Category: Business Day

Nigeria’s state-owned refineries were shut down primarily because their operations were commercially unviable, not because they were incapable of processing crude oil, Festus Osifo, president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has said.

Osifo said the refineries were still capable of producing petroleum products, but the cost of processing crude was higher than the value of the products generated, resulting in operational losses.

‘The refineries were actually shut down, not that they were not functioning,’ he said.

He explained that continuing to operate the facilities under such conditions would have increased financial losses for the Nigerian National Petroleum Company Limited (NNPCL).

According to Osifo, the experience highlights the need to run Nigeria’s refineries on commercially sustainable terms rather than keeping them operational solely for the sake of domestic refining.

‘If you put, let’s say, $5 million worth of crude, you feed it through, when the product comes out, you are supposed to get the product of, let’s say, $6 million worth. But when you feed in that crude, what you now get at the end will not be like $4 million. So, you are losing money,’ he said.

Osifo backed the proposed entry of a Chinese investor into the ownership structure of Nigeria’s state-owned refineries, arguing that greater private-sector participation could improve operational efficiency and reduce government interference.

He said PENGASSAN was advocating a structure under which private investors would hold a 51 percent controlling stake, while the Federal Government would retain 49 percent.

He cited the ownership model of Nigeria LNG Limited (NLNG) as an example of how government and private-sector interests could coexist in a commercially driven structure.

‘They are going to buy some shares of the government from this refinery. So, for us, we are advocating that, because the company is about a 3-in-1 company, let them buy up to 51 per cent. Let government retain 49 per cent as it is in NLNG,’ Osifo said.

He argued that majority private ownership would allow refinery management to take critical operational, maintenance and investment decisions without lengthy government approval processes.

‘What that is going to do is that the decision-making is going to leave the hands of government, so that if you want to do any maintenance, you don’t need to discuss it in federal council meetings anymore,’ he said.

Osifo said private investors would be more inclined to make decisions based on profitability, efficiency and commercial realities rather than political considerations.

Policy uncertainty threatens investment

Beyond refining, the PENGASSAN president said Nigeria needed greater policy stability to attract long-term investment into the oil and gas industry.

He acknowledged that the Petroleum Industry Act (PIA) introduced significant reforms, including the establishment of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the creation of a regulatory framework for the midstream and downstream sectors, and the transformation of the NNPCL into a limited liability company.

The legislation also established frameworks for host community development and frontier exploration.

However, Osifo expressed concern over subsequent adjustments to some fiscal provisions of the PIA and the use of executive action to alter provisions of the legislation.

He said policy stability was critical because oil and gas projects require substantial capital and have long investment horizons.

‘For us, one of the ways to attract investment is for you to have some level of certainty,’ he said.

Osifo said investors needed clarity on taxes, royalties and other financial obligations before committing capital to oil and gas projects.

‘But if I’m investing today and I’m doubtful that tomorrow the laws will change and the laws might not favour me, I will be a bit worried in how I carry out my investment,’ he said.

He therefore urged the Federal Government to allow the PIA and its regulatory framework to operate for a reasonable period before introducing major changes.

According to him, frequent changes to the regulatory and fiscal environment could increase investment risk and discourage the long-term capital required to develop Nigeria’s oil and gas industry.

‘In the oil and gas business, you don’t just invest today, and you think you will reap tomorrow. At times, for this investment, you start reaping even after the 30th year,’ he said.

Nigeria’s N945 billion onion industry has come under threat after an indefinite suspension of exports to Ghana, following disputes between traders at Kotoku Market.

The halt, which is owing to restrictions imposed by market actors at Kotoku Market in Ghana on Nigerian and Nigerien onion trucks seeking to offload consignments, has disrupted a key food corridor between the two ECOWAS members.

According to the National Onion Producers, Processors and Marketers Association of Nigeria (NOPPMAN), trucks have been delayed for days at the market, leaving exporters to absorb losses as perishable onions deteriorate.

The dispute puts N14.5 million at risk in the annual cross-border onion trade between both countries, with Nigerian truckers reporting losses as perishable consignments deteriorate at the border.

