News Agency of Nigeria
Crude oil losses drop to 16-year-low – NUPRC
Business

Crude oil losses drop to 16-year-low – NUPRC

Turnaround
By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s upstream oil sector is experiencing a significant turnaround.

It said Crude oil losses from theft and metering issues had fallen to their lowest levels in nearly 16 years.

According to the Commission, daily losses in July stood at 9,600 barrels per day (bpd)—the lowest recorded figure since 2009, when losses dropped to an all-time low of 8,500 bpd.

This data was based on year-to-date crude oil loss trends up to July, released by the NUPRC and shared by Eniola Akinkuotu, Head of Media and Strategic Communications on Thursday in Abuja.

The Commission described the progress as a major milestone in its ongoing efforts to eliminate crude losses across Nigeria’s oilfields and pipeline infrastructure.

Between January and July, total crude losses were contained at 2.04 million barrels, averaging 9,600 bpd over the seven-month period, the NUPRC added.

“This marks a clear departure from the high-loss years that have long plagued the industry.
“By comparison, the entire 2024 calendar year recorded 4.1 million barrels lost at a daily average of 11,300 barrels.
“Remarkably, in just the first seven months of 2025, losses were cut by 50.2 per cent, with only 2.04 million barrels lost over the period.
“The figures for the period ending July 2025 also represent a dramatic 94.57 per cent drop in crude oil losses.
“This is compared to the full year of 2021, when Nigeria lost a staggering 37.6 million barrels at a daily average of 102,900 barrels,” it said.
It said so far in 2025, only 2.04 million barrels have been lost, which was a reduction of 35.56 million barrels compared to the 37.6 million barrels lost in 2021, underscoring the scale of progress made in just four years.
It said that crude oil losses in 2021 were the highest recorded in nearly 23 years, making it the peak year between 2002 and July 2025.
“Since the implementation of the Petroleum Industry Act in 2021, Nigeria has recorded steady progress in reducing crude oil losses.
“In 2021, losses stood at 37.6 million barrels, averaging 102,900 barrels per day.
“By 2022, this dropped to 20.9 million barrels at a daily average of 57,200 barrels.
“The downward trend continued in 2023, with losses reduced to 4.3 million barrels at 11,900 barrels per day.
“Even more progress was made in 2024, as losses were further contained to 4.1 million barrels, averaging 11,300 barrels per day,” it said.
The commission said it had adopted a balanced mix of kinetic and non-kinetic strategies in tackling oil losses.
On the kinetic front, the commission said it continued to collaborate closely with security agencies, operators and communities, while on the non-kinetic front, it implemented strategic regulatory measures to close systemic loopholes.
“One key initiative is the metering audit across upstream facilities to ensure accurate measurement of production and exports.
“To further strengthen control, the NUPRC under the leadership of Mr Gbenga Komolafe approved 37 new crude oil evacuation routes to combat oil theft,” it said.(NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa

CSCS sensitises stakeholders on T+2 settlement cycle
Business

CSCS sensitises stakeholders on T+2 settlement cycle

By Taiye Olayemi

The Central Securities Clearing System (CSCS) on Wednesday sensitised capital market stakeholders on the smooth transition to a T+2 settlement cycle ahead of its Nov. 28 launch.

The webinar brought together capital market operators, regulators, and the Nigerian Exchange Ltd., providing updates, guidance, and clarity on the transition process.

The programme’s theme was ‘Advancing Market Efficiency through T+2 Settlement’.

CSCS Chief Executive Officer, Haruna Jalo-Waziri, highlighted the extensive groundwork done to ensure a seamless transition, stressing the importance of efficiency and liquidity in Nigeria’s capital market.

Represented by Adeyinka Shonekan, CSCS Executive Director, Jalo-Waziri explained that the shortened cycle was part of CSCS’s mandate to improve efficiency and liquidity in the market.

He said CSCS worked closely with the Securities and Exchange Commission (SEC), which led to the formation of a market-wide committee on settlement transition.

The committee, comprising stakeholders across the market ecosystem, benchmarked global best practices, assessed risks, and recommended the optimal path for Nigeria’s capital market.

Its report recommended a phased transition from T+3 to T+2, and eventually T+1.

He noted that SEC’s approval of T+2 for November 2025, and T+1 for April 2026, marked a major milestone.

