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BATN Foundation commits to boosting Nigeria’s cassava production in Osun

Michael Simire
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BATN Foundation commits to boosting Nigeria’s cassava production in Osun

The British American Tobacco Nigeria (BATN) Foundation, in partnership with Cato Foods & Agroallied Global Concepts and the Osun State Government, has flagged off a transformative enterprise development initiative aimed at boosting cassava production and improving the livelihoods of smallholder farmers in the state.

The Enterprise Development for Smallholder Cassava Farmers project by BATN Foundation is designed to empower farmers by providing access to essential resources, markets, and training.

BATN Foundation
BATN Foundation officials and partners during the flag-off ceremony of the Enterprise Development for Smallholder Cassava Farmers project

During the flag-off ceremony in Osun, it was announced that 100 participating farmers will each cultivate half-hectare using improved and biofortified cassava varieties. These farmers will be organised into Agri-Business Clusters (ABCs) and cooperatives to streamline access to quality inputs, mechanisation, and financial services. This bloc farming model is also expected to enhance their collective marketing power.

The core objectives of the initiative are to increase cassava yield and household income by at least 40% and enhance food security. The project seeks to establish a more efficient and profitable cassava value chain by training farmers in good agronomic practices, climate-smart agriculture, and basic enterprise management. The adoption of eco-efficient tools, such as the AKILIMO cassava tool, will further support these efforts, with a key component being the assurance of sustainable market integration.

Oludare Odusanya, the General Manager of BATNF, emphasised the importance of grassroots empowerment at the event. He stated that the foundation’s interventions are not just for immediate support, but also to build long-term resilience and self-sufficiency for smallholder farmers. Odusanya expressed the belief that, with adequate resources, knowledge, and market access, these farmers can uplift their communities and significantly contribute to Nigeria’s food security.

“Our interventions are designed not only to provide immediate support but also to foster long-term resilience and self-sufficiency among smallholder farmers,” said Odusanya. 

He commended the partnerships with Osun State and other collaborators, highlighting that a collective effort is essential to sustain and expand such impactful initiatives.

The programme’s core mission, according to a statement on Monday, is to shift the mindset of farmers from being mere producers to becoming dynamic agribusiness entrepreneurs. The Managing Partner and Co-Founder of CATO Foods & Agroallied Global Concepts, Pelumi Aribisala, said the initiative was designed to meet the burgeoning industrial demand for cassava while strengthening Nigeria’s food system.

BATNF’s strategic focus remains on elevating the productivity of smallholder farmers while fostering sustainable practices that secure their livelihoods for the long term.

In attendance at the flag-off ceremony were esteemed dignitaries, including the Representative of the Commissioner for Agriculture and Food Systems, Osun State, Oluwakemi Fadare, Olupo of Oluponna, Oba Abdul-Rafiu Oyekanmi Mosobalaje Bamigboye II, CEO, Cato Foods, Atinuke Lebile, General Manager, BATNF, Odusanya Oludare, Project Manager, BATNF, Mr Adetola Oniyelu, and other industry stakeholders.

The ongoing tripartite collaboration exemplifies how collaborative efforts, targeted interventions, and strategic investments can drive agricultural transformation. As the Foundation looks forward to expanding its programmes, the focus remains on nurturing smallholder farmers into catalysts of Nigeria’s sustainable development.

By Ajibola Adedoye

Renaissance, Nigerian Navy plan framework to safeguard oil assets

Michael Simire
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Renaissance, Nigerian Navy plan framework to safeguard oil assets

Renaissance Africa Energy Company Limited and the Nigerian Navy have committed to a partnership to strengthen maritime security that would support improved crude oil and gas production across the company’s operational assets in the Niger Delta.

The commitment was the highlight of a high-level meeting held on Monday, September 8, 2025, at the Nigerian Navy Headquarters in Abuja, where senior executives from Renaissance met with naval leadership to discuss joint efforts to protect critical national infrastructure and ensure uninterrupted energy output.

