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Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday, laid out comprehensive measures being implemented by the Federal Government to ensure that the gains of macroeconomic reforms substantially impact Nigerians.

Edun, who spoke at Oxford Global Think Tank Leadership Conference in Abuja, said the government’s reforms were being implemented with a clear focus on easing the hardship faced by citizens, particularly the poor and vulnerable.

He said while many Nigerians are struggling with impact of rising food and transport costs, the government is already rolling out targeted interventions to cushion these effects.

According to him, the government has established a transparent, accountable, and robust system for providing direct payments to 15 million households in Nigeria.

‘Each individual beneficiary is identified by name and their National Identity Number, and payments are made digitally-either directly to their bank accounts or mobile wallets,’ Edun said.

He explained that the digital payment approach ensures real-time monitoring, transparency, and accountability in the disbursement process.

Addressing concerns that some communities have not yet benefited, Edun said data showing the names of beneficiaries, who have received the first, second, and third tranches of payments, would soon be made public.

He added that beyond cash transfers, the government has introduced a ward-based development programme to deliver resources, information, and funding directly to Nigeria’s 8,809 wards in the 774 local governments.

He said: ‘The initiative will empower economically active people at the ward level-supporting small businesses, cottage industries, and local entrepreneurs to boost production and create sustainable livelihoods’.

According to him, the reform agenda is not only designed to stabilise the economy but also to ensure that its benefits reach right down to the lowest levels of society.

He described the ward-based initiative as a people-centred intervention that brings governance closer to the grassroots.

‘Our goal is to build an inclusive economy where every Nigerian feels the positive impact of reforms,’ Edun said.

On youth involvement, Edun lauded Nigerian youths for demonstrating values, such as empathy, integrity, and responsibility, which are essential qualities for the next generation of national leaders.

He also lauded the organisers of the conference for promoting dialogue on leadership and national development.

Former Director General of Securities and Exchange Commission (SEC) and Founder of Oxford Global Think Tank, Ms. Arunma Oteh, called for urgent and coordinated efforts to mobilise long-term capital, accelerate infrastructure development, and reform the management of Nigeria’s mineral resources to drive sustainable growth.

Oteh, a former vice president at the World Bank, said Nigeria’s economy would remain constrained until it attracts ‘reasonably priced, long-term, patient capital’ to finance government and private sector projects.

She noted that Nigeria’s infrastructure deficit remains a major obstacle to growth, saying while China invests about 24 per cent of its GDP in infrastructure, Nigeria invests only four to five per cent.

She said: ‘If we want to bridge our infrastructure gap, we must increase that investment to at least 12 per cent of GDP’.

Oteh praised some of the government’s initiatives to attract investment but urged the Central Bank of Nigeria (CBN) and Ministry of Finance to scale up their efforts.

‘Small businesses need affordable financing, and the government needs to expand its capacity to invest in roads, power, and logistics to move goods to markets,’ Oteh said.

She further called for diversification of Nigeria’s economy through its mineral sector, stressing that the country possesses at least 40 commercially viable minerals that remain largely untapped.

She said: ‘Why are we not exporting these 40 minerals in commercial quantities? Why are minerals still on the exclusive legislative list? We should decentralise the sector so that each state can develop and benefit from its natural resources. That is how to expand our revenue base and create jobs’.

She said the Oxford Global Project would soon publish a special report, titled: Reforming Africa’s Mineral Sector to Prosper Africa, reflecting renewed international interest in harnessing the continent’s resource potential.

She also spoke on qualities required for Nigeria’s transformation.

She said: ‘Our grandparents taught us that leadership is about values – doing the right thing even when it’s hard. If we have that kind of leadership, the next generation will take Nigeria to greater heights.

‘We all need to put our hands on deck- government, business, and citizens- to invest in our nation and create opportunities for everyone’.

Emir of Kano, Muhammad Sanusi II, described the country’s economic challenges as the cumulative consequence of delaying key reforms, particularly removal of petrol subsidy.

