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Nigeria approves $2.96bn, €200m, ₦215bn to drive transport, agriculture, power, MSME growth

By
Boluwatife Oshadiya
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By Boluwatife Oshadiya | June 30, 2026

Key Points

  • Federal Executive Council approves financing packages worth $2.96 billion, €200 million and ₦215 billion for key sectors of the economy
  • Funding targets transportation, agriculture, renewable energy, infrastructure and affordable financing for MSMEs
  • Federal Government says the investments are designed to accelerate economic growth under the Renewed Hope Agenda

Main Story

Nigeria’s Federal Executive Council (FEC) has approved financing packages valued at $2.96 billion, €200 million and ₦215 billion to support transportation, agriculture, renewable energy, infrastructure development and financing for micro, small and medium-sized enterprises (MSMEs), in one of the administration’s largest coordinated investment approvals this year.

The approvals were announced on Monday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, following the FEC meeting chaired by President Bola Tinubu at the Presidential Villa, Abuja. The Council considered 14 memoranda presented by the Ministry of Finance, with the projects grouped into five strategic pillars aligned with the Federal Government’s Renewed Hope Agenda.

A major component of the approvals is ₦215 billion earmarked for completing outstanding investments under the Presidential Compressed Natural Gas (CNG) Initiative. The funding will support the procurement of CNG-powered buses, electric vehicles, tricycles and the expansion of conversion centres aimed at reducing transportation costs and easing pressure from rising fuel prices.

The Council also approved $900 million in financing for agricultural development, covering Special Agro-Industrial Processing Zones, rural technical training programmes and initiatives to strengthen agricultural value chains, processing capacity and value addition across the country.

In the power sector, FEC approved a $160 million renewable energy facility comprising $150 million from the Islamic Development Bank and $10 million in counterpart funding from the Niger State Government to expand rural solar electrification.

Infrastructure development also received a significant boost with the approval of a $1.2 billion financing facility for Section II of the Sokoto–Badagry Super Highway, a flagship project expected to improve logistics, interstate connectivity and economic activities across 11 states.

To improve access to finance for small businesses, the Council approved an additional €200 million and $500 million financing package through the Development Bank of Nigeria (DBN). The facility is expected to expand affordable credit for MSMEs, a sector widely regarded as the backbone of Nigeria’s economy.

“For Council, we made very strategic decisions, which I have categorised under five headings,” Edun said while briefing State House Correspondents after the meeting.

What’s Being Said

The Finance Minister said the approved financing reflects the government’s commitment to stimulating investment and productivity across critical sectors of the economy.

“The first approval focuses on transportation and how to reduce its cost,” Edun said, noting that the CNG investments would complete ongoing projects under the Presidential CNG Initiative.

On support for small businesses, he added: “We must continue to support small businesses because supporting them is supporting ourselves,” stressing that expanding access to affordable financing would strengthen Nigeria’s productive capacity and create jobs.

What’s Next

  • The Ministry of Finance and implementing agencies are expected to conclude financing agreements and begin project disbursements in the coming months.
  • The Development Bank of Nigeria will commence arrangements for the rollout of new MSME financing under the approved facilities.
  • Ministries overseeing transportation, agriculture, power and infrastructure are expected to provide implementation timelines as the projects move into execution.

Bottom Line

The Bottom Line: The scale and diversity of the approved financing underscore the Federal Government’s strategy of using targeted investments to stimulate economic activity across multiple sectors simultaneously. The success of the initiative, however, will depend less on the size of the approvals and more on timely disbursement, effective project execution and measurable economic outcomes.

NMDPRA seeks stronger legal collaboration to boost investment confidence

Top 7 things to know about Nigeria’s sweeping NYSC reform

By
Ibe Wada
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Lagos Has No Plans To Reduce NYSC Doctors' Allowance - Commissioner

The Federal Government has approved the most comprehensive reform of the National Youth Service Corps (NYSC) since the scheme was established in 1973. The overhaul is aimed at equipping graduates with practical skills, improving security, and aligning the one-year national service with Nigeria’s workforce and economic development goals. Here are the seven key highlights of the reform:

1. NYSC Orientation Camp Will Now Last Six Weeks

The orientation programme has been extended from the current three weeks to six weeks, giving corps members more time for leadership development, career preparation and specialised skills training.

2. The Six-Week Camp Will Be Divided into Three Training Phases

The orientation programme will now run in three distinct phases. The first two weeks will focus on civic responsibility, national values and leadership. The second phase will cover career mapping, financial literacy, business planning, access to finance and a structured Career Day. The final two weeks will provide practical, stream-specific training based on each corps member’s career path.

3. Corps Members Will Choose from 11 Specialised Career Streams

For the first time, prospective corps members will select one of 11 specialised streams during registration. These include Agric Corps, Medical Corps, Education Corps, Tech and Digital Corps, Legal Corps, Public Service Corps, Infrastructure Corps, Green Corps, Enterprise Corps, Creative Economy Corps, and Paramilitary and Security Corps. Each participant will receive training tailored to their chosen field.

4. Security Will Play a Bigger Role in Deployment

The government says corps members’ postings will now be determined with greater consideration for the security situation across different parts of the country. The new deployment model is designed to minimise risks while ensuring effective national service.

5. NYSC Will Be Led by a Civilian

Under the reform, the NYSC will now be headed by a civilian instead of military leadership. However, the military will continue to provide security support for orientation camps and corps members throughout the service year.

6. New Uniform, Graduation Ceremony and Better Camps

The reform introduces a redesigned NYSC uniform intended to reflect professionalism and national pride. It also replaces the traditional Passing Out Parade with a graduation ceremony. In addition, all orientation camps will undergo grading and certification to improve standards and ensure a more uniform experience nationwide.

7. It Is the Biggest Overhaul of NYSC in More Than Five Decades

The reform represents the first holistic review of the NYSC in its 53-year history. It covers registration, orientation, deployment, leadership, skills development and camp administration. The Federal Executive Council has also directed that the NYSC Act be amended to provide legal backing for the sweeping changes before implementation.

Agege, LASCOCO partner to strengthen youth empowerment

NBS reports revenue growth, modest customer gains in electricity distribution sector

By
Kehinde Victor
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Key points

  • Electricity distribution companies (DISCOs) recorded strong revenue growth throughout 2025 despite only modest improvements in electricity supply.
  • Total electricity customers rose to 12.16 million in Q4 2025, while metered customers increased to 6.97 million.
  • Revenue growth was driven mainly by tariff reforms, improved collections and expanded metering rather than higher electricity generation.
  • The sector continues to face structural challenges, including generation shortfalls, transmission bottlenecks, grid instability and millions of unmetered customers.

Main story

Nigeria’s electricity distribution sector became significantly stronger financially in 2025, but consumers saw only modest improvements in electricity supply, according to the National Bureau of Statistics (NBS).

The bureau’s Nigeria Electricity Distribution Reports covering the third quarter of 2024 through the fourth quarter of 2025 show that distribution companies (DISCOs) consistently increased their revenues even as electricity supplied remained relatively stable.

According to the reports, total electricity customers increased from 12.03 million in the third quarter of 2025 to 12.16 million in the fourth quarter, representing a 1.11 per cent quarter-on-quarter increase. However, customer numbers were 8.52 per cent lower than the 13.30 million recorded in the corresponding period of 2024, reflecting a statistical revision undertaken earlier in the year.

Meter deployment continued to improve, with the number of metered customers rising from 6.66 million in Q3 2025 to 6.97 million in Q4 2025, representing a 4.58 per cent quarterly increase and a 12.18 per cent increase from 6.21 million recorded in Q4 2024.

The reports indicate that tariff adjustments, improved billing systems, stronger revenue collection and gradual expansion of prepaid metering contributed more to the sector’s financial performance than increased electricity production.

Electricity supplied throughout the review period fluctuated only within a narrow range, suggesting that Nigeria did not experience any major expansion in electricity availability despite stronger financial results recorded by distribution companies.

The NBS reports also show that customer registration continued to expand while utilities gradually reduced reliance on estimated billing through increased meter installations, although millions of consumers remain without prepaid meters.

Revenue continued reaching new highs throughout 2025, reflecting improved commercial performance by DISCOs, better payment recovery mechanisms and expanding customer bases.

The reports also highlighted varying performance across distribution companies, with operators serving major urban centres generally generating significantly higher revenues than regional operators due to larger customer bases, stronger commercial demand and better collection rates.

However, the sector continued to grapple with longstanding structural constraints, including inadequate electricity generation, transmission limitations, technical and commercial losses, infrastructure deficits and grid instability.

The bureau noted that while commercial efficiency improved considerably, financial gains alone would not resolve Nigeria’s electricity challenges without sustained investments in generation, transmission and distribution infrastructure.

The issues

Nigeria’s electricity market has shifted from one primarily focused on revenue recovery to one increasingly challenged to translate financial improvements into better electricity supply. While tariff reforms, stronger billing and improved collections have strengthened the financial position of distribution companies, electricity generation and transmission capacity have not expanded at the same pace. As a result, consumers are paying more for electricity without experiencing comparable improvements in reliability and availability.

