Nigeria Strengthens Electricity Access with $75 Million Battery Rental Investment

For millions of Nigerians, reliable electricity is more than a convenience, it is the foundation for thriving businesses, better healthcare, improved education and stronger local economies. As efforts to bridge the country's power gap continue, investment is increasingly flowing into practical renewable energy solutions that can serve communities beyond the national grid.

The latest example is a $75 million battery rental programme that will expand access to affordable electricity across Nigeria over the next several years.

The investment follows an agreement between the Rural Electrification Agency (REA) and Africa-focused battery rental company MOPO, which is backed by Octopus Energy Group Ltd. Under the arrangement, MOPO will expand its battery rental operations across Nigeria by 2030. According to a company statement, implementation will begin with a pilot programme later in 2026 before extending nationwide over the following five years.

Unlike conventional off-grid systems that often require households to purchase expensive solar home systems or depend on mini-grids, MOPO's approach allows customers to rent rechargeable batteries for the hours they need them. By removing the need for significant upfront investment, the model offers households and small businesses another option for accessing dependable electricity.

Explaining the concept, MOPO Chief Operating Officer Luke Burras said the company was addressing challenges that have limited the reach of existing off-grid solutions.

"We solve a lot of the problems that mini-grids and solar home systems struggle with," Burras said.

"We rent batteries to customers for hours. We're not asking them to buy an asset in the case of solar home systems, and we're not asking investors to place a huge bet on their future usage as with mini-grids."

MOPO said the collaboration with the Rural Electrification Agency supports broader efforts to expand reliable, affordable and clean electricity across Nigeria and the African continent.

The agreement also reflects the federal government's continued emphasis on off-grid electrification through the Rural Electrification Agency.

Earlier in 2026, the agency announced plans to invest ₦100 billion in hybrid mini-grids for government institutions within and outside Abuja. The allocation forms part of the National Public Sector Solarisation Programme, which is included in the REA's ₦170 billion budget proposal for 2026.

The agency also expanded regional cooperation in February 2026 by signing a Memorandum of Understanding with the Economic Community of West African States (ECOWAS). The agreement will deploy solar power systems to 15 public institutions across Nigeria under the Regional Off-Grid Electricity Access Project (ROGEAP), a World Bank-supported initiative aimed at expanding off-grid electricity access across West Africa and the Sahel.

As part of the programme, ECOWAS will provide a $700,000 grant to install solar photovoltaic systems in selected rural health centres and schools across the Federal Capital Territory, Niger State and Nasarawa State.

These projects are part of a wider effort to make electricity more accessible through renewable and off-grid technologies. While Nigeria continues to invest in expanding energy access, the need remains significant. According to the World Bank and the African Development Bank, nearly 560 million people across sub-Saharan Africa still lack access to electricity, a reality that continues to affect education, healthcare delivery, productivity and economic development.

Each new investment broadens the range of energy solutions available to Nigerians. As public institutions, development partners and private investors continue to support innovative approaches, battery rental is emerging as another practical option for extending reliable electricity to more homes, businesses and communities across the country.

Nigeria's Omoniyi Ibietan Earns Fresh APRA Mandate

Nigeria has further strengthened its standing in Africa's strategic communication community with the re-election of Dr. Omoniyi P. Ibietan as Secretary General of the African Public Relations Association (APRA), a renewed vote of confidence in one of the country's most accomplished communication professionals.

The election took place at the APRA General Assembly in Swakopmund, Namibia, where Mr. Arik Karani of Kenya emerged as President while Professor Michele Mekeme of Cameroon was elected Vice President.

Ibietan brings decades of experience to the continental role. As Head of Media Relations at the Nigerian Communications Commission (NCC), he leads key aspects of the Commission's corporate communication strategy. His career has spanned journalism, public service, academia and communication management, including service as Special Media Adviser to the Federal Minister of Information and Communication, where he helped drive the adoption of new media in government communication. A Fellow of both the Nigerian Institute of Public Relations (NIPR) and APRA, he holds a doctorate in Communication from North-West University, South Africa, and is the author of Social Media, Social Demography, and Voting Behaviour in Nigeria, published in 2023.

Congratulating him on his re-election, Minister of Information and National Orientation Mohammed Idris described the outcome as a fitting recognition of Ibietan's professionalism, dedication and enduring contributions to the growth of public relations across Africa.

The Minister said the renewed mandate reflects the confidence of communication professionals across the continent in Ibietan's leadership and expressed optimism that he would continue to strengthen collaboration within the profession while advancing Africa's digital transformation agenda.

He also praised APRA for its steadfast commitment to ethical communication and professional excellence, expressing confidence that Nigeria's hosting of the 37th APRA Annual Conference and the World Public Relations Forum in Abuja later this year will further consolidate the country's position as a leading voice in strategic communication on the continent.

Nigeria Strikes Gold on World Spelling Stage in Shanghai

Nigeria has opened its account at the Spelling Bee World Cup in spectacular fashion, winning the Middle School Group Category at the 2026 competition in Shanghai, China, during the country's first appearance at the global event.

The place in Shanghai was earned through strong performances at the African Spelling Bee Championship and the Nigeria Spelling Bee, where the country's representatives secured qualification for the World Cup.

Representing Nigeria were Chinedu Okediachi of Madonna International Schools, Asaba; Maryam Yusuf of Ar-Raheem International College, Ilorin; Oluwadamilola Adeolu of St. Lawrence Metropolitan College, Ado-Ekiti; and Abdurrahman Yusuf, also of Ar-Raheem International College, Ilorin.

Ar-Raheem International College separately celebrated the success of its students, confirming that Abdurrahman Yusuf and Maryam Yusuf both won medals at the 2026 Spelling Bee World Cup Final in Shanghai.

The team's performances in China were built on an impressive showing at the African Spelling Bee Championship in Harare, Zimbabwe. There, Abdurrahman Yusuf finished third, Nigeria placed second overall, while Oluwadamilola Adeolu emerged the 2026 African Spelling Bee Junior Champion after defeating contestants from more than 30 African countries.

Before the competition, Adeolu said she was honoured to represent Nigeria as part of the Nigerian and African Spelling Bee delegation. She said she looked forward to meeting outstanding young spellers from across the world, broadening her vocabulary, strengthening her confidence and returning home with the World Cup trophy.

In the build-up to the tournament, held from July 10 to July 20, the Nigeria Spelling Bee described the team's qualification as the product of consistent hard work, tracing its progress from the national championship to the continental competition before reaching the World Cup. The organisers also noted that the students would compete on behalf of both Nigeria and the African continent against some of the world's finest young spellers.

The gold medal victory capped a memorable debut for Nigeria at the Spelling Bee World Cup and added another international academic honour to the country's expanding list of achievements by young Nigerians.

US Congress Honours Nigerian Business Leader Atta Onoja for Expanding Africa-Caribbean Trade

Nigerian business executive Onoja Atta Onoja has received a congressional proclamation from the United States Congress in recognition of his contributions to strengthening trade, investment and private-sector cooperation between Africa, the Caribbean and the United States.

The honour was presented by Hakeem Jeffries, a leader in the US Congress, during the Guyana Independence Celebration Committee of New York's commemoration of Guyana's 60th Independence Anniversary. The event brought together diplomats, business leaders, policymakers and members of the African and Caribbean diaspora committed to expanding economic collaboration across the regions.

The proclamation recognised Onoja's more than two decades of leadership in the shipping, distribution, marketing and energy sectors, as well as his contributions to international business development, service on corporate boards and efforts to deepen commercial engagement between emerging economies and the United States.

As President of the African Caribbean Chamber of Trade, Commerce and Industry (ACCTCI), Onoja has championed trade, investment and institutional partnerships connecting Africa, the Caribbean and North America, creating stronger pathways for businesses to collaborate across borders.

Speaking after receiving the honour, Onoja said the recognition reinforced the need to build practical partnerships that deliver shared economic growth.

"This recognition reinforces the importance of creating practical opportunities for businesses to trade, invest and innovate together," he said.