Aliyu Maitasamu, the national president of NOPPMAN, said the issue is causing ‘significant financial losses to Nigerian onion exporters and transporters and exposing our highly perishable onions to deterioration.’

He stated that the restrictions on Nigeria’s onion supply to Ghana violate agreements under the ECOWAS Trade Liberalisation Scheme and the African Continental Free Trade Area.

He called on ECOWAS to intervene, arguing that ‘no market association or group of traders should be in a position to unilaterally determine the movement… of legitimate consignments originating from another ECOWAS Member State.’

Experts say the dispute raises questions about the effectiveness of regional trade pacts meant to guarantee free movement of goods.

With Ghana heavily dependent on Nigerian onions and Nigeria’s broader N945 billion sector – the Food and Agriculture Organisation’s value estimate – facing pressure from insecurity and logistics costs, the suspension risks higher food prices in Ghana and lost income for Nigerian farmers, while testing AfCFTA’s promise to boost intra-African trade.

They noted that if unresolved, the indefinite suspension risks undermining confidence in AfCFTA’s promise to boost intra-African trade and sets a precedent for other food commodities that underpin food security in West Africa.

Obiora Madu, international trade expert, said the dispute exposes deeper structural problems. ‘The onion dispute is not really about onions. It is about the credibility of regional trade integration,’ he said.

‘We have excellent regional instruments on paper. But integration is not achieved merely by signing protocols.’

He warned that the suspension increases the risk of doing business in West Africa. ‘A trader may have a buyer, a truck, the product, the documentation, and the money, but if market access can suddenly be disrupted by a local dispute, the predictability required for serious cross-border investment disappears.’

Madu argued that it exposes the gap between trade agreements and implementation. ‘If two neighbouring countries cannot resolve a relatively contained commodity-trade dispute… it raises legitimate concerns about how we will manage more complex disputes involving billions of dollars,’ Madu said.

‘The real test… is whether a trader can cross the border with confidence that the rules will still be there when he arrives.’

Eric Alao, an entrepreneur and lecturer at Lead University, noted that ECOWAS has failed to resolve the issue that has been ongoing between Nigerian and Ghanaian traders for a while.

‘AfCFTA, which is supposed to address issues like this that discourage intra-Africa trade, is still on paper and not really functioning the way it should,’ Alao noted.

He explained that a stronger Ghanaian cedi against the naira is also fueling disputes among traders from both countries, as Ghanaian traders prefer coming to Nigeria to buy for their own market instead of allowing Nigerian traders to supply.

Data from the Nigerian Foreign Exchange Market (NFEM) shows that 1 Cedi exchanged for N115.85, confirming Alao’s claim.

With an annual production of approximately 1.7 million metric tons, Nigeria ranks fourth in Africa and fourteenth globally, according to FAO 2024 data.

The country boasts a robust onion market, supplying neighboring African nations such as Côte d’Ivoire, Niger, Ghana, Benin, Chad, Cameroon, and Senegal. However, Ghana accounts for the bulk of the country’s regional onion trade.

Maitasamu, who is also the president of the Regional Observatory of Onion in West and Central Africa, acknowledged interventions by the governments of Nigeria and Ghana.

However, he said, ‘despite these interventions and the resolutions reached, Nigerian onion trucks continue to face restrictions in the offloading of their consignments at Kotoku Market.’

He said its concern is not with the people of Ghana, citing ‘longstanding economic, diplomatic and people-to-people relations.’

He urged ECOWAS to act as a neutral mediator and facilitate talks involving both governments, trade authorities, and onion associations.

It also proposed a formal Memorandum of Agreement for cross-border onion trade guided by the ECOWAS Trade Liberalisation Scheme and AfCFTA.

‘Such an arrangement should establish clear rules on market access, truck movement, offloading, allocation of consignments, and dispute resolution,’ Maitasamu said. ‘We are seeking a permanent and fair system,’ he added.

Industry challenges

Maitasamu highlighted several key challenges plaguing the onion industry, including high post-harvest losses, limited access to improved seed varieties, inadequate credit facilities, and the absence of agricultural subsidies for onion farmers.

