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The Science Practitioners Association of Nigeria (SPAN) has set a new national agenda to make science and laboratory development the cornerstone of Nigeria’s economic transformation, as the country seeks to position innovation and research as key growth drivers.

This is even as SPAN has unveiled SPANInnovate 2025, a flagship national conference and exhibition, aimed at bridging the gap between innovation and implementation by uniting government, academia, industry, and research stakeholders to drive measurable scientific progress in Nigeria.

Kate Isa, SPAN’s president and CEO of The Katchey Group, said the association is determined to make science and laboratory development the cornerstone of Nigeria’s economic transformation. ‘At SPAN, we believe that science is not just the foundation of technology but it is the bedrock of every sustainable economy. If Nigeria must compete globally and achieve true self-reliance, science and laboratory development must take centre stage in policy, investment, and national planning.’

Isa announced that SPANInnovate 2025 has already secured institutional support from key national and regulatory bodies including the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), the Tertiary Education Trust Fund (TETFund), the Standards Organisation of Nigeria (SON), the Science Teachers Association of Nigeria (STAN), and the Institute of Public Analysts of Nigeria (IPAN).

She also revealed that the PVAC National Coordinator, Abdu Mukhtar, will flag off the conference and lead the signing of a Memorandum of Understanding (MoU) between PVAC and SPAN cementing a partnership aimed at unlocking Nigeria’s healthcare and science value chains.

‘These collaborations reflect our collective resolve to build a science-driven economy, the one where innovation is not just celebrated, but applied to solve real national challenges,’ Isa added.

SPANInnovate 2025, themed ‘Science, Laboratory, and Sustainable National Development’ is a four-day event that will feature high-level conferences, expert panels, masterclasses, networking sessions, and an exhibition of cutting-edge laboratory technologies.

Manufacturers and innovators are expected to showcase next-generation products, with attendees enjoying exclusive discounts of up to 40 percent during the exhibition. Isa also spotlighted The Katchey Group’s role in strengthening Nigeria’s research ecosystem, citing partnerships with universities including the Federal University of Technology (under the Africa Centre of Excellence initiative), which her firm has equipped with advanced laboratories.

‘Without quality products, your research is a waste of time. We support these universities with top-quality laboratory equipment and training. ‘Our goal is to help them achieve international accreditation so their research meets global standards and generates local revenue. This way, we are activating centres of excellence across Nigeria and ensuring that researchers have hands-on exposure to modern science,’ she said.

Tunde Lawal, managing director of Turner Wright Biosciences Ltd and a veterinarian by training, reiterated that SPAN’s focus is on collaboration and self-regulation within Nigeria’s science sector.

‘Science is universal, whether in the lab or in life sciences. For years, there were overlapping interests between regulators and practitioners, but SPAN is changing that by promoting collaboration and self-regulation. ‘Our president’s passion and leadership are the driving force behind this renewed unity in the science community. If we continue on this path, not even the sky can limit what we can achieve,’ he said.

Uzomba Nwojie, chairman of Finlab, emphasised the practical nature of science and the critical role of laboratories in protecting citizens and the environment.

‘Science is not something you preach, it is practical. Laboratories safeguard our nations by verifying the safety of the food we eat, the drugs we take, and the chemicals we use. ‘We must build and enforce the rules that make science sustainable and credible. That is why this association exists to make sure things are done the right way,’ Nwojie said.

Nwojie also commended SPAN for setting a new precedent through the annual conference, saying each edition builds on the success of the last.

‘Next year’s event will be even better,’ he said. ‘This initiative will spread like wildfire across the country because real change begins when scientists and not just politicians drive national progress.’

Sonola Ola, vice president of SPAN and CEO of One Network, called on Nigerians to participate actively in the event, noting that implementation remains the biggest challenge in the country’s scientific journey.

‘Wherever we are in science and technology, we must be ready to act. Implementation is always the issue, but now is the time to start. We are sowing the seed with SPANInnovate 2025. The results will shape the future of science and innovation in Nigeria,’ he noted.

