Category: Business Day

Less than one week after the first-ever Niger Delta Economic and Investment Summit, the conveners, the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), has sealed a major deal to galvanise investment in the region.

The deal was signed with Maistrade Multipurpose Cooperative Federation Limited on Agribiz, value chain access, and investment in Niger Delta economic zone.

The deal is expected to bring all businesses and agric value chain enterprises under a digital ecosystem for structuring and financing.

The Memorandum of Understanding (MoU) signed is aimed at establishing a strategic collaboration that will jointly identify, mobilise, aggregate, and facilitate access to investment, development finance, and market opportunities for credible Agricbusiness, cooperative, medium, and small scale enterprise, value chain opportunities and projects in the Niger Delta region.

This was signed by Idaere Gogo-Ogan, Chairman of the NDCCITMA, and Benjamin Aduli, president of Maistrade Multipurpose Cooperative Federation Limited (MAISTRADE) known as the chief vision officer.

Maistrade Multipurpose Cooperative Federation Limited is indicated to build digital financial ecosystems and cooperative infrastructure to support farmers, small and medium-sized enterprises (SMEs), and cooperative members across Nigeria.

Maistrade works alongside partners like Mechanised Agricultural Investments and Services (MAIS) Limited, uniting numerous independent cooperative entities and hundreds of thousands of members across Nigerian states, its records indicate.

It is also said to have collaborated with major apex bodies including the Cooperative Financing Agency of Nigeria (CFAN), the National Agricultural Cooperative Organisation (NACO), and the Cooperative Housing Federation of Nigeria (COHFON).

According to a statement signed by both parties and issued to newsmen, NDCCITMA would serve as a strategic regional access and mobilisation partners for eligible businesses, cooperative, value chain operator, mobilise and facilitate access to business and institutional network, support identification and preliminary referral of credible projects and enterprise and also facilitate engagements with relevant private-public sector and institutional stakeholders.

While reiterating its commitment to poverty reduction, job creation, and development of small and medium scale enterprise in the region, the statement added that MAISTRADE would provide the digital registration, project intakes and profiling infrastructure of the program, establish and manage the digital project pipeline and relevant date structure.

The MoU also revealed that MAISTRADE would support project categorisation and aggregation, coordinate engagement with investors development, finance development and strategic partners as well as facilitate the integration of qualified opportunities into appropriate MAISTRADE ecosystem platforms and programmes.

The Joint Delivery Model (JDM) revealed that projects and participants’ information would be considered for investment, financing, and partnership purposes in accordance with applicable laws and parties’ confidentiality.

The statement however did not create a commitment by either party to provide funding for tasks unless separately agreed in writing.

According to the agreement, both partners would operate a common pipeline of identifying, registering, profiling, aggregating, screening, qualifying, matching, financing, monitoring and reporting.

The statement noted that the MoU would remain valid for a period of initial three years and would commence from the day of execution, and subject to renewal or amendment.

Details of how the support would operate were not available at the time of filing this story, it was gathered that the partnership would prepare businesses working with or recognised by the NDCCITMA to gain digital structure and be positioned for financing and other visibility requirements.

This is expected to end the era of businesses in the oil region complaining of lack of funds. Jobs are said to be the major expectation in months to come as businesses would expand their capacities and productivity, thus creating more jobs massively.

The Niger Delta Development Commission (NDDC) has emphasised the need for stronger collaboration and sustainable partnerships among stakeholders to accelerate human capital and infrastructure development across the Niger Delta region.

Samuel Ogbuku, Managing Director of NDDC, made the emphasis on Wednesday while speaking during a pre-conference briefing ahead of the 2026 Partnership for Sustainable Development Conference in Port Harcourt.

He explained that the conference would give the NDDC an opportunity to account to the people of the Niger Delta for its stewardship.

Ogbuku urged stakeholders to actively participate in the discussions, contribute constructive ideas, and critically appraise the agency’s activities to achieve collective progress in the region.

He described the conference as a platform for accountability, transparency and probity, noting that the Commission had made significant progress over the years.

According to him, the absence of a comprehensive governance framework has been one of the challenges that contributed to NDDC’s failures in the past, and the new framework would provide clear guidelines for the management and staff while also regulating stakeholder expectations and demands.

Ogbuku said the governance framework was designed to serve as an institutional safeguard and protect the NDDC development mandate from practices that could undermine the interests of the Niger Delta region.

He said that once adopted, the framework would become a stakeholders’ document against which the managing director, governing board and management could be held accountable.

On digital transformation, Ogbuku said the NDDC was on course to become fully automated, adding that the directors were currently undergoing training as part of the digitisation process.

According to him, the digitisation process would help reduce corruption and human interference, eliminate unnecessary delays and make it easier to track and retrieve official documents and files.

Ogbuku solicited continued support and constructive engagement from stakeholders, stressing that the progress recorded by the NDDC was partly attributable to their support.