What’s being said

“Total customer numbers in Q4 2025 stood at 12.16 million, up from 12.03 million in Q3 2025, representing a 1.11% quarter-on-quarter increase.” — National Bureau of Statistics

“Metered customers reached 6.97 million in Q4 2025, representing a 4.58% increase from 6.66 million recorded in the preceding quarter.” — National Bureau of Statistics

What’s next

Future improvements in the electricity sector are expected to depend less on additional tariff adjustments and more on sustained investments in generation capacity, transmission infrastructure, grid modernisation and accelerated metering programmes aimed at reducing estimated billing and improving service delivery.

Bottom line

Nigeria’s electricity distribution companies ended 2025 in a stronger financial position, but the sector’s biggest challenge remains converting improved revenues into significantly more reliable, affordable and widely available electricity for households and businesses.

MTN, Dangote Sugar lead selloff as Nigerian market loses ₦2.34 Trillion

FirstBank, Rotary distribute N45m business kits to 140 artisans

By
Kehinde Victor
-

Key points

  • FirstBank and Rotary International District 9111 have distributed vocational start-up kits worth N45 million to 140 beneficiaries in Lagos and Ogun states.
  • The programme forms part of a long-term partnership aimed at supporting entrepreneurship and small business development.
  • Beneficiaries received equipment including sewing machines, grinding machines, hair dryers, make-up kits and catering tools.
  • Rotary says recipients will be monitored for one year to ensure the equipment is used to establish businesses.

Main story

FirstBank of Nigeria, in partnership with Rotary International District 9111, has distributed vocational start-up kits valued at more than N45 million to 140 aspiring entrepreneurs in Lagos and Ogun states as part of efforts to promote entrepreneurship and strengthen small businesses.

The beneficiaries received equipment including grinding machines, sewing machines, hair dryers, make-up kits, toolboxes, gas burners and cylinders, bread and cake mixers and other vocational tools.

Speaking during the empowerment programme in Lagos, Acting Head of Retail Business, SME Banking Department, FirstBank, Mr Musiliu Olokodana, said the initiative reinforces the bank’s commitment to supporting Micro, Small and Medium Enterprises (MSMEs).

He disclosed that the partnership with Rotary International District 9111 has empowered more than 400 artisans over the past five years through the provision of vocational equipment.

Olokodana said the latest intervention aligns with the bank’s strategy of promoting entrepreneurship, financial inclusion and community development.

He urged beneficiaries to use the equipment to establish sustainable businesses capable of improving their incomes and livelihoods.

According to him, FirstBank will continue supporting the entrepreneurs beyond the donation by providing access to business advisory services, digital banking solutions, loans, savings products and other financial services as their enterprises grow.

Rotary International District 9111 Governor, Rotarian Henry Akinyele, also encouraged beneficiaries to maximise the opportunity rather than dispose of the equipment.

He described the tools as productive assets capable of creating sustainable businesses, reducing poverty and stimulating local economic development when properly utilised.

Akinyele said the initiative reflects Rotary’s broader commitment to economic and community development through practical empowerment programmes.

He also encouraged beneficiaries to grow their businesses to the point where they could, in turn, support others within their communities.

Rotary District 9111 Governor-Elect, Mrs Bukola Bakare, said beneficiaries were selected through Rotary’s network of 85 clubs, trade associations and a screening process designed to identify trained individuals lacking the resources to establish businesses.

She disclosed that Rotary has introduced a one-year monitoring framework involving scheduled follow-up meetings and unannounced visits to ensure beneficiaries utilise the equipment for its intended purpose.

Bakare added that this is the third year of FirstBank’s support for the programme and that the partnership is expected to run for 10 years.

Also speaking, the Director and Head of Vocational Studies at the Lagos State Agency for Mass Education, Mrs Olaide Oladunjoye, representing the agency’s Director, Mrs Oluwakemi Kalesanwo, commended both organisations for supporting skills acquisition and entrepreneurship.

She said the initiative would encourage self-reliance while contributing to community and economic development.

Several beneficiaries expressed appreciation, describing the intervention as life-changing and pledging to use the equipment to build sustainable businesses.

The issues

Access to start-up capital and equipment remains one of the biggest obstacles facing Nigeria’s micro and small businesses. While many vocational training programmes equip participants with technical skills, beneficiaries often struggle to raise the capital needed to establish businesses. Public-private partnerships that combine skills development with access to productive assets are increasingly being adopted to bridge this gap and stimulate grassroots economic growth.

What’s being said

“We have empowered more than 400 artisans over the past five years, and we will continue supporting beneficiaries with financial products, business advisory services and digital banking solutions as their businesses grow.” — Musiliu Olokodana, Acting Head of Retail Business, SME Banking Department, FirstBank

“These tools are seeds that can grow into thriving businesses, reduce poverty and stimulate economic development if properly utilised.” — Henry Akinyele, Governor, Rotary International District 9111

“We have introduced a one-year monitoring mechanism to ensure the equipment is used to establish businesses and improve livelihoods.” — Bukola Bakare, Governor-Elect, Rotary International District 9111

What’s next

Rotary will monitor beneficiaries over the next 12 months to ensure the equipment is being used productively, while FirstBank plans to provide ongoing financial and advisory support to help participants expand their businesses.

Bottom line

By combining vocational tools with financial support and post-distribution monitoring, FirstBank and Rotary are seeking to improve the survival rate of small businesses while creating employment and expanding economic opportunities at the grassroots.

Report links Nigeria’s mineral wealth to green energy transition

Agege, LASCOCO partner to strengthen youth empowerment

By
Kehinde Victor
-

Key points

  • Agege Local Government and Lagos State Cooperative College (LASCOCO) have pledged closer collaboration on youth empowerment and skills development.
  • The partnership will focus on vocational training, cooperative education and human capital development.
  • The council says the initiative aligns with the Lagos State T.H.E.M.E.S+ Agenda.
  • Both institutions see the partnership as a vehicle for expanding opportunities for young people in Agege.

Main story

The Chairman of Agege Local Government, Mr Abdul-Ganiyu Obasa, has pledged to strengthen collaboration with the Lagos State Cooperative College (LASCOCO) to expand youth empowerment, vocational training and human capital development initiatives in the council area.

Obasa made the commitment during a visit to the institution’s campus in Oko-Oba, Agege, where he was received by the college’s management led by the Provost, Dr Walid Adebosin, and the Registrar, Mrs Senume Harrison-Fasakin.

Adebosin described the chairman’s visit as a demonstration of his administration’s commitment to education and human capital development.

He said communities achieved sustainable development when leaders invested in education and created opportunities for people to develop their skills and potential.

The Council Manager, Mr Oshikoya Adesina, also commended the chairman for honouring an earlier commitment to visit the institution and strengthen engagement with its management.

Obasa described the visit as part of efforts to deepen cooperation between the local government and the college.

He noted that the presence of legislative leaders and senior council officials underscored the administration’s commitment to institutional partnerships capable of driving grassroots development.

The chairman said his administration would work closely with LASCOCO to promote cooperative education and equip young people in Agege with practical vocational and entrepreneurial skills.

According to him, the institution provides an ideal platform for preparing youths for productive economic participation through skills acquisition and cooperative development.

Obasa also commended the college’s facilities and learning environment during a tour of its lecture halls, workshops and administrative offices.

The LASCOCO management expressed appreciation for the local government’s support for education and vocational initiatives, noting that such collaborations had continued to create positive opportunities for young people.

The visit also featured a cultural presentation in which a student delivered a Yoruba eulogy (Ewi) celebrating the chairman’s developmental initiatives.

The issues

As youth unemployment remains a major economic challenge, state and local governments are increasingly partnering tertiary institutions and vocational centres to strengthen skills acquisition, entrepreneurship and cooperative education. Such collaborations are viewed as important tools for improving employability and promoting grassroots economic development.

What’s being said

“Communities flourish when responsible leadership supports education and creates opportunities for growth and development.” — Dr Walid Adebosin, Provost, LASCOCO

“Our goal is to equip youths in Agege with vocational and cooperative skills, and LASCOCO provides an ideal platform to achieve that objective.” — Abdul-Ganiyu Obasa, Chairman, Agege Local Government

What’s next

Agege Local Government and LASCOCO are expected to develop collaborative programmes focused on vocational training, cooperative education and youth empowerment as part of efforts to expand economic opportunities for young people in the council area.

Bottom line

The partnership reflects a growing emphasis on collaboration between local governments and educational institutions to address youth unemployment through practical skills development and human capital investment.

MTN, Dangote Sugar lead selloff as Nigerian market loses ₦2.34 Trillion

Oil prices climb as US-Iran tensions renew supply concerns

By
Boluwatife Oshadiya
-
Crude Oil Sees Gains As NNPC Faces More Financial Pressure

By Boluwatife Oshadiya | June 30, 2026

Key Points

  • Brent crude rose to $73.22 per barrel, while WTI advanced to $69.96 amid renewed geopolitical tensions.
  • Fresh US military strikes on Iranian targets heightened concerns over potential disruptions to global oil supplies through the Strait of Hormuz.
  • Ongoing attacks on Russian energy infrastructure and expectations of tighter US monetary policy continue to shape oil market sentiment.