The Nigerian National Petroleum Company Limited (NNPCL) has announced a total revenue of N4.26 trillion in September, this represents a decline from N4.654 trillion recorded in August 2025.

According to the Company’s monthly financial report published on Tuesday, the profit after tax stood at N216 billion, which is also a decrease from N539 billion recorded in August.

BusinessDay’s analysis of the report showed that crude oil and condensate production for the month was 1.61 million barrels per day. Of this total, crude oil production was 1.37 mmbpd, dropping from 1.38 mmbpd recorded in August. While the total condensate was 0.24 mmbpd dropping from 0.26 mmbpd in August.

Also, natural gas production stood at 6,284 mmscfd while sales was 3,443 mmscfd in September. This sales volume is a decrease from 4,201 mmscfd in August.

The report also indicated that the company had made statutory payment to the government, totalling N10.073 trillion from January to August.

The company said it sustained industry wide collaboration and drive production recovery initiatives. It added that production levels during the period were temporarily moderated due to planned maintenance activities including those at NLNG alongside the phased recovery of previously shut-in assets and delays in the commencement of operations at OMLs 71 and 72.

The company noted that substantial progress has been recorded as regard the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, as sustained focus is being directed towards completion of the mainline works. Also, on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, it said the implementation of revised execution strategy is underway to ensure delivery within target timelines.

The report indicated that 113km portion of OB3 Gas Pipeline has been commissioned and flowing circa 300mmscf/d of gas from gas producers including: AHL-250mmscf/d and Platform, Chorus and Xenergi – 50mmscf/d.

Sunil Taldar, Airtel Africa chief executive officer, has called for stronger cross-sector collaboration, smarter networks, and a continent-wide investment in local data centres to drive Africa’s next digital leap.

Speaking during his keynote address at the Mobile World Congress (MWC25) Kigali, Taldar said the continent is entering a decisive decade of digital transformation, one that will redefine Africa’s telecom revolution from merely connecting people to enabling them to create and capture value through technology.

‘Africa’s digital decade has begun. The continent that once leapfrogged into mobile telephony is now ready to leap again – into an era where every byte of data fuels productivity and every connection builds prosperity,’ he stated. According to him, ‘Africa is ready for its next leap from access to productivity. This requires partnership – between operators who co-build, technology manufactures who equip, regulators who enable, investors who believe, tax regimes which support and young Africans who create. Together we can build a continent where data is processed locally, talent is nurtured nationally, and innovation is scaled globally,’ The CEO averred that, Africa’s digital future needs AI to make networks smarter and greener, customer experiences more intuitive and mobile money more secure and intuitive, adding that it will also require a connected network of data centres linked by high-capacity fibre to unlock inclusive digital participation even in remote regions.

‘Airtel Africa is investing in major data-centre hubs in Nigeria and Kenya to support the continent’s digital future. We are also deploying AI in operations, including SMS spam detection, customer onboarding, mobile money fraud detection and sites’ energy optimisation,’ he added.

This year’s edition of the annual gathering of industry leaders, innovators and policymakers held annually in Kigali Rwanda tagged MWC25 explores how connectivity and digital technologies are accelerating Africa’s transformation. Paul Kagame, Rwanda’s president, noted that Africa has gone from limited connectivity to a mobile-driven economy in a few years. ‘While the challenges that Africa faces are significant, they also offer great growth potential if we collaborate. Governments, the private sector and other partners should harmonise policies and create the right environment for innovation. This will enable our data and payment systems to flow securely across borders and connect our economies. The future we must build is an Africa that is bold, connected and competitive,’ Kagame added.

Governor Bassey Otu of Cross River State has signed into law two pivotal bills passed by the Cross River State House of Assembly, namely, the College of Agriculture, Science and Technology, Obubra (Amendment) Bill, 2025 and the Cross River State Office of the Surveyor-General Bill, 2025, marking another milestone in his administration’s commitment to institutional reforms and sustainable development.

