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Minister Says National Intelligence Poverty Lab Will Transform Nigeria’s Poverty Response Through Data-Driven Policy

Benjamin A Ameh — Thu, 25 Jun 2026 13:24:41 +0000

-Nigeria’s Poverty Challenge requires a new approach

From left: Director, Social Development, Ministry of Humanitarian Affairs and Poverty Reduction, Mr Valentine Ezulu; Country Director, Innovations for Poverty Action (IPA), Funmilayo Ayeni; Minister of Humanitarian Affairs and Poverty Reduction, Dr Bernard Doro and Associate Director, Policy, IPA, Henry Chukwu during the National Poverty Intelligence Lab workshop in Abuja yesterday

Dr Bernard Doro, the Minister of Humanitarian Affairs and Poverty Reduction says the newly unveiled National Poverty Intelligence Lab (NPIL) is an ignition to help fast track a reform journey that will transform how Nigeria understands, responds to, and ultimately reduces poverty at scale.

The minister said this at the unveiling of the NPIL at a Three -Day Workshop on understanding how to use the instruments of the lab to better tackle poverty issues in Nigeria.

The workshop, organized by the ministry in collaboration with the Innovations For Poverty Action (IPA) kicked off in Abuja on Wednesday.

“I am super excited to witness the beginning of the operationalisation of what we have long envisioned — a truly integrated national system for poverty intelligence and humanitarian response.”

Doro said that Nigeria faced one of the most complex poverty challenges in the world.

“What this moment demands is not more of the same. It demands systems, intelligence, evidence-driven leadership, and above all, coordinated and accountable action. That is exactly what today’s event is about.

“The poverty challenges in Nigeria can be traced to so many decades of different administrations. What the Federal Government wants to achieve is to find a way to ensure that policies and programmes for the poor achieve the targeted result.

The minister pointed out that the national poverty intelligence lab will serve as the intelligence backbone of Nigeria’s poverty reduction architecture.

“The Lab will underpin policy formulation, programme design & implementation, resource allocation, and performance management. For many years, our interventions have been driven by assumptions rather than evidence, sometimes by politics rather than data, and by silos rather than systems.

“The NPIL changes that. It gives us the analytical infrastructure to ask the right questions, find credible answers, and hold ourselves accountable for results.

“The Renewed Hope Agenda calls us to a higher standard. We are moving from palliatives to pathways; from fragmented projects to integrated systems; from measuring spending to measuring outcomes; and from dependency to dignity.

“Every household we reach through the One Humanitarian One Poverty Response System (OHOPRS) is a household we intend to graduate from vulnerability — not just today but permanently. That is the ambition. And the NPIL is the engine that will tell us whether we are getting there,” he said.

The minister pointed out that poverty cannot be reduced through assumptions or solved through scattered interventions, operating without coordination or accountability.

“Through OHOPRS, we are building the systems. Through the NPIL, we are building the intelligence. Together, and they will help Nigeria move from fragmented interventions to coordinated outcomes, from palliatives to pathways, and from vulnerability to prosperity.

“The establishment of the NPIL is not merely a technical exercise. It is simultaneously a governance reform, an accountability reform, a systems reform, and ultimately — a poverty reduction reform.”

He pledged that the President Bola Tinubu led administration remained fully committed to pathways of not just reducing poverty but sustaining a better life for Nigerians.

Speaking on why the OHOPRS required the NPIL, Doro said it was founded on a fundamental realization that poverty and vulnerability do not exist in separate compartments.

“Humanitarian assistance, social protection, resilience-building, and poverty reduction must operate, not as parallel tracks but as one coordinated, coherent system.

“The Lab will serve as the evidence and intelligence backbone of this system — ensuring that every intervention under OHOPRS is informed, targeted, and measurable.

“The OHOPRS is not another programme layered onto an already crowded landscape. It is a national operating model and a governing architecture.

“The OHOPRS ensures that government, development partners, humanitarian actors, and the civil society worked within a shared framework guided by common objectives, common standards, integrated data, and measurable outcomes.

Earlier, the Country Representative of IPA, Mrs Fumi Ayeni said the collaboration is aimed at determining what the poor and vulnerable truly desired and how to reduce duplications in interventions.

Ayeni noted that getting people out of poverty starts with everybody and would enable policy formulators to build a legacy to help reduce poverty to its lowest in Nigeria.

She said the workshop would enable so many conversations on how to get the people out of poverty.

While speaking with the media, Dr Abimbola Fasanu, a discussants and Senior Technical Adviser to the Minister on Information System and Data Analysis, said participants at the workshop included representatives of IPA, development partners, heads of agencies in the ministry and programmes, and other stakeholders.

Fasanu pointed out that Data is not just a bureaucratic requirement but a strategic national asset.

“Globally, government’s policies and programmes are informed by data. At the end of the day, the project will enable Nigeria and the ministry to make better informed decisions whose outcomes could be measurable.

“The data could also be assessed by the private sector and individuals willing to offer humanitarian assistance to the needy,’ she said.

The MEL and Data Systems Diagnostic Exercise will identify institutional strengths, expose critical gaps, assess systemic capacities, and provide a clear roadmap for building a modern, integrated evidence architecture.

The goal is not data for its own sake but decision-making that is faster, smarter, and more responsive to the realities that 140 million Nigerians live every single day.

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Fidelity Bank Empowers Plateau Schoolchildren with School Packs Donation

Benjamin A Ameh — Thu, 25 Jun 2026 08:58:47 +0000

L-R: Mrs. Nanbam Danjuma-Lot, Project Coordinator of the Plateau State Sustainable Development Goals (SDGs); Mr. Shunom Leo, Branch Leader, Fidelity Bank University of Jos Branch; Ms. Caroline Dafur, Plateau State Commissioner for Women Affairs and Social Development; Hon. Sunday Amuna, Executive Chairman, Plateau State Universal Basic Education Board (SUBEB); Mr. Saje Joseph, Director of Planning, Research, and Statistics, Plateau State Ministry of Education; and Mrs. Victoria Abuka, Team Lead, Corporate Social Responsibility, Fidelity Bank Plc; at the Fidelity Helping Hands Programme (FHHP) Back-to-School outreach in Plateau State recently.

In a significant demonstration of its commitment to the development of education and community empowerment, Fidelity Bank Plc has donated back-to-school packs to school pupils in Plateau State.

The intervention, which took place in Jos, saw over 600 randomly selected pupils drawn from all 17 Local Government Areas of the state benefit from the bank’s Corporate Social Responsibility (CSR) initiative. Each pupil received a school bag containing exercise books, writing materials, a mathematical set, and a water bottle, in a gesture designed to support their learning journey and encourage academic excellence.

The initiative was facilitated by staff of Fidelity Bank’s University of Jos Branch, reflecting the bank’s culture of giving back to the communities it serves through the Fidelity Helping Hands Programme (FHHP), a key feature of the bank’s CSR strategy. Through the programme, staff identify impactful community projects and raise funds to support them, while the bank’s management matches their contributions to expand the reach and impact of each intervention.

Speaking at the event, Dr. Meksley Nwagboh, Divisional Head, Brand and Communications, Fidelity Bank Plc, said the initiative underscores the bank’s unwavering commitment to education as a catalyst for national development. “Investing in young people is one of the most impactful ways to build a brighter future, as education equips children with the knowledge, confidence, and opportunities needed to contribute meaningfully to society.

Nwagboh further stated that the intervention reflects Fidelity Bank’s broader commitment to social impact and sustainable community development through initiatives that improve lives and create long-term value. He emphasized that the Bank remains dedicated to empowering future generations through education-focused programs and encouraged the pupils to remain diligent in their studies, reminding them that their aspirations are valid and that the future of Nigeria rests in the hands of well-educated, determined, and inspired young people.

