (MW) through a combination of gas, renewable energy, rehabilitated hydropower facilities and decentralised generation.

Adebayo made the proposal while featuring on the Personality Interview Series of the News Agency of Nigeria (NAN) on Sunday in Abuja.

He said Nigeria needed to move beyond existing generation targets and develop an electricity system capable of supporting large-scale industrialisation.

“For now, any presidential candidate who is not giving you a plan for 50,000 megawatts is behind the time. Nigeria has passed the age where we need 10,000 megawatts or 20,000 megawatts,” he said.

Adebayo said his proposed energy strategy would deliberately diversify electricity generation rather than depend on a single source.

He identified gas as a major advantage for Nigeria and said it should be deployed alongside solar and other renewable sources to increase electricity supply.

The SDP candidate also proposed expanding decentralised generation through mini-grids and embedded power systems, particularly in communities and economic clusters that are poorly served by the national grid.

He said electricity generation should not be concentrated solely within the existing grid structure, arguing that smaller generation systems could complement the national network and bring power closer to consumers.

“A lot of it will be green, like solar; a lot of it will be gas, because we have a bonus of gas,” he said.

Adebayo said rehabilitating existing hydroelectric facilities would form another part of the plan, allowing Nigeria to recover generation capacity from infrastructure already in place.

He said the approach would combine the utilisation of existing energy assets with investment in new generation capacity.

Beyond generation, Adebayo identified local manufacturing as a key component of his proposed power-sector strategy.

He said Nigeria should produce solar equipment and other energy components locally to reduce dependence on imports and create employment.

The presidential candidate also linked electricity policy directly to economic production, particularly manufacturing, agriculture and small businesses.

He said dependable electricity would help businesses reduce production costs by lowering their reliance on alternative power sources.

Adebayo said his administration, if elected, would treat electricity as an economic development issue rather than only a utility challenge.

He, however, said increasing generation alone would not resolve Nigeria’s electricity problems.

According to him, reforms would also be required across transmission, distribution, energy procurement and the electricity market to ensure that additional generation reaches consumers.

He said his administration would pursue a coordinated approach covering generation, transmission and distribution, with the objective of translating increased generation into reliable and affordable electricity.

Adebayo said Nigeria had sufficient energy resources to support a much larger electricity system but required deliberate planning to harness them effectively.

“We have a bonus of gas,” he said, stressing the need to combine the country’s gas resources with renewable energy and improved infrastructure.

He said the broader strategy would support increased productivity, job creation and improved living standards.

The Issues

Adebayo’s proposal goes beyond increasing generation capacity by combining a diversified energy mix with decentralised power systems and reforms across the electricity value chain.

His emphasis on mini-grids and embedded generation is aimed at complementing the national grid, particularly for communities and economic clusters with inadequate grid supply.

The plan also links energy policy to industrialisation, with local production of renewable energy equipment proposed as a way to reduce import dependence while creating jobs.

What’s Being Said

“For now, any presidential candidate who is not giving you a plan for 50,000 megawatts is behind the time. Nigeria has passed the age where we need 10,000 megawatts or 20,000 megawatts,” Adebayo said.

“A lot of it will be green, like solar; a lot of it will be gas, because we have a bonus of gas,” he said.

“We have a bonus of gas,” Adebayo said.

What’s Next

Adebayo said the proposed expansion would be accompanied by reforms covering generation, transmission, distribution and energy procurement if he is elected president.

His proposed strategy also includes rehabilitating existing hydroelectric facilities, expanding decentralised generation and promoting local manufacturing of renewable energy equipment.

Bottom Line

SDP presidential candidate Adewole Adebayo is proposing a 75,000MW electricity generation system built around gas, renewables, hydro and decentralised power. He says the expansion must be matched by electricity-market reforms and local manufacturing to support Nigeria’s industrialisation.

US-Iran tensions driving petrol price volatility, expert says

UAE builds alternative routes to shield energy exports

By
Kehinde Victor
-

Key Points

  • UAE is developing alternative routes for energy exports and trade amid conflict with Iran.
  • The country is expanding eastern ports, pipelines, railways and other trade corridors.
  • Presidential adviser Anwar Gargash says restoring trust with Iran could take decades.

Main Story

The United Arab Emirates (UAE) is developing alternative routes for its energy exports and trade as the conflict with Iran threatens to disrupt the country’s access to key regional shipping routes.

UAE presidential adviser Anwar Gargash disclosed this on Monday at the Hili Forum in Abu Dhabi, saying the country would not allow its energy exports or economic activity to be disrupted by the war.

“Our energy exports will not be held hostage, nor will our trade and economic activity,” Gargash said.

He said the UAE was expanding port capacity along its eastern coast while developing pipelines, railways and other trade routes to create alternative corridors for exports and trade.

The measures come after the conflict significantly affected Gulf Arab states, including the UAE, as Iran launched missile attacks against the country and targeted oil tankers in the Strait of Hormuz.

Gargash said the UAE could eventually restore a functional relationship with Iran, but warned that rebuilding confidence between Tehran and its Gulf neighbours would be considerably more difficult.

“A functional relationship with Iran can and must be restored, but rebuilding trust is another matter,” he said.

The UAE, which has been an important economic link for Iran, suspended financial and economic transactions with the country in August, citing military escalation by Tehran and missile threats.

Gargash also criticised the collective response of Gulf Arab states to the Iranian attacks, saying their actions had not matched their understanding of the threat posed by Tehran.