‘With your support, the NDDC is respected today. We want to solicit more support. Where we make mistakes, call us; we shall listen to you. That is why we are here today, to submit ourselves to you and hear from you. Without such a stakeholders’ forum,’ he said.

Ogbuku also attributed the current performance of the NDDC to the support of President Bola Tinubu, urging stakeholders to use the summit to identify and deliberate on social challenges confronting the Niger Delta and examine the roles that the NDDC and other stakeholders could play in addressing them.

In his remarks, Theophilus Alagoa, NDDC Director of Community and Rural Development, said the summit would provide a platform for meaningful discussions on Niger Delta development.

Alagoa said the meeting would help develop a policy framework that promotes synergy among stakeholders and fosters adoption of a common development plan for the region.

He noted that the NDDC had moved beyond the mantra of ‘determined to make a difference’ to actually ‘making a difference’ in the Niger Delta.

Also speaking, Godknows Igali, Chairman of the Pan Niger Delta Forum (PANDEF) called on stakeholders to unite and work together towards achieving sustainable development in the region.

Igali urged traditional institutions, host communities, youth groups and other stakeholders to collaborate, stressing the need for government agencies, including the South-South Development Commission and the Niger Delta Basin Development Authority, as well as civil society organisations, to support the NDDC.

Onyebuchim Obiyemi, director and head of investment banking at CardinalStone Partners, discusses the evolving role of Issuing Houses, the complexities of the Dangote Refinery IPO, the impact of technology and market volatility, and what Nigeria must do to deepen liquidity and attract more capital, writes Iheanyi Nwachukwu. Excerpt

How can an Issuing House successfully navigate market related challenges while maintaining the confidence of both Issuers and investors?

The starting point is to recognise that there is no single solution to the challenges confronting the market. An Issuing House must combine deep market knowledge, strong institutional processes, regulatory discipline and the ability to anticipate changing investor behaviour. The quality of execution depends not only on how well a transaction is structured, but also on how effectively risks are identified and managed from the beginning to completion.

In a volatile environment, scenario planning and rigorous due diligence become particularly important. An Issuing House must understand the Issuer’s business, financial position, funding requirements and risk profile, while also assessing prevailing market conditions and investor appetite. This enables the institution to advise the Issuer realistically on pricing, timing, structure and the appropriate route to market.

At the same time, technology is transforming the way transactions are marketed, distributed and executed. Issuing Houses therefore need to invest in technology without losing the professional judgement, relationships and accountability that remain fundamental to investment banking. Technology should make the process more efficient and accessible; it should not replace the human expertise required to navigate complex financial and regulatory decisions.

Ultimately, navigating these challenges requires resilience, adaptability and institutional experience. An Issuing House must be able to anticipate changes, respond quickly when market conditions shift and maintain transparency with all stakeholders. The objective is not simply to complete a transaction, but to execute it in a manner that strengthens confidence in the Issuer, the intermediary and the wider capital-market ecosystem.

What exactly is the role of an Issuing House in a transaction such as the Dangote Refinery IPO?

An Issuing House is much more than an intermediary that brings an offer to investors. It helps structure, coordinate and execute a transaction while ensuring compliance with regulatory requirements and market expectations. In an IPO of this scale, the Issuing House operates at the intersection of the Issuer, regulators, professional advisers, market infrastructure and investors. Our responsibility includes ensuring robust documentation and disclosure, coordinating stakeholders, understanding investor behaviour and communicating the investment proposition effectively. Ultimately, the objective is to mobilise capital efficiently while protecting the integrity and credibility of the market.

What makes the Dangote Refinery IPO particularly demanding?

The scale is significant: 4.1 billion shares at N525 per share could raise approximately N2.15 trillion. But complexity goes beyond the numbers. This is a world-scale industrial asset attracting substantial domestic and international attention. The Issuing House team must coordinate multiple stakeholders while maintaining regulatory compliance, accuracy and operational efficiency. Investors must also understand the refinery’s capacity, product slate, feedstock flexibility, financial performance, expansion plans and associated risks. For a landmark transaction, excellence is often measured by the many things that must work perfectly behind the scenes.

How does CardinalStone’s experience translate into better execution?

Experience creates institutional memory. Over the years, we have worked with leading corporates across various sectors, institutional investors including private equity funds, as well as government institutions and sub-nationals. Collectively, we have executed transactions valued at over N7.8 trillion, giving us exposure to diverse market conditions, financing requirements and transaction structures.

The real value of this experience is not simply the number or value of transactions completed, but how lessons learned are applied to subsequent mandates. This institutional knowledge strengthens our ability to anticipate challenges, navigate regulatory and market dynamics, and deliver effectively across different transaction environments. Investment banking is ultimately a people-and-process business, supported by research, technology, risk management and strong institutional systems.

What are the biggest challenges facing Issuing Houses today?