He pointed out that the lack of proper storage infrastructure forces farmers to rely on traditional storage methods, resulting in the loss of over 50 percent of their harvest. This not only leads to significant economic losses for farmers but also impacts the broader economy.

Jumia Technologies has reported a 14 percent year-on-year increase in revenue for the second quarter of 2026, as the African e-commerce company continued to narrow its losses and move closer to its profitability target.

The company, which is listed on the New York Stock Exchange under the ticker JMIA, said revenue rose to $52 million in the three months ended June 30, 2026, compared with $45.6 million in the same period last year. Revenue increased 15 percent on a constant-currency basis.

Jumia’s gross merchandise value (GMV), a measure of the total value of goods sold through its platform, increased 23 percent year-on-year, while gross profit climbed 28 percent.

The company’s gross profit margin expanded to 14.2 percent of GMV, reflecting improved monetisation of its marketplace.

The company also recorded an improvement in its operating performance. Adjusted EBITDA loss narrowed by 36 percent to $8.7 million, while orders increased 28 percent and quarterly active customers grew 24 percent.

The results mark another step in Jumia’s effort to reduce losses through higher transaction volumes, improved marketplace economics and tighter cost management.

Jumia said the growth was driven by stronger performance across key markets, particularly Nigeria and Ghana, while Egypt also showed signs of recovery.

The company has been concentrating its resources on its core markets after exiting several countries as part of a broader restructuring of its operations.

Alongside its second-quarter results, Jumia announced a $50 million capital raise anchored by the International Finance Corporation (IFC), a member of the World Bank Group.

The new funding is expected to strengthen Jumia’s financial position as it continues investing in growth while pursuing profitability.

The capital injection comes as Jumia works to reach breakeven on an adjusted EBITDA basis and generate positive cash flow in the fourth quarter of 2026. The company is also targeting full-year profitability and positive cash flow in 2027.

Jumia’s latest performance builds on what it recorded in the first quarter, when revenue increased 39 percent year-on-year to $50.6 million, while GMV rose 31 percent to $211.2 million and adjusted EBITDA loss narrowed 32 percent to $10.7 million.

The company had previously set a 2026 target of achieving an adjusted EBITDA loss of between $25 million and $30 million, before reaching adjusted EBITDA breakeven in the fourth quarter.

The second-quarter result reveals that Jumia’s strategy of prioritising marketplace growth, improving unit economics and reducing operating costs is beginning to translate into narrower losses.

The Federal Road Safety Corps (FRSC) has called for stronger safety standards, regulation and emergency-response capacity as Nigeria accelerates the adoption of electric vehicles (EVs) and compressed natural gas (CNG)-powered vehicles.

The Corps said the transition towards cleaner and alternative-energy mobility should not be treated solely as an energy or environmental issue, but also as a critical road-safety concern requiring corresponding changes in regulation, training, vehicle inspection and emergency response.

Osondu Ohaeri, deputy corps commander and corps public education officer at the FRSC National Headquarters, Abuja, in a report said the position reflected the strategic direction of Shehu Mohammed, the Corps Marshal on technology, innovation and safer mobility.

According to Ohaeri, while EVs and CNG vehicles offer opportunities to reduce emissions and support more sustainable transportation, changes in vehicle propulsion do not automatically eliminate road crashes.

He explained that a vehicle powered by electricity, CNG or petrol still operates alongside pedestrians, motorcycles, trucks, cyclists and other road users and remains exposed to risks associated with speeding, poor road design, mechanical failure, driver distraction, fatigue and reckless driving.

‘The EV and CNG initiative aligns with the United Nations Sustainable Development Goals, especially the SDG 11 and SDG 12, which provide a strong framework because CNG and EVs contribute to cleaner transportation, reduced emissions and more sustainable urban mobility through safer roads and transport systems, cleaner air and healthier communities and more resilient infrastructure,’ Mohammed said at a recent summit of the Nigerian Auto Journalists Association in Lagos.

He said Nigeria’s commitment to international road-safety conventions required the country to ensure that the transition to alternative-fuel vehicles was accompanied by adequate safety measures.

The Corps Marshal also highlighted the FRSC’s National Crash Reporting Information System, FRSC Mobile App and National Community Post Crash Care Initiative as part of the agency’s broader technology-driven approach to road safety and emergency response.

