Economy
FG invites IAEA to assess Nigeria’s nuclear, radiation safety, framework
The Federal Government said it invited the International Atomic Energy Agency, IAEA, to conduct an assessment of Nigeria’s nuclear and radiation regulatory framework and also undertake a review of the safety and preparedness of the country as regards such issues and emergencies.
Officials of the IAEA Integrated Regulatory Review Services (IRRS) are currently on a mission to Nigeria to undertake a review of the country’s regulatory framework and infrastructure as regards nuclear energy and radiation. The IRRS team is led by Mr. Lambert Matteochi and the IRRS Coordinator, Mr. Teodros Haliu. In the course of the assessment, the team would visit three facilities of interest in the country; identify best practices that can be shared with other regulators and provide suggestions and recommendations on Nigeria’s nuclear and radiation safety.
The team would conclude their assessment July 12, 2017 and is expected to present an exit report to the Federal Government at the end of the programme.
Speaking at the opening ceremony of the IRRS Mission to Nigeria, hosted by the Nigerian Nuclear Regulatory Agency, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, disclosed that the IAEA review team’s visit to Nigeria was at the instance of the Federal Government.
Kachikwu, who was represented by his Senior Technical Assistance on Technical Matters, Mr. Adegbite Adeniji, said the IAEA was invited to undertake a peer review evaluation of Nigeria’s regulatory infrastructure and preparedness for nuclear and radiation emergencies.
He said that as a strong partner of IAEA in implementing its ‘Atoms for Peace and Development’ mandate, Nigeria commitment and efforts towards ensuring greater security of nuclear materials and maintaining a balance between nuclear non-proliferation obligations and balancing nuclear energy and technology for social economic development remains unwavered.
He declared that Nigeria would continue to live up to its responsibility of ensuring nuclear security whilst collaborating with international agencies such as the IAEA for the provision of tactical assistance, expert advice, with active equipments and training.
He said “As an important and respected member of the IAEA, we have signed and implemented a number of binding international treaties, agreements and conventions. It is worthy of note that specific national regulations have been developed to domesticate these conventions and treaties while existing regulations are been reviewed and benchmarked with international standards.”
Also speaking, Director General/Chief Executive Officer, NNRA, Mr. Lawrence Dim, said nuclear regulations international and only international best practices are recognized, hence, the invitation to the IAEA for the assessment.
He said the mission to Nigeria provided an opportunity for peer review, adding that at the end of the review, the outcome, containing identification of best practices, suggestions and recommendations would be forwarded to the Federal Government for implementation.
Senate Committee Chairman on Petroleum, Upstream, Mr. Tayo Alasoadura, said the review was timely and important to the country, in view of the need to prevent a recurrence of nuclear and radiation disasters that happened in some countries over the years. On his own his part, the House Committee Chairman on Petroleum, Upstream, Mr. Victor Nwokolo, said the review was apt in the sense that operators should be aware of the latest and best ways of moving these kinds of materials in or out of the country, to ensure they do not fall into wrong hands.
He said, “In a nutshell, we want these materials to be properly secured, especially with the issue of bomb blast in some parts of the country. The same materials used in our mining sector and quarry are still the same materials used by the terrorists in bombing.
“That is why this review is very timely, to ensure they do not go to wrong hands. As the days pass by, the criminals in our society device more sophisticated methods of getting their evil aspirations carried out.
“That is why I said they should also teach our own people here on how to safeguard these things. Particularly, with our porous borders, how do they ensure that anytime these things are coming in, that they have proper census of the number and quantity of the nuclear material, if not, our lives and that of the country would be in danger.”
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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