NEWS AGENCY OF NIGERIA
Economy/Business

Nigeria to exit financial action task force grey list soon – SEC

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By Taiye Olayemi

The Securities and Exchange Commission (SEC) has expressed optimism that Nigeria is on the verge of being removed from the Financial Action Task Force (FATF) grey list.

 

This confidence stems from the recent signing of the Investments and Securities Act (ISA 2025) by President Bola Tinubu.

 

Dr. Emomotimi Agama, Director-General, SEC, confirmed this in a statement on Wednesday.

 

A key component of this new legislation is the inclusion of comprehensive regulations for digital assets, a factor that the FATF has emphasised in its assessment of countries on the grey list.

 

The News Agency of Nigeria (NAN) reports that Nigeria was placed on the FATF “grey list” on Feb. 24, 2023, alongside other jurisdictions.

 

This was due to deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) regime.

 

Agama said the inclusion of digital assets in the ISA 2025 provided the country with an avenue to exit the grey list.

 

He noted that the new law aimed to curb fraudulent activities in the digital space, fostering trust and innovation in blockchain technologies.

 

He said, “The AML CFT issue is what brought about our inclusion in the grey list; the inclusion of this law today provides us an avenue to exit that grey list, and that is very critical to the international community.

 

“We are telling the international community that we are ready for business, and we are ready to protect every business that operates within Nigeria and all those involved in such activities within Nigeria.”

 

Agama emphasised that trading in cryptocurrencies does not translate into a weaker Naira.

 

He explained that the commission was going to provide guidance for all the actors to ensure that their acts do not go against the national interest.

 

He said, “SEC now has the power to clamp down on such entities. So, we encourage everyone who is in this space to come under regulation to seek clearance.

 

“To seek guidance for whatever reason, and we are ready and able to provide solid guidance so that at least the national economic interest is truly protected.

 

“So we believe that the regulation, the law itself, will bring succor to them, because once clarity is provided, they are safer in dealing in this kind of businesses.

 

“The essence of regulating is to provide fences around the institutions, the products, the persons involved in it, and to make sure that they do not involve in things that are illegal.

 

“We are working with the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Nigeria Financial Intelligence Unit, and the Office of the National Security Adviser on the regulation of this space, in order that it should not be inimical to the existence of Nigeria as a country.

 

“We want to make sure that everyone that is involved in this space is properly guided, because for every investment, even when it is a traditional investment, there’s usually the risk aspect of it. That risk aspect of it is what we are managing.”

 

Agama disclosed that the commission is currently carrying out moderated regulation as it is not possible to grant licenses to all those that have applied to operate in the space at the same time.

 

“SEC currently has two programmes: the regulatory incubation programme and the accelerated incubation programme, which are tools that will aid in the evaluation of the risks that the institutions pose to the Nigerian economy and its citizens.

 

“It is a process, and in the next quarter, we are going to release the next cohort, and after the evaluation of what has happened in the last two quarters, we are going to do that release in this next quarter.

 

“We are happy to note that the processes around that are almost concluding, and we will inform the public of the outcome very soon,” he said.

 

He noted that in a bid to deal with challenges that may arise in the process of regulation, the Commission was introducing risk management as a legal instrument to guide the operations of capital market operators and the issuances of securities.

 

He said this was also to be able to mitigate any risk that will arise in the nearest future.

 

“Now, once this happens, the tendency is that investors will be more confident, because they know that we have their back.

 

“That certainly will improve investor protection.

 

“Therefore, KYC is also beefed up through the risk management process today.

 

“That also helps us to be able to seek out genuine investors from people who do not mean well for the market, and that also will improve investors’ protection,” he said. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

NGX Group approves N4.4bn dividend for shareholders
Economy/Business

NGX Group approves N4.4bn dividend for shareholders

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By Taiye Olayemi

 

Nigerian Exchange Group (NGX Group) on Wednesday approved payment of N4.4 billion to the company’s shareholders for the year 2024.

Dr Umaru Kwairanga, Chairman, Nigerian Exchange Group, disclosed this during the company’s 64th Annual General Meeting (AGM) held in Lagos.

Kwairanga said, “These results mark a pivotal moment in NGX Group’s post-demutualisation journey, reinforcing investor confidence in our long-term vision.