The FRSC said the increasing presence of EVs would require changes in how road-safety agencies, emergency responders, technicians and motorists approach vehicle safety.

Unlike conventional vehicles, EVs rely on high-voltage battery systems, electronic controls and sophisticated software, creating new considerations during crashes, repairs and rescue operations.

One concern is the potential hazard associated with damaged or overheated lithium-ion batteries.

The Corps said emergency responders would need specialised knowledge of high-voltage systems and procedures for safely isolating power sources when responding to crashes involving EVs.

This means that road safety must extend beyond crash prevention to include the ability of emergency personnel to safely manage incidents after they occur.

The relatively quiet operation of EVs at low speeds also presents another consideration, particularly for pedestrians and other vulnerable road users in busy urban environments, residential areas and markets.

The FRSC said public awareness, technological interventions and appropriate regulation would be important in managing such risks.

The emergence of EVs will also require a new generation of technicians trained in high-voltage systems, battery diagnostics and electronic vehicle safety.

The Corps warned that unqualified repairs, unauthorised modifications and incompatible components could introduce additional risks.

The FRSC also stressed that the expansion of CNG-powered vehicles must be supported by effective standards for vehicle conversion, certification, inspection and maintenance.

Nigeria’s significant natural-gas resources provide an opportunity for CNG to play a larger role in the country’s transportation system, particularly as motorists and governments seek alternatives to petrol and diesel.

However, the safety of CNG vehicles depends heavily on the integrity of gas storage systems and the quality of conversion work.

The Corps warned against conversions carried out by unqualified technicians or at unauthorised facilities.

Potential risks from poor conversion include improperly fitted gas cylinders, damaged fuel lines, inadequate ventilation, unsafe modifications to vehicle structures, poor-quality components and failure to carry out appropriate inspections and maintenance.

The FRSC therefore called for stronger standards covering conversion centres and technicians, alongside regular inspection and certification of CNG vehicles.

Drivers and fleet operators, it added, also need adequate information on how to respond to suspected gas leaks, vehicle damage and other emergencies involving CNG systems.

As Nigeria’s vehicle fleet becomes increasingly diversified, the FRSC said existing vehicle inspection and roadworthiness systems would need to evolve to account for the characteristics of new propulsion technologies.

The Corps said the principle that mechanically deficient vehicles should not be allowed on Nigerian roads applies regardless of the source of energy powering the vehicle.

It identified public education, vehicle inspection, personnel training, inter-agency collaboration and technology-driven enforcement as key areas requiring attention.

FRSC personnel, rescue officers and emergency responders would need continuous training to understand the characteristics of EVs and CNG vehicles, particularly during crash response, recovery and evacuation.

The Corps also called for greater cooperation among regulators, vehicle manufacturers, importers, conversion centres, emergency services, fire authorities, transport operators and road users.

The FRSC said Nigeria’s transition to cleaner mobility should be accompanied by continuous review of vehicle safety standards, importation requirements, CNG conversion rules, EV battery and charging safety, inspection procedures, emergency-response protocols, technician certification and fire and rescue preparedness.

The objective, it stressed, should not be to discourage technological innovation but to ensure that new technologies are introduced responsibly.

This approach is consistent with the Safe System model of road safety, which recognises that preventing deaths and serious injuries requires multiple layers of protection involving safe road users, safe vehicles, safe speeds, safe roads and effective post-crash care.

The Corps said no single component could guarantee road safety on its own.

A safer alternative-fuel vehicle, for instance, cannot compensate for unsafe road infrastructure, just as an advanced vehicle cannot eliminate the consequences of reckless driving or poor maintenance.

The FRSC said Nigeria’s road-safety framework must therefore evolve alongside its transportation system to ensure that cleaner mobility also delivers safer mobility.

As EV and CNG adoption expands, the Corps said safety considerations should be incorporated at every stage of the vehicle lifecycle, from manufacturing and importation to conversion, registration, maintenance, driving, crash response and rescue.

The agency said its focus under Mohammed’s leadership would increasingly include preparing Nigeria’s road-safety system for emerging mobility technologies while maintaining its traditional emphasis on enforcement, public education, vehicle roadworthiness and emergency response.

