Economy
FG, World Bank inaugurate project to tackle environmental challenges
The Federal Government, in collaboration with World Bank, has launched the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project, to address environmental challenges in Nigeria’s North. Alhaji Mohammed Abdullahi, Minister of Environment, at the Pre-launch Mission of the World Bank on Sunday in Abuja, said that the project would last for five to six years. Abdullahi assured Nigerians that the project would be effectively implemented, adding that all documentations on the project would get to the World Bank as soon as possible. He said that with the collaboration of the Ministry of Agriculture and Rural Development, Ministry of Water Resources and also the World Bank support, the objective of the project must be achieved.
According to him, the project is very important, as it will also address water stress system and restore the loss lands, thereby, making the lands reproductive for agriculture. “The project will as well tackle environmental challenges such as climate change, erosion system, biodiversity, among others. We thank the world bank for initiating this project, and I am assuring you that from the Ministry of Environment, we will do all the best we can to implement the project. We will ensure that the political will to drive this project, in accordance with the mandates and its objectives, are achieved. We are going to make sure that various governors at the state levels deliver on the objectives of the project. I have instructed the national project coordinator to ensure that all the documentations that are needed by the world bank to declare the effectiveness of the project, reach the world bank latest by April 15.”
The minister said that the ministry had also established a project tracker system in the office, adding that the system would enhance the achievement of the project. He, however, urged all the governors, commissioners and other relevant stakeholders, to support in the implementation of the project through strong cooperation and commitment. Chief Sharon Ikeazor, Minister of State, Ministry of Environment said that collective action in the implementation of the project, would bring positive result. Ikeazor said if the project was implemented effectively, about 70 per cent of environmental issues would be solved in the states. “We are ready to implement the project, with the two ministers we are working with, I think it will enhance execution of the project. This project is a big one and it is a project that Nigeria is privileged to have, I want to thank the world bank team and the three ministries, for their strong support and commitment to the implementation of the project,” she said.
The World Bank Country Director to Nigeria, Mr Shubham Chaudhuri, said that the bank would continue to support Nigeria to ensure that the objective of the project was achieved. “The world bank team remained committed in this project, but I want to appeal to governments at all levels to ensure that the team and other people in the field are protected. The government should ensure that all kinds of insecurity is tackled in the areas to enable people concentrate and do the job effectively. Gov. Abdullahi Sule of Nasarawa State, who spoke on behalf of other governors said that the project would benefit all the people in the states. “We are happy and grateful to have this laudable project that will curb poverty and address environmental challenges in our state. We as governors, will ensure that we support the world bank team and the Federal Government in ensuring that insecurity is tackled efficiently in the states,” Sule said.
Also speaking, Dr Mamood Abubakar, Minister of Agriculture and Rural Development, explained that the project was initiated by the world bank when he was the minister of the environment. “I have great passion about this project because I know that it will change lives of many people and the various communities in the states for good. This project will improve livelihoods of the people; therefore it requires careful planning, good management and commitment from everyone,” Abubakar said. Dr Suleman Adamu, Minister of Water Resources, urged all the states, local governments, and other beneficiaries of the project to claim ownership of the project for sustainability. “The state governors and the people of all the states should ensure that the efforts of the world bank and the Federal Government will not be a waste.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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