Economy
UNIDO, FG, Japan to implement project for job opportunities
The United Nations Industrial Development Organisation (UNIDO), the Federal Government of Nigeria and Japanese government have expressed commitment to implement a project to create job opportunities. The News Agency of Nigeria (NAN) reports that the project is also aimed at protecting the environment. The Regional Director of UNIDO, Nigeria, Mr Jean Bakole said this at a Stakeholders’ Awareness on Circular Economy Practices for Plastic Value Chains project in Abuja on Tuesday. Bakole said that UNIDO would be providing necessary support to Nigeria to effectively implement multilateral environmental agreement, including adopting cleaner production policies and methodologies to create job opportunities. He said that the effort would be achieved through the development and implementation of regulatory frameworks, strengthening national institutional capabilities for eco-balanced and promoting resources use efficiency and green industries in manufacturing production.
According to him, it is on that context that the project is being developed to promote sustainable management technologies, identify new business models and accelerate capacity-building process. “The project also creates awareness-raising on sustainable plastic value chains through circular economy approach in Nigeria. At the same time, this circular economy approach will contribute to protecting the environment from hazardous wastes and will help to generate decent jobs,” he said. Bakole said that the meeting was focused on development of guidelines on plastic wastes management policy under UNIDO`s Project on “Promoting sustainable plastic value chains through circular economy practices.” He said that plastics waste continues to be a major environmental and social problem in many countries.
According to him, to manage the problem has become a major topic for innovators, policy makers, researchers, business owners and even specific sectors like the agricultural, marine and tourism sectors. “Though plastics waste management is gradually beginning to gain prominence, the manufacturing and usage of new plastics is still at an exponential rate.” He also said that the project implementation model promotes cooperation between the federal and state governments including the FCT, and the organised private sector with the technical support of UNIDO. “In response to the environmental challenges in Nigeria, UNIDO’s ongoing formulation of the Programme for Country Partnerships (PCP) is making provision to focus on environment management component.
“Through this component, UNIDO will provide necessary support to Nigeria to effectively implement the project,” he said. The Ambassador Extraordinary and Plenipotentiary Permanent Representative to ECOWAS, Amb. Matsunaga Kazuyoshi, said the essence of the meeting was to discuss how to develop a guideline on the policy with various stakeholders. Kazu Yoshi of the Embassy of Japan to Nigeria, said the partnership with UNIDO and Nigeria would strongly support in the implementation of the project, as it would create job opportunities in the country. He said that the Japanese government was committed to collaborating with the Nigerian government and UNIDO, adding that the country had developed a recycling culture on how to manage waste effectively.
“The concern and challenges of Nigeria is our concern and our challenges as well, no single country or organisation can tackle the issue of waste management, accept when we work together. Therefore, it is important to have various stakeholders to work on this issue. So that this three years project which will be ending in 2025 can be effectively implemented to enable it achieve its goal,” he said. The Project Manager of UNIDO, Ms Nishio Nahomi, said that the meeting would help the government to come up with a guideline that would support it in promoting waste management in the country. Nahomi said that about 52.5 million dollars had been provided in the execution of the project, adding that the collaboration of various stakeholders would go a long way in the implementation of the project. She called on stakeholders to support UNIDO, the Federal Government and Japan government in the execution of the project, adding that the effort would help to reduce waste pollution and create job opportunities in the country.
The Minister of Environment, Mr Mohammed Abdullahi said that plastic waste had become an integral part of the society due to its wide range of uses and economic benefits. Abdullahi said that the volume of plastic waste being generated in the country presents circular economic business opportunities across the plastic value chain which should be properly harnessed for job creation. He said that the government of japan funded a study on available sustainable alternative materials for plastic innovative packaging and recycling technologies that market needed in Africa to reduce plastic leakages to the environment. He said the study showed a very low level of recycling activities in the country and only 45 per cent of wastes were collected. “About 80 per cent of plastic waste goes to dumpsite while only 10 per cent is recycled, alternative material to plastic are yet to be introduced in the market and recognition of bioplastics are low. It is because of these challenges that the project on promoting sustainable plastic value chain through circular economy practices to be piloted in Lagos and Abuja was developed to address these gaps and its being implementing by UNIDO,” he said. The minister was represented by Mr Charles Ikeah, the Director overseeing the Office of the Permanent Secretary of the ministry.
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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