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The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has facilitated over N70 billion in commercial financing for agribusinesses as of the third quarter (Q3) of 2025, marking its strongest annual performance since inception.

In a statement issued yesterday in Abuja, the organisation said it remains confident of achieving its N150 billion target for 2025, reflecting renewed momentum in agricultural lending and investor confidence in the sector.

According to NIRSAL, since it began operations in 2013, the latest result accounts for nearly a quarter of its cumulative N270 billion facilitated for agriculture and agribusiness to date. The institution said this milestone represents ‘an achievement that reflects the impact of NIRSAL’s revamped strategy under its new Board and Executive Management.’

The statement observed that this turnaround comes at a crucial time when bank lending to agriculture had been in steady decline. ‘Bank lending to agriculture fell from 6.18 per cent of aggregate lending in 2022 to 4.82 per cent in 2024, while sectoral growth slowed from 2.5 per cent to 1.7 per cent within the same period,’ it said.

NIRSAL noted that the application of its signature tools for value chain modelling, alongside targeted technical support and risk-sharing frameworks has helped restore lender confidence in agribusiness financing.

‘By applying its signature tools for value chain modelling to address identified issues, providing technical support to agribusinesses and financial institutions, all while deploying its risk-sharing frameworks, NIRSAL has restored lender confidence, thus channelling fresh funds into key value chains, including grains, cocoa, shea, and livestock,’ the statement added.

On impact, the institution said the financing surge has led to a tangible rise in local production and improved trade performance. ‘There has been an improvement in local production across key commodities and a positive balance of trade for agriculture, with over 32 per cent of the facilitated sum directly supporting value-added commodity export. Most notably, agriculture’s share of bank lending has risen again to 5.33 per cent as of May 2025, reflecting renewed interest from financiers,’ it stated.

NIRSAL also revealed that two newly licensed banks have entered the agricultural finance space relying on its frameworks, contributing to the N70 billion already facilitated this year.

Commenting on the milestone, NIRSAL Managing Director and Chief Executive Officer, Sa’ad Hamidu, said the result demonstrates the viability of sustainable agricultural financing. ‘N70 billion may appear modest compared to the size of Nigeria’s agricultural financing needs, but the significance is profound. It proves that agriculture can be commercially and sustainably financed. With the right blend of capital, technical support, and risk mitigation, the sector can become more productive, resilient, and globally competitive,’ Hamidu said.

He noted that the organisation’s confidence in achieving its N150 billion annual target remains strong, given that the busiest period for agricultural financing is yet to begin.

‘This is not yet the peak of the harvest season when merchants typically seek credit for offtake and storage, and when super agro-dealers stock up on fertilisers and inputs ahead of the next planting cycle. Therefore, the opportunities still to come give us every reason for optimism,’ he explained.

NIRSAL stated that beyond facilitating loans, it is reshaping the entire agricultural lending ecosystem through an integrated model that covers prospect identification, deal structuring, business advisory, and credit guarantees. The model, according to the organisation, ‘handholds agribusinesses from loan origination to disbursement,’enabling them to transition from unbankable enterprises to sustainable borrowers.

The statement noted that several agribusinesses that once relied on NIRSAL’s intervention have now evolved into regular clients of commercial banks, with lenders gaining deeper understanding of agricultural value chains and greater confidence in financing them. ‘This proves that the NIRSAL model is a pathway to long-term sustainability in the agriculture sector,’ it said.

The N70 billion facilitated so far, NIRSAL explained, is the result of extensive capacity-building efforts across financial institutions. The organisation trained over 1,100 bank staff to improve their understanding of agricultural financing within NIRSAL’s risk-sharing framework, which has contributed to an increase in loan approvals. It also trained 450 agricultural value chain participants on feedlot management, commodity export, and climate finance – interventions that are expected to yield long-term benefits for sectoral growth.

Looking ahead, NIRSAL said it is developing a digital platform known as the NIRSAL LandBank Portal, designed to connect stakeholders across the agricultural ecosystem – from research and development to markets. The portal will provide data-driven insights to investors, policymakers, and development partners for identifying opportunities, reducing risk, and making informed decisions.