According to him, the decision to remove the subsidy was ‘not just an economic choice but a necessary correction to an unsustainable policy.’

He said: ‘If you pay N65 per litre and suddenly begin to pay N160, of course there will be hardship. The duty of leadership is to recognise that there will be costs and to mitigate them-not to avoid reform entirely’

The emir explained that Nigeria’s former subsidy structure operated as a ‘hedge’, not a true subsidy.

‘The government told 200 million Nigerians they would not pay more than a fixed amount per litre no matter what happened to oil prices or exchange rates. When oil went from $40 to $140, the government paid the difference. When the naira depreciated from N155 to N300, the government paid the difference. That was not a subsidy; it was the worst form of derivative-an open-ended hedge,’ he said.

He said this approach eventually led Nigeria into ‘borrowing money not just to pay subsidies but also to service the interest on those loans,’ describing it as ‘bankruptcy by policy.’

Reflecting on his 2012 warnings against delay in removing fuel subsidy, the former CBN governor remarked: ‘If we had removed it then, inflation would have risen slightly – from 11 to about 13 per cent – and stabilised. Now, we are facing inflation above 30 per cent. This is the cost of delay.’

He lauded the CBN Governor, Olayemi Cardoso, for steering the bank toward stability.

He said: ‘The Central Bank’s role is not to create growth or employment but to provide stability and an environment conducive to growth – and I believe the leadership has made progress in that regard’.

Lasaco Assurance Plc has compensated policyholders who suffered mishaps on their insured risks in 2024 to the tune of N13.1billion.

The claimants were paid, after they suffered disasters on their insured assets and lives respectively, in a move by the insurer to return the policyholders back to the financial positions they were prior to the mishaps.

The N13.1billion claims paid represents over 50 per cent out the N22. 82billion generated from insurance revenue in its 2024 financial year.

This payment, is however, an improvement over N6.54 billion paid in its 2023 financial year, an indication that it pays crucial attention to payment of genuine claims as and when due.

Meanwhile, the insurer has also raised additional N11.1billion in a move to meet the July 2026 recapitalisation exercise for the insurance industry.

Speaking during the 45th Annual General Meeting (AGM) at the company’s headquarters in Lagos, the Chairman, Mrs. Teju Phillips, disclosed to shareholders that the firm’s insurance revenue rose to N22.82billion, representing a 25 per cent increase from N18.29 billion in 2023.

She attributed this growth to market penetration and enhanced customer engagement.

She said: ‘Profit after Tax (PAT) leaped to N1. 54billion, reflecting an 18 per cent increase from N1.31billion within the period under review. This achievement underscores the company’s discipline, cost optimisation and operational efficiency’.

However, in a bid to strengthen the company, she said, Lasaco Assurance raised N11.1billion through a private placement, adding an additional 9.25 million shares to its existing shares, to enable it perform and compete better in the insurance industry.

Assuring that the underwriting firm is driving digital transformation and innovation by investing in various software and omnichannel customer engagement to enhance efficiently and accessibility, she noted that, the company remains committed to sustainability by expanding retail insurance solutions, through targeted policy offerings. Market expansion efforts focus on strengthening current market deepening and leveraging strategic partnership to deepen reach.’

To ensure long-term competitiveness, she said the company is upskilling its workforce even as risk management and governance framework are being enhanced through robust stress-testing measures to mitigate currency volatility regulatory shifts and geopolitical uncertainties.

‘Furthermore, we are actively exploring strategic alliances to co-create embedded insurance products, alligning with Nigeria’s expanding digital economy, ‘ she pointed out.

Responding to the shareholders’ questions on recapitalisation, the Managing Director/CEO, Mr. Razzaq Abiodun assured that the insurer is on the right track to recapitalise both its Life and Non-life businesses.

He said shareholders’ fund of the company is now in excess of N21.4billion, adding that, additional N11.1billion fresh capital raised is also a move in this direction.

