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NCDMB lauds ESSO on $23m new logistics base at LADOL

Michael Simire
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NCDMB lauds ESSO on $23m new logistics base at LADOL

The Nigerian Content Development and Monitoring Board (NCDMB) has applauded ESSO Nigeria on the groundbreaking of its permanent shorebase facility at the LADOL Deep Offshore Logistics Base, describing the project as a major demonstration that Nigeria has become a prime hub for global oil and gas logistics.

ESSO Nigeria is an affiliate ExxonMobil, an international operating company and the shorebase facility is valued at $23m and will include an administrative building, warehouses, and other storage areas.

Speaking at the event held on Thursday, March 26, 2026, at LADOL base, Lagos, the Executive Secretary of NCDMB, Felix Omashola Ogbe, congratulated ESSO and LADOL on the project, and reaffirmed the Board’s commitment to working with industry players to deepen capacity development in the country’s upstream supply chain.

LADOL
Officials at the groundbreaking of ESSO permanent shorebase facility at the LADOL Deep Offshore Logistics Base

He praised LADOL’s track record of consistency, tenacity and forward-looking momentum, and noted that the qualities had been evident over many years of close engagement with the facility.

He situated the groundbreaking within the broader context of the ongoing global logistics crisis triggered by instability in the Middle East, noting that supply chain disruptions had driven up costs from Singapore to Eko Hotel and across markets in the United States, sparing no economy.

The Executive Secretary who was represented by his Senior Technical Adviser, Austin Uzoka, noted that LADOL’s emergence as a credible deep offshore base represented a direct and tangible response to vulnerability in the logistics sphere of the Nigerian oil and gas industry.

“Today, we’re pleased that Nigeria has an alternative” he stated, drawing a parallel between the completion of the Dangote Refinery and the expansion of LADOL, and harping that Nigeria’s supply chain was measurably stronger than it was 10 years ago.”

The NCDMB chief urged ESSO’s leadership to adopt a front-end-loaded payment structure in its contractual arrangements with LADOL, arguing that timely and adequate funding from the client side would enable the facility to complete the project without recourse to bank loans at cut-throat interest rates.

He noted that cash flow constraints had become a recurring challenge for Nigerian suppliers across the industry, with many approaching the Board for funding support precisely because payment timelines from operators were not aligned with project delivery demands.

“I would like to encourage you to pay LADOL more. Make sure that it is front-end-loaded, so they can have money to finish this on time without having to go to the banks and pay high interest rates to get the job done.”

He emphasised that supply chains are at the bedrock of national development and that the NCDMB, as the agency mandated to grow capacity in Nigeria’s oil and gas industry, would continue to deepen its partnership with both the LADOL and ESSO to build more capacity within the country.

He described ESSO as a measured and deliberate operator that moved decisively once committed, expressing confidence that the groundbreaking signalled the commencement of a project that will be delivered on schedule.

He further charged that ESSO Nigeria to remain committed to the utilising the Nigerian capacities and capabilities on delivering the project.

The Chairman and Managing Director ExxonMobil affiliates in Nigeria, Mr. Jagir Baxi, had earlier indicated that the project reflects an important milestone investment by ESSO Nigeria in its 70-year long partnership with the country. The project also underscores the company’s steadfast commitment to enhance Nigeria’s deepwater offshore operational capabilities.

The structures will be constructed predominantly by Nigerian companies, thereby supporting local job and development of expertise in engineering, construction and commissioning, the company’s chief executive added. The ceremony was attended by representatives of the Bank of Industry, leadership of ESSO Nigeria, the LADOL management led by Dr. Amy Jadesimi, as well as officials from the Nigeria Customs Service, the Nigeria Immigration Service, and other relevant government agencies.