"Our shared history must now evolve into shared economic prosperity."

The recognition comes as Nigeria seeks to maximise opportunities under the African Continental Free Trade Area (AfCFTA) while expanding commercial relationships with emerging global markets.

Industry stakeholders say the congressional proclamation reflects the growing international standing of Nigerian business leaders who are advancing global commerce through institution-building, strategic partnerships and economic diplomacy. It also reinforces Nigeria's expanding role in shaping cross-border trade and investment across Africa and beyond.

Nigeria Unveils $350,000 Accelerator to Help Homegrown Tech Startups Scale

Every successful technology company begins with an idea, but only a handful make the leap from promising innovation to sustainable business. For many Nigerian founders, the biggest hurdle is securing the capital, guidance and investor access needed to move beyond the early stages.

To address that challenge, the Federal Government has opened applications for the iDICE Startup Bridge Growth Lab, a 12-week accelerator under the Investment in Digital and Creative Enterprises (iDICE) Programme, implemented by the Bank of Industry (BoI).

The initiative will select 12 promising Nigerian technology startups, with participants drawn from each of the country's six geopolitical zones, ensuring opportunities are spread across the federation.

Successful startups will receive a $100,000 cash investment, or its naira equivalent, in exchange for 7.5 per cent equity, subject to the programme's terms and conditions. Those that meet specified performance milestones may also qualify for follow-on funding of up to $250,000, bringing the total potential investment to $350,000.

The Growth Lab is the next stage of the iDICE Startup Bridge founder development pathway. It builds on the earlier Founders Lab, which helps entrepreneurs validate and refine business ideas. This phase is designed for startups that have already developed a Minimum Viable Product (MVP) and are preparing to strengthen their operations and attract external investment.

National Coordinator of iDICE Startup Bridge, Ife Adebayo, said selected founders will benefit from structured business support, investment-readiness preparation, access to industry experts, strategic business networks and market expansion opportunities alongside the available funding.

The programme is open to technology-enabled startups that have operated for no more than 12 months, provided their founders reside in any of Nigeria's six geopolitical zones. Applicants must have moved beyond the MVP stage and demonstrate market validation through users, customers, pilot projects, partnerships, waitlists or other evidence of demand. They must also commit to participating fully in the hybrid programme.

The accelerator combines virtual learning with two weeks of physical engagements in Lagos, where participants will work with mentors and industry specialists to refine their business strategies.

Applications opened on July 15, 2026, and will close on August 19, 2026. Interested founders can apply through www.idicestartupbridge.ng.

The organisers also encouraged female technology professionals to apply, noting that successful participants will be chosen through a transparent, merit-based evaluation process.

The programme reflects a continued effort to expand opportunities for innovative Nigerian entrepreneurs by connecting promising startups with the expertise, networks and investment required to build stronger businesses and compete on larger stages.

Oyinkansola Badejo-Okusanya Makes History as Nigerian Bar Association Elects Second Female President

Senior Advocate of Nigeria (SAN), Mrs. Oyinkansola Badejo-Okusanya, has been elected the 33rd President of the Nigerian Bar Association (NBA), becoming only the second woman to lead the country's foremost association of legal practitioners.

Her emergence followed the conclusion of the NBA's 2026 national officers' election, which experienced delays after technical challenges and a cyberattack disrupted the voting process. The results were announced on Sunday at the NBA National Secretariat in Abuja by the Chairman of the Electoral Committee of the Nigerian Bar Association (ECNBA), Aham Ejelam, SAN.

According to the ECNBA, 26,106 votes were recorded in the election. Badejo-Okusanya secured 12,317 votes, representing 47.18 per cent of the total votes cast, defeating Lateef Akangbe, SAN, who polled 7,934 votes, representing 30.39 per cent. The third presidential candidate, Olumuyiwa Akinboro, SAN, received 5,855 votes, accounting for 22.43 per cent.

The election also produced a new national leadership as Oghenero Okoro emerged as First Vice-President with 11,024 votes, Afam Okeke was elected General Secretary with 8,478 votes, Aghogho Gladys won the office of Assistant General Secretary with 14,312 votes, while Chinelo Audrey Ofoegbunam secured the position of Welfare Secretary after polling 14,911 votes.

Badejo-Okusanya will serve a two-year tenure from 2026 to 2028, becoming the first woman to head the association in more than three decades after Priscilla Kuye, who served as the NBA's first female president between 1991 and 1992.

Although the president-elect was absent during the declaration of the results, Aminu Gadanya, SAN, a member of her campaign team, explained that a flight delay prevented her attendance. He added that she intends to extend a "handshake of friendship" to all contestants as part of efforts to strengthen unity within the association.

Her election crowns a legal career shaped by courtroom advocacy, public service, institutional reform and commercial dispute resolution, an experience that has placed her among the respected figures in Nigeria's legal community.

Long before her emergence as NBA president, Badejo-Okusanya had built a reputation in commercial litigation and alternative dispute resolution. She is currently a Partner at Africa Law Practice (ALP), where she co-heads the firm's Litigation and Dispute Resolution Practice, representing private individuals, corporations and government institutions in complex commercial disputes before trial and appellate courts across Nigeria. Her practice also spans domestic and international commercial arbitration, while she has successfully mediated numerous disputes as an advocate of alternative dispute resolution.

Her understanding of Nigeria's justice system was equally shaped by years in public service. Between 2007 and 2011, she served as Senior Aide on Justice Sector Reform in the Lagos State Attorney-General's Office, contributing to justice sector reforms, public-sector policy, arbitration legislation, public-private partnerships, as well as product liability and consumer protection initiatives. She later served as General Counsel to the Governor of Lagos State from 2011 to 2015, providing legal guidance on key government matters.

Those responsibilities were built on an earlier foundation at Olaniwun Ajayi LP, where she developed her advocacy skills at one of Nigeria's leading commercial law firms before moving into other leadership roles within the profession.

Away from legal practice, Badejo-Okusanya has contributed to the growth of arbitration and dispute resolution in Nigeria through several strategic assignments. She served on the Executive Committee of the Chartered Institute of Arbitrators (Nigeria Branch), was a member of the Reform of the Arbitration and Conciliation Act Committee, participated in the Nigeria Economic Summit Group's National Assembly Business Environment Roundtable (NASSBER) Arbitration and Dispute Resolution Working Group, and has served on the Board of the Lagos Court of Arbitration since 2015.

Her professional standing extends beyond Nigeria as she is an Accredited CEDR Mediator, a Fellow of the Chartered Institute of Arbitrators (CIArb), and a member of the International Council for Commercial Arbitration (ICCA), Arbitral Women, the Commonwealth Lawyers Association, the Nigerian Bar Association and the International Bar Association.

Her areas of professional interest include intellectual property, media and entertainment law, regulatory compliance and public sector policy, disciplines that complement a career defined by legal practice, institutional development and justice sector reform as she begins her tenure as the 33rd President of the Nigerian Bar Association.

Tems Sets Historic Record as First African Female Artist with RIAA Diamond-Certified Single

Grammy Award-winning Nigerian singer Temilade Openiyi, popularly known as Tems, has become the first African female artist to earn a Diamond-certified single from the Recording Industry Association of America (RIAA).

She reached the milestone through "Wait For U," her collaboration with American rapper Future and Canadian rapper Drake. The song surpassed 10 million certified units in the United States, qualifying it for Diamond certification.

Music analytics platform Chart Data reported that the record has gone even further, accumulating more than 11 million certified units in the U.S. and earning an 11-times Platinum certification from the RIAA.

The achievement makes Tems one of only two African artists to receive an RIAA Diamond-certified single. Nigerian superstar Wizkid was the first to reach the milestone through his collaboration with Drake on "One Dance."

Since breaking onto the international scene, Tems has established herself as one of Nigeria's most successful music exports. She has won multiple Grammy Awards, received nominations for several major international honours, and collaborated with some of the biggest names in the global music industry.