Renaissance
L-R: Director, Naval Intelligence, Commodore U.M. Bugaje; Manager, Business Relations, Relations and Sustainable Development, Renaissance Africa Energy Company Limited, Mr. Enobong Ekanem; Chief of Naval Training, Rear Admiral K.J. Odunbajo; Renaissance Africa’s Chief Production Officer, Mr. Meshach Maichibi; Chief of Policy and Plans, Rear Admiral I.A. Dewu; Renaissance Africa’s General Manager, Relations and Sustainable Development, Dr. Igo Weli; Chief Naval Operations, Rear Admiral P.C. Nwatu; Renaissance Africa’s General Manager Security, Toye Fatoki; Chief of Naval Engineering, Rear Admiral B. Iyalla; and External Security Relations Adviser, Renaissance Africa Energy Company Limited, Ikenna Anosike… at the Nigeria Navy Headquarters, Abuja

“Our vision for Nigeria’s energy security is rooted in collaboration,” said Renaissance’s General Manager for Relations and Sustainable Development, Dr. Igo Weli. “Working closely with the Navy ensures that our operations are protected and our growth trajectory remains stable.”

Weli, accompanied by Renaissance’s Chief Production Officer, Meshach Maichibi, and other senior executives of the company, restated Renaissance’s commitment to partnering with public and private institutions to support the economic growth of Nigeria through improved oil and gas revenue.

Security remains a key concern for operators in the Niger Delta, where infrastructure sabotage and crude oil theft continue to pose risks to production and personnel. Speaking at the meeting, Renaissance’s General Manager for Security, Toye Fatoki, called for enhanced coordination with the Navy to improve surveillance of underwater assets and address maritime threats.

“We are seeing increasingly sophisticated threats to subsea infrastructure and offshore assets,” Fatoki said. “A coordinated response with the Navy is essential, not only to deter criminal activity but to ensure the safe and stable operation of our facilities.”

The Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, represented by the Chief of Policy and Plans, Rear Admiral Ibrahim Dewu, welcomed the partnership initiative and reaffirmed the Navy’s commitment to supporting the oil and gas sector. He commended the rapid production turnaround by the company and emphasised the importance of public and private sectors collaboration in achieving national energy objectives and maintaining maritime stability.

At the end of the meeting, both Renaissance and the Nigerian Navy agreed to establish a joint framework for operational coordination, intelligence sharing, and rapid response mechanisms to safeguard oil and gas infrastructure.

Renaissance acquired Shell’s stake in the Shell Petroleum Development Company earlier this year and has positioned itself as Nigeria’s leading indigenous upstream operators. The engagement with the Navy is part of Renaissance’s wider effort to align with government and security institutions to drive sustainable growth in the oil and gas sector.

GOCOP unveils Aminu Bello Masari as keynote speaker for 2025 conference

Michael Simire
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GOCOP unveils Aminu Bello Masari as keynote speaker for 2025 conference

A former Speaker of the House of Representatives and immediate past Governor of Katsina State, Aminu Bello Masari, will deliver the keynote address at the 2025 Guild of Corporate Online Publishers (GOCOP) Annual Conference.

The confab is scheduled for 10:00 a.m. on Thursday, October 9, 2025, at the Radisson Blu Hotel, Ikeja, Lagos.

Alhaji Aminu Bello Masari
Alhaji Aminu Bello Masari

This ninth edition is themed: “Reconciling Campaign Promises with Governance Realities: Challenges and Prospects.”

Masari confirmed his availability for the role during a courtesy visit by a GOCOP delegation led by the Deputy President and Conference Planning Committee Chair, Danlami Nmodu, which included the Vice President (North), Mr. Tom Chiahemen, in Abuja.

During the visit, the team presented Masari with a copy of the newly published GOCOP book, which he graciously promised to read.