Sub-working groups were established to amend rules, test processes, conduct gap analyses, and drive stakeholder engagement for smooth adoption.

He stressed that the transition would align Nigeria’s market with global standards, strengthen liquidity, reduce risks, and boost investor confidence.

The shift, he said, would enhance Nigeria’s ability to attract and retain domestic and international capital.

SEC Executive Commissioner, Operations, Bola Ajomale, said the transition would redefine Nigeria’s capital market and economy.

Ajomale assured stakeholders of SEC’s full support in testing and implementing the new system.

“In case of modifications, our doors are open. We urge stakeholders to review systems, conduct checks, and support this transition with clients,” he added.

Nigerian Exchange Ltd. CEO, Jude Chiemeka, emphasised that building a future-ready market required strong collaboration among regulators, brokers, custodians, and investors.

He said implementing T+2 was a major step forward, paving the way for a T+1 settlement cycle.

“The adoption of T+2 reduces the settlement period from three to two business days. NGX is prepared to lead this transformational shift,” he stated.

He added that industry stakeholders were investing heavily in training and sensitisation programmes to ensure readiness.

NASD Managing Director, Eguarekhide Longe, represented by Chinwendu Ekeh, said the association was ready for seamless transition, with platforms synchronised with CSCS and other stakeholders.

He explained that access, trading time, and rules would remain unchanged, but proceeds from securities sales would be available sooner, enhancing liquidity and market attractiveness.

Longe urged operators to strengthen processes around trade confirmation, documentation, and fund availability, stressing NASD’s commitment to collaboration.

Lagos Commodities and Futures Exchange CEO, Akinsola Akeredolu-Ale, said commodities markets would greatly benefit from the T+2 cycle.

He noted that farmers, aggregators, and investors would gain quicker access to funds, reduced risks, and improved confidence.

He said NASD played a strategic role in achieving the transition by positioning Nigeria as a transparent, competitive commodities hub.

Akeredolu-Ale added that NASD had invested in training market intermediaries and Pan-African programmes to strengthen capacity across the continent.

“We have secured approval to fully engage in this new settlement ecosystem, and we are ready,” he said.

Onome Komolafe, Divisional Head, CSCS Depository, gave a technical overview of the transition and reaffirmed the organisation’s readiness. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

We paid N3.3trn dividend in 15 years – Dangote Cement Chairman
Business

We paid N3.3trn dividend in 15 years – Dangote Cement Chairman

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

Dangote Cement Plc says it paid N3.3 trillion in dividends to its shareholders over the last 15 years.

 

 

 

The company made this known on Wednesday during its “Facts Behind the Figures” presentation at the Nigerian Exchange Ltd. (NGX) in Lagos.

 

 

 

Mr Emmanuel Ikazoboh, the new Chairman of Dangote Cement, who succeeded Alhaji Aliko Dangote, assured shareholders of sustained returns on their investment.

 

 

 

He said the company would continue to pursue its vision of making Africa self-sufficient in cement and clinker production.

 

 

 

“In the last 15 years, we have paid a total dividend of N3.3 trillion to our shareholders and we assure you all of sustained returns on your investments.

 

 

 

“To our investors, you have my unwavering commitment to safeguarding and growing your investment.

 

 

 

“To our regulators and market operators, you have my pledge of continued partnership and adherence to governance standards that lead rather than follow.

 

 

 

“To our employees and partners, you have my gratitude and my assurance that our collective strength will propel us to achievements we haven’t yet imagined,” he said.

 

 

 

Speaking further on the future of the company, Arvind Pathak, Chief Executive Officer of the Group said, “We aim to expand installed capacity to 66.4Mta by 2030, supporting our long-term vision of making Africa self-sufficient in cement and clinker production.

 

 

 

“This growth will be driven by a mix of greenfield and brownfield projects.”

 

 

 

Pathak revealed that the company had commissioned the first phase of 1.5Mta of its 3Mta Côte d’Ivoire plant, while construction of the 6Mta integrated Itori plant continued to advance steadily.

 

 

 

He said the company had announced a 400-million dollar investment to double its production capacity in Ethiopia.

 

 

 

He said, “Over the past 15 years, DCP has committed more than $8.5 billion in capital investments across Africa, underscoring our long-term confidence in the region’s growth prospects.”