The organisation added that the LandBank portal would also serve as a project development hub, particularly in climate finance. It recently signed a partnership with the Rural Electrification Agency (REA) to provide off-grid power to production and processing clusters in rural areas – a move NIRSAL believes will build resilience in agricultural value chains and support Nigeria’s vision of a $1 trillion economy.

Since its establishment, NIRSAL has maintained its mandate of de-risking agricultural lending, promoting access to finance, and proving that agriculture is both bankable and sustainable. The 2025 performance, it said, signals ‘not just recovery, but a new era of confidence for Nigeria’s farmers, financiers, and the wider economy.’

The Nigerian non-interest capital market has grown remarkably, now valued at N1.6 trillion, with Sukuk dominating the sector’s expansion. This milestone reflects increasing investor confidence in ethical and non-interest financial products.

Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, disclosed this in Abuja during a joint press briefing ahead of the 7th African International Conference on Islamic Finance (AICIF), organised in collaboration with The Metropolitan Law Firm and Metropolitan Skills Limited.

Dr. Agama said the overwhelming interest in recent Sukuk issuances reflects deep investor trust in the regulatory direction of the market. ‘The 700per cent oversubscription of the last issuance underscores the massive investor confidence we have built, thus demonstrating a robust and growing appetite for ethical and non-interest financial products,’ he said.

He added that the enactment of the new Investments and Securities Act (ISA) 2025 has given the SEC a stronger and clearer legal foundation to expand the non-interest financial landscape. According to him, ‘With the new Investments and Securities Act (ISA) 2025, we have a modernised regulatory framework that provides clarity and confidence, making the outcomes of this conference more actionable than ever before.’

Dr. Agama described the new law as a ‘game-changer,’ saying it provides ‘a robust, statutory framework for Sukuk and other Non-Interest financial instruments.’ He explained that the Act empowers the SEC to register Non-Interest Collective Investment Schemes, directly fulfilling the objectives of Nigeria’s Capital Market Masterplan to deepen market development and foster innovation.

Speaking on the forthcoming 7th African International Conference on Islamic Finance, the SEC chief said the event will bring together regulators, senior financial executives, eminent scholars, and representatives from development finance institutions. ‘This convergence of expertise is by design,’ he noted, adding that the goal is to ‘foster high-level collaboration leading to the harmonisation of policies and the creation of innovative financial solutions that address the unique needs of our emerging economies.’

He said promoting financial inclusion will be central to all discussions at the conference, which will feature technical sessions exploring practical financing models and strategies.

‘We will have a major conversation on ‘Unlocking Capital for Africa’s Infrastructure,’ addressing how to fund the roads, power, and technology our economies need for growth and development. We will also explore the future of sustainable development in the session, ‘Green and Ethical Investments: The Future of Energy Finance,’ and connect finance to the real economy with a paper on ‘Agricultural Financing: From Farm to Table through Ethical Options,” he said.

Dr. Agama also revealed that the conference will spotlight technology-driven finance. ‘In recognition of the digital transformation of our world today, we will address ‘The Role of Fintech in Transforming Islamic Finance and Capital Markets,’ ensuring Africa remains at the forefront of financial innovation,’ he said.

In her remarks, Managing Partner of The Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, Ummahani Amin, said the collaboration with SEC reflects a unified vision to strengthen the Islamic finance ecosystem in Nigeria and across Africa.

‘This collaboration between SEC and The Metropolitan Law Firm and Metropolitan Skills Ltd. underscores our shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity,’ she said.

Amin added that this year’s conference comes at a defining moment for the continent. ‘Africa continues to explore innovative, ethical, and sustainable pathways to finance development. Islamic finance has proven to be one of the fastest-growing segments of the global financial system, and AICIF provides a unique platform to bring together policymakers, regulators, scholars, investors, and practitioners to shape that future here on the continent,’ she said.

The AICIF, now in its seventh edition, has become a key platform for advancing ethical finance in Africa, supporting regulatory development, and promoting sustainable investment practices across markets.

House of Representatives member, Raheem Olawuyi, has called on traditional rulers, community leaders and residents of Kwara State to remain vigilant and cooperate with security operatives by providing timely and credible information in the face of spate of insecurity in the state.