In a press statement, GOCOP’s Publicity Secretary, Ogbuefi Remmy Nweke, said that Masari, who is Chairman of the Tertiary Education Trust Fund (TETFund), had a distinguished record of service.

Profile

Masari was Commissioner for Works, Housing and Transport in Katsina State (1991–1993), Speaker of the House of Representatives (2003–2007), and Governor of Katsina State (2015–2023).

Born in Masari village, Kafur Local Government Area of Katsina State, Masari’s career reflects a lifelong commitment to diligence, honesty, and service.

From his early days in the civil service, rising through the Water Board to senior management, to his training at Middlesex Polytechnic in the UK, he has consistently distinguished himself in public life.

His political journey and leadership earned him national and traditional honours such as the Commander of the Federal Republic (CFR), Dallatun Katsina, and Matawallen Hausa, alongside honorary doctorates and international recognitions including the U.S. Congressional Commendation Award.

As Governor, Masari focused on infrastructure, education, healthcare, and workers’ welfare, transforming Katsina into one of the few Nigerian states without salary arrears.

His leadership attracted accolades, including The Sun Courage in Leadership Award (2016) and the Zik Leadership Prize for Good Governance (2017).

Past Speakers

Past GOCOP conferences had featured eminent speakers such as Bishop Matthew Hassan Kukah, Catholic Bishop of Sokoto Diocese (2019), who spoke on “Economy, Security and National Development: The Way Forward.”

Professor Mahmood Yakubu, INEC Chairman (2022), who delivered the keynote “2023 Elections: Managing the Process for Credible Outcome.”

Professor Uche Uwaleke, Capital Market scholar (2023), who addressed “Nigeria: Roadmap for Socio-Economic Recovery and Sustainability.”

Founded to uphold the tenets of journalism in the digital age, GOCOP is a professional body of 119 member organisations led by seasoned editors and senior journalists who transitioned from traditional media into online publishing.

According to the statement, “the annual conference provides a unique platform for sponsorship opportunities, offering brand visibility, media recognition, and networking with influential journalists, editors, and policy shapers.”

Partnering with GOCOP, it added, was a strong demonstration of commitment to ethical journalism and responsible media.

Dangote Cement pays over N3.3tr in dividends to shareholders in 15 years

Michael Simire
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Dangote Cement pays over N3.3tr in dividends to shareholders in 15 years

Shareholders of Dangote Cement Plc have received over N3.3 trillion in dividends over the last 15 years. Aside from this impressive dividend payout, the shareholders have also significantly benefited from the capital appreciation of the cement stock.

The benefits to the shareholders were disclosed on the floor of the Nigerian Exchange last Wednesday during the “Facts Behind the Figure” presentation, by the Management and Board of Dangote Cement, which was led by the new Chairman, Mr. Emmanuel Ikazoboh.

Emmanuel Ikazoboh
Chairman, Dangote Cement, Mr. Emmanuel Ikazoboh

Ikazobor, who just assumed the position of the chairman from Aliko Dangote, thanked the shareholders for standing by the company, while also assuring them of consistent good returns on their investments.

He said Dangote Cement remains resolute in transforming Africa by creating sustainable value for all its stakeholders, as it will do all to achieve its vision of making Africa self-sufficient in cement and clinker. 

He stated: “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.”

Speaking further on the future of the company, the Chief Executive of the company, Arvind Pathak, 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.”

He revealed that the company has commissioned the first phase (1.5Mta) of its 3Mta Côte d’Ivoire plant, while construction of the 6Mta integrated Itori Plant continues to advance steadily. In addition, the company, according to him, has announced a $400 million investment to double its production capacity in Ethiopia.

He added: “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.”

The Group Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, praised the President/Chief Executive, Dangote Group, Aliko Dangote, for his substantial contributions to the Nigerian capital market and private sector development. He said the former Chairman of Dangote Cement, who is also his mentor, has clearly shown that wealth can be created but also transferred to the public through the capital market.