He said the Gulf states had broadly recognised the nature of the challenge posed by Iran but had failed to translate that shared assessment into a sufficiently coordinated strategic response.

The Issues

The UAE’s development of alternative infrastructure reflects efforts to reduce the exposure of its energy exports and wider trade to disruption along established regional routes.

The eastern coast infrastructure, including ports, pipelines and rail links, is intended to provide additional channels for moving energy and goods if existing routes become vulnerable because of regional conflict.

The crisis has also created a diplomatic challenge for the UAE, which maintains economic links with Iran while facing security threats arising from the conflict.

What’s Being Said

“Our energy exports will not be held hostage, nor will our trade and economic activity,” Gargash said.

“A functional relationship with Iran can and must be restored, but rebuilding trust is another matter,” he said.

“The problem was therefore not a lack of understanding. Where we fell short in confronting this historic challenge was translating this shared understanding into sufficiently united and strategic response,” Gargash said.

What’s Next

The UAE is continuing to expand alternative ports, pipelines, railways and trade corridors along its eastern coast as it seeks to protect energy exports and economic activity from regional disruptions.

Gargash said relations with Iran could eventually be restored, although rebuilding trust with neighbouring Gulf states could take much longer.

Bottom Line

The UAE is strengthening alternative energy and trade routes to reduce its vulnerability to disruptions caused by the Iran conflict. At the same time, Abu Dhabi says restoring normal relations with Tehran may be possible, but rebuilding regional trust could take decades.

NNPC distances itself from truck used to haul cannabis

US-Iran tensions driving petrol price volatility, expert says

By
Kehinde Victor
-

Key Points

  • Expert links recent petrol price movements to volatility in global crude prices.
  • US-Iran tensions are driving speculation in the international oil market.
  • He urges government to channel subsidy savings into public services.

Main Story

An oil and gas expert, Mr Chinedu Okoronkwo, has linked recent fluctuations in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to movements in the international crude oil market.

Okoronkwo, Treasurer of the Board of Trustees of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

His comments come amid a rise in Brent crude prices, which stood at 96.28 dollars per barrel, with geopolitical tensions in the Middle East contributing to market uncertainty.

Petrol currently sells for between N1,299 and N1,350 per litre in the Federal Capital Territory, following upward adjustments in the Dangote Refinery’s gantry, or ex-depot, price to between N1,265 and N1,290 per litre.

Okoronkwo said the latest movements in crude prices were being influenced significantly by speculation surrounding renewed tensions and confrontation between the United States and Iran.

He explained that traders were responding not only to actual developments but also to statements and expectations arising from the confrontation.

“The traders are now dealing on speculations. The sentiment is basically on the American and Iranian confrontation,” he said.

According to him, even statements that are not followed by immediate developments can affect crude prices as traders react to changing market sentiment.

He said fluctuations in international crude prices were consequently reflected in the domestic petroleum market, where refiners and marketers had to adjust to changing market conditions.

On the frequent changes in the Dangote Refinery’s petroleum product prices, Okoronkwo said the refinery was operating as a commercial enterprise and would take anticipated crude price movements into account when setting its prices.

He said the refinery also had to recover the substantial investment made in establishing its facilities.

Okoronkwo said greater competition in domestic refining would eventually give marketers and consumers more options and reduce the pressure created when there were only a few major players.

“By the time we have another strong refinery challenging what these ones are doing now, one man will not stress the system,” he said.

On the removal of fuel subsidy, the IPMAN official said the policy itself was not necessarily wrong, but stressed that government needed to ensure that the resulting savings were properly deployed.

He identified improved availability of petroleum products and the disappearance of long queues at filling stations as major benefits Nigerians had experienced since the removal.

Okoronkwo urged government to direct the funds saved from subsidy removal towards healthcare, agriculture, education and road infrastructure.

He said better public services and living conditions could make Nigerians less concerned about the removal of subsidy.

He, however, opposed a return to the previous subsidy regime, arguing that resources saved through its removal should instead be used to improve critical sectors.

The Issues

Nigeria’s petrol prices remain exposed to movements in international crude prices because changes in the cost of crude can affect the economics of refining and petroleum products.

Okoronkwo’s comments also highlight the role of market competition in the downstream sector. He argued that the emergence of additional strong refineries would give consumers and marketers more alternatives.

On subsidy removal, his position is that the issue is less about restoring the former system and more about ensuring that the savings are visibly deployed to improve public services and living conditions.

What’s Being Said

“Any statement, even if there has not been any actual development, appears to trigger movements in the market,” Okoronkwo said.

“By the time we have another strong refinery challenging what these ones are doing now, one man will not stress the system,” he said.

“For me, reintroduction of the type of subsidy we had at that time will not be the best for this country,” he said.

What’s Next

Crude price movements will continue to influence the domestic petroleum market as international traders respond to developments and expectations surrounding global geopolitical tensions.

Okoronkwo also called for greater competition in domestic refining and urged government to ensure that subsidy savings are directed towards healthcare, agriculture, education and road infrastructure.

Bottom Line

An oil and gas expert says speculation linked to US-Iran tensions is contributing to crude price volatility, with implications for petrol prices in Nigeria. He also argues that stronger domestic refining competition and better use of subsidy savings are needed to ease pressure on consumers.

Dangote Refinery unveils N2.15trn IPO for expansion

NNPC distances itself from truck used to haul cannabis

By
Kehinde Victor
-

Key Points

  • NNPC says the truck carrying 2,145kg of cannabis in Ondo is not its property.
  • Company says the vehicle and its branding are absent from its official records.
  • NNPC is investigating the unauthorised use of its old identity on the truck.