Fans and music enthusiasts have widely celebrated the achievement, describing it as another significant milestone for Nigerian music. The recognition also reflects the continued international growth of Afrobeats and the increasing global reach of Nigerian artists.

Nigeria Unveils Unified Framework for Virtual Assets

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified framework to strengthen the regulation of cryptocurrencies, stablecoins, tokenised assets, blockchain-based financial products and other virtual assets in Nigeria.

The Executive Order comes as the country's digital asset industry continues to grow, increasing the need for closer coordination among regulators. Instead of creating a new regulator, the framework aligns the activities of existing agencies to improve oversight, close regulatory gaps and provide greater clarity for businesses and investors.

Central to the new framework is the establishment of the Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN). The Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons, while the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) will also be represented. The council will coordinate policy, strengthen collaboration among agencies and work with the Attorney General of the Federation to develop a harmonised legal framework for the sector.

A Virtual Asset Office, domiciled at the CBN, will serve as the council's operational arm and will coordinate information sharing, regulatory applications and reporting through a shared supervisory technology platform to improve efficiency across participating institutions.

The Presidency stressed that the Executive Order does not create a new regulator or alter the statutory powers of existing agencies. Digital assets classified as securities will remain under the SEC, while payment, settlement, custody and other non-security virtual asset services will continue to be supervised by the CBN.

The framework also introduces a CBN regulatory sandbox, allowing eligible firms to test virtual asset products, blockchain solutions and related services under regulatory supervision before they enter the wider market. The initiative will enable regulators to assess the impact of emerging technologies on financial stability, consumer protection, market integrity, financial inclusion, monetary policy and government revenue.

To strengthen compliance, the Nigeria Revenue Service will issue a tax policy clarifying how existing tax laws apply to virtual asset businesses and transactions. The Federal Government also revealed that it is finalising a comprehensive Virtual Assets White Paper to outline Nigeria's long-term policy direction for the industry.

According to the Presidency, the coordinated framework is designed to tackle regulatory weaknesses that have exposed the country to financial fraud, money laundering, terrorism financing, cybercrime, data privacy risks and revenue losses, while creating a safer environment for legitimate operators.

The Executive Order builds on recent efforts by the SEC to strengthen oversight of the digital asset market, including the admission of seven additional companies into its Accelerated Regulatory Incubation Programme earlier this month.

By bringing key institutions under a single coordinating framework, the government aims to support innovation, enhance investor confidence, strengthen consumer protection and position Nigeria as a leading hub for responsible digital asset development in Africa.

Ajayi Beats World Champion Again in London

Nigeria's rise in global sprinting moved to a new level on Saturday as Kayinsola Ajayi defeated reigning 100-metre world champion Oblique Seville to win the men's 100m at the London Diamond League.

The victory further cements the 21-year-old's status among the world's elite sprinters and strengthens Nigeria's hopes of returning to the podium in the men's sprint events at the 2026 Commonwealth Games. Nigeria did not win an individual medal in the discipline at the 2022 Commonwealth Games in Birmingham, but Ajayi's recent performances have changed expectations.

Ajayi stopped the clock at 9.84 seconds, equalling the Nigerian national record for the third time in two months. The triumph also marked his second consecutive Diamond League 100m title and his second victory over Seville in as many weeks.

The race was fiercely contested through the opening 50 metres, with Ajayi and the Jamaican locked together before the Nigerian unleashed a powerful finish to pull clear in the closing metres and seal another memorable victory.

Seville finished second in 9.87 seconds, while Great Britain's Romell Glave claimed third with a personal-best 9.97 seconds. Cameroon's Emmanuel Eseme also ran 9.97 seconds but narrowly missed the podium in fourth place.

The strength of the field underscored the significance of Ajayi's performance. South Africa's Gift Leotlela and American Jordan Anthony both dipped below the 10-second mark, finishing fifth and sixth respectively in 9.99 seconds. Great Britain's Zharnel Hughes placed seventh in 10.02 seconds, followed by Jeremiah Azu in eighth with 10.07 seconds.

Ajayi's outstanding season began before the Diamond League. He is the National Collegiate Athletic Association (NCAA) champion in both the men's 60m indoor and 100m outdoor events.

His wind-assisted 9.72-second run to claim the NCAA outdoor title placed him joint sixth alongside Jamaican legend Asafa Powell on the all-conditions list of the world's fastest 100m sprinters. Only Usain Bolt, Tyson Gay, Yohan Blake, Obadele Thompson and Andre De Grasse have recorded faster times.

With another Diamond League victory, another win over the reigning world champion and a national record-equalling performance, Ajayi continues to showcase Nigeria's growing strength in world athletics as anticipation builds for the 2026 Commonwealth Games.

Standard Chartered Nigeria's Lagos Headquarters Earns IFC EDGE Green Building Certification

Standard Chartered Bank Nigeria Limited has secured the International Finance Corporation's (IFC) EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for its Lagos Head Office, marking another milestone in Nigeria's growing adoption of globally recognised green building standards.

The certification follows a comprehensive assessment of the building's design, construction and operational performance, including independent third-party audits. The EDGE programme recognises buildings that achieve measurable improvements in energy, water and material efficiency.

The bank's Lagos headquarters recorded 20.85 percent energy savings, 23.53 percent water savings and a 99 percent reduction in embodied carbon in construction materials. These results were achieved through features such as roof insulation, high-performance glazing, efficient cooling systems and water-efficient fixtures.

Chief Executive Officer of Standard Chartered Bank Nigeria Limited, Deji Adelagun, said the recognition reflects the bank's commitment to integrating responsible business practices into its operations while creating long-term value. He noted that the institution applies the same standards internally that it encourages among its clients and communities, adding that the Lagos Head Office demonstrates how environmental responsibility and operational resilience can go hand in hand.

For the International Finance Corporation, the achievement illustrates the wider opportunities within Nigeria's commercial property sector.

Dahlia Khalifa, IFC Regional Director for Central Africa and Nigeria, said Standard Chartered has shown that organisations can begin by applying high environmental standards within their own facilities. She added that, as part of the World Bank Group, IFC considers resource-efficient buildings essential to supporting lower-carbon and more resilient economic growth. According to her, Nigeria's commercial sector is well positioned to accelerate the adoption of green buildings, and she expressed hope that the bank's achievement would encourage other institutions to pursue EDGE certification.

Celestine Aruoture, Head of Commercial Real Estate and Services at Standard Chartered Bank Nigeria Limited, said improvements in energy, water and material efficiency have reduced the building's environmental footprint while creating a more resilient workplace for employees and clients.

Dr MKO Balogun, EDGE Expert and Group Chief Executive Officer of GPFI Holdings Ltd, described the project as another step toward expanding the adoption of EDGE-certified buildings across Africa. He said the successful outcome demonstrated the importance of collaboration between committed building owners and experienced commercial real estate teams. He added that GPFI Holdings would continue supporting building owners and occupiers in maintaining and improving green building performance.

The achievement highlights how resource-efficient commercial buildings can lower operating costs while contributing to lower-carbon growth across Nigeria's built environment.

Standard Chartered is a leading international banking group operating in 54 of the world's most dynamic markets. The group is listed on the London Stock Exchange and the Hong Kong Stock Exchange and says its purpose is to drive commerce and prosperity through its unique diversity.

Dangote Refinery Raises $2.5 Billion Ahead of Planned IPO

 

Nigeria's Dangote Petroleum Refinery has secured $2.5 billion through a private placement, reinforcing investor confidence as it prepares for a planned initial public offering (IPO) later this year.

The fundraising was confirmed by the refinery's Group Executive Director, Devakumar Edwin, and will support expansion plans, including increased refining capacity, a stronger presence in Nigeria's domestic fuel market, and growth in export operations.

The successful raise underscores strong market interest in what is widely regarded as the world's largest single-train refinery, located on the outskirts of Lagos. Although the participating investors could not be independently identified due to limited disclose, demand for the offer was significant. Subscriptions reportedly exceeded $2 billion, with a minimum investment of one million shares valued at $350,000. Additional subscriptions were available in blocks of 500,000 shares, while all shares carry a 365-day lock-up period, according to people familiar with the transaction.

