Nigeria Targets Sugar Self-Sufficiency as N10 Billion Fund Supports $1 Billion Investment Pipeline

For a country that uses about 1.8 million tonnes of sugar every year, Nigeria’s dependence on imported supplies represents both a major economic outflow and a significant opportunity for domestic production.

The country currently spends roughly $1 billion annually importing sugar, but a new push by the National Sugar Development Council (NSDC) is seeking to redirect more of that value into Nigerian farms, processing facilities and rural economies.

Under the Nigeria Sugar Master Plan 2.0, the Council is working towards domestic production of approximately 2 million tonnes of sugar, enough to meet local demand while creating room for growth.

The strategy is being supported by two major financing initiatives: a N10 billion Sugar Project Acceleration Fund established with the Bank of Industry (BOI), and a $1 billion Engineering, Procurement, Construction and Finance (EPC+F) agreement with Chinese industrial giant SINOMACH.

NSDC Executive Secretary, Mr. Kamar Bakrin, outlined the strategy during a courtesy visit by the Abuja Chapter of the Chartered Institute of Directors (CIoD), stressing that the next phase of the sector’s development will depend heavily on turning existing policies and investment commitments into operating projects.

The N10 billion fund is intended to tackle one of the challenges that often prevents large agricultural projects from reaching investors: the preparation stage.

Through the facility, developers of greenfield sugar projects can receive technical, financial and advisory support for feasibility studies, project preparation and other pre-investment activities. The objective is to develop credible, investment-ready projects that can attract larger financing.

The facility is not a grant programme but operates as a structured, performance-driven initiative with defined eligibility requirements and deliverables.

This preparation is expected to create a pipeline of bankable sugar projects capable of accessing the $1 billion EPC+F arrangement with SINOMACH, giving the sector a potential pathway from project conception to large-scale development.

The NSDC is also engaging Afreximbank and the Nigeria Governors’ Forum to speed up the development of sugar estates across the country, widening the institutional and financial support available to the industry.

Nevertheless, increasing investment alone will not deliver the production target. The Council is also tightening the way companies participating in the Backward Integration Programme (BIP) are monitored.

Companies receiving sugar import quotas are expected to make verifiable investments in local production, and the NSDC plans to use satellite imagery alongside field inspections to independently track activities and production across project sites.

The approach is designed to strengthen accountability and ensure that incentives linked to import quotas translate into measurable expansion of Nigeria’s domestic sugar capacity.

Bakrin acknowledged that implementation has been one of the industry’s longstanding challenges.

“We do not lack policy. What we have struggled with is world-class execution,” he said.

The Council’s ambitions extend beyond producing more of the sugar Nigerians consume. Sugarcane itself offers multiple industrial applications that could deepen the value generated from each hectare cultivated.

According to Bakrin, the crop can be processed into ethanol and animal feed and can also support electricity generation, making sugarcane relevant to Nigeria’s wider bio-industrialisation agenda.

“We have been blessed with a crop that is one of the most generous God has ever made,” he said.

The development model is also expected to give smallholder farmers and host communities a greater role in the emerging value chain. Through the Sugarcane Outgrower Development Programme, sugar estates are required to allocate land for outgrowers and invest in initiatives that support their host communities.

That structure could allow large estates and smaller farmers to participate within the same production ecosystem, while spreading the economic benefits of expanding sugar production beyond the boundaries of industrial plantations.

The NSDC is equally looking to strengthen governance across the sector. Bakrin urged the Chartered Institute of Directors to contribute to improved corporate governance standards for sugar estates, mills and outgrower companies, with the aim of supporting the long-term sustainability of investments.

The sugar strategy is unfolding alongside efforts to improve agricultural financing and productivity. The federal government recently approved a N250 billion facility for the Bank of Agriculture to extend credit to smallholder farmers at single-digit interest rates.

The programme is expected to support mechanisation, raise productivity, improve market access and ease financing constraints confronting farmers across the country.

Taken together, the measures point to an effort to reposition sugar from an import-dependent commodity into a Nigerian industrial value chain. If the planned projects move from feasibility and financing into actual production, the opportunity could extend beyond replacing imports to include farming, processing, energy, manufacturing, employment and rural development.

With a domestic target of about 2 million tonnes against current annual consumption of 1.8 million tonnes, Nigeria is seeking not merely to produce more sugar, but to build the capacity to meet its own demand from within the country.

Lagos Accelerates Ojo, Somolu Hospital Projects as Specialist Healthcare Capacity Expands

Lagos State is advancing two major healthcare infrastructure projects that are expected to significantly expand public hospital capacity and strengthen access to specialised medical services across the State.

The 280-bed Ojo General Hospital is now about 85 per cent complete and is expected to be ready for commissioning by the end of 2026 or the first quarter of 2027, while construction of the new 180-bed Somolu General Hospital has reached approximately 15 per cent.

The progress of both projects came under review during an inspection tour led by the Lagos State Commissioner for Health, Prof. Akin Abayomi, accompanied by the Special Adviser to the Governor on Works, Dr. (Engr.) Adekunle Olayinka.

At Ojo, construction has moved into the finishing stage, with high-tech medical equipment and furniture already ordered ahead of the facility’s completion.

“We are at the point where we’re doing the finishing touches. We’ve ordered the high-tech equipment. We’ve ordered the furniture,” Abayomi said.

He explained that the government was addressing outstanding areas before completion and would increase the frequency of inspection visits to ensure that the hospital is delivered according to the required standards.

Olayinka confirmed that the project was about 85 per cent complete, adding that government quality assurance and control teams had identified minor areas requiring correction and communicated them to the contractor.

The hospital’s energy infrastructure is also being prepared for long-term operations. Olayinka said its solar installation meets the required specifications and will provide an alternative power source when the facility becomes operational.

The Somolu project is taking a different approach to healthcare delivery, with the new seven-floor hospital being developed as a specialist facility rather than simply an expanded version of the existing hospital.

Construction is taking place on the former Somolu Local Government headquarters site following the relocation of the council administration to another facility. The decision to construct an entirely new hospital was driven by the scale of demand in the area and the limitations of the existing 60-bed Somolu General Hospital.

Abayomi disclosed that about 107,000 registered patients currently access services at the existing facility, while its wider catchment population is estimated at between five million and 10 million people.

The existing hospital will continue providing uninterrupted clinical services while the new facility is being constructed. Once the 180-bed hospital is completed and operationalised, the old facility is expected to be demolished, with its site redeveloped for parking and other supporting services.

The new Somolu hospital is planned to become Lagos’ Head and Neck Super-Specialty Centre. Its specialist services will include Plastic Surgery, Maxillofacial Surgery, Ear, Nose and Throat, Ophthalmology and Dentistry, alongside Medicine, Surgery, Paediatrics and Obstetrics and Gynaecology.

The designation is part of Lagos State’s strategy of developing selected general hospitals into centres of excellence with specific super-specialties. The objective is to increase access to advanced medical interventions within the State and reduce the need for residents to travel outside Nigeria for specialised treatment.

“Over the next five to ten years, we believe that every kind of medical intervention will be available in Lagos in both the public and the private sector, so that outbound medical tourism will stop, and in fact, it will reverse,” Abayomi said.

The new hospital designs are also being shaped around environmental sustainability and operational efficiency. Abayomi said they incorporate renewable energy, low-carbon technologies, improved movement systems for patients and staff, water catchment, sewage management, and infection prevention and control measures.

According to Olayinka, the Somolu project encountered some challenges during its initial phase, but the identified issues have been resolved and construction is now progressing. Completion is targeted for the third quarter of 2027, with modern engineering systems, green technologies, carbon-reduction measures and solar power incorporated into the project.

The inspection involved officials from the Ministry of Health’s Medical Project Implementation Unit, the Office of Works, the management of Somolu General Hospital, contractors and technical project management teams.

Beyond the construction of individual hospitals, the State is positioning the projects within a wider healthcare reform programme that includes healthcare financing reforms, compulsory health insurance and the proposed University of Medicine and Health Sciences.

Together, these measures are intended to strengthen Lagos’ healthcare system, expand the availability of specialised treatment and create greater capacity for residents to access advanced care within Nigeria.