Main Story

Global oil prices strengthened on Monday as renewed military confrontations between the United States and Iran reignited concerns over crude supply disruptions, outweighing optimism from reports of a ceasefire agreement between the two countries.

International benchmark Brent crude gained 0.8% to trade at $73.22 per barrel, up from the previous close of $72.60, while West Texas Intermediate (WTI) rose nearly 1% to $69.96 per barrel, compared with $69.23 in the previous session.

The latest gains followed confirmation by the US Central Command (CENTCOM) that American forces carried out additional strikes against multiple Iranian targets after Tehran allegedly attacked a commercial oil tanker transiting near the Strait of Hormuz, one of the world’s most critical oil shipping routes. According to CENTCOM, the Panama-flagged tanker was carrying more than 2 million barrels of crude oil when it was struck by an Iranian one-way attack drone.

The escalation renewed fears of supply disruptions in the Gulf, where nearly a fifth of global oil consumption passes through the Strait of Hormuz. Investors also continued to monitor developments in the Russia-Ukraine war, where repeated attacks on oil refineries and energy infrastructure have raised concerns over global fuel supplies.

Russian President Vladimir Putin said Moscow has begun relying on domestic fuel reserves following intensified Ukrainian strikes on energy facilities and disclosed that authorities are considering additional restrictions on diesel exports after earlier suspending gasoline and jet fuel exports to protect domestic supply.

However, gains were capped by reports that Washington and Tehran had agreed to halt further attacks and hold talks in Qatar aimed at easing tensions over the Strait of Hormuz. Investors also remained cautious ahead of further signals from the US Federal Reserve, as expectations of tighter monetary policy could dampen global economic activity and reduce oil demand.

What’s Being Said

A statement from US Central Command (CENTCOM) said the latest strikes were launched after Iran failed to uphold a ceasefire agreement following previous US military action.

Meanwhile, Russian President Vladimir Putin said Russia was considering additional fuel export restrictions as the country responds to sustained attacks on its refining infrastructure, underscoring growing concerns over global energy supply stability.

What’s Next

  • Investors will closely monitor planned diplomatic talks between the United States and Iran in Qatar for signs of a sustained de-escalation in regional tensions.
  • Oil traders are also watching developments in the Russia-Ukraine conflict, particularly attacks targeting energy infrastructure that could further disrupt global fuel supplies.
  • Comments from US Federal Reserve officials and upcoming US economic data will remain in focus as markets assess the outlook for interest rates and global oil demand.

The Bottom Line: Oil markets remain highly sensitive to geopolitical developments, with tensions in the Middle East and Eastern Europe continuing to drive short-term price movements. While diplomatic efforts may help ease immediate supply concerns, sustained volatility is likely as investors weigh geopolitical risks against slowing global demand and the prospect of tighter monetary policy.

Report links Nigeria’s mineral wealth to green energy transition

Lagos expands global leadership programme with Singapore study tour

By
Kehinde Victor
-
LAASG Closes Mile 12, Owode Onirin Markets

Key points

  • Lagos will sponsor outstanding youth ambassadors on a leadership and cultural exchange programme in Singapore from July 6 to July 15.
  • The Ibile Youth Academy Study Tour is the state’s flagship reward programme for exceptional youth leaders.
  • Officials say the initiative equips young people with global leadership skills, governance knowledge and international exposure.
  • Participants will engage institutions in Singapore and return with ideas to support Lagos’ development.

Main story

The Lagos State Government has reaffirmed its commitment to developing globally competitive young leaders through the 2026 Ibile Youth Academy Study Tour to Singapore.

The Commissioner for Youth and Social Development, Mr Mobolaji Ogunlende, announced the programme during a media briefing at the ministry’s conference hall in Lagos.

The fully sponsored study tour, scheduled for July 6 to July 15, will take outstanding youth ambassadors to Singapore for leadership development, governance engagement and cultural exchange.

The programme, established in 2017, serves as the highest recognition for exceptional participants who distinguish themselves during the Ibile Youth Academy’s multi-stage leadership boot camps.

Ogunlende said participants were selected through a transparent, merit-based process, adding that the initiative reflects the state’s long-term investment in youth leadership.

He noted that the programme evolved from the Lagos State Ambassadors Programme and has continued to mentor outstanding young leaders across the state’s five divisions.

According to him, exposing young people to global best practices will equip them with the knowledge, skills and perspectives needed to contribute meaningfully to Lagos’ development.

Permanent Secretary of the Ministry of Youth and Social Development, Mrs Oluwatoyin Oke-Osanyintolu, described the study tour as a deliberate investment in building visionary and responsible leaders.

She said leadership development extends beyond classroom learning and requires practical exposure to innovative governance models and international best practices.

Oke-Osanyintolu noted that previous editions of the programme took youth ambassadors to Barcelona in Spain in 2022, Finland in 2024 and Canada in 2025, with each study tour focusing on education, innovation and development.

Principal Partner and pioneer member of the initiative, Mr Julius Ilori, said participants had undergone adequate preparation ahead of the Singapore visit.

He explained that the delegation would engage institutions, including the National Youth Council of Singapore, to exchange ideas on governance and youth development.

According to him, participants are expected to return with practical knowledge, stronger international networks and ideas that will benefit Lagos State.

Speaking on behalf of the participants, Lagos State Apex Youth Ambassador, Mr Adetomiwa Banjo, thanked the state government for sponsoring the programme and pledged to maximise the opportunity.

Special Adviser to the Lagos State Government on Social Development, Mr Biliamin Oba, urged participants to represent the state responsibly, document their experiences and maintain exemplary conduct throughout the programme.

Pioneer member of the initiative, Mr Idris Saheed, also encouraged the ambassadors to remain open-minded and build lasting relationships with their counterparts in Singapore.

The issues

Governments are increasingly investing in international leadership programmes to expose young people to global best practices, strengthen leadership capacity and prepare future leaders for increasingly interconnected economies. Lagos has positioned the Ibile Youth Academy as a key component of its youth development strategy.

What’s being said

“This initiative reflects our continued resolve to equip young leaders with knowledge, skills and global perspectives required to contribute meaningfully to our state’s development.” — Mobolaji Ogunlende, Commissioner for Youth and Social Development

“In an increasingly interconnected world, exposing young leaders to international best practices, innovative governance models and practical public policy experiences is essential.” — Oluwatoyin Oke-Osanyintolu, Permanent Secretary, Ministry of Youth and Social Development

What’s next

The selected youth ambassadors will depart for Singapore on July 6 for a 10-day leadership and cultural immersion programme before returning to Lagos to apply the knowledge and networks gained during the study tour.

Bottom line

Lagos is using international exposure and leadership training to prepare a new generation of globally minded young leaders capable of contributing to the state’s long-term development.

Naira weakens as foreign investor selloffs drive FX demand higher

Naira weakens as foreign investor selloffs drive FX demand higher

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 30, 2026

Key Points

  • The naira depreciated by 0.20% against the US dollar at the official foreign exchange market, closing at ₦1,383.63/$
  • Rising foreign portfolio outflows from the equities market increased demand for dollars despite improved FX market liquidity
  • Analysts warn that subdued FX inflows and cautious foreign investor sentiment could keep pressure on the local currency

Main Story

The naira weakened against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday as increased demand for foreign currency, driven by foreign investors exiting Nigerian equities, outweighed improved market liquidity.

According to data released by the Central Bank of Nigeria (CBN), the official exchange rate closed at ₦1,383.6262 per dollar, compared with ₦1,380.9329/$ at the end of the previous trading session, representing a depreciation of approximately 0.20%. During the session, the naira traded within a range of ₦1,377.50/$ and ₦1,390/$.

Despite the weaker exchange rate, activity at the official market strengthened considerably. Interbank turnover at the NFEM rose to $223.94 million, an increase of more than 80% from the $124.22 million recorded on Friday, indicating stronger demand for foreign exchange from banks processing international transactions for customers.

Market analysts said the increase in FX demand reflects continued portfolio adjustments by foreign investors, many of whom are reducing exposure to Nigerian equities amid changing global monetary conditions and growing domestic political uncertainty.

Recent data from the Nigerian Exchange (NGX) also showed that foreign portfolio investment (FPI) activity declined for the second consecutive month in May 2026. Foreign transactions fell 25.9% month-on-month to ₦183.6 billion from ₦247.8 billion recorded in April, reducing foreign investors’ share of total market turnover to 9.5%, compared with 13.7% in the previous month.

Although foreign participation weakened, domestic investors continued to support market activity. Domestic transactions increased 13.2% month-on-month to ₦1.8 trillion, accounting for 90.5% of total market turnover during the period.

What’s Being Said

Analysts said sustained pressure on the naira is likely unless foreign exchange inflows improve significantly.

“In the absence of sustained CBN intervention and stronger foreign currency inflows, pressure on the naira is expected to persist as foreign investors continue to reassess exposure to emerging markets amid a hawkish US monetary policy outlook,” analysts at MarketForces Africa said.