Olawuyi is representing Ekiti/Isin/Irepodun/Oke-Ero Federal Constituency.

The lawmaker said the fight against insecurity required collective responsibility.

‘Security is everyone’s business. We cannot afford to leave the safety of our communities solely to government agencies. Every citizen must be involved in safeguarding our environment and ensuring peace prevails,’ he said.

The lawmaker condemned the recent attack in Idofin Odo-Ashe, Oke-Ero Local Government, describing it as a cowardly act that seeks to disrupt the peace and stability of the community.

He expressed concern about the unfortunate incident and sympathised with the victims, their families and the entire community affected by the attack.

World soccer ruling body, FIFA, has injected over USD 1 billion into African football through its FIFA Forward Programme since it was started in 2016.

This much was revealed by FIFA President Gianni Infantino while speaking at the 47th CAF Ordinary General Assembly in Kinshasa, Democratic Republic of Congo.

He also spoke of football’s responsibility to give hope and dreams to the children of Africa as he addressed representatives of the continent’s 54 FIFA Member Associations (MAs).

CAF President Patrice Motsepe thanked FIFA for organising the FIFA Club World Cup 2025S where four African teams – Al Ahly FC, Espérance Sportive de Tunis, Mamelodi Sundowns FC and Wydad AC – had the opportunity to play competitive matches against opponents from the rest of the world on a global stage.

Infantino added that players from 19 African nations had taken part in the FIFA Club World Cup, including nine which have never played at the FIFA World CupS – Burkina Faso, Congo, Gabon, Guinea, Mali, Mozambique, Namibia, Tanzania and Uganda.

‘(It was a) huge success this summer with four African teams. But almost, I would say, more important, with African countries represented in the 32 clubs from all over the world,’ the FIFA President said.

FIFA embarked upon a new era of global football development when the FIFA Forward Programme was launched in 2016 to support the world football governing body’s 211 MAs and the confederations by funding infrastructure projects and competitions as well as operational costs.

The FIFA Forward investments in the Confederation of African Football (CAF), the African zonal/regional associations and the continent’s 54 MAs reached a total of USD 1.06 billion between the start of the programme in 2016 and the end of September 2025. From 2016 until the end of the current four-year cycle in 2026, the figures are estimated to reach USD 1.28 billion, including USD 1.08 billion for the 54 African MAs alone.

FIFA has also supported the development of African football by opening up more playing opportunities. An unprecedented nine, and possibly 10, African teams will play at the FIFA World Cup 26S, while 10 African teams will participate at the FIFA U-17 World Cup Qatar 2025S and five will play at the FIFA U-17 Women’s World Cup 2025S, to be hosted in Morocco.

Motsepe added: ‘It’s very important that we had the FIFA Club World Cup, Gianni (Infantino), thank you for the FIFA Club World Cup. And those four football clubs that represented us did very well and we’re confident that (in) the next one, they will do even better. And thanks for the huge sacrifices on your part.’

FIFA planned to open between 20 and 30 FIFA Academies by 2027 as part of the FIFA Talent Development Scheme (TDS), which aims to help all countries identify talented players and give them the coaching and facilities they need to shine, the FIFA President said. Meanwhile, the Football for Schools programme is now active in more than 40 African nations.

‘We would all love to become legends, like Samuel Eto’o, like (Emmanuel) Adebayor, or El Hadji Diouf, who are here, in the first row, Kalusha (Bwalya), all the others,’ Infantino added. ‘Not all of us have this talent and can make it, but all of us here in this room, we have the responsibility and the duty to work and to work hard, to give dreams, to give chances, and to give hope to all the children of Africa.’

He concluded: ‘I’m asking you all, as always, to be united, to continue to unite Africa, to continue to unite African football, because like this we will have a strong voice, all over the world, for a very, very bright future.’

The tragic death of 29-year-old Somtochukwu Maduagwu in the early hours of September 29 seemed to have dampened the joyous ambience that normally heralds the country’s independence anniversary on October 1. There has been national outrage across the country not because she wasn’t mortal but just due to the circumstances that led to her tragic death.

Reports from neighbours, and later by the police authorities, allege that Somtochukwu had jumped from her third floor apartment balcony in panic to flee from some marauding armed robbers that attacked their Katampe area building on the fateful day in Abuja, the Federal Capital Territory (FCT).