‘So, we are doing everything possible to meet the deadline. The company will continue to operate with both life and non-life licenses. The recapitalisation plans submitted to the National Insurance Commission (NAICOM) exceeded the regulatory capital benchmark, a sign that the company is moving in the right direction.

‘The process of recapitalisation is currently ongoing and we believe we will conclude all the necessary processes and documentation before the deadline slated for next year’, he added.

The Department of State Services (DSS) has trailed to Oyigbo, Port Harcourt, Rivers State, and arrested one Innocent Chukwuma who used his social media handle to rally the military to overthrow the current government.

Posting on his ‘X’ handle ‘@TheAgroman,’ Chukwuma stated that a coup was needed in Nigeria and called on the military to ‘suspend the Nigerian government.’

He posted: ‘A coup in Nigeria is needed.

Dispose of APC, suspend the Nigerian Government, and join the AES. That is all we need now.

‘It will happen eventually. Nigerians, the military needs your support now! Only them can save this country.

‘The bastard in Aso Rock has basically sold this country to the West, and they run our intelligence apparatus. Only the military can reset this country. Support them,’ Chukwuma posted.

A source disclosed that the suspect is cooperating with DSS investigators.

The Enugu State government has appointed former national hurdler and AFN Performance Director Victor Okorie as Chairman of the Enugu State Athletics Association Board.

His inauguration conducted by the state’s Commissioner for Sports, Ike Ekweremadu Jr, also saw 10 other members unveiled to drive a fresh era of track and field development in the state.

Meanwhile in a goodwill message, Coach Chukwuashi hailed the appointments and urged the new board to bring passion and integrity to the job.

Okorie, visibly elated, thanked Ekweremadu for the confidence reposed in him, pledging to revive Enugu’s dominance in athletics.

‘We’ll give everything to restore Enugu to the top of Nigerian athletics,’ he vowed.

A respected figure in grassroots sports across the South East, Okorie’s new mandate includes preparing the state’s athletes for the upcoming National Sports Festival and other major competitions.

The board members include:

*Victor Okorie

Coach Elizabeth Chukwuashi

Onovo Boniface

Henry Nwosu

Eze Justus

Agu Justin

Emeka Benjamin Chukwu

Chris Onwuzuruike

Ephrem Ochonma

Ken Onuaguruch

John Ikpechi

The Senior Special Assistant to the Governor of Ondo State on Public Enlightenment, Comrade Olufemi Lawson, has lauded Governor Lucky Aiyedatiwa for his visionary leadership and commitment to positioning the state as a trailblazer in technological innovation through the adoption of Artificial Intelligence (AI).

Lawson in a statement following the recent Ondo State Artificial Intelligence Adoption Summit, described the Governor’s foresight in embracing AI as ‘a defining moment in the state’s march toward a smarter, more inclusive, and digitally driven governance model.’

The two-day summit, organized by the State Information Technology Agency (SITA), is being hosted under the theme of responsible and inclusive AI adoption, with participants drawn from government institutions, academia, private sector innovators, and youth-led tech initiatives.

Lawson particularly commended the Executive Chairman of SITA, Hon. Tomide Akinribido, for his ‘exceptional leadership, dedication, and vision,’ noting that his stewardship is turning SITA into a hub of innovation and a key driver of Ondo State’s digital transformation agenda.

Quoting from Akinribido’s welcome address at the event, the SSA said: ‘This summit is more than an event; it is a movement, a call to action for governments, industries, academia, and citizens to embrace artificial intelligence not as a threat, but as an enabler of progress, innovation, and inclusive growth.’

Lawson praised the emphasis on ethical, transparent, and inclusive AI deployment, stressing that the summit underscores the Governor’s broader commitment to using technology to enhance public service delivery, drive economic growth, and improve the quality of life of citizens.

