Posts in category: News

The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative has today convened an update meeting held in Abuja with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presiding. The meeting reviewed progress and addressed ongoing implementation matters.

The stakeholders reaffirmed the government’s commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC). It stated that the Crude and Refined Product Sales in Naira initiative is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

The Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all relevant parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports the national economy.

The meeting was attended by the Chairman of the Implementation Committee, the Honourable
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.

The meeting underscored the government’s commitment to the Crude and Refined Product Sales in Naira initiative, a strategic move expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency. This bold step positions Nigeria for success in the years to come

Signed
Mohammed Manga FCAI
Director, Information and Public Relations

April 9, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has spotlighted corporate governance as a key lever in President Bola Ahmed Tinubu’s push to build a $1 trillion economy, urging state-owned enterprises (SOEs) to meet global standards of transparency, ethics, and performance.

Speaking at the MOFI Corporate Governance Forum in Abuja on Monday, the Honourable Minister described the newly introduced MOFI Scorecard as a vital benchmark for institutional health—designed to position SOEs for investment, growth, and long-term value creation.

This scorecard is not just a document—it’s a test, Edun said. He added that Strong governance attracts capital, builds trust, and delivers real economic returns.

The two-day forum, themed Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance, brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.

Referencing entities like NNPC Ltd, Edun noted that SOEs must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth. He also pointed to positive macro signals and falling food and fuel prices—as early signs of a stabilising economy.

MOFI Chairman Dr. Shamsudeen Usman confirmed that the scorecard will be enforced through independent assessments, including MOFI itself. We are not asking others to do what we haven’t already done, he said.

MOFI CEO Dr. Armstrong Takang outlined a rollout that includes third-party evaluations, remediation plans, and public recognition through the annual MOFI Excellence Awards.

Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth—with governance now central to growth, resilience, and investor confidence.

The introduction of the governance scorecard is a testament to the Federal Government’s commitment to transforming Nigeria’s economy. As the country moves forward, one thing is clear: transparency, accountability, and growth will be the guiding principles for the SOEs.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
April 8, 2025

In a significant move towards addressing climate change, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in his office in Abuja, met with Dr. Nkiruka Madueke, Director-General of the Nigeria Climate Change Council (NCCC), to advance efforts to operationalize the country’s Climate Change Fund (CCF)

The meeting focused on aligning Nigeria’s economic planning with its climate commitments, including the push towards net-zero emissions and the delivery of third-generation Nationally Determined Contributions (NDCs).

Dr. Madueke emphasised the urgency of unlocking the Climate Change Fund, which remains under-resourced, to finance critical climate initiatives and enable regulatory functions under the Climate Change Act.

She called for firm backing from the Ministry, noting expressions of interest from the Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and Development Bank of Nigeria (DBN) to manage the Fund, while also highlighting that additional NCCC priorities include climate finance taxonomy, carbon market development, and mangrove conservation.

HM Edun pledged support, noting the importance of integrating climate resilience into Nigeria’s development strategy. He encouraged the submission of a clear budget and project framework to fast-track collaboration and attract green investment.

As the Federal Government moves to activate the Climate Change Fund, Nigeria is poised to unlock a new era of climate resilience and sustainable development. With the Fund’s activation, the country can expect to see a surge in green investments, the creation of new jobs, and a significant reduction in carbon emissions. The future of Nigeria’s climate action has never looked brighter, and this move is a significant step towards achieving the country’s net-zero emissions goal.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
April 4, 2025

Nigeria’s economic growth prospects continue to gain momentum, as the country’s reform trajectory and improving macroeconomic fundamentals attract growing interest from international investors.

In a high-level meeting between the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the CEO of Renaissance Capital Africa Investors, Samuel Sule held in his office in Abuja today, discussions focused on Nigeria’s economic outlook and investor sentiment. It also highlighted a notable shift in investor appetite—from Eurobonds to local currency instruments and increasingly to equity investments—signalling growing confidence in Nigeria’s reform trajectory.

HM Edun pointed to key macroeconomic improvements, including a stabilised exchange rate, a downward trend in inflation, and stronger fiscal discipline. He also emphasised infrastructure projects, energy sector reforms, and performance-based targets in conjunction with the World Bank as central to the administration’s strategy for attracting long-term capital.

The meeting reinforced Nigeria’s ambition to position itself as a prime destination for international investment through private sector-driven growth and economic resilience.

This development is expected to have a positive impact on the country’s economic growth and development. As Nigeria continues to implement reforms and attract international investment, the country is poised to become a hub for business and economic activity in the region.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
April 4, 2025

Nigeria’s first-ever domestic US dollar bond has been named West Africa Deal of the Year at the 2025 Global Banking & Markets Africa Awards, following a highly successful issuance that raised $917 million.