The long-term ambition is not only to serve Lagos’ growing population but also to strengthen the State’s position as a regional destination for specialised medical care, while reducing the flow of Nigerians seeking treatment abroad.

BOI’s N250 Billion Bond Draws Strong Investor Demand, Expands Funding for Nigerian Businesses

The Bank of Industry (BOI) has secured more than the N250 billion it offered in its first domestic bond issuance, giving the development finance institution a major boost in its efforts to mobilise long-term funding for Nigerian businesses.

Issued through BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme, the Series 1 Fixed Rate Bond marks BOI’s debut in Nigeria’s domestic debt capital market. The strong response came from a broad mix of institutional investors, including pension fund administrators, commercial banks, development finance institutions, corporates and other major market participants.

The transaction also attracted significant anchor investments from the Nigeria Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC), adding further depth to the offering and reinforcing confidence in BOI’s credit standing and development mandate.

The capital raised is intended to strengthen BOI’s capacity to provide long-term financing to businesses in priority sectors. Its eventual impact is expected to extend into industrial expansion, job creation, local value addition and efforts to diversify Nigeria’s economy.

BOI Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, said the response showed the capacity of Nigeria’s domestic capital market to mobilise substantial funding for productive investment.

“The strength of the investor response is a vote of confidence not only in BOI, but also in the capacity of Nigeria’s domestic capital market to mobilise long-term capital for productive investment,” he said.

Olusi said the bank’s objective is ultimately to move the capital into Nigerian enterprises that can expand production, strengthen local value chains, create employment and improve economic competitiveness.

Government-backed incentives also formed part of the environment surrounding the transaction. Olusi credited President Bola Tinubu’s executive approvals for measures designed to encourage investor participation, saying the support helped strengthen the attractiveness of the offering.

He said the strong demand achieved within five working days would not have been possible without the approvals and described the intervention as a positive signal to investors.

A separate N100 billion fund approved for BOI is expected to support the bond’s pricing and reduce the borrowing-cost burden for manufacturers and other businesses that receive financing from the bank.

The structure of the bond reflects BOI’s focus on longer-term lending. The five-year instrument provides semi-annual coupon payments and a two-year moratorium on principal repayment before amortising repayments begin.

Subscriptions ran from August 5 to August 11, with Chapel Hill Denham serving as Lead Issuing House. The bond was priced within a yield range of 17.35% to 17.50% and is expected to be listed on the FMDQ Securities Exchange once the issuance process is completed.

BOI said the final subscription and allotment figures will be released after obtaining approval from the Securities and Exchange Commission (SEC).

The domestic transaction adds another layer to BOI’s funding strategy, complementing the institution’s access to international capital markets with a stronger pipeline of domestic institutional funding. The quality of demand, competitive pricing and range of participating investors point to an established appetite for long-term instruments backed by institutions with strong development mandates.

The bond also comes as BOI expands financing for specific productive sectors through international partnerships. Last month, the bank unveiled an €85 million long-term financing facility with the European Investment Bank (EIB) and the European Union to support cocoa processing and dairy production in Nigeria.

About 70% of that facility is expected to go towards the cocoa and dairy value chains, which are regarded as important to employment, export growth and foreign-exchange retention.

Taken together, the financing initiatives give BOI additional resources to connect long-term capital with businesses capable of expanding production and increasing value creation within Nigeria.

The success of the N250 billion bond therefore strengthens the pool of capital available to Nigerian enterprises seeking to invest, expand capacity and contribute to the country’s industrial development.

FG Resets Profit-Oil Terms to 70:30 for New Deep Offshore Projects

Nigeria has introduced a new fiscal incentive that could improve the commercial outlook for fresh deep offshore oil and gas developments, allowing qualifying projects to begin their profit-oil sharing arrangement at 70 per cent for contractors and 30 per cent for the government.

The measure is contained in the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, signed by President Bola Tinubu on August 6, 2026, and gazetted by the government.

A central feature of the order is the Profit Oil Reset, which gives an eligible new development its own starting point on the profit-oil sliding scale. This means a greenfield project entering an existing contract area will not automatically take on the higher government share that may already apply to older production in that area.

Once approved, the reset begins at 70:30 between the contractor and government for the eligible project. The Gazette specifies that the sliding scale will restart only for the approved development, regardless of the profit-oil ratio that existing production elsewhere in the same contract area has already reached.

The arrangement is targeted specifically at new developments rather than existing fields. To qualify, a project must be a greenfield crude oil or non-associated gas development for which a Final Investment Decision had not been taken when the order commenced.

The FID must be reached by December 31, 2029. An extension may be granted where force majeure prevents the operator from meeting the deadline.

The qualifying development must also be ring-fenced for cost recovery and tax purposes. Following approval of the reset, the contractor and government are required to execute an addendum to the relevant Production Sharing Contract within 30 days.

The fiscal support does not stop at profit-oil sharing. The order introduces a Standard Production Tax Credit of up to $3 per barrel for qualifying projects with producible reserves of up to 400 million barrels. Projects with reserves above that level can receive up to $4.50 per barrel.

Future leases may qualify for another $1 per barrel, subject to the conditions set out in the order.

For deep offshore gas projects, qualifying gas with lower hydrocarbon liquids content can attract a tax credit of up to $1 per thousand standard cubic feet, while gas with higher liquids content can receive up to $0.50 per thousand cubic feet.

A Supplementary Production Tax Credit may also be granted on a case-by-case basis. The combined standard and supplementary credits cannot exceed $11.50 per barrel for oil projects or $8 per barrel of oil equivalent for non-associated gas projects.

The incentives are being introduced into a sector where offshore developments demand large amounts of capital, advanced technology and long investment horizons. Geological uncertainty, project costs and market conditions can further influence the economics of such developments, making fiscal certainty an important consideration for investors.

Professor Emeritus of Petroleum Economics, Wumi Iledare, welcomed the investment objective but urged that the policy should ultimately be judged by the additional value it creates for Nigeria.

He said the critical petroleum economics question was how much incremental value the tax remission would generate for the country compared with the economic rent and government revenue forgone.

Iledare also warned that an incentive that merely transfers rent from government to an investor on a project that would have proceeded regardless would not necessarily create additional public value.

The potential investment impact is nevertheless significant. Iledare pointed to reported prospects of unlocking up to $50 billion in investment, beginning with the approximately $10 billion Bonga Southwest project. He stressed, however, that investment announcements alone should not determine whether the policy succeeds.

The order also places emphasis on activities being carried out within Nigeria. Project work is expected to be undertaken domestically except where an activity is on the critical path or carrying it out in Nigeria would cost more than 10 per cent above the alternative. Such exceptions must be covered by an approved Nigerian Content Plan.

The Nigeria Revenue Service is expected to publish implementation guidelines within 45 days. These will cover the application procedure, economic valuation methodology, computation templates, monitoring arrangements and ring-fencing requirements.

There are also provisions for recovering benefits obtained improperly. Tax credits may be withdrawn and recovered where an applicant has used false statements, misrepresentation or incorrect data, or has breached the conditions attached to the approval.

For Nigeria, the new framework represents an attempt to improve the investment case for undeveloped deep offshore resources while protecting the country against incentives that fail to produce corresponding economic gains. Its success will ultimately depend on whether the fiscal concessions translate into projects, capital, production and broader value for the Nigerian economy.

NAL Honours Scholars, Tunde Kelani at 28th Convocation

The Nigerian Academy of Letters (NAL) has honoured veteran filmmaker and cinematographer Tunde Kelani while welcoming distinguished scholars and personalities into its fellowship at its 28th Convocation, Induction of New Members and Investiture of Regular and Honorary Fellows.

Kelani received the NAL Award of Excellence in Humanistic Practice for a career spanning decades and his role in projecting Nigerian, particularly Yoruba, culture and literary traditions through film. His recognition placed creative practice alongside academic scholarship in the Academy’s celebration of the humanities.

Renowned playwright and scholar Professor Emeritus Femi Osofisan was honoured as a Distinguished Life Fellow, while historian Professor Nwando Achebe was invested as an Overseas Fellow. Achebe is a University Distinguished Professor at Michigan State University in the United States, President of the African Studies Association and founding editor-in-chief of the Journal of West African History.