The private placement follows a June fundraising exercise that valued Dangote Petroleum Refinery at $39.1 billion, during which the company offered 3 billion ordinary shares at $0.35 per share.

The refinery's planned IPO remains one of Africa's most closely watched capital market transactions. Earlier reports indicated that Aliko Dangote was considering listing about 10% of Dangote Petroleum Refinery and Petrochemicals FZE on multiple African stock exchanges to fund the next phase of expansion across his industrial businesses.

In June, the Securities and Exchange Commission (SEC) halted promotions linked to an unauthorised public offering, clarifying that the company had neither filed for nor received approval to launch an IPO. The regulator also directed capital market operators to remove promotional materials, stop accepting subscriptions or expressions of interest, and refund any funds already collected from prospective investors.

Ahead of the expected listing, the National Pension Commission (PenCom) granted Pension Fund Administrators (PFAs) a special regulatory waiver to invest pension assets in the refinery's IPO once regulatory approval is obtained. 

Beyond the IPO, Dangote Petroleum Refinery is expanding its refining and petrochemicals operations while advancing plans to replicate the refinery model in Kenya, supporting broader industrial growth across Africa.

The successful $2.5 billion capital raise further strengthens the refinery's expansion plans and highlights growing investor confidence in one of Nigeria's most transformative industrial projects.

Nigeria Seal 2026 African Volleyball Nations Cup Qualification

 

Nigeria's resurgence in African volleyball scaled new heights on Friday as the men's national team secured qualification for the 2026 African Volleyball Nations Cup with another commanding performance at the Zone 3 qualifiers in Abidjan, Côte d'Ivoire.

The qualification means Nigeria will compete at the continental championship scheduled for September 7 to 21 in Kinshasa, Democratic Republic of Congo, after producing an unbeaten run through the qualifying tournament.

The decisive moment came against Benin Republic in a contest that demanded resilience. Nigeria found themselves behind after Benin edged the opening set 25-21 in a fiercely contested encounter that featured controversial officiating. Instead of allowing the setback to derail their campaign, the Nigerian side responded with composure and determination.

They levelled the match by taking the second set 25-21 before raising the intensity in the closing stages. Nigeria dominated the third set 25-15 and wrapped up the fourth 25-20, completing a 3-1 comeback victory. The result not only confirmed Nigeria's qualification but also inflicted Benin Republic's first defeat of the tournament.

The victory capped an impressive qualifying campaign for Nigeria, who had earlier defeated Niger Republic 3-1, Ivory Coast 3-0 and Togo 3-1 to establish themselves as one of the strongest teams in the competition.

For the Nigeria Volleyball Federation, the achievement underscores the steady growth of volleyball in Nigeria.

Federation President Musa Nimrod described the qualification as another encouraging milestone, pointing out that Nigeria's men will compete in Congo while the women's national team has also secured qualification for a similar continental competition in Kenya.

"We are delighted with the steady growth of volleyball in Nigeria. Our recent qualification for the competition in Congo and the qualification of our women's team for Kenya are clear signs that the sport is moving in the right direction," Nimrod said.

Beyond the senior teams, the federation is already looking ahead. According to Nimrod, preparations have commenced for Nigeria's Under-19 Boys National Team ahead of its upcoming competition in Egypt.

"As we continue our journey, preparations are underway for our U-19 Boys National Team ahead of their upcoming competition in Egypt. We ask for your prayers and support as we work to overcome a few remaining challenges. We are confident everything will fall into place," he said.

Nimrod also acknowledged the contribution of the media to the sport's growing visibility, thanking journalists for their continued commitment to covering volleyball and helping project the federation's activities positively.

Although qualification has already been secured, Nigeria's campaign in Abidjan is not yet over. The team will conclude its Zone 3 qualifiers with a final fixture against Burkina Faso on Saturday, aiming to preserve its unbeaten record before shifting attention to the African Volleyball Nations Cup in Kinshasa.

CBN Launches Digital FX Tracker, Introduces New Rules for BDC Forex Purchases

The Central Bank of Nigeria (CBN) has introduced a new digital framework for Bureau De Change (BDC) operators purchasing foreign exchange from authorised dealer banks, marking another step in the modernisation of Nigeria's foreign exchange market.

The framework, which takes immediate effect, establishes stricter compliance requirements and a central electronic platform aimed at improving transparency, efficiency, liquidity and orderly participation in the retail segment of the Nigerian Foreign Exchange Market (NFEM).

Contained in a July 15 circular signed by Aderinola Shonekan, Director of the Trade and Exchange Department, the guidelines implement the CBN's February 10, 2026 directive that restored licensed BDCs' access to the official FX market through authorised dealer banks.

At the core of the reforms is the FX BDC Purchase Tracker (FXBT), a centralised portal through which all eligible BDCs must submit purchase requests electronically to any authorised dealer bank of their choice. The CBN prohibited banks from imposing exclusivity arrangements, referral fees or any condition that limits a BDC's choice of banking partner.

Only BDCs with valid and subsisting CBN licences are eligible to participate. Operators under regulatory sanctions, with suspended licences or restricted operations remain ineligible until those sanctions are lifted.

Before processing any transaction, authorised dealer banks must complete Know Your Customer (KYC) and Customer Due Diligence (CDD) checks, obtaining each BDC's licence certificate, Tax Identification Number (TIN), Corporate Affairs Commission (CAC) incorporation documents, beneficial ownership information and the contact details of principal officers. Banks must also conduct enhanced due diligence for higher-risk operators and update KYC records annually or whenever ownership or management changes materially.

The CBN said no foreign exchange should be disbursed to any BDC that fails to meet these requirements.

Banks are required to acknowledge purchase requests within two business hours. Approved applications will be confirmed through the FXBT portal, while rejected requests must clearly state the reason, including incomplete KYC documentation, exhaustion of the weekly purchase limit, unresolved compliance issues or internal risk concerns.

The regulator retained the weekly purchase cap of $150,000 per BDC across all authorised dealer banks and prohibited third-party transactions. All FX purchased under the framework must be credited only to the BDC's registered settlement account with a licensed financial institution.

The guidelines also require any unused FX purchased through the NFEM to be sold back into the market within 24 hours after the utilisation period expires. Failure to comply could result in forfeiture of the funds, suspension of access to the NFEM and other regulatory sanctions. BDCs must also disclose any unused balances from the previous week when submitting new purchase requests, with banks factoring those balances into weekly purchase limits.

Licensed operators are expected to continue filing electronic returns covering weekly FX purchases, sales to end users, settlement methods and unutilised balances.

The CBN warned that breaches of the guidelines or its February 10, 2026 circular will attract sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Foreign Exchange Act. Penalties include monetary fines, suspension of access to the NFEM, withdrawal of BDC licences, revocation of authorised dealer status for banks that facilitate violations and referral to law enforcement agencies where criminal conduct is suspected.

The apex bank said its Trade and Exchange Department will monitor compliance through on-site and off-site examinations, which may be conducted without prior notice. Existing banking relationships may continue, but all transactions must comply with the new operational framework.

Abia Targets Renewable Energy Growth with Proposed $145 Million Solar Manufacturing Facility

A proposed $145 million solar manufacturing facility is set to strengthen Abia State's position in Nigeria's expanding renewable energy industry, with expectations that the investment will stimulate industrial production, create employment opportunities, and enhance local manufacturing capacity.

The planned factory, to be located at Umuelele in Isiala Ngwa South Local Government Area, will be developed by MD Nwakanma Nigeria Limited in partnership with Chinese technical experts. The facility is expected to manufacture solar panels and other renewable energy components for the growing clean energy market.

Beyond increasing domestic solar equipment production, the project is expected to generate skilled and unskilled jobs, support youth training programmes, and contribute generally to the economic development within the state.