Macroeconomic volatility, interest rates, foreign-exchange considerations, investor sentiment and evolving regulation all influence transactions. Another challenge is that investors have attractive alternatives in money-market and fixed-income instruments. That makes transparent disclosure, investor education and a compelling investment proposition increasingly important. Technology has also raised expectations for faster and more convenient transactions. However, technology should complement professional judgement, not replace it. The modern Issuing House must combine digital efficiency with financial expertise and accountability.

How should investors interpret CardinalStone’s role in the Dangote Refinery IPO?

Investors should distinguish between the role of an Issuing House and their individual investment decision. Our responsibility is to facilitate the transaction, provide relevant information and support market access; it is not to guarantee investment returns. Investors should independently assess valuation, financial performance, cash flows, crude supply, refining margins, capital expenditure, debt, expansion plans and dividend prospects. Research can help investors understand these issues, but it should inform, not replace independent investment analysis.

What do CardinalStone’s recent industry recognitions mean to the institution?

Awards are valuable when viewed as recognition of institutional performance rather than an end in themselves. Recognition from Euromoney for M and A and Capital Markets Advisory, alongside the African Banker Debt Deal of the Year recognition for the NBET Power Sector Bond, reflects the breadth of our capabilities. But the real test is the next mandate. Clients expect the same discipline, creativity and execution whether or not an award is attached to a transaction.

How can Nigeria build a stronger capital-market ecosystem?

We need deeper participation, stronger investor education, greater institutional investment, innovative products and continued development of market infrastructure and regulation. More companies should also view the capital market as a strategic source of long-term funding. Issuing Houses have a role in connecting companies seeking capital with investors seeking opportunities, while maintaining high standards of disclosure, governance and execution. A stronger market ultimately requires collaboration among Issuers, regulators, exchanges, intermediaries, investors and technology providers.

Has technology diminished the role of Issuing Houses?

No. Technology has transformed how transactions are originated, distributed and executed, but it has not diminished the role of Issuing Houses. Instead, it has raised expectations for how efficiently and effectively they deliver their expertise. Digital platforms can make applications, information access and transaction processing faster and easier. But technology does not replace strategic thinking, valuation, negotiation, regulatory understanding or stakeholder management. The future belongs to institutions that successfully combine technology with human expertise.

How can Issuing Houses contribute to solving Nigeria’s liquidity challenge?

Liquidity is an ecosystem issue. Issuing Houses can contribute by bringing quality companies and well-structured securities to market, improving disclosure and understanding investor requirements. We also need a broader investor base encompassing pension funds, insurers, asset managers, retail investors and international investors. Products must increasingly accommodate different investment horizons and risk appetites. Ultimately, deeper liquidity will come from confidence, quality securities and a stronger culture of long-term capital formation.

What must change to attract more domestic and international capital?

Investors need opportunities they can understand, risks they can evaluate and confidence in the institutions supporting the market. Nigeria therefore needs continued progress in macroeconomic stability, regulatory predictability, corporate governance, transparency and market infrastructure. The quality of listed companies is equally important. Indigenous investment banks can help bridge local opportunities and international capital by combining knowledge of Nigeria with increasingly global standards of execution.

What does the CardinalStone brand represent in Nigeria’s investment-banking landscape?

We see CardinalStone as an institution built around solving complex financial and strategic problems. Our brand is founded on intellectual capital, market knowledge, relationships and execution capability. Our experience across equity, debt, M and A and capital-markets advisory demonstrates the breadth of our platform. But the CardinalStone brand cannot be defined by trophies. It is defined by what happens when a client gives us a mandate: how deeply we understand the challenge, the quality of our advice and the discipline with which we execute.

What should investors, issuers and the wider financial community associate with CardinalStone?

We want CardinalStone to be associated with professionalism, intellectual rigor, integrity, innovation and execution. The Dangote Refinery IPO gives us another opportunity to demonstrate these qualities.

A transaction of this magnitude requires coordination, attention to detail, investor understanding, regulatory discipline and execution under scrutiny. Beyond this transaction, our objective is to build an institution that evolves with Nigeria’s financial system while remaining anchored to the principles that have built our reputation. Ultimately, the strongest investment-banking brand is one that earns confidence through what its professionals consistently deliver.

Families of 37 miners, who died while in the custody of the Nigeria Security and Civil Defence Corps (NSCDC) have rejected the N100,000 condolence payment offered by the Niger State Government, describing it as inadequate and demanding justice.

The families reportedly turned down the money, which they described as ‘blood money,’ insisting that the lives of their loved ones cannot be reduced to a token payment.

The miners died in NSCDC custody under circumstances that have raised questions and triggered demands for accountability. Their relatives are now calling for a transparent investigation to establish what happened, who was responsible, and whether negligence or other wrongdoing contributed to the deaths.

Their rejection of the payment has added pressure on the Niger State Government and security agencies to address the circumstances surrounding the deaths and respond to the families’ demands for justice.

For the bereaved families, the issue is no longer simply about compensation. They want the truth about how 37 miners lost their lives – and accountability for those responsible.