“The approval of a record N4.4 billion dividend, translating to N2 per share, is the highest dividend payout in the Group’s history.

“This is a testament to our unwavering commitment to delivering value to our shareholders while ensuring the long-term sustainability of our business.

“As we continue to invest in strengthening market infrastructure, expanding our service offerings, and fostering innovation, we remain focused on positioning NGX Group as a key driver of Africa’s financial ecosystem.

“The Group’s financial and operational milestones in 2024 serve as a strong foundation for future growth, and we are confident that our disciplined execution and strategic foresight will sustain this momentum in the years ahead,” he said.

According to Kwairanga, the Group’s profit after tax increased by 47.07 per cent from N5.25 billion in 2023 to N7.72 billion in 2024.

He said that the profit before tax also rose from N5.29 billion in 2023 to N13.61 billion in 2024.

He noted that while the company’s income grew by 51 per cent from N11.8 billion in 2023 to N23.99 billion in 2024, total assets also soared by 12.05 per cent from N59.84 billion in 2023 to N67.04 billion in 2024.

According to him, the Group’s expenses soared by 28 per cent from N11.37 billion in 2023 to N14.5 billion in 2024.

He said the gross earnings for 2024 rose by 100 per cent from N16.66 billion in 2023 to N33.32 billion in 2024.

He noted that the revenue soared from N8.299 billion to N16.89 billion in 2024.

“NGX Group remains at the forefront of Africa’s financial market, representing excellence, innovation and good corporate governance.

“At the core of the Group’s mission is our commitment to empowering Nigeria’s economy and driving its transformation into a dynamic and globally competitive financial hub.

“Our vision transcends borders as we aspire not only to elevate the Nigerian economy but also to meaningfully contribute to Africa’s economic prosperity.

“The actualisation of this vision is evidenced by our recent strategic investment in the Ethiopian Securities Exchange.

“Our purpose remains clear: to redefine market infrastructure benchmarks and cultivate a resilient and inclusive financial ecosystem that serves the diverse,” he said.

Also speaking, Mr. Temi Popoola, Group Managing Director, NGX Group Plc, said NGX Group’s strategic focus and operational discipline delivered record-breaking results in 2024.

Popoola said the Group’s profit before tax surged by 157.3 per cent, reflecting both top-line expansion and cost efficiency.

“He said the gross earnings rose by 103.2 per cent to N24 billion, supported by significant growth across key revenue lines.

“Listing fees rose by 397.1 per cent, reflecting renewed market activity.

“Transaction fees grew by 64 per cent, driven by higher trade volumes.

“Technology-Related Income doubled, reinforcing our digital leadership.

“Treasury Income increased by 45.6 per cent, while Market Data Revenue grew by 100.5 per cent.

“Other fees and income climbed by 174.8 per cent and 102.6 per cent, respectively, underlining the diversification of our revenue base.

“These numbers are more than metrics; they are evidence of a business model that is increasingly resilient, technology-enabled, and diversified for long-term growth.

Mr. Nonso Okpala, Mrs. Fatima Wali-Abdurrahman, and Mrs. Mosun Belo-Olusoga were re-elected as Non-Executive Directors of the NGX Group.

The News Agency of Nigeria (NAN) reports that shareholders raised pertinent issues around delisting, dividend policy, and remuneration of Directors.

Mr. Sam Ayinninuola, Mr. Oluwadare Adejumo, and Mr. Peter Eyanuku were elected as statutory audit committee members. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Inadequate digital infrastructure impeding customs operations in Africa – C-G
Economy/Business

Inadequate digital infrastructure impeding customs operations in Africa – C-G

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By Martha Agas

The Comptroller-General (C-G) of the Nigeria Customs Service (NCS), Adewale Adeniyi, has identified inadequate digital infrastructure as one of the several technical challenges impeding customs operations across West and Central Africa (WCA).

Adeniyi made the disclosure at the opening of the fourth World Customs Organisation (WCO) Donors Conference for the West and Central African region on Wednesday in Abuja.

The C-G said that the digital gap was affecting seamless processing of declarations and risk management in their operations, while limited interconnectivity between national customs systems was obstructing effective information exchange.