Speaking during the signing ceremony held at the conference room, Government House, Calabar, Governor Otu lauded the State House of Assembly for its steadfast collaboration and proactive legislative engagement with the executive arm, describing the partnership as a model of effective governance.

‘It is because of the House,’ the Governor said. ‘The collaboration and co-working have been wonderful. Your proactiveness is second to none. I believe our relationship will continue to grow stronger by the day.’

He noted that the new laws would significantly strengthen education, land management, and governance structures in the State, aligning with his Administration’s People First Agenda aimed at improving livelihoods through institutional efficiency and inclusiveness.

Governor Otu, while appending his signature to the bills, emphasised that education and institutional stability are central to his development blueprint for the state. He stressed that the new laws would help reposition key sectors for optimal performance and credibility.

‘Without education, we could not be here,’ the Governor remarked. ‘What we are doing is to put our state on a proper pedestal for progress. We are very focused, and we’ll continue to strengthen institutions that support growth and innovation.’ In his executive summary of the two bills, the Speaker of the Cross River State House of Assembly explained that the Cross River State College of Agriculture, Science and Technology, Obubra (Amendment) Bill, 2025 seeks to amend the existing College of Agriculture Law to upgrade the institution from a monotechnic to a polytechnic.

The amendment, according to the Speaker, added ‘Science and Technology’ to the College’s title and mandate, thereby broadening its academic scope and enabling it to access TETFund, a Federal Government intervention fund reserved for multi-sectoral higher institutions of learning.

‘The amendment will allow the institution to benefit from infrastructural support through TETFund, while expanding its role in agricultural innovation, science, and technology-driven education,’ the Speaker stated.

On the Cross River State Office of the Surveyor-General Bill, 2025, the Speaker highlighted that the legislation provides a long-overdue legal framework for the Office, which had previously operated as an appendage of the Ministry of Lands without statutory backing, despite its autonomy.

‘This Bill establishes a solid legal foundation for the Office of the Surveyor-General, clearly defining its functions, powers, and administrative structure,’ he said.

‘It contains four parts and twenty-three sections that cover establishment, staffing, financial provisions, and general guidelines. When assented to, it will adequately empower the Office to function with autonomy, efficiency, and legal protection.’

Private capital investment in Africa surged in the third quarter of 2025, reaching a total disclosed deal value of $5 billion, largely boosted by the $2 billion acquisition of MultiChoice Group by Canal+ SA.

This is according to the Stears Q3 2025 Private Capital in Africa Activity Report, which shows that total transaction value rose to $5 billion, a 60 percent increase from the $3 billion recorded in the previous quarter, while transaction volume also rose to 177 deals, up from 147 recorded in the previous quarter.

The report reveals that the Canal+ buyout of MultiChoice accounted for about 40 percent of total transaction value during the quarter, making it the second-largest private deal of the year, after the $2.2 billion part-acquisition of Khazna Data Center earlier in 2025.

Although the number of transactions increased, the report noted that the disclosure rate fell to 51 percent, down from 63 percent in Q2, below the usual quarterly average. Despite this, overall deal value climbed significantly, mainly due to the MultiChoice transaction, which alone lifted total investment value across the continent. ‘Much of the quarter’s growth was driven by the $2 billion MultiChoice Group deal,’ the report said. ‘Excluding this transaction, total deal value would have remained broadly in line with Q2 2025 levels.’

The MultiChoice acquisition marks the completion of Canal+’s five-year investment journey in the South African media giant. The French pay-TV operator began accumulating its stake in October 2020 with an initial 6.5 percent, gradually increasing it to 43.5 percent by May 2024 before completing the full buyout in September 2025.