Vital freshwater fish migrations are collapsing – UN

Michael Simire
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Vital freshwater fish migrations are collapsing – UN

Some of the longest, most important migrations of species on Earth are happening beneath the surface of the world’s rivers and many are rapidly collapsing, according to a major new assessment by the Convention on the Conservation of Migratory Species of Wild Animals (CMS), an environmental treaty of the United Nations.

The Global Assessment of Migratory Freshwater Fishes, launched at the CMS 15th Meeting of the Conference of the Parties (COP15) in Brazil, finds that migratory freshwater fish – a group of species that maintain river health, underpin some of the world’s largest inland fisheries, and sustain hundreds of millions of people – are among the most imperiled wildlife on the planet.

Fish migration
Fish migration: Sockeye salmon (Oncorhynchus nerka) leaping the waterfalls of the Brooks River in order to spawn

The Assessment identifies hundreds of migratory fish needing cross-border action, presenting authoritative evidence that species whose life cycles depend on connected rivers across national borders face accelerating declines driven by dam construction, habitat fragmentation, pollution, overfishing and climate-driven ecosystem changes.

The analysis identifies 325 migratory freshwater fish species as candidates for coordinated international conservation efforts, highlighting a largely overlooked biodiversity crisis unfolding across the world’s shared river basins.

A regional breakdown of the 325 migratory freshwater fish species deemed candidates for international protection under the Convention’s Appendices I – listing species requiring strict protection – and II – listing species needing international cooperation – (beyond the 24 already listed) is as follows:

  • Asia: 205
  • South America: 55
  • Africa: 42
  • Europe: 50
  • North America: 32

The total adds to more than 325 because some species occur on multiple continents.

Priority river basins include South America’s Amazon and La Plata–Paraná, Europe’s Danube, Asia’s Mekong, Africa’s Nile, and the Indian sub-continent’s Ganges–Brahmaputra.

Prepared by CMS scientific experts using extensive global datasets and IUCN assessments of nearly 15,000 freshwater fish species, the report provides the most comprehensive overview yet of migratory freshwater fish conservation needs.

It also outlines practical tools governments can deploy immediately, including:

  • protection of migration corridors and environmental flows,
  • basin-scale action plans and transboundary monitoring, and
  • coordinated seasonal fisheries.
A global crisis largely hidden beneath the waterline

Populations of animals inhabiting freshwater ecosystems are declining faster than populations of terrestrial and marine animals, yet the collapse of migratory freshwater fish populations has received little international attention.

Many migratory fish rely on long, uninterrupted river corridors connecting spawning grounds, feeding areas and floodplain nurseries, often across multiple countries. When dams, altered flows or habitat degradation interrupt those pathways, populations can decline rapidly.

According to the report, migratory freshwater fish populations worldwide have declined by roughly 81% since 1970 and nearly all (97%) of the 58 CMS-listed migratory fish species (including fresh and salt-water species) are threatened with extinction. 

The new assessment deepens that picture, identifying hundreds of migratory freshwater fish with an unfavourable conservation status and underlines that protecting migratory fish requires managing rivers as connected systems rather than isolated national waterways.

Spotlight on South America’s great rivers

Host of COP15, Brazil is proposing several conservation measures related to South America’s two largest river systems, the Amazon and La Plata–Paraná.

The Amazon Basin remains one of the last great strongholds for migratory freshwater fish, but intensifying development pressures threaten that status.

A case study released along with the new global assessment identifies 20 migratory fish species in the Amazon meeting criteria for potential CMS Appendix II listing. These large long-distance migrants are flagships for the river’s migratory fish, which account for roughly 93% of fisheries landings, underpinning regional fisheries valued at an estimated US$436 million annually.

They are also famed for undertaking some of the longest freshwater migrations ever recorded. Among them is the dorado (gilded) catfish (Brachyplatystoma rousseauxii), a bottom-dweller known for its metallic gold/silver skin and impressive size (up to 2 meters / 6.5 ft), highly prized in commercial fisheries. Renowned for the longest life cycle freshwater migration of any fish, its journey spans 11,000 kilometers, from Andean headwaters to coastal nurseries.