He further noted that under Governor Aiyedatiwa’s administration, Ondo State has made remarkable strides in digital governance, automation of public services, and capacity building among civil servants and youths, which have collectively laid the groundwork for this new AI initiative.

‘Governor Aiyedatiwa’s decision to champion AI adoption demonstrates courage and clarity of purpose. It reflects a leadership that is not afraid of the future but is determined to shape it responsibly,’ Lawson said.

He added that the government’s partnership with innovators and technology stakeholders through SITA represents a sustainable model of public-private collaboration in advancing the state’s digital ecosystem.

As deliberations continue at the summit, the SSA expressed optimism that the outcome would define Ondo State’s strategic roadmap for AI integration in critical sectors such as education, healthcare, agriculture, security, and governance, making the Sunshine State a reference point in Nigeria and beyond.

‘The Aiyedatiwa administration is not just building infrastructure; it is building intelligence, transforming governance through knowledge, data, and innovation,’ Lawson said.

The Federal Inland Revenue Service (FIRS) has restated its commitment to building a transparent, inclusive, and technology-driven tax system that fosters clarity, trust, and shared prosperity among Nigerians.

Executive Chairman of FIRS, Dr. Zacch Adedeji, made this known in his keynote address at the Abuja Edition of the 2025 Emerging Taxpayers’ Tax Clinic, held on Tuesday.

According to Adedeji, the FIRS is focused on bridging the gap between citizens and government through open communication, modernized systems, and simplified processes that make tax compliance easier for individuals and businesses.

‘This Tax Clinic is not just a program, it is a bridge between the government and the governed, policy and people,’ he said. ‘Our tax reforms are designed to simplify compliance, reduce bottlenecks, and build trust with taxpayers. A modern revenue system can only thrive on fairness, empathy, and collaboration.’

He explained that the ongoing tax reforms aim to remove complexities that often discourage compliance, while ensuring that revenue collection supports national growth and development in an equitable manner.

Speaking during a panel session at the event, Mr. Collins Omokaro, Special Adviser on Communications and Advocacy to the Executive Chairman, said the FIRS is transforming public perception of taxation.

‘What we are doing is changing the narrative-from tax being seen as a burden to being understood as a shared responsibility for national growth,’ Omokaro said. ‘This Clinic reflects the power of clarity and collaboration.’

The Abuja Tax Clinic featured multilingual community outreach programmes and media campaigns in English, Pidgin English, Hausa, Yoruba, and Igbo, ensuring that the message of voluntary compliance and taxpayer support reached Nigerians across different backgrounds.

The event also provided a platform to deepen public understanding of the recently enacted four new Tax Reform Acts: Nigeria Tax Act; Nigeria Tax Administration Act; Nigeria Revenue Service (Establishment) Act; and Joint Revenue Board (Establishment) Act.

These laws, described by participants as a landmark in Nigeria’s fiscal framework, are designed to simplify tax administration, harmonize revenue systems, and place taxpayers at the center of policy design and implementation.

According to FIRS, the Tax Clinic continues to serve as a strategic tool to strengthen voluntary compliance, improve service delivery, and foster trust between taxpayers and government institutions.

Participants benefited from expert presentations, interactive service desks, and panel discussions that provided practical guidance on registration, filing, dispute resolution, and available incentives under the new tax administration framework.

There was strong institutional representation from key partner agencies, including the Federal Capital Territory Internal Revenue Service (FCT-IRS), Corporate Affairs Commission (CAC), Joint Tax Board (JTB), Tax Appeal Tribunal (TAT), National Identity Management Commission (NIMC), and Nigerian Investment Promotion Commission (NIPC).

Also in attendance were major professional bodies such as the Chartered Institute of Taxation of Nigeria (CITN), Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN), Nigerian Bar Association (NBA), and Nigerian Medical Association (NMA).

These partners operated service desks at the event, providing hands-on support to taxpayers, responding to inquiries, and offering real-time guidance on various tax-related issues.

