NEWS AGENCY OF NIGERIA
Economy/Business

Tinubu’s economic policies will set new records – IMPI

36 total views today

 

 

By Salif Atojoko

The Independent Media and Policy Initiative (IMPI) says the economic policies of the Bola Tinubu administration will set new records in 2025 based on current trends in the economy.

The Chairman of IMPI, Dr Niyi Akinsiju, in a policy statement released on Sunday, said the group reached the conclusion after an analysis of the economy since the introduction of the Tinubu reforms 19 months ago.

It said the efforts of the Tinubu administration in 2024 yielded notable improvements in petroleum industry output inspite of mounting challenges.

“For instance, the local refining of petroleum and the complete deregulation of the downstream sector of the oil industry have led to price competition on petrol and made smuggling of petroleum products across the country’s borders unattractive.

“The approval of five oil asset sales and two Final Investment Decisions (FIDs) in 2024 also elicited positive feelings from foreign investors willing to do business in Nigeria’s energy sector,” said the group.

It added that in 2025, oil sector analysts projected that production would likely average 1.7 million barrels per day (bpd) and close the year at 1.78 million bpd.

“This optimistic outlook is underpinned by measures to address oil theft, including the implementation of the Advance Cargo Declaration regime by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“This initiative ensures that all exported crude oil and gas cargoes are uniquely identified, verifying the legitimacy of export documentation and reducing the theft of resources,” the group said.

To enhance crude oil production, it noted that the president signed three executive orders (EOs) in February 2024 aimed at improving the investment climate and positioning Nigeria as the preferred investment destination for the petroleum sector in Africa.

It also said the plan to hold a fresh oil licensing round in 2025 was focused primarily on handing out oil blocks that remained undeveloped.

“This is another fillip in the effort to hike crude oil production and raise crude reserves and production,” it said.

It said the Federal Government would accomplish its target to increase crude oil production to 2.06 barrels per day as proposed in the federal budget for 2025.

The group admitted that the naira lost a chunk of its value especially in 2024 when it depreciated by 40.9 per cent before appreciating in December.

It, however, said this had a domino effect in ensuring a trade surplus for the country, reflecting a strong contribution of the non oil sector for the first time in recent years.

“CBN data for October 2024 highlighted a positive trade performance driven by more substantial export earnings than imports.

“This reflects a third consecutive quarter of trade surplus in 2024.

“The trade surplus expanded to 2.21 billion dollars, up from 2.07 billion dollars in September.

“This improvement was fueled by a 3.51 per cent rise in total exports which increased to 5.02 billion dollars from 4.85 billion dollars the previous month,” said IMPI.

The group added that export growth was attributed to higher values in crude oil and non-oil products.

It said though crude oil and gas exports continued to dominate Nigeria’s export landscape, accounting for 87.74 per cent of total exports, non-oil exports recorded impressive growth.

Non-oil exports, it said , increased by 19.23 per cent to 0.62 billion dollars from 0.52 billion dollars in September.

“Higher export receipts for key agricultural commodities such as cocoa, beans, urea, sesame seeds, cocoa products, aluminium, and copper primarily drove this growth.

“Brazil emerged as the top destination for Nigeria’s non-oil exports, followed by the Netherlands, Malaysia, Japan, and Germany.

It said to highlight Nigeria’s growing export competitiveness in the global market, the Nigeria Customs Service (NCS) declared that it recorded an impressive total Cost, Insurance and Freight (CIF) value.

CIF,it said, rose to N136.65 trillion in exports in 2024 from N42.77 trillion in 2023.

It said this translated to 219.5 per cent increase, noting that the volume of exports surged from 3.70 billion kilograms in 2023 to 12.35 billion kilograms in 2024.

“The trade surplus, as recorded, reflects the impact of the depreciated naira on international trade.

“The depreciation of the naira in the official market boosted export values, energising export activities while making imports more expensive.

”This has contributed to an improved trade balance,” IMPi added.

This, the group said, also helped enhance inflows into the Federation Account and paved way for increased disbursements to all the tiers of government, especially in Q3 2024.

It said: “The third quarter of 2024 recorded more money flowing into Nigeria’s Federation Account, which grew to N6.86 trillion.

”A CBN economic report showed a 7.48 per cent increase from the previous quarter.

“The extra money came mainly from increased Company Income Tax (CIT) and Value-Added Tax (VAT).