Also speaking at the presentation event, Shunom Leo, Branch Leader, Fidelity Bank, University of Jos Branch, whose team championed the intervention, said the initiative reflects the bank’s dedication to nurturing future leaders.

“This is more than a donation of school items. It is a deliberate investment in the future of Plateau State and in the promise these children represent. Across Nigeria, Fidelity Bank has remained committed to projects that improve lives, support education and strengthen communities,” Leo said.

Representing Governor Caleb Mutfwang, the Plateau State Governor, the Commissioner for Women Affairs and Social Development, Ms. Caroline Dafur, commended Fidelity Bank and Plateau State Sustainable Development Goals (SDGs) office for what she described as a timely and meaningful investment in children.

“Let me sincerely appreciate Fidelity Bank and the Plateau State SDGs office for organizing this memorable ‘back-to-school’ campaign. This gesture of distributing school bags and learning equipment to our pupils is more than charity; it is an investment in the future of Plateau children,” Dafur said.

She further reaffirmed the Plateau State Government’s commitment to prioritizing education, healthcare, social protection, and the overall wellbeing of children, while calling for increased collaborations to ensure sustained development.

In her opening remarks, Mrs. Nanbam Danjuma-Lot, Project Coordinator of the Plateau State SDGs, applauded Fidelity Bank for partnering with the agency to positively impact the lives of children across the state, stating that, “Partnerships such as this demonstrate the power of collaboration in addressing societal challenges. Fidelity Bank has shown commendable leadership by investing in the future of our children, and we hope more organizations will follow this example by contributing meaningfully to their host communities.”

Similarly, Mr. Sunday Amuna, Executive Secretary of the Plateau State Universal Basic Education Board (SUBEB), described the intervention as a foundation-laying initiative that would have long-term benefits for the beneficiaries.

“The strength and durability of any structure depend largely on its foundation, the foundation we give these children today will determine the stability of their future. Fidelity Bank has made a meaningful contribution to that foundation and we commend the bank for this impactful intervention,” he said.

Notably, the donation also benefited physically challenged children with varying degrees of disability, reinforcing Fidelity Bank’s commitment to inclusion and equal opportunities for all.

Through initiatives such as the FHHP, Fidelity Bank continues to demonstrate its commitment to empowering communities, supporting education and contributing to sustainable development across Nigeria.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.

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NCAA Clears Rocket Aviation for Takeoff After Rigorous Two-Year Certification Process

Benjamin A Ameh — Wed, 24 Jun 2026 15:48:50 +0000

By The Ameh News

Nigeria’s aviation industry recorded another milestone as the Nigeria Civil Aviation Authority (NCAA) officially granted an Air Operator Certificate (AOC) to Rocket Aviation Services, authorizing the company to commence non-scheduled flight operations across the country.

The certificate, presented on June 23, 2026, at the NCAA headquarters in Abuja, marks the successful completion of a rigorous certification process that lasted nearly two years and involved extensive safety audits, operational assessments, inspections, and regulatory reviews.

Speaking during the presentation ceremony, the Director-General of Civil Aviation (DGCA), Capt. Chris Najomo, described the approval as a significant achievement for Rocket Aviation Services and a positive development for Nigeria’s growing aviation sector.

According to the DGCA, obtaining an Air Operator Certificate is one of the most demanding regulatory milestones in the aviation industry, requiring operators to demonstrate full compliance with international and national safety standards before being cleared to commence commercial operations.

However, Capt. Najomo emphasized that certification should not be viewed as the end of the journey but rather the beginning of a continuous commitment to safety, operational discipline, and regulatory compliance.

He urged the airline’s management and operational personnel to maintain a strong safety culture by strictly adhering to Standard Operating Procedures (SOPs), implementing effective Crew Resource Management (CRM), ensuring prompt reporting of safety concerns, and fostering seamless collaboration among pilots, engineers, cabin crew, and other operational staff.

“The issuance of an Air Operator Certificate signifies that the operator has met all prescribed safety and operational requirements. However, sustaining these standards through continuous compliance, vigilance, and professionalism remains critical,” Najomo stated.

The NCAA boss further noted that continuous inspections, safety reviews, surveillance activities, and regulatory oversight would remain essential components of the Authority’s mandate to ensure accountability and maintain the highest levels of aviation safety in Nigerian airspace.

He commended both Rocket Aviation Services and the NCAA certification team for their dedication, resilience, and professionalism throughout the certification process, stressing that the successful issuance of the certificate reflects the effectiveness of Nigeria’s aviation regulatory framework.

Industry analysts believe the entry of Rocket Aviation Services into the non-scheduled flight segment could contribute to increased capacity within Nigeria’s charter and specialized aviation services market, while also supporting business travel, logistics operations, and connectivity across underserved routes.

Responding on behalf of the airline, Rocket Aviation Services’ Accounts Manager, Mrs. Bisola Yejide, expressed gratitude to the NCAA leadership under Capt. Chris Najomo and members of the certification team for their guidance, technical support, and professionalism throughout the process.

She stated that the airline recognizes the responsibilities that come with certification and remains fully committed to preserving the safety standards that earned it regulatory approval.

Yejide assured stakeholders that Rocket Aviation Services would prioritize operational excellence, safety management, personnel training, and continuous improvement as it begins flight operations.

“Our commitment is to uphold the highest standards of safety, professionalism, and service delivery. We appreciate the NCAA for its support throughout this journey and assure the Authority and the flying public that we will continue to operate in full compliance with all applicable regulations,” she said.

The approval further underscores the NCAA’s ongoing efforts to strengthen regulatory oversight while supporting the growth of safe, efficient, and sustainable air transport services in Nigeria.

Key Analytics

Certification Timeline: Nearly two years of regulatory evaluation and compliance verification.

Regulatory Milestone: Rocket Aviation Services successfully completed all NCAA operational and safety requirements.

Operational Scope: Authorized to conduct non-scheduled (charter) flight operations within Nigeria.

Safety Focus: NCAA emphasizes SOP compliance, Crew Resource Management, safety reporting, and continuous oversight.

Industry Impact: New entrant expected to deepen competition and expand capacity in Nigeria’s charter aviation market.

Regulatory Assurance: Continuous inspections and surveillance to ensure sustained compliance after certification.

The NCAA has granted Rocket Aviation Services an Air Operator Certificate following a rigorous two-year certification process, paving the way for the airline to commence non-scheduled flight operations in Nigeria while maintaining strict safety standards.