The Shehu of Borno, Alhaji (Dr) Abubakar Ibn Umar Garbai El-Kanemi, CFR, and Professor Ephraim Olabode Lucas were invested as Honorary Fellows.

Among the 2026 Regular Fellows was Professor Oladele Abiodun Balogun, whose academic career spans more than three decades of teaching, research, mentorship, leadership and public service.

A product of the philosophical tradition of the University of Ibadan, Balogun has built his scholarship around African and Yoruba philosophy, indigenous epistemology, ethics, political philosophy, jurisprudence, metaphysics and conceptual decolonisation. His research has examined Ori , the Yoruba understanding of destiny and personhood, as well as causality, communal ethics, democracy, human rights, meaningful life and indigenous knowledge.

He has authored and co-authored books, journal articles, book chapters and conference papers published nationally and internationally, including contributions to works associated with Springer, Routledge, Wiley-Blackwell, IGI Global, Academic Press and Carolina Academic Press.

Balogun served as Vice President of the Nigerian Philosophical Association from 2012 to 2016 and received the Thabo Mbeki Award of Leadership from the University of Texas at Austin in 2017 for his contribution to African intellectual development, leadership and scholarship.

The other 2026 Regular Fellows were Professors Emmanuel Taiwo Oladipupo Babalola, Nosa Owens-Ibie, Oladipupo Jacob Ajiboye, Boniface Anthony Chijioke Obiefuna, Gbenga Solomon Ibileye, AbdulRasheed Abiodun Adeoye, Oyeronke Olademo and Rasaki Ojo Bakare.

Professor Remi-Raji Oyelade, listed as a Regular Fellow for 2025, was also part of the convocation programme.

Held at the J. F. Ade Ajayi Auditorium, University of Lagos, Akoka, Lagos, the ceremony was presided over by NAL President Professor Andrew Haruna, FNAL, and coordinated by the Academy’s Secretary, Professor Olakunbi O. Olasope, MNAL.

As Nigeria’s apex body of scholars in the humanities, the NAL promotes scholarship, intellectual excellence and the development of the humanities. The latest convocation reflected that mandate through honours spanning philosophy, history, literature and filmmaking.

Daniel Umemezie Named U.S. National Youth Poet Laureate

At 18, Daniel Umemezie has become the 2026–2027 U.S. National Youth Poet Laureate, placing a Nigerian-American voice at the centre of one of the United States’ most prominent youth literary platforms.

His selection, announced by the U.S. Mission Nigeria, makes him the 10th young person to hold the national title and the second Nigerian-American to receive the honour after Salome Agbaroji, who became the first in 2023.

The National Youth Poet Laureate recognition celebrates outstanding young poets in the United States and gives them a national platform for readings, workshops and wider literary engagement. For Umemezie, it is the latest achievement in a creative journey shaped by Nigeria, migration, memory and an unusually broad artistic curiosity.

Born and raised in Nigeria, Umemezie was drawn to the arts from an early age. He played the piano for 14 years, learned the drums and became proficient in nine instruments. His creative interests extended beyond music to drawing, painting, crocheting, knitting and even architecture.

Reading also became an important part of his childhood. He regularly explored books from the library of his father, a preacher, developing a relationship with literature that would later find a powerful outlet through poetry.

At 13, his family moved to the United States after his mother secured a nursing job there. Daniel, his parents and his two siblings first settled in Texas before later moving to Iowa. The experience exposed him to substantial cultural differences and gave him a new perspective on the Nigerian identity he had grown up with.

Poetry eventually became one of the ways he made sense of those two worlds. In one of his poems, Umemezie reflects on what he calls “two Nigerias,” drawing from memories of the country he knew as a child while confronting some of the more difficult realities surrounding everyday life. The poem moves between images of language, laughter, traffic and inherited culture and contrasting scenes involving generators, people living on the margins, street preachers and an enduring belief in the possibility of change.

Rather than presenting those experiences as competing identities, he describes them as parts of himself that coexist, capturing the complexity of belonging to Nigeria while growing into a Nigerian-American identity.

His poetry career gained momentum during his sophomore year of high school, when an English teacher encouraged him to enter a local poetry competition. He won, then went on to become the Cedar Valley Youth Poet Laureate and the Iowa Student Poet Ambassador.

That progression eventually led to the national stage. In April, Umemezie was selected from hundreds of young writers and local youth poets from across the United States for the 2026–2027 national position.

During his national tenure, Umemezie is expected to travel across the United States for poetry readings and workshops. He has said he hopes to promote work that encourages social justice, political participation and self-exploration.

Yet poetry is not the only field in which he intends to build a future as Umemezie plans to study aerospace engineering at Iowa State University.

From a childhood in Nigeria filled with music, books and creative exploration to recognition as one of America’s leading young literary voices, Umemezie’s journey shows how experiences carried across borders can become a source of creative power. His story adds another remarkable chapter to the growing record of Nigerians and people of Nigerian heritage making their mark on the global stage.

NCDMB Rewards Indigenous Innovators as Technology Innovation Challenge Produces 2026 Winners

The Nigerian Content Development and Monitoring Board (NCDMB) has concluded the maiden edition of its Technology Innovation Challenge (TIC) 2026, with three indigenous technology solutions emerging as the top winners of a programme designed to move homegrown ideas from research laboratories into commercial applications across Nigeria’s oil and gas industry.

The grand finale was held on Wednesday, August 12, 2026, at the Nigerian Content Conference Centre in Yenagoa, Bayelsa State, following a multi-stage process that began with more than 100 applications from innovators across the country.

The Technology Innovation Challenge is structured as a Research-to-Commercialisation programme aimed at identifying promising Nigerian technologies, strengthening their development and creating pathways for their adoption within the energy sector. Fifteen finalists were selected from the initial pool and subsequently underwent mentorship, entrepreneurship training and commercialisation bootcamps before presenting their solutions to judges and industry stakeholders at the finale.

GeoPredict AI emerged as the overall winner, receiving a ₦25 million prize for its artificial intelligence-powered platform, which combines seismic, well-log and core data to improve reservoir characterisation and support more informed drilling decisions.

FrassPlus secured second place and won ₦15 million. Its solution applies artificial intelligence and green technology to the use of Black Soldier Fly frass for affordable bioremediation of hydrocarbon-contaminated environments.

Metallocene finished third with a ₦10 million prize for its Met-Ocean corrosion testing unit, developed to support corrosion assessment in offshore environments.

Other finalists included Mar Thermal SIM, BMV-6 Medical Ventilator and MaxFox AeroShield, which also formed part of the cohort that progressed through the programme’s innovation and commercialisation stages.

In his welcome address, the Acting Director of Planning, Research and Statistics at NCDMB, Mr Silas Ajimijaye, thanked participants, industry players and other stakeholders for supporting the initiative. He encouraged companies within the sector to examine opportunities to partner with the innovators and deploy their technologies where applicable.

Ajimijaye also described all the finalists as winners, stressing that their participation represented an important step in developing indigenous technological capacity.

Representing the NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe (FNSE, FIPS), at the event, the Director of Corporate Services, Dr Abdulmalik Halilu, reaffirmed the Board’s commitment to ensuring that the solutions developed through the challenge progress beyond the innovation stage into sustainable commercial ventures.

He emphasised that commercial success should not be measured simply by getting a product into the market, but by its ability to remain viable and competitive over time. He also challenged innovators to make their laboratories platforms for developing solutions capable of addressing future industry needs.

The initiative also received support from stakeholders across the oil and gas, technology and academic sectors. Representatives and stakeholders associated with NNPC, the Petroleum Technology Association of Nigeria (PETAN), the Oil Producers Trade Section (OPTS), the Nigerian Building and Transport Institute (NBTI), the Petroleum Training Institute (PTI), Niger Delta University and NCDMB Centres of Excellence expressed support for the programme and indicated their willingness to deepen collaboration with the innovators.

The Technology Innovation Challenge forms part of NCDMB’s effort to strengthen indigenous research, innovation and technology development by creating a pathway for Nigerian solutions to progress from ideas and prototypes to commercially viable products and services.

With the 2026 edition now concluded, the programme provides a platform for stronger collaboration between innovators, research institutions and industry players, while positioning locally developed technologies for greater application within Nigeria’s energy sector.