FIRS, in a statement, expressed appreciation to its institutional partners, professional bodies, and the thousands of taxpayers who participated both physically and virtually, describing the Abuja edition as ‘a resounding success.’

The Emerging Taxpayers’ Tax Clinic, which has held in several states across the country, forms part of the Service’s broader effort to modernize Nigeria’s tax administration, improve compliance rates, and promote an inclusive, technology-driven tax culture that supports national development.

Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas have reaffirmed the commitment of the National Assembly to strengthening democracy through education, research, and institutional development.

The National Assembly leaders spoke at the ninth convocation of the National Institute for Legislative and Democratic Studies (NILDS).

They underscored the role of education, particularly legislative and democratic studies, in fostering accountable governance, improving public service delivery, and sustaining democratic development in Nigeria.

Akpabio, who is the Chairman of the Governing Board of the institute, noted that it was imperative to strengthen the nation’s legal frameworks and oversight mechanisms to ensure effective governance and equitable distribution of public resources.

He promised that the National Assembly would continue to deploy its legislative and oversight instruments to enhance transparency, revenue generation, and service delivery.

Akpabio said: ‘As members of the 10th Senate, we will continue to strengthen existing legal frameworks and enhance our oversight of public institutions to ensure they deliver effective public service.

‘Our efforts have already contributed to increased revenue accruing to the Consolidated Revenue Fund, leading to higher allocations to the states and the federal government.’

The Senate President urged state legislatures to complement the efforts of the National Assembly by holding governors accountable to ensure the prudent and equitable use of the additional funds now available to subnational governments.

Abbas lauded the partnership between NILDS and the University of Benin (UNIBEN) for their sustained collaboration in promoting academic excellence in legislative studies.

The Speaker, who was represented by the House Leader, Prof. Julius Ihonvnere, said the NILDS/UNIBEN programmes has produced professionals who are better equipped to confront Nigeria’s governance and institutional challenges.

He expressed delight about the reforms of President Bola Ahmed Tinubu’s administration, saying key economic indicators were beginning to improve.

Abbas said: ‘Though we may have different experiences, what is clear is that our economy is on a better growth trajectory today than it would have been under a business-as-usual scenario.’

The Speaker noted that inflation had dropped below 20 per cent, while the value of the naira was appreciating against major currencies.

He attributed these developments to the government’s fiscal and tax reforms.

‘The 10th House of Representatives is committed to reforming the budget process to ensure strict adherence to timelines for preparation, enactment, implementation, and oversight,’ Abbas stated.

The NILDS Director-General, Prof. Abubakar Sulaiman, said the Institute’s academic programmes were designed to bridge knowledge and capacity gaps in democratic institutions across the country.

He said the NILDS/UNIBEN partnership continued to produce graduates with the skills necessary to strengthen governance, policy-making, and legislative practices.

Sulaiman said a total of 79 students graduated from various programmes, including 19 from the Higher National Diploma (HND) courses, nine from Postgraduate Diploma (PGD) programmes, and 51 from Master’s degree programmes in Legislative and Democratic Studies.

The NILDS director general urged the Federal and state governments to prioritise the funding of the education sector in the 2026 fiscal year.

He stressed that inadequate funding would continue to undermine the quality of human capital development across the country.

‘The funding of higher institutions has a direct relationship with human capacity development. Low funding translates to poor-quality graduates,’ Sulaiman said.

‘I also urge the government to find a lasting solution to the incessant ASUU strikes that have bedeviled and distorted our university system.’

The NILDS director general hailed the UNIBEN management and workers, led by its Vice Chancellor Prof. Edoba Bright Omoregie (SAN), and the National Board for Technical Education (NBTE) for their partnership and accreditation support, which have helped the institute to sustain high academic standards.

Sulaiman announced that admissions for the 2025/2026 academic session had begun.

The director general said the institute had been receiving applications for its programmes, such as Master’s degrees in Elections and Party Politics, Legislative Studies, Parliamentary Administration, and Constitutional Law and Development.