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Babajide Sipe Takes Charge of ACAMB as Banking Communications Enters Strategic Era

Benjamin A Ameh — Wed, 24 Jun 2026 15:33:05 +0000

By The Ameh News
The emergence of Babajide Sipe as President of the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) for the 2026–2028 tenure signals more than a routine leadership transition. It represents the rise of a seasoned banking communications strategist whose career trajectory mirrors the evolution of Nigeria’s financial services marketing landscape over the past two decades.
With extensive experience spanning banking, insurance, development finance and brand transformation, Sipe assumes leadership of ACAMB at a time when Nigeria’s banking sector is navigating recapitalisation, digital disruption, reputation management challenges and heightened stakeholder expectations.
A Communications Professional with Deep Banking Roots
Before his appointment as Group Head, Brand Transformation and Digital Marketing at the Bank of Industry (BOI), Sipe built a formidable reputation at Guaranty Trust Bank (GTBank), where he spent over a decade shaping some of the institution’s most recognizable marketing and brand initiatives.
Beginning his career at GTBank as an Executive Trainee in 2007, Sipe quickly distinguished himself in strategic communications and marketing execution.
One of his earliest landmark assignments came in 2009 when he coordinated the launch campaigns for GTBank’s international expansion into the United Kingdom, Liberia, Kenya, Rwanda and Tanzania—an experience that exposed him to cross-border brand management and international stakeholder engagement.
Between 2011 and 2013, he led the Products Promotions and Marketing Team responsible for promoting innovative banking products including:
GTCrea8
SME Markethub
Mobile Banking
Seniors Account
These initiatives contributed to GTBank’s reputation as one of Nigeria’s most innovative retail banking brands during that period.
His rise through the ranks eventually culminated in his appointment as Head of Brand Management and Experiential Marketing, overseeing strategic brand positioning and customer engagement initiatives.
Career Beyond GTBank
After leaving GTBank, Sipe broadened his leadership experience across multiple sectors.
He served as:
Head of Marketing and Corporate Communications at Ecobank Nigeria
Brand Manager at Heirs Insurance
Group Head, Brand Transformation and Digital Marketing at Bank of Industry
The progression demonstrates a rare blend of expertise across commercial banking, insurance and development finance institutions.
Industry observers note that this cross-sector experience positions him uniquely to understand the changing communication demands facing Nigeria’s financial services ecosystem.
ACAMB Leadership Comes at a Strategic Moment
Sipe’s election during ACAMB’s Annual General Meeting in Lagos places him at the helm of the umbrella body representing corporate communications and marketing professionals across Nigeria’s banking industry.
His leadership arrives at a defining period for the sector.
Key developments include:
Ongoing banking recapitalisation exercises.
Accelerated digital banking adoption.
Increased competition from fintech companies.
Greater regulatory scrutiny.
Rising demand for stakeholder transparency and reputation management.
These realities require communications professionals to move beyond traditional public relations roles into strategic business advisory functions.
Four-Pillar Leadership Blueprint
At his inauguration, Sipe unveiled a leadership agenda built around four strategic pillars:
1. Mentorship and Talent Development
Developing the next generation of banking communication professionals through structured mentoring programmes and capacity-building initiatives.
2. Industry-Relevant Outcomes
Ensuring ACAMB remains aligned with emerging trends and challenges within the financial services sector.
3. Active Member Engagement
Creating stronger participation and collaboration among members across Nigeria’s banking institutions.
4. Advocacy and Representation
Positioning ACAMB as a stronger voice on issues affecting corporate communications, marketing and reputation management in the banking sector.
Analysts say the framework reflects a shift from association administration to institution building.
Early Signs of Action-Oriented Leadership
Rather than waiting for ceremonial engagements, Sipe moved quickly after inauguration.
He led the newly elected executive council on a strategic stakeholder engagement visit to the Chartered Institute of Bankers of Nigeria (CIBN), describing the engagement as a foundational step toward stronger industry collaboration.
The move is widely viewed as an effort to deepen partnerships between professional bodies and strengthen capacity development within the banking communications profession.
Voice on Banking Sector Stability
Sipe has also positioned himself as a thoughtful commentator on broader banking sector developments.
Following reports that Nigerian banks achieved over 96 percent compliance ahead of the Central Bank of Nigeria’s recapitalisation deadline, he praised the industry for demonstrating resilience and adaptability.
According to him, the achievement reflects the sector’s ability to respond effectively to regulatory demands while maintaining operational stability.
Industry analysts interpret the remark as recognition that communications professionals now play a critical role in helping institutions navigate complex transformation programmes.
Sustainability and Reputation Building
One of the earliest highlights of ACAMB’s 30th anniversary celebrations under Sipe’s leadership was a tree-planting initiative in Lekki Phase 1, Lagos.
The symbolic exercise reinforced the association’s commitment to sustainability, environmental responsibility and long-term industry reputation management.
For many observers, the initiative reflects a growing recognition that corporate communications today extends beyond media relations into Environmental, Social and Governance (ESG) advocacy.
Economic Significance of Effective Banking Communications
The role of banking communicators has become increasingly important in an era where trust represents one of the most valuable assets in financial services.
According to industry experts, effective communication contributes significantly to:
Customer confidence.
Financial inclusion.
Digital adoption.
Crisis management.
Investor relations.
Regulatory compliance.
Brand value preservation.
With Nigeria’s banking assets running into trillions of naira, reputation management has become a strategic business imperative rather than a support function.
Looking Ahead
Under Babajide Sipe’s leadership, ACAMB appears poised to reposition itself as a more influential industry platform capable of shaping conversations around banking communications, marketing innovation, sustainability and stakeholder engagement.
The association’s year-long 30th anniversary celebrations, including the Golf and Networking Experience scheduled for June 27 at Ikoyi Club and a grand Gala Night on September 30, 2026, will provide early indicators of the administration’s ability to mobilise stakeholders and advance its strategic agenda.
For many industry watchers, Sipe’s journey—from GTBank executive trainee to President of ACAMB—underscores the growing importance of communications leadership in Nigeria’s financial sector and signals a future where brand strategy, stakeholder trust and institutional reputation become central drivers of banking success.
New ACAMB President Babajide Sipe unveils a four-pillar agenda focused on mentorship, advocacy, industry relevance and member engagement as Nigeria’s banking communications sector enters a new phase of transformation.

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Nigeria’s Cargo Industry Groans Under Multiple Charges