In a separate market note, CSL Stockbrokers Limited said investor sentiment could improve later this year if Nigerian equities are reclassified into the FTSE Russell Frontier Market Index and the anticipated listing of Dangote Refinery on the Nigerian Exchange materialises.

What’s Next

  • Investors will monitor the CBN’s foreign exchange management strategy and any intervention in the official FX market.
  • Market participants are awaiting further signals from the US Federal Reserve, whose interest rate decisions could influence global capital flows into emerging markets.
  • Analysts will also watch whether the expected FTSE Russell Frontier Market Index reclassification and potential Dangote Refinery listing attract fresh foreign investment into Nigeria.

The Bottom Line: The naira’s latest decline highlights the growing impact of foreign portfolio outflows on Nigeria’s foreign exchange market. While domestic investors continue to underpin activity in the equities market, restoring foreign investor confidence through stronger FX liquidity, policy stability and sustained economic reforms will be critical to easing pressure on the local currency.

Experts explain why falling crude prices don’t immediately lower fuel prices

MTN, Dangote Sugar lead selloff as Nigerian market loses ₦2.34 Trillion

By
Boluwatife Oshadiya
-
Stock Exchange Closes Trading Week With N30bn Gain

By Boluwatife Oshadiya | June 30, 2026

Key Points

  • Nigerian equities lost ₦2.34 trillion in market value as the NGX All-Share Index declined 1.57%
  • Heavy selloffs in MTN Nigeria, Dangote Sugar, Lafarge Africa, Zenith Bank and other blue-chip stocks drove the market lower
  • Trading activity strengthened sharply despite the broad-based decline, with transaction volume and value rising more than 100%

Main Story

The Nigerian stock market opened the week on a weak note after investors erased ₦2.34 trillion from the Nigerian Exchange (NGX), driven by aggressive profit-taking in heavyweight stocks including MTN Nigeria, Dangote Sugar Refinery, Lafarge Africa and Zenith Bank.

The NGX All-Share Index (ASI) fell by 3,682.70 points, or 1.57%, to close at 228,366.32, while total market capitalisation declined to ₦146.54 trillion. The latest downturn also moderated the market’s year-to-date return to 46.78%, reflecting softer investor sentiment after months of strong gains.

The selloff was concentrated in large and mid-cap stocks as investors locked in profits following the market’s extended rally. Market analysts noted that the decline reflected cautious positioning by investors ahead of key macroeconomic data releases and monetary policy expectations.

Despite the bearish session, trading activity remained robust. Data from the NGX showed that investors exchanged approximately 996.47 million shares worth ₦43.73 billion across 61,813 deals, representing increases of 156.37% in trading volume and 137.27% in transaction value compared with the previous trading session.

Ikeja Hotel Plc emerged as the most actively traded stock by both volume and value, accounting for 28.98% of total traded volume and 29.66% of market value. It was followed by Access Holdings, Sterling Financial Holdings, Chams Holding Company, and Dangote Sugar in terms of trading volume.

On the gainers’ chart, UPDC Plc led with a 9.23% appreciation, followed by Consolidated Hallmark Insurance (CNIF), Sovereign Trust Insurance, Cornerstone Insurance, Neimeth International Pharmaceuticals, and Livestock Feeds.

Market losses, however, outweighed gains significantly. A total of 46 equities closed lower, led by Learn Africa, MTN Nigeria, and Unilever Nigeria, each shedding 10%. Other notable decliners included Austin Laz, Abbey Mortgage Bank, Universal Insurance, eTranzact International, Cadbury Nigeria, and Dangote Sugar, which fell 6%.

The market closed with 13 gainers against 46 losers, while all five major sectoral indices finished in negative territory. The Insurance Index recorded the steepest decline at 1.33%, followed by the Banking, Consumer Goods, Industrial Goods, and Oil & Gas indices.

What’s Being Said

Market analysts attributed the sharp decline to widespread profit-taking after the market’s strong rally in recent months.

“The current correction reflects investors taking profits in fundamentally strong stocks after significant price appreciation. While sentiment has weakened in the short term, healthy trading volumes suggest investors remain active and are repositioning rather than exiting the market,” market analysts said in post-market commentary.

What’s Next

  • Investors will closely monitor upcoming macroeconomic data and monetary policy signals for clues on market direction.
  • Corporate earnings releases and dividend announcements are expected to influence trading sentiment in the coming weeks.
  • Market participants will also watch whether bargain hunting emerges in oversold blue-chip stocks following the latest correction.

The Bottom Line: Monday’s selloff underscores growing caution among investors after an extended market rally, but the sharp increase in trading activity suggests confidence in Nigerian equities has not disappeared. Whether the decline evolves into a broader correction or presents a buying opportunity will likely depend on upcoming economic data, corporate earnings, and investor appetite for risk.

NDLEA intercepts 558,900 tramadol pills, arrests transnational drug traffickers in Lagos

Report links Nigeria’s mineral wealth to green energy transition

By
Kehinde Victor
-
Mineral Sector Recorded 17.95% Increase In 2020

Key points

  • A new report says Nigeria’s lithium, copper and bauxite reserves are critical to achieving its clean energy ambitions.
  • The report analyses projected demand for solar power, energy storage and electric vehicles.
  • The Federal Government says the findings will guide policies on green industrialisation.
  • Nigeria and the Council for Critical Minerals Development in the Global South plan to develop a mineral-to-manufacturing roadmap.

Main story

A new report has identified Nigeria’s abundant deposits of lithium, copper and bauxite as strategic resources capable of accelerating the country’s transition to clean energy while supporting domestic industrialisation.

The report was presented to the Minister of Solid Minerals Development, Dr Dele Alake, by the Council for Critical Minerals Development in the Global South at the State House Conference Centre, Abuja.

This was disclosed in a statement issued by the minister’s Special Assistant on Media, Ms Lara Owoeye-Wise.

According to the statement, the report examines Nigeria’s projected demand for solar photovoltaic (PV) systems, energy storage technologies and electric vehicles, while assessing the country’s current mineral supply capacity and trade patterns.

It also identifies existing gaps within the value chain and outlines policy options for strengthening domestic production and supporting the country’s green energy transition.

Owoeye-Wise said the report establishes a direct link between Nigeria’s clean energy aspirations and its vast mineral resources.

She noted that the findings provide strategic pathways for maximising the country’s critical mineral endowment to support industrial development and energy security.

Receiving the report, Alake described it as an important policy guide for Nigeria’s efforts to leverage its mineral resources to drive green industrialisation.

He said the report’s analysis of domestic demand, supply and trade patterns would help shape mineral-specific policies capable of unlocking greater economic value from Nigeria’s critical minerals.

The minister added that the report supports the government’s strategy of moving beyond raw mineral exports toward local processing, manufacturing and value addition.

As part of the initiative, the Council for Critical Minerals Development in the Global South and the Ministry of Solid Minerals Development agreed to develop a mineral-to-manufacturing localisation roadmap aimed at retaining more value within Nigeria.

The partners also pledged to strengthen South-South investment partnerships to connect Nigeria with manufacturers and investors across emerging economies while engaging local stakeholders to advance green industrialisation projects.

The Council for Critical Minerals Development in the Global South is a partnership between Sustainable Energy for All (SEforALL) and the Global South Center for Clean Transportation at the Institute of Transportation Studies, University of California, Davis.

The issues

Global demand for critical minerals is rising rapidly as countries accelerate investments in renewable energy, electric vehicles and battery technologies. Nigeria is seeking to position itself as more than a supplier of raw minerals by promoting local processing, manufacturing and value addition to support industrial growth and job creation.

What’s being said

“While mapping domestic demand, supply and trade patterns, this report provides mineral-specific policy pathways to leverage Nigeria’s resources for our own green industrialisation.” — Dr Dele Alake

“The report also assesses current supply and trade positions, identifies the gaps and sets out strategic pathways to close them.” — Lara Owoeye-Wise

What’s next

The Federal Government and the Council for Critical Minerals Development in the Global South will develop a mineral-to-manufacturing localisation roadmap, strengthen investment partnerships across the Global South and engage stakeholders to advance green industrialisation projects in Nigeria.

Bottom line

The report positions Nigeria’s critical minerals as a strategic foundation for its clean energy transition, with the government seeking to translate the country’s resource wealth into domestic manufacturing, industrial growth and long-term economic value.

REA to deliver 1.9MVA solar hybrid power plant to Katsina varsity

REA to deliver 1.9MVA solar hybrid power plant to Katsina varsity

By
Kehinde Victor
-

Key points

  • REA is constructing a 1.9MVA solar hybrid power plant at the Federal University, Dutsin-Ma.
  • The project includes a 2MW Battery Energy Storage System and upgraded power distribution infrastructure.
  • It is being funded by the African Development Bank under the Energising Education Programme Phase 3.
  • The initiative also features a renewable energy training school to equip students with practical skills.