Stears describes the deal as ‘distinctively African,’ noting that while Khazna Data Center operates across the wider MENA region, MultiChoice remains an Africa-focused media and entertainment business. The report highlights the transaction as a strong signal of growing confidence in the continent’s digital consumer market, particularly in video entertainment and streaming. Africa’s entertainment and media market was valued at $88.16 billion in 2024 and is projected to reach $120.03 billion by 2030, at a compound annual growth rate of 5.1 percent. Within that, pay-TV subscriptions are expected to climb modestly to 55 million subscribers by 2029, while digital streaming remains the key growth driver.

Beyond the MultiChoice transaction, merger and acquisition activity remained strong across the continent, contributing to the overall $5 billion investment value. The report revealed that Southern Africa led activity with major deals such as Link Mobility’s $115 million acquisition of SMSPortal and Nedbank’s $93 million purchase of fintech firm iKhokha. In Morocco, pharmaceutical giant Sothema completed a $111 million takeover of Soludia Maghreb, while in Nigeria, Leadway Holdings finalised its acquisition of PAL Pensions ahead of new PENCOM capitalisation rules.

Regionally, the report also disclosed that Southern Africa reclaimed the top spot for deal activity, accounting for 31 percent of all transactions, followed closely by West Africa (30 percent) and East Africa (28 percent). South Africa alone represented 87 percent of Southern Africa’s transactions, confirming its dominance as the continent’s leading private investment destination.

The report also shows that smaller transactions are gaining more attention. The combined share of large and mega deals dropped from 27 percent to 21 percent, while deals valued between $2.5 million and $10 million rose to 32 percent, driven by renewed Series A venture rounds in technology and consumer-tech segments.

Information technology emerged as the leading sector, accounting for 21 percent of all transactions, surpassing consumer goods and services for the first time, the report said.

‘Sub-sectors such as application software and consumer digital services dominated, highlighted by Sanari Capital’s $23.4 million investment in South African fleet-management firm Ctrack.’

‘Financial Services (20 percent) and Energy and Utilities (13 percent) followed. The Consumer Goods and Services category was reclassified this quarter into Consumer Discretionary (11 percent) and Consumer Staples (5 percent); even when combined, they did not feature among the top three sectors,’ the report disclosed.

The House of Representatives has asked Wale Edun, minister of finance and Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) to submit a detailed report within two weeks detailing all federal government financial interventions extended to states and local governments outside the Federation Accounts Allocation Committee (FAAC) allocations since 2023.

The resolution, reached during plenary on Tuesday, requires government to provide full disclosure of the nature of each intervention, the amounts disbursed, disbursement dates, recipient entities, and any conditions attached.

The Lower Chamber noted that states have received ranging interventions including but are not limited to, budget support facilities, infrastructure funds, ecological and emergency relief grants, and other discretionary or conditional support mechanisms.

Lawmakers emphasised the need for transparency in government spending and accountability in the allocation of public resources.

Benjamin Kalu, the deputy speaker, who presided over the plenary session said while some states acknowledge receipt of federal government’s interventions, some states claim they have not received any , emphasisng the need to scrutinise the records.

The resolution was sequel to a motion, sponsored by Abdussamad Dasuki. The House expressed concerns that while these interventions are vital to addressing specific financial and developmental needs at subnational levels, the absence of a consolidated public record of these disbursements may undermine transparency, hinder effective oversight, and limit public accountability. It, therefore, mandated its committees on Finance, Inter- Governmental Affairs, and Public Accounts to scrutinise the report upon submission and engage relevant stakeholders to ensure transparency, accountability, and value for money, and report within four weeks for further legislative action.

The federal government as part of efforts to boost power generation in the country has pledged to revive the Rusal Aluminium Smelter Company of Nigeria (ALSCON), located at Ikot Abasi, Akwa Ibom State, by ensuring its connection to the national grid.

Adebayo Adelabu, Minister of Power, made this commitment during a working visit to the company.

The minister, in a statement issued to Journalists on Tuesday, decried that several years after its establishment, the company had suffered lack of alternative electricity supply which he said has hindered the country from benefiting from the huge investment.

He however stated that when revived and fully operational, the plant will add 540 megawatts of electricity to the grid, while providing direct and indirect employment opportunities for about 15,000 Nigerian professionals and the teeming youth population.