Group Managing Director and Chief Executive of the Nigerian Exchange Group, Temi Popoola, also lauded the new Management and Board of Dangote Cement, noting that, with Mr. Ikazoboh as the Chairman, the shareholders will surely be happy.

It will be recalled that the shareholders of the company, in its last Annual General Meeting (AGM) for the year 2024, were full of praise for the Board, Management, and staff of the company after approving a dividend payout of N502.6 billion, which translated to N30 kobo per share.

The company, in the same vein, also significantly increased its social investments by 469.8 per cent to N3.2 billion. The corporate social responsibility (CSR) activities were in education, healthcare, agriculture, infrastructure, and economic empowerment.

President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, said the shareholders were pleased with Aliko Dangote and his team. He said that for the company to still pay a robust dividend despite the obvious economic challenges, which also affected their operations, shows the doggedness and fighting entrepreneurial spirit of the management of the company.

According to him: “We are happy with this result. The year 2024 was very challenging due to the fluctuations in the foreign exchange market and the company’s expansion programme. But despite 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, and it is only a company like Dangote Cement that can achieve this laudable feat.”

Chairperson of the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, also commended the company’s consistent dividend payment, noting that the company is moving in the best way of corporate governance.

He stated: “As a shareholder and an active investor of this company, I am very happy and pleased with the performance of our company so far. The earnings are not even up to N30 per share, and for the company to still declare N30 per share dividend speaks volumes of the quality of leadership that we are lucky to have in Dangote Cement. It should also be noted that Dangote Cement is the only manufacturing company that paid the highest dividend in the year under review. So, we are happy and very proud to be part of this company.”

Fossil fuel giants directly responsible for worsening global heatwaves – Study

Michael Simire
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Fossil fuel giants directly responsible for worsening global heatwaves – Study

A landmark study published on Thursday, September 11, 2025, in Nature has revealed that 213 major heatwaves in the 21st century would have been “virtually impossible” without human-caused global warming.

The research shows that fossil fuels produced by the world’s biggest oil and gas companies, including ExxonMobil, BP, Saudi Aramco and Shell, have directly intensified and increased the frequency of heatwaves across the globe.

Heatwave
Heatwave

The study finds:

  1. Heatwaves since 2000 have been, on average, 1.7°C hotter due to climate change, with half of this increase caused by emissions from more than 100 “carbon majors”.
  2. One-quarter of the 213 heatwaves would not have occurred at all without human-driven warming.
  3. Climate change has worsened every single major heatwave recorded between 2000 and 2023.

As the planet warms, heatwaves are becoming deadlier and more destructive, driving up heat-related deaths, economic losses and ecosystem collapse. Yet the fossil fuel industry continues to expand production, despite being responsible for 60% of all human-caused CO2 emissions since 1850.

Anne Jellema, CEO of 350.org, said: “Heatwaves that devastate communities, kill thousands, and destroy crops are not ‘natural disasters’, they have been engineered, as a direct result of fossil fuel companies choosing profit over people. This new research puts names to the culprits. Ordinary people are paying the price, while Big Oil cashes in. That’s why, in just 10 days, people around the world will Draw the Line, standing up to fossil fuel giants and demanding leaders finally hold them accountable.”

The findings land just days before Draw the Line, a global mobilisation organised by 350.org and allies, with over 400 actions planned across more than 50 countries. From Berlin to Dhaka, London to New Delhi, communities will take to the streets to demand a rapid phase-out of fossil fuels and a just transition to renewable energy.

Shelter Afrique, Afreximbank forge partnership to unlock $1bn in investments

Michael Simire
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Shelter Afrique, Afreximbank forge partnership to unlock $1bn in investments

Shelter Afrique Development Bank (ShafDB) and African Export-Import Bank (Afreximbank) have signed a groundbreaking Joint Project Preparation Facility (JPPF) Framework Agreement. This strategic partnership aims to unlock a cumulative investment value of at least $1 billion and is set to significantly transform housing and urban development across the continent and boost trade and investment.