 

 

 

Earlier, Dr Umaru Kwairanga, Group Chairman of the NGX, commemded Alhaji Aliko Dangote, President of the Group, for his substantial contributions to the Nigerian capital market and private sector development.

 

 

 

Kwairanga said Dangote who was also his mentor, had clearly demonstrated that wealth could be created but also transferred to the public through the capital market.

 

 

 

Kwairanga described Dangote Cement as one of the prides of the Nigerian capital market.

 

 

 

He noted that it was listed on the Premium Board of the Exchange, reserved for companies with the highest standards of corporate governance and regulatory compliance.

 

 

 

He said the company remained one of the most capitalised on the NGX with a strong record of rewarding shareholders through consistent dividends and capital appreciation.

 

Also speaking, Mr Jude Chiemeka, Chief Executive Officer of NGX Ltd., described Dangote Cement as one of the most outstanding commercial entities listed on the Exchange.

 

 

 

Chiemeka said that this was based on the fact that the company had recorded huge dividend payments to its shareholders since its listing in the year 2010.

 

 

 

According to him, the company had also paid over 520 billion tax to the Federal Government.

 

 

 

He note that the company currently form nine per cent of the Exchange’s over N88 tillion market capitalisation.

 

 

 

Mr Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), expressed excitement with the company’s financial performance.

 

 

 

“We are happy with this result. 2024 was very challenging due to the fluctuations in the foreign exchange market and the company’s expansion programme.

 

 

 

“BHowever, all these challenges, the company was still able to pay us a very good dividend and even gave us hope of better returns on our investments in the years to come.

 

 

 

“This is very commendable,” he said. (NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

Nigeria targets 25% industrial growth by 2035 – Minister
Business

Nigeria targets 25% industrial growth by 2035 – Minister

 
Growth

By Desmond Ejibas

Federal Government says Nigeria has projected a significant rise in industrial contribution to GDP, targeting 25 per cent growth between 2025 and 2035 under a newly validated strategic framework.

Sen. John Owan, Minister of State for Industry, made the remark during a panel session at the ongoing Gastech Exhibition and Conference in Milan, Italy.

The session was themed “Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy.”

Owan said the framework marked a turning point in Nigeria’s industrial policy, describing it as one of the most profound achievements of the President Bola Tinubu administration.

“For the first time in decades, Nigeria has a strategic industrial framework. We are determined to grow our economy,” he said.

He explained that the country’s current industrial contribution to GDP stood at about 10 per cent, with plans to raise it to 25 per cent by 2035.

The policy, he added, signaled Nigeria’s shift from a resource-based economy to a productive, competitive and innovative one.

Owan noted that President Bola Tinubu had been a strong advocate of Compressed Natural Gas (CNG) as a tool for powering industries and driving economic growth.

He said that Nigeria’s large population and vibrant youth base positioned it as a key player in Africa’s industrial future.

“Nigeria is ready. Africa is the new frontier, and we are reforming to meet global expectations,” he said.

The minister praised President Tinubu’s reform-minded leadership, citing decisive actions taken on his first day in office, including the removal of petrol subsidy and harmonisation of exchange rates.

He said those bold steps had helped stabilise the economy, with businesses able to access foreign exchange through official channels.

According to him, Tinubu has also been promoting Nigeria as an investment destination during his global engagements.

“There is no better time in our history than now. Nigeria is open and ready for business.

“The global community should engage with Nigeria and Africa due to the continent’s readiness for transformation,” Owan said.

He further described Nigeria as ‘more of a gas-based country than an oil country,’ stressing that energy policy is grounded in available resources and long-term development goals.

He noted, however, that infrastructure gaps had led to significant gas flaring, urging international partnerships to help the country achieve energy sufficiency.

On his part, Mr Olalekan Ogunleye, Executive Vice President, Gas, Power and New Energy at NNPC Limited, emphasised that gas was central to Nigeria’s economic strategy.

He said that the Tinubu administration had been leveraging gas to deliver improved outcomes for Nigerians.

“Nigeria has over 210.5 trillion cubic feet of gas. We must optimise its development,” he said.

Ogunleye said NNPC was revising the gas master plan to position Nigeria as a sustainable global supplier, noting that projects such as the Train 7 LNG expansion would boost output by 30 per cent.