Main Story

The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has distanced itself from a truck intercepted in Ondo State while allegedly transporting 2,145kg of cannabis, saying the vehicle is neither part of its fleet nor operated by any authorised dealer.

The company also commended the National Drug Law Enforcement Agency (NDLEA) for intercepting the consignment and said it was working with relevant authorities to determine how its old branding came to be displayed on the vehicle.

Mr Andy Odeh, NNPC Ltd.’s Chief Corporate Communications Officer, disclosed this in a statement.

Odeh said preliminary checks showed that the truck, with registration number MKA 960 XC, was not listed among NNPC Ltd.’s official vehicles or assets and did not belong to any of the company’s authorised dealers.

He added that the logo displayed on the vehicle was inconsistent with NNPC Ltd.’s current corporate branding.

The company is engaging the Nigerian Association of Road Transport Owners (NARTO) to obtain additional information on the vehicle and establish the circumstances surrounding the use of its former branding.

“NNPC Ltd. takes any unauthorised use of its corporate identity seriously, particularly where such use may be associated with unlawful activity,” Odeh said.

He said the company would continue to protect its name, trademarks and other corporate identifiers from misuse.

Odeh said NNPC Ltd. would cooperate with the NDLEA and other security agencies as investigations into the ownership and operation of the truck continue.

He said the company supported a thorough investigation into how its markings came to be displayed on the vehicle and would review its brand-protection and asset-monitoring measures.

According to him, appropriate action, including legal measures where necessary, would be taken based on the outcome of the review.

The spokesman urged members of the public and relevant authorities to verify the ownership or affiliation of vehicles claiming to belong to NNPC Ltd. through the company’s official channels.

The Issues

The seizure has raised questions over the use of NNPC Ltd.’s corporate identity on a vehicle allegedly involved in drug trafficking.

NNPC Ltd. says its preliminary checks have found no connection between the truck and its official fleet or authorised dealers. The company is therefore seeking to establish how its former branding appeared on the vehicle while reviewing its systems for monitoring company assets and protecting its corporate identity.

What’s Being Said

“NNPC Ltd. takes any unauthorised use of its corporate identity seriously, particularly where such use may be associated with unlawful activity,” Odeh said.

“NNPC Ltd. is also engaging with the Nigerian Association of Road Transport Owners (NARTO) to obtain further information and establish the circumstances surrounding the use of the Company’s old branding on the vehicle,” he said.

Odeh commended the NDLEA for its “vigilance and sustained efforts to combat illicit drug trafficking in Nigeria.”

What’s Next

NNPC Ltd. will continue working with the NDLEA and other security agencies to establish the ownership and operation of the truck.

The company is also engaging NARTO, reviewing its brand-protection and asset-monitoring protocols, and may take legal action where warranted.

Bottom Line

NNPC Ltd. says the truck intercepted with 2,145kg of cannabis in Ondo State does not belong to it or any authorised dealer. The company is investigating how its old branding appeared on the vehicle and has pledged to cooperate with authorities.

Dangote Refinery unveils N2.15trn IPO for expansion

Dangote Refinery unveils N2.15trn IPO for expansion

By
Kehinde Victor
-

Key Points

  • Dangote Refinery offers 4.1bn shares at N525 each.
  • Company targets about 10 million retail investors.
  • Proceeds will support expansion from 700,000 to 1.4m barrels per day.

Main Story

Dangote Petroleum Refinery and Petrochemicals FZE on Monday unveiled a N2.15 trillion Initial Public Offer (IPO), seeking fresh capital for expansion while opening ownership of the refinery to a wider pool of investors.

The offer consists of 4.1 billion ordinary shares priced at N525 each, with investors able to subscribe for a minimum of 10 shares at N5,250.

Chief Executive of the company, Alhaji Aliko Dangote, said the offer was intended to give Nigerians and other Africans an opportunity to own a stake in the 700,000-barrel-per-day refinery.

“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.

He said the company planned to double the refinery’s capacity to 1.4 million barrels per day as part of its expansion programme.

According to him, the additional capacity would increase production and improve the refinery’s ability to supply both domestic and international markets.

Dangote said the IPO was the refinery’s first public offer since its inauguration in 2023 and would provide more people with an opportunity to participate in its growth.

The company said the offer would also broaden its shareholder base as it raises capital for the planned expansion.

The Group Managing Director of Vetiva Capital Management Ltd., Mr Chuka Eseka, said the transaction had been structured to encourage transparency, accountability and wider participation.

He said retail investors could subscribe electronically through bank applications, internet platforms and stockbrokers, while institutional investors could use electronic channels or submit application forms through receiving agents.

FirstCap Managing Director, Mr Ukandu Ukandu, said the offer was targeting about 10 million retail investors, a figure that would be significantly higher than the current Nigerian capital market record of about 181,000 retail participants in a single transaction.

The Chief Executive Officer of Dangote Petroleum and Petrochemicals, Mr David Bird, said the refinery’s location in the Lekki Free Zone positioned it to serve Nigeria, West Africa and international markets.

“This is not just a refinery or petrochemical complex. This is truly a pan-African energy platform,” Bird said.

Oladele Sotubo, Chief Executive Officer of Stanbic IBTC Capital, said the offer had been structured to allow ordinary Nigerians to acquire shares in the refinery.

The Issues

The IPO combines two objectives: raising capital for the refinery’s planned capacity expansion and widening ownership beyond existing shareholders.