Signed on the sidelines of the ongoing fourth Intra-African Trade Fair (IATF2025) by Mr. Thierno-Habib Hann, Managing Director and CEO, ShafDB, and Ms. Oluranti Doherty, Managing Director, Export Development Afreximbank, the agreement aims to provide early-stage project preparation financing, propelling projects from concept to bankability efficiently and effectively.

Thierno Habib Hann
Shelter Afrique Development Bank Managing Director, Thierno Habib Hann

The JPPF will primarily support priority sectors including building and construction, housing, healthcare, hospitality and tourism, industrial, manufacturing of building materials, commercial and residential infrastructure, and logistical platforms such as industrial zones and special economic zones.

In addition to financing, the JPPF also incorporates a robust capacity-building programme aimed at enhancing the project preparation skills of ShafDB staff, empowering them with essential skills to develop bankable and impactful projects.

Commenting on the partnership, Ms. Doherty, stated: “We are thrilled to collaborate with Shelter Afrique Development Bank to accelerate sustainable urban development across Africa. This partnership aligns with our shared vision of promoting economic growth and enhancing the quality of projects on the continent. By combining ShafDB’s expertise in housing and urban development and Afreximbank’s extensive experience in project preparation, we are poised to unlock new opportunities and deliver transformative projects in critical sectors that will amongst other benefits establish economic hubs and platforms that will promote trade and tradeable services.

“The JPPF will act as a catalyst for private sector investment, leading to substantial socio-economic development across the continent. Furthermore, our capacity-building programme will equip ShafDB staff with essential project preparation skills, ensuring sustainable project pipelines in the years to come.”

Commenting on the signing, Mr. Hann said: “Our sector faces two major structural challenges: the lack of reliable data and the insufficient preparation of projects. At ShafDB, we have already taken bold steps to address the first challenge through our VIRAL model – a data-driven framework designed to provide actionable insights and support evidence-based decision-making in housing and urban development.

“Today, we are proud to tackle the second challenge through this strategic partnership with Afreximbank. The Joint Project Preparation Facility will enable us to move projects from concept to bankability with speed and precision, unlocking over US$1 billion in investments. This is a transformative step toward building resilient, inclusive, and sustainable cities across Africa.”

Both Afreximbank and ShafDB are members of the Alliance of African Multilateral Financial Institutions (AAMFI), underscoring their commitment to collaboration and innovation in fostering economic development and growth across the continent.

The IATF2025, held from September 4 to 10, is projected to have resulted in the conclusion of trade and investment deals valued at over $44 billion.

Group welcomes African leaders’ ambition on renewable energy, warns of climate finance shortcomings

Michael Simire
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Group welcomes African leaders’ ambition on renewable energy, warns of climate finance shortcomings

As the Second Africa Climate Summit (ACS2) ended on Wednesday, September 10, 2025 in Addis Ababa, leaders unveiled landmark initiatives to accelerate Africa’s role in the global energy transition, including the Africa Climate Innovation Compact (ACIC) and the African Climate Facility (ACF), designed to mobilise $50 billion annually for scaling local climate solutions, with a strong emphasis on renewable energy deployment and innovation.

Additionally, leaders launched Africa’s first Green Minerals Strategy, aimed at securing the continent’s place in global clean-tech supply chains through value addition, beneficiation, and strategic cooperation. The African Union Commission will also explore creating a Coalition of African Critical Mineral Producers, an OPEC-style bloc to strengthen bargaining power in negotiations over transition minerals.

Energy transition
Leaders have unveiled initiatives to accelerate Africa’s role in the global energy transition

Climate campaigning organisation 350.org welcomes the renewed commitment by African leaders to accelerate renewable energy across the continent, reaffirmed during the high-level Africa Climate Summit. Leaders set a continent-wide target of 300 GW of renewable energy capacity by 2030, a bold ambition that signals Africa’s resolve to lead in global renewable energy development.