He added that clarity was being provided on gas sources for potential Train 8 and Train 9 expansions.

The NNPCL executive further highlighted the African Atlantic Gas Pipeline project which, he said, was being developed in partnership with Morocco to connect 16 African economies and strengthen Nigeria’s role as a dependable gas supplier.

Domestically, Ogunleye said NNPC had begun supporting gas-based industries to generate jobs and meet investor needs, citing renewed interest from global firms in deep-water gas developments.

“Companies like Petrol Brass, returning as fiscal incentives, have created a competitive landscape.

“This is the best time to invest in Nigeria because the opportunities are vast and the environment is ready,” he said.

The News Agency of Nigeria (NAN) reports that the Gastech conference is one of the world’s largest gatherings, drawing global leaders and investors to discuss sustainable solutions and strategic partnerships. (NAN) (www.nanews.ng)

Edited by Jane-Frances Oraka

FG: Nigeria on path to sustainable power sector
Business

FG: Nigeria on path to sustainable power sector

Power
By Constance Athekame
The Federal Government says Nigeria is on the path to achieving a sustainable power sector and ensuring reliable electricity supply for its citizens.

The Minister of Power, Chief Adebayo Adelabu, stated this on Wednesday in Abuja while inaugurating a two-storey building comprising five training workshops and a 104-room hostel at the National Power Training Institute of Nigeria (NAPTIN).

Adelabu, who congratulated NAPTIN and the power sector said that the country was moving in the right direction, and would soon attain sustainability in the sector.

The minister noted that the Tinubu-led government was not only committed to the development of the sector but was also converting vision into action.

According to him, Nigerians are already reaping the fruits yielding from the sector adding that: “this administration has witnessed the highest generation of power ever in the history of this country.

“We have seen the highest transmission, stable transmission infrastructure and we have seen improvements in our distribution infrastructure.

“In no time we are going to witness a country where there is 24-7 uninterrupted power supply; this is possible as we have seen the signs,’’ he said.

Adelabu also said that federal government was lighting up universities, teaching hospitals, primary health care centres, institutions, offices, and communities.

According to him, this administration believes that without power, no critical sector can operate optimally.

“This is why the president has chosen power sector as a key driver of other critical sectors in the economy, education, health, aviation and all other sectors.

“This is why we must focus on making this power sector work,’’ he said.

The power minister listed ways to attain sustainability in the sector to include the development of local capacity, such as human capacity to operate an effective industry with less reliance on foreign expertise.

“Another thing we need to add is to develop local content in all segments of the power sector value chain, be it in generation, transmission, distribution,’’ he said.

He said: “Nigeria has what it takes to start manufacturing its own meters, cables, transformers, transmission transformers and batteries.

“We have the brains. We have the people. So, we must be self-reliant, we must be sustainable, and I believe that we are very close to achieving this,’’ he added.

Adelabu said that the inauguration of the projects underscored government’s commitment to developing a highly skilled-workforce capable of addressing the challenges of a rapidly evolving energy landscape.

The Director-General of NAPTIN, Ahmed Nagode, while providing overview of the project, said that it represented the commitment to transform the power sector.

Nagode said that the building was not just an edifice, but would lay the foundation for a brighter future filled with possibilities.

Nagode commended the EU and French Government’s support through the Agence Française de Développement (AFD) which provided funding and technical support for the project.(NAN)(www.nannews.ng)

Edited by Shuaib Sadiq/Kevin Okunzuwa

Power outage due to collapse of national grid—AEDC
Business

Power outage due to collapse of national grid—AEDC

Grid

By Constance Athekame

The Abuja Electricity Distribution Company (AEDC), on Wednesday said that the the national grid collapsed at about 11.23 a.m.

The company made this known on its verified twitter handle in Abuja.

It said; ”please be informed that the power outage currently being experienced is due to a loss of supply from the national grid at about 11:23 a.m. on Wednesday.

According to the company, the outage affected electricity supply across its franchise areas.

“Be rest assured we are working closely with the relevant stakeholders to ensure power is restored once the grid is stabilised.

”Thank you for your patience and understanding,” it said. (NAN)(www.nannews.ng)

COA/EEE

========

Edited by Ese E. Ekama -Williams

ADITOP dissociates from NUPENG strike
Business

ADITOP dissociates from NUPENG strike

Strike

By Emmanuella Anokam

The Association of Distributors and Transporters of Petroleum Products (ADITOP) has dissociated itself from the intended strike by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and its cohorts.