Benjamin A Ameh — Wed, 24 Jun 2026 11:37:07 +0000

By The Ameh News
A growing controversy is brewing within Nigeria’s aviation industry as stakeholders question the rationale behind fresh cargo charges imposed by the Federal Airports Authority of Nigeria (FAAN), despite the agency already commanding the largest revenue base in the nation’s aviation value chain.
The debate intensified following FAAN’s decision to increase cargo port charges from ₦7 per kilogram to ₦20 per kilogram and resume direct revenue collection within cargo terminals operated by private handling firms, a move freight forwarders and industry operators describe as an additional burden on an already heavily taxed logistics ecosystem.
Industry figures reveal that FAAN generated approximately ₦358.2 billion in revenue across Nigerian airports in 2024, making it by far the largest earner in the aviation sector. Lagos airport alone reportedly contributed about ₦256 billion, representing nearly 67 per cent of the authority’s total revenue.
At the same time, Nigeria’s leading cargo handlers continue to post strong financial performances. Nigerian Aviation Handling Company (NAHCO) recorded ₦65.21 billion in revenue and ₦18 billion profit after tax in its latest financial year, while Skyway Aviation Handling Company (SAHCO) posted approximately ₦44 billion revenue and ₦12 billion profit.
The figures have sparked renewed scrutiny over whether FAAN’s latest cargo-related charges amount to regulatory necessity or revenue maximisation.
A Cargo Industry Taxed at Every Layer
The Nigerian air cargo sector operates through multiple stakeholders, including airport authorities, airlines, cargo handlers, customs agencies, freight forwarders, and importers.
Critics argue that nearly every participant in the chain now imposes charges, creating cumulative costs that ultimately find their way into the prices paid by businesses and consumers.
Under the current structure, FAAN earns revenue from aircraft landing fees, parking charges, terminal charges, concession fees, rents, and various airport service levies.
The authority has now added a significantly higher cargo port charge and resumed physical revenue collection inside cargo warehouses managed by NAHCO and SAHCO after a 15-year absence.
Freight forwarding associations, including APFFLON and NAGAFF, have openly questioned whether the charges represent a duplication of costs already embedded within existing airport concession arrangements.
Cargo Costs Could Fuel Inflation
Responding to questions from The Ameh News, economist Celestine Ukpong warned that increasing charges across the cargo value chain could have wider implications for inflation and trade competitiveness.
According to him, Nigeria’s ambition to become a regional logistics and export hub under the African Continental Free Trade Area (AfCFTA) could be undermined if regulators continue to increase operational costs without corresponding improvements in efficiency and infrastructure.
“Cargo transportation is a strategic component of modern trade. When costs are repeatedly added at multiple points, those costs eventually flow through the economy and become part of the final price consumers pay,” Ukpong said.
“The concern being raised by freight forwarders is understandable. FAAN is already generating substantial revenue from airport infrastructure and concession arrangements. The question stakeholders are asking is whether these new cargo charges are designed primarily for infrastructure development or simply to expand revenue collections.”
He noted that while airport authorities require adequate funding to maintain facilities, excessive levies risk making Nigerian airports less competitive than regional rivals.
“If Nigeria wants to attract more cargo traffic and position itself as West Africa’s logistics gateway, policy must focus on lowering bottlenecks rather than creating additional cost layers,” he added.
Revenue Growth Must Be Matched With Transparency
Also reacting to The Ameh News inquiry, chartered accountant and financial analyst Peter Adebayo, FCA, said the issue goes beyond revenue generation and touches on transparency, accountability, and economic efficiency.
Adebayo acknowledged that inflation, exchange-rate pressures, and rising operational expenses may justify periodic tariff reviews.
However, he argued that stakeholders deserve clear explanations regarding how the additional funds would be utilised.
“No one disputes that airport infrastructure requires continuous investment. The real issue is transparency and value creation,” Adebayo said.
“When an agency is already generating more than ₦358 billion annually and introduces new layers of charges, stakeholders naturally want to know what infrastructure projects, technology upgrades, or service improvements those additional revenues will finance.”
He further observed that Nigeria’s cargo ecosystem appears increasingly imbalanced.
“FAAN remains the largest beneficiary financially. NAHCO and SAHCO are profitable service providers. Airlines earn cargo revenues, while freight forwarders and clearing agents bear much of the operational pressure because they interface directly with every charge imposed by regulators and service providers.”
According to him, regulators should avoid creating a system where operational efficiency is sacrificed in pursuit of short-term revenue gains.
Freight Forwarders Face the Greatest Pressure
Unlike FAAN, NAHCO, and SAHCO, there are no publicly available consolidated revenue figures for Nigeria’s freight forwarding industry.
Yet analysts say freight forwarders remain among the most important players in the supply chain, facilitating customs documentation, cargo clearance, logistics coordination, and delivery services.
Industry operators complain that they absorb the impact of charges imposed by multiple agencies, including customs authorities, airport operators, airlines, terminal operators, and security agencies.
As costs rise, importers and exporters pass the burden to consumers, contributing to higher prices across the economy.
Balancing Revenue and Competitiveness
The controversy has reignited a broader national conversation about the role of government agencies in commercial activities.
Supporters of FAAN argue that airports require substantial investment to maintain global standards and improve cargo infrastructure.
Critics, however, insist that regulators should not appear to be competing with operators they regulate by introducing multiple layers of charges within the same ecosystem.
For many stakeholders, the central question remains whether Nigeria’s aviation sector should prioritise revenue extraction or competitiveness.
With Nigeria seeking to expand exports, attract foreign investment, and strengthen regional trade under AfCFTA, industry experts say achieving that balance will determine whether the country’s cargo sector becomes a catalyst for economic growth or another source of rising business costs.
As the debate continues, one thing is clear: the battle over FAAN’s cargo charges has evolved into a larger discussion about the future structure, efficiency, and sustainability of Nigeria’s aviation economy.
FAAN’s ₦358bn revenue earnings, new cargo tariffs and direct warehouse collections have triggered industry backlash. Economists and financial experts warn of rising logistics costs and competitiveness risks for Nigeria.

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Aradel Holdings Posts ₦728.5bn Revenue, ₦120.3bn Profit in Landmark Q1 2026 Results

Benjamin A Ameh — Wed, 24 Jun 2026 08:21:09 +0000

…Profit After Tax Jumps 252% to ₦120.3bn as ND Western and Renaissance Consolidation Drives Triple-Digit Growth

Chief Executive Officer, The Aradel Holdings, Mr Adegbite Falade

Aradel Holdings Plc has announced a remarkable financial performance for the first quarter ended March 31, 2026, reporting a 265 per cent increase in revenue to ₦728.5 billion and a 252 per cent rise in profit after tax to ₦120.3 billion, reflecting the first full quarter impact of its enlarged corporate structure following the consolidation of ND Western Limited (NDW) and its majority interest in Renaissance Africa Energy Company Limited.

The unaudited results underscore a transformational phase for Nigeria’s leading integrated indigenous energy company, as the enlarged Group’s earnings, production volumes, and cash flows were fully reflected in its financial statements for the first time.

The development marks a significant milestone in Aradel’s strategic expansion journey and further strengthens its position among Nigeria’s most influential indigenous energy companies.

Speaking on the results, Chief Executive Officer of Aradel Holdings, Adegbite Falade, described the quarter as a defining moment in the company’s growth trajectory.

According to him, the consolidation of ND Western as a subsidiary and the resultant majority stake in Renaissance have substantially enhanced the Group’s operational scale and earnings capacity.

“Aradel Holdings’ first quarter results mark an important milestone — the first full quarter in which the earnings and cash flows of our enlarged Group are reflected in our financial statements,” Falade said.

“Production tripled to 12.9 million barrels of oil equivalent (mmboe), while cash generated from operations increased by 27 times to ₦868.3 billion. Revenue of ₦728.5 billion and profit after tax of ₦120.3 billion demonstrate the strength of our diversified portfolio across upstream, gas and refining businesses and the immediate benefits of our expanded asset base.”

He added that the company’s focus for the remainder of 2026 would be centered on optimizing existing assets, improving operational efficiency, boosting production levels, and diversifying revenue streams.

Strategic Expansion Paying Off

Industry analysts note that the stellar performance validates Aradel’s acquisition-led growth strategy, particularly its successful integration of ND Western and participation in Renaissance Africa Energy Company.

The enlarged Group now enjoys a broader asset portfolio spanning upstream oil production, gas processing, refining, and strategic investments, creating multiple revenue channels capable of cushioning volatility in global energy markets.

Aradel’s production growth to 12.9 mmboe represents one of the strongest quarterly outputs in the company’s history, reflecting increased contributions from newly consolidated assets.

Similarly, cash generated from operations rose dramatically to ₦868.3 billion, providing significant liquidity for future investments, debt management, shareholder returns, and expansion projects.

Renaissance Stake Strengthens Market Position

The consolidation also elevated Aradel’s effective ownership in Renaissance Africa Energy Company to 53.3 per cent, comprising a direct stake of 12.5 per cent and an indirect interest of 40.7 per cent through ND Western.

Market observers believe the development significantly enhances Aradel’s influence within Nigeria’s upstream petroleum sector and provides greater exposure to high-value energy assets.

The Renaissance transaction has been widely regarded as one of the most strategic indigenous energy deals in recent years, strengthening local participation in Nigeria’s oil and gas industry while creating a stronger platform for future growth.

Diverse Portfolio Driving Resilience

Aradel’s strong earnings performance was supported by its diversified operations across several business segments.

Its wholly-owned subsidiary, Aradel Energy Limited, continues to operate key assets including the Ogbele field (PML 14), Omerelu field (PPL 247), Olo and Olo West Marginal Fields, alongside interests in OPL 227.