To strengthen conservation, Brazil and other governments are proposing a Multi-species Action Plan for Amazonian Migratory Catfish (2026–2036), developed through regional cooperation involving multiple countries.

Brazil has also proposed adding the spotted sorubim catfish (Pseudoplatystoma corruscans) to CMS Appendix II, highlighting the need for coordinated action in the La Plata Basin, where they are threatened by dams, altered flows and fishing pressures.

Together, the initiatives rank among the most ambitious international efforts yet to safeguard migratory freshwater fish species and reinforce the central purpose of CMS: conservation solutions for migratory species must operate across the full range of the species, and require international cooperation to succeed. 

Dangote Refinery clarifies media speculation on potential IPO

Michael Simire
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Dangote Refinery clarifies media speculation on potential IPO

Dangote Petroleum Refinery and Petrochemicals (DPRP) says it notes with concern the recent circulation of unauthorised information across various media and social platforms regarding a potential Initial Public Offering (IPO).

DPRP further notes that several online platforms and unofficial sources have published unverified, and in some instances inaccurate, information relating to a potential offering. Such reports do not originate from DPRP and should be treated with caution, disclosed the organisation.

“All official updates regarding any potential transaction will be communicated strictly through DPRP’s formal public disclosures and announcements issued by its appointed advisers, in line with applicable laws and regulatory requirements,” submitted the DPRP..

Dangote Petroleum trucks
Dangote Petroleum trucks

The firm advised the public, investors, and market participants to disregard speculative commentary and rely solely on verified information formally issued by DPRP or its authorised representatives.

DPRP says it remains committed to the highest standards of transparency, corporate governance and market integrity, adding that it underscores the importance of responsible public communication and urges commentators, analysts and social media influencers to rely only on authenticated information.

DPRP assured stakeholders that, when appropriate, comprehensive, and accurate details regarding any proposed transaction would be made available through official channels, including regulatory filings, authorised press releases, and coordinated communications by the Enterprise and its appointed advisers.

“This communication is for information purposes only and does not constitute, or form part of, an offer to sell or a solicitation of an offer to buy any securities. Any such offer, if made, will be undertaken solely on the basis of duly authorised offer documentation and in compliance with all applicable laws and regulatory requirements,” added the DPRP.

Saudi Green Initiative Day: Saudi Arabia marks restoration of 1m hectares of degraded land

Michael Simire
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Saudi Green Initiative Day: Saudi Arabia marks restoration of 1m hectares of degraded land

The Kingdom of Saudi Arabia (KSA) has reached a major milestone in restoring degraded land, announcing the rehabilitation of one million hectares under the Saudi Green Initiative, demonstrating that large-scale land restoration is achievable even in some of the world’s most water-scarce environments.

The achievement comes at a time of growing global pressure on land and water systems, as droughts intensify, food systems face increasing strain, and land degradation continues to affect nearly half of the global population.

“This milestone shows that restoring land at scale is not only possible but also it is already happening,” said UNCCD Executive Secretary, Dr. Yasmine Fouad, in a recorded message marking the occasion.

Saudi Green Initiative
Saudi Green Initiative

“In a world facing rising drought and increasing water stress, this achievement sends a clear signal: with the right policies, science, and commitment, countries can turn environmental challenges into opportunities for resilience and growth,” Fouad added.

“Reaching one million hectares of restored land marks a pivotal milestone in Saudi Arabia’s environmental journey. It reflects our leadership’s commitment to sustainability and demonstrates how coordinated action across government, private sector and communities can deliver lasting impact, strengthening ecosystems, supporting biodiversity, and advancing our Vision 2030 goals,” stated Abdulrahman bin Abdulmohsen Al-Fadley, Minister of Environment, Water and Agriculture, KSA. 