Main story

The Rural Electrification Agency (REA) says it is constructing a 1.9MVA Solar Hybrid Power Plant with a 2MW Battery Energy Storage System at the Federal University, Dutsin-Ma, Katsina State, to provide reliable and sustainable electricity for the institution.

The Managing Director of the REA, Dr Abba Aliyu, disclosed this in a post on his official X handle.

Aliyu said the project is being implemented under Phase Three of the Energising Education Programme (EEP-3), an initiative designed to improve electricity supply to tertiary institutions across Nigeria.

According to him, the project will ensure uninterrupted power for teaching, research, healthcare services and other academic activities within the university.

He said the intervention goes beyond electricity generation to include upgrades to the institution’s 33kV and 11kV distribution networks, low-voltage infrastructure, smart metering and billing systems, CCTV installations, solar-powered street lighting and the establishment of a dedicated renewable energy training school.

Aliyu said the project is being delivered through a partnership involving the African Development Bank (AfDB) as the funding partner, the Rural Electrification Agency as the implementing agency and KELM Engineering as the Renewable Energy Service Company responsible for execution.

He noted that the collaboration demonstrates what can be achieved when development partners, government and the private sector work together to expand energy access.

The REA boss said the initiative would create an enabling environment for uninterrupted learning, improve research activities, strengthen healthcare services on campus and provide students with practical skills in renewable energy technologies.

He added that the Energising Education Programme was designed not only to provide clean and reliable electricity to educational institutions but also to prepare the next generation of innovators, engineers and technology professionals.

Aliyu reaffirmed the agency’s commitment to expanding energy access across tertiary institutions, describing electricity as a critical investment in education, innovation and national development.

The issues

Many Nigerian tertiary institutions continue to face unreliable electricity supply, affecting teaching, research, healthcare and campus operations. The Energising Education Programme seeks to address this challenge by deploying renewable energy infrastructure that reduces dependence on the national grid while promoting clean energy adoption.

What’s being said

“A university should never have to pause learning, research, or innovation because of unreliable electricity.” — Dr Abba Aliyu

“This project goes beyond powering buildings. It creates an environment where students can learn without interruption, researchers can work with confidence, healthcare services can function more effectively, and young Nigerians can acquire practical skills in renewable energy technologies.” — Dr Abba Aliyu

What’s next

Construction of the power infrastructure is expected to continue under the Energising Education Programme Phase Three, with the project set to improve electricity supply and strengthen renewable energy capacity development at the Federal University, Dutsin-Ma.

Bottom line

The REA says its latest solar hybrid project at the Federal University, Dutsin-Ma will provide reliable electricity while supporting research, skills development and the transition to clean energy in Nigeria’s higher education sector.

Lokpobiri orders fuel marketers to cut pump prices

NMDPRA seeks stronger legal collaboration to boost investment confidence

By
Kehinde Victor
-

Key points

  • NMDPRA has called for stronger collaboration between regulators and legal professionals to improve regulatory certainty.
  • The authority says transparent and predictable regulation is essential to attracting long-term investment.
  • It pledged greater stakeholder engagement, fairness and consistency in implementing the Petroleum Industry Act (PIA).
  • The forum will explore practical solutions to strengthen Nigeria’s petroleum industry’s competitiveness and sustainability.

Main story

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called for stronger collaboration between regulators and legal professionals to enhance regulatory certainty and attract greater investment into Nigeria’s petroleum sector.

The Chief Executive of NMDPRA, Malam Rabiu Umar, made the call at the 2026 General Counsel and Legal Advisers Forum in Abuja.

The forum, themed “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector,” brought together legal advisers, regulators, industry operators and other stakeholders.

Umar said effective regulation could not be achieved through laws and regulations alone, stressing that legal advisers, compliance professionals and regulators all had critical roles in translating regulatory requirements into practical outcomes.

He reaffirmed the authority’s commitment to maintaining open engagement with stakeholders, transparent regulation, fairness and consistency while responding to the evolving realities of the petroleum industry.

According to him, NMDPRA will continue to strengthen regulatory clarity, encourage responsible investment and promote collaborative relationships necessary to achieve the objectives of the Petroleum Industry Act (PIA).

He said the authority recognised that implementation challenges and regulatory ambiguities still existed and pledged to work with stakeholders to address them through continuous dialogue.

Umar noted that while regulatory compliance remained the foundation of a well-regulated petroleum industry, the broader objective was to create a sector characterised by certainty, transparency, predictability and investor confidence.

He said such an environment would enable investors to commit capital with confidence while allowing operators to make long-term business decisions under stable regulatory expectations.

According to him, five years after the implementation of the Petroleum Industry Act, attention had shifted from the provisions of the law to its practical implementation and measurable impact on the industry.

He said discussions now centred on how regulations were functioning in practice, investor perceptions of emerging opportunities and how institutions could collaborate more effectively to achieve the objectives of the PIA.

The NMDPRA chief said the forum would examine issues relating to regulatory certainty, investment confidence, institutional coordination, energy security, midstream development and host community implementation.

He expressed confidence that the deliberations would generate practical recommendations to strengthen the competitiveness, transparency and sustainability of Nigeria’s petroleum industry.

Umar also described the forum as a listening platform designed to encourage constructive feedback between the authority and legal representatives of licensed operators.

Also speaking, the Authority Secretary and Legal Adviser of NMDPRA, Dr Joseph Tolorunse, said Nigeria’s petroleum future would be determined not only by its hydrocarbon resources but also by the credibility, predictability and integrity of its regulatory institutions.

He said sustainable investment, economic growth and national prosperity depended on moving beyond compliance to build greater regulatory certainty.

Tolorunse added that the authority would place greater emphasis on designing compliance frameworks, engaging stakeholders proactively, resolving issues through dialogue and treating regulatory certainty as a strategic business asset.

The issues

Although the Petroleum Industry Act has introduced sweeping reforms to Nigeria’s petroleum sector, investors continue to seek greater regulatory clarity and policy consistency before committing long-term capital. Industry stakeholders say predictable regulation remains critical to unlocking investment across the midstream and downstream segments.

What’s being said

“We will continue to strengthen regulatory clarity, encourage responsible investment, and foster the collaborative relationships that are essential to achieving the objectives of the Petroleum Industry Act.” — Malam Rabiu Umar

“Beyond compliance lies the path to sustained investment, confidence, economic growth and national prosperity.” — Dr Joseph Tolorunse

What’s next

The recommendations from the forum are expected to inform future regulatory reforms as NMDPRA continues implementing the Petroleum Industry Act and strengthening engagement with industry stakeholders to improve investor confidence.

Bottom line

NMDPRA says stronger collaboration with legal professionals and more predictable regulation are essential to attracting investment and ensuring the long-term success of Nigeria’s petroleum industry.

Experts explain why falling crude prices don’t immediately lower fuel prices

Experts explain why falling crude prices don’t immediately lower fuel prices

By
Kehinde Victor
-
OPEC+ Maintains Monthly Crude Oil Output Increase At 400,000bpd

Key points

  • Petroleum experts say lower global crude oil prices do not immediately result in cheaper petrol at filling stations.
  • They attribute the delay to inventory costs, refining cycles, exchange rate movements and other market factors.
  • The experts say competition, not government directives, determines prices under the Petroleum Industry Act (PIA).
  • They urge government to strengthen domestic refining, competition and exchange rate stability to achieve sustainable price reductions.

Main story

Two petroleum industry experts have said declining global crude oil prices do not automatically translate into immediate reductions in the pump price of Premium Motor Spirit (PMS), citing inventory costs, refining cycles and prevailing market conditions.

The experts spoke separately with the News Agency of Nigeria (NAN) in Lagos.

They explained that under Nigeria’s deregulated downstream petroleum market, government intervention is limited to promoting fair competition through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC).

A former Managing Director of 11 Plc, Mr Tunji Oyebanji, attributed the delay largely to the time required for lower-priced crude oil to move through the refining, distribution and retail supply chain.

According to him, crude currently being processed by refineries was purchased when international oil prices were higher.

He explained that lower-priced crude must first be purchased, transported, refined and distributed before consumers could benefit from reduced pump prices.

Oyebanji noted that pump prices typically rise faster when crude oil prices increase because refiners require additional funds to purchase subsequent crude cargoes at higher prices.

He added that when crude prices decline, refiners and marketers still need time to sell products produced from higher-cost inventories before lower-priced products reach the market.

The former oil executive acknowledged that sharp practices could occur but expressed confidence that competition would eventually compel marketers to reduce prices as cheaper products became available.

He also supported limited fuel importation to sustain competition and improve efficiency among domestic refiners.

Also speaking, Prof. Wumi Iledare, Professor Emeritus of Petroleum Economics and Policy Research at the Centre for Energy Studies, Louisiana State University, said crude oil prices were only one of several factors influencing retail petroleum prices.

He listed refining costs, freight, insurance, storage, distribution, exchange rate movements, financing costs, taxes, regulatory charges and marketers’ operating expenses as additional determinants of pump prices.

According to Iledare, petroleum markets often experience what economists describe as asymmetric price transmission, where prices rise faster than they decline.