The Group’s gas business, Aradel Gas Limited, remains a critical contributor, serving as the only Nigerian independent non-joint venture gas supplier to Nigeria LNG with a gas processing capacity of 100 million standard cubic feet per day.

Meanwhile, Aradel Refineries Limited operates a three-train 11,000 barrels-per-day refinery producing Automotive Gas Oil (AGO), Dual Purpose Kerosene (DPK), Marine Diesel Oil (MDO), Heavy Fuel Oil (HFO), and Naphtha.

These integrated operations continue to position Aradel as one of Nigeria’s most diversified indigenous energy companies.

Investors Applaud Strong Earnings Momentum

The impressive first-quarter performance is expected to boost investor confidence in Aradel Holdings following its listing on the Nigerian Exchange (NGX) Main Board in October 2024.

Market analysts believe the company’s robust earnings growth, strong cash generation, expanding asset base, and strategic positioning within Nigeria’s evolving energy landscape could support sustained shareholder value creation.

With global energy demand remaining resilient and domestic gas utilization increasing, stakeholders expect Aradel to maintain positive momentum throughout the remainder of 2026.

The Q1 performance signals not only the successful integration of newly acquired assets but also the emergence of a larger, more diversified energy powerhouse capable of competing effectively within Africa’s rapidly evolving energy sector.

Aradel Holdings Plc recorded a 265% surge in revenue to ₦728.5 billion and a 252% increase in profit after tax to ₦120.3 billion in Q1 2026, driven by the consolidation of ND Western and Renaissance Energy assets.

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NAICOM-NCDMB Blueprint Unlocks $15bn Insurance Opportunity for Nigeria’s Energy Economy

Benjamin A Ameh — Wed, 24 Jun 2026 06:37:24 +0000

By The Ameh News
A sweeping policy and strategy document designed to redefine the relationship between Nigeria’s insurance industry and the oil and gas sector is attracting widespread attention among regulators, investors, insurers, indigenous contractors and development finance institutions.
The comprehensive framework, running over 4,000 words and structured across ten major sections with an implementation appendix, presents what many industry observers describe as one of the most ambitious attempts yet to align insurance sector reforms with local content development objectives under the Petroleum Industry Act (PIA) 2021.
At the centre of the strategy is a bold proposition: that insurance should no longer be viewed merely as a regulatory requirement but as a strategic economic instrument capable of accelerating indigenous participation in Nigeria’s petroleum industry while unlocking an estimated insurance premium pool exceeding $15 billion.
The document comes at a time when Nigeria is pursuing major reforms across its energy and financial sectors. While the Nigerian Content Development and Monitoring Board (NCDMB) continues to drive local participation in oil and gas operations, the National Insurance Commission (NAICOM) has intensified efforts aimed at recapitalisation, digitalisation and market expansion.
Supporters of the blueprint believe the convergence of these reforms could significantly alter the trajectory of both sectors.
A STRATEGIC MOMENT FOR REFORM
The report begins with an Executive Summary that presents a compelling statistical dashboard illustrating both the opportunities and challenges confronting Nigeria.
Among the headline indicators are a target of 30 percent local insurance content participation, a potential premium market exceeding $15 billion and insurance penetration that remains below one percent despite decades of economic growth.
These figures paint a striking picture.
Nigeria remains Africa’s largest economy by population and one of the continent’s most significant hydrocarbon producers. Yet the insurance industry continues to operate far below its potential compared with peer economies.
The report argues that closing this gap will require more than traditional regulatory reforms. Instead, it calls for a coordinated ecosystem involving regulators, insurers, brokers, oil companies, contractors, technology providers and development finance institutions.
According to the document, creating stronger links between insurance and local content policies could help mobilise investment, reduce operational risks and increase domestic value retention across the petroleum value chain.
BUILDING ON THE PIA FOUNDATION
The Introduction and Context section traces the evolution of Nigeria’s petroleum reforms.
It highlights the significance of the Petroleum Industry Act 2021 as a landmark legislation that created a more transparent and competitive framework for the industry while introducing provisions aimed at promoting indigenous participation.
The report notes that the PIA provides an unprecedented opportunity to deepen local value creation, particularly in areas such as contracting, procurement, project financing and risk management.
At the same time, ongoing NAICOM reforms are reshaping the insurance sector through recapitalisation initiatives, stronger prudential standards and technology-driven innovation.
The document argues that these parallel reform efforts should not operate in isolation.
Instead, policymakers are encouraged to pursue a coordinated approach capable of generating multiplier effects across multiple sectors of the economy.
LOCAL CONTENT JOURNEY: CELEBRATING PROGRESS, CONFRONTING GAPS
One of the most detailed sections of the framework examines the current state of local content development.
The report acknowledges that Nigeria has made substantial progress since the establishment of NCDMB and the implementation of the Nigerian Oil and Gas Industry Content Development Act.
Indigenous companies now participate more actively in fabrication, engineering design, logistics, marine services, procurement, drilling support and project execution.Several categories that were previously dominated by foreign firms now record significant Nigerian participation.
However, the report identifies persistent structural challenges.
Among them are limited access to affordable financing, capacity constraints among smaller contractors and inadequate risk management frameworks.
Insurance emerges as a recurring theme throughout the analysis.
According to the document, many indigenous firms struggle to obtain the insurance coverage required to qualify for major contracts.
Others face challenges related to premium affordability, underwriting requirements and claims processing.
The report therefore positions insurance as a critical gateway to participation.
Without adequate insurance support, many local companies remain excluded from opportunities despite possessing technical competence.
INSURANCE AS A DEVELOPMENT TOOL
Perhaps the most transformative aspect of the strategy is its repositioning of insurance as a development instrument.
Rather than viewing insurance solely through the lens of risk transfer, the document presents it as a catalyst for economic growth.
By expanding access to insurance products, indigenous contractors can improve bankability, enhance investor confidence and meet contractual obligations required by project sponsors.
The report suggests that stronger insurance participation can also improve resilience across the energy sector by reducing the financial impact of operational disruptions, accidents and environmental incidents.
In this regard, insurance becomes an enabler of sustainable industrial growth.
DIGITAL INFRASTRUCTURE: THE GAME CHANGER
The blueprint dedicates substantial attention to digital infrastructure.
According to the report, digital transformation will determine whether Nigeria can fully realise the benefits of insurance-local content integration.
The proposed architecture includes a range of interconnected digital systems designed to improve efficiency, transparency and accountability.
Among the recommendations are integrated NCDMB-NAICOM platforms capable of providing real-time compliance monitoring, contractor verification and insurance validation.
The report also advocates the adoption of blockchain technology for policy authentication and record management.
Supporters argue that blockchain could reduce fraud, enhance transparency and improve trust among stakeholders.
Artificial intelligence features prominently as well.
AI-powered analytics would help insurers improve underwriting decisions, identify emerging risks and design more tailored products for contractors operating in specialised segments of the oil and gas industry.
Data analytics platforms are also expected to improve decision-making by providing regulators and industry participants with better insights into market trends and risk exposure.
THE EMERGENCE OF PARAMETRIC INSURANCE
A particularly innovative recommendation is the introduction of parametric insurance solutions.
Unlike traditional insurance models that often require lengthy claims assessments, parametric insurance pays out automatically when predefined triggers are met.
Examples could include weather-related disruptions, operational shutdowns or infrastructure failures.
The report argues that such products could significantly improve efficiency and reduce disputes.
For contractors operating in high-risk environments, faster claims settlement could mean the difference between business continuity and financial distress.
Industry observers believe this recommendation aligns with global trends in insurance innovation.
INSTITUTIONAL FRAMEWORK FOR IMPLEMENTATION
Recognising that policy success depends on governance, the document proposes the creation of a Joint NCDMB-NAICOM Committee.
The committee would serve as the primary coordination mechanism for implementation.
Its responsibilities would include policy harmonisation, stakeholder engagement, compliance monitoring, data-sharing oversight and performance evaluation.
The report further recommends formal protocols for information exchange between institutions.