Implemented under challenging climatic conditions and limited water availability, the restoration effort reflects a comprehensive approach combining innovation, science-based solutions and long-term planning. Measures such as cloud seeding programmes, early warning systems for sand and dust storms, and the expansion of protected areas have contributed to strengthening ecosystem resilience and improving land productivity.

Land restoration is increasingly recognised as a critical investment in sustainable development. Healthy land systems underpin food security, water availability, economic resilience and stability, making restoration not only an environmental priority, but a strategic economic and social imperative.

“Land is our most vital infrastructure,” added Dr. Fouad. “When land degrades, water systems weaken, food production declines, and communities become more vulnerable. Investing in healthy land is investing in people, stability and long-term prosperity.”

Saudi Arabia’s efforts also contribute to strengthening international cooperation on land, including through initiatives such as the Middle East Green Initiative and the G20 Global Land Initiative, hosted by the United Nations Convention to Combat Desertification (UNCCD). The Kingdom’s leadership during its presidency of the UNCCD Conference of the Parties has further reinforced global ambition to address land degradation and drought.

The milestone illustrates the importance of aligning national action with global frameworks, demonstrating how countries can translate commitments into measurable progress on the ground.

As the international community prepares for the seventeenth session of the Conference of the Parties (COP17) to the UNCCD, to be held in Mongolia in August 2026, this achievement provides a timely example of the scale and pace of action required to restore land, strengthen drought resilience and support sustainable livelihoods worldwide.

“Restoring land is not only an environmental necessity, but also a pathway to resilience, stability and prosperity,” Dr. Fouad said. “The progress we are seeing today shows what is possible when ambition is matched with action.”

The Saudi Green Initiative (SGI) Day, observed annually on March 27 following a Cabinet decision, reflects the Kingdom’s commitment to establishing a culture of sustainability, enhancing national environmental efforts, and encouraging all sectors to achieve sustainable development goals in line with Vision 2030.

The initiative recently achieved a significant national milestone by rehabilitating one million hectares of degraded land through the National Greening Programme, overseen by the National Centre for Vegetation Cover Development and Combating Desertification. This objective aims to expand vegetation cover, reduce desertification, improve quality of life, and enhance the natural capacity of local environments to adapt to climate change.

The achievement is an extension of the Kingdom’s broader efforts to protect natural resources, reduce emissions, promote reliance on clean energy, and preserve biodiversity, thereby strengthening Saudi Arabia’s regional and international standing in environmental action.

Over the past year, the initiative has continued to make tangible progress. More than 159 million trees were planted across the Kingdom, and environmental reserves saw the birth of Arabian oryx calves for the third consecutive year. Furthermore, the National Water Efficiency and Conservation Center currently saves 120,000 cubic meters of water daily, with plans to increase this capacity to 300,000 cubic meters.

These combined efforts align with the objectives of Vision 2030 and contribute to strengthening the Kingdom’s regional and international standing in environmental sustainability.

SGI Day is observed annually to highlight the initiative’s achievements, review its future goals, and encourage broad sector participation in environmental efforts and sustainable development.

These efforts reflect the Kingdom’s approach to environmental and climate action, driven by the Saudi Green Initiative and the Middle East Green Initiative, both launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, underscoring its ongoing commitment to supporting the transition toward a more sustainable development model.

Renaissance chairman wins NMGS top honour, urges stronger oversight in mining, energy

Michael Simire
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Renaissance chairman wins NMGS top honour, urges stronger oversight in mining, energy

Chairman of Renaissance Africa Energy Company Limited, Dr. Layi Fatona, has been awarded the 2026 Nigerian Mining and Geosciences Society (NMGS) highest honour, the NMGS/Shell Award, at the Society’s just concluded 61st Annual International Conference in Uyo, Akwa Ibom State.

Also honoured at the event is Renaissance’s Vice President for Exploration, Johnbosco Uche, who received the 2026 NMGS/Durotoye/COMEG Award.