Her death has sparked national outrage because insecurity for many years has been of serious national concern. Many concerned Nigerians, including political leaders, past and present, have registered their condolences with her family, friends and her employer, The Arise Media Group.

While we appreciate such outpouring of grief and condolences, we believe that more attention must be paid to security, given that insecurity impacts everyone and governments at all levels are charged by the constitution to ensure the safety and welfare of citizens.

Many Nigerians daily lose their lives to the high insecurity in the country. There is food insecurity because many farming communities have been scared off by attacks from Boko Haram, bandits, murderous herders and other types of insurgents that are making life difficult for Nigerians.

The people seem helpless in the face of the impunity of the social misfits who attack people at every turn. All sectors of the economy are impacted by insecurity and the socio-economic life of the country takes a huge hit.

We are bothered that Nigerians continually live in fear as travelling, especially by road, has become dangerous due to attacks by armed bandits and kidnappers. In the case under reference, residents were in their houses which, by the way, were supposed to be safe.

If the accounts of how a Somtochukwu died is anything to go by, she was desperate and her alleged attempt to jump down from her apartment was clear evidence of her lack of trust in the system. If she had trusted the system, she might have called a reliable Emergency number, believing the security agencies would have rushed to her help. Her alleged attempt to jump down was not a deliberate suicidal attempt; it was desperation in self-help.

It is disappointing that the police allegedly arrived minutes after the robbers left. Even after the incident, it took them a while to give an update, given that much of the information in the crime scene was by residents whose accounts might not be very credible due to trauma and fear.

It surprises Nigerians that the FCT does not have readily available CCTV footages to refer to in such cases. If these had been in place, a lot of assumptions and hear-says would have been eliminated and may be the robbers apprehended.

Security in the nation’s capital should be a priority. What this singular issue has done is sending wrong signals to the world about our sense of security.

We are not expecting perfection as no nation has a crime-free environment, but there must be maximum attempt to make cities and villages secure. There must be urgent investment in digital security equipment, including drones, which many Nigerian start-ups are producing and even exporting. The police must improve their attitude to emergency calls and learn how to swing into action to protect crime scenes to assist investigations. Security is a specialised field and agencies must act as professionals who ought to serve and protect lives. Seeming post-mortem analysis is an ill-wind that blows no one any good.

We appeal to the police to carry out thorough investigations into this incident to give justice to the dead and closure to the family. The government on its part must scale up security across the country.

ýThe Lagos State chapter of the Sports Writers Association of Nigeria (SWAN) has inaugurated a new electoral committee (SWANECO) tasked with organizing free and fair elections.

ýAt the extra-ordinary congress presided over by Aaron Akerejola, the Interim Chairman appointed by the National SWAN, members nominated and approved the appointment of Patrick Omorodion of Vanguard Newspaper as chairman of the electoral committee. He will be joined by Anulika Menanya of Voice of Nigeria, along with McAnthony Anaelechukwu, Soliu Adeyemo, and Michael Nnabuchi.

ýRising from the congress, the committee was mandated to conduct the upcoming elections strictly in line with the SWAN statute (as amended), to ensure fairness and transparency.

ýSpeaking during the congress, Akerejola thanked members for showing up on short notice, describing it as a positive sign in the collective effort to rescue the association from individuals who have used it for personal gain. He emphasized the need to reposition SWAN to better serve all members, in line with the vision of its founding fathers.

ý’It has been my vision for months to see all parties come together under one umbrella to chart the way forward,’ he said. ‘Our task here is simple. We are to assess the current situation and deliberate on a way forward, in line with the mandate of the National SWAN executive led by Benjamin Isaiah.’

ýThe congress did not hold back in its criticism of the suspended duo, Olatutu Oladunni, Lagos SWAN Chairman, and Bello Omotunde, Secretary, accusing them of deploying intimidation tactics.

ýThese include the use of non-state actors (thugs) and some identified members of the Department of State Security (DSS) who told members they were under strict instructions to stop the planned congress convened in line with the SWAN statutes to determine the association’s future with whatever means necessary.