Providing an update on the initiative, the company's representatives disclosed that preparations have reached an advanced stage, with the first tranche of project financing scheduled for release in September 2026. Members of the Chinese technical team have also visited the proposed site as part of ongoing assessments ahead of construction.

The company explained that the project will be delivered through a Public-Private Partnership arrangement involving the Abia State Government. According to its leadership, the factory is expected to become an important driver of renewable energy manufacturing while helping to build local technical expertise in the clean energy sector.

During a meeting with the investors in Umuahia, Governor Alex Otti reaffirmed his administration's commitment to attracting productive investments by maintaining a business-friendly environment. He noted that the state had already facilitated access to the land required for the project and pledged continued support to ensure its successful implementation.

The governor said the importance of the investment extends beyond its monetary value, noting that the project has the potential to expand industrial activity, create sustainable jobs, boost economic output, and improve living standards across the state. He added that his administration remains committed to supporting investors whose projects align with Abia's long-term economic development objectives.

If completed as planned, the solar manufacturing plant is expected to become a major addition to Nigeria's renewable energy manufacturing industry while reinforcing Abia State's drive to expand its industrial base and promote sustainable economic growth.

FAAN to Roll Out V-Pass Facial Recognition System for Domestic Air Travel

The Federal Airports Authority of Nigeria (FAAN) is preparing to roll out V-Pass, a biometric identity verification platform that will use facial recognition technology to make domestic air travel faster, more secure and more efficient.

Developed in partnership with M/S Verxid Technologies Limited, the initiative is part of FAAN's wider digital transformation programme aimed at modernising airport operations and improving the passenger experience.

Deployment plans were reviewed during a strategic meeting between FAAN and Verxid Technologies Limited, where both organisations assessed implementation strategies, security measures and operational requirements ahead of the nationwide rollout.

FAAN's Director of Commercial and Business Development, Ms Adebola, said V-Pass is part of the authority's commitment to using technology to strengthen aviation security and improve passenger facilitation. She said the platform will provide travellers with a secure digital identity through a one-time enrolment process.

Nigerian passengers will enrol using their National Identification Number (NIN) and facial biometric capture, while foreign travellers will register with their international passports through Optical Character Recognition (OCR) and biometric authentication.

Once enrolled, passengers will undergo facial verification before entering restricted airport areas and again before boarding. FAAN said the dual-verification process is designed to prevent impersonation, unauthorised access and identity fraud while giving security agencies greater confidence in passenger authentication.

Travellers will be able to complete registration through self-service kiosks or with assistance from FAAN personnel. Electronic gates (E-Gates) will automate access to controlled areas, helping to reduce queues and improve passenger flow. First-time enrolment is expected to take about one minute, while subsequent biometric verification will take less than 30 seconds.

The platform will also provide airlines with secure access to flight schedules, passenger manifests and boarding statistics. For FAAN, a Central Management System will track passenger movement, generate operational analytics and support future integration with other airport systems.

FAAN and Verxid Technologies Limited said data privacy remains a core feature of the project. The platform complies with the Nigeria Data Protection Regulation (NDPR), and passenger information will not be stored on kiosks or handheld devices.

Before full deployment, the partners will launch a nationwide awareness campaign across television, radio, social media, airport announcements and airline advisories. A live Proof of Concept demonstration and technical site assessment will also be conducted ahead of implementation.

The introduction of V-Pass would signify another milestone in Nigeria's aviation modernisation drive, positioning the country's domestic airports to deliver faster, smarter and more secure travel through digital innovation.

Nigerian Air Force Officer Wins International Research Award in Pakistan

A Nigerian Air Force (NAF) officer, Group Captain Usman Umar Akeel, has won the Best Individual Research Paper Award at the National Security and War Course (NSWC) of the National Defence University in Islamabad, Pakistan.

The award recognises outstanding academic performance, originality, analytical rigour and policy relevance among participants in the senior-level strategic studies programme.

Akeel received the honour for his paper, "Drone Swarms and the Future of Aerial Warfare: Tactical Innovation or Battlefield Risk?" The research examined the expanding role of drone swarm technology in modern warfare, assessing its operational advantages alongside the strategic and security challenges associated with its use.

The recognition reflects the growing participation of Nigerian military officers in international professional military education and defence research. It also underscores the Nigerian Air Force's emphasis on developing strategic leadership through advanced training, education and research.

According to the Nigerian Air Force, the achievement aligns with the vision of the Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, to build a highly professional, motivated and mission-ready force capable of responding to evolving security challenges.

The award adds to Nigeria's presence in international defence and military academic circles, highlighting the contributions of Nigerian officers to discussions on emerging technologies and the future of aerial warfare.

Nigeria Charts a New Scientific Future with Planned Genomic City

Around the world, the study of DNA is transforming healthcare, agriculture and biotechnology, creating industries worth trillions of dollars and reshaping the future of scientific innovation. Known as genomics, this rapidly advancing field is helping countries develop breakthrough medicines, improve food production and unlock new opportunities for economic growth. Nigeria is now positioning itself to become part of that global transformation with plans to establish the Nigeria Genomic City, an ambitious initiative aimed at harnessing the country's rich genetic resources for scientific research, precision medicine, food security and long-term economic growth.

Unveiled at a high-level stakeholders' meeting in Abuja, the project is expected to strengthen Nigeria's transition towards a knowledge and innovation driven economy by expanding investment in science, research and technology.

Minister of Education, Dr. Tunji Alausa, described the Nigeria Genomic City as a strategic national investment that has been in development for more than 20 months. Designed as a multi-agency and multi-ministerial initiative, he said the project is intended to serve as a national asset rather than belong to any single institution.

"This project is not about institutional ownership or individual interests. It belongs to Nigeria and must be driven through broad national collaboration. It is about creating a sustainable national asset that will benefit generations of Nigerians," he said.

Alausa warned that Nigeria's growing population would become a true demographic advantage only through sustained investment in science, research and innovation.

"The biggest demographic dividend ever witnessed anywhere in the world could become a demographic calamity for us if we fail to act. We do not have a choice," he said.

Despite being one of Africa's richest reservoirs of genetic diversity, Nigeria has yet to fully harness this scientific resource. While advanced economies have built trillion-dollar biotechnology and genomics industries, Alausa noted that much of Africa's genomic data continues to generate value abroad with limited benefits returning to the continent. He said Nigeria must strengthen data sovereignty, protect its scientific resources and pursue partnerships that deliver mutual benefits.

To support that ambition, the Federal Government is finalising arrangements for the National Research and Innovation Development Fund, expected to mobilise nearly $500 million annually for research and innovation nationwide. According to the minister, the proposal will proceed to the Federal Executive Council and the National Assembly before the enabling legislation is presented for presidential assent.

The University of Abuja will host the Nigeria Genomic City, while the National Information Technology Development Agency, the National Board for Technology Incubation and other strategic partners will provide technological and innovation support. The Federal Ministry of Education will coordinate implementation and collaboration among participating institutions.

Minister of State for Education, Prof. Suwaiba Ahmad, said Nigeria has the population, growing research capacity and technical expertise needed to deliver the initiative, adding that the ministry will continue mobilising partnerships and institutional support to bring the project to reality.

Presenting the technical framework, Prof. Mayowa Ojo Owolabi, Pioneer Director of the Centre for Genomic and Precision Medicine at the University of Ibadan, said the initiative will establish a national platform built on genomic, biological and health data to accelerate discoveries, commercialise innovations and improve disease prevention, diagnosis, treatment and cures.

He said the project would also improve crop and livestock production, strengthen food security, attract investment, develop a world-class scientific workforce and position Nigeria as a global exporter of biotechnology innovations. Artificial intelligence, bioinformatics, robust data sovereignty and intellectual property protection will underpin the initiative, alongside stronger collaboration with Nigerian researchers in the diaspora.

Globally, genomics is enabling scientists to understand how genes influence disease, identify health risks, develop targeted medicines and vaccines, and advance precision medicine, where treatments are tailored to a person's genetic makeup. It is increasingly being used to combat cancer, sickle cell disease, malaria, diabetes and other hereditary conditions while strengthening responses to emerging infectious disease outbreaks. In agriculture, it is helping develop high-yield, drought-resistant and disease-resistant crops, improve livestock breeding and strengthen food security, driving a biotechnology industry that continues to attract investment and create jobs.