Speaking on the deserving attributes of the Fatona and Johnbosco, NMGS President, Ms. Rose Ndong, said their contributions to the growth of mining and geosciences had been consistent over the years and had brought about economic development to the Nigerian nation.

Renaissance
L-R: Managing Director and Chief Executive Officer of Renaissance Africa Energy Company Limited, Mr. Tony Attah; Mrs. Toyin Fatona; the recipient of he 2026 Nigerian Mining and Geosciences Society (NMGS) highest award, the NMGS/Shell Award, and Chairman, Renaissance Africa Energy Company Limited, Dr. Layi Fatona; President, NMGS, Ms. Rose Ndong; and the recipient of the 2026 NMGS/Durotoye/COMEG Award and Renaissance’s Vice President for Exploration, Mr. Johnbosco Uche, at the NMGS Awards Ceremony that rounded off the 61st NMGS Annual International Conference and Exhibition… in Uyo, Akwa Ibom State… on Wednesday

“Your economic contributions to the profession also singled out for the awards,” she said.

In his acceptance speech, Fatona called for tighter regulation of Nigeria’s mining and energy sectors, warning against the proliferation of unqualified practitioners and the risks of weak enforcement, environmental neglect, and short-term opportunism.

“We are living in extraordinary times with the global energy transition accelerating and critical minerals becoming strategic assets,” Fatona said. “Nigeria must not be a spectator. We must be a strategic player, and that requires competence, discipline and professional integrity.”

He urged the industry to restore what he termed “professional sovereignty,” where trained experts lead practice and institutions enforce standards. “Capital must partner with competence – not replace it,” he added.

Fatona drew parallels between Nigeria’s oil and gas sector and its mining industry, noting that while the oil industry has matured faster, it has also faced challenges including environmental damage, governance issues and dilution of professional authority. He cautioned that the mining sector must avoid repeating those mistakes.

Reacting to the honour done two leaders of Renaissance, the Managing Director and Chief Executive Officer, Tony Attah, said the two recipients reflect the commitment of Renaissance to redefining Nigeria’s energy future with ambition, belief, and courage.

He said, “Every day, we benefit from the foresight, wisdom and experience of Dr. Fatona, including his vision and thoughts on how to better manage Nigeria’s abundant natural resources for the nation’s industrialisation.”

EPI Foundation, CAMPEA partner to drive sustainable finance for conservation in Africa

Michael Simire
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EPI Foundation, CAMPEA partner to drive sustainable finance for conservation in Africa

The Elephant Protection Initiative (EPI) Foundation and The Central Africa Markets Venture Capital & Private Equity Association (CAMPEA) on Friday, March 27, 2026, announced a strategic partnership designed to strengthen collaboration between conservation and private capital markets across Africa.

The alliance brings together EPI Foundation’s pan-African conservation mandate with CAMPEA’s regional investment network to accelerate sustainable financing solutions that support both biodiversity protection and economic development.

EPI Foundation
EPI Foundation and CAMPEA plan to mobilise private capital to strengthen elephant protection, empower local communities, and develop investment models

Through this partnership, the organisations will explore innovative financing mechanisms that align long-term elephant conservation goals with responsible investment frameworks. The collaboration aims to foster dialogue with African governments, corporate and institutional investors, and private sector stakeholders to promote sustainable land use, climate resilience, and nature-friendly development initiatives in African elephant-range states.

Under the agreement, the EPI Foundation and CAMPEA will jointly convene industry roundtables, develop knowledge-sharing platforms, and support capacity-building programmes that bridge conservation priorities with private capital deployment. The partnership will also seek to mobilise new funding pathways that integrate environmental stewardship into regional investment strategies.

“This partnership reflects a shared vision that conservation and economic prosperity are not competing ambitions,” said John Scanlon, Chief Executive Officer at the EPI Foundation. “By working alongside CAMPEA, we can mobilise private capital to strengthen elephant protection, empower local communities, and develop investment models that recognise natural capital as a cornerstone of Africa’s long-term resilience and growth.”