According to him, the company has an installed capacity of 540 MW, comprising of six turbines of 90 MW each. He also reiterated the relevance of the company in the supply of raw materials to downstream aluminium companies.

He said, ‘These huge investments by the country have suffered from lack of power supply in the last 27 years, as they have not been connected to the grid, and we are very much aware of the huge potential of an institution like this in the upstream, midstream and downstream conversion of aluminium, that can create a lot of employment for our teeming youths, that can also serve as a supplier of raw materials to every downstream aluminium company and save us huge foreign exchange for imports of these raw materials.

‘We have determined what the short-term solution is to connect this company to the national grid, and we have also agreed on what the medium-term solution should be. But the most important part of this meeting is the fact that the company also has the potential of supplying 540 MW of power onto the national grid when fully completed.

‘Once all the infrastructures are put in place, the 330/132KV substation, which is being constructed by the Niger Delta Power Holding Company, together with the 330kv DC lines from Ikot- Ekpene to Ikot-Abasi, we will be able to evacuate the entire of this 540MW to the national grid’, he said.

The minister speaking further, hinted on the possibility of expanding the capacity by about 120 MW. He noted an open circuit line which gor him can be made a combined circuit, by which an additional 20 MW per turbine can be added to make 660 MW of power.

‘You can imagine what this will add to the national grid capacity. So I’m happy that I came here today. I’ve listened to the company, I’ve listened to all the stakeholders, and we have a solution in sight. All we need to do now is to go back and work on all the agreed action lines, which I will personally supervise. ‘And I believe that once, within the next 90 days, we’re able to achieve the short-term solution, the country will feel the impact of this company beginning operations. From the number of employments they will generate for us in the country, they have the potential of employing up to 3,000 employees here,’ he added.

Speaking on gas supply challenge affecting power generation in the country, Adelabu said that it is imperative for parties to agree on an appropriate price.

He maintained that if the price is right, the gas company will supply, adding that the gas market is a highly competitive market, and the preference will be given to those that pay higher.

‘So we believe they can sit down with the gas companies and agree on a commercially viable price and ensure that gas is supplied.

‘That’s the least of the problems here. I believe this can be resolved with appropriate pricing. The gas pipeline is working very well. There’s a power company here that is getting gas. This is less than 500 meters from here. So the gas pipeline is working well. It’s a matter of agreeing to the correct price, or the right price, with the gas company, and the turbines will be fired immediately’, he said. Also speaking, Viacheslav Krylov, development advisor noted the challenges in ALSCON which had hampered operation since the presidential directives in July 2024 to restart operations in the plant.

He said the plant could not begin operation as there was no alternative source of electricity, adding that the current energy options at the plant were completely inadequate to restart the plant.

Krylov, however hinted that plans were ongoing, to ensure the plant achieve full production capacity of 200, 000 MT in the sixth year with over 15, 000 direct and indirect employment for Nigerians.

Adegboyega Oyetola, minister of marine and blue economy, has reaffirmed the federal government’s unwavering commitment to strengthening Nigeria’s indigenous shipping industry, stating that there is no going back on efforts to reposition local operators for global competitiveness.

In a statement signed by Bolaji Akinola, special adviser to the minister, Oyetola gave the assurance on Tuesday when he received a delegation from the Nigeria Maritime Exhibition and Conference (NIMAREX) 2025 planning committee in his office in Abuja.

The delegation, led by Sola Adewunmi, chairman of the committee and president of the Nigerian Shipowners Association (NISA), included Funmi Folorunso, secretary of the committee, and Tounbo Ogunwale, director of government relations. The team visited the minister to seek the ministry’s support for NIMAREX 2025.

Commending the committee for reviving the once-dormant NIMAREX platform, Oyetola described the initiative as a crucial avenue for collaboration, investment promotion, and knowledge exchange within the maritime sector.