The South East Development Commission (SEDC) has officially flagged off its South East Agro-Development Programme with the commencement of a 200-hectare integrated model farm at Nomeh Unataeze, Nkanu East Local Government Area of Enugu State.

The pilot project, implemented in partnership with the Enugu State Government, is designed to strengthen agricultural productivity, expand food production, create job opportunities, improve livelihoods, develop agricultural skills and demonstrate a replicable model for modern agriculture across the South East.

According to a statement issued Wednesday by Cliff Ogbede, its Executive Director, Natural Resources, Agriculture and Rural Development of the commission, the project, unlike a conventional farm focused on a single agricultural enterprise, is developed as an integrated agricultural facility bringing together fodder production, dairy, poultry, fisheries, greenhouse production, processing, mechanisation, renewable energy and practical agricultural training within one coordinated system.

The objective, the statement noted is to demonstrate how different components of the agricultural value chain can work together to create a more productive and sustainable system.

Speaking at the event, flag-off, Ifeanyi Ossai Deputy Governor of Enugu State described the project as an important example of what strategic collaboration between the state and the Commission can achieve, particularly at a time when food production and economic diversification have become increasingly important.

‘The development of this agricultural facility in Nomeh demonstrates what is possible when government institutions work together around a clear development objective. Enugu State is committed to creating the conditions for productive investment, and we are pleased to partner with SEDC on a project that will not only produce food, but also create jobs, develop skills, support farmers and strengthen the agricultural value chain.

‘ We believe this project can become an important part of the economic development of Nkanu East, Enugu State and the entire South East region within the context of Nigeria,’ he said.

The project is part of SEDC’s broader agro-development and mechanisation strategy, which seeks to use agriculture not merely as a subsistence activity, but as a platform for food security, enterprise development, employment, skills acquisition and regional economic growth.

Mark Okoye, Managing Director/CEO of SEDC, explained that the project was deliberately designed as a development project to redefine how the region approaches agriculture.

‘The South East Agro-Development Programme is about building productive capacity of the region. We want to demonstrate what agriculture can look like when land, technology, mechanisation, production, processing, training and markets are brought together in one

system’, he said.

Okoye added that the project would ultimately be measured by its impact beyond the physical boundaries of the 200-hectare site.

‘The real impact is what happens around the farm and beyond the farm. It is the young person who acquires a practical skill here and starts a farm elsewhere, the farmer who supplies maize or soya to the feed mill, the dairy farmer who gets technical support and access to a reliable market, and the smallholder farmer who is able to increase production because the ecosystem around them has improved, ‘ he explained.

The Central Bank of Nigeria’s 350-basis-point cut in its benchmark interest rate has triggered a sharp repricing in the Treasury bills market, with yields falling across all three tenors at Wednesday’s auction as investors placed N4.09 trillion in bids for the 364-day bill.

The 364-day Treasury bill cleared at a 15.89 percent stop rate, down from 16.62 percent at the previous auction, despite demand exceeding the N400 billion offered by more than 10 times.

‘While markets anticipated lower yields, the 350bps MPR cut from 26.5 percent to 23 percent surprised investors and triggered further repricing,’ said Adeniyi Adejumobi, assistant fixed-income fund manager at FCMB.

Adejumobi said money-market rates had already declined from about 20 percent to between 17 and 18 percent, creating room for Treasury bill yields to adjust further following the policy rate reduction.

The 91-day bill recorded N54.93 billion in subscriptions against N100 billion offered, with N11.03 billion allotted at a 15.50 percent stop rate and a 16.14 percent true yield.

For the 182-day tenor, subscriptions stood at N82.23 billion against N100 billion offered. The CBN allotted N39.49 billion at a 15.80 percent stop rate, with a true yield of 17.16 percent.

Demand was significantly stronger at the longer end, with N4.09 trillion submitted for the 364-day bill against N400 billion offered. The CBN allotted N447.07 billion at a 15.89 percent stop rate, translating to a true yield of 18.89 percent.

The auction came a day after the Monetary Policy Committee cut the Monetary Policy Rate from 26.5 percent to 23 percent, its first major policy-rate reduction after a period of tight monetary conditions.

Victor Ogunfijo, head of fixed-income trading at CardinalStone, said the rate cut signals the beginning of an easing cycle and is expected to push fixed-income yields lower.

‘Consequently, yields on fixed income instruments will react ahead, moving lower in response to this 350bps cut,’ he said.

Wednesday’s auction also showed that investor appetite for longer-dated Treasury bills remains strong. At the previous auction, the 364-day bill attracted N2.54 trillion in subscriptions against N300 billion offered and cleared at 16.62 percent.

The strong demand at Wednesday’s auction came against elevated system liquidity, which stood at N6.90 trillion as of September 21, according to market research ahead of the auction. Analysts had expected the combination of the MPR cut and liquidity to support lower clearing yields.

