Economy
EU engages young Nigerian artiste, influencer to promote partnership with Africa
European Union EU, has engaged Teniola Akpata, an artiste popularly known as Teni, and Eniola Adeoluwa, brand influencer, popularly known as Eni, as ambassadors of a campaign to promote its partnership with Africa. EU ambassador to Nigeria and ECOWAS, Ms Samuela Isopi, said this at a press conference to the launch of the campaign in Lagos. She said the campaign tagged, ‘We See Africa,’ would strengthen EU’s long-standing partnership with Africa to transform lives and inspire hope across the continent. She said the campaign would run simultaneously in Nigeria, Cameroon, Congo, Tanzania and Zimbabwe, and build on the success of a previous one conducted across seven other African countries from 2020 to 2021. She said the campaign reflected some of the initiatives that would position the two continents as model, reliable, ambitious and dynamic partners.
“It also highlights the strength of the partnership, which has brought together peoples and institutions of both continents in pursuit of common goals for a better world. We will work with national influencers to express our shared values and aspirations; showcase local success stories generated by our partnership; and connect with a new audience of young Africans, leveraging the pop culture,” said Isopi. She said the initiative was the biggest of its kind undertaken by the EU outside its borders. “Africa shares a rich history with the EU, its closest neighbour. Collaborating with Africa to find solution to common challenges is, more than ever before, a key priority for the EU. By strengthening their multi-dimensional cooperation and promoting sustainable development, both continents can co-exist in peace, security, democracy, prosperity, solidarity and human dignity. In the face of big challenges such as pandemics, security, finding green and digital solutions, climate change and migration, Africa and the EU have already proven to be more effective working together,” said the EU ambassador.
She said that within the context of EU’s strategic partnership with Nigeria, it had provided support to the country to promote peace and security; democratic governance and rule of law; human rights, freedom and prosperity. “Key features of EU’s cooperation with Nigeria include regular political and policy dialogues and strengthened collaboration to fight violent extremism, improve indices of human development, good governance, migration, trade and regional integration. The Nigeria Multiannual Indicative Programme MIP, 2021-27 launched in February provides the framework for the implementation of programmes under EU’s development cooperation with Nigeria. The MIP focuses on three broad priority areas, namely: green and digital economy; governance, peace and migration and human development,” said Isopi.
According to her, the overarching priority of the EU is to support better prospects for Nigeria’s predominantly young population by tackling some of the critical challenges like unemployment, criminality and violent extremism and armed conflict. Ambassador Isopi said the EU was Nigeria’s first partner in foreign direct investments, with EU companies contributing, together with their Nigerian business partners, to the country’s economic growth, job creation and wealth generation. She said that together with its member states, the EU was the biggest donor of COVID-19 vaccines to Nigeria, and had so far given the country 30 million doses, representing over 60 per cent of all donated vaccines received by Nigeria through the COVAX facility. Also addressed within the framework of the EU-Nigeria partnership are key development issues, including energy, food security, resilience, environmental sustainability and climate change, and as well, enhance regional cooperation.
“The EU alongside its member states and European development finance institutions, in July launched the 1.3 billion euros Green Economy Team Europe Initiative.” She added that the initiative pulled together 60 projects to assist Nigeria achieve low carbon, resource efficient and climate resilient development, creating jobs for youths and economic growth, focussing on climate-smart agriculture, circular and digital economy. We look forward to further strengthening these relations and helping create the necessary conditions for the private sector to operate and contribute to developing the country,” she said. One of the newly appointed ambassadors, Akpata, who combines her career in music with farming, said she was excited by the opportunity to work with the EU. We have had the wrong information that farmers are poor, but you can’t do anything without eating.We have to educate our people about agriculture.
We have the capacity; the population and soil, but the thing lacking is education,” she said. Similarly, Adeoluwa said he was grateful to be appointed EU ambassador. He said it was important to get young people involved in developmental initiatives, using the social media to change the world. “The world is moving fast, so it is very important to educate the youth,” said Adeoluwa.
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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