According to him, insufficient technical capacity to implement advanced customs procedures, such as post-clearance audits and authorised economic operator programmes, is also among the technical challenges the region is experiencing.

“We (WCA) have challenges in effectively implementing technical aspects of the African Continental Free Trade Area (AfCFTA) Rules of Origin and other trade facilitation instruments.

“Technical barriers to implementing coordinated border management with other regulatory agencies, fragile borders and the fast-paced evolution of e-commerce,” he said.

He noted that the technical challenges were impeding effective trade facilitation and revenue collection but could be addressed with the right technical support and partnerships.

The C-G stated that Nigeria has made significant progress in addressing these challenges through its various interventions.

“Our experience offers valuable insights into the impact of targeted modernisation initiatives.

“We have successfully deployed the indigenously developed B’Odogwu platform, enhancing our digital capabilities for customs processing.

“We have established technical interfaces with other government agencies involved in trade, facilitating coordinated border management.

“We are deploying advanced scanners at our major ports, significantly enhancing our non-intrusive inspection capabilities,” he said.

According to the C-G, the NCS has trained more than 5,000 officers in specialised technical areas such as valuation, classification, rules of origin, and post-clearance audit.

He stated that the interventions had yielded measurable results: reduced clearance times, a 90 per cent increase in revenue collection (exceeding targets by 20 per cent), and improved compliance rates.

Building on the NCS’s experience and the WCO’s regional needs assessment, the C-G highlighted five priority initiatives that warrant support, including regional interconnectivity and a competency-based human resource management system.

Others include technology-driven illicit trade detection, AfCFTA implementation support, and regional single-window integration.

According to him, the technical challenges faced by customs operations in WCA require a collaborative approach.

The C-G urged all participants at the conference to identify practical, scalable solutions that could be sustained through local capacity building as they engaged in discussions at the conference.

He described the theme of the conference ‘Partner mobilisation around the priority projects of the WCO’s WCA Region: A genuine pledge to meet the modernisation goals and performance targets of member customs administrations’ as apt.

He said that the theme reflected a shared commitment to transforming customs operations through strategic technical interventions, supported by development partners.

In his remarks, Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, highlighted that the conference aligns with the government’s efforts to mobilise resources for programmes and activities aimed at enhancing customs operations within the region.

The conference, he said, provided a valuable platform for the region to not only highlight its needs but also reinforce its commitment to the effective and transparent use of donor resources.

Edun urged all participating customs administrations to engage actively in the discussions, clearly articulate their strategic priorities, and be ready to implement the resulting recommendations with dedication and accountability.

In his remarks, the Secretary of the WCO, Mr Ian Sanders, said that the primary objective of the conference was to strengthen the network and dialogue between the WCO customs administrations and development partners.

Represented by the Deputy Director of the Capacity Building Directorate, Mr Ebenezer Tafili, Sanders added that the conference also aims to raise awareness within the region’s customs administrations on the priorities, initiatives, and approaches of the development partners operating in the region.

According to him, the conference also seeks to coordinate the development of regional and national project initiatives and mobilise funding for their implementation. (NAN) (www.nannews.ng)

Edited by Peter Amine

ARFSD-11: Gatete urges bold action for Africa’s sustainable future
Economy/Business

ARFSD-11: Gatete urges bold action for Africa’s sustainable future

328 total views today

 

 

 

 

 

 

By Kamal Tayo Oropo

Mr Claver Gatete, Executive Secretary of the Economic Commission of Africa (ECA), has called for a bold action to achieve sustainable development in Africa.

 

Getafe, in a statement by ECA on Wednesday, made the call during his address at the 11th Africa Regional Forum on Sustainable Development (ARFSD-11) in Kampala.

 

Speaking under the theme of “Job creation and economic growth through sustainable solutions”, Gatete stressed the urgency with just five years left to meet the 2030 Agenda goals.

 

He praised Uganda’s hospitality and President Museveni’s commitment to Africa’s development, while recognising the role of key partners, including the African Union Commission and UN system.

 

Gatete warned that Africa’s structural vulnerabilities – from debt to climate shocks – threaten progress, with public debt now at 64.3 per cent of GDP.

 

He noted Africa’s GDP growth hovers at just 3 per cent, far short of the 7 per cent required to meet SDG 8 on decent work and economic growth.