Adejumobi said demand and liquidity would remain important in determining how quickly Treasury bill rates adjust, suggesting that the MPR cut alone would not determine the level at which bills trade.

The latest auction provides an early indication of how the CBN’s new 23 percent policy rate is filtering into government short-term borrowing costs. For investors, however, the lower stop rates also mean that returns available on newly issued Treasury bills are beginning to moderate.

The Economic and Financial Crimes Commission (EFCC) has urged the Nigerian Education Loan Fund (NELFUND) to ensure that funds approved by the Federal Government for student loans are channelled directly to indigent students, while strengthening safeguards against diversion and other financial crimes.

Ola Olukoyede, EFCC Chairman, gave the charge on Wednesday in Abuja during the signing of a Memorandum of Understanding (MoU) between the anti-graft agency and NELFUND at the EFCC corporate headquarters.

The agreement is designed to deepen collaboration between both institutions, prevent financial infractions and promote accountability in the management and disbursement of proceeds of crime allocated for educational support.

Olukoyede described NELFUND as one of the major legacy projects of the President Bola Tinubu-led administration, while commending its management for the progress recorded in expanding students’ access to education financing.

He said the EFCC’s responsibility went beyond recovering proceeds of crime, stressing that recovered funds should also be deployed productively for the benefit of Nigerians.

: NELFUND nursing education funding soars 1,267% to N811.9m in three years

Under the MoU, the EFCC and NELFUND will establish a joint Fraud Assessment and Control Unit to monitor compliance with established guidelines and strengthen controls around the management of funds.

Olukoyede said the partnership should place greater emphasis on preventing financial crimes rather than waiting until funds had been stolen before taking action.

He said the EFCC would work with NELFUND to examine its processes, identify vulnerabilities and strengthen internal controls to ensure that funds meant for students reached the intended beneficiaries.

‘There are certain things you might not have addressed your mind to, because that is what we do. We could give all your attention to it. We don’t have to necessarily wait for money to be stolen before we go into action.

‘Why can’t we provide more prevention? Even if it doesn’t occur at the level of the organisation, across or along the chain, something could happen,’ he said.

The EFCC chairman said the welfare of young Nigerians was also a major reason for the commission’s interest in supporting NELFUND.

According to him, a substantial proportion of persons investigated for cybercrime are young people, including students in some cases.

He said deploying recovered proceeds of crime to support students could help address some of the vulnerabilities that expose young people to economic crimes.

‘Whatever we recover from these proceeds of crime, why can’t we use it to also support them?’ he asked.

Olukoyede further advised NELFUND to explore mechanisms that would enable funds to be disbursed directly to beneficiaries, subject to appropriate verification by educational institutions.

He said universities and other tertiary institutions could assist in authenticating students’ identities and ensuring that only genuine beneficiaries accessed the funds.

‘Let it go directly to the human beings,’ he said, emphasising the EFCC’s interest in ensuring that recovered funds ultimately benefited the people for whom they were intended.

He also urged NELFUND to access only funds legitimately due to it and ensure that such resources were applied promptly for their designated purposes.

Olukoyede expressed confidence that the agreement would strengthen risk assessment, improve accountability and establish safeguards that would protect the student financing programme beyond the tenure of the current leadership of both institutions.

Earlier, Akintunde Sawyer, NELFUND Managing Director and Chief Executive Officer, commended the EFCC for its support and emphasis on preventing economic crimes before they occurred.

Sawyer said the EFCC’s preventive approach had assisted NELFUND in developing stronger standards of transparency and accountability in managing its resources.

He disclosed that NELFUND had processed 1.6 million applications, with 960,000 loans approved, while recently upgrading its systems and launching a new portal.

According to him, the organisation receives applications, processes approvals and makes disbursements electronically, with funds transferred through formal banking channels without the use of cash.

Sawyer said payments to students were made directly into their bank accounts, using identifiers including the National Identification Number (NIN), Joint Admissions and Matriculation Board (JAMB) registration details, matriculation numbers and Bank Verification Number (BVN) for verification.

He recalled his commitment to ensuring that NELFUND’s operations remained fully transparent, with every transaction leaving an electronic record that could be reviewed in the future.

‘We’ve been taken to task many times on various allegations, suspicions, uncertainty. Say, look, all the records are there. It’s all electronic. If there’s anything wrong, you’ll find it,’ he said.

Sawyer said the system was deliberately designed to eliminate unnecessary intermediaries and reduce opportunities for manipulation, stressing that applicants should not require personal connections within NELFUND to access the scheme.

‘We wanted to make sure that there are no gateways, no middlemen in between, down to the point where we don’t need anybody to approve you as top civil servant or top judge. We don’t want anybody in the middle of this process, and we made sure that anyone who applies for this loan does not need to know anybody at NELFA.

‘Of course, they interact with us if they have difficulties, but they don’t need to know us at all. The bulk of the money goes to the institutions,’ he said.