” We note with interest that most of the money came from non-oil sources, which brought in N5.56 trillion, while oil revenue made up the rest.”

The IMPI said the increase in revenue was due to higher receipts from corporate tax and VAT, which accounted for 81 per cent of the inflow into the Federation Account.

IMPI added that the ongoing rebasing of Nigeria’s Gross Domestic Product (GDP) would further show the resilience of the economy.

It also said it indicated a more diversified and dynamic economic landscape under President Tinubu. (NAN) (www.nannews.ng)

Edited by Mufutau Ojo

Economy/Business

Fake products trigger health, economic crises – Expert

199 total views today

By Chinenye Offor

Dr Emeka Offor, former Executive Secretary of the Nigerian Investment Promotion Commission, has described Nigeria’s counterfeit goods crisis as both an economic challenge and a public health emergency requiring urgent action.

In an interview with the News Agency of Nigeria (NAN) on Friday in Abuja, Offor revealed the dangers posed by the influx of counterfeit and substandard products into local and national markets.

He said these products have severe consequences for consumers and threaten the country’s economic stability.

He noted that drastic proposals, such as feeding counterfeiters their own products, might seem extreme, but stressed that penalties for such crimes must match their severity.

Offor identified cities like Aba as epicentres of this crisis, which he said undermines public health and hinders national development.

“According to the Standards Organisation of Nigeria (SON), counterfeit goods account for 40 per cent of products in the Nigerian market, causing annual economic losses exceeding 20 billion dollars.

“The health sector is also reeling from the surge in fake drugs. NAFDAC reports that approximately 17 per cent of pharmaceutical products in circulation are counterfeit, putting millions of lives at risk,” he said.

Offor emphasised the tragic human toll of counterfeit goods, citing hospitals overwhelmed with cases of poisoning and organ failure linked to fake medications.

He shared the story of a woman who unknowingly consumed counterfeit drugs for a chronic condition, leading to severe complications requiring emergency care.

“Substandard electrical products have caused devastating fires, destroying homes and businesses.

“Fake building materials have led to building collapses, and counterfeit auto parts have resulted in fatal road accidents,” he added.

He warned that the crisis poses a dire threat to legitimate manufacturers, with companies like Nigerian Breweries and Unilever reporting revenue losses due to fake versions of their products.

“These counterfeits, often sold at lower prices, make it nearly impossible for legitimate businesses to compete.

“Many companies have shut down, resulting in job losses, reduced tax revenues, and diminished foreign investment,” he said.

Offor also pointed to the influx of cheap, substandard imports, particularly from China, often entering Nigeria through porous borders and corrupt customs practices.

“The World Bank estimates that Nigeria loses about 15 per cent of its potential GDP growth annually due to counterfeit products and related illegal trade,” he said.

The healthcare system, he added, bears the brunt of the counterfeit crisis, with hospitals treating increasing numbers of patients affected by toxic cosmetics, fake drugs, and other counterfeit goods.

While agencies such as NAFDAC and SON have intensified their efforts, Offor noted that their resources remain insufficient.

“In 2023, NAFDAC reportedly destroyed counterfeit goods worth ₦4 billion, but he said this represents only a fraction of the problem. Corruption continues to undermine regulatory enforcement”.

Offor called for a comprehensive and coordinated approach to tackling the counterfeit crisis.

“Only through joint efforts by the government, industry, and consumers can Nigeria stem the tide of counterfeit products and protect its economy and public health,” he said.

He stressed the need for judicial reforms to ensure swift prosecution of offenders, with severe penalties such as long prison sentences for counterfeiters.

He also emphasised the role of technology in combating the issue.

“The government must increase funding for regulatory bodies, provide modern technology for detecting counterfeit products, and expand enforcement powers.

“A national product verification system using QR codes or blockchain technology could allow consumers to verify the authenticity of products.

“Manufacturers should also invest in anti-counterfeiting measures such as holographic labels and track-and-trace systems,” he said.

Offor noted the importance of public education, urging consumers to be aware of the risks associated with counterfeit goods and how to identify them.

He also called for strengthened border controls and better collaboration with neighbouring countries to reduce the influx of fake products.

“Trade associations should establish quality certification programmes, and the government should incentivise local manufacturers to adopt international quality standards.

“Enhanced surveillance technology and regional cooperation will also be key to addressing the crisis,” he said.