 

“Traditional aid can no longer suffice,” he said, urging evidence-based, inclusive investment in people and institutions to drive transformation.

 

“Out of 144 SDG targets, only 10 are on track, while 106 lag and 28 are regressing. This pace is unacceptable,” he warned.

 

He called for action on five SDGs: health, gender equality, decent work, life below water and partnerships, linking them with AU Agenda 2063 targets.

 

On health, he noted four in five African nations spend under $86 per person—far below the WHO’s $249 minimum—calling for increased domestic investment.

 

On gender equality, Gatete decried low women’s representation in leadership and a 12 per cent gender gap in mobile finance, stressing inclusive policies and access.

 

He described Africa’s informal workforce and unemployment crisis as dire, calling for skills training, job formalisation and entrepreneurship support to harness labour potential.

 

Gatete highlighted the blue economy’s potential, with projected growth from $296 billion in 2018 to $576 billion by 2063, but only 3.5 per cent of SDG funding.

 

Illegal fishing costs Africa $10 billion yearly, he said, urging investment in aquaculture, blue carbon and coastal tourism, citing Seychelles’ and Gabon’s debt-for-nature swaps.

 

On SDG 17, Gatete stressed Africa cannot succeed in isolation and must build strong global, regional and national partnerships to meet development targets.

 

He proposed four key strategies: raise domestic revenue, attract private capital, expand inclusive finance, and fully implement the African Continental Free Trade Area.

 

Tackling illicit financial flows, currently costing Africa $89 billion a year, could unlock critical resources for the continent’s development, he said.

 

He urged unlocking private sector investments using credit guarantees, blended finance and deepening capital markets to finance renewable energy and agriculture.

 

Also, as women and youth face steep barriers to finance, Gatete called for scaled-up microfinance, impact investing and digital inclusion to empower marginalised groups.

 

Gatete championed AfCFTA as a path to raise Intra-African trade by 45 per cent and spark growth in industry, agriculture, services and job creation.

 

He urged investment in AI, blockchain and digital policy, saying an AU Protocol on Digital Trade could revolutionise commerce and job creation continent-wide.

 

Gatete emphasised that bold leadership, decisive policies and strong partnerships are crucial to deliver on the SDGs and Africa’s development agenda.

 

“The clock is ticking.

 

“Together, we can deliver the Africa we want,” he said. (NAN) (www.nannews.ng)

 

Edited by Vivian Ihechu

Strong political commitment, others vital for SAPZ project success – Adesina
Economy/Business

Strong political commitment, others vital for SAPZ project success – Adesina

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 By Lucy Ogalue

The President of the African Development Bank, Dr Akinwumi Adesina, says strong political commitment, ministerial collaboration, and institutional support are vital for the success of SAPZ project.

Adesina spoke during the groundbreaking of the Special Agro-Industrial Processing Zone (SAPZ) project in Kaduna State on Tuesday.

He noted that the success of SAPZs across Nigeria would depend on five key enablers for effective implementation and long-term sustainability.

“Firstly, strong political will and commitment at the highest levels must be maintained,” he said during his address at the launch event.

“Secondly, policy continuity is essential. Policy reversals with changing administrations create uncertainty and discourage potential investors.

“Thirdly, cross-ministerial cooperation is required for coordinated delivery and successful outcomes of the agro-industrial zones.

“Fourthly, to secure continuity across all 36 zones, the initiative must be codified by the National Assembly through appropriate legislation.

“Finally, to ensure proper coordination nationwide, this effort must be backed by law and institutional structures,” Adesina said.

The AfDB President commended the Federal Government and Kaduna State for their consistent support in making the Kaduna SAPZ project a reality.

Adesina described the development as a milestone in Nigeria’s journey towards transforming and industrialising its agricultural sector.

“This achievement reflects years of dedication, vision, and consistency in policy direction,” he said at the event.

He praised President Bola Tinubu’s leadership and Vice President Kashim Shettima’s continued commitment to SAPZ as a presidential priority.

He also lauded Kaduna State Governor, Sen. Uba Sani, for continuing the legacy of former Governor, Mal. Nasir El-Rufai.

“What we witness today exemplifies the benefits of political stability and consistent governance,” Adesina said.