He added that NELFUND was committed to building systems that would remain functional beyond the tenure of individual officials, stressing the importance of checks and balances and multiple layers of oversight.

‘It’s not personal. We need to ensure that this country can run and run and run without it being all because it’s this person or that person,’ Sawyer said.

The NELFUND chief also expressed appreciation to the EFCC for its role in recovering funds used to support the education financing programme, acknowledging the risks undertaken by EFCC personnel during the recovery of proceeds of crime.

He said the MoU represented another step towards ensuring that recovered funds were not diverted after recovery but reached the students for whom they were intended.

The collaboration, according to the EFCC, is expected to strengthen preventive controls, improve transparency and enhance accountability in the management of funds dedicated to supporting Nigerian students.

The Forum of State Investment Promotion Agencies of Nigeria (FoSIPAN) and key investment stakeholders have moved to strengthen the capacity of state investment agencies to convert economic opportunities into bankable projects and attract capital faster.

The initiative, unveiled at an Investment Mobilisation Stakeholders’ Roundtable on Wednesday in Abuja, seeks to address what stakeholders described as the gap between investment opportunities identified by states and projects capable of securing financing and reaching financial close.

The roundtable, themed ‘From Opportunity to Capital to Outcomes: Building Nigeria’s Subnational Investment Mobilisation Infrastructure,’ also featured the signing of a Memorandum of Understanding (MoU) between FoSIPAN and BraveICONS Global Limited (BIG Advisory) to develop the Subnational Investment Pipeline Nigeria Programme (SIP-NG).

Terhemen Johnpaul Kpenkaan, chairman, FoSIPAN, said Nigeria had no shortage of investment opportunities, but many failed to become financed projects because they were not sufficiently prepared to meet investor requirements.

He described the gap between economic potential and investor confidence as the ‘conversion gap’, stressing that closing it would require states to move beyond investment promotion to project preparation and transaction delivery.

‘Capital does not move towards opportunity alone. It moves towards credible institutions, prepared transactions, manageable risks and clear pathways to decision,’ Kpenkaan said.

According to him, reforms undertaken by states in areas including public financial management, land administration, taxation, digital infrastructure, public-private partnerships, regulatory transparency and commercial dispute resolution had improved the business environment.

However, he said such reforms did not automatically produce investment-ready projects.

‘Reform makes a State easier to enter and operate in. Investment readiness makes a particular opportunity capable of attracting finance. Transaction delivery moves that opportunity through structuring, approvals, negotiation and financial close. These stages are connected, but they are not the same,’ he said.

Kpenkaan said SIP-NG would provide a common framework for participating states to identify, qualify, prepare, govern and advance investment opportunities towards transactions and capital deployment.

The programme, he said, would establish minimum disciplines around reliable project information, readiness criteria, defined stages of progression, institutional ownership, secure documentation, targeted capital engagement and evidence-based tracking.

He added that SIP-NG was not intended to create another project-listing platform but to improve the readiness and transaction pathways behind existing state investment platforms.

Speaking at the event, Fife Banks, managing partner, BIG Advisory, said the MoU marked the ‘visible beginning’ of work that had been ongoing for almost a year to develop a programme capable of institutionalising investment mobilisation capacity across state investment promotion agencies.

Banks said state investment promotion agencies needed to be equipped with the skills, knowledge and technology required to prepare investment opportunities and engage capital in a structured and governed manner.

He said the initiative was particularly important given the Federal Government’s ambition of building a $1 trillion economy by 2030.

According to him, achieving the ambition would require significant activity at the subnational level because states control or influence many of the projects, licences and investment opportunities available across the country.

‘Investment mobilisation is much more than investment promotion,’ Banks said, adding that the programme would seek to help states improve the time required to move projects from identification to investor-grade preparation.

He said participating states would eventually be able to enter an accelerator programme designed to provide technical support and help institutionalize investment mobilisation capabilities.

Abraham Durosawo, vice president, Nigeria Sovereign Investment Authority (NSIA), identified inadequate project preparation as one of the major constraints limiting investment in subnational projects

He said many projects presented to investors remained ‘unbankable’ because essential professional work required to assess and structure them had not been completed.

‘The question is who will repay that project? The project requires some professional work to be done on it. Now, who will pay for that professional service?’ Durosawo asked.

He said government agencies were often reluctant or unable to pay for project preparation, while commercial investors were generally unwilling to deploy capital to fund preparatory work before an investment decision had been made.

Durosawo therefore urged state governments to allocate resources to their investment promotion agencies to prepare projects before taking them to investors.

‘The governments across the sub-nationals need to allocate resources through the investment promotion agencies to take on the responsibility of preparing the projects, so that it makes it easy for the universe of investors where we belong to that room to come in on day one, see the projects, the work has been done, and you can then move it on to investment decision,’ he said.

He added that adequate project preparation could shorten the period required for investors to assess opportunities and make investment decisions.