The event enabled stakeholders to reflect on the role of legislative institutions in consolidating Nigeria’s democracy.

Speakers agreed that education and capacity building were key to improving governance outcomes and strengthening public confidence in democratic institutions.

The Federal Government has concluded plans to partner with the World Bank, research institutions, and coastal communities to promote innovation, ensure environmental sustainability, and enhance data-driven planning for fisheries and aquaculture development.

Minister of Marine and Blue Economy, Mr Adegboyega Oyetola who disclosed this in Lagos, said efforts are also being directed towards strengthening the cold chain system, promoting value addition through fish processing and packaging, improving access to quality feed and seed, developing functional hatcheries, expanding extension services, and facilitating access to finance for fish farmers and entrepreneurs.

In his keynote during a one-day interactive seminar between Stakeholders and Regulatory Authorities involved in Stockfish and Seafood Import and Export Trade in Nigeria organized by the Norwegian Seafood Council and the Norwegian government in Lagos, he said the Federal Ministry of Marine and Blue Economy recognizes the importance of seafood trade not only as an economic activity but also as a source of animal protein and a driver of industrial linkages.

‘The seafood sector connects production, processing, storage, transportation, and marketing, thereby creating a comprehensive value chain that sustains livelihoods and supports national economic objectives.

‘The Ministry is partnering with development partners such as World Bank, research institutions, and coastal communities to promote innovation, ensure environmental sustainability, and enhance data-driven planning for fisheries and aquaculture development. In addition, the Ministry is also working to ensure that fish is affordable and available for the ordinary Nigerian.

‘The Ministry is equally working towards streamlining seafood import and export processes, thereby reducing administrative bottlenecks, and ensuring regulatory harmony through collaboration with relevant agencies such as NAFDAC, SON, the Nigeria Customs Service, and the Federal Ministry of Industry, Trade and Investment, as well as through the National Single Window platform and the digitalization of the entire fisheries and aquaculture processes,’ he said.

Under the Blue Economy framework, government he said is implementing measures to strengthen monitoring, control, and surveillance systems to address Illegal, Unreported, and Unregulated (IUU) fishing; promote private sector investment in aquaculture and fisheries infrastructure; upgrade fish handling, processing, and certification systems to meet international export standards; and enhance collaboration with international partners on research, innovation, and digitalization of fisheries management.

Oyetola acknowledged the fact that the government alone cannot achieve all the goals, underscoring the need for partnership. ‘Stakeholders must continue to cooperate with regulatory authorities, comply with established standards, and support the implementation of government policies and programmes. I encourage all stakeholders to freely express their concerns and share practical suggestions that will enable Government to address existing challenges and strengthen the regulatory environment.

‘I reaffirm the commitment of the Federal Ministry of Marine and Blue Economy to the development of a sustainable, efficient, and inclusive seafood value chain that will contribute to national food security, employment generation, and economic growth. Working together, we can transform Nigeria’s fisheries and aquaculture sector into a globally competitive industry that not only feeds our people but also advances the national Blue Economy,’ he said.

Royal Norwegian Ambassador to Nigeria, Mr Svien Baera, renewed the call for the inclusion of stockfish and its head in the list of goods with zero import duty to make it affordable in the country.

Baera urged President Bola Tinubu to intervene in the sustainability of the sector through the zero import duties on stockfish due to the low quota of cod (the primary fish for stockfish) and its subsequent price increase fundamentally due to the forces and demand and supply.

The Norwegian envoy said Nigeria remained one of its largest markets in the world, adding that government intervention would help drive affordability among the large consuming population.

‘Nigeria is consistently one of the largest importers of Norwegian stockfish in the world. It is an important part of the Nigerian kitchen.

‘What started as a trade relationship many decades ago has now grown into something mutually beneficial. This is not just a story of commerce; it is a story of cultural exchange.