Regina Baiden, Africa Regional Director at 350.org, said: “Africa’s bold renewable energy target is not just about megawatts, it is about justice, dignity, and resilience for people across the continent. But ambition without finance is a broken promise. Climate finance is not charity, it is a legal obligation, and the world must step up to ensure resources flow directly to communities leading the just transition. We stand in solidarity with African leaders and communities who are drawing the line at 1.5°C and demanding a fair global transition.”

The Addis Ababa Declaration represents one of the strongest statements yet from African leaders on climate finance, calling for grants over loans, debt relief, and trillions in support. It rightly condemns unilateral trade measures like the EU’s Carbon Border Adjustment Mechanism, which could cost Africa billions annually, and affirms climate finance as a legal obligation under international law.

However, campaigners caution that the declaration does not go far enough. By seeking fairer access to existing multilateral banks, carbon markets, and investment frameworks that have entrenched inequality and dependency, the declaration risks reinforcing the very system that has left Africa vulnerable.

Alia Kajee, Global Campaign Project Manager at 350.org, said: “We are calling for climate financing mechanisms to be reformed to ensure fairness, adequacy, accessibility, and affordability, and to provide direct funding that meets local needs. Africa already has the solutions and expertise to drive renewable energy, resilience, and sustainable development, yet the continent is frequently denied the resources or drowned in too much debt to implement them. Closing this finance gap is essential to enable African communities to lead on climate solutions and adaptation that is equitable.”

By setting ambitious renewable energy targets, Africa is positioning itself as a global climate leader. But without ensuring community ownership, worker participation, and democratic control of the transition, Africa risks being reduced to a supplier of green minerals, carbon credits, and low-carbon manufacturing for global markets.

ACS2 ends with calls for increased global investments in renewables, international cooperation for equitable transition

Michael Simire
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ACS2 ends with calls for increased global investments in renewables, international cooperation for equitable transition

As the Second Africa Climate Summit (ACS2) closed on Wednesday, September 10, 2025, African leaders reiterated their commitment to scaling up renewable energy and underscored the urgent need for international cooperation to deliver a just transition.

Reaffirming the target of generating 300 GW of renewable energy by 2030, they called for a tenfold increase in global renewable energy investment in Africa, from 2% to 20%, to ensure a fair and sustainable global energy transition.

ACS2
ACS2 ends with calls for increased global investments in renewables

The call for collaboration echoes the vision of the proposed Fossil Fuel Non-Proliferation Treaty, which seeks to foster international cooperation to facilitate an equitable transition from fossil fuels and a financed shift to renewables. The Treaty is built on three pillars: Global Just Transition: Mobilising fair finance, technology transfer, and debt relief so no country, community, or worker is left behind; Fair Phase Out: Phasing out existing fossil fuel production equitably, with wealthier nations moving first and fastest; and ending new coal, oil, and gas projects.

The Addis Declaration, ACS2’s official outcome, also urged developed nations to honor climate finance commitments for adaptation and mitigation, and called for reforms to make international finance fair, accessible, and non-debt creating. It emphasized the need for debt resolution mechanisms to ease the growing burden many African nations face.

Seble Samuel, Head of Africa Campaigns & Advocacy, Fossil Fuel Non-Proliferation Treaty Initiative, said: “As African nations demonstrate critical renewable energy ambition, these plans risk being undermined by inadequate financing, an unjust global financial architecture and so-called transitional fuels that would only serve to delay a real transition. Africa has the potential to lead the renewable energy revolution, but the conditions must be right. International cooperation is essential to unlock a global energy transition rooted in justice. The Fossil Fuel Non-Proliferation Treaty offers a framework to foster that cooperation and deliver a fair and financed transition to renewable energy.”