Governor Douye Diri of Bayelsa State has come under attack over alleged exclusion of sections of the State from key political appointments and party positions.

Bayelsa Rescue Mission (BRM), a political group, in a statement on Monday, signed by Kalas Agai Nimitenbofa, its Publicity Secretary, described the development, as a dangerous precedence.

The statement urged Diri to urgently address what it described, as a disturbing pattern of political exclusion of the people of Bayelsa East Senatorial District and significant sections of Yenagoa Local Government Area, from key positions of political influence within the State administration and the leadership structure of the ruling political party.

Bayelsa East Senatorial District is made up of Brass, Ogbia and Nembe local government areas, which BRM said make huge contributions to the economic well-being of the state and are, therefore, too critical to be politically neglected.

‘This is not a demand for political patronage. It is a demand for fairness, inclusion, equity and a sense of belonging for every Bayelsan,’ the group said.

BRM said that Bayelsa belonged to all Bayelsans and no senatorial district, local government area, community or group should be made to feel that it has been excluded from the affairs of the state or denied a meaningful place at the table where decisions affecting their future are made.

It said, ‘The people of Brass, Nembe and Ogbia Local Government Areas, which constitute Bayelsa East Senatorial District, as well as the people of Epie/Atissa, Okordia, Biseni, Zarama and Gbarain/Ekpetiama in Yenagoa Local Government Area, have legitimate reasons to question their level of representation in the strategic political architecture of the State.

‘We are particularly concerned about the concentration of critical political responsibilities within particular Senatorial Districts and Local Government Areas. Government is not the private preserve of any individual, family, political tendency or geographical bloc. It is a common institution established for the benefit of all citizens.’

According to BRM, ‘When key appointments and political positions continue to cluster around particular areas, while other sections of the state are consistently denied representation in strategic positions, it creates a dangerous perception of exclusion and weakens confidence in the principle of equal citizenship.’

The group noted that whenever Diri wants to take a major political decision, ‘he consults with the inner circle which includes himself as Governor from Kolokuma/Opokuma, his Deputy Governor from Sagbama, his Secretary to State Government from Southern Ijaw, his Chief of Staff from his own Kolokuma/Opokuma, the Chairman of the ruling Party again from his Kolokuma/Opokuma, then the State Secretary of the ruling Party from Ekeremor LGA.

‘On this highest political consultation and decision making table, there are no seats for the people of Brass, Nembe, Ogbia and Yenagoa Local Government Areas. This is the sad reality on ground under the watch of Governor Douye Diri. This is nepotism taking too far and clear practice and an unfortunate promotion of the much talked about Core and non core Ijaw sentiment in Bayelsa State.’

The statement said that the present political arrangement is different from Diri’s first tenure when there was a measure of political balance and representation in appointments, and now echoes the sentiment of ‘core Ijaw and non-core Ijaw.’

Jumia Technologies has raised $50 million in equity funding co-led by the International Finance Corporation (IFC) and Madagascar-based telecommunications conglomerate Axian Group to scale its logistics, digital payments, and e-commerce infrastructure across Africa. The transaction involves the issuance of over nine million new American Depositary Shares (ADSs) priced at $5.52 per share, providing the pan-African platform with fresh equity capital to accelerate its expansion into secondary and tertiary markets as well as sufficient runway to break even by year-end.

The financial commitment is anchored equally by both institutional partners, with the IFC and Axian each contributing $25 million. The IFC’s participation brings World Bank Group backing alongside rigorous environmental, social, and governance (ESG) standards aimed at fostering supply chain sustainability and economic inclusion. Axian’s parallel investment leverages the group’s extensive mobile network footprint across Africa, establishing a strategic bridge between telecommunications connectivity and online marketplace operations.

Proceeds from the fundraising will be directed primarily toward expanding Jumia’s last-mile delivery network, upgrading automated warehouse systems, and deepening the integration of JumiaPay, the platform’s proprietary financial technology solution. Strengthening these operational pillars is designed to directly address the primary structural barriers facing African retail: high distribution costs in non-metropolitan regions and low banking penetration among consumers. By expanding digital payment access, Jumia aims to transition unbanked, cash-reliant consumers into active digital commerce participants while providing regional small businesses with expanded market access.