Kpenkaan said the MoU signed between FoSIPAN and BIG Advisory was limited to programme development, stakeholder consultation and institutional alignment, and did not admit states into implementation or approve projects or commit any institution to financing.

He said FoSIPAN would use the outcome of the roundtable to engage the Nigeria Governors’ Forum Secretariat, federal institutions, development partners, financing institutions and state governments on the programme’s development and possible adoption.

According to him, the initiative is expected to focus on strengthening the institutional capacity of state investment promotion agencies to serve as coordinating points between investors, state governments, sector institutions, PPP authorities, finance ministries, regulators and other relevant bodies.

Nigerian manufactured goods are being priced out of global markets by elevated production and logistics costs, constraining the country’s push to diversify away from oil.

The high cost of energy, finance, transportation and taxes is inflating factory-gate prices and eroding export competitiveness, Segun Ajayi-Kadir, director-general of the Manufacturers Association of Nigeria, said at the 9th annual general meeting of the MAN Export Promotion Group (MANEG) in Lagos.

Africa’s most populous nation recorded N3.73 trillion in non-oil exports in the second quarter of 2026, but the bulk of the growth still comes from raw commodities, with manufacturers struggling to scale value-added exports amid port congestion, poor road infrastructure and trade bottlenecks that have limited gains from the African Continental Free Trade Area.

‘These costs increase the price of Nigerian-manufactured products and make them less competitive in international markets,’ Kadir said.

He added that improving export performance requires attention to cost structures and barriers preventing firms from adding value to locally sourced raw materials.

Logistics remains a major drag on competitiveness, he said, citing poor road infrastructure, high transportation costs, port congestion and trade-related bottlenecks that increase the time and cost of moving goods from factories to markets compared with rivals operating more efficient systems.

In his presentation, Kola Awe said Nigeria missed earlier industrial revolutions after pursuing import substitution while Asian economies built export-oriented industries, leaving control of regional distribution channels to foreign trading houses that still dominate formal West African trade.

He said the vacuum left 65 percent of traders across Africa as Nigerians operating informally, hauling goods by road to markets from Burkina Faso to Congo.

That informal trade, he said undercuts formal exporters who pay duties and taxes, creating grey market flows that depress prices in markets such as Benin and Togo.

Awe put Nigeria’s infrastructure deficit at 35 percent, interest rates above 23 percent and logistics costs at 26 to 30 percent of free-on-board value, with poor roads, port congestion and limited rail – only 10,000 of 2.1 million containers moved by rail in 2025 – adding up to two months dwell time at Apapa and Tin Can ports.

He said value addition is the only path to scale, citing cashew where raw nuts fetch about $1,000 per ton versus $10,000 per ton for kernels, and warned that without it Nigeria’s cassava and cocoa output translates into minimal export earnings compared with Vietnam and Starbucks’ multi-billion dollar derivative sales.

To unlock growth, he urged exporters to leverage duty-free windows including China’s two-year zero-tariff for African goods, Britain’s Developing Countries Trading Scheme and the African Continental Free Trade Area, while using authorised economic operator status, dedicated truck call-up lines and trade houses to cut transit time and cost.

In her keynote address, Jumoke Oduwole, minister of Industry, Trade and Investment, said the challenge is to shift growth from raw commodities to manufactured and value-added goods, warning that cost competitiveness now determines whether ready markets translate into sustained exports.

Oduwole who was represented by Nura Yusuf, a director at the ministry, said government is pushing implementation of its industrial policy and trade facilitation reforms, including the Nigeria Single Window Trade Portal for customs, NAFDAC e-licensing and SON services, and targeted support through the Nigerian Export Promotion Council’s export expansion grant and export development fund.

She described the African Continental Free Trade Area as a $3.4 trillion market of 1.4 billion people, but said access alone is not enough without productivity, standards compliance and rules-of-origin readiness, urging MANEG to present evidence-based, sector-specific constraints to the Industrial Revolution Working Group for actionable intervention.

In her welcome address, Ruth Owojaiye, chairman MANEG, said the country’s operating environment remained challenging for manufacturing exporters despite signs of improved macroeconomic stability, with high inflation, interest rates, energy and logistics costs, inadequate power and insecurity pushing up production costs.

Manufacturers still face high financing costs, infrastructure gaps and regulatory bottlenecks that weaken competitiveness of Nigerian goods in regional and global markets, limiting export expansion and constraining the sector’s contribution to growth, she said.

Owojaiye urged the federal government to prioritize lower costs of doing business, affordable export financing, improved power and transport infrastructure, streamlined export procedures and stable incentives for export-oriented manufacturers to boost non-oil earnings and advance economic diversification.

Nonye Ayeni, chief executive, Nigerian Export Promotion Council, said Nigeria recorded its highest-ever non-oil export volume and value in 2025, with the number of products and destinations also hitting records, and value-added exports rising to over 50 percent of shipments.

She said sustaining the momentum requires scaling production through backward integration and enforcing quality standards, noting Nigeria remains the world’s top producer of shea and a leading producer of cassava, cocoa and cashew yet trails smaller West African peers on output due to lack of coordinated production clusters.