ýIn a strongly worded resolution, the congress called on the Inspector General of Police, Kayode Egbetokun; the Director General of the DSS, Adeola Ajayi; the Lagos State Commissioner of Police, Olohundare Jimoh; and the Area Commander of Area C Police Command to call their officers to order.

The congress urged them to focus on national security and critical internal issues, rather than allowing their personnel to be used as tools for intimidating law-abiding citizens.

ýMeanwhile, the list of newly inaugurated SWANECO members will be communicated to the National SWAN for final ratification, in accordance with statutory provisions. Upon ratification, the Omorodion-led SWANECO will release the final guidelines for the electoral process.

Iba Local Council Development Area (LCDA) Chairman, Jubril Yisa, has performed the groundbreaking for the construction of a Town Hall at Igbo-Elerin.

Jubril, represented by Vice Chairman, Ayodele Samuel, described the project as historic, stressing that it would serve as a symbol of unity, progress, and shared vision for the people of Iba LCDA.

He noted that the Town Hall had long been a dream of the community, which would now become a reality.

According to him, the facility will serve as a hub for civic engagement, cultural expression, youth empowerment, and developmental dialogue.

‘It will be more than just a building; it will be the beating heart of our Local Council Development Area,’ he said.

The council boss emphasized that development does not happen by chance but through intentional planning, collaboration, and commitment.

He lauded the contributions of traditional institutions, and community stakeholders, acknowledging their role in making the project possible.

Yisa also called on youths to see the project as a beacon of hope and an avenue to express their ideas, showcase talents, and shape their future.

He added that the Town Hall would also serve as a legacy for elders and a platform for intergenerational dialogue.

He said: ‘This is only the beginning. The responsibility of nurturing and protecting this dream rests on all of us. Together, let us ensure that this Town Hall becomes a space of peace, progress, and people-centered development.’

He expressed optimism that the project would be completed successfully and stand as a testimony of unity and determination in the community.

Anonymous: Good day, I have just seen this advert in an old newspaper of September 18, 2024 which advised any person with pension complaint to send message to a particular number. I hope it is not too late for me. My husband retired as a Deputy Director of Abia Education Services since 1997. He was receiving federal pension until several months ago. What can we do for him to get it resumed?

PTAD: Dear Ma, please inform your husband to forward his verification slip to [email protected] to enable us to deal. Thank you.

AHMED: Dear Omobola, my name is Ahmed. I retired from NIWA in 2007, my complaints are that I haven’t received any of the arrears paid to some of the pensioners ranging from the 24 per cent and the N32,000 arrears. I was told my name fell on the second bag since August, 2024. Kindly help me.

PTAD: Dear Mr. Ahmed, please send your verification slip to our email [email protected] to enable us to investigate and respond further. Thank you.

AMBROSE: Good day, my name is Ambrose. I am an ex NTA Minna staff and my complaint is on N32000 minimum wage arrears for DBS pensioners. We are yet to be paid till date. The monthly increment did not reflect from August 2024. My salary is N24000 instead of N33000. Therefore N9000 has been cut-off. Kindly help me for solution.

PTAD: Dear Mr. Ambrose, please send your verification slip to our email [email protected] to enable us to deal. Thank you.

OJO: Dear Omobola, I am Mr Ojo from Ado Ekiti. I thank you for the help you are rendering to pensioners. This is a reminder on the problem I have on my pension since the closure of Heritage Bank. It has not been solved since May 2024. I have not been paid one kobo since May 2024. You already have my particulars. I have sent my documents to PTAD twice but no response yet. I have changed to UBA Bank. I had an accident in August. Kindly help me.

PTAD: Dear Mr. Ojo we are not in receipt of your new bank statement from UBA as we discussed with you and your daughter on the phone. Thank you.

ANONYMOUS: Good day, I hope I am not late. I have just seen an advert in an old newspaper of September 18, 2024. It advised any person with pension complaint to notify this number. My husband retired as a Deputy Director of Education Services since 1997 and he has not been paid.

PTAD: Dear Ma, please inform your husband to forward his verification slip to [email protected] to enable us to deal. Thank you.