He recalled that the idea of agro-industrial zones began during his tenure as Nigeria’s Minister of Agriculture over a decade ago.

“The project was delayed by institutional inertia and fragmented approaches, but today we celebrate its renewal and progress,” he said.

Kaduna SAPZ is part of the first phase, involving eight states and the Federal Capital Territory in the ambitious initiative.

The AfDB has invested $200 million in the $510 million project, co-financed by IFAD, IsDB, and the Green Climate Fund.

Adesina emphasised that SAPZ is more than a programme; it is a transformation agenda for Nigeria’s agricultural and rural development.

Vice President Shettima, representing President Tinubu, reiterated the government’s dedication to agricultural transformation for economic growth.

The SAPZ initiative aims to make Nigeria a leading hub for food processing and agricultural exports.

Kaduna is expected to serve as a model for other states participating in the SAPZ programme.

Government officials, development partners, and stakeholders present at the event pledged their full support for the project’s success. (NAN) 

Edited by Kamal Tayo Oropo/Ese E. Eniola Williams

SAPZ project strategic to FG’s plan for industrialise agriculture – Shettima
Economy/Business

SAPZ project strategic to FG’s plan for industrialise agriculture – Shettima

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By Lucy Ogalue

The Federal Government says the Special Agro-Industrial Processing Zone (SAPZ), is a strategic milestone in its plan to industrialise Nigeria’s agriculture sector and create sustainable jobs across the country.

Vice-President Kashim Shettima said this while performing the ground-breaking for the construction of Phase 1 of the SAPZ project in Kaduna on Tuesday.

The SAPZ is part of a larger national programme, with Kaduna, Kano, Kwara, Cross River, Imo, Ogun, Oyo, and the Federal Capital Territory (FCT) among states in the first phase of the project.

It aims at transforming Nigeria’s agriculture through innovation, private-sector investment, and strategic public partnerships.

The zones are designed to create agro-industrial hubs that integrate farmers with processors, reduce post-harvest losses, and expand rural economic opportunities.

The News Agency of Nigeria (NAN) reports that the facility is located in Daki-Takwas, along Kaduna -Abuja, Expressway, Chikun Local Government Area of Kaduna State.

Shettima said the project was a direct response to the long-standing challenges facing Nigeria’s agricultural value chain, including poor infrastructure, limited access to markets, and low value addition.

He expressed confidence that the initiative would catalyse economic growth by creating thousands of jobs and empowering Nigerian youths.

“We are not just breaking ground. We are building the infrastructure to feed our people, empower our youth, and fulfil the economic promise of our nation.

“This is not just about bricks and mortar. It is about people.

“It is about the resilience of our farmers, the ingenuity of our entrepreneurs, and the commitment of our government to build a future that works for everyone,” he said.

According to Shettima the nation cannot afford to be chained to outdated systems while the world moves with urgency towards innovation.

He said the SAPZ initiative was a strategy that “lays the foundation for real economic transformation.”

Shettima praised the Kaduna State government for its leadership in agriculture, describing the state as a key driver of Nigeria’s agro-industrial future due to its abundant arable land and historical role in agricultural production.

“Kaduna is not a stranger to agricultural leadership. What we are starting here today will become a model for other states to follow,” he said.

The vice-president reiterated the importance of involving young Nigerians in the agricultural revolution.” The SAPZ will generate thousands of jobs and equip the youth with the skills to become active players in the economy.

“The youth of Nigeria must not be spectators. They must be stakeholders and shapers of their own futures,” he said.

Earlier, Kaduna State Governor, Sen. Uba Sani described the SAPZ as a strategic investment designed to accelerate industrial development across Nigeria.

He said, “the SAPZ is a huge investment designed to position Kaduna State as a major player in Nigeria’s industrial development,” he said.

According to Sani, agriculture plays a central role in Kaduna’s economy, contributing 42 per cent to the state’s Gross Domestic Product (GDP) and employing 60 per cent of the state workforce.

“In the 2023 budget we inherited, agriculture received just N1.4 billion. However, in 2024, we increased it to N23.4 billion, and in 2025, we have approved N74.2 billion,” he said.

Also. the AfDB President, Dr Akinwumi Adesina, applauded Kaduna’s commitment to the actualisation of SAPZ, highlighting the significance of agricultural industrialisation in the state’s economic growth.