A detailed capacity-building matrix outlines training programmes for regulators, insurers, brokers, contractors and industry associations.

The objective is to ensure that all stakeholders possess the knowledge and skills required to operate effectively within the new framework.
INNOVATIVE FINANCING MODELS
Another key component of the strategy involves financing mechanisms designed to expand insurance accessibility.
The report recommends Public-Private Partnerships, premium financing structures, blended finance arrangements and development finance support.
Special attention is given to microinsurance products targeted at smaller indigenous enterprises.
The framework also proposes cooperative risk pools that would enable smaller operators to share risk and reduce costs.
Supporters believe these mechanisms could significantly improve inclusion while strengthening the overall resilience of the sector.
A FOUR-PHASE ROADMAP TO 2030
Implementation is structured around a four-phase roadmap extending from 2025 to 2030.
The first phase focuses on stakeholder engagement, policy alignment and quick-win digital initiatives.
The second phase centres on infrastructure deployment and pilot programmes.
The third phase involves market expansion and product innovation.
The final phase focuses on optimisation, performance monitoring and continuous improvement.
According to the report, the phased approach is intended to minimise disruption while ensuring measurable progress.
RISKS AND MITIGATION STRATEGIES
The framework identifies six major risks.
These include regulatory fragmentation, technology adoption challenges, funding constraints, cybersecurity concerns, stakeholder resistance and capacity gaps.
For each risk, the document proposes specific mitigation measures.
These range from stronger governance arrangements and phased implementation strategies to enhanced cybersecurity protocols and targeted capacity-building initiatives.
The report argues that proactive risk management will be essential to achieving long-term success.
EIGHT PRIORITY RECOMMENDATIONS
The final section outlines eight strategic recommendations.
These include accelerating digital integration, improving regulatory coordination, expanding insurance access, supporting indigenous contractors, strengthening data governance, promoting innovation, building technical capacity and establishing long-term monitoring mechanisms.
Collectively, these actions are intended to create a more resilient and competitive ecosystem.
EXPERTS REACT
Speaking to The Ameh News, economist Celestine Ukpong described the proposal as one of the most comprehensive attempts to connect financial services reforms with industrial policy objectives.
According to Ukpong, Nigeria has historically treated insurance as a supporting service rather than a strategic growth sector.
“The significance of this blueprint is that it recognises insurance as economic infrastructure. When contractors have access to credible risk management tools, they become more attractive to lenders, investors and project sponsors. That creates a positive chain reaction throughout the economy,” he said.
Ukpong added that unlocking a potential $15 billion premium market could have substantial implications for financial deepening, investment mobilisation and economic diversification.
“The insurance sector can become a major contributor to GDP growth if these reforms are implemented effectively. The opportunities extend far beyond oil and gas.”
Also reacting, chartered accountant and financial analyst Peter Adebayo FCA said the framework demonstrates a strong understanding of how modern financial ecosystems operate.
According to him, the emphasis on digital infrastructure, data analytics and institutional collaboration reflects global best practices.
“What stands out is the recognition that technology is no longer optional. Digital integration can reduce inefficiencies, improve compliance and strengthen transparency across the entire value chain,” Adebayo noted.
He added that the proposed Joint NCDMB-NAICOM Committee could play a critical role in ensuring implementation discipline.
“Many policy documents fail because of weak execution structures. The governance architecture proposed here is one of the document’s strongest features.”
WHY THE BLUEPRINT MATTERS
Beyond the technical recommendations, the strategy presents a broader vision for national development.
It seeks to connect insurance reform, local content development, financial inclusion, digital transformation and industrial competitiveness within a single policy framework.
If implemented successfully, the blueprint could help create a more inclusive and resilient energy sector while strengthening Nigeria’s position as a regional leader in both insurance innovation and local content development.
For regulators, insurers, investors and indigenous contractors, the document offers a roadmap that extends beyond compliance and towards long-term value creation.
The message is clear: the future of local content development may depend as much on innovative insurance solutions, digital infrastructure and institutional collaboration as it does on traditional contracting and procurement reforms.
As Nigeria pursues its broader economic transformation agenda, stakeholders will be watching closely to see whether this ambitious vision can be translated into measurable outcomes capable of reshaping both the insurance and energy sectors for decades to come.
A comprehensive NCDMB-NAICOM policy framework proposes digital innovation, insurance reforms, financing models and local content strategies to unlock a $15 billion premium market and accelerate Nigeria’s energy sector development.

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Beyond T+1: Stakeholders Push for Efficient Corporate Actions