The Securities and Exchange Commission (SEC) has raised a red flag over the activities of criminals who use artificial intelligence generated Ponzi schemes to scam unsuspecting Nigerian investors. The commission warned Nigerians to be wary, emphasising that: ‘These platforms are not registered or regulated by the SEC; yet they continue to mislead the public with false claims of AI-driven investments. They pose serious risks to investors, hence the commission issued series of disclaimers against their activities.”

No doubt, those who fall prey to these scammers are mostly the greedy, who easily get enchanted with promises of unfathomable benefits from investments. The commission recalled that platforms such as CBEX, Silverkuun, and TOFRO operated illegally advertised AI-powered trading systems that promised unrealistic returns and those who keyed into them got scammed.

We join our voice to that of the commission to warn Nigerians not to get carried away by promises of profits or returns on investment that have no relationship to economic realities.

The commission advised Nigerian investors to be extra vigilant as fraudsters exploit deep fake videos and AI-generated content to lure their victims. To give their fraudulent platforms an air of credibility, they also manipulate videos to give impression of endorsement by politicians, celebrities and TV hosts for their schemes which they share as adverts on social media groups.

As stated by the commission: ‘Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness.’

We urge SEC to collaborate with the nation’s intelligence and security agencies to fight the scammers on all fronts. The commission should in particular work with the Economic and Financial Crimes Commission (EFCC) proactively to deal with the new challenges.

The SEC has promised: ‘We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market;’ Nigerians must take it by its words and demand that it walks the talk.

The huge losses that Nigerians suffer in the hands of Ponzi scammers should worry all stakeholders. We demand for a review of the relevant laws to prevent and punish those who engage in such fraudulent schemes.

There should be long prison sentences for those who engage in such deceitful activities. If the existing laws are not far-reaching enough, the National Assembly should review and make them stiffer, while security agencies should have dedicated departments with the technical know-how and resources to constantly look out for such scammers, so that their activities can be nipped in the bud early enough.

The names of those who engage in such schemes should be in the public space, so that in addition to the legal consequences for their actions, they would suffer public strictures of naming and shaming. As part of putting the public on notice, the commission, in concert with security agencies, should not hesitate to name all such unregistered schemes operating without license, in the interest of the unsuspecting public.

Alternatively, SEC should have a running website with the names of all registered schemes, easily accessible to the general public.

While the commission and the intelligence and security agencies work to aid the diligent public, individuals must resist the urge to fall prey to unrealistic expectations. When a scheme makes promises akin to money doubling of investment, every week or every month, a discerning investor should know that such promises are unrealistic.

The tendency to believe that one will be among the lucky few to benefit before the scheme bursts should be resisted. Perhaps, there should be some punishment for those who deal with unregistered schemes, despite notice, as a further deterrent.

The Minister of State for Petroleum Resources, Heineken Lokpobiri, yesterday reiterated Federal Government’s commitment to ensuring that every barrel of crude oil produced in the country contributes to meeting both domestic and international obligations.

Lokpobiri gave this assurance yesterday in Lagos at the opening ceremony of the Crude Oil Refinery-Owners Association of Nigeria (CORAN) 2025 summit with the theme: ‘Refinery – Key to Energy Security in Africa.’

He was represented by his Technical Adviser, Ndah Adaba.

He said that as part of deliberate policy and broader strategy, the Naira for crude sale agreement will continue to be a major step to reduce cost of fuel production, mitigate the exposure to the fluctuating exchange rate and to generally support indigenous refining.

The minister said that through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the government has streamlined the licensing regime: from Licence to Establish to Construct and Operate – ensuring that genuine investors are supported, not hindered, by bureaucracy.

According to him, Beyond licensing, government has continued to consolidate on facilitating the access to crude oil supply through the effective implementation of the Domestic Crude Oil Supply Obligation (DSCO) because no nation can claim energy independence if it cannot refine its own crude.

Lokpobiri said under the Renewed Hope Agenda of his President Bola Tinubu, indigenous refining has been identified as a critical pathway to energy independence, job creation, and industrial revitalisation.

‘Today, we have seen indigenous success stories such as Dangote Refinery and Petrochemical, Waltersmith Petroman Refinery, Aradel Holdings, etc. which collectively demonstrate that Nigerians have both the capacity and the will to refine Nigeria’s crude oil locally.