Tania Eyanga, MBA. CEO at CAMPEA, added: “The future of responsible investment in Africa depends on partnerships that connect capital with long-term environmental and social impact. Collaborating with the EPI Foundation enables us to engage investors who recognise the value of preserving natural capital while supporting resilient economies.”

The Elephant Protection Initiative Foundation is a UK-registered charity that serves as the secretariat supporting the Elephant Protection Initiative, a coalition of African governments committed to conserving their elephants. The EPI Foundation’s board is led by Hon Sharon Ikeazor CON, a former Nigerian minister of the environment.

Central Africa Markets Venture Capital & Private Equity Association (CAMPEA) is the regional industry body dedicated to strengthening private capital markets in Central Africa by connecting institutional investors, policy makers, commercial and philanthropic enterprises and corporate entities alongside fund managers and development partners to work symbiotically to foster a capital-expansive, sustainable investment ecosystem that drives tangible economic growth.

VC, environmentalists raise alarm as world loses 10m hectares of forest annually

Michael Simire
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VC, environmentalists raise alarm as world loses 10m hectares of forest annually

Vice-Chancellor of Igbinedion University, Okada, Prof. Lawrence Ezemonye, on Thursday, March 26, 2026, raised concerns over accelerating global deforestation, revealing that an estimated 10 million hectares of forests are lost every year.

Ezemonye raised the concern during activities marking the International Day of Forests at the university in Edo State.

According to him, the level of deforestation poses far-reaching environmental and socio-economic threats.

Igbinedion University
Activities marking the International Day of Forests at the Igbinedion University, Okada, in Edo State

Ezemonye said that Nigeria was not insulated from the trend, citing data from the Food and Agriculture Organisation (FAO) which ranked the country among those with the highest deforestation rates in Africa.

“The consequences of this loss are grave,” he said, pointing to rising cases of flooding, desertification, ecosystem collapse, displacement of communities and the worsening impacts of climate change.

Describing the annual observance as more than ceremonial, Ezemonye said it should serve as a rallying point for urgent action.

He added that universities must play a central role as “custodians of knowledge and incubators of solutions.”

The V-C reaffirmed the institution’s commitment to environmental sustainability, emphasising that it remained a core institutional value beyond academic discourse.

Also speaking, Edo State Commissioner for Environment and Sustainability, Mr. Nosa Adams, said forests must be protected as critical climate assets.

The commissioner, who was represented by the Permanent Secretary, Mr. Victor Otamere, said “protecting the forests is protecting our lives.”

Adams said that the state government had taken steps to safeguard forest resources, including the establishment of the Edo Forestry Commission.

The Chairman of the Forestry Commission, Mr. Valentine Asuen, represented by Area Forest Officer for Ovia North East, Mrs. Joan Omosigho, acknowledged the mounting pressure on forest resources and urged Nigerians to take responsibility for its protection.

Earlier, the Director of the Centre for Climate Change and Sustainable Development at the university, Prof. Spencer Nwangwu, said that forests across the world were under intense threat from human activities.

Nwangwu listed the activities to include agricultural expansion, urbanisation and illegal logging.

He urged participants to move beyond rhetoric and commit to practical actions that would reverse environmental degradation.

The event, themed “Forests and Economies,” drew attention to the critical role forests play in sustaining livelihoods and supporting global economic systems.

By Usman Aliyu

WorldStage forecasts inflation drop to 12.94% amid reforms

Michael Simire
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WorldStage forecasts inflation drop to 12.94% amid reforms

WorldStage Nigeria projects inflation will ease to 12.94 per cent, citing ongoing reforms and cautious optimism for economic growth.

The media firm notes the forecast is below the current inflation rate of 15.06 per cent.

It presented the outlook at its Macroeconomic Outlook 2026 event with the theme “Nigeria’s Economy: Getting it Right” on Thursday, March 26, 2026, in Lagos.