Africa possesses the world's greatest human genetic diversity because modern humans originated on the continent, yet Africans remain significantly underrepresented in global genomic research. With one of the continent's richest reservoirs of genetic diversity, Nigeria is well placed to help change that narrative.

The proposed Nigeria Genomic City is expected to bring together universities, research institutes, teaching hospitals, technology companies and private investors to generate genomic data, develop new medicines and diagnostics, commercialise scientific discoveries and build a globally competitive biotechnology ecosystem.

If realised, the initiative could become a defining milestone in Nigeria's scientific journey, positioning the country not only as a consumer of global innovation but as a recognised contributor to the future of biotechnology.

Nigeria's E-Passports Gain Global Verification Boost Through ICAO Digital Trust Network

International travel is set to become more seamless for Nigerian passport holders following a major milestone in the country's digital travel infrastructure.

Nigeria has successfully integrated its Country Signing Certificate Authorities (CSCAs) into the International Civil Aviation Organization's (ICAO) Public Key Directory (PKD), enabling Nigerian electronic passports to be authenticated more efficiently by border control systems across participating member states.

The Nigeria Immigration Service (NIS) announced the development in a statement issued on Wednesday, July 15, 2026.

According to the Service, the integration was completed during a ceremony held on Monday, July 13, 2026, at ICAO headquarters in Montreal, Canada. Led by Comptroller General of Immigration Kemi Nanna Nandap, the exercise addressed passive authentication challenges that had affected some Nigerian passport holders at selected foreign border control points.

With the process now complete, Nigerian e-passports can be verified seamlessly across all ICAO PKD member states.

"With the completion of the import process of all Nigeria's existing CSCAs on the ICAO Public Key Directory to establish a chain of trust, Nigerian Passports can now be verified seamlessly by border control systems in all ICAO PKD member states," the NIS stated.

The ICAO Public Key Directory is a centralized global platform through which participating countries securely exchange the digital certificates used to authenticate electronic passports. Instead of relying on separate bilateral exchanges of verification data, member states upload and access passport authentication information through a single trusted system that complies with ICAO's technical standards and supports global interoperability.

The PKD has more than 100 participants worldwide and with Nigeria's CSCAs now uploaded to the directory, immigration authorities across participating countries can verify the authenticity of Nigerian e-passports more quickly, strengthening border security while simplifying international travel for Nigerian passport holders.

The NIS said the achievement signals its continued investment in secure digital identity management and international border security cooperation. It added that the milestone reinforces Nigeria's commitment to protecting the integrity of its travel documents, enhancing global interoperability, and facilitating smoother border clearance.

The development also underscores Nigeria's steady progress in adopting globally recognised digital standards, strengthening confidence in the country's travel documents and reinforcing its integration into the international travel ecosystem.

Nigeria Expands Digital Identity Drive with Nationwide Online Birth and Death Registration Platform

Nigeria has taken another major step in its ongoing digital transformation with the nationwide deployment of an online civil registration system designed to make birth and death registration faster, more accessible and more reliable. The initiative represents a significant advancement in the country's efforts to strengthen legal identity, improve public service delivery and generate credible demographic data for national development.

At the heart of the reform is the Electronic Civil Registration and Vital Statistics (E-CRVS) system, powered by the VitalReg platform, which officially became operational across all 36 states and the Federal Capital Territory on July 1, 2026. Through the platform, Nigerians can now register births and deaths online and, where applicable, obtain official certificates without the need for repeated physical visits.

Announcing the rollout during a press briefing in Abuja, National Population Commission (NPC) Chairman, Dr. Aminu Yusuf, described the initiative as one of the most transformative developments in Nigeria's civil registration history. According to him, the platform reflects the commission's commitment to using technology to improve service delivery, strengthen data integrity and ensure that every birth and death in the country is documented accurately and securely.

The reform addresses a longstanding national challenge. Nigeria records an estimated five million births every year, yet millions of births and deaths still go unregistered. While birth registration coverage currently stands at about 57 per cent nationwide, death registration remains below 20 per cent. These gaps, Yusuf noted, leave many Nigerians without a recognised legal identity and reduce the availability of reliable data needed for effective governance, evidence-based policymaking and long-term national planning.

The newly launched VitalReg platform is expected to significantly improve that situation by introducing round-the-clock online access to registration services, digital certificate issuance where applicable, stronger data validation processes and a more secure national civil registration database. The digital system is also designed to reduce paperwork, minimise waiting times and eliminate unnecessary travel for citizens seeking registration services.

Beyond digitising the registration process, the platform has been built to integrate with Nigeria's broader digital identity ecosystem, reinforcing the government's wider digital transformation agenda while creating a more connected and efficient public service framework.

To ensure that more Nigerians can benefit from the initiative, the National Population Commission has expanded its physical registration infrastructure across the country. The commission currently operates 4,011 functional registration centres covering Nigeria's 774 local government areas and plans to increase that number to about 8,000 centres, bringing registration services even closer to communities nationwide.

The commission is also working with key institutions to deepen access to legal identity services at the grassroots level. Yusuf disclosed that the NPC has partnered with the Association of Local Governments of Nigeria (ALGON), the National Identity Management Commission (NIMC), UNICEF and Barnksforte Technologies Limited to decentralise birth registration and strengthen community-level service delivery.

As part of the new framework, certain specialised administrative services including record modifications, certificate reissuance, attestations and verification requests, will attract revised fees to support the maintenance and sustainability of the digital infrastructure.

However, Yusuf assured Nigerians that birth registration and birth notification services will remain highly subsidised, stressing that the fee review is intended to sustain the digital system rather than create barriers to access. He reaffirmed the commission's commitment to achieving universal registration across the country.

The NPC chairman encouraged parents, guardians and other stakeholders to register births and deaths promptly, emphasising that widespread public participation will be critical to the success of the initiative.

As Nigeria continues to modernise its public institutions through technology, the nationwide deployment of the VitalReg platform lays the foundation for a stronger civil registration system that can guarantee every Nigerian a legal identity from birth, provide dependable demographic data for national development and support more effective governance in the years ahead.

Nigeria Unveils Three Digital Platforms to Drive Public Service Reforms

Nigeria has taken another step in modernising its public service with the launch of three digital platforms designed to strengthen transparency, accountability, performance monitoring and knowledge management across federal institutions.

Developed by the Bureau of Public Service Reforms (BPSR), the Reform Tracker, Knowledge Repository and National Strategy for Public Service Reforms (NSPSR) Dashboard were unveiled in Abuja by the Office of the Secretary to the Government of the Federation (OSGF). The development was announced in a statement issued by Chris Ugwuegbulam, Head of the Information and Public Relations Department.

The new digital ecosystem is intended to address a longstanding challenge in public sector reform: the lack of a unified system for tracking implementation, measuring impact and preserving institutional knowledge. According to BPSR Director-General, Dr. Dasuki Ibrahim Arabi, the platforms provide practical digital tools to ensure reforms are effectively implemented, continuously monitored, accurately measured and sustained across the Federal Public Service.

At the heart of the initiative is the Reform Tracker, which will monitor reform milestones, implementation timelines and key performance indicators across Ministries, Departments and Agencies (MDAs). The platform is expected to improve accountability by enabling government to track progress and ensure reforms are delivered as planned.

The NSPSR Dashboard will provide decision-makers with a real-time view of progress under the National Strategy for Public Service Reforms, allowing officials to monitor performance across its pillars, identify implementation gaps and make better-informed policy decisions. Complementing it is the Knowledge Repository, a central digital library that will house reform policies, strategies, reports, guidelines and case studies. The repository is expected to preserve institutional memory, reduce duplication, promote evidence-based policymaking and encourage continuous learning throughout the public service.