‘These projects are more than facilities; they are symbols of confidence in our policy direction, and we are committed to replicating them across all oil-producing states,’ he added

He said in the bid to extending refining obligation beyond the shores of this country, the West African Fuel Reference Market was launched to position Nigeria as a regional refining and product supply hub to other West African sub-region.

He added that with increased local refining capacity, Nigeria will not only meet its domestic demand but will also serve as a dependable supplier of refined products to neighbouring countries, thereby reducing the region’s reliance on distant refineries and maritime imports.

‘This aligns with the African Union’s vision for energy integration and intra-African trade under the African Continental Free Trade Area (AFCFTA).

Lokpobiri assured that the government will ensure feedstock security for all licensed refiners and also deepen fiscal incentives to attract more investment. The minister said that the government will also foster collaboration among African nations for product exchange, logistics and shared energy infrastructure, maintain that the path to Africa’s energy security runs through the gates of our refineries and its interrelated institution.

He said that the federal government remains fully committed to supporting indigenous refiners, strengthening regulatory institutions, and creating an enabling environment for sustainable downstream growth.

‘Let this CORAN Summit 2025 serve as a renewed call – to industry players, regulators, investors, and policymakers to unite in achieving an Africa that refines what it produces and powers its future through its own resources,’ he said.

Also speaking at the event, the Authority Chief Executive, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, said the authority has created Nigeria’s most transparent and predictable petroleum regulatory framework.

Ahmed, represented by the South-West Regional Coordinator of NMDPRA, Ayo Cadoso, noted that the Authority has developed and gazetted 18 key regulations covering every phase of refinery development, from establishment through to operations.

‘These regulations were not developed in isolation. They were co-created with industry stakeholders to ensure they are practical, bankable, and investor-friendly. This is what we mean by regulatory certainty – clarity of rules, fairness in enforcement, and confidence in outcomes,’ he explained, adding that NMDPRA ensures Naira-denominated crude sales to shield refiners from foreign exchange volatility.

Besides, the Authority’s boss said the organisation is actively facilitating industrial growth.

‘We are working across agencies and the entire value chain to guarantee crude oil supply to all licensed refineries through structured nomination and supply mechanisms.’

He added that the authority ensures efficient evacuation and logistics for refined products to reach markets while promoting transparent practices for fair competition.

He added that NMDPRA has accelerated approvals and permits under clear service-level agreements, providing technical and commercial support throughout project lifecycles.

‘These initiatives form part of our optimisation framework, which converts regulatory stability into investment confidence and boosts domestic refining capacity,’ he said.

Ahmed stressed that investor confidence depends on consistent policy and regulatory integrity.

‘Investors must trust that rules will not change midstream and that their returns are secure within a fair market structure,’ he noted.

He highlighted major reforms achieved in the past four years, including downstream liberalisation and updated transportation codes to support modern infrastructure.

‘These are not mere policy statements – they are actionable goals under our 2025 Refining Acceleration Plan.

‘Nigeria’s energy future will be defined by clarity, confidence, and collaboration.

‘We are not just refining crude oil – we are refining our economic destiny,’ he stated.

Ahmed said that when regulators act with integrity, investors trust the process, and consistent policies can enable Nigeria to power itself and the rest of Africa.

‘At NMDPRA, our promise is simple – to regulate with clarity, facilitate with credibility, and lead with courage.

‘Today, I speak not just as a regulator but as a firm believer in Nigeria’s capacity to redefine her future.

‘For too long, we exported crude and imported refined products – a paradox that weakened our economy. But that story is changing,’ Ahmed said.

He acknowledged the transformative impact of the Dangote Refinery and the growing number of licensed modular and conventional refineries.

‘Nigeria stands at the threshold of a historic transformation – from dependency to dominance, from importer to net exporter of refined petroleum products,’ he said.

According to him, two key pillars will drive this refining revolution – Regulatory Certainty and Investor Confidence.

Ahmed also commended the summit’s engagements, including the Women in Refining session and the keynote dinner on ‘Private Refining as a Catalyst for Energy Security.’

‘We reaffirmed that refining is not just a business – it embodies energy sovereignty, economic resilience, and industrial strength,’ he said.