The National President of ADITOP, Alhaji Lawan Dan-Zaki, said this in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.

NAN reports that NUPENG had announced that its members would commence a nationwide strike from Monday, and warned of an imminent nationwide fuel scarcity.

The strike is in protest against what it described as anti-labour practices linked to the deployment of newly imported Compressed Natural Gas (CNG)-powered trucks by the Dangote Refinery, for direct distribution of petroleum products.

Dangote’s programme on direct distribution of petroleum products to end users is aimed at eliminating logistics costs, enhancing energy efficiency, promoting sustainability and supporting Nigeria’s economic development.

Dan-Zaki, while stating that the purported strike was uncalled for, added that ADITOP was in support of Dangote’s new petroleum products distribution scheme.

He said that Dangote’s transformational efforts would not only sanitise the industry, but would further stabilise both supply and distribution, while providing jobs and new skills to millions of unemployed Nigerians.

“We, members of ADITOP, hereby inform the General Public and the Federal Government that we dissociate ourselves from any intended strike or disruption by NUPENG and its cohorts.

“We intend to continue moving petroleum products across the country without fear of molestation.

ADITOP is in support of any petroleum products distribution scheme aimed at distributing products to the end users seamlessly and promoting economic development,’’ he said.(NAN)(www.nanews.ng)

Edited by Kadiri Abdulrahman

Customs board approves 0 duty-free limit
Business

Customs board approves $300 duty-free limit

Imports

By Martha Agas

The Nigeria Customs Service Board (NCSB) has approved a 300 dollar duty-free limit for imports, a new policy that takes effect on Sept. 8.

The Spokesperson of the Nigeria Customs Service (NCS), Abdullahi Maiwada, in a statement on Sunday in Abuja, said that the decision was reached at the board’s recent 63rd regular meeting.

The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

Maiwada said that the initiative, also known as “De Minimis” threshold, aims to stimulate cross-border e-commerce, minimise clearance delays and further consolidate Nigeria’s position as a regional leader in trade facilitation.

He said that the move aligns with the best global practices, aimed at simplifying clearance processes for low-value consignments, enhance trade facilitation and provide clarity for e-commerce stakeholders and travelers.

The spokesperson explained that the “De Minimis” threshold is the value below which imported goods are exempted from payment of customs duties and related taxes established by the national legislation.

He said that non-compliance to the directive would include forfeiture, arrest and other sanctions stipulated in the NCS Act, 2023.

“After a comprehensive review of similar practices across continents, the board approved 300 U. S. dollars as Nigeria’s official De Minimis threshold.

“This exemption will apply to low-value imports, e-commerce consignments, and passenger baggage.

“The threshold, which is restricted to four importations per annum, aligns with Section 5(c and d), Section 158 subsections (5 and 6), other relevant provisions of the NCS Act, 2023 as well as international instruments.

“This include the World Trade Organisation (WTO) Trade Facilitation Agreement and the World Customs Organisation (WCO) Revised Kyoto Convention,“ he said.

He noted that under the new regulation, goods valued at 300 dollars or less would be exempted from import duties and taxes, provided they are not prohibited or restricted items.

He, however, added that passenger merchandise in baggage not exceeding the same value would also be exempted.

According to him, the framework further ensures immediate release and clearance of eligible consignments without post-release documentation.

Maiwada said that it also mandates strict enforcement measures against stakeholders who attempt to manipulate invoices or evade duty obligations.

He explained that NCS had established multi-channel helpdesk platforms to facilitate the smooth implementation of the “De Minimis” regulation.

“These dedicated channels are designed to serve as direct points of engagement for stakeholders, providing timely guidance on compliance requirements, addressing inquiries, and resolving complaints that may arise during implementation, “ he said.

He assured that the service remained committed to accountability, discipline and integrity in discharging its statutory mandate.

The spokesperson said that NCS would continue to strengthen public trust and ensure that its personnel reflect the values of service, fairness, and national responsibility.

This, he said, is through its impactful reforms, transparent processes and strict enforcement of ethical standards.

Maiwada noted  that the board also deliberated on disciplinary cases presented during the session, following viral videos circulated recently on social media, showing acts of misconduct by some officers.