He said the administration of President Bola Ahmed Tinubu is taking decisive steps to create a conducive operating environment for indigenous shipowners, address longstanding structural challenges, and unlock the full potential of Nigeria’s maritime domain.

‘Our commitment to indigenous shipping is total and irreversible. The federal government is working round the clock to put in place the right policies, funding mechanisms, and infrastructure that will enable Nigerian shipowners to compete favourably, not just locally but on the international stage. There is no going back on this commitment,’ the minister said

He further noted that the government is determined to see Nigerian-owned vessels flying the national flag and operating sustainably within the country’s coastal waters and beyond. ‘This will create jobs, retain value within our economy, and build a stronger maritime nation anchored on local capacity,’ Oyetola said.

Earlier, Adewunmi said NIMAREX was revived after several years of inactivity to complement the government’s renewed push to attract foreign direct investment (FDI) into the maritime and blue economy sectors.

He explained that the 2025 edition would serve as a unifying platform for public and private stakeholders to discuss strategies for sustainable growth. ‘NIMAREX is back, and this time it is bigger, broader, and better aligned with national objectives. We have the full support of key industry associations including NISA, the Shipowners Association of Nigeria (SOAN), and the Nigerian Chamber of Shipping. Our goal is to position Nigeria as a leading maritime hub in Africa,’ he stated

Adewunmi commended President Tinubu for creating the ministry of marine and blue economy and lauded Oyetola for his visionary and inclusive leadership, which he said has rekindled confidence among shipowners and investors alike.

Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), transferred a record N10.07 trillion to the federal government in the first seven months of 2025, underscoring the firm’s growing fiscal importance as authorities rely on oil revenue to stabilise public finances.

The figure, disclosed in NNPC’s September 2025 monthly report, represents the company’s statutory payments between January and August and is the highest seven-month total since its transition to a commercial entity in 2021.

BusinessDay’s findings showed the surge was supported by higher crude prices, improved production levels, and stronger gas sales.

Average crude oil and condensate production held steady at 1.61 million barrels a day (bpd) in September, according to the report, slightly below August’s 1.64 million bpd.

Production peaked at 1.77 million bpd earlier in the year before moderating amid maintenance at the Nigeria LNG plant and delayed start-ups at Oil Mining Leases (OMLs) 71 and 72.

The state energy firm stated that output has been supported by ‘industry-wide collaboration and production recovery initiatives,’ although challenges persist in curbing crude theft and vandalism in the Niger Delta.

Natural gas production averaged 6.28 billion standard cubic feet per day (scf/d) in September, down from about 6.95 billion in August, reflecting temporary maintenance slowdowns. NNPC said progress on the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) pipelines remains on track, with the AKK now 88 percent complete.

‘These projects are pivotal for expanding industrial gas use and improving electricity generation,’ said Tola Oni, an energy economist at Lagos-based Sofidam Advisors. ‘They will also anchor Nigeria’s position in the regional gas market.’ NNPC reported N4.27 trillion in group revenue and N216 billion in profit after tax for the period, according to provisional data in the company’s monthly summary. The results include adjustments to the cost of sales and income tax.

Brent crude prices averaged around $65 a barrel during the third quarter, while Nigeria’s output recovery helped offset weaker refining margins and high domestic distribution costs.

The company, now operating under the Companies and Allied Matters Act, has emphasised a commercial turnaround since its incorporation in 2021, reducing inter-agency leakages and accelerating payment timelines to the federation.

‘NNPC’s commercial independence is beginning to pay off,’ said Olu Adeyemi, a senior research analyst at a consulting firm. ‘It’s remittance track record is improving transparency and strengthening fiscal buffers.’

Pipeline uptime across upstream operations averaged 96 percent in September, reflecting fewer disruptions from sabotage or leaks. Security collaborations with the Nigerian military and local surveillance groups have significantly reduced downtime in the Niger Delta.