Omar Elmawi, Convener, Africa Movement of Movements, said: “The second Africa Climate Summit will be remembered as a landmark moment where African nations firmly placed adaptation at the center of the continent’s climate agenda. Leaders reaffirmed the ambitious goal of 300 GW of renewable energy capacity by 2030 and boldly called for at least $1.3 trillion in climate finance by 2035, insisting that 20% of global renewable energy financing be directed to Africa, and crucially, in the form of grants rather than loans.

“However, the summit was not without its shortcomings. The inclusion of ‘transitional fuels’ in the declaration leaves the door open for new gas projects, risking the creation of stranded assets. And while the $1.3 trillion demand is critical, pushing its delivery out to 2035 risks coming a decade too late for communities already facing the brunt of the climate crisis.”

As the summit draws to a close, the challenge ahead is to turn ambition into action, advancing a just transition and leveraging international cooperation and initiatives such as the proposed Fossil Fuel Treaty to complement existing frameworks and deliver lasting change for Africa and the world.

Momentum for the Fossil Fuel Treaty is already growing, with 17 nations in the Pacific, Latin America, the Caribbean, and Southeast Asia engaged in discussions. In joining this bloc of nations, African nations would have a critical opportunity to shape the terms of a Treaty that secures the finance, technology, and cooperation needed to power a just, renewable-driven future.

By Rex Anighoro

Nigeria targets global markets with $60bn gas expansion plan – NNPC CEO

Michael Simire
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Nigeria targets global markets with $60bn gas expansion plan – NNPC CEO

The Nigerian National Petroleum Company Limited (NNPCL) says the country is targeting $60 billion in new investments over the next five to seven years to expand gas infrastructure.

Mr. Bayo Ojulari, Group Chief Executive Officer of NNPCL, disclosed this while addressing a global audience from 150 countries at the opening of the Gastech Exhibition and Conference in Milan, Italy.

Bayo Ojulari
Group Chief Executive Officer of NNPCL, Bayo Ojulari

He further stated that the Federal Government was seeking the investment to boost industrialisation and reinforce the country’s position in the global energy market.

According to him, the planned investment was aimed at scaling up Nigeria’s natural gas production to 12 billion cubic feet per day and expanding the refinery capacity to meet growing global energy demand.

“We are seeking at least 60 billion dollars in investment over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg.

“We are seeking investors to grow production,” he said.

Ojulari said the Petroleum Industry Act (PIA), signed into law in 2021, transformed NNPC into a limited liability company, enabling it to access direct funding and forge global partnerships.

He said that the company was currently producing about 1.6 million barrels of crude oil per day (bpd) with a mandate to grow output to 2 million bpd by 2027 and 3 million bpd by 2030.

He highlighted the ongoing projects, including the Ajaokuta–Kaduna–Kano (AKK) pipeline, the extension of the West African Gas Pipeline to Morocco and Europe, as well as the expansion of the Nigeria LNG project.

According to him, Nigeria already supplies 60 per cent of LNG to Portugal and Spain, and is currently on Train 6, constructing Train 7 to be completed in 2026, with plans for Trains 8 and 9.

“Nigeria has one of the best-run LNG businesses globally. We want to take advantage of the current high energy demand, which is also expected to go even higher,” he said.

On clean energy, Ojulari said government was driving LPG adoption and has launched a programme to deliver 2 million cylinders nationwide, while also rolling out a Compressed Natural Gas (CNG) transition scheme for vehicles and machinery.

On Nigeria’s role in global energy security, he added that geopolitical shifts, such as the Russia-Ukraine-war, had accelerated regional pipeline projects to strengthen energy security.

The NNPCL boss said Nigeria has over 200 undeveloped oil and gas fields, describing them as greenfield opportunities for international investors.

On how foreign policy shifts affect Nigeria’s energy sector, Ojulari said the country had been hosting investments from diverse global players including ExxonMobil, Chevron, Shell, Agip and Total.

“Nigeria is a global market. While foreign policies do impact us, our focus is on creating a stable market and building the right partnerships,” he said.