WorldStage
L-R:Mr Segun Adeleye, President/CEo, World Stage limited, Miss Nike Popoola, a journalist and Insurance Expert; Dr. Abina Praise representing Engr. (Dr.) Jani Ibrahim, President of NACCIMA and Chairman of OPSN; Captain Badamasi M.S, a Pilot and Mr Segun Koiki, a journalist and Aviation Expert at the public presentation of WorldStage Nigeria’s Macroeconomic Outlook 2026 on Thursday, March 26, 2026 at the LCCI-BOI Innovation Hub, Nurudeen Olowpopo Street, Alausa Ikeja Lagos

Lagos State Commissioner for Information and Strategy, Mr. Gbenga Omotoso, reviewed the publication titled “Turning the Corner”.

Represented by Ms. Temilade Aruya, Director, Public Affairs in the ministry, he described the report as a timely contribution to economic discourse.

He said it captures a country transitioning from economic strain towards recovery, stability and sustainable growth.

“As its title suggests, ‘Turning the Corner’ reflects a nation moving towards recovery and long-term growth,” he said.

Omotoso said the report projected GDP growth of 4.49 per cent in 2026 alongside easing inflation, reflecting “cautious optimism”.

“This balance between optimism and realism is a key strength, acknowledging infrastructure gaps, high capital costs and global uncertainties,” he said.

He said the report provided a broad assessment covering banking, capital markets, telecommunications, agriculture, manufacturing, maritime, aviation, health, education and the creative sector.

According to him, the analysis highlights the need for a holistic and inclusive growth strategy.

“No single sector can drive growth in isolation. Progress must be interconnected across industries,” he said.

On banking, he said reforms including recapitalisation, digital innovation and stronger regulation positioned the sector as critical to a one-trillion-dollar economy.

He, however, stressed the importance of workforce stability.

“Sustainable growth must be people-centred. Strong institutions depend on capital and human resources,” he said.

On capital markets, he noted strong performance and rising investor confidence, while warning of policy uncertainty risks in a pre-election period.

“Policy consistency, regulatory clarity and macroeconomic stability will sustain investor confidence,” he said.

Omotoso said the report identified growth opportunities driven by reforms, innovation and investment across key sectors.

He added that it provided insight into policies such as exchange rate reforms, subsidy removal and tax restructuring.

He acknowledged short-term challenges but said the reforms were vital for long-term stability.

“The message is clear: consistent policy implementation will determine reform success.

“The report also identifies risks including inflation, exchange rate volatility, rising debt costs and infrastructure gaps,” he said.

He stressed that inclusive growth must translate into better living standards, jobs and wider opportunities.

Omotoso urged government, private sector and civil society to remain committed to sustaining reforms.

“Turning the corner is only the beginning. Sustained progress requires discipline, strong institutions and collective commitment,” he said.

Earlier, WorldStage President, Mr. Segun Adeleye, said the outlook offered detailed analysis of trends, opportunities and challenges shaping the economy.

He said credible information was essential for operators to make informed investment decisions as the economy expands.

Adeleye noted the report was produced through partnerships with public and private stakeholders.

He added that quarterly reports would be released to guide businesses as Nigeria targets a one-trillion-dollar economy.

“Work on the Q1 2026 report is advanced, offering actionable insights for policymakers, businesses and investors,” he said.

According to him, key metrics include GDP, inflation, exchange rate, oil output and prices, non-oil revenue, manufacturing PMI and foreign reserves.

By Taiye Olayemi

Kano reviews 1959 Forestry Law to boost environment protection

Michael Simire
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Kano reviews 1959 Forestry Law to boost environment protection

Kano State Government is updating and reviewing its forestry law to align with modern standards.

Mustapha Mohammad, Permanent Secretary, Ministry of Environment and Climate Change, made this known in Kano, the state capital, on Thursday, March 26, 2026, during the opening of the review meeting.