He said marketers usually exhausted products purchased at higher costs before passing the benefits of lower crude prices to consumers.

Iledare also identified exchange rate volatility as a major pricing factor, noting that petroleum products and many production inputs are denominated in U.S. dollars.

He explained that crude oil prices and refined petroleum product prices do not always move in the same direction because refining margins, seasonal demand, supply disruptions and product availability also influence market prices.

The professor said the Petroleum Industry Act provides for a deregulated downstream market where competition, rather than government directives, determines petroleum product prices.

He added that sustainable reductions in pump prices would depend on exchange rate stability, increased domestic refining capacity, efficient logistics, stronger market competition and consistent government policies.

Iledare further warned that a sustained decline in Nigeria’s monthly oil export earnings could weaken foreign exchange inflows, reduce government revenue, put pressure on the naira and increase borrowing requirements.

He, however, said the Petroleum Industry Act had strengthened Nigeria’s fiscal framework through a value-based royalty system, while stressing that improving oil production and operational efficiency remained critical to boosting national revenue.

The issues

Although international crude oil prices have softened in recent weeks, retail fuel prices often respond with a lag because refiners and marketers first sell inventories acquired at earlier, higher prices. Exchange rate volatility, logistics costs and refining margins also continue to influence domestic pump prices under Nigeria’s deregulated market.

What’s being said

“Cheaper crude must first be purchased, transported, refined and distributed before consumers could benefit from lower pump prices.” — Tunji Oyebanji

“Petroleum prices typically exhibit what economists describe as asymmetric price transmission, where prices rise more quickly than they decline.” — Prof. Wumi Iledare

What’s next

Industry observers expect pump prices to adjust gradually if global crude prices remain subdued, domestic refining capacity expands and exchange rate conditions remain stable. Regulators are also expected to continue monitoring the market to ensure healthy competition and prevent anti-competitive practices.

Bottom line

The experts say lower crude oil prices alone are not enough to bring down petrol prices immediately, arguing that inventory costs, exchange rates and market competition ultimately determine how quickly consumers benefit.

Lokpobiri orders fuel marketers to cut pump prices

Lokpobiri orders fuel marketers to cut pump prices

By
Kehinde Victor
-
Petrol Price

Key points

  • The Minister of State for Petroleum Resources has directed marketers to reduce fuel prices following the decline in global oil prices.
  • He said the easing of tensions between Iran and the United States should translate into lower PMS prices.
  • Lokpobiri warned marketers against profiteering under the deregulated petroleum market.
  • He urged regulators to prioritise regulatory certainty to attract long-term investment.
  • The minister also stressed the need to ensure consumers receive the correct quantity of fuel at filling stations.

Main story

The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, has directed petroleum marketers to immediately reduce the pump prices of Premium Motor Spirit (PMS) and other petroleum products to reflect the recent decline in global crude oil prices.

Lokpobiri gave the directive at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja.

He said the de-escalation of tensions between Iran and the United States had lowered global oil prices, making it necessary for marketers to adjust pump prices accordingly.

The minister expressed concern that the expected price reduction had yet to be reflected at filling stations, warning that marketers should not exploit the deregulated market to make excessive profits.

He said although market forces would eventually restore price equilibrium, regulators had a statutory responsibility under the Petroleum Industry Act (PIA) 2021 to prevent profiteering and protect consumers.

Lokpobiri also urged regulators to shift their focus beyond compliance by creating a clear, consistent and predictable regulatory environment capable of attracting long-term investments.

According to him, while compliance remains important, investors are increasingly interested in jurisdictions that offer policy stability and regulatory certainty.

He said President Bola Tinubu’s decision to fully deregulate the downstream petroleum sector had paved the way for the operationalisation of the Dangote Refinery and other refining projects while eliminating the recurring fuel shortages experienced in the past.

The minister noted that petroleum products had remained available nationwide since the reform despite recent geopolitical tensions involving Iran, Israel and the United States.

He also called on regulators to ensure consumers receive the exact quantity of fuel they pay for, stressing that accurate measurement was a key aspect of consumer protection.

Lokpobiri described legal advisers in the petroleum sector as strategic partners whose responsibilities extend beyond interpreting laws to supporting investment decisions, regulatory reforms and national development.

He said Nigeria’s petroleum industry was entering a new phase marked by expanding domestic refining capacity, greater private sector participation and emerging opportunities across the midstream and downstream sectors.

The issues

Although Nigeria’s downstream petroleum sector is now fully deregulated, concerns remain over how quickly changes in international crude oil prices are reflected at the pumps. Consumer groups have repeatedly questioned delays in price reductions, while industry operators argue that exchange rates, logistics costs and existing inventories also influence domestic fuel prices.

What’s being said

“With the de-escalation of tensions between Iran and the United States, there was an expectation that the prices of PMS and other petroleum products would be adjusted downward accordingly.” — Sen. Heineken Lokpobiri

“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less.” — Sen. Heineken Lokpobiri

What’s next

Attention will now turn to petroleum marketers to see whether they adjust pump prices in line with the minister’s directive. Regulators are also expected to intensify market monitoring to ensure fair pricing, accurate fuel dispensing and compliance with the Petroleum Industry Act.

Bottom line

The Federal Government says falling global oil prices should translate into lower fuel prices for Nigerians, warning marketers against profiteering while pushing for stronger regulatory certainty to sustain investment in the petroleum sector.

FG urges states to maximise AfCFTA opportunities

Agbakoba seeks wider devolution after state police bill

By
Kehinde Victor
-

Key points

  • Senior Advocate of Nigeria Olisa Agbakoba has called for broader devolution of powers beyond the proposed state police.
  • He urged the Federal Government to transfer functions such as driver’s licences, prisons, marriage registration and business registration to states.
  • Agbakoba warned that state police could be abused without strong constitutional safeguards.
  • He proposed adopting South Africa’s model of constitutionally protected independent institutions.
  • He said key public institutions should be insulated from executive interference through shared appointment, funding and removal processes.

Main story

Senior Advocate of Nigeria (SAN), Dr Olisa Agbakoba, has called for wider constitutional devolution of powers following the Federal Government’s proposal to establish state police.

Agbakoba made the recommendation in a letter to the Secretary to the Government of the Federation, Dr George Akume, titled “Beyond State Police: Why Nigeria Must Constitutionally Insulate Its Institutions From Executive Interference.”

He said the establishment of state police should be accompanied by further devolution of responsibilities such as driver’s licences, prisons, marriage registration, arbitration, trade regulation, business name registration and other functions better handled by states and local governments.

According to him, transferring such responsibilities to sub-national governments would relieve the Federal Government of duties that could be managed more efficiently at lower levels.

Agbakoba, however, cautioned that the proposed state police could suffer the same fate as State Independent Electoral Commissions (SIECs) and local government institutions, which he said had gradually become subject to executive control.

He argued that devolution without constitutional safeguards would fail to achieve meaningful reforms, warning that institutions lacking genuine independence often become instruments of executive power.

The senior lawyer commended President Bola Tinubu for transmitting the executive bill seeking to amend Section 214 of the 1999 Constitution to introduce state police, describing the move as a positive step towards improving public security.

He, however, urged the government to adopt constitutional safeguards similar to those in South Africa, where institutions such as the Public Protector, Electoral Commission and Human Rights Commission derive their independence directly from the constitution.

According to Agbakoba, Nigeria should extend similar constitutional protection to institutions including the Nigeria Police Force, Independent National Electoral Commission (INEC), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Central Bank of Nigeria (CBN), National Judicial Council (NJC), National Human Rights Commission and other key public bodies.

He said these institutions should enjoy security of tenure, guaranteed funding through the Consolidated Revenue Fund and accountability to the legislature rather than the executive.

Agbakoba also proposed a shared appointment process for state police leadership, where the Police Service Commission would recommend candidates, governors would appoint them and state Houses of Assembly would confirm the appointments.

He said the same tripartite process should apply to the removal of police chiefs to prevent unilateral executive control.

The issues

The proposed introduction of state police has revived debate over Nigeria’s federal structure. While supporters believe decentralised policing will improve security, critics warn that without constitutional safeguards, state governments could misuse police powers for political purposes.

What’s being said

“Devolution without institutional protection is reform in name only.” — Dr Olisa Agbakoba (SAN)

“If state police were simply handed to governors without these protections, they would inevitably become tools of oppression.” — Dr Olisa Agbakoba (SAN)

What’s next

The National Assembly is expected to consider the proposed constitutional amendment on state police. Calls for broader constitutional reforms and stronger institutional safeguards are also likely to feature prominently in discussions as lawmakers deliberate on the bill.

Bottom line

Agbakoba says creating state police should form part of broader constitutional reforms that devolve more powers to states while protecting key institutions from political interference.

ECOWAS Court targets fully digital justice by 2030

Expert raises concern over rural mental healthcare gap

By
Kehinde Victor
-

Key points

  • A mental health expert says limited access to mental healthcare is leaving many rural Nigerians undiagnosed and untreated.
  • Shortages of mental health facilities and professionals are worsening access to care in underserved communities.
  • Many rural residents rely on traditional and spiritual remedies because professional services are unavailable.
  • The expert condemned the use of chains, flogging and other abusive practices in treating people with mental illnesses.
  • He urged governments to establish more mental health facilities and improve funding to strengthen service delivery.