While reiterating the bank’s commitment to the project, he said the initiative was currently being implemented in 27 sites across 11 countries, including Côte d’Ivoire, Ethiopia, Senegal, and Madagascar.

Also speaking, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, described the initiative as a turning point in Nigeria’s agricultural history.

“This programme will be a game changer. It is designed to attract private sector investment in agro-industrial processing, drive value addition, and enhance rural development.

“It will strengthen Nigeria’s agricultural ecosystem to respond favourably to the challenges of our time,” the minister said.

The SAPZ programme is being implemented with support from international development partners, including the African Development Bank (AfDB), the Islamic Development Bank (IsDB), and the International Fund for Agricultural Development (IFAD).

The ground-breaking was witnessed by government dignitaries, stakeholders and partners who commended and pledged commitment to the project. (NAN)

Edited by Ese E. Eniola Williams

Stock market rebounds with N101bn gain
Economy/Business

Stock market rebounds with N101bn gain

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By Taiye Olayemi

The Nigerian Exchange Ltd. (NGX) rebounded on Tuesday, reversing several days of bearish trends, with a gain of N101 billion.

The NGX market capitalisation rose by N101 billion or 0.15 per cent, closing at N65.589 trillion, up from N65.488 trillion on Monday.

Similarly, the All-Share Index (ASI) increased by 159.88 points or 0.15 per cent, closing at 104,376.75, compared to 104,216.87 in the previous session.

However, the market breadth closed negative, with 43 losers and 16 gainers.

On the losers’ chart, Union Homes Real Estate Investment Trust fell by 9.95 per cent, closing at N46.15. Nigerian Aviation Handling Company dropped 9.94 per cent to N62.95 per share.

NEM Insurance declined by 9.92 per cent, closing at N11.80, while Lasaco Insurance lost 9.86 per cent, closing at N1.92 per share.

Royal Exchange also fell by 9.78 per cent, closing at 83k per share.

On the gainers’ chart, Secure Electronic Technology rose by 8.89 per cent, closing at N0.49. Abbey Mortgage Bank gained 8.35 per cent, closing at N5.58 per share.

Sterling Bank increased by 6.85 per cent, closing at N5.15, while VFD Group grew by 5.26 per cent, closing at N66.00 per share.

Mutual Benefit Assurance also gained 4.55 per cent, closing at 92k.

A total of 460.57 million shares worth N10.105 billion were traded across 14,528 transactions.

This compares to 444.11 million shares valued at N11.148 billion traded across 15,690 transactions earlier.

Access Corporation led the activity chart with 56.49 million shares worth N1.185 billion.

Guaranty Trust Holding Company followed with 51.56 million shares worth N3.430 billion. Fidelity Bank traded 24.067 million shares valued at N431 million.

First City Monument Bank exchanged 23.35 million shares valued at N208 million, while United Capital transacted 23.305 million shares worth N319.86 million. (NAN)(www.nannews.ng)

Edited by Kamal Tayo Oropo

Kaduna launches Nigeria’s first special agro-industrial processing zone
Economy/Business