Offor urged all stakeholders to take decisive action to safeguard Nigeria’s economy and public health from the dangers posed by counterfeit goods. (NAN) (www.nannews.ng)

Edited by Kadiri Abdulrahman

Economy/Business

Oyetola tasks maritime agencies to prioritise budget for impactful devt.

91 total views today

By Diana Omueza

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has charged agencies of the ministry to align and prioritise their 2025 budget proposals to ensure massive and impactful development.

Oyetola gave the charge in a statement by Mrs Anastasia Ogbonna, Director of Information and Public Relations, on Wednesday in Abuja.

According to the minister, the budget proposals must be in line with the pillars of the National Policy on Marine and Blue Economy and the 2021-2025 National development Plan.

He urged the agencies to consider their 2025 budget proposal to demonstrate transparency, fiscal prudence, and strategic prioritisation.

“Our fiscal strategy must reflect the ambitions outlined in our policy framework. We are tasked with ensuring that every Naira allocated delivers a measurable impact.

“I hope that the 2025 budget will not only provide for the immediate needs of the Ministry/Agencies.

“It should also but will serve as a catalyst for sustainable marine resource management and long-term national economic growth,” he said.

He expressed optimism that the budget proposals would further consolidate the plan of the ministry to develop Nigeria’s marine and blue economy potentials.

He said that, the marine and blue economy sector held unparalleled potentials for national development, as it provided sustainable platform for economic growth, job creation and environmental stewardship.

He added that attaining these goals was in alignment with the key priority areas of the Renewed Hope Agenda of President Bola Tinubu as it related to marine and blue economy.

Oyetola said that resources should be channelled towards strengthening maritime domain through investments in surveillance systems, operations and enforcement of maritime laws.

He said that there was a need to enhance capacity in aquaculture, fishing ports and curbing illegal and unregulated fishing activities in the sector.

He said that other priority areas such as promoting oceanographic research, stock assessment, renewable marine energy and climate resilience technologies should equally be on the front burner of the agencies.

Oyetola said that the drafted National Policy on Marine and Blue Economy remained the roadmap that would guide collective efforts towards the sustainable management of marine resources.

According to him, the roadmap will also guide climate adaptation, technological innovation and enhanced governance in the sector.

“This policy embodies our commitment to international best practices and sustainable development goals, particularly SDG 14, which emphasises the sustainable use of oceans, seas and marine resources,” he said.

The agencies represented at the meeting with the minister included Nigeria Ports Authority, Nigerian Maritime Administration and Safety Agency, National Inland Waterways, Nigerian Shippers’ Council.

Others were, Maritime Academy of Nigeria, Council for the Regulation of Freight Forwarding in Nigeria, Nigeria Institute for Oceanography and Marine Research, National Institute for Freshwater Fisheries Research.

There were also the Federal College of Freshwater Fisheries Technology and the Federal College of Fisheries and Marine Technology.(NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Economy/Business

CBN sanctions 9 banks for failing to dispense cash via ATMs

142 total views today

 

By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN) says it has sanctioned some Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.

According to a statement by Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, this is a clear message of zero tolerance for cash flow disruptions.

The affected banks are Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc,
Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.

Sidi-Ali said that each of the banks was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches.

She said that the enforcement
action followed repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“Communication with the banks revealed that the fines would be debited directly from their accounts with the apex bank.

“Ensuring seamless cash flow is paramount to maintaining public trust and economic stability.

“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she said.

She said the CBN’s investigations and monitoring would continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators.

She added that the CBN was working with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million.

She urged all financial institutions to comply with its guidelines, warning that further violations would attract swift and decisive sanctions.

The News Agency of Nigeria (NAN) reports that the CBN Governor, Yemi Cardoso, had earlier warned banks to strictly adhere to cash distribution policies or face severe penalties.

Cardoso gave the warning in his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Nov., 2024.

He underscored the apex bank’s commitment to maintaining a robust cash buffer to meet the need of Nigerians.

“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso had said.(NAN)(www.nannews.ng)

Edited by Gregg Mmaduakolam/Muhyideen Jimoh

Economy/Business

NGO urges collaboration between vigilantes, mining marshals to secure sites

82 total views today

By Martha Agas

A Non-Governmental Organisation, Renevlyn Development Initiative (RDI), has called for synergy between local vigilante groups in mining host communities and the Mining Marshals for security of mining sites.

The Executive of RDI, Philip Jakpor, made the call in an interview with the News Agency of Nigeria on Monday in Abuja.