The offer also places significant emphasis on retail participation, with the issuing houses targeting about 10 million individual investors. Eligible retail investors may receive up to two additional shares under the incentive structure, subject to the applicable conditions.

What’s Being Said

“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.

“This is not just a refinery or petrochemical complex. This is truly a pan-African energy platform,” Bird said.

Eseka said the transaction structure was designed to promote “transparency, accountability and broad participation.”

What’s Next

The IPO is scheduled to open on Sept. 14 and close on Oct. 13, subject to applicable regulatory approvals and the conditions contained in the offer documents.

Vetiva Advisory Services Ltd. is the Lead Issuing House and Lead Adviser, while Stanbic IBTC Capital and FirstCap are Joint Managers.

The company plans to list the shares on the Main Board of the Nigerian Exchange Group.

Bottom Line

Dangote Refinery is seeking N2.15 trillion through its first public offer to fund expansion and bring a much broader group of investors into the company. The plan includes doubling refining capacity to 1.4 million barrels per day and targeting about 10 million retail investors.

Nigeria’s merchandise trade rises 19.13% to N41.44tn

FRSC seeks traditional rulers’ support to curb Osun road crashes

By
Kehinde Victor
-
FRSC Ogun To Enforce Speed Limit Devices In Commercial Vehicles

Key Points

  • FRSC records 220 road crashes and 60 deaths in Osun in one year.
  • Sector Commander asks traditional rulers to help discourage dangerous driving.
  • Corps urges passengers to report reckless or impaired drivers.

Main Story

The Federal Road Safety Corps (FRSC) in Osun has called for stronger involvement of traditional rulers and community leaders in efforts to reduce road traffic crashes across the state.

The Sector Commander, Mr Sunday Adebayo, made the appeal on Monday during a visit to the Olufi of Gbonganland, Oba Adetoyese Oyeniyi, in Gbongan.

Adebayo said traditional institutions could use their influence within communities to shape road-user behaviour and encourage safer driving practices.

He disclosed that 220 road traffic crashes involving 300 vehicles were recorded in Osun last year, resulting in 60 deaths and injuries to several other people.

According to him, dangerous driving, excessive speed, driving under the influence of alcohol or drugs, distraction, route violation and overloading were among the factors contributing to the crashes.

He therefore urged traditional chiefs and members of the Olufi-in-Council to use their positions to discourage practices that put motorists, passengers and other road users at risk.

Adebayo also called on passengers to intervene when drivers transporting them engage in reckless behaviour.

He said passengers should speak up if drivers were speeding excessively, driving dangerously or suspected to be under the influence of alcohol or drugs.

The sector commander advised passengers to insist that such drivers stop the journey and report them to the nearest FRSC patrol team or police station where necessary.

He reiterated the corps’ warning that “speeding thrills but kills faster”, urging motorists to place safety ahead of speed and convenience.

Adebayo said reducing road crashes required collective action, with community-based interventions complementing the work of traffic and law enforcement agencies.

Responding, the Olufi of Gbonganland acknowledged the importance of the FRSC’s road safety responsibilities and pledged the support of the traditional institution towards protecting lives in Gbonganland and surrounding communities.

The monarch, who was represented by the Balogun of Gbonganland, Chief Quasim Onikepe, said the engagement would also help strengthen the relationship between the FRSC and the traditional institution.

The FRSC also inaugurated a mini library for officers at its Gbongan Unit Command during the visit. The facility was an initiative of the Gbongan Unit Commander, Dr Jude Odinfono.

The Issues

The number of crashes recorded in Osun points to the continuing road safety risks associated with driver behaviour and other road-user practices.

The FRSC’s approach places traditional institutions alongside enforcement agencies in influencing behaviour at the community level, while also giving passengers a role in challenging unsafe driving.

What’s Being Said

“We are appealing to traditional chiefs and members of the Olufi-in-Council to use their influence to discourage dangerous driving practices and promote a culture of safety among road users.” – Sunday Adebayo, FRSC Osun Sector Commander

“Passengers should insist that such drivers discontinue the journey and promptly report the matter to the nearest FRSC patrol team or the police for appropriate intervention.” – Sunday Adebayo, FRSC Osun Sector Commander

What’s Next

The FRSC is seeking greater cooperation from traditional institutions and community leaders to promote safer road-use practices and reduce crashes across Osun.

The corps will also continue to advise motorists and passengers to identify and report dangerous driving behaviour.

Bottom Line

The FRSC says community involvement is needed to reduce road crashes in Osun, where 220 crashes involving 300 vehicles killed 60 people last year. The corps is asking traditional rulers to use their influence to promote safer driving.

Troops foil Boko Haram ambush, dismantle camps in Borno

Nigeria’s merchandise trade rises 19.13% to N41.44tn

By
Kehinde Victor
-
NBS To Collate Data On Migration, IDPs, Security

Key Points

  • Nigeria’s total merchandise trade rose to N41.44 trillion in Q2 2026.
  • Exports accounted for 65.20 per cent of total trade, led by crude oil.
  • Trade surplus more than doubled year-on-year to N12.59 trillion.

Main Story

Nigeria’s total merchandise trade increased to N41.44 trillion in the second quarter of 2026, representing a 19.13 per cent rise from the N34.79 trillion recorded in the first quarter.

The National Bureau of Statistics (NBS) disclosed this in its Foreign Trade in Goods Statistics Report for Q2 2026 released in Abuja on Monday.

The latest figure was also 5.61 per cent higher than the N37.24 trillion recorded in the corresponding quarter of 2025.

