The new boss at Nigeria's extractive watchdog says the 2007 law that created his agency needs a serious upgrade because it does not give them enough power to actually police the oil and gas giants. Musa Sarkin Adar pointed out that previous leaders complained about the same gaps when they came to him back when he was in the House of Representatives, and he thinks you cannot effectively monitor powerful industry players without real enforcement teeth.
The outgoing guy mentioned that the government clawed back $3 billion through their reporting work, and they flagged over $6 billion in unpaid revenues that companies owed. Nigeria scored 92 out of 100 on outcomes and 90 out of 100 on transparency in their latest global review, despite...
Nigeria's oil minister checked out the African Energy Bank headquarters in Abuja and said the country nailed its hosting duties by getting the place fully furnished and ready to roll. Senator Heineken Lokpobiri wants APPO and Afrexim Bank to show up and officially open the thing since those two groups are running the whole operation.
The building sits in what he called the best spot, and everything Nigeria promised has been delivered. Officials are waiting on the African Petroleum Producers Association ministers to swing by and see that the host country kept its word on the setup.
The housing minister wants state governments to drop 1-3 percent of their yearly budgets on land admin and systematic titling because he thinks solid land governance is the main path to hitting a trillion-dollar economy. Ahmed Musa Dangiwa told the land directors conference that half the money needs to go straight into actual work, like digitization, surveys, and dispute resolution, instead of office furniture and cars.
Nigeria bombed the World Bank property registration rankings because of endless red tape, slow processing times, and costs that scare off investors. The government launched the Land4Growth program to unlock around $300 billion in dead capital by getting land properly registered and titled across the country. The...
Nigeria's power sector just pulled in over $2 billion in new investment under the current administration, according to Power Minister Adebayo Adelabu. The government rolled out a massive metering push to fix the billing nightmare, where half the country still gets hit with estimated charges. Two programs will drop 13.45 million meters across the grid, and they're installing remote tracking tech to stop the sketchy billing practices.
The big structural shift came from the 2023 Electricity Act, which lets states build their own power markets for the first time ever. Revenue at the distribution level jumped from around $1 trillion naira to $1.7 trillion, and they're projecting $2.3 trillion soon. The grid finally synced with the West...
Nigeria's stock market just cut settlement time from three days down to two, which means trades close faster and money moves quicker for everyone buying or selling shares. The Central Securities Clearing System boss said cutting that extra day out of the process makes the market more competitive globally while reducing risks for investors who want their cash or securities without waiting around forever. Trading volume has already doubled to nearly 10 trillion naira this year, with foreign investors making up over 20 percent of activity.
The switch brings equity trades in line with how bonds and commodities already settle, and regulators worked with exchanges and custodians to test everything before flipping the system over. If someone...
Nigeria's central bank reported that private-sector lending hit 74.41 trillion naira after the monetary policy committee slashed interest rates by half a percentage point to 27 percent. The jump came right after the first rate cut since 2020, and credit bounced back nearly 2 trillion naira from the previous period when it had crashed to 72.53 trillion. Banks had been parking cash with the central bank instead of lending it out, but regulators tweaked the rules to push more money toward businesses.
Private lending made up about 75 percent of total domestic credit while government borrowing dropped to just 25 percent, which flipped the ratio from a year earlier when the state was gobbling up way more of the available funds. Credit levels...
Nigeria's finance minister told African countries they need to start trading more with each other because foreign aid keeps getting slashed. Wale Edun said development assistance dropped nine percent last year and will probably fall another 17 percent this year based on what the African Development Bank is predicting. He mentioned that debt payments are eating up money that could go toward building stuff, and the whole multilateral cooperation framework that existed for decades is basically falling apart, except maybe for health and climate initiatives.
Some organization called Welcome 2 Africa International said they're working on at least 10 trade deals between African and Arab markets worth a minimum of 100 million dollars each. The...
Nigeria LNG and the content development board met up to hash out plans for fixing Trains 1 through 6 at the gas plant on Bonny Island. The company calls their upgrade project Accelerated Asset Intervention, and they want it rolling next year to keep the facility running at top performance levels. NLNG's production manager said predictive maintenance will help them stay competitive while delivering value back to the country.
The content board boss pledged support for getting approvals done fast, like they did with Train 7, which kicked off during the pandemic after regulators green-lit everything quickly. He mentioned that the board and NLNG already worked together on the first service agreement between an operator and regulator in...
The company running Nigeria's electronic truck system said over 3 million trucks passed through Lagos ports in nearly five years, and they dropped more than 4 billion naira setting up the whole operation. Trucks Transit Parks manages the Eto call-up platform that books trucks digitally to stop the insane traffic jams that used to shut down access roads around the port facilities. The system killed off human meddling in scheduling, and port access became way smoother after launch.
TTP's boss mentioned truckers still game the system by faking license plates or duplicating delivery orders since Nigeria doesn't have centralized plate production. The firm built an electronic tagging solution to give each truck a tamper-proof digital...