Also, NNPC Retail Ltd sustained 77 percent petrol availability across its filling stations nationwide, signalling steady supply despite market disruptions following subsidy reforms. The company has also expanded the NNPC-branded network to more rural locations to improve fuel accessibility.

‘Without NNPC’s contributions, fiscal stability would be far weaker,’ said Ifeanyi Okoro, an analyst at Aneria Research. ‘The bigger challenge is sustaining these inflows as global investment shifts away from hydrocarbons.’

If current remittance trends hold, analysts say NNPC’s total payments could exceed N15 trillion by year-end, providing a crucial cushion for government finances and external reserves.

‘This trajectory shows NNPC evolving from a cost centre into a genuine profit engine,’ Okoro said. ‘The test now is whether it can institutionalise efficiency beyond temporary production gains.’

Pension numbers, including the number of Retirement Savings Accounts (RSA) holders and Assets Under Management (AUM), are expected to rise with the recent guidelines allowing diaspora Nigerians and foreigners working in Nigeria to participate in the Contributory Pension Scheme (CPS).

Experts in the industry who commented on the impact of the guideline said, it will deepen penetration and further democratise the pension system.

Omolola Oloworaran, director general of the National Pension Commission (PenCom) who expressed confidence on positive impact of the guideline to the growth of the scheme, said the benefits Nigerians and the country as a whole will be huge.

Today, over 10 million Nigerians from public servants to artisans are covered under the CPS, noting that pension assets have grown to N25 trillion, powering national development through strategic investments.

According to her, ‘More than 844,000 retirees across public and private sectors now enjoy steady, reliable, and transparent retirement benefits, with over 552,000 retirees receiving monthly pensions, while 291,735 have accessed lump sum benefits.’ Olumide Oyetan, chief executive StanbicIBTC Pension Managers said gap, along with the lack of a proper framework for investing contributions made in foreign currency, led to a broader conversation. Feedback from existing customers and the collaboration between regulators and operators brought us to where we are now.

‘Our aspiration is that in the next four to five years, we will see significantly higher participation. Pensions in Nigeria can become a force for good, helping catalyse growth and improving the quality of life for Nigerians.

Nike Bajomo, executive director, Business Development at StanbicIBTC Pension Managers, said if you earn in foreign currency, either in Nigeria or abroad, and wish to maintain a retirement savings account in Nigeria, you can now contribute in foreign currency, and receive your benefits in the same currency when the time comes. ‘It is a much more flexible system, she said. PenCom recently issued a guideline for Foreign Currency (FCY) Pension Contributions, paving the way for Nigerians living and working abroad and Nigerian/Foreign workers working in Nigeria, but earning all or part of their remuneration in foreign currency to be part of the scheme.

Oloworaran, while releasing the guidelines, said, ‘The FCY Pension Contributions Guidelines provide a pension arrangement under the CPS, for Nigerians living and working abroad and Nigerian/Foreign workers working in Nigeria but earning all or part of their remuneration in foreign currency.

According to her, the pension contributions by Diaspora Nigerians and other eligible persons are to be made in dollars. In the same vein, contributors will also access their benefits in dollars except they elect to do otherwise. ‘The FCY Pension Contributions Guidelines, which are now being issued for the first time, mark a watershed moment for the CPS coverage expansion and financial inclusion drive. It is a bold reform, which shows that PenCom cares about the retirement security of all working Nigerians, the DG said.

This Guideline establishes the regulatory framework for Licensed Pension Fund Operators (LPFOs) to accept, manage, and invest foreign currency (FCY) contributions under the Contributory Pension Scheme (CPS).

The provisions address scope, eligibility, operational requirements, and governance standards for FCY contributions. They align with global best practices on foreign currency pension administration, ensuring robust risk management, clear accountability, and effective oversight.

The objectives of this guideline are to expand access to the CPS for Nigerians earning in foreign currency, including those living abroad, provide a secure and transparent mechanism for making and managing FCY contributions, strengthen the investment potential of pension funds through diversified currency inflows, and ensure compliance with local regulatory requirements and international standards.