Benjamin A Ameh — Wed, 24 Jun 2026 06:18:31 +0000

By The Ameh News
Nigeria’s capital market has entered a new phase of operational evolution following the successful unveiling and implementation of the T+1 settlement cycle, a milestone that industry stakeholders describe as one of the most significant reforms in the market’s modern history.
While the transition to T+1 has significantly reduced settlement timelines, improved liquidity, and aligned Nigeria with global market standards, experts say attention is now shifting to what many describe as the “Post-T+1 Reality”—ensuring that corporate actions are executed with the same speed, accuracy, transparency, and efficiency expected of the new settlement environment.
Market participants note that the journey does not end with faster trade settlements. Rather, it begins a new era in which shareholder records, dividend payments, bonus issues, rights offerings, investor communications, and governance structures must operate seamlessly to support the accelerated pace of transactions.
As Nigeria’s capital market ecosystem adapts to the demands of a post-T+1 environment, regulators, registrars, issuers, technology providers, and investors are increasingly focusing on strengthening the operational backbone of corporate action management.
From Settlement Reform to Market Transformation
The implementation of T+1 settlement represented a strategic leap for Nigeria’s financial markets.
For decades, investors waited several days before securities transactions were completed. The migration from longer settlement periods to T+2 and eventually T+1 reflected years of technological investment, regulatory reforms, and infrastructure modernization.
The reform was designed to reduce settlement risk, improve capital efficiency, increase investor confidence, and enhance market competitiveness.
However, industry analysts argue that the success of T+1 can only be measured by what happens after transactions are settled.
“The real test of the market begins after settlement,” a leading market operator observed.
“If dividends are delayed, shareholder records are inaccurate, or investors struggle to receive corporate information, then the benefits of faster settlement become diluted.”
The New Challenge: Corporate Actions in a Faster Market
In the post-T+1 era, the margin for operational error has narrowed considerably.
Market operators now face growing pressure to ensure accurate shareholder databases, efficient entitlement calculations, prompt payments, and effective communication with investors.
Industry experts believe the new environment requires stronger coordination among registrars, stockbrokers, listed companies, clearing institutions, and regulators.
Key priorities include:
Strengthening shareholder data integrity.
Reducing payment failures and unclaimed dividends.
Enhancing compliance with regulatory timelines.
Improving investor communication channels.
Leveraging digital technology and automation.
Reinforcing governance and accountability frameworks.
These priorities are increasingly viewed as essential pillars for sustaining investor confidence in a faster-moving market.
Post-T+1 Success Depends on Data Accuracy
Speaking to The Ameh News, economist Celestine Ukpong described the post-T+1 era as a defining period for Nigeria’s capital market.
According to him, the market has moved beyond settlement reform into an era where operational excellence will determine investor confidence.
“The implementation of T+1 is commendable, but the focus now must be on execution. Investors measure efficiency not only by how quickly trades settle but by how smoothly dividends, rights issues, and other corporate benefits are delivered.”
Ukpong stressed that data integrity has become a strategic asset.
“In a post-T+1 environment, accurate shareholder information is no longer optional. It is the foundation upon which investor confidence rests. Markets that prioritize data quality will attract greater participation and investment.”
He noted that Nigeria’s ambition to become a leading investment destination in Africa would depend significantly on the quality of post-trade processes.
Investor Communication Will Define Market Reputation
Public relations strategist and Founder of Henryjanleens, Dr. Ejike Nduilo, said communication is emerging as one of the most critical components of the post-T+1 framework.
According to him, investors increasingly expect real-time information and greater transparency.
“The market has become faster, and communication must become faster as well. Investors want timely notifications, updates on corporate actions, clear explanations of processes, and accessible engagement channels.”
Nduilo argued that communication should be viewed as a strategic tool rather than a regulatory obligation.
“In today’s digital economy, trust is built through transparency. Listed companies and market institutions that communicate effectively will strengthen investor loyalty and improve market perception.”
He added that technology-driven engagement platforms would become indispensable in maintaining confidence among both retail and institutional investors.
Governance Will Separate Strong Markets from Weak Ones
Financial analyst and chartered accountant Peter Adebayo FCA believes governance will be the ultimate differentiator in the post-T+1 environment.
According to him, faster settlement cycles increase accountability across the capital market value chain.
“T+1 has raised the performance benchmark for every stakeholder. Market institutions must now demonstrate greater discipline, stronger controls, and higher operational standards.”
Adebayo emphasized that technology alone cannot solve market challenges.
“Automation can improve efficiency, but governance ensures accountability. Sustainable market growth requires a combination of innovation, regulatory compliance, risk management, and ethical leadership.”
He added that global investors increasingly assess governance quality when making investment decisions.
Technology Takes Centre Stage
As the market adapts to post-T+1 realities, technology is expected to play an increasingly prominent role.
Artificial intelligence, automated reconciliation systems, digital shareholder databases, real-time notification platforms, and advanced investor engagement tools are emerging as critical enablers of efficient corporate action management.
Industry stakeholders believe that technology-driven solutions can significantly reduce errors, accelerate processing times, improve transparency, and strengthen investor experiences.
The growing digital transformation agenda is also expected to help address long-standing challenges such as unclaimed dividends, outdated shareholder records, and communication inefficiencies.
A New Era for Nigeria’s Capital Market
Market observers believe the unveiling of the T+1 settlement cycle represents more than a technological upgrade; it marks the beginning of a broader transformation of Nigeria’s capital market architecture.
The focus has now shifted from achieving faster settlements to building a market ecosystem capable of delivering world-class post-trade services.
For investors, the post-T+1 era promises a more responsive, transparent, and efficient marketplace.
For market operators, it presents an opportunity to strengthen trust, improve governance, deepen participation, and enhance Nigeria’s standing among Africa’s leading financial markets.
As stakeholders continue to refine corporate action processes and embrace innovation, many analysts believe that the true legacy of T+1 will not be measured by settlement speed alone but by the quality of investor experience that follows every completed transaction.
Following the unveiling of Nigeria’s T+1 settlement cycle, experts Celestine Ukpong, Dr. Ejike Nduilo and Peter Adebayo FCA urge stronger governance, technology adoption, shareholder engagement and data integrity to sustain investor confidence.

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₦1.92 Trillion Credit Crunch Threatens Nigerian Manufacturing, MAN Warns