Exports accounted for the larger share of trade during the quarter, reaching N27.02 trillion, or 65.20 per cent of total merchandise trade.

The value represented an 18.77 per cent increase from N22.75 trillion recorded in Q2 2025 and a 27.64 per cent rise from N21.16 trillion in Q1 2026.

Crude oil remained Nigeria’s largest export, with exports valued at N12.91 trillion, representing 47.79 per cent of total exports.

Non-crude oil exports amounted to N14.10 trillion, accounting for 52.21 per cent of exports, while non-oil products contributed N3.73 trillion, or 13.80 per cent of total exports.

India, Spain, the Netherlands, the United States and Togo were Nigeria’s leading export destinations during the quarter.

The major commodities exported included crude oil, kerosene-type jet fuel, natural gas, urea and other petroleum gases in gaseous form.

On the import side, Nigeria recorded N14.42 trillion in merchandise imports, representing 34.80 per cent of total trade.

Imports fell by 12.55 per cent from N16.49 trillion in Q2 2025 but increased by 5.91 per cent compared with N13.61 trillion in Q1 2026.

China remained Nigeria’s largest source of imports, followed by the United States, India, the Netherlands and Germany.

The leading imported commodities included motor spirit ordinary, petroleum oils and oils obtained from bituminous minerals, durum wheat, used vehicles with diesel or semi-diesel engines and motorcycles.

The difference between exports and imports resulted in a merchandise trade surplus of N12.59 trillion in Q2 2026.

The NBS said the surplus represented a 101.32 per cent increase compared with the balance recorded in Q2 2025.

The Issues

The increase in total trade was driven by stronger export performance, particularly the rise in exports between the first and second quarters.

However, crude oil remained a major component of Nigeria’s export earnings, while non-oil products accounted for a smaller share of total exports. The import data also shows continued reliance on foreign goods, with China remaining the country’s largest import partner.

What’s Being Said

“Total exports in Q2 2026 also increased by 27.64 per cent when compared to Q1 2026, which was recorded at N21.16 billion.” – National Bureau of Statistics

“Total imports increased by 5.91 per cent when compared to the value recorded in Q1 2026 at N13.61 billion.” – National Bureau of Statistics

“The merchandise trade balance for Q2 2026 remained positive at N12.59 billion.” – National Bureau of Statistics

What’s Next

The NBS report provides the latest quarterly picture of Nigeria’s merchandise exports, imports and trading partners, with the next quarterly trade report expected to show whether the current export growth and trade surplus are sustained.

Bottom Line

Nigeria’s merchandise trade rose 19.13 per cent quarter-on-quarter to N41.44 trillion in Q2 2026, driven largely by higher exports. The country recorded a N12.59 trillion trade surplus during the quarter.

Ooni gives NBA star Jaylen Brown Yoruba name

Troops foil Boko Haram ambush, dismantle camps in Borno

By
Kehinde Victor
-
Militiamen

Key Points

  • Operation Hadin Kai troops foiled a suspected Boko Haram ambush in Borno.
  • Several makeshift camps used as temporary hideouts were dismantled.
  • Troops recovered a motorcycle, bicycles, ammunition and rocket-propelled grenade bombs.

Main Story

Troops of Operation Hadin Kai have foiled an ambush by suspected Boko Haram terrorists and dismantled several makeshift camps in Biu Local Government Area of Borno.

The troops, from 27 Task Force Brigade, Sector 2, encountered the suspected terrorists during a routine patrol along the Buni Gari-Buratai axis on Sept. 7.

The Acting Military Information Officer, Headquarters Joint Task Force North East, Capt. Mohammed Goni, disclosed this in a statement on Monday.

He said the troops responded to the attack, forcing the terrorists to retreat from the area.

Reinforcements were subsequently deployed to secure the ambush site and search the surrounding area.

The operation led to the discovery of several makeshift camps which the military assessed to have been used as temporary staging and hideout locations by the terrorists.

Troops dismantled the camps and recovered one motorcycle, bicycles, one magazine, ammunition and rocket-propelled grenade bombs.

Goni said no military personnel was killed or injured during the encounter, although some military vehicles were damaged.

“Notwithstanding the damage, the troops remained operational and successfully completed the mission,” he said.

He said the operation reflected the military’s effort to prevent terrorist groups from establishing freedom of movement and operating bases within the theatre.

Goni said the security situation in the area remained calm but unpredictable, with troops continuing patrols and coordinated security operations across their area of responsibility.

He urged residents to remain vigilant and report suspicious persons, movements or activities to security agencies.

The military spokesman said information from members of the public remained important to the early detection and disruption of terrorist activities.

The Issues

The discovery of temporary camps indicates the security challenge posed by terrorist elements attempting to maintain hideouts and staging locations within the area.

Continued patrols and intelligence from residents are therefore important to preventing such locations from being used to support further attacks.

What’s Being Said

“During the operation, troops discovered and dismantled several makeshift camps assessed to have been used by the terrorists as temporary staging and hideout locations.” – . Mohammed Goni, Acting Military Information Officer, Headquarters Joint Task Force North East

“Notwithstanding the damage, the troops remained operational and successfully completed the mission.” – Capt. Mohammed Goni, Acting Military Information Officer, Headquarters Joint Task Force North East

What’s Next

Troops are maintaining patrols and coordinated security operations across the theatre while the military continues efforts to disrupt terrorist activities.

Residents have also been urged to report suspicious movements, persons and activities to security agencies.