Dangote Refinery Plans October IPO to Put Nigerians at the Heart of Its Growth

Nigeria’s Dangote Petroleum Refinery is preparing for what could become Africa’s largest initial public offering, with the company positioning the planned October listing as an opportunity for Nigerians to own a stake in one of the country’s most significant industrial investments.

The refinery has applied to Nigeria’s Securities and Exchange Commission for approval to raise as much as $5 billion through the IPO, although the final size of the offering has not yet been determined.

David Bird, the refinery’s Chief Executive Officer, said the central objective is broad participation by Nigerian investors. “The mandate of the IPO was to be the people’s IPO,” Bird told Reuters, explaining that the company wants Nigerians to participate directly in its growth.

For now, the company is keeping the proposed listing within Nigeria. Bird said Dangote Petroleum Refinery would want at least three years of demonstrated production and financial performance before considering an international listing, a step that could potentially support a stronger valuation. London has been mentioned as one possible destination for such a future listing.

Bird did not disclose the expected IPO size or the refinery’s valuation. However, the company’s recent fundraising provides an indication of its scale. In July, it secured $2.5 billion through a private placement that valued the refinery at approximately $40 billion.

The private placement also offered an early indication of investor appetite. Africa Finance Corporation, which led a group of strategic investors in the transaction, said the deal was 3.7 times oversubscribed and attracted substantial interest from institutional investors in Africa and around the world. Bird said preparations for the IPO remain on schedule and that investor interest during both the pre-marketing exercise and July’s private placement has been strong.

Dangote Refinery’s growing position in international fuel markets has added another layer to the company’s expansion story. Owned by Africa’s richest man, Aliko Dangote, the Lagos-based refinery has benefited from disruptions associated with the Iran war, supplying jet fuel to markets across Africa and into Western Europe as buyers searched for alternative sources of supply.

According to Bird, the refinery became Europe’s largest supplier of jet fuel in June and July, underscoring the growing reach of a Nigerian industrial facility that was originally built to transform the country’s dependence on imported refined petroleum products.

The refinery’s competitive advantage, Bird said, extends beyond its size as its access to locally produced crude, strong domestic demand and integrated operations give it a position he believes compares favourably with refining assets in the United States.

That position is expected to become even more significant in the coming years. Dangote Petroleum Refinery plans to increase its refining capacity from its current level to 1.4 million barrels per day within three years. The expansion will be financed partly through proceeds from the IPO and partly through debt, while Bird said the cost will be substantially below the approximately $20 billion required to build the original refinery.

The planned expansion comes against the backdrop of a major supply gap across the African market. Bird said the continent remains structurally short of refined fuels and petrochemicals, creating substantial room for the refinery to increase production and expand its market reach.

Within Nigeria, the refinery already supplies most of the country’s gasoline and diesel requirements and meets all of its jet fuel needs.

If completed as planned, the IPO would open ownership of one of Nigeria’s most strategically important industrial assets to a wider pool of Nigerian investors while providing capital for the next stage of its expansion.

For a refinery that has rapidly moved from being a landmark Nigerian infrastructure project to a major participant in international fuel markets, the next chapter could see Nigerians themselves take a larger financial stake in the story.

Nasarawa Secures $2 Million Lithium Agreement to Strengthen Local Processing

Nasarawa State has taken another step towards building a stronger lithium industry, securing a $2 million supplementary agreement with Chinese-backed Diamond New Energy to sustain raw material supplies for its refining operations and deepen the state’s participation in the mineral value chain.

The agreement was signed on Friday at the Nasarawa State Governor’s Lodge in Abuja, with Governor Abdullahi Sule presiding over the ceremony following his recent investment visit to China.

At the heart of the deal is a practical objective: keeping the refinery supplied with lithium feedstock while ensuring Nasarawa State, as a mining licence holder, continues to benefit from the project.

Governor Sule said the arrangement was structured to protect both the company’s operations and the interests of the state. He explained that securing the necessary mining licence quickly was important to prevent the opportunity from being lost to another party, while ensuring the refinery remains functional and the jobs created by the investment are preserved.

“By keeping your factory operational, we ensure that you continue to get raw material. That is the essence of this agreement, and that is the essence of us quickly obtaining that license before somebody else will get it. Now we have achieved both aims,” Sule said.

“We are going to keep your factory functional, and we also have an interest as license owners in whatever you are doing in your company. More importantly, the people you have employed will remain employed.”

The latest agreement builds on a mining cooperation partnership entered into in 2024. According to Ibrahim Abdullahi, Managing Director of the Nasarawa State Investment Development Agency (NASIDA), that earlier partnership played a role in the development of what he described as the largest lithium processing refinery in West Africa.

Under the supplementary arrangement, lithium materials from the state government’s mining block will continue to serve as feedstock for the refinery. Beyond securing supply, the deal provides an immediate $2 million financial benefit to the state and is expected to create additional revenue opportunities in the future.

Diamond New Energy also reaffirmed its commitment to processing more of Nasarawa’s mineral resources within the state rather than limiting its activities to extraction.

David Siong, a representative of the company, said Diamond New Energy believes in expanding resource development, deep processing, employment opportunities and broader economic activity within Nasarawa communities.

“Diamond New Energy always insists on and firmly believes in the further development of resources in Nasarawa, the deep processing of resources, creating employment for the local community, and boosting local economic development. We look forward to the support of the state government to put this cooperation into practice,” Siong said.

The agreement comes at a significant moment for Nasarawa’s emerging position in Nigeria’s mineral-processing landscape.

In July, the Federal Government inaugurated a lithium processing plant in the state with the capacity to process 6,000 metric tonnes of material daily. The facility is currently the largest lithium processing plant operating in Nigeria, adding to the state’s growing reputation as a centre for mineral processing.

Nasarawa’s development is also part of a national push to move Nigeria beyond the export of unprocessed minerals and capture more value from its natural resources domestically.

The Federal Government has projected that ongoing reforms in the mining sector could unlock about $2.6 billion in mineral-processing investments. The pipeline includes an $800 million lithium processing investment, a $600 million lithium processing facility in Nasarawa State, a $200 million lithium processing plant near Abuja awaiting commissioning, and a $1 billion iron ore-to-steel project in Kogi State.

Zamfara State recently unveiled a $200 million lithium mining and processing project involving several local and foreign partners, with the project expected to contribute to mining investment and employment while expanding value-added processing.

Nigeria’s commercially viable lithium deposits are spread across a number of states, including Kaduna, Plateau, Cross River, Oyo, Ekiti, Kwara, Kogi and Nasarawa, with further prospects identified in other parts of the country.

Among the minerals found in these deposits are spodumene and lepidolite, high-grade lithium-bearing minerals with applications in electric vehicle batteries, consumer electronics and renewable energy storage.

As investment in lithium processing expands, developments such as this could help position Nasarawa and Nigeria more firmly within the rapidly evolving global energy and battery-materials supply chain.

Ondo Students to Gain Leadership, Technology Skills as FutureProofed 2.0 Returns

For 100 teenagers in Ondo State, the path to discovering their potential is about to take a more practical turn as DevMe prepares the second edition of its FutureProofed 2.0 bootcamp, with support from the Minister of Interior, Dr Olubunmi Tunji-Ojo.

The initiative is designed for students aged 13 to 19 and will expose participants to areas considered increasingly important in preparing young Nigerians for the opportunities and challenges of the future. The programme will combine leadership development and technology with practical learning, teamwork and problem-solving.

Speaking in Akure on Thursday, DevMe Founder and Executive Director, Temiloluwa Asagunla, said the bootcamp was created to give young people more than theoretical knowledge. Participants will receive intensive training in self-mastery, leadership, emerging careers and digital literacy, while also taking part in practical projects and collaborative exercises.

She explained that the objective is to create a platform where teenagers can identify their strengths, develop their abilities and demonstrate what they are capable of achieving.

The second edition also comes with stronger backing from Tunji-Ojo, following the outcome of the maiden edition. Dr Ayo Ologun, who represented the minister and the federal lawmaker at the event, said the achievements recorded during the first edition encouraged the decision to expand the level of support this year.

According to Ologun, the minister's team will provide the security apparatus required to cover the venue from the beginning to the end of the programme. In addition, two top winners of the competition will each receive N2 million.