Main story

A mental health expert has raised concerns over limited access to mental healthcare services in Nigeria’s rural communities, warning that many residents with mental health conditions remain undiagnosed and untreated.

Mr Pius Wabas, Head of the Out-Patient Department and Behavioural Monitoring Unit at Karu General Hospital, Abuja, expressed the concern in an interview with the News Agency of Nigeria (NAN).

Wabas said rural communities continued to receive inadequate attention in the provision of quality mental healthcare, leaving many residents without access to professional diagnosis, treatment and support.

According to him, the neglect has resulted in many people living with untreated mental health conditions, often without knowing they require medical intervention.

He explained that while some mental illnesses were hereditary, others were triggered by socioeconomic hardship, insecurity and harmful cultural practices.

Wabas attributed poor access to mental healthcare largely to the shortage of mental health facilities in rural communities and the continued migration of healthcare professionals to other countries.

He added that insecurity in many rural areas had also discouraged mental health workers from accepting postings outside urban centres.

As a result, he said, many patients were forced to travel long distances to access specialist care in cities, while others relied on traditional, herbal or spiritual remedies available within their communities.

Although he acknowledged that traditional and spiritual support could complement treatment, Wabas stressed that such approaches should not replace professional medical care, particularly for severe mental health conditions.

He also condemned the confinement and abuse of patients, describing practices such as chaining, flogging and other forms of physical restraint as inhumane and harmful to recovery.

According to him, mental health treatment should always be delivered through safe, hygienic and humane methods that protect the dignity and wellbeing of patients.

Wabas called on governments at all levels to establish at least two mental health facilities in every state that are accessible to rural communities.

He also urged increased funding for mental health institutions and better welfare packages to retain skilled professionals and improve service delivery.

Meanwhile, residents of New Karu in the Karu Area Council expressed concern over the growing number of people with mental disorders roaming the streets and scavenging at refuse dumps.

Some residents attributed the situation to the high cost of mental healthcare, poor access to treatment and rising substance abuse.

The issues

Mental healthcare remains one of the most underserved areas of Nigeria’s health system, particularly in rural communities where specialist facilities and trained professionals are scarce. Limited access to care, coupled with stigma, insecurity and economic hardship, continues to delay diagnosis and treatment for many people living with mental illnesses.

What’s being said

“Many people remain unaware of underlying mental health conditions requiring urgent intervention and professional care.” — Pius Wabas

“In a traditional environment where patients are chained like dogs, flogged or mishandled… it doesn’t better the mental, emotional and psychological well-being of the patient.” — Pius Wabas

What’s next

Mental health advocates are expected to continue pushing for greater investment in community-based mental healthcare, while calls are growing for states to expand access to psychiatric services, improve workforce retention and strengthen public awareness on mental health.

Bottom line

The expert says expanding access to mental healthcare in rural communities and eliminating abusive treatment practices are essential to improving mental health outcomes and ensuring more Nigerians receive timely, professional care.

NELFUND warns tertiary institutions against withholding students’ tuition refunds

ECOWAS Court targets fully digital justice by 2030

By
Kehinde Victor
-
ECOWAS Imposes Penalties On Niger Military Junta's Supporters

Key points

  • The ECOWAS Court of Justice has launched its Electronic Case Management System (ECMS) to digitise judicial processes.
  • The court aims to become fully digital by 2030 and position itself as a benchmark for regional judicial institutions.
  • The ECMS will support electronic filing, case management, digital archiving and real-time case tracking.
  • The platform is available in English, French and Portuguese to improve access to justice across the region.
  • The court expects at least 80 per cent of legal practitioners to register on the system within six months.

Main story

The ECOWAS Court of Justice has unveiled its Electronic Case Management System (ECMS), saying the initiative will improve access to justice and pave the way for a fully digital court by 2030.

President of the court, Justice Ricardo Gonçalves, disclosed this during the formal launch of the platform, tagged “Go-Live”, in Abuja.

The event, themed “Promoting Digital Justice: Improving Access, Efficiency and Transparency through Electronic Case Management,” marked the court’s transition to technology-driven judicial administration.

Gonçalves said the court expected at least 80 per cent of legal professionals to register on the platform within the next six months, while all new cases would be filed electronically.

He said the court’s long-term objective was to establish a fully digital judicial institution by 2030 that would be more efficient, accessible and recognised as a benchmark among regional courts.

According to him, the ECMS is a secure, multilingual, web-based platform that enables digital management of every stage of judicial proceedings, from electronic filing and case management to digital archiving, electronic notifications, secure communication and real-time case monitoring.

The court president said the system, which operates in English, French and Portuguese, would reduce administrative delays, eliminate unnecessary bureaucracy and improve transparency, accountability and operational efficiency.

He, however, stressed that the success of the initiative would depend on the willingness of judges, lawyers, staff, member states and litigants to embrace the platform and contribute to its continuous improvement.

The court’s Chief Registrar, Dr Yaouza Ouro-Sama, described the ECMS as a transformational milestone that would strengthen public trust in institutions and improve access to justice across the ECOWAS region.

He said the digital platform reaffirmed the court’s commitment to ensuring justice was delivered swiftly, transparently and equitably.

Also speaking, the court’s Acting Deputy Chief Registrar, Mrs Marie Saine, said the ECMS was developed under the court’s 2026–2030 strategic plan, Justice 2030.

She explained that the strategy prioritises greater efficiency in judicial processes, stronger protection of human rights and improved access to justice across the ECOWAS community.

Saine described the platform as more than a technological solution, saying it represented the court’s commitment to ensuring that geography, language and distance no longer prevent citizens from accessing justice.

The issues

Judicial systems across West Africa continue to face challenges including slow case processing, administrative bottlenecks and limited access to justice. Digital platforms such as the ECMS are expected to improve efficiency, reduce delays and make court services more accessible across ECOWAS member states.

What’s being said

“By 2030, we aim to establish a fully digital Court that is more efficient, accessible and recognised as a benchmark amongst regional judicial institutions.” — Justice Ricardo Gonçalves

“What we are launching today is more than a software system. It is a commitment… to ensure that geography, language, and distance are never barriers to justice.” — Marie Saine

What’s next

The ECOWAS Court will begin migrating new cases to the ECMS while encouraging legal practitioners, member states and litigants to adopt the platform. The court expects widespread registration over the next six months as it works towards full digitalisation by 2030.

Bottom line

The ECOWAS Court says its new digital case management platform marks a major step towards faster, more transparent and accessible justice, with full digital transformation targeted by 2030.

NAFDAC uncovers warehouse stocked with expired baby wipes worth ₦42M

FG urges states to maximise AfCFTA opportunities

By
Kehinde Victor
-
AfCFTA Drives Optimism Among Africa’s CEOs Despite COVID-19 Uncertainty

Key points

  • The Federal Government has urged states to leverage AfCFTA to drive industrialisation, exports, investment and job creation.
  • The Ministry of Industry, Trade and Investment has begun nationwide sensitisation to prepare businesses for continental trade.
  • Nigeria will host the Creative Africa Nexus (CANEX) and Intra-African Trade Fair (IATF) in Lagos in 2027.
  • The government says every state has exportable products capable of competing in regional and continental value chains.
  • Officials called for stronger collaboration between the Federal Government and states to accelerate economic diversification.

Main story

The Federal Government has called on state governments to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA) to accelerate industrialisation, expand exports, attract investment and create jobs across the country.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, made the call during a working visit and strategic engagement with state commissioners of commerce, trade and investment in Abuja.

Oduwole said the engagement was aimed at strengthening collaboration between the Federal Government and states to advance Nigeria’s industrialisation, trade expansion, investment promotion and job creation agenda.

She described AfCFTA as a key pillar of the Tinubu administration’s economic diversification strategy, designed to expand market access, strengthen value chains and improve Nigeria’s competitiveness across Africa.

The minister disclosed that the ministry had commenced nationwide AfCFTA sensitisation and capacity-building tours, beginning with the North-West in Kano, to prepare businesses for emerging continental trade opportunities.

According to her, the initiative brings together relevant government agencies and private sector stakeholders to equip businesses with the knowledge and tools required for cross-border trade.

“Every state and local government has exportable products capable of joining regional and continental value chains,” Oduwole said, urging subnational governments to identify and promote sectors where they have competitive advantages.

She also announced that Nigeria would host the Creative Africa Nexus (CANEX) and the Intra-African Trade Fair (IATF) in Lagos in November 2027, describing the events as major opportunities for manufacturers, exporters, investors and creative entrepreneurs.

The minister noted that Nigeria would assume the chairmanship of the AfCFTA Council of Ministers and lead key continental trade committees over the next year.

She called for sustained collaboration among governments at all levels to advance trade, industrialisation and economic prosperity across Nigeria, ECOWAS and the African continent.