Announced by the Debt Management Office (DMO) on August 19, 2024, the bond initially targeted $500 million but was oversubscribed by 180%. With a five-year tenor, it was listed on both the Nigerian Exchange (NGX) and FMDQ Securities Exchange.

The landmark issuance attracted a broad spectrum of investors, including local institutions, diaspora Nigerians, and international players. Africa Finance Corporation (AFC) served as Global Coordinator.

Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite, received the award at the Bonds, Loans & ESG Capital Markets Conference in Cape Town, South Africa, and formally presented it to the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun today in his office in Abuja.

This award marks an important step in our ambition to position Nigeria—and Lagos—as a leading international financial centre, Edun said. It also reflects growing confidence in the expertise and resilience of Nigeria’s financial system, which has once again delivered under challenging global conditions, the Minister affirmed.

This prestigious award underscores Nigeria’s commitment to developing its capital markets, improving its investment landscape, and attracting foreign investment. It is also a testament to the country’s potential for economic growth and its determination to become a leading international financial centre.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
April 3, 2025

Nigeria’s quest for economic greatness has received a significant boost as the International Monetary Fund (IMF) has indicated its support for the Single Window Trade Project, a groundbreaking initiative poised to streamline trade, increase revenue, and propel the country to the forefront of African economies.

The IMF’s intention of support was indicated during a meeting between the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and a delegation from the IMF Fiscal Affairs Department, led by Marco Antonio, Technical Assistance Advisor for Revenue Administration 2. The meeting highlighted the IMF’s strong support for the Single Window Trade Project, which aims to streamline trade processes, increase government revenue, and enhance the ease of doing business.

Antonio praised the NSW project, among other reforms, and inquired about how the IMF could provide further assistance for its successful implementation. HM Edun affirmed that the project is well underway, with approvals secured, a dedicated team in place, and a structured implementation plan.

He underscored the initiative’s potential to catalyze export growth, particularly with Nigeria on course to achieve 1.2 million barrels of daily oil production. Describing the project as a transformative economic tool, Edun reiterated the government’s commitment to its success, citing the strategic leadership of President Tinubu and the support of the Nigeria Customs Service as key to its execution.

As Nigeria continues on its path to economic transformation, the Single Window Trade Project is poised to play a pivotal role. With the IMF’s endorsement, this initiative is expected to enhance trade efficiency, increase revenue, and stimulate economic growth, positioning Nigeria as a beacon of trade excellence in Africa.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
April 3, 2025

In a significant move to reconstitute the Nigerian National Petroleum Company (NNPC) Limited Board, President Bola Ahmed Tinubu has appointed Mrs Lydia Shehu Jafiya mni, Permanent Secretary, Federal Ministry of Finance, as a member of the new Board.

This appointment is part of a broader restructuring effort aimed at enhancing operational efficiency, restoring investor confidence, and driving economic growth. The new 11-man board, effective April 2, is chaired by Ahmadu Musa Kida, with Engineer Bashir Bayo Ojulari serving as Group CEO.

In a statement issued by

Special Adviser to the President, Information and Strategy, Mr Bayo Onanuga,

the President called on the new Board to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.

As a seasoned technocrat, Mrs. Jafiya is not only going to represent the Ministry of Finance on the Board, but more importantly, she is expected to bring in her wealth of experience and expertise to bear in the realization of the policy objectives of government. Her appointment also underscores the government’s commitment to leveraging skilled professionals to drive growth and development in the oil and gas sector.

With this new development, Nigeria is poised to witness significant transformations in its energy landscape, driven by a reinvigorated NNPC Limited Board. As the country strives to achieve its ambitious energy goals, the Ministry remains committed to providing strategic guidance and support through Mrs. Jafiya’s representation on the Board.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

April 2, 2025

In a major boost to youth entrepreneurship, Nigeria and Japan have launched a strategic venture capital initiative that will channel Naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in his office in Abuja met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) to finalise the framework of the fund, which has now received formal approval from the Japanese government.

NSIA CEO Aminu Umar-Sadiq confirmed that the initiative satisfies two key conditions set by the Minister: mitigating foreign exchange volatility by investing in Naira and securing first-loss or grant capital to de-risk private investment.

With JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative, Umar-Sadiq said.

JICA Director General Takao Shimokawa announced that diplomatic agreements would be signed within weeks, with full implementation expected thereafter.

The Coordinating Minister of the Economy welcomed the development, calling it a timely response to Nigeria’s youthful demography. This fund provides critical financial backing across the capital structure—from equity to debt—and is aligned with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth, he stated.

By combining international concessional financing with domestic currency stability, the fund marks a new model for venture capital in Africa, aimed squarely at empowering the next generation of Nigerian innovators.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
April 2, 2025