Benjamin A Ameh — Tue, 23 Jun 2026 18:11:40 +0000

Nigeria’s manufacturing sector is facing one of its most severe financing crises in recent years following a sharp decline in commercial bank credit to manufacturers, a development that industry stakeholders warn could undermine industrial growth, worsen unemployment and weaken the country’s economic diversification agenda.
The alarm was raised by the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, who described the development as clear evidence of the “severe financial constraints” currently confronting manufacturers across the country.
According to data released by MAN, commercial bank credit to the manufacturing sector declined from ₦8.53 trillion in December 2024 to ₦6.61 trillion in December 2025, representing a contraction of ₦1.92 trillion or 22.5 percent year-on-year.
The association noted that manufacturing recorded one of the highest contractions in credit allocation among major sectors of the economy, surpassed only by the General Services sector, which experienced a 25 percent decline.
The development comes at a time when manufacturers are already grappling with rising production costs, foreign exchange volatility, high energy expenses, weak consumer purchasing power and inflationary pressures.
Manufacturing Losing Ground to Finance and Oil Sectors
Analysis of the banking sector’s credit allocation pattern shows that manufacturing now trails significantly behind sectors such as Oil and Gas and Finance.
While manufacturing received ₦6.61 trillion in credit as of December 2025, the Oil and Gas sector attracted ₦10.59 trillion, while the Finance sector received ₦9.24 trillion.
MAN argued that the figures reveal a troubling preference for speculative and rent-driven sectors rather than productive industries that create jobs, boost exports and support industrial development.
According to Ajayi-Kadir, the trend raises serious concerns about the country’s commitment to building a production-driven economy.
“The steep contraction in manufacturing credit demonstrates a systemic preference for speculative activities over productive investments that generate employment and economic value,” he stated.
Nigeria Falling Behind Emerging Industrial Economies
The association further compared Nigeria’s manufacturing financing environment with those of emerging industrial economies.
MAN noted that while Nigerian manufacturers suffered a 22.5 percent decline in access to bank credit, countries such as India and Vietnam were deliberately expanding industrial financing to accelerate manufacturing growth.
In India, industrial credit reportedly grew by about 9.6 percent year-on-year in late 2025 as part of a broader industrial expansion strategy, while Vietnam pursued aggressive credit growth targets estimated between 19 and 20 percent to support manufacturing and processing industries.
Industry observers say these countries have increasingly leveraged affordable financing to attract investments, expand exports and build globally competitive manufacturing ecosystems.
High Interest Rates Remain Biggest Obstacle
At the centre of the crisis, according to MAN, is the prohibitive cost of borrowing.
Although the Central Bank of Nigeria has made modest adjustments to monetary policy, including reducing the Monetary Policy Rate (MPR) to 26.5 percent, commercial lending rates remain extremely high.
The association disclosed that manufacturers continue to face average prime lending rates of about 27 percent and maximum lending rates exceeding 35 percent.
Such rates, industry experts argue, make long-term industrial investments financially unsustainable.
Manufacturers seeking to acquire machinery, expand production facilities, modernize factories or increase capacity utilization are often unable to justify borrowing at such expensive rates.
For many businesses, debt servicing alone consumes a significant portion of operating revenue.
Cash Reserve Requirements Limiting Bank Lending
MAN also blamed the stringent Cash Reserve Ratio (CRR) policy maintained by the Central Bank for restricting liquidity within the banking system.
The CRR, estimated between 45 and 50 percent, requires banks to hold substantial portions of customer deposits with the apex bank, limiting funds available for lending.
The association argued that the policy, while aimed at controlling inflation and excess liquidity, has inadvertently constrained access to productive sector financing.
Commercial banks, faced with limited lending resources and rising risks, have become increasingly selective in extending loans, particularly to manufacturers operating in a challenging economic environment.
Risk Aversion Deepening Credit Crisis
Beyond liquidity constraints, manufacturers say commercial banks have become highly risk-averse.
MAN explained that many government-backed intervention programmes rely on banks as Participating Financial Institutions (PFIs).
While development funds may be provided at concessional rates, banks still bear the credit risk.
As a result, lenders often impose strict collateral requirements, equity contributions and extensive documentation demands.
According to MAN, this has effectively excluded many genuine manufacturers, particularly small and medium-scale industrial operators, from accessing intervention funds.
Consequently, only large corporations with strong balance sheets and substantial collateral assets are able to benefit.
₦1 Trillion Manufacturing Stabilisation Fund Yet to Materialise
A major source of frustration for manufacturers is the continued delay in implementing the proposed ₦1 trillion Manufacturing Stabilisation Fund.
The fund was announced under the government’s Accelerated Stabilisation and Advancement Plan (ASAP) as a key intervention designed to cushion the impact of economic reforms and provide affordable financing to manufacturers.
However, two years after its announcement, the fund remains largely unimplemented.
MAN expressed concern that the delay has left manufacturers exposed to harsh market realities without the promised financial support.
Industry operators argue that many firms have been forced to scale down operations, postpone expansion plans or shut down entirely while waiting for the intervention.
CBN’s Exit from Direct Development Financing
The association also linked the decline in manufacturing credit to the Central Bank’s decision to halt direct development finance interventions.
Under previous intervention frameworks, manufacturers could access concessionary funding through initiatives such as the Real Sector Support Facility (RSSF).
The suspension of new applications under such schemes has significantly reduced access to single-digit financing.
Manufacturers now depend largely on commercial lending windows where borrowing costs can exceed 35 percent.
According to MAN, the policy shift has unintentionally starved the productive sector of capital while encouraging financial institutions to redirect resources toward short-term and less risky investments.
Five Major Economic Consequences
The Manufacturers Association warned that the credit squeeze could trigger severe consequences across the broader economy.
1. Reduced Capacity Utilisation
Limited access to affordable financing is expected to suppress factory output and prevent manufacturers from investing in technology upgrades, equipment replacement and production expansion.
2. Weak Contribution to GDP
Nigeria’s manufacturing contribution to Gross Domestic Product remains below 10 percent, currently estimated at around 9.57 percent.
Industry leaders fear that shrinking credit access could further weaken the sector’s economic contribution.
3. Rising Unemployment
Manufacturers struggling with cash flow challenges may resort to workforce reductions, operational restructuring or outright closure, leading to job losses across the value chain.
4. Higher Inflation and FX Pressure
Lower domestic production could increase dependence on imports, placing additional pressure on foreign exchange demand and contributing to inflation.
Industry experts argue that insufficient local production often translates into higher consumer prices and greater vulnerability to external shocks.
5. Threat to Nigeria’s Industrial Policy
MAN warned that the implementation of the 2025 Nigeria Industrial Policy could be severely undermined if financing constraints persist.
The policy aims to drive industrialisation, create jobs and boost competitiveness, but stakeholders say these goals cannot be achieved without accessible and affordable capital.
MAN’s Recommendations
To reverse the trend and support industrial growth, the association outlined several policy recommendations.
Among them are:
Reduction of benchmark interest rates by an additional 200 to 300 basis points.
Introduction of incentives for banks that lend significantly to manufacturers at single-digit interest rates.
Expansion of the capital base of the Bank of Industry.
Refinancing of existing manufacturing loans at concessionary rates between 7 and 9 percent.
Introduction of government-backed credit guarantees covering up to 50 percent of loans granted to Small and Medium Industries.
Immediate implementation of the ₦1 trillion Manufacturing Stabilisation Fund.
Transfer of management of the fund to the Bank of Industry with a capped interest rate structure and accelerated processing timelines.
Call for Urgent Policy Action
Ajayi-Kadir stressed that Nigeria’s manufacturing challenges are not caused by a lack of capital within the economy but by structural weaknesses in how credit is distributed.
He argued that developmental financing delivered through conventional commercial banking channels often fails to reach intended beneficiaries because of stringent lending conditions and excessive risk aversion.
The MAN Director-General urged government authorities to establish transparent and efficient financing mechanisms capable of delivering affordable credit directly to manufacturers.
He also called for an urgent audit of the manufacturing sector to assess the impact of recent economic reforms and identify practical measures needed to restore competitiveness.
According to him, Nigeria cannot achieve meaningful industrialisation, sustainable economic diversification or large-scale job creation while manufacturers remain starved of affordable capital.
“The ambition of transforming Nigeria into a globally competitive manufacturing powerhouse will remain elusive unless policy promises are translated into accessible financing that reaches the factory floor,” he concluded.
The Manufacturers Association of Nigeria says bank credit to manufacturers dropped by ₦1.92 trillion in one year, warning that high interest rates, policy delays and funding constraints threaten industrial growth, jobs and economic diversification.

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CICAN Delegation Visits Family of Late Comrade Sylvester Enoghase, Pledges Support

Benjamin A Ameh — Tue, 23 Jun 2026 17:59:45 +0000

L-R: Chief of Staff (CoS), Mr. Niyi Jacob; Second Daughter of Late Sylvester Enoghase, Business Editor of Daily Independent Newspaper; His Widow; Mrs. Enoghase; CICAN National Chairman; Comrade (Alhaji) Taiwo Hassan and Financial Secretary, CICAN, Mr. Canice Okpara; during CICAN Exco’s condolences courtesy visit to the widow and family members of Late Sylvester Enoghase, in Akute, Lagos State…on Sunday.

The Chairman of the Commerce and Industry Correspondents Association of Nigeria (CICAN), Mr. Taiwo Hassan, has led a delegation of the association on a condolence visit to the family of the late Comrade Sylvester Enoghase, assuring them of the association’s unwavering support during this difficult period.

Members of the delegation included CICAN’s Financial Secretary, Mr. Canice Okpara; Assistant Secretary General, Mr. Azeez Disu; and Mr. Niyi Jacobs, among other members of the association.

Speaking during the visit, Hassan expressed the association’s heartfelt condolences to Mrs. Enoghase and the entire family, describing the late Comrade Sylvester Enoghase as a dedicated journalist, committed colleague and valued member of the association whose contributions would not be forgotten.

“We are here to share in your grief and to let you know that you are not alone in this moment of sorrow. On behalf of the entire CICAN family, I encourage you to remain strong and take comfort in the legacy your husband left behind. We pray that God grants you and the family the strength to bear this painful loss,” Hassan said.

The CICAN chairman further assured the widow that the association would continue to stand by the family and urged her to keep members informed about developments regarding the burial arrangements.

“CICAN will continue to support you throughout this period. We also appeal to you to keep the association updated on plans for the burial so that we can fully participate and provide whatever assistance may be necessary,” he added.

Also speaking during the visit, Financial Secretary Canice Okpara and Assistant Secretary General Azeez Disu conveyed the association’s condolences and prayed for the peaceful repose of the soul of the deceased. Mr. Niyi Jacobs commended the family for their courage and resilience in the face of the loss and reiterated CICAN’s solidarity with them.

Responding on behalf of the family, Mrs. Enoghase expressed profound appreciation to the leadership and members of CICAN for the visit, describing it as a source of comfort to the family.

“We are sincerely grateful for your visit, prayers and words of encouragement. Your presence today has strengthened us and reminded us that my husband belonged to a family beyond his immediate relatives. Please extend my heartfelt appreciation and greetings to all members of CICAN for standing by us during this difficult time,” she said.

Mrs. Enoghase also assured the delegation that the family would keep the association informed about burial arrangements and other related developments.

The visit concluded with prayers for the peaceful repose of Comrade Sylvester Enoghase and renewed assurances from CICAN members of their commitment to supporting the bereaved family in the days ahead.

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