Kaduna launches Nigeria’s first special agro-industrial processing zone

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By Hussaina Yakubu
President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has disclosed that Kaduna State is leading the way as the first to launch the Special Agro-Industrial Processing Zone (SAPZ) in Nigeria.
Speaking when he paid a courtesy call at Sir Kashim Ibrahim House on Tuesday, Adesina praised Gov. Uba Sani’s commitment to agricultural transformation.
The AfDB President cited the state’s remarkable budgetary increase for agriculture, from N1.4 billion to N74 billion, adding that the increase was an example of political will backed by substantial investment.
“You didn’t just put your money where your mouth is—you put your money where your mind and your body are,” Adesina remarked, drawing applause from stakeholders and dignitaries present.
According to him, Kaduna’s leadership on this project reflects not just a vision for food security, but a roadmap for economic prosperity and inclusive development.”
Adesina further described Kaduna as a trailblazer, saying, “you are the first state to launch the Special Agro-Industrial Processing Zone in Nigeria. This is a great day for us all.”
The AfDB president also commended the state’s hospitality, adding, “not only did we get hospitality here in Kaduna, I think we got maternity too—because your Deputy Governor is a medical doctor.”
Adesina emphasised the AfDB’s commitment to supporting the state in expanding school feeding programme and integrating it with the new processing zones.
He pledged additional support for primary health care improvements, health insurance, and infrastructure, including water, sanitation, and digitalisation.
The AfDB president added, “we’re proud to partner with a government that listens, that leads with compassion, and that is open to all.”
He described Sani as a model leader, saying, “he’s a listener, a unifier, and above all, a doer.”
In his remarks, Sani described Adesina as a blessing to Nigeria, Africa, and humanity, just as he applauded the AfDB president’s transformative work in agriculture across the continent.
Sani further said his initiative, when he was Nigeria’s Minister of Agriculture years back, had benefited more than 15 million smallholder farmers across Nigeria, mostly in Northern Nigeria, through his E-wallet initiative.
“The initiative aimed not only to transform agriculture but could have also addressed the problem of financial exclusion we are facing today, as it could have provided access to financial credit for our smallholder farmers.
“It could have also addressed the problem of insecurity we are facing in Northern Nigeria.”
According to Sani, in Kaduna, agriculture contributes about 42 per cent of the GDP and accounts for about 60 per cent of employment.
“This is why we believe insecurity has hindered much of the development we could have achieved through agriculture.
“Because we believe it is one of the most important sectors to invest in, part of what we did was to increase the agricultural budget from N1.4 billion, which we inherited in 2023, to N74 billion in the current budget.
“By doing that, we became the first sub-national government to achieve the 10 per cent target of the 2014 Malabo Declaration, which set the goal of allocating 10 per cent of the budget to agriculture,” he said.
The governor described the launch of the zone as a very important project for state.
 Sani also commended Adesina for his efforts in transforming agriculture in Nigeria and across Africa. (NAN)(www.nannews.ng)
Edited by Bashir Rabe Mani
FG institutes mechanism to assess performance of state-owned enterprises
Economy/Business

FG institutes mechanism to assess performance of state-owned enterprises

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By Nana Musa

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government has instituted a mechanism to assess, monitor, and enhance the performance of State-Owned Enterprises (SOEs) in Nigeria.

Edun made this known at the inauguration of the Corporate Governance Scorecard, organised by the Ministry of Finance Incorporated (MOFI) in partnership with the World Bank, on Monday in Abuja.

The theme of the event was “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance.”

According to the minister, the initiative aims to improve transparency, accountability, and efficiency in the management of public resources.

He added that the newly implemented mechanism would focus on evaluating SOE performance, identifying areas for improvement, and implementing reforms to boost productivity.

“State-Owned Enterprises (SOEs) form a critical component of the national economic framework.

“They wield considerable influence across key sectors, including energy, infrastructure, telecommunications, and financial services.

“However, their potential to drive economic expansion, job creation, and industrial growth has often been limited by inefficiencies, poor financial management, and, in some cases, governance shortcomings.

“The question, therefore, is not whether SOEs should continue to exist, but rather how they can be repositioned to better fulfill their mandates.

“In this context, corporate governance assumes an indispensable role,” he said.

Edun explained that for SOEs and government-linked entities, a robust governance framework was essential to ensure public resources were properly managed, financial discipline was maintained, and operational efficiency was achieved.

“The government, through MOFI, recognises this and has embarked on strategic reforms to reposition SOEs for value creation.

“MOFI is tasked with serving as an active asset manager for the Federal Government, ensuring the professionalisation, optimisation, and efficient administration of government-owned enterprises.

“With the MOFI corporate governance scorecard initiative, the government is putting in place a mechanism to assess, monitor, and enhance the performance of its SOEs,” Edun said.

Also speaking at the event, the Minister of Power, Mr Adebayo Adelabu, noted that SOEs played a central role in delivering public services, creating value, and supporting economic development.

Adelabu, however, said that the evolving complexities of Nigeria’s economy, technological disruptions, and increasing public expectations had highlighted the urgent need for transformation, particularly in how these enterprises were governed.

“The transformation of state-owned enterprises, particularly in how they are governed, is a critical agenda.

“For us in the power sector, this imperative is neither abstract nor optional,” the minister stated.

“It is urgent, necessary, and already underway.