He described the move as crucial in enabling the marshals achieve their objective of securing mining sites across the nation.

NAN reports that the mining marshals security unit was established in 2024 by the Minister of Solid Minerals Development, Dele Alake, to secure mining sites nationwide.

The personnel of the unit are drawn from the Nigeria Security and Civil Defence Corps (NSCDC), and 2,570 personnel have been inaugurated with more than 300 illegal miners arrested and prosecuted.

Jakpor said that the host communities should be involved in securing the sites because of their familiarity with the terrain, which would help the marshals in the discharge of their duties, particularly in surveillance.

“They know the bad eggs of the community; they know the strange faces and the good faces in the community.

“So, if mining marshals drawn from the NSCDC work with communities that already have vigilante, I think the impact will be more. That is the kind of synergy needed, “ he said.

According to him, the establishment of the mining marshals is timely, given the scourge of insecurity at mining sites, which he described as hotbeds for insurgency.

Jakpor also urged the government to have adequate welfare for the marshals to enable them discharge their duty diligently.

He said that the act would also discourage them from accepting bribes from illegal miners to carry out their activities.

“The marshals will be the ones to raise alarm when things are going wrong, but if you do not pay them well, the illegal miners will be able to entice them, and when they do that, they can compromise.

“ Adequately funding that front also means providing the tools they need for work. When I talk about tools of work, I mean they should be able to reach mining sites no matter how far they are.

“So, if they need choppers, they should have them. This is because when the Shiroro incident happened, one of the biggest problems the state governor mentioned was that the area was not accessible, ‘’ he said. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Economy/Business

Africa has what it takes to develop itself – Tinubu

119 total views today

By Salif Atojoko

President Bola Tinubu says that Africa has what it takes to develop itself and should look inward to improve intra-African trade in the interest of the people and the continent.

The President said this on his official X account on Monday, adding that he had successful conversations with the Rwandan President, Paul Kagame, on the eve of the Abu Dhabi Sustainability Week (ADSW 2025).

“We have the resources, the people and the capacity. We must look inward to improve intra-African trade and collaboration to benefit the African people and the continent.

“The time for Africa is now. We can. We must. We will,” said Tinubu.

The President departed Abuja on Jan. 11 to participate in the 2025 edition of Abu Dhabi Sustainability Week.

Sheikh Mohamed Al Nahyan, President of the United Arab Emirates, invited President Tinubu to attend the Summit, which will take place in the Emirate from Jan. 12 to 18.

The Summit is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.

The event titled, ‘The Nexus of Next; Supercharging Sustainable Progress’, will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all. (NAN) (www.nannews.ng)

 

Edited by Maureen Atuonwu

 

Dr Akinwumi Adesina, Group President, African Development Bank (AfDB)
Economy/Business

African Energy Summit in Tanzania to accelerate electricity access-AfDB

143 total views today

By Olawunmi Ashafa

The African Development Bank Group (AfDB) is set to host the Mission 300 Africa Energy Summit in collaboration with the World Bank Group, the African Union (AU), and the Tanzanian government.

The bank said in a statement posted on its website that the summit, scheduled for Jan. 27 and Jan. 28, in Dar es Salaam, Tanzania, will bring together key stakeholders to address Africa’s critical electricity access challenges.

It said that the event would convene African heads of state, government officials, private sector leaders, development partners, civil society organisations and academics to advance the continent’s electrification agenda.

AfDB noted that central to the discussions would be the ambitious ‘Mission 300 plan’, a joint initiative by the bank and the World Bank launched in April 2024.

According to the bank, the initiative aims to connect 300 million people in Sub-Saharan Africa to electricity by 2030.

It added that, with nearly 600 million Africans lacking access, representing 83 per cent of the global energy deficit, the summit underscores the urgency of accelerating electrification efforts.

“Launched in April 2024 by the AfDB and the World Bank, the Mission 300 initiative seeks to combine increased infrastructure investments with comprehensive policy reforms across the energy supply chain.

“With nearly 600 million Africans lacking access to electricity, representing 83 per cent of the global energy deficit, the summit highlights the urgent need for action.

“The summit will serve as a crucial platform for stakeholders to exchange ideas, share best practices and mobilise resources to accelerate electricity access in Africa.