‘Both our nations share a strong commitment to sustainability to ensure that our oceans continue to provide for generations to come.

‘As part of this responsible approach, we have in recent years seen a reduction in cod quotas, reflecting the need to protect fish stocks and support long-term marine health.

‘Unfortunately, this necessary reduction has led to increased prices for both stockfish and stockfish heads, impacting both producers and consumers.

‘Hence, we respectfully appeal once again for zero import duty on stockfish heads as a meaningful step towards ensuring continued accessibility and affordability for Nigerian consumers,’ Baera said.

Also speaking on the occasion, both the Director of Africa, Norwegian Seafood Council, Mr Johnny Haaberg, and Fisheries Consultant to Norwegian Seafood Council, Ms. Abiodun Oritsjemine Cheke also supported the envoy’s call for zero-duty on the importation of fish head to promote the health of Nigerians.

‘We try to share our knowledge about aquaculture and management of fisheries, also with Nigeria, and we have been doing that for many years, and we think the cooperation is very good.

‘We have been raising the issue of zero duties for stockfish imports because we think the Nigerian consumers deserve better access to cheaper stockfish heads.

‘Actually, we would wish to have more stockfish heads and stockfish at a good price to offer to the Nigerian market.

‘But because of the lowering of our quotas, the exporters that are here, they sell everything they have, and they are not able to access more,’ Haaberg said.

Ms. Cheke said Norway is ready to increase the training of local fish farmers in the country to increase local export opportunities.

‘In the coming year, we will embark on the training of fish farmers and government officers in fisheries in the sustainability aspect and the documentation aspect of the trade.

‘Nigeria’s product is banned from international trade simply because of documentation, sustainability and quality assurance.

‘So, with this, we intend to leverage it to complement the last training we did for the fish farmers and fisheries officers.

‘And we are also appealing to the federal government that stockfish, especially the heads, is for everybody and is about the cheapest protein in Nigeria.

‘Stockfish heads should be placed on zero per cent import duties for a 150-day period, like the other staple foods. We are also praying for our appeal on zero per cent to be heard and for stockfish heads,’ Cheke said.

The Nigerian Ports Authority (NPA) has reaffirmed that its greatest asset lies not only in infrastructure and technology but in its people, who drive the nation’s maritime growth.

Its Managing Director, Dr. Abubakar Dantsoho, stated this yesterday, during the maiden edition of the National Mentoring Day celebration held at the Authority’s headquarters in Lagos.

Represented by the Executive Director of Finance and Administration, Vivian Richard-Edet, Dr. Dantsoho said the event marked a significant milestone in the Authority’s commitment to nurturing future leaders, promoting knowledge transfer, and entrenching a culture of continuous learning and professional growth.

‘This occasion marks an important milestone in our commitment to nurturing future leaders, promoting knowledge transfer, and institutionalising a culture of continuous learning and professional development,’ he said.

He added that while NPA continues to invest in world-class infrastructure and advanced port technology, its most valuable strength remains its workforce.

‘As an organisation at the heart of Nigeria’s maritime economy, we recognise that our true strength lies not only in infrastructure and technology but, more importantly, in our people,’ he emphasised.

Dantsoho also applauded the contributions of young professionals serving under the National Youth Service Corps (NYSC) at the NPA, describing them as the next generation of innovators and change agents who will shape the future of the maritime industry and Nigeria’s economy at large.

‘The young professionals serving here under the NYSC are not just temporary participants; you represent the next wave of innovators, administrators, and change agents who will shape the future of the maritime sector and, by extension, our national economy,’ he said.

Established in 2014 and inaugurated in London in 2016, National Mentoring Day is celebrated globally on October 27 each year. The observance encourages individuals and organisations to participate in mentoring, ensuring equal opportunities for people to realise their potential.

The initiative aligns with the United Nations Sustainable Development Goal 10 (SDG 10), which seeks to reduce inequalities by promoting inclusion and breaking down barriers through mentorship.