That represents a substantial increase from the first edition, when the top prize was N1 million.

Ologun said the larger financial rewards were intended to give the eventual winners resources that could help them build on their achievements and prepare for a future they could be proud of.

Beyond the competition and its prizes, FutureProofed 2.0 is positioning itself as a space where young Nigerians can begin connecting their interests with real-world possibilities. Through exposure to emerging careers, digital skills, leadership and practical projects, the organisers hope to help participants move from simply identifying their potential to actually putting it to work.

With 100 students expected to participate, the Ondo programme brings together mentorship, technology, leadership development and competition in an effort to equip a new generation with skills they can carry into the future.

Nigeria Establishes New Port Economic Regulator

Nigeria has taken a major step toward reshaping the way its ports are commercially regulated with the signing of the Nigerian Port Economic Regulatory Agency Act, 2026, establishing a dedicated statutory framework for economic regulation across the nation’s ports.

The legislation creates the Nigerian Port Economic Regulatory Agency (NPERA), giving it responsibility for areas including tariffs, rates and charges, competition, service standards and commercial disputes.

President Bola Tinubu signed the Act on Thursday, August 13, 2026, bringing more than a decade of attempts to establish a permanent legal foundation for port economic regulation to a conclusion.

Pius Akutah, executive secretary of the Nigerian Shippers’ Council (NSC), confirmed the development in a Facebook post, stating: “Nigerian Port Economic Regulatory Agency Act, 2026. Thank you Mr President for making it a reality.”

The new framework changes the legal basis on which Nigeria’s port economy is regulated. Since 2014, the Nigerian Shippers’ Council has served as the country’s interim port economic regulator after the Federal Government designated it to perform that role following the 2006 port concessions.

The council’s regulatory authority, however, had largely rested on presidential directives and regulations rather than a dedicated Act of Parliament. The new legislation provides a statutory basis for economic oversight and formally addresses the question of who should regulate the commercial relationship between port operators and users.

Its practical effect will now depend on implementation. Importers, exporters, shipping lines, terminal operators and other port users will be watching how and when the Act takes effect, how its powers are transferred and what institutional arrangement emerges during the transition.

A particularly important issue is the future of the Nigerian Shippers’ Council. Earlier versions of the legislation proposed repealing the Nigerian Shippers’ Council Act, but the final institutional and transitional provisions of the 2026 law will determine whether the council is transformed into the new regulator or whether a separate institution is established to take over the responsibility.

The creation of NPERA is the result of a legislative effort that has crossed several National Assemblies. Bills seeking to establish a dedicated port economic regulator were considered during the sixth, seventh, eighth and ninth assemblies, but none became law.

The latest attempt began with the Nigerian Shipping and Port Economic Regulatory Agency Bill 2023. The proposal was introduced in the House of Representatives in February 2024 and passed second reading the following month. It sought to repeal the Nigerian Shippers’ Council Act and replace it with a new statutory framework.

The Nigerian Maritime Administration and Safety Agency (NIMASA) raised objections concerning provisions relating to shipping regulation, licences, fees and charges. The Nigerian Ports Authority also questioned possible overlaps with its responsibilities as the landlord and concessioning authority of the ports.

After eventually passing the National Assembly, the legislation was transmitted to the Presidency but was not immediately assented to. It was returned to lawmakers for amendments, including issues relating to its mandate and potential conflicts with the Nigerian Tax Administration Act 2025.

The House revised the legislation, while the Senate reconsidered its earlier passage. By March 2026, Akutah said the revised bill was awaiting Senate concurrence before being retransmitted to the Presidency. The Senate considered the amended legislation in April, paving the way for its eventual return to the President.

The August 13 assent therefore marks the culmination of a prolonged effort to move Nigeria’s port economic regulation from an interim arrangement into a statutory system.

For the maritime industry and the wider Nigerian economy, the importance of the reform will ultimately be measured by what happens after the signing. Clearer rules around charges, competition, service standards and commercial disputes could improve predictability for businesses operating through the ports, but those benefits will depend on effective implementation and clearly defined relationships among NPERA and existing maritime institutions.

Nigeria’s ports are a vital gateway for international trade, and the establishment of a dedicated economic regulator provides an opportunity to strengthen the commercial environment surrounding them.

The country has now settled the legislative question. The next challenge is to turn the new legal framework into an effective regulatory system capable of supporting a more transparent, competitive and efficient Nigerian port sector.

Nigeria’s Six Zones, Six Different Employment Priorities

Nigeria’s employment story is far more diverse than a single national jobs ranking suggests.

A nationwide survey by SBM Intelligence has found that Nigerians in the country’s six geopolitical zones have markedly different views about the sectors that are most urgently needed to create jobs and economic opportunities in their communities.

The findings are contained in SBM Intelligence’s August 2026 report, “Six Zones, One Crisis: What Nigerians say about jobs, skills and the risk of leaving.” The report draws on a survey of 1,180 respondents across 21 cities covering all six geopolitical zones.

Technology emerged as the most preferred sector nationally, accounting for 14.4% of responses. Agriculture followed with 13.2%, healthcare with 12.7%, manufacturing with 11.0% and trade with 10.9%.

In the Northwest, agriculture dominates the employment conversation. It was identified by 22.6% of respondents as the sector most urgently needed, significantly ahead of healthcare at 14.8% and technology at 14.4%.

The Northeast also placed agriculture at the top, although the gap between sectors was considerably smaller. Agriculture received 14.2%, followed by trade at 10.2% and healthcare at 10.1%. The Northeast was the only zone where no single sector established a decisive lead.

The South-South presented a different set of priorities, with manufacturing taking first place at 15.7%. Technology followed closely at 15.0%, while trade accounted for 12.0%. The result highlights the continued demand for industrial employment in a region that remains central to Nigeria’s oil economy.

Healthcare was the leading priority in the Southeast, where 17.8% of respondents selected it. Technology followed at 13.3%, while manufacturing stood at 13.0%.

The Southwest leaned most strongly towards technology, which recorded 16.6%. Healthcare came next at 15.4%, followed by education at 15.1%. The pattern reflects the region’s concentration of digital businesses, startups and service-sector activities.

In the Northcentral, technology again led, attracting 18.1% of responses. Trade followed at 15.0%, while healthcare recorded 9.7%. SBM Intelligence, however, cautioned that the Northcentral sample was heavily concentrated in Abuja and should therefore not be considered representative of the entire region.

The regional differences are closely tied to the economic realities of each part of Nigeria.

The northern zones remain major food-producing areas, supplying a substantial share of the staple foods consumed across the country. That economic role is reflected in agriculture’s strong showing in the Northwest and Northeast.

In the Southeast, the emphasis on manufacturing corresponds with the region’s long-established industrial and commercial clusters around Aba, Nnewi and Onitsha. These centres support production and trade in leather, textiles, plastics, automobile parts, footwear, bags and other manufactured goods, with products reaching markets across West Africa.

The survey also shows that identifying the sectors Nigerians want is only one part of the employment challenge. The obstacles preventing people from finding sustainable work vary considerably as well.

Nationwide, low pay was the leading barrier, cited by 19.2% of respondents. Lack of skills followed at 17.5%, while limited access to capital and credit accounted for 16.4%. Another 15.2% identified a lack of available jobs, while poor infrastructure was cited by 8.9%.

The Southeast recorded the strongest concern about low pay, with 24.8% of respondents identifying it as their biggest employment challenge. A further 20.9% pointed to an absolute shortage of jobs.

The findings suggest that the region’s problem is not simply whether people can find work, but whether the available opportunities provide adequate income. The report noted that many educated people have been pushed towards small-scale entrepreneurship because formal employment opportunities remain limited.

In the Northwest and Northeast, the bigger challenge is skills. Inadequate skills and vocational training were identified as the leading employment barrier by 26.8% of Northwest respondents and 22.9% of those in the Northeast. While insecurity remains a significant issue in the Northeast, it did not emerge as the region’s dominant employment constraint.

The Southwest faces another combination of challenges. Poor infrastructure was cited by 21.0% of respondents, while 20.0% identified limited access to capital. The figures point to the impact of power, transportation and financing constraints on the ability of businesses to grow and create more jobs.