“Successful implementation of the Mission 300 plan is critical for economic growth, poverty reduction, and improved quality of life for millions of Africans,” it explained. (NAN)(www.nannews.ng)

Edited by Folasade Adeniran

Electricity power station
Economy/Business

NERC transfers electricity oversight to Niger

111 total views today

 

By Constance Athekame

The  Nigerian Electricity Regulatory Commission (NERC) has issued an order to transfer regulatory oversight of the electricity market in Niger  to the State Electricity Regulatory Commission (NSERC).

 

The commission in a statement on its X handle in Abuja on Friday said that the transfer  was in compliance with the Constitution   and the Electricity Act (EA) 2023 as Amended.

 

The commission said that in accordance with the provisions of the EA 2023, it retains the role as a central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations.

 

It said that the EA also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests  to NERC to transfer regulatory authority over electricity operations to the its regulator.

 

”Based on this, the Government of Niger complied with the conditions precedent in the laws, duly notified NERC and requested for the transfer of regulatory oversight of the intrastate electricity market in the state.

 

”Following the request, NERC directed the Abuja Electricity Distribution (AEDC) to incorporate a subsidiary (AEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Niger  from the company, ”it said.

 

The commission said that AEDC  should complete the incorporation of AEDC SubCo within 60 days from Jan. 10 and the sub -company shall apply for and obtain licence for the intrastate supply and distribution of electricity from NSERC, among other directives.

 

It also directed Ibadan Electricity Distribution Company Plc (IBEDC) to incorporate a subsidiary (IBEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Niger from IBEDC.

 

NERC said, ”IBEDC shall complete the incorporation of IBEDC SubCo within 60 days from Jan. 10.

 

”The sub- company shall apply for and obtain licence for the intrastate supply and distribution of electricity from NSERC, among other directives,” it said.

 

The commission directed that all transfers envisaged by this order be completed by July 9.(NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

Economy/Business

Stakeholders advocate data-driven economic reforms

108 total views today

By Rukayat Moisemhe

Some stakeholders on Thursday called for data-driven economic reforms with measurable outcomes to enhance the country’s Ease of Doing Business (EoDB) ranking.

They made the call during the January9Collective (J9C) 13th Anniversary Lecture in Lagos.

The News Agency of Nigeria (NAN) reports that the event was themed: ‘Business and Policy Strategy: Examining the Role of Reform in Enhancing the Ease of Doing Business in Nigeria’.

Prince Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party, urged the Federal Government to implement more fiscal reforms.

Adebayo noted that such reforms should facilitate economic growth, improve efficiency, and foster economic stability.

He suggested the metering of oil wells to ensure accurate revenue generation.

He emphasised that the government must engage with businesses at regulatory intersections to enhance the ease of doing business and implement reforms to strengthen the legal system.

“The Nigerian government must look inwards, define the desired trajectory for the country, and carry out reforms based on that vision.

“The first reform should ensure that rules are not set by players but are enforced by independent entities. Businesspeople must approach the government for general regulations rather than specific ones.

“Economic reforms without political reforms are ineffective, as politics dictate the economy.

“For ease of doing business, we must also separate regulators from those they regulate and ensure economic crimes are punishable,” he said.

Adebayo further highlighted the need for transparency in land matters.

Dr Kayode Onafowokan, Chairman of Coleman Wires and Cables, described the event’s theme as reflective of efforts to promote professionalism, entrepreneurial excellence, honour, and integrity.

He called for increased investments in agriculture, food processing, industrial raw materials, building materials, and information and communication technology (ICT).

“Investment decisions are not sentimental; globally, the primary consideration is to invest where returns are guaranteed, though not taken for granted.

“Equally crucial is succession planning, which is vital for aspiring entrepreneurs.

“Founders of Nigerian businesses should encourage their children to engage with the institutions they have built to ensure sustained growth and continuity,” he said.

Mr Ugodre Obi-Chukwu, Founder of Nairametrics, underscored the importance of leveraging data for decision-making in reforms.

He noted that the difference between developing and developed economies lies in their ability to access and utilise data, adding that businesses that effectively harness data tend to outperform those that do not.

“Tax incentives are critical to encouraging both local and foreign direct investment in Nigeria.

“To increase foreign direct investment, the groundwork must include addressing the fiscal deficit, implementing foreign exchange reforms, and ensuring exchange rate stability changes that may materialise this year,” he said.

Mr Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria, urged the government to view manufacturing as pivotal to driving economic growth.

He called for policies to promote industrial development, incentivise private sector participation, and facilitate intersectoral engagement.