It is crucial to start this by acknowledging the importance of Dangote Refinery as a turning point in Nigeria’s oil and gas downstream sector. For nearly 40 years, the country has relied on imports to meet its energy needs, even though Nigeria is a major crude oil producer and the government has built three refineries.

This situation has caused a lot of contention for the country, including the introduction of fuel subsidies to provide a cushion for impoverished citizens in the country at the mercy of international markets.

The completion of the $20 billion Dangote Refinery is a monumental achievement. With a projected capacity of 650,000 barrels per day, it is the largest single-train refinery in the world and a symbol of industrial ambition with the potential to change the lives of Nigerians for the better or worse.

The Dangote Refinery can become a catalyst for healthy competition, accelerating the development of the downstream sector, or a monopolistic force that stifles competition, dictates prices, and undermines the broader goals of economic inclusion. The direction the refinery takes will be decided by the actions of Nigeria’s regulatory agencies.

The Promise and the Peril

The Dangote Refinery promises to transform Nigeria’s energy landscape. We can already see the added benefits of local production in the stabilisation of the naira against the dollar as the country saves billions in foreign exchange and reduces its reliance on imported refined petroleum products. But, there have also been concerns about how the Dangote Refinery, which, despite its scale, intends to achieve vertical integration, will stay profitable without artificial market dominance.

Moves made in the company’s first year of operations suggest the Dangote Refinery is looking to replicate its attempts at a forced monopoly in other sectors in the downstream oil and gas sector. The refinery has already sought to disrupt the complex logistical network that ensures petroleum reaches final consumers by introducing a ‘free’ delivery service targeting major retailers, in a bid to incentivise them to ditch their long-term relationships with importers and depots and to buy products exclusively from the refinery. Industry stakeholders have condemned this move as predatory.

The Dangote Refinery has also been accused of abruptly lowering ex-depot petroleum prices and bearing the cost differential to undercut importers who cannot bear the losses incurred by this tactic. Already, many major importers and depots have been forced to shutter their businesses or risk bankruptcy. When challenged on the integrity of its tactics, the Dangote Refinery has defended its actions as healthy market competition.

A monopoly, even one born from private investment and innovation, can distort markets. It can lead to price manipulation, limit consumer choice, and create barriers for new entrants. In the absence of robust regulatory oversight, the very infrastructure meant to empower the economy could end up concentrating power in the hands of a few.

The Mandate of Regulators

Nigeria’s regulatory bodies, particularly the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Federal Competition and Consumer Protection Commission (FCCPC), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), have a constitutional and moral obligation to safeguard the principles of fair competition.

It is their responsibility to ensure transparency in all business practices, monitor market behaviour and intervene when predatory actions are taken against competitors or consumers, even when they are ‘legal’. They must also enforce anti-trust laws and deter larger corporations from engaging in anti-competitive practices that marginalise smaller marketers. But most importantly, it is their responsibility to provide a favourable environment for new entrants into the downstream sector, and by doing so, ensure the energy sector remains resilient and dynamic.

The Dangote Group is only as big and successful as it is today because regulatory agencies ensured indigenous entrepreneurs were protected from monopolistic manoeuvres from international competitors. The same consideration must now be extended to other players in the energy sector to balance industrial ambition and market fairness. The Dangote Refinery represents a significant advancement towards self-sufficiency, but that doesn’t exempt it from the same standards of accountability that any other market participant must adhere to.

A Delicate Balance

Nigeria stands at a crossroads. The emergence of the Dangote Refinery offers a rare opportunity to redefine the country’s energy future. The refinery may be privately owned, but the market it operates in belongs to the people.

The future of the energy sector is the responsibility of the agencies tasked with ensuring that Nigerians reap the benefits of deregulation and that companies maximise the opportunities a free market offers Nigerian entrepreneurs. If local regulators rise to the occasion, they can ensure that this refinery becomes a cornerstone of shared prosperity, not a symbol of concentrated power.