Healthcare’s position among the country’s leading employment priorities also comes as the sector continues to offer some of Nigeria’s better-paying professional opportunities.

An earlier SBM Intelligence report examining the 15 highest-paying healthcare jobs in Nigeria found that surgeons earn between N11 million and N17.8 million annually. Cardiologists earn about N15.8 million, anesthesiologists around N12.3 million, medical doctors about N10.3 million and psychiatrists roughly N10.2 million per year.

Taken together, the findings reveal an employment landscape that cannot be fully understood through a single national strategy.

The skills needed to strengthen an agriculture-led economy are different from those required to expand an industrial cluster. A technology-focused region faces different infrastructure and financing needs from a community where trade or healthcare represents the strongest opportunity for employment.

For Nigeria, this regional diversity also represents an opportunity. Agriculture can generate employment beyond primary production through processing, logistics and value-added industries. Manufacturing can deepen existing industrial clusters. Technology can create new forms of work and connect Nigerian businesses to wider markets, while healthcare can simultaneously address service gaps and provide professional employment.

The survey ultimately points to a Nigeria with different labour-market realities operating within the same national economy. Understanding those differences could be crucial to developing skills, infrastructure, financing and investment strategies that respond to what Nigerians actually need in their respective regions.

Vi-M Strengthens Nigeria’s Digital Tax Infrastructure With Dual E-Invoicing Accreditation

Nigeria’s transition toward a more digitally driven tax system is creating a new operational reality for businesses, and Vi-M Professional Solutions Limited is positioning itself at the centre of that transformation.

The company has secured dual accreditation as a System Integrator and Access Point Provider under Nigeria’s National e-Invoicing and Electronic Fiscal System regime, giving it a recognised role in helping businesses connect with the country’s emerging electronic tax infrastructure.

Vi-M has also unveiled eNvoice.ng, a digital platform built to simplify electronic invoicing and tax compliance for businesses operating at different levels of technological capacity.

The platform arrives as the Nigeria Revenue Service begins active compliance monitoring of large taxpayers across the country. Under the new NRS directives, affected organisations are required to complete integration, validation and testing before moving to live transmission of invoices through the government platform. They must also ensure that incoming supplier invoices contain valid Invoice Reference Numbers.

Companies must now ensure that their internal systems, accounting processes and invoicing operations can work with the regulatory framework.

Vi-M says eNvoice.ng was developed to address that challenge without forcing every business into the same technology model.

Large companies operating sophisticated Enterprise Resource Planning systems can use the platform, while businesses relying on accounting applications such as QuickBooks or NetSuite can also be accommodated.

The platform equally targets businesses that have yet to adopt formal accounting software. Through a lightweight workspace, such companies can create invoices, classify taxes using HS and ISIC codes, manage credit notes and transmit invoices directly to the regulatory platform without undertaking a complete ERP overhaul.

That broad usability, according to Vi-M, is central to making digital tax compliance more accessible across Nigeria's business landscape.

The company's Founder and Chief Executive Officer, Vivian Chigozie-Nmonwu, described the dual accreditation as an important milestone and a validation of Vi-M's work across taxation, technology, regulatory compliance and enterprise systems.

“This dual accreditation is a significant milestone for Vi-M and a strong validation of our work at the intersection of tax, technology, regulatory compliance, and enterprise systems,” Chigozie-Nmonwu stated.

She said eNvoice.ng was developed to make compliance “practical, secure, and accessible for businesses,” whether they operate complex digital systems or require a simpler workspace for their invoicing needs.

With NRS compliance monitoring already underway, she stressed the need for businesses to establish that their systems can actually meet the requirements rather than simply declare themselves prepared.

“With NRS compliance monitoring now underway, businesses need to move beyond general readiness discussions and confirm their actual onboarding, integration, validation, and transmission capability,” she said.

Chigozie-Nmonwu added that Vi-M's goal is to support businesses and implementation partners with technology that brings together compliance, usability and technical flexibility.

The company is also designing beyond Nigeria's immediate requirements. eNvoice.ng uses a modular architecture that prepares the platform for future international standards, including PEPPOL, potentially giving Nigerian businesses a stronger foundation as cross-border digital invoicing requirements evolve.

The development comes at a time when technology is becoming an increasingly important part of how Nigeria administers taxation and how businesses demonstrate compliance.

For Nigerian companies, the emerging e-invoicing regime is therefore creating a new link between everyday commercial transactions and the country's digital tax infrastructure. Vi-M's accreditation and eNvoice.ng platform add another piece to that growing ecosystem, offering businesses a route into the system without making technological complexity a prerequisite for compliance.

Aradel Refinery Set to Begin Petrol Production in 2027, Expanding Nigeria’s Refining Capacity

Nigeria’s refining capacity is set for another boost as Aradel Holdings Plc plans to commence petrol production at its modular refinery in 2027.

The company’s move comes after the removal of fuel subsidies and the deregulation of the downstream petroleum market, changes that have improved the commercial prospects of producing petrol locally.

Temitayo Ogunbanjo, who manages Aradel’s refinery arm, disclosed the plan in an interview published by Bloomberg on Thursday. He said deregulation “has now created a path” for the company to manufacture petrol.

Aradel already produces kerosene, diesel, gas oil and naphtha at the facility and adding petrol would expand its product range and increase the contribution of the modular refinery to Nigeria’s domestic fuel supply.

The planned expansion comes against the backdrop of an increase in refining activity across Nigeria. Data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on July 20 showed that modular facilities, including Walter Smith, Edo refinery and Aradel refinery, remained operational.

The facilities produced about 478,000 litres of diesel per day, with 562,000 litres supplied to the domestic market, according to the regulator.

Nigeria’s refining landscape is also being reshaped by the scale of the Dangote Petroleum Refinery. NMDPRA reported that Dangote produced an average of 39.1 million litres of petrol per day during the month covered by its data.

Despite that output, Heineken Lokpobiri, minister of state for petroleum resources (oil), said during the week that Africa still requires more refineries. He argued that the Dangote refinery would not be sufficient to meet the continent’s demand, even as its refining capacity is increased to 1.4 million barrels.

“The Dangote Refinery is not enough. Despite the fact that the refinery is increasing its refining capacity to 1.4 million barrels; but it is not enough for the African continent,” Lokpobiri said.

He also said the expanded Dangote facility would create opportunities for middle buyers to distribute petroleum products across Africa and the wider global market.

Aradel’s planned entry into petrol production adds another dimension to this changing landscape. Its refinery is moving from its current portfolio of kerosene, diesel, gas oil and naphtha towards producing one of the country’s most widely consumed petroleum products.

If the 2027 target is achieved, Aradel will become another domestic source of petrol, strengthening Nigeria’s growing refining base and adding to the country’s capacity to process crude oil into finished petroleum products at home.

Azikel Refinery Nears Completion as Bayelsa Moves Closer to Major Industrial Milestone

Bayelsa State is moving closer to adding a major refining facility to its industrial landscape, with the Azikel Refinery in Yenagoa now at the finishing stage after an investment that has grown to about $1 billion.

The 25,000-barrel-per-day facility is being developed as a full-slate hydro-skimming refinery, a more extensive configuration than the topping plants with which it has sometimes been compared. It is designed to process both crude oil and condensate and produce a broad range of refined petroleum products, including Premium Motor Spirit (PMS), diesel, aviation fuel, kerosene and liquefied petroleum gas.

Azikel Group President, Dr. Azibapu Eruani, said the scale of the project and the technical upgrades undertaken during development account for much of the time required to bring the refinery to completion.

The project was originally licensed in 2015 but subsequent value engineering and redesign significantly expanded its specifications. Its processing capacity was raised to 25,000 barrels per day, while the total investment increased to approximately $1 billion.

“The Azikel Refinery licensed by former President Muhammadu Buhari in 2015 has now gone through several enhanced value engineering and redesign to a 25,000 barrels per day capacity. It is now a $1 billion investment,” Eruani said.

The company has also mapped out a future expansion that could take the refinery's capacity to 125,000 barrels per day, potentially making the facility an even more significant component of Nigeria's refining and energy infrastructure.

The project is already supporting employment and technical development in Bayelsa, with no fewer than 700 people currently working on the facility.