Secretary to the Government of the Federation, George Akume, represented at the launch by his Senior Technical Adviser, Prof. Babatunde Bolaji Bernard, described the platforms as an integrated digital ecosystem that will transform how reforms are monitored, documented and communicated across MDAs. He said the deployment reflects the Federal Government's commitment to building a transparent, accountable, technology-driven and results-oriented public service capable of delivering quality services to Nigerians.

Permanent Secretary, Cabinet Affairs Office, Dr. John Chidiebere Ezeamama, congratulated Arabi and the BPSR team on developing the platforms, saying they would strengthen institutional capacity, improve service delivery and provide government with more effective tools for monitoring reform progress. He added that the initiative supports the implementation of the federal government's Renewed Hope Agenda and marks another important step towards a more transparent, efficient and performance-driven public service.

The event concluded with a live demonstration of the three platforms, showcasing how the integrated digital tools are expected to support the next phase of public service reforms and strengthen governance across Nigeria's federal institutions.

€60 Million EIB Facility Boosts Nigeria's Push for Higher-Value Cocoa Industry

Nigeria produces more than 300,000 metric tonnes of cocoa each year, yet only about 50,000 tonnes are processed locally. Closing that gap is central to the country's ambition of earning more from one of its most valuable agricultural commodities.

That ambition has received fresh momentum with a €60 million credit facility secured by the Bank of Industry (BOI) from the European Investment Bank (EIB). The funding will support cocoa processing, ingredient manufacturing, packaging and chocolate production, helping expand local value addition and strengthen Nigeria's industrial capacity.

BOI Managing Director, Olasupo Olusi, announced the facility at the Cocoa Value Addition Summit in Abuja, themed From Bean to Brand.

According to Olusi, the financing forms part of BOI's strategy to mobilise blended and concessional funding for the cocoa sector while easing the high cost of capital that has constrained indigenous processors.

"An example of this is the €60 million credit facility we received from the European Investment Bank to develop the cocoa sector," he said, noting that it would help Nigerian processors compete more fairly with multinational companies that enjoy cheaper financing.

Beyond the new facility, BOI plans to establish dedicated financing windows for cocoa processing, ingredient manufacturing, packaging and chocolate production. The bank is also exploring the creation of a Cocoa Value Addition Park in Nigeria's cocoa-producing belt, featuring shared processing facilities, quality laboratories, reliable power supply, effluent treatment systems and digital traceability infrastructure.

"We are not approaching cocoa as a lending programme; we are building an industrial ecosystem," Olusi said.

He explained that BOI's goal is to finance the entire cocoa value chain from nurseries and cooperatives to grinding plants, ingredient factories, packaging lines and chocolate manufacturers.

Olusi also stressed that financing must reflect the realities of the industry. Cocoa replanting requires grace periods of three to five years, while processing plants need long-term capital of seven to 10 years, financing that commercial banks rarely provide.

The bank has already expanded its support for agro-industrial development. In 2025, BOI disbursed more than ₦164 billion to over 3,500 agro-processing and food businesses, supporting factories, mills, packhouses and cold-chain projects while integrating nearly 48,000 smallholder farmers into industrial value chains.

Olusi said expanding local processing capacity could increase Nigeria's cocoa export value by between two and four times. It would also drive industrialisation, create jobs, reduce dependence on raw bean exports, encourage local cocoa powder production and promote exports of cocoa butter and cocoa liquor to ECOWAS countries and the Gulf region.

"For at the Bank of Industry, we are not in the business of financing commodities. We are in the business of financing value creation," he said.

Speaking at the summit, Chris Isokpunwu, Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, represented by Mohammed Bala, Director of Industrial Development, said more than 80 percent of Nigeria's cocoa is still exported as raw beans despite the country's processing potential. Expanding domestic processing, he noted, would boost export earnings, create jobs and strengthen downstream industries such as confectionery, cosmetics and pharmaceuticals.

Ransford Abbey, Chief Executive of the Ghana Cocoa Board (COCOBOD), said Africa produces about 75 percent of the world's cocoa but earns less than 10 percent of the value generated by the global chocolate industry.

"This system cannot continue. We must shift the paradigm from exporting raw poverty to creating refined wealth right here on the African continent," he said.

Massino Deluko, representing the European Union, reaffirmed the bloc's support for cocoa value addition and called on governments to provide the policy and regulatory framework needed to attract greater investment into the sector.

The €60 million EIB facility marks another important step in Nigeria's efforts to build a stronger cocoa processing industry. By expanding local manufacturing and encouraging greater value addition, the initiative has the potential to create more jobs, increase export earnings and position Nigeria to capture a larger share of the global cocoa economy.

Nigerian Innovator Damilare Bakare Wins Canadian Export Award, Strengthens Technology Links Between Africa and North America

Innovation is becoming one of the world's most valuable exports, and Nigerians are increasingly earning global recognition by building businesses that compete far beyond the country's borders. Among them is Damilare Bakare, a Nigerian entrepreneur and technology strategist whose work in Canada is strengthening technology and commercial ties between Africa and North America.

Bakare's company, X-Innovations, received Alberta's Trade Accelerator Program (TAP) Export Plan of the Year 2025 Award, presented on January 29, 2026. The award recognised the company's commercialisation strategy for a dual-use artificial intelligence wearable technology developed for the health and fitness sector.

The honour highlights the growing competitiveness of African-founded technology companies in international markets. Although Nigeria will not feature at the 2026 FIFA World Cup, Nigerians are making meaningful contributions to industries shaping the future of sport, healthcare and technology.

Bakare studied at Covenant University, an award winning university based in Ota Ogun State, before relocating to Canada, where he earned a Master's degree in Technology and Innovation Management at Carleton University. He credits God for the recognition and describes it as the result of years of disciplined work.

His time in Canada's innovation ecosystem, particularly with York Angels Investors, inspired a broader ambition: not simply to build another technology company, but to connect entrepreneurs, researchers, investors and institutions across borders. That vision became X-Innovations.

Founded as a marketing and product development business, the company has grown into an innovation platform focused on artificial intelligence, commercialisation, investment readiness, startup advisory, ecosystem development, international trade, community engagement and Startup Visa services. It is expanding partnerships between Nigeria and Canada while developing relationships across the United Kingdom, the United Arab Emirates and other emerging technology hubs.

Bakare believes Africa's greatest competitive advantage lies in its people. That conviction is reflected in the company's flagship AI-powered wearable technology, which provides real-time data to support injury prevention, recovery monitoring and performance optimisation, with applications extending beyond elite sport into healthcare.

As sport increasingly embraces data-driven performance, demand for intelligent wearable technology is growing, particularly in the lead-up to the 2026 FIFA World Cup. The project also aligns with the vision of Canada's first Minister of Artificial Intelligence and Digital Innovation, Evan Solomon, who has encouraged Canadian AI companies to translate research into commercially successful products. Judges cited both the technology and X-Innovations' export readiness in selecting the company for the award.

Bakare has also focused on building innovation communities. Through Fusion Forum, launched during Techstars Edmonton Startup Week, he brings together entrepreneurs, investors, researchers, policymakers, students, creatives and business leaders to discuss artificial intelligence, commercialisation, investment and human-centred innovation. The forum has become a meeting point where founders build partnerships, attract investment and explore new international markets.

"The future belongs to those who can connect technology and creativity. This means connecting ecosystems, industries and people," Bakare said, adding that sustainable innovation depends on collaboration among government, academia, businesses and communities.

Away from business, Bakare has built a diverse profile across sport and the creative industries. He holds a 5-1 boxing record, including a knockout victory inside the opening 30 seconds, and trains at Alliance Boxing in Edmonton. He has also trained at Finchley Boxing Club in London, the gym that produced heavyweight champion Anthony Joshua. He is progressing through the ranks at the Ging Wu Martial Arts Association and plays semi-professional football for Eternity FC, where he is known as a prolific goalscorer. Across all three disciplines, he supports charitable initiatives for children battling cancer.