The investment provides pivotal momentum for Jumia as it navigates complex macroeconomic conditions across key African territories, including local currency volatility, high inflation, and fragmented infrastructure. For global markets, the combined equity backing from a premier development finance institution and a major African telecom network serves as a strong validation of the continent’s long-term digital growth trajectory. The deal highlights an evolving trend in emerging markets, where unifying investment capital, mobile infrastructure, and e-commerce logistics remains the primary template for unlocking consumer demand across the region.

Residents of Cele Nica Community in Okokomaiko, Ojo Local Government Area, Lagos State, now have access to safe drinking water following the commissioning of a solar-powered borehole and integrated water treatment system by the PanAfrican Capital Foundation.

Implemented under the Foundation’s Greenwell Initiative, the project addresses a critical community need. For years, households relied on groundwater plagued by metallic contaminants and impurities, forcing families to spend a significant portion of their income on water purchases.

The newly commissioned facility features an advanced treatment system that purifies water before storing it in an elevated tank for distribution. Powered entirely by solar energy, the installation delivers an environmentally sustainable and cost-effective potable water source.

Speaking at the commissioning ceremony, PAC Foundation Executive Secretary Omolola Ojo stated that the installation represents an investment in community resilience.

‘Access to clean water is fundamental to human health, dignity and economic well-being. This project is more than a borehole-it is an investment in healthier families, improved livelihoods and a more resilient community,’ Ojo said.

The initiative is designed to lower the incidence of water-related illnesses and ease household financial pressures. This installation marks the second community borehole delivered by the foundation in Lagos State.

Ojo noted that the organisation will continue advancing sustainable development across Nigeria through strategic partnerships, targeting education, healthcare, environmental sustainability, and economic empowerment in alignment with the Sustainable Development Goals. Community leaders and residents welcomed the intervention, pledging full support for the facility’s maintenance.

Ekweoba Arnold Chukwuebuka, Nigeria’s top-rising entrepreneur, real estate mogul and founder of Lesson360, has been honoured with the prestigious 2026 Nelson Mandela Impact Makers Award in recognition of his contributions to real estate, innovation, humanitarian service and sustainable development.

Chukwuebuka received the award during a private investiture in Abuja, where he was recognised in the Diamond Class of the award as a trailblazer in real estate innovation, humanitarian service and sustainable development.

The ceremony was graced by great personalities, including members of his family, close associates and representatives of the Professional Public Speaking and Leadership Academy (PPSLA Africa) and the African Award Group, which are the organisations behind the award.

Lotanna Okoye, the Director-General of PPSLA Africa, in a keynote address preceding the award presentation spoke on the importance of impact-driven leadership and the responsibility of African leaders to build people, institutions and lasting legacies.

The recognition, according to the organisers, was informed by Chukwuebuka’s growing contributions to enterprise development, youth empowerment, education and other areas of social impact.

His entrepreneurial journey dates back to 2015 when he founded Arnold and Associates Group as an undergraduate. Since then, the business has continued to expand into several areas, including real estate, construction, dredging, renewable energy and education technology.

Through his real estate ventures, Chukwuebuka has been associated with a number of property developments, particularly in the South-East, including Brownwood Luxury Estate, Presidential Estate, City of David Estate, Texas City, British Court, Heritage Estate and Livingstone Estate, among others.

His interests in renewable energy through the Arnold and Associates Energy have also seen him venture into solar power solutions at a time of increasing concerns over electricity supply in Nigeria.

His activities in the education technology space have equally attracted attention through Lesson360, a digital learning platform designed to make education more accessible while using technology to connect learners with educational resources.

Beyond business, the award also recognises his reported involvement in youth empowerment and humanitarian activities. He has supported young Nigerians through employment, mentorship and business opportunities, while also contributing to scholarships and housing support for widows.

Chukwuebuka has in recent years also ventured into initiatives focused on the preservation and promotion of Igbo language and culture.