In line with that, he said that the board approved the demotion of two officers to the next lower rank, while also granting reinstatement to two officers whose cases were favourably reconsidered.

He said the sanctioned officers must undergo a mandatory medical re-evaluation by a medical board to determine their fitness to remain in the service and serve as a deterrent to other officers.

Maiwada said that the board further issued a stern warning to all officers against the abuse of banned substances and other forms of unethical behaviour.

He stressed that such conduct would not be tolerated under any circumstances. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Tinubu approves 6-month temporary ban on export of sheanuts
Agriculture , Business

Tinubu approves 6-month temporary ban on export of sheanuts

Ban

By Salisu Sani-dris

President Bola Tinubu has approved a 6-month temporary ban on the export of raw sheanuts to curb informal trade, boost local processing, protect and grow Nigeria’s shea industry.

Vice-President Kashim Shettima announced the president’s directive during a multi-stakeholder meeting at the Presidential Villa, Abuja.

The News Agency of Nigeria (NAN) reports that the ban, which is with immediate effect, is subject to review on expiration.

It is aimed at boosting Nigeria’s shea value chain to generate around 300 million dollars annually in the short term.

Shettima explained that the ban was a collective decision involving the sub-nationals and the Federal Government with clear directions for economic transformation in the overall interest of the nation.

He, therefore, called on the Federal Ministry of Finance and other relevant government agencies to fast-track enforcement.

The vice-president said the decision was not “an anti-trade policy” but a pro-value addition policy designed to secure raw materials for  processing factories.

He added that the decision would  enable industries run at full capacity thereby boosting rural income and jobs for our people.

” The decision will transform Nigeria from an exporter of raw shea nut to a global supplier of refined shea butter, oil and other derivatives, ” he said.

Shettima said it was about industrialisation, rural transformation, gender empowerment and expanding Nigeria’s global trade footprint.

On opportunities for job creation and income generation, the vice-president said, “Nigeria produces nearly 40 per cent of the global shea product.

” Yet, we account for only 1% of the market share of 6.5 billion dollars.

“This is unacceptable. We are projected to earn about $300 million annually in the short term, and by 2027, there will be a 10-fold increase. This is our target.”

He stated that the government was not closing doors; but opening opportunities.

” Mr President is currently in Brazil, and both countries have agreed to prioritize access for Nigerian shea butter and oil into the Brazilian market.

”  This process will be completed within the next 3 months,” the vice-president added.

He highlighted the gender dimension of the policy, adding, “by protecting the shea industry, we are protecting livelihoods, dignity and opportunity for millions of our women.

“We are not closing doors, we are opening better ones.

“Today, we plant the seeds of an industry that will yield fruit for decades to come for our women, for our economy, and for Nigeria’s place in global trade.”

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said that Nigeria was the world’s largest producer of sheanuts, contributing nearly 40 per cent of the global supply.

He, however, said that Nigeria captured less than one per cent of the multi-billion-dollar global shea economy.

Kyari said, ” Nigeria produces an estimated 350,000 metric tonnes of shea annually across 30 states, with the potential to reach nearly 900,000 metric tonnes.

” Yet our share of the 6.5-billion-dollar global market is less than one per cent.

” The Rapid Assessment of the Shea Value Chain, conducted by the the Federal Ministry of Industry, Trade and Investment and in close collaboration with the Federal Ministry of Agriculture and Food Security, provided the evidence that shaped this Presidential directive.”

The minister said the assessment showed that over 90,000 metric tonnes of raw shea were lost each year in informal cross-border trade.

He added, ” Nigeria’s processors operate at only 35 to 50 per cent capacity despite a national installed capacity of 160,000 metric tonnes.”

Kyari said regional neighbours such as Ghana, Burkina Faso, Mali, and Togo had already imposed restrictions to protect their industries,.

According to him, Nigeria is vulnerably left “as the outlier and a hotspot for opportunistic and unregulated buying.

While underscoring the enormous potential of the shea trade for Nigeria, the minister said that the shea sector could generate more than $300 million  annually in the short term.

” And position Nigeria to capture a significant share of the projected $9-billion global market by 2030.

“Shea is one of the few commodities where our country holds both a comparative and absolute advantage.

” With over five million hectares of wild-growing shea trees, Nigeria has the natural endowment to dominate not only in production but also in value-added processing.