His creative work has followed a similarly broad path. As a photographer, published visual artist and cultural curator, Bakare photographed Afrobeats star Davido during a major Afrofestive event in Canada in 2025 that attracted thousands of attendees. He has also appeared alongside NHL star Connor McDavid in an All-Star commercial production and with country music artist Dallas Smith in the feature film Souls Road.

Bakare has collaborated with his younger brother, Lagos-based musician Ayokunle Bakare, professionally known as Ayrestored, whose forthcoming album, Restored, is in development. Their projects include Trionda, inspired by the Adidas FIFA World Cup 2026 Official Match Ball, and COYG, an Arsenal-themed release, with Bakare contributing visual artwork.

With the award now behind it, X-Innovations is focused on expanding international partnerships, attracting foreign direct investment and advancing cross-border commercialisation, with Nigeria remaining central to its long-term plans. For Bakare, the objective extends beyond building a successful company. He sees greater value in creating pathways through which founders, researchers, investors and institutions can work across borders, turning ideas into businesses and partnerships that deliver lasting economic impact.

₦2.4 Trillion Abuja City Walk Signals Bold New Chapter for Nigeria's Urban Future

Abuja is set to take a major step in its urban transformation on Thursday as physical construction begins on the ₦2.4 trillion Abuja City Walk, a landmark development expected to reshape the capital's skyline while strengthening its position as a leading destination for investment, business, tourism and modern city living.

The 250-hectare mixed-use project, located along the Nnamdi Azikiwe International Airport corridor, will officially be unveiled during a ceremony scheduled to hold from 10:00 a.m. to 3:00 p.m. at Plot 28, Cadastral Zone C17, Industrial Area II, Abuja.

Designed by internationally acclaimed architecture firm Benoy, the masterplan combines residential, commercial, hospitality, entertainment and cultural facilities into a single integrated district. At its centre is a proposed 450-metre skyscraper projected to become Africa's tallest tower, accommodating premium office space, luxury residences and hospitality facilities. The development will also feature a 13,000-seat indoor arena expected to be Nigeria's largest indoor sports and entertainment venue, alongside an arts district offering approximately 12,000 square metres of exhibition and performance space.

Sustainability is a key feature of the project. Its signature ecological corridor, known as The Living Ravine, is based on a Sponge District concept that incorporates wetlands, swales and green waterways to improve flood management, harvest rainwater and enhance climate resilience. The innovative landscape has already been shortlisted for the 2026 World Landscape Architecture Awards.

The development is being delivered by MAG Group, the parent company of MAG International Links Limited, in partnership with Link Developments. During Thursday's ceremony, Link Developments is expected to sign a Memorandum of Understanding with Saudi royal Prince Khalid bin Saud bin Khalid bin Turki Al Saud, who will also address prospective investors.

The Nigeria-Arab Gulf Chamber of Commerce is also expected to deliver commitment remarks, reflecting growing interest from Gulf-based institutions in Nigeria's real estate sector. Located within a Federal Government-designated Free Trade Zone, the project will benefit from tax incentives and a favourable regulatory framework aimed at attracting long-term foreign investment.

Although the vision is futuristic, the site has a long history. Originally allocated to the Abuja Technology Village, the land remained largely undeveloped for more than 20 years. Progress resumed following reforms by the Federal Capital Territory Administration under the Minister of the FCT, Nyesom Wike, which focused on recovering dormant land allocations, completing outstanding regulatory approvals, issuing the Certificate of Occupancy and committing to the construction of access roads. The developers subsequently agreed to execute the project in phases.

The foundation for Abuja City Walk was laid in June 2025 when MAG International Links Limited and Link Developments signed a joint venture agreement to transform the site into a world-class urban district capable of positioning Abuja as a regional investment and tourism hub.

Speaking on the initiative, Wike said the development would rise on the former Abuja Technology Village site in Lugbe along Airport Road, where little progress had been made for about two decades. He acknowledged challenges posed by land grabbers in the area and said the government was determined to support genuine investors committed to developing the land for the benefit of the city.

Drawing a comparison with Dubai's City Walk, Wike said Abuja has the potential to deliver a destination of similar global appeal, adding that attracting investment and creating employment opportunities remain central to the government's agenda.

Nigeria Leads Four-Nation Drive to Transform Africa's Cocoa Industry

For decades, Africa has produced most of the world's cocoa while much of the wealth from chocolate manufacturing has been created elsewhere. That imbalance is now the focus of a major regional initiative, with Nigeria bringing together three of Africa's leading cocoa producers to pursue a new strategy centred on value addition.

The Federal Government is hosting Ghana, Côte d'Ivoire and Cameroon in Abuja for the Cocoa Value Addition Summit 2026, where the four countries are expected to launch a historic alliance aimed at reducing raw cocoa exports and expanding local processing, manufacturing and branding.

The summit, themed "From Bean to Brand," will see the countries sign the Abuja Declaration, creating a Cocoa Value Addition Alliance through which they will coordinate policies, harmonise standards and negotiate with global markets as a united bloc. Together, the four nations produce about two-thirds of the world's cocoa.

Nigeria will also sign a Cocoa Value Addition Accord, bringing together the federal government, governors of cocoa-producing states, farmer organisations, industry groups, researchers and development finance institutions to deliver measurable improvements in cocoa processing, farmers' incomes and investment.

The initiative was disclosed in a statement issued in Abuja by Odenke Ibiang, Special Assistant, Media Office of the Minister of State for Industry.

Ahead of the summit, Minister of State for Industry, Senator John Owan Enoh, said Africa's cocoa-producing nations were ready to move beyond a century-old trade model that has left producing countries with only a small share of the industry's value.

"For a hundred years, Africa has sent its cocoa to the world in sacks and received it back in wrappers, paying at both ends of the transaction," Enoh said.

"The distance between a bean and a brand is measured in jobs and in dignity, and on Tuesday, in Abuja, four nations begin closing that distance together. We do not gather to lament the market. We gather to redesign our place in it."

The alliance will also coordinate common positions on international trade issues, beginning with the European Union Deforestation Regulation, which takes effect for large and medium-sized operators on December 30, 2026. The regulation requires cocoa exported to the European Union to be fully traceable to individual farms and verified as not contributing to deforestation. Member countries will advocate for recognition of their national traceability systems while insisting that compliance costs should not be transferred to smallholder farmers.

The move comes amid sharp volatility in global cocoa prices. Over the past 18 months, prices climbed above $11,000 per tonne, dropped to about $3,000 per tonne, and later recovered to around $5,000 per tonne, exposing producers to significant income uncertainty.

Under Nigeria's Cocoa Value Addition Accord, measurable targets will be set for expanding domestic processing, increasing farmers' earnings, strengthening the cocoa value chain and attracting new investment. Implementation will be overseen by a delivery council chaired by the Minister of State for Industry, with annual progress reports published to ensure transparency and accountability.

The summit will feature goodwill messages from the Ghana Cocoa Board and Côte d'Ivoire's Le Conseil du Café-Cacao, alongside a financing session involving the Bank of Industry, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and other development finance institutions, where major financing announcements are expected.

Participants will also receive updates on the construction of Nigeria's largest cocoa processing facility, a 70,000-metric-tonne plant being developed by Sunbeth Global Concepts in Sagamu, Ogun State, with commissioning scheduled for 2027.

Organised by the Federal Ministry of Industry, Trade and Investment through the Office of the Minister of State for Industry, with the Bank of Industry as co-convener, the summit forms part of the government's Nigeria Industrial Policy, which identifies agro-industrial value addition as a key driver of economic diversification, industrialisation, export expansion and job creation.

Nigeria is the world's fourth-largest cocoa producer, behind Côte d'Ivoire, Ghana and Indonesia, while Côte d'Ivoire and Ghana together account for more than half of global production.

By encouraging greater local processing, expanding manufacturing capacity and improving farmers' incomes, the proposed Cocoa Value Addition Alliance seeks to ensure that more of the value generated from Africa's cocoa remains on the continent, with Nigeria helping to drive a new chapter in the industry's development.