Among such efforts are the digital platforms 360 Ak?k? Na Egwu Igbo and M?ta As?s? Igbo TV, which were launched to promote Igbo stories, folklore, songs, language and cultural learning, particularly among children and young people.

These platforms are part of his broader interest in using technology to address social and cultural challenges, with the Igbo-focused initiative seeking to encourage younger generations to reconnect with their indigenous language and heritage.

The 2026 Nelson Mandela Impact Makers Award believably adds to the growing list of recognitions for the Anambra-born entrepreneur and inventor, whose activities continued to shape and make impacts across business, education, innovation, culture and humanitarian intervention.

The federal government says it has intensified plans to end recurring clashes between farmers and herders, with the proposed six ranches that will reduce movement of cattles.

Mukhtar Maiha, the minister of livestock development, while speaking with State House Journalists, said, it will rehabilitate grazing reserves and establish modern ranching settlements in six areas identified as major conflict flashpoints.

He identified the Federal Capital Territory fct, Benue, Plateau, Nasarawa, Kaduna and Adamawa states, as the areas for the intervention because of their history of farmers-herders conflicts.

The Minister who briefed President Boka Tinubu on the implementation of the National Ranching Policy, Farmer-herder conflict has become a major source of insecurity in Nigeria, particularly across the Middle Belt and Northwest.

He revealed that government had identified 417 grazing reserves nationwide and had begun a pilot scheme in Plateau State, which would serve as a proof of concept for a new livestock production model designed to reduce the movement of cattle and address one of the major triggers of rural conflicts.

According to the minister, the government has also opened consultations with pastoral communities, engaging about 34 organisations as part of efforts to secure their support for the transition from nomadic livestock production to ranching.

Maiha said the ministry met pastoralists under the leadership of the Grand Patron of Miyetti Allah and Sultan of Sokoto, Muhammadu Sa’ad Abubakar, with another round of engagement scheduled within two weeks.

He said the government’s assessment showed that the traditional system of moving large herds across the country had become increasingly unsustainable because grazing routes had disappeared due to expansion of farms, rapid urbanisation and growing demand for land for infrastructure.

Maiha said the government had identified 417 grazing reserves nationwide and had begun a pilot scheme in Plateau State, which would serve as a proof of concept for a new livestock production model designed to reduce the movement of cattle and address one of the major triggers of rural conflicts.

According to the minister, the government has also opened consultations with pastoral communities, engaging about 34 organisations as part of efforts to secure their support for the transition from nomadic livestock production to ranching.

The ministry had met pastoralists under the leadership of the Grand Patron of Miyetti Allah and Sultan of Sokoto, Muhammadu Sa’ad Abubakar, with another round of engagement scheduled within two weeks.

He said the government’s assessment showed that the traditional system of moving large herds across the country had become increasingly unsustainable because grazing routes had disappeared due to expansion of farms, rapid urbanisation and growing demand for land for infrastructure.

‘A large number of cattle on the move is crisis-prone because, number one, the grazing routes have disappeared.

‘Farms, large farms have come up, aggressive urbanisation, demand for land for infrastructure development, so many other things have made nomadism not sustainable,’ Maiha said.

He explained that nomadism had largely survived as a means of moving livestock from areas where feed and water were scarce to locations where they were available, adding that providing those resources within designated settlements would remove the need for constant cattle movement.

Maiha said the government was also encouraging investment in modern abattoirs to replace open slaughter facilities, which he described as inadequate from a public health perspective.

He disclosed that discussions were underway with local investors and development partners on the establishment of large-scale dairy projects, while commercial fodder cultivation was being promoted for domestic consumption and export.

The government, he said, was also considering large-scale importation of hatchable eggs to stabilise the poultry industry and shorten the waiting period for day-old chicks for local producers.

‘Why don’t you provide these resources in situ and stop these animals from moving? Human beings can move; they don’t cause crisis. It’s the animals’ movement that normally generates this crisis,’ he said.

Maiha said the government was promoting commercial pasture cultivation and a model under which grass could either be grown around livestock settlements or harvested elsewhere and transported to the animals.

He added that breed improvement would enable pastoralists to keep fewer but more productive animals, reducing pressure on land while improving milk and meat production.