“It is essential to pass the four pending tax bills urgently and revise electricity tariffs to reflect actual consumption.

“We also urge the Central Bank of Nigeria to redeem the outstanding 2.4 billion dollars in foreign exchange obligations,” he said.

Mrs Toki Mabogunje, a former President of the Lagos Chamber of Commerce and Industry, stressed the need to modernise reforms and ensure their proper implementation and enforcement.

She noted the role of sub-national governments in driving the ease of doing business.

“We must harness the value chain of Small and Medium Enterprises (SMEs) to compete globally, aggregate the mining sector, and unlock exports, particularly non-oil exports,” she said.

Mr Adedeji Popoola, Founder of Fina Trust Microfinance Bank, emphasised the importance of SMEs internalising business processes and maintaining proper documentation to enhance financial inclusion.

He also called on the government to address insecurity to foster inclusive economic development.

Mr Kingsley James, Captain of J9C, stated that the group, established in 2012, aims to consistently examine the Nigerian polity and offer solutions through dialogue and engagement. (NAN)(www.nannews.ng)

Edited by Ijeoma Popoola

Economy/Business

WTO supports UNIZIK to offer master’s programme in international trade

148 total views today

By Lucy Ogalue

Nigeria is set to inaugurate a Master’s programme in International Trade through the support of the World Trade Organisation (WTO), at  Nnamdi Azikiwe University (UNIZIK), Awka.

The Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, confirmed this when the Nigerian Ambassador to the WTO led a delegation to visit her on Monday in Abuja.

Oduwole said the programme would be executed under a four-year endowment of 200,000 Swiss Francs from the WTO to UNIZIK.

She described the award as a significant milestone for the country, as this was the first time Nigeria had secured such an endowment in its 30 years of WTO membership.

“This is a big one for Nigeria. The programme focuses on key areas such as digital trade in Africa, MSMEs, the circular economy, and women’s entrepreneurship.

“It aligns with our priorities at the ministry and will effectively strengthen Nigeria’s capacity to implement WTO and African Continental Free Trade Area (AfCFTA) policies,” she said.

Oduwole lauded the efforts of Prof. Ngozi Egbuna, the lead researcher, and expressed pride in the initiative, which she described as a perfect fusion of academia and government collaboration to advance trade policy.

“I believe that with the success of Nnamdi Azikiwe University, through your programme, Nigerian universities will be able to attract even more shares from the WTO and similar institutions.

“This is what Nigerian universities need to switch a bit to the academic side,” she said.

Amb. Adamu Abdulhamid, Nigeria’s Permanent Representative to the WTO, highlighted the competitive nature of the WTO Chairs Programme (WCP).

“This programme is domiciled in the WTO and supports academic institutions globally to strengthen trade policy research and capacity building,” Abdulhamid said.

He explained that 27 Nigerian universities applied for the programme, with Nnamdi Azikiwe University emerging as the winner after rigorous screening.

“This initiative will run for four years, addressing digital trade in its first year, MSMEs in the second, the green economy in the third, and women’s entrepreneurship in the final year,” Abdulhamid said.

He commended the WTO Director-General, Dr Ngozi Okonjo-Iweala, for her leadership and consistent support for Nigeria.

The Acting Vice Chancellor of Nnamdi Azikiwe University, Prof. Joseph Ikechebelu, expressed pride in the university’s achievement and pledged full institutional support for the programme.

“This project underscores our capacity for research and development and we are committed to ensuring its success.

“This includes developing a Master’s programme in International Trade, which will strengthen Nigeria’s academic and economic landscape,” Ikechebelu said.

He assured that the university’s curriculum committee would fast-track the establishment of the programme, which is expected to start by the next academic session.

Meanwhile, Egbuna, who is also the head of the Prof. Ngozi Egbuna International Center for Regional Integration and Trade Research (ICRITR) at the university, described the endowment as a call to action.

“This is a great responsibility and an exciting opportunity. We are poised to deliver a hands-on programme which integrates academics, practitioners, and policymakers,” Egbuna said.

She emphasised the center’s role in regional integration and trade capacity building, adding that the initiative would position Nigeria as a hub for trade research and development.

Egbuna said that the center would collaborate with global institutions, including other universities within the WTO Chairs Programme network, to ensure impactful research and policy outcomes.

She said the programme was a significant step toward trade policy formulation, academic development, and economic capacity building for Nigeria. (NAN)

Edited by Kamal Tayo Oropo

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email