He said the review would strengthen environmental protection and promote sustainable forest management and address issues like deforestation, adding that “the existing law is outdated and doesn’t address current environmental challenges.”

Dr. Dahir M. Hashim
Dr. Dahir M. Hashim, Commissioner, Ministry of Environment and Climate Change, Kano State

He explained that the revised legislation is expected to reflect current global practices, particularly in safeguarding natural resources and addressing growing threat of deforestation.

Director of Ecology and Forestry in the ministry, Mohammad Auwal, described the review as timely and necessary, stressing that it would enhance the state’s capacity to tackle environmental degradation.

Auwal said the new law would provide stronger legal framework for prosecuting individuals involved in unauthorised tree felling, which he identified as major contributor to environmental decline in Kano State.

A retired Director from the Ministry of Justice, Salisu Abdullahi Marmara, expressed optimism that the involvement of experienced professionals would ensure the emergence of a robust legal framework.

He added that the reviewed law would be forwarded to the Kano State House of Assembly for legislative consideration and approval once finalised.

By Aminu Garko

BOI’s N825m clean energy financing boosts Nigerian industries

Michael Simire
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BOI’s N825m clean energy financing boosts Nigerian industries

The Bank of Industry (BOI) says small and large enterprises have benefited from a N825 million clean energy financing window.

The initiative is part of a $600,000 GEF-UNIDO IEE and RECP project.

Of the total, $550,000 were disbursed to BOI for on-lending to eligible industries.

BOI
Dignitaries at the presentation of the financing results to national stakeholders and financial institutions in Abuja on Thursday

The funding supports investments in energy efficiency, cleaner production technologies, renewable energy solutions, recycling infrastructure, and resource-efficient production systems.

Mrs. Ifeoma Uz’Okpala, Executive Director, Risk Management and ITD, GEF-UNIDO IEE and RECP, disclosed this during the presentation of the financing results to national stakeholders and financial institutions in Abuja on Thursday, March 26, 2026.

She said the programme demonstrated how targeted financing could unlock industrial growth while promoting environmental sustainability.

“The initiative enabled companies to adopt energy-efficient machinery, reduce production costs, and improve environmental performance,” she added.

She said the programme, implemented with support from the Global Environment Facility (GEF) and the United Nations Industrial Development Organisation (UNIDO), involved collaboration with the Manufacturers Association of Nigeria (MAN) to deepen industrial participation.

Uz’Okpala emphasised that both large and small firms benefited, with small businesses accessing grants and financing for equipment upgrades and cleaner technologies across manufacturing, agro-processing, hospitality, logistics, and other value chains.

Dr Reuben Bamidele, National Programme Officer, UNIDO, said the initiative was part of Nigeria’s Programme for Country Partnership framework and had strong potential for scaling up resource-efficient and cleaner production practices nationwide.

He called for expansion of the financing model to reach more industries and deepen Nigeria’s transition to green manufacturing, emphasising that partnerships among government, financial institutions, and development agencies were critical to sustaining gains.

Mr. Segun Ajayi-Kadir, Chairman of the Investment Committee and Director-General of MAN, said the programme leveraged risk-sharing mechanisms to encourage investments in innovative technologies.

“The first-loss guarantee structure helped reduce lender risks while attracting private sector participation,” he added.

Mr. Kabiru Jeda of the Federal Ministry of Environment commended stakeholders for promoting environmental sustainability, saying the programme aligned with Nigeria’s goals of green growth and reducing environmental impacts across industries.

Dr Jacob Oladapo, National Project Coordinator, said beyond technical support, the project helped industries identified practical opportunities to cut costs, improved productivity, and reduced environmental impact through cleaner production practices.

He emphasised that access to financing remained the critical missing link, adding that the session guided stakeholders on funding options, eligibility, and translating technical recommendations into real investments.

By Lucy Ogalue

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