The minister said the ranching model would go beyond restricting cattle to designated areas, as the government plans to turn grazing reserves into integrated economic communities equipped with housing, veterinary clinics, primary schools, primary healthcare facilities, solar power and earth dams for irrigating pasture fields.

According to him, concentrating livestock in properly developed reserves could also attract milk processors, modular abattoirs, biodigesters and other businesses along the livestock value chain.

‘At the end of the day, each of those grazing reserves will become an economic hub. Imagine what you are going to have if you have 30,000 head of cattle in one area. The milk collection alone will attract milk processors.

‘They will attract modular abattoirs. They will attract biodigesters. They will attract so many things that will come there. That is our concept, and that’s what we have been selling to them’, he said.

‘So far, we have not seen resistance from anybody because the reality on the ground is that nomadism, as it were, is no longer sustainable, and we need a different concept’, he said.

He said another major component of the government’s strategy was the introduction of radio frequency identification for livestock, under which four-legged animals would be fitted with ear tags for identification, geolocation and proof of ownership.

The initiative, he explained, would enable the government to develop a national livestock database while making it easier to track animals that stray or are stolen through cattle rustling.

Maiha described the initiative as part of the non-kinetic measures being deployed to stabilise rural communities and reduce farmers-herders clashes.

On the broader livestock economy, the minister said the government was also focusing on modern abattoirs, dairy production, commercial fodder cultivation, veterinary services, vaccine storage infrastructure and poultry production.

He said at least seven model veterinary clinics had been built, while the government’s long-term objective was to establish at least one model veterinary hospital in every state and extend veterinary clinics to underserved communities.

The ministry, he added, was developing off-grid cold-chain vaccine storage facilities across the country to ensure animal vaccines could be transported and preserved at the required temperatures.

Maiha said he updated Tinubu on the ministry’s activities since its creation in July 2024 as part of the President’s strategy to mainstream livestock into the national economy.

He said the ministry was established to modernise the sector and make it sustainable, profitable and globally competitive, adding that about 20 states had since established similar ministries or agencies.

The development, he said, had strengthened prospects for collaboration between the Federal Government and states, particularly because land and much of the country’s livestock resources fall within the states.

Moove, a Nigerian-born mobility company, has joined Africa’s growing list of unicorns after raising $250 million in a Series C funding round that valued the company at $2.1 billion.

The funding round, led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific, marks a significant increase from Moove’s last disclosed valuation of $750 million in 2024.

According to Africa: The Big Deal, Moove’s new valuation places it among the three most valuable African private technology companies with recently disclosed valuations, behind fintech companies, Flutterwave at $3.2 billion and OPay at $3.1 billion.

Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove is now headquartered in the United Arab Emirates and has expanded from its initial fleet of 76 vehicles in Lagos to approximately 42,000 vehicles across 29 cities in 13 countries.

The company has also grown to about 3,300 employees and reported annual recurring revenue of $420 million.

The latest funding will be used to expand Moove’s autonomous vehicle business, including fleet ownership and the development of robotics-focused depots known as ‘Nests’.

These facilities are designed to charge, service, maintain and coordinate autonomous vehicle fleets around the clock.

Moove is also working with Waymo, the autonomous driving company, as a third-party fleet operator. Its autonomous operations already live in Phoenix and Miami, while London is planned as its first international expansion.

The company plans to increase its autonomous mobility workforce from about 150 employees to approximately 500 by the end of 2026 as it expands into new markets.

The $250 million Series C is the second-largest equity funding round announced by an African startup in 2026, according to Africa: The Big Deal, behind electric mobility company Spiro’s $270 million round announced in June.

Together, the two rounds accounted for 44% of all equity funding raised by African startups in 2026 as of August 10, highlighting the increasing concentration of capital in large, established technology companies.

Moove has now raised about $500 million in equity and more than $180 million in debt, bringing its total capital raised to nearly $700 million.

Only MNT-Halan, with approximately $1.2 billion in combined equity and debt, and Sun King, with about $900 million, have raised more among African startups on the same basis, according to the report.

For Moove, the new valuation represents a rapid rise for a company launched only six years ago and reflects investors’ growing interest in the infrastructure required to support autonomous transportation at scale.