Most of those engaged are young Bayelsans and Nigerian engineers, supported by expatriate specialists. More than 700 engineers and other personnel have been involved during the completion phase, providing employment while exposing local professionals to the demands of constructing and preparing a sophisticated refining facility for operations.

The project was conceived to help position Bayelsa as a major industrial hub while generating jobs and stimulating economic activity across the Niger Delta and the wider Nigerian economy.

With construction now nearing completion, that ambition is beginning to take a more tangible form. The refinery's growing workforce, expanded technical specifications and planned future capacity increase place the Azikel project among the developments capable of adding new industrial depth to an energy-producing state.

For Bayelsa, the completion of the facility would mark the emergence of a major industrial asset built around refining, engineering skills, employment and the potential to retain more value within Nigeria's energy economy.

Lagos Opens New 7,000-Square-Metre Fresh Food Hub in Agege

Lagos State has commissioned a 7,000-square-metre fresh food hub at Pen Cinema, Agege, providing a purpose-built centre for farmers, traders, retailers, institutional buyers and consumers.

Governor Babajide Sanwo-Olu commissioned the facility on Wednesday, describing it as part of efforts to improve the movement of food from farmers and suppliers to communities across Lagos.

The hub accommodates hundreds of traders and includes dry and cold storage facilities, a dedicated seafood section and parking. It also has electric vehicle (EV) charging points, adding a new mobility feature to a facility designed primarily for food commerce and distribution.

“Today, I commissioned the Lagos Fresh Food Hub in Pen Cinema, Agege, a modern facility designed to make it easier and more efficient to move food from farmers and suppliers to communities across Lagos,” Sanwo-Olu said.

Agege is one of the middle-level facilities within Lagos’ wider food distribution network. It receives supplies from the Central Food Security and Logistics Hub at Ketu-Ereyun, helping move produce from the state’s main logistics centre towards consumers.

The arrangement also includes the Mushin Fresh Food Agro-Hub, commissioned in December 2023 to support organised food trading, storage and distribution.

Lagos is seeking to address the long distances and inefficiencies that can arise between agricultural production and urban markets by establishing facilities at different points within the supply chain. The approach is intended to improve access to storage and organised trading while bringing produce nearer to consumers.

With traders, suppliers, buyers and consumers expected to pass through the Agege hub regularly, the facility provides one of the kinds of commercial settings suited to that model.

Its primary role, however, remains food distribution. The combination of trading space, storage facilities, a seafood section and supporting infrastructure gives Agege a defined place in Lagos’ expanding network of fresh food markets.

The commissioning adds another major facility to the state’s effort to reorganise food distribution while placing EV charging within an active commercial environment.

NBA, UNICEF Launch Nationwide Legal Support for Vulnerable Children

For a child caught in Nigeria’s justice system, the absence of a lawyer can determine how long the child remains in detention, whether diversion is considered and whether rehabilitation is pursued.

A new partnership between the Nigerian Bar Association and the United Nations Children’s Fund is seeking to close that gap by expanding nationwide pro bono legal services for vulnerable children.

The initiative brings together the legal profession and major justice and child-protection institutions, including the Attorney-General of the Federation and Minister of Justice, the Director-General of the Nigerian Law School, the Legal Aid Council of Nigeria, the National Judicial Institute, the Nigerian Correctional Service, development partners and civil society organisations.

Under the partnership, UNICEF and the NBA will train lawyers in child-sensitive justice, strengthen referrals, support diversion and rehabilitation, and expand legal representation for children who come into contact or conflict with the law.

Saeed urged the NBA to mobilise practitioners nationwide, noting that if every practising lawyer handled at least one pro bono child-justice case annually, access to justice for vulnerable children could increase significantly.

NBA President Afam Osigwe, SAN, said the partnership was founded on the principle that poverty, vulnerability, disability or other circumstances should never prevent a child from accessing justice.

In a post on his X handle on Wednesday, Osigwe said lawyers would provide legal protection and effective representation to children whose rights are threatened.

The programme will establish a nationwide pro bono and referral network, equip lawyers to handle children’s cases more effectively and create opportunities for public-interest legal work.

Osigwe called on NBA branches, law firms, Senior Advocates of Nigeria and other practitioners to participate.

“Let us make pro bono service for children not merely a professional obligation, but a defining culture of our profession,” he said.

He thanked UNICEF and other stakeholders, saying their involvement reflected a shared commitment to strengthening child justice in Nigeria.

Representing the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, the Director of Criminal Justice and Reforms Department in the Federal Ministry of Justice, Leticia Ayoola-Daniels, outlined measures already supporting child justice.

Nigeria’s framework includes the Child Rights Act 2003, the Administration of Criminal Justice Act 2015, state Child Rights Laws, diversion initiatives and restorative justice mechanisms.

Fagbemi highlighted the recognition of “Justice for Children” as a distinct thematic area in the National Policy on Justice 2025. Its priorities include children’s rights awareness, expanded legal aid, diversion and restorative justice, ending unnecessary detention, child-friendly courts, specialised services and stronger institutional capacity.

He warned that legislation would have little effect without implementation at police stations, courts, correctional facilities and within communities.

The Federal Ministry of Justice has developed and is deploying the Prosecutors’ Guidelines on Handling Cases Involving Children and the Legal Aid Guidelines for Children in Contact with the Law, with UNICEF support.

Other measures include the Non-Custodial Sentencing Guidelines 2020 for the FCT High Court and a Harmonised Restorative Justice Training Curriculum and Manual promoting accountability, rehabilitation and reintegration rather than unnecessary criminalisation.

The Child Rights Act is also undergoing a clause-by-clause review following the inauguration of a review committee. Proposed amendments are expected to address digital safety, child marriage and justice reform, while strengthening provisions on legal representation, diversion, alternatives to detention, child participation and implementation.

The NBA-UNICEF partnership is designed to connect these legal measures with lawyers, justice institutions and child-protection services, giving vulnerable children a stronger route to representation and protection.

For Osigwe, the legal profession is at its best when it stands up for those who cannot defend themselves and the initiative marks the beginning of a more strategic effort to ensure children across Nigeria can access justice regardless of their circumstances.

Nigeria Unveils National Agricultural Mechanisation Policy, Targets 4,000 Tractors Annually

Nigeria is resetting the machinery of its agricultural economy, with the Federal Government introducing a policy framework aimed at expanding access to farm equipment, drawing private capital into the sector and raising productivity.

The National Agricultural Mechanisation Policy and the National Agricultural Mechanisation Investment Strategy were unveiled on Wednesday in Abuja by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, at a High-Level National Policy Dialogue on Agricultural Mechanisation.

The dialogue, themed “Anchoring National Food Sovereignty through Sustainable Agricultural Mechanisation Policy, Innovation and Strategic Investment,” placed mechanisation at the centre of Nigeria’s food security ambitions.

Kyari said the new framework would move the country away from a system largely driven by government procurement towards a market-led model in which investors, technology providers, skilled operators and entrepreneurs can build viable businesses around agricultural machinery.

“Our responsibility as a ministry is to translate that vision into policy architecture, institutional coherence and practical pathways for investment and delivery,” he said.

“The opportunity before us is therefore to build an ecosystem in which capital, technology, skills and entrepreneurship converge around one objective: making mechanisation commercially viable and widely accessible.”

The policy takes a broader view of mechanisation than tractor ownership. It encompasses land preparation, planting, irrigation, crop protection, harvesting, processing, storage, logistics and transportation.

The government intends to develop what Kyari called a “Mechanisation-as-a-Service” economy, allowing farmers to hire machinery and related services as required instead of carrying the cost of owning and maintaining expensive equipment.

There is already movement on the ground. Under the Renewed Hope National Agricultural Mechanisation Programme (RH-NAMP), procurement and deployment have commenced for 2,000 tractors, supported by more than 9,000 assorted implements and spare parts.

The investment strategy goes further with plans for a mega tractor assembly plant capable of turning out between 2,000 and 4,000 tractors each year.

Such a facility would give domestic manufacturing a larger role in agricultural equipment supply, reduce dependence on imported machinery and open additional employment opportunities.

Kyari also wants young Nigerians and women to become participants in the business that mechanisation is expected to create, rather than remain on the margins of it.