Bottom Line

Operation Hadin Kai troops foiled a suspected Boko Haram ambush in Biu and dismantled several camps discovered in the surrounding area. The military said no troop was injured, while weapons and other items were recovered.

Shettima says Tinubu prioritising transport infrastructure

Ooni gives NBA star Jaylen Brown Yoruba name

By
Kehinde Victor
-
Ooni Inaugurates Committee To Investigate Sunday Igboho's Arrest

Key Points

  • Ooni of Ife gives NBA star Jaylen Brown the Yoruba name Babatunde.
  • The traditional ruler says the name connects Brown to his ancestral heritage.
  • Brown says the visit helped him learn more about his roots.

Main Story

The Ooni of Ife, Oba Adeyeye Ogunwusi, has given Boston Celtics star Jaylen Brown the traditional Yoruba name “Babatunde” during the basketball player’s visit to Ile-Ife.

Brown, who plays in the National Basketball Association (NBA), was received by the Ooni at his palace on Monday in the historic Yoruba city.

The traditional ruler, accompanied by other monarchs and palace officials, formally bestowed the name on the American basketball player as part of an effort to reconnect people of African descent with their ancestral heritage.

In a statement by his Senior Media Officer, Sodiq Lawal, Ogunwusi said Babatunde means “the father has returned” or “ancestor has returned”.

The Ooni described the name as Brown’s ancestral identity and said it formally connected the basketball star to his Yoruba heritage and ancestral roots.

“This is to certify that you have been officially issued Babatunde as your traditional and ancestral name.

“Henceforth, you shall be known as Babatunde Jaylen Brown,” Ogunwusi told him.

He expressed confidence that the ancestral name would bring Brown good fortune while strengthening his connection with Yoruba heritage.

Ogunwusi used the visit to highlight Ile-Ife’s historical and spiritual importance as a centre of Yoruba civilisation and ancestral heritage.

He said the transatlantic slave trade and forced migration had separated families and communities with shared ancestral origins across Africa and the diaspora.

According to the Ooni, reconnecting with ancestral roots could help people of African descent better understand their history, identity and cultural heritage.

He said the palace had preserved generations of ancestral history, royal lineage and Yoruba cultural traditions, making Ile-Ife an important destination for people seeking to understand their heritage.

Ogunwusi encouraged Africans in the diaspora to visit Ile-Ife and other locations connected to their ancestry, saying such visits could deepen their appreciation of African culture and identity.

Brown expressed appreciation to the Ooni for the reception and hospitality during his visit.

The NBA star said the experience gave him an opportunity to learn more about his heritage and encouraged others to visit places connected to their ancestral roots.

The Issues

The naming ceremony goes beyond Brown’s visit as it reflects efforts to strengthen cultural and ancestral links between Africans on the continent and people of African descent in the diaspora.

For Ile-Ife, the engagement also provides an opportunity to promote the city’s historical and cultural heritage to an international audience.

What’s Being Said

This is to certify that you have been officially issued Babatunde as your traditional and ancestral name.” – Oba Adeyeye Ogunwusi, Ooni of Ife

“Henceforth, you shall be known as Babatunde Jaylen Brown.” – Oba Adeyeye Ogunwusi, Ooni of Ife

What’s Next

Brown is expected to continue his engagement with his ancestral heritage following the visit, while the Ooni has encouraged other people of African descent to visit Ile-Ife and other sites connected to their ancestry.

Bottom Line

The Ooni of Ife has bestowed the Yoruba name “Babatunde” on NBA star Jaylen Brown, describing it as a formal connection to his ancestral heritage. Brown said the visit helped him learn more about his roots.

Poor logistics limiting Nigeria’s blue economy, IMION says

Customs officer dies in Cross River road crash

By
Kehinde Victor
-

Key Points

  • A 54-year-old Customs officer died in a lone crash along the Ikom-Calabar Highway.
  • Police said he lost control while attempting to avoid a pothole.
  • The command urged motorists to exercise caution and pay attention to road conditions.

Main Story

A 54-year-old officer of the Nigeria Customs Service, Etteng Ise, has died in a lone motor accident along the Ikom-Calabar Highway in Cross River.

The accident occurred at about 2:56 p.m. on Monday near Alesi Village in Ikom Local Government Area.

The Cross River Police Command confirmed the incident in a statement issued in Calabar by its spokesperson, ASP Sunday Eitokpah.

Eitokpah said Ise, who was attached to the Mfum Border in Etung Local Government Area, was driving along the highway when he reportedly lost control of his vehicle while trying to avoid a pothole.

The vehicle subsequently left the road, entered the bush and struck a tree.

The Customs officer was taken to Holy Family Hospital, Ikom, where a doctor pronounced him dead.

His remains were later deposited at the hospital mortuary.

The police command expressed condolences to Ise’s family, colleagues and the Nigeria Customs Service following the incident.

The Issues

The accident highlights the risks posed by poor road conditions to motorists, particularly on major highways.

The police also linked its safety appeal to the need for motorists to remain alert to road conditions and take precautions while driving.

What’s Being Said

The police command urged motorists to “exercise caution, avoid excessive speed and remain vigilant while driving, particularly on highways.”

The command also appealed to road users to “remain attentive to road conditions and take necessary precautions to prevent avoidable crashes.”

What’s Next

The police command is urging motorists to exercise greater caution on highways and pay close attention to road conditions to reduce the risk of further crashes.

Bottom Line

A Customs officer, Etteng Ise, died after his vehicle left the Ikom-Calabar Highway and hit a tree while he was reportedly trying to avoid a pothole.