“One of the most significant structural reforms in recent times has been the unbundling of the transmission company of Nigeria into two distinct operational entities.

“This move is not merely administrative; it reflects our commitment to fostering operational clarity, transparency, and ultimately, value creation through better corporate governance,” he said.

The minister emphasised that to deliver on these mandates effectively, each entity must be governed with integrity, independence, and accountability.

According to him, sound corporate governance will not only ensure operational excellence but also boost investor confidence, facilitate regulatory compliance, and safeguard the public interest.

Adelabu further said that the launch of the corporate governance scorecard and the pilot assessment represented important steps toward building a culture of performance and transparency across the public enterprise landscape.

He noted that good corporate governance was essential for national competitiveness, financial sustainability, and inclusive service delivery in Nigeria’s power sector.

The Chairman of the MOFI Board, Dr Shamsuddeen Usman, said that all board members and management had adopted a corporate governance code of ethics and professionalism.

“It insists that we must not allow personal interests to interfere with our work. Every member of the board and management have signed this undertaking.

“We have put in place measures to ensure transparency and boldness in our approach. This is significant, as it lays the foundation for strong corporate governance,” he said.

Usman added that the details of how the scorecard would be used and how assessments would be conducted would be handled by independent third parties.

The World Bank Country Director for Nigeria, Mr Ndiame Diop, noted that SOEs not only played critical roles in high-risk private investments but also support the acceleration of economic transformation.

“It is truly fortunate that Nigeria possesses a large portfolio of strategic assets that can be leveraged to achieve development goals.

“In Nigeria, SOEs are active across many sectors, including power, agriculture, and financial services.

“Given their presence in these sectors, they have the potential to significantly boost economic growth.

“At the same time, they contribute meaningfully to government revenue,” he said.(NAN) (www.nannews.ng)

Edited by Kevin Okunzuwa

Oyo Govt. committed to improving trade, regional connectivity – Makind
Economy/Business

Oyo Govt. committed to improving trade, regional connectivity – Makind

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By David Adeoye

Gov. Seyi Makinde of Oyo State says his government is committed to improving trade routes towards enhancing regional connectivity.

Makinde stated this on Monday at the opening of the Oyo State International Trade Fair, tagged ‘EXPOYO 2025, holding at the Trade Fair Complex, Samonda, Ibadan.

The governor, represented by his deputy, Mr Bayo Lawal, said such efforts would make Oyo State the preferred destination for investment and trade.

The News Agency of Nigeria (NAN) reports that the theme of the fair is: “Achieving Food Security and Economic Stability in Oyo State through Massive Investment in Agriculture”.

According to the governor, the theme of the fair encapsulates the vision of his administration, which seeks to make the state the fastest growing economy in Nigeria.

He explained that ‘EXPOYO 2025’ was designed to serve as a forum for investors and business minds to explore new opportunities and collaborate in advancing trade activities in the state.

Makinde said that the trade fair was also a unique opportunity for local entrepreneurs to gain exposure, build networks and access the global market.

He explained that the effort of his government to create an enabling environment for businesses were reflected in the ongoing improvements in critical sectors like transportation, energy, agriculture and technology.

“Our administration will continue to prioritise policies and programmes that foster entrepreneurship and provide our youth with opportunities to create sustainable businesses and jobs,” he assured.

The governor further reaffirmed the commitment of his administration to continue creating the right environment for businesses to grow, thrive and make a lasting impact on the state.

He urged local and international exhibitors at the trade fair to make the most of the opportunity to showcase their products, build meaningful connections and explore new avenues for collaboration.

In his goodwill message, Dr Daniel Gbadero, the President of the Oyo State Chamber of Commerce, Industry, Mines and Agriculture (OYCCIMA), said that agriculture must be rescued from subsistence farming.

According to Gbadero, food security and economic stability could only be achieved when hard and difficult farm labours are replaced with agricultural tools and machines.

He said that the replacement would make agribusiness more appealing and attractive to youths.

The OYCCIMA president commended the state government for making the trade fair an annual event, saying that the fair would put “our products on display to expose them to the world.”

He equally said that the fair would promote the sales of Oyo-made products towards developing the state economy. (NAN)(www.nannews.ng)

Edited by Maureen Ojinaka/Bayo Sekoni

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