Ayeni said the council is working with the WTO and ITC to fund certifications for exporters including FDA, HACCP and ISO 22000, and urged manufacturers to target opportunities under the African Continental Free Trade Area.

She described the regional trade bloc as a 1.4-billion-person market, while pushing formalization of informal trade through data collection across border corridors.

Dangote Petroleum Refinery supplied 71 percent of petrol received in Nigeria in August, driving a sharp shift away from imports as domestic refinery output surged, according to the downstream regulator.

According to the NMDPRA’s August 2026 State of the Midstream and Downstream Sector factsheet released on Thursday, the total PMS receipts increased by 11 percent from 45.5 million litres per day in July to 50.5 million litres per day.

Of this total, the domestic PMS receipts stood at 35.9 million litres per day, representing 71 percent of total petrol supplied in the period, and 39 percent increase from 25.8 million litres per day in July.

On the other hand, petrol imports in August stood at 14.6 million litres per day, a sharp decline from 19.7 million litres per day recorded in July.

‘PMS daily receipts increased by 11 per cent, rising from 45.5 million litres per day in July to 50.5 million litres per day in August. Domestic PMS receipts rose by 39 per cent, from 25.8 million litres per day in July to 35.9 million litres per day in August.

: NMDPRA approves fresh petrol import permits despite rising Dangote output

‘Over the same period, PMS imports declined by 26 per cent, from 19.7 million litres per day to 14.6 million litres per day. Domestic PMS receipts exceeded petrol imports by 21.3 million litres per day in August.

‘PMS consumption declined by 14 per cent, from 48.3 million litres per day in July to 41.5 million litres per day in August,’ the report read.

The NMDPRA data showed that the Dangote refinery produced an average of 41.94 million litres of PMS daily in August, of which 35.87 million litres were supplied to the domestic market, while 9.73 million litres were exported.

The refinery’s average capacity utilisation was put at 105.21 percent during the month, highlighting its growing contribution to domestic fuel supply, as ended August with 360.4 million litres of PMS in stock.

However, the increase in supply was accompanied by a 14 percent fall in recorded domestic PMS consumption, which declined from 48.3 million litres per day in July to 41.5 million litres per day in August.

The August data also showed a broader increase in crude supplied to domestic refineries. Crude oil receipts rose by 17 percent from 585,000 barrels per day in July to 683,000 barrels per day in August.

Between January and August, domestic refineries received 137.98 million barrels of feedstock, comprising 109.88 million barrels of domestic crude and 28.10 million barrels of imported seaborne crude.

Domestic crude therefore accounted for 79.64 percent of the total refinery feedstock during the eight-month period, while imported crude made up 20.36 per cent.

The regulator also reported that petrol stock sufficiency improved marginally from 22.4 days in July to 22.9 days in August.

The data further showed a sharp decline in diesel imports, with Automotive Gas Oil imports falling by 84 per cent from 7.9 million litres per day in July to 1.3 million litres per day in August. Domestic AGO supply also declined by 16 percent to 13.2 million litres per day.

Aviation fuel receipts rose by 63 percent from 1.9 million litres per day to 3.1 million litres per day.

On the consumption side, petrol usage fell 14 percent to 41.5 million litres daily while diesel consumption dropped 15 percent, based on volumes trucked into the domestic market.

Aviation fuel consumption rose 22 percent. Stock sufficiency improved for both petrol and diesel, standing at 22.9 days and 51.6 days respectively by the end of August.

Domestic gas supply, including volumes delivered to the Nigeria Liquefied Natural Gas (NLNG) plant, rose 4 percent to 4.930 billion cubic feet per day.

Among modular refiners, Edo Refinery recorded the highest capacity utilization at 90.43 percent, followed by Walter Smith at 64.77 percent and Aradel at 58.77 percent. OPAC operated at 16.97 percent capacity, while Duport remained shut down.

Gas utilization also rose across sectors in August, with gas-to-power, commercial, and industrial supply all posting increases. However, LNG export volumes via NLNG declined to 105,317 cubic metres per day, even as pipeline exports through the West African Gas Pipeline (WAGP) rose to 0.152 billion cubic feet per day.

Plant condensate production totaled 14.817 million barrels between January and August 2026, averaging 1.852 million barrels monthly, with June recording the year’s peak output of 2.220 million barrels.

On infrastructure, the report noted continued progress on major gas pipeline projects. The OB3 River Niger Crossing is fully complete, while the broader OB3 Gas Pipeline project stands at 96 percent and the ELPS Midline Compressor Project at 96.37 percent.

The Ajaokuta-Kaduna-Kano (AKK) Pipeline, now measured to include its main backbone and ancillary facilities, is 80 percent complete, while the Obidi-Warri Expansion Project and the Escravos-Obidi Pipeline stand at 71.17 percent and 27.50 percent respectively.