Shettima says reforms helping Nigerian firms go global

Poor logistics limiting Nigeria’s blue economy, IMION says

By
Kehinde Victor
-

Key Points

  • IMION says logistics weaknesses are preventing Nigeria from fully exploiting its maritime resources.
  • Stakeholders call for digital systems and closer coordination across the maritime trade chain.
  • Supply-chain expert says port inefficiencies are costing Nigeria significant economic value.

Main Story

Nigeria’s extensive maritime resources may not deliver their full economic potential unless the country addresses weaknesses in logistics and trade facilitation, the International Maritime Institute of Nigeria (IMION) has said.

The institute’s Director-General, Rear Adm. Thaddeus Udofia (rtd), raised the concern on Monday in Apapa, Lagos, while opening a three-day executive programme focused on logistics and trade facilitation for blue economy growth.

Udofia said Nigeria had the geographical assets needed to build a stronger maritime economy, including an 853-kilometre coastline, a 200-mile Exclusive Economic Zone, inland waterways, creeks, estuaries and the Niger Delta basin.

The challenge, he said, was converting those assets into economic activity.

That would require systems capable of moving people, goods, information and services efficiently across the maritime economy, he said.

Udofia said logistics was central to international commerce, supporting between 80 and 90 per cent of global sea-borne trade and economic activities.

He identified inefficient logistics and weak trade facilitation as major obstacles to extracting greater value from Nigeria’s maritime sector.

The problem extends beyond ports and shipping companies, according to Udofia. He said customs authorities, regulators, port operators, shipping lines, freight forwarders and transport companies would all need to work together, alongside technology providers and financial institutions.

He therefore called for greater coordination across the sector, as well as wider use of digital systems, improved transparency and better alignment of policies.

The IMION chief said the executive training was intended to give participants practical knowledge that could help address some of these challenges. The programme covers areas including customs procedures, port operations, multimodal transport, supply-chain management and modern approaches to trade facilitation.

He urged participants to examine existing practices critically and use their experiences to develop solutions that could be implemented within the maritime sector.

Prof. Ogochukwu Ugboma of the Lagos State University School of Transport and Logistics said the value of Nigeria’s blue economy would remain limited if the logistics system could not efficiently support it.

She noted that the flow of information and finance was as important as the physical movement of goods and services.

Dr Obiora Madu of the African Centre for Supply Chain Management also drew attention to inefficiencies at Nigerian ports, saying they cost the country significant sums annually.

He argued that ports should be treated as strategic economic corridors rather than simply points for the movement of cargo, because their efficiency has a direct bearing on trade costs and Nigeria’s competitiveness.

The Issues

Nigeria’s blue economy covers a wide range of maritime resources and activities, but access to those opportunities depends on the efficiency of the systems connecting production, ports, transport and markets.

Delays, fragmented processes and poor coordination can increase the cost of moving goods and make Nigerian trade less competitive.

What’s Being Said

“The Blue Economy represents one of the most significant opportunities for sustainable growth, job creation, trade expansion and regional integration across Nigeria and Africa.”

Rear Adm. Thaddeus Udofia (rtd), Director-General, IMION

“Our maritime domain also includes inland waterways, creeks, estuaries and the Niger Delta basin.”

Rear Adm. Thaddeus Udofia (rtd), Director-General, IMION

“Ports should be viewed as strategic corridors.”

Dr Obiora Madu, African Centre for Supply Chain Management

What’s Next

The three-day IMION programme will train participants in modern maritime logistics and trade facilitation, with attention to customs processes, port operations, multimodal transportation and supply-chain management.

Participants are also expected to exchange experiences and develop practical approaches to challenges affecting the maritime sector.

Bottom Line

IMION says Nigeria’s maritime resources alone will not deliver a stronger blue economy without an efficient logistics system. It is calling for coordinated action, digitalisation and greater transparency across the maritime trade chain.

OOU strengthens collaboration with CBN for enhanced service delivery

Shettima says Tinubu prioritising transport infrastructure

By
Kehinde Victor
-
Shettima Establishes Council To Combat Nutritional Challenges

Key Points

  • Shettima says Tinubu is committed to infrastructure that will ease transport operations.
  • He describes connectivity as an economic necessity and transporters as key to national productivity.
  • He urges the group to keep its 2027 campaign peaceful and issue-based.

Main Story

Vice President Kashim Shettima says President Bola Tinubu’s administration is prioritising transportation infrastructure to reduce the difficulties faced by transport workers and lower the cost of moving people and goods across Nigeria.

Shettima spoke on Monday in Abuja at the inauguration of the National Working Committee of the National Structure of Transporters for Tinubu/Shettima 2027.

Represented by the Deputy Chief of Staff to the President, Sen. Ibrahim Hadeija, the vice president said the administration regarded connectivity as an economic necessity and was taking steps to improve movement across the country.

He said transport workers played a central role in connecting communities and supporting economic activity, noting that their work affected the movement of agricultural produce, manufactured goods, trade and people.

Shettima said the administration’s focus on highways, rail corridors, ports, clean mobility initiatives and logistics infrastructure was aimed at easing transportation and improving national productivity.

“President Tinubu does not take the struggles of transport workers for granted,” he said.

According to him, transport workers were also important ambassadors of the country because of their daily interaction with communities across Nigeria.

Shettima recalled that he had welcomed transport workers into what he described as a group of patriots when he received them on June 15, saying he believed they could help communities understand the administration’s Renewed Hope Agenda and participate responsibly in the democratic process.