“Shea is also identified in our Zero Oil Plan as a strategic non-oil export. With a projected global market growth from 6.5 billion dollars today to nine billion dollars by 2030.

” Nigeria can position itself at the heart of this expansion,” Kyari stated.

He said that since 90 per cent of pickers and processors of shea were women, investments in this value chain would directly translate into women’s empowerment, rural job creation, and sustainable livelihoods.

This, he said, aligned with the Tinubu administration’s focus on women empowerment.

Kyari said, ” And the pledge by the Federal Ministry of Agriculture and Food Security “not only to support the rural population but also to create a pathway for national economic development.

” The reasons for this presidential directive are clear.

“Without corrective action, Nigeria risked becoming a raw depot for opportunistic and illicit buyers, undermining our processors’ capacities, disempowering rural women, and forfeiting billions in potential export revenues.

“The Federal Government rapid assessment, which engaged over 2,000 pickers and 65 processors, confirmed the urgent need for action.

”  Informal exports, estimated at 90,000 metric tonnes annually, are draining our domestic supply.”

According to the minister, with neighbours like Mali, Burkina Faso, and Togo already restricting raw exports, Nigeria risked being left as the region’s raw depot.

Kyari said, “The benefits of the temporary ban are equally compelling.

“It will secure domestic supply, enable processors to operate at full capacity, curb informal trade, and lay the foundation for Nigeria to transition from exporting raw kernels to exporting high-value derivatives such as butter, olein, and stearin.” (NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

IPMAN to enforce fuel pump integrity at filling stations
Business

IPMAN to enforce fuel pump integrity at filling stations

IPMAN

By Stanley Nwanosike

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will safeguard fuel pump integrity at filling stations by tackling cheating and related malpractices.

Chairman of IPMAN Enugu Unit, Chief Chinedu Anyaso, disclosed this on Sunday in Enugu shortly after the association’s 2025 Annual General Meeting (AGM).

The Enugu Unit of IPMAN covers independent petroleum marketers in Enugu, Anambra and Ebonyi States, as well as parts of Abia, Imo, Kogi and Cross River States.

Anyaso said members unanimously agreed at the AGM to uphold the integrity of fuel pumps to ensure Nigerians received value for their money.

He stressed that IPMAN was committed to maintaining its reputation for service and product excellence, adding: “IPMAN resolved and planned to set up a task force to ensure compliance of all members to fuel pump integrity.”

According to him, the task force will be inaugurated in September and will operate through dedicated teams in each state under the unit.

“In order to sanitise the system and ensure that the reputation of IPMAN and our members’ fuel stations are maintained; the members during the AGM unanimously agreed that fuel pump cheating and malpractice must be stopped.

“IPMAN will set up a daily mandate task force soon, while the association’s members collectively agreed on a heavy monetary fine as well as sanction for any defaulting fuel station owned by any member,” he said.

He noted that the association had resolved to be firm in dealing with the menace through its own internal disciplinary mechanism; just as the association eradicated stocking bad fuel.

The chairman said that IPMAN Enugu Unit also appreciated the strides of various governors and state governments on development especially road and security infrastructure in the unit’s states of coverage.

“We are encouraged by the governors’ commitment to continue to create a conducive business environment and to ensure smooth road corridors for fuel products to get to all nooks and crannies of the unit,” he said.

Anyaso noted that the members unanimously agreed that it would again write Gov. Chukwuma Soludo of Anambra on the issue of IGR of fuel stations in Anambra.

“We commend him for the discussion so far; however, we are calling all involved to come to a round table and resolve their differences and come to an amicable compromise for the benefit of all,” he said.

The chairman said that members also resolved to write to Gov. Soludo again on the over N900 million debt owed IPMAN members who supplied diesel for the running of streetlights in the state.

The chairman noted that members also deliberated on welfare issues, better ways of lifting petrol products and how to participate in the Dangote Direct Sales and Delivery Scheme as well as JEZCO Oil and Gas offer to assist members.

The meeting also featured presentations by the Federal Inland Revenue Service on electronic tax filing, and by TradeGrid Limited on facilitating petroleum products lifting and installing solar power in fuel stations, among other topics. (NAN) (www.nannews.ng)

Edited by Kevin Okunzuwa

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