Also speaking, the Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, reaffirmed Nigeria’s commitment to leveraging its vast reserves to drive industrialisation, regional integration and global energy security.

He said that natural gas remained central to Nigeria’s energy strategy, powering industries, clean cooking, agriculture, job creation and public health.

“Nigeria as a gas nation is committed to using our natural gas to serve our economy, our continent, and other parts of the world,” he assured.

Ekpo noted that the Nigeria Liquefied Natural Gas (NLNG) project was set to raise production capacity from 22 million metric tonnes per annum (MTPA) to 30 MTPA with Train 7.

He said that the country was also pushing regional pipeline diplomacy through the Nigeria-Morocco Gas Pipeline, a 5,000-kilometre transcontinental project designed to connect West Africa to Europe.

He said that the government was also engaging with Algeria and Equatorial Guinea on the Trans-Saharan Gas Pipeline to expand regional energy interconnectivity.

With an estimated 210 trillion cubic feet of gas reserves, the minister said Nigeria was open to investors and had introduced regulatory reforms and executive orders under President Bola Tinubu to create an investor-friendly environment.

“Our natural gas is the bridge to renewables, and the anchor point for developing countries like Nigeria to ensure we are not left behind in the global energy transition,” he concluded.

Nigeria’s participation at the global summit underscores its ambition to become a key player in the evolving energy landscape.

By Desmond Ejibas

Multilateral development banks hit record $137bn in climate finance in 2024 – Report

Michael Simire
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Multilateral development banks hit record $137bn in climate finance in 2024 – Report

Multilateral development banks (MDBs) delivered a record $137 billion in global climate finance in 2024 – a 10% increase that underscores the growing scale of international climate investment.

The majority of this funding flowed to low- and middle-income economies, according to a report published on Wednesday, September 10, 2025, by the European Investment Bank (EIB) with participation from other MDBs, including the African Development Bank Group (AfDB).

European Investment Bank (EIB)
The European Investment Bank (EIB) headquarters in Luxemburg

In addition, MDBs mobilised $134 billion in private finance for climate action in 2024, a 33% increase from the year earlier, according to 2024 Joint Report on Multilateral Development Banks’ Climate Finance.

Expanding climate finance will be a central theme at COP30, which is scheduled to take place in Belém, Brazil in November 2025. At the COP29 summit, held late last year in Baku, countries agreed to scale up support for developing countries to at least $1.3 trillion annually from public and private sources by 2035. The findings are expected to inform discussions during the conference.

“Africa is pushing the pedal on actions that transform Africa’s green potential in energy, nature-based solutions, innovation and a vibrant workforce,” said Anthony Nyong, African Development Bank Director for Climate Change and Green Growth.

“And we are putting climate adaptation at the heart of this effort. At the African Development Bank, we are walking the talk, we continuously meet our climate finance annual target and over half of our climate finance goes to helping African countries build resilience, protect livelihoods, and secure a climate-resilience future, while still investing in greener future,”

Key report findings

Low- and Middle-Income Economies

  • Received $85.1 billion in MDB climate finance, representing a 14% year-on-year increase
  • Climate finance in these countries more than doubled over the past five years
  • $58.8 billion (69%) targeted climate change mitigation, while $26.3 billion (31%) addressed adaptation
  • Private finance mobilised for climate investments stood at $33 billion

High-Income Economies

  • Received $51.5 billion in MDB climate finance
  • $46.5 billion (90%) supported climate change mitigation, with $5 billion (10%) addressing adaptation
  • Private finance mobilised for climate investments reached $101 billion

The 2024 Multilateral Development Bank Climate Finance Report was prepared by the EIB with assistance from the European Bank for Reconstruction and Development. It combines data from both institutions as well as from the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the Inter-American Development Bank Group, the Islamic Development Bank, the New Development Bank and the World Bank Group.

The report comes as MDBs are taking steps to increase the transparency of their climate financing through digitalisation initiative that will make their data more accessible and user-friendly.

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