He said the group had since expanded its structures across the country to include road transporters, railway workers, aviation stakeholders, maritime operators, inland waterways practitioners, logistics providers and workers involved in pipeline transportation.

Shettima commended the group for what he described as its national spread, but urged its members to conduct their political activities peacefully as they mobilise support for the administration ahead of the 2027 general elections.

He cautioned against violence, threats, intimidation, misinformation and electoral misconduct, saying political participation came with responsibilities.

The vice president said elections should not be treated as acts of war, but as opportunities for citizens and groups to express their interests and make their choices through credible elections.

Earlier, the National Coordinator of Transporters for Tinubu/Shettima 2027, Segun Obayendo, commended the administration’s reforms and investments in the transportation sector.

Obayendo, who is also the President’s Technical Adviser on Transportation, Logistics and Innovation, said the inauguration was important to building consensus among transport workers in support of Tinubu’s re-election.

He pledged the group’s continued efforts towards the success of the administration.

The Deputy National Organising Secretary of the All Progressives Congress, Emeka Okafor, also commended the group and urged it to use its nationwide network to mobilise support for Tinubu and other APC candidates in the 2027 elections.

The Issues

Transportation infrastructure directly affects the movement of people, agricultural produce and manufactured goods, as well as access to markets and other economic activities.

For transport workers, the administration’s infrastructure programme is therefore tied to the cost and efficiency of daily operations. The government’s emphasis on connectivity also links transport infrastructure to wider economic productivity.

What’s Being Said

“President Tinubu does not take the struggles of transport workers for granted.”
Kashim Shettima, Vice President

“Keep your engagements peaceful and your message issue-based; reject violence, threats, intimidation, misinformation, and every form of electoral misconduct.”
Kashim Shettima, Vice President

“The transportation industry stands at the heart of economic boom.”
Kashim Shettima, Vice President

What’s Next

The National Structure of Transporters for Tinubu/Shettima 2027 is expected to continue its nationwide mobilisation ahead of the 2027 general elections.

Shettima urged members to maintain peaceful, issue-based engagements as they take their campaign to communities across the country.

Bottom Line

Shettima says the Tinubu administration is using investment in roads, rail, ports and other logistics infrastructure to ease transportation and support economic activity. He also urged transporters supporting the administration to keep their 2027 political activities peaceful and issue-based.

2026 could be my year to win ballon d’Or — Mbappe

Shettima says reforms helping Nigerian firms go global

By
Kehinde Victor
-

Key Points

  • Shettima says Tinubu’s reforms are helping indigenous companies expand internationally.
  • He cites Flutterwave, Moniepoint and Andela as beneficiaries of the reforms.
  • Flutterwave says it aims to strengthen its position in Africa and globally.

Main Story

Vice President Kashim Shettima says economic reforms introduced by President Bola Tinubu’s administration are helping Nigerian companies scale their operations and compete internationally.

Shettima made the statement on Monday in Abuja when he received a delegation from Flutterwave, led by its Chief Executive Officer and Co-Founder, Olugbenga Agboola.

The vice president said the growth of indigenous companies was an important part of Nigeria’s economic transformation, citing Flutterwave, Moniepoint and Andela among firms expanding their businesses as the reforms take effect.

He assured the Flutterwave delegation of the Federal Government’s continued support for the company both within Nigeria and in its international operations.

“We have to support and promote our own. We have to make our companies stronger,” Shettima said.

He commended Flutterwave for developing what he described as one of Africa’s notable technology stories from Nigeria, attributing the company’s progress to committed leadership and expertise.

Shettima also highlighted the company’s focus on addressing African challenges through locally developed solutions, particularly in digital payments for products and services.

Flutterwave is an indigenous fintech company that provides payment infrastructure for global merchants and payment service providers.

Agboola told the vice president that Flutterwave’s goal was to achieve significant growth over the next few years and strengthen its position in payments and banking across Africa and globally.

He thanked President Tinubu, Shettima and the Federal Government for their confidence in the company, describing the engagement as an important milestone for Flutterwave.

Agboola said the company wanted to work with the administration to identify further ways of advancing its economic agenda.

He stressed Flutterwave’s Nigerian identity and its commitment to contributing to the country’s development.

The Issues

The meeting highlights the role of indigenous technology and financial-services companies in Nigeria’s broader economic strategy.

For companies such as Flutterwave, expansion beyond Nigeria also places greater importance on access to supportive policies and an operating environment that enables local businesses to compete across African and international markets.

What’s Being Said

“We have to support and promote our own. We have to make our companies stronger.”
Kashim Shettima, Vice President

“It is a strategic signal of how Nigeria is supporting Nigeria.”
Olugbenga Agboola, Flutterwave CEO and Co-Founder

“We are very much a Nigerian company. I’m very much Nigerian. Nigeria is our home.”
Olugbenga Agboola, Flutterwave CEO and Co-Founder

What’s Next

Flutterwave says it plans to pursue significant growth over the next few years as it seeks to strengthen its position in payments and banking across Africa and globally.

The company also indicated its willingness to work with the Federal Government on ways to advance the administration’s economic agenda.

Bottom Line

Shettima says Nigeria’s economic reforms are creating conditions for indigenous companies such as Flutterwave to expand beyond the domestic market. Flutterwave, in turn, says it intends to play a greater role in Africa’s payments and banking landscape.

Dangote signs refinery IPO documents in Lagos
1...383940...3,345Page 39 of 3,345