The Minister of State for Industry, Sen. John Enoh, said the ministry remained central to achieving Nigeria’s economic diversification goals through industrial growth.

Enoh stressed the need for stronger federal-state collaboration, noting that most industrial projects, manufacturing hubs and economic clusters were located within states.

He said the Federal Government had introduced a National Industrial Policy and was working with states to implement industrial clusters, investment promotion programmes and value-addition initiatives.

Speaking on behalf of the commissioners, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said the engagement would deepen coordination between the Federal Government and states while promoting enterprise development nationwide.

She added that preparations for CANEX and IATF required deliberate collaboration to position Nigeria as Africa’s leading trade and investment destination.

The ministry’s Permanent Secretary, Dr Chris Isokpunwu, said sustainable economic transformation depended on stronger collaboration between the Federal Government and states to translate national policies into tangible benefits for businesses and citizens.

He urged commissioners to participate actively in the 17th National Council on Industry in Enugu to strengthen policy coordination and improve competitiveness.

The issues

Although AfCFTA offers Nigerian businesses access to a continental market of more than one billion people, many states still face challenges including weak export readiness, limited industrial infrastructure and inadequate awareness of cross-border trade opportunities. Effective coordination between federal and state governments will be essential to maximise the agreement’s benefits.

What’s being said

“States and federal collaboration will maximise AfCFTA opportunities, while regular knowledge-sharing sessions will improve coordination between both governments on trade and investment initiatives.” — Dr Jumoke Oduwole

“Every state and local government has exportable products capable of joining regional and continental value chains.” — Dr Jumoke Oduwole

What’s next

The Federal Government will continue its nationwide AfCFTA sensitisation programme while working with states to prepare businesses for continental trade. Attention will also shift to preparations for CANEX and the Intra-African Trade Fair, as Nigeria positions itself to host the two major continental events in 2027.

Bottom line

The Federal Government says stronger collaboration with states is critical to helping Nigerian businesses seize AfCFTA opportunities, expand exports, attract investment and drive industrial growth.

Open Startup launches deep tech platform for African innovators

Open Startup launches deep tech platform for African innovators

By
Kehinde Victor
-

Key points

  • Open Startup has unveiled The Science Road, a new platform to support African science, deep tech and research-led startups.
  • The initiative marks the organisation’s 10th anniversary and introduces Openers First, an investment arm for early-stage ventures.
  • The platform will focus on startups in health, climate, artificial intelligence and related technologies.
  • Open Startup says it has supported more than 3,000 founders and over 1,000 startups across more than 20 African countries over the past decade.
  • The organisation plans to strengthen partnerships with universities, investors and research institutions to commercialise African innovations.

Main story

Pan-African entrepreneurship support organisation Open Startup has unveiled The Science Road, a new strategic platform aimed at accelerating the commercialisation of African science, deep tech and research-driven innovations.

The initiative was announced in Tunis as the organisation marked its 10th anniversary since its establishment in 2016.

Open Startup said the new direction reflects its shift towards supporting ventures developing solutions in health, climate, artificial intelligence and other advanced technologies.

According to the organisation, The Science Road consolidates its existing programmes into a unified acceleration platform that connects founders, researchers, investors, universities and industry partners.

It also introduces Openers First, a new investment arm designed to provide early-stage financing for selected ventures emerging from the platform.

Founder and Chief Executive Officer of Open Startup, Houda Ghozzi, said the organisation was entering its second decade with a broader continental vision and a stronger focus on science-led innovation.

She said the platform would help African innovators translate research into globally competitive businesses capable of attracting investment and creating long-term value.

Open Startup said it has empowered more than 3,000 founders and supported over 1,000 startups across more than 20 African countries over the past decade.

The organisation added that it has built a network of more than 500 mentors and advisors, trained over 300 startup coaches and supported ventures that have secured investment, created jobs and remained operational beyond their participation in its programmes.

The Science Road will operate through two pathways: one supporting pre-seed innovators seeking to commercialise research and another focused on helping seed-stage startups scale technologies with strong market potential.

As part of the initiative, Open Startup said it would deepen collaboration with research institutions and innovation hubs, including CERI, Stellenbosch University and LaunchLab, to help move scientific discoveries from laboratories into commercial markets.

The organisation also acknowledged the support of partners including KfW AfricaGrow, AfricInvest, the United States Department of State, the European Union, Digital Africa, Bpifrance, the Drosos Foundation, the Steve Madden Foundation, Sanofi Ventures, Columbia University and MIT.

The issues

Africa’s science and deep tech startups often struggle to move from research to commercialisation because they require longer development timelines, specialised technical support, stronger industry partnerships and patient early-stage capital. Closing these gaps is increasingly seen as essential to building globally competitive innovation ecosystems across the continent.

What’s being said

“As we enter our second decade, we do so with greater maturity, a broader continental footprint and a renewed ambition.” — Houda Ghozzi

“We believe The Science Road can become a runway connecting Africa’s innovators to the world.” — Houda Ghozzi

What’s next

Open Startup will begin implementing The Science Road through its acceleration programmes and the newly established Openers First investment arm, while expanding partnerships with universities, investors and innovation ecosystems across Africa to support research-led ventures.

Bottom line

By combining startup acceleration, early-stage financing and research partnerships, Open Startup aims to help more African science and deep tech innovations move from the laboratory to commercially viable businesses.

NAFDAC uncovers warehouse stocked with expired baby wipes worth ₦42M

NAFDAC uncovers warehouse stocked with expired baby wipes worth ₦42M

By
Ibe Wada
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Key points

The National Agency for Food and Drug Administration and Control (NAFDAC) has uncovered a warehouse stocked with expired baby wipes valued at approximately ₦42 million.

The expired products were allegedly being revalidated, repackaged and prepared for resale to unsuspecting consumers.

More than 240 cartons of revalidated baby wipes and about 20,000 additional expired wipes awaiting revalidation were recovered during the operation.

One suspect was arrested at the warehouse, while the facility was sealed pending further investigation.

NAFDAC said the operation forms part of its ongoing efforts to combat the circulation of counterfeit, expired and substandard regulated products.

Main Story

The National Agency for Food and Drug Administration and Control (NAFDAC) has uncovered a warehouse stocked with expired baby wipes valued at approximately ₦42 million, in what authorities described as an illegal operation to revalidate and repackage expired products for sale to unsuspecting consumers.

The enforcement operation led to the discovery of a large quantity of expired baby wipes that had allegedly been relabelled with new expiry dates before being reintroduced into the market.

According to the agency, its enforcement officers recovered more than 240 cartons of expired baby wipes that had already been revalidated and repackaged for distribution.

The team also discovered approximately 20,000 additional expired baby wipes, equivalent to about 625 cartons, which were awaiting revalidation at the warehouse.

NAFDAC said one suspect was apprehended during the operation, while the warehouse was immediately sealed to prevent further illegal activities.

The recovered products have been evacuated by the agency as investigations continue to determine the full scope of the operation and identify other individuals connected to the alleged criminal enterprise.

The agency noted that the operation forms part of its intensified nationwide surveillance and enforcement activities aimed at eliminating counterfeit, expired and substandard regulated products from Nigeria’s supply chain.

NAFDAC has repeatedly warned manufacturers, distributors and traders against altering expiry dates or reintroducing expired products into the market, stressing that such practices pose serious health risks, particularly to infants and young children.

The agency reaffirmed its commitment to safeguarding public health through continuous inspections, intelligence-led enforcement operations and prosecution of offenders found violating the country’s food and drug safety regulations.

The Issues

The illegal revalidation and resale of expired consumer products pose significant public health and safety risks, particularly when the products are intended for babies and other vulnerable groups.

Counterfeit and expired products undermine consumer confidence, expose users to potential health complications and distort legitimate market competition.

The latest discovery also highlights the need for stronger supply chain monitoring, improved traceability and increased public awareness to help consumers identify genuine products and report suspicious activities to regulatory authorities.

What’s Being Said

NAFDAC stated:

“Our officers discovered over 240 cartons of expired baby wipes that had already been revalidated and repackaged.”

The agency added:

“Approximately 20,000 additional expired wipes, equivalent to 625 cartons, were awaiting revalidation.”

NAFDAC further disclosed:

“One suspect was apprehended at the scene, while the warehouse was sealed and the products evacuated for further investigation.”

What’s Next

NAFDAC is expected to intensify investigations to identify all individuals and businesses connected to the illegal operation and determine whether similar products have already entered the market.

The agency is also likely to prosecute those found culpable in accordance with Nigeria’s food and drug regulatory laws while strengthening surveillance to prevent similar incidents across the country.

Consumers are encouraged to remain vigilant by purchasing regulated products from reputable outlets and reporting suspected counterfeit or expired products to NAFDAC.

Bottom Line

The discovery of a warehouse allegedly revalidating expired baby wipes highlights the persistent threat posed by counterfeit and expired consumer products in Nigeria. NAFDAC’s latest enforcement action underscores its commitment to protecting public health a

nd ensuring that unsafe products do not reach consumers, particularly infants and young children.

NELFUND warns tertiary institutions against withholding students’ tuition refunds
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