“Our youths must not stand at the edge of the mechanisation economy. They must own, operate, innovate and lead it,” he said.

Borno State Governor Babagana Zulum, who also spoke at the event, argued that buying machinery should not be mistaken for agricultural transformation.

“We must build the agriculture of tomorrow. Agriculture must be mechanised and smart,” he said.

The policy arrives alongside other measures aimed at moving more money and investment into Nigeria’s agricultural value chains.

The Special Agro-Industrial Processing Zones (SAPZ) programme, for instance, is targeting $4.4 billion in investment and has been projected to deliver an internal rate of return of 30.85%.

According to the National Programme Coordinator of SAPZ, Dr. Kabir Yusuf, the programme is structured to draw private-sector capital into agro-industrial development, expand exports, strengthen food security and increase value addition.

The numbers behind Nigeria’s food trade make the case for a stronger domestic production base. Yusuf cited concerns raised by Kyari over an annual food import bill of more than $10 billion, against agro-export earnings of less than $400 million.

A sizeable share of what Nigerian farmers produce is also lost before it reaches consumers. Yusuf put post-harvest losses at an estimated 30% to 60%, underscoring the pressure on the country’s storage, processing, transport and market systems.

The financing question is also receiving attention. Earlier this year, the Federal Government approved a N250 billion facility for the Bank of Agriculture to lend to smallholder farmers at a single-digit interest rate.

Kyari announced the facility at a Quarterly Citizens and Stakeholders Engagement Session in Abuja, presenting it as part of efforts to improve agricultural financing and insurance.

The Nigerian Agricultural Insurance Corporation, National Agricultural Quarantine Service and Bank of Agriculture are among the institutions expected to support farmers and strengthen the sector’s resilience.

What the government has now placed on the table is therefore larger than a tractor procurement programme. It is an attempt to establish the machinery, financing and commercial structures around which a more productive agricultural economy can operate.

The test will be whether the policy can translate equipment into dependable services for farmers, build local capacity to manufacture and maintain machinery, and connect increased production to processing, storage, transport and markets.

For Nigeria, the prize is substantial: higher farm productivity, stronger domestic manufacturing, more jobs, lower exposure to imported agricultural machinery and food, and greater value from an agricultural sector with room to expand.

CBN Opens New Regulatory Pathway for Virtual Assets and Data-Driven Finance

Nigeria’s digital financial landscape is entering another phase of experimentation as the Central Bank of Nigeria opens applications for the second cohort of its Regulatory Sandbox Programme, creating dedicated testing pathways for virtual asset businesses and data-driven financial innovations.

Applications opened on August 12, 2026, and eligible organisations have until August 31, 2026, to submit their proposals through the CBN Regulatory Sandbox Portal.

Unlike a one-size-fits-all approach to emerging financial technologies, the new cohort is divided into two specialised tracks: the Virtual Asset Service Provider Track and the Data-Enabled Financial Services Track.

The Virtual Asset Service Provider, or VASP, Track is designed for innovations involving virtual assets, stablecoins, payments, settlement systems, custody, wallets and related financial infrastructure. Businesses developing such solutions will be able to undertake supervised live testing within parameters established by the apex bank.

The second pathway is aimed at financial solutions built around secure digital infrastructure and permission-based data sharing. The Data-Enabled Financial Services Track excludes VASPs and is intended for technologies capable of improving financial inclusion, payments, access to credit, risk management, operational efficiency and consumer outcomes.

At the heart of the programme is a controlled testing environment in which innovators can develop and test new financial products, services, business models and technologies while engaging directly with regulators.

The CBN said the arrangement will allow it to gain a deeper understanding of emerging technologies as they are tested in real-world conditions, while ensuring that innovation advances alongside safeguards for consumers and the wider financial system.

Musa Jimoh, Director of the CBN’s Payments System Policy Department, said the speed at which financial technology is evolving is reshaping how individuals and businesses access financial services.

He explained that the sandbox, powered by technology in partnership with EMTECH, gives regulators and innovators a structured setting to experiment with new solutions without removing the protections required for consumers and the financial system.

According to Jimoh, the decision to establish separate tracks for virtual asset providers and data-enabled financial services reflects the changing character of financial innovation and the CBN’s effort to create a regulatory environment that encourages responsible and transparent technological development.

For applicants, however, entry into the programme will depend on more than having a novel idea. The CBN will assess proposals according to their level of innovation, readiness for controlled live testing, expected benefits to consumers and the market, governance arrangements, risk-management capabilities and the suitability of the proposed testing plan.

Those selected will carry out supervised experiments under conditions agreed with the CBN. The testing framework will include requirements covering consumer protection, operational resilience, cybersecurity and regulatory reporting.

The central bank has also drawn a clear line between participation in the sandbox and regulatory authorisation. Admission into the programme does not constitute a licence, approval or authorisation to conduct activities outside the specific testing parameters approved by the CBN.

That distinction is particularly significant as new financial technologies continue to develop across Nigeria. The sandbox is intended not simply as a testing ground for companies, but as a mechanism through which the regulator can gather evidence, identify emerging risks and strengthen its understanding of technologies that could shape the country’s financial system.

The CBN said lessons generated through supervised testing could subsequently contribute to the development of future regulatory and supervisory frameworks as Nigeria’s digital financial ecosystem evolves.

The second cohort therefore represents a strategic drive to balance two priorities that increasingly intersect in Nigeria’s financial sector: creating room for technology-driven innovation and maintaining the safety, resilience and integrity of the financial system.

The initiative also signals the CBN’s movement towards what it described as a transparent, proportionate and risk-based regulatory framework, one that can accommodate new financial models while protecting monetary and financial stability.

For Nigerian innovators working across virtual assets, digital payments, data-enabled finance and related technologies, the programme provides a structured route to test ideas under regulatory supervision and generate evidence that could influence the next generation of financial policy.

Eligible organisations seeking to participate must complete their applications through the CBN Regulatory Sandbox Portal no later than August 31, 2026.

The Gambia Turns to Nigeria’s TETFund Model for Higher Education Funding

The Gambia is looking to Nigeria’s experience with the Tertiary Education Trust Fund (TETFund) as it develops a new financing framework for its tertiary education sector.

The Gambian Minister of Higher Education, Research, Science and Technology, Prof. Pierre Gomez, disclosed this on Monday in Abuja after leading a high-powered delegation to TETFund headquarters for a meeting with its Executive Secretary, Sonny Echono.

The Gambian government has established the Tertiary and Higher Education Trust (THET) Fund, modelled after Nigeria’s TETFund, to support higher education institutions and address funding challenges in the sector.

Officials of the new fund are expected to undertake a study tour of TETFund, examining its operations, funding structure and intervention programmes. Gomez said Gambian authorities had monitored TETFund’s work through its website, social media platforms and other media channels and believed the Nigerian model could provide useful lessons for The Gambia.

He also proposed closer cooperation between TETFund and THET Fund in research and capacity development, saying such collaboration could strengthen higher education in both countries and deepen diplomatic relations between Nigeria and The Gambia.

Echono explained that TETFund evolved from the Education Trust Fund (ETF), established more than three decades ago in response to a funding crisis in Nigeria’s tertiary education sector. The challenge prompted the Federal Government and other stakeholders to seek a dedicated source of funding for higher institutions.

Before the introduction of the new Development Levy in 2026, TETFund was financed through a three per cent education tax on the assessable profits of companies registered in Nigeria.

Its interventions are targeted at public tertiary institutions and cover essential physical infrastructure, instructional materials and equipment, research and publication, academic staff training and development, and other areas critical to improving and maintaining standards in teaching, learning, research and academic development.

The study tour will give Gambian officials an opportunity to examine the institutional framework behind TETFund and determine which aspects can be adapted to The Gambia’s higher education system.

The delegation included Ms. Isatou Auber, Permanent Secretary, Ministry of Higher Education, Research, Science and Technology; Dr. Samba Sowe, Deputy Permanent Secretary (Technical); and Ms. Ndey Anta Taal, Project Coordinator, CPCU, Ministry of Finance and Economic Affairs.

The move puts Nigeria’s TETFund experience before another West African government as The Gambia develops its own mechanism for funding tertiary education.