Economy
VP lays foundation of first cell factory in Africa, energy game changer
As part of its efforts towards transforming Nigeria’s power and energy sector, the Federal Government has laid the foundation for the establishment of the first solar cell production factory in West Africa. The landmark achievement which places Nigeria among countries adopting alternative energy sources, will also transform Nigeria’s power and energy sector and boost the local economy. This was stated on Friday by Vice President Yemi Osinbajo, SAN, as he performed the foundation laying ceremony for the National Agency for Science and Engineering Infrastructure (NASENI) Solar Cells Production Plant in Gora, Nasarawa State. Prof. Osinbajo stated that “this landmark achievement places Nigeria within the ranks of countries pushing the boundaries in the use of climate-smart alternative energy sources, particularly solar power. And as we have heard, this particular project is building on 10 years of work. 10years ago, NASENI established its 7.5mw solar panel production plant. Its capacity is now 21MW.”
Highlighting the importance of Solar cells to the entire solar energy value chain, the Vice President observed that “NASENI’s solar cell production factory in Nigeria will be a game-changer, given the urgency of climate action today and the importance of developing African green energy manufacturing and solutions.” The VP, who linked the historic development with the Federal Government’s proactive steps in ensuring adequate funding for NASENI, stated that this is a new dispensation for the government agency. With one per cent allocation from the federation account annually as prescribed by its founding law, Prof. Osinbajo was of the view that NASENI has been given the financial backing to “execute its mandate of delivering technological and innovative interventions across critical sectors of the economy, including Agriculture, Health, Defence and Security, Power and Energy, Financial Services, Solid Minerals, Additive Manufacturing, Smart Fabrications, Factories, Unmanned Aerial Vehicles, and Virtual Manufacturing.” He added that, “for over 10 years, NASENI has been consistent in championing solar power as an alternative to hydro and fossil power sourcing. And it was to this end that the agency established NASENI Solar Energy Limited (NSEL) in Karshi, Federal Capital Territory, with a mandate to deliver alternative solar energy to homes and businesses in Nigeria.
The development and maturity of the Naseni Solar Energy Ltd whose operations have been driven with the vim and zest of a tech start-up, forecasted an increase in local content of the solar energy production system in Nigeria, leading to ever-increasing production of solar cells.” Pointing out that $50 billion worth of diesel fuel is used yearly, with diesel generators producing more energy than the entire energy grid in 17 countries in Sub-Saharan Africa, Prof. Osinbajo observed that “the resultant emissions of carbon monoxide has since become a major and worrying source of pollution. In Nigeria, for example, generator emissions are equivalent to emissions from all of the country’s 11 million cars put together. Emphasising that this method was clearly unsustainable and required a significant shift, the VP stated that this was the reason why Nigeria developed its Energy Transition Plan, the first in Africa. According to him, the Plan, which was approved by the Federal Executive Council last year “sets out our pathway to decarbonisation by 2060 and achieving universal energy access by 2030.
The Nigeria Energy Transition Plan projects an increase in the use of solar power in the Nigerian energy mix, surpassing even gas by 2035,” he added. Coupled with the foundation now laid for the solar cell factory in Nasarawa, Nigeria’s efforts in adopting innovation is consistent with the African Union’s energy transition plan, the VP pointed out, noting that the factory came at a crucial time. “Not only is the beneficiation model it has adopted innovative and consistent with the African Union’s energy transition plan in the face of global warming, its output, at full operational capacity, will further impact the solar energy value chain in Nigeria through the low production costs of solar panels. In due course, this will in turn attract new investment, local and foreign, for the establishment of solar panel manufacturing plants across Nigeria,” he said. He also commended the siting of the factory in Gora, Nasarawa State which he said is “the home of solid minerals in Nigeria.”
According to the VP, “the major raw material requirements for the production of Solar cells – silicon and silica – are naturally occurring in abundance in this area. We are grateful to the good people of Nasarawa for hosting this important project and congratulate you in advance for the positive boost it is certain to bring to the local economy.” The VP congratulated the government and the people of Nasarawa State, as well as the NASENI leadership led by its executive Vice Chair, Engr. Prof, MS Haruna, on behalf of President Muhammadu Buhari, who is the Chairman of the governing board. “I congratulate NASENI on the leadership role it has played in bolstering our national Science, Technology, and Innovation ecosystem, and commend the agency for its transformational advances across the country,” Prof. Osinbajo stated, adding that its “leadership has launched Naseni into a new phase of accelerated progress.” On laying the foundation of the pioneer solar cell production factory, the Vice President expressed optimism that “it will meet and surpass all our expectations when it becomes fully operational.”
In his remarks, Governor of Nasarawa State, Engr. Abdullahi Sule, thanked the Vice President for his concern towards the development of the State, country and the welfare of its people. According to him, the VP has had occasion to visit the homes of vulnerable people, who believed that there is nothing else for them, saying, “you had the time to go into their homes and give them hope. Such people, with the hope you have given them will never, ever forget you. We also in Nasarawa State knowing that you touched lives, will never forget you, we remain grateful to you, sir, in office and out of office.”
“In area of promoting agriculture, you are there, you have partnered with us; in the area of promoting health, you were there to commission our diagnostic centre in Lafia… When we have condolences, you are the first to visit. Mr. Vice President, we are forever grateful to you. This is the best we have seen ever in the history of Nasarawa State.” On his part, the Emir of Lafia, HRH, Justice Sidi Bage (Rtd), thanked the Vice President for his selfless service and contribution to the development of Nasarawa State and Nigeria at large, noting that the government and people of the State hold him (the VP) in very high esteem. According to the Emir, “you are a worthy captain of our State and we have in turn demonstrated this in fact and in deed. We told our governor that our captain must be our number one priority in anything that we are doing in this country, outside of the President, the Vice President is our priority. Mr Vice President, we cannot express our gratitude for the kind of love that you continue to show Nasarawa State.
“There is no other State in the country that you have visited more than Nasarawa State, particularly in the North. No matter how small that project, programme or whatever it is that we are doing here, Mr Vice President will always be with us in Nasarawa State. I want to pledge that this bond between us, on behalf of our people, I promise we will keep this bond going, in or out of office. You remain the captain of this State and I will continue to honour this pledge on behalf of our people.” Earlier in his remarks, the Executive Vice Chairman of NASENI, Prof. Mohammed Haruna paid glowing tributes to the VP for his support to the actualisation of the agency’s objectives and targets. He said most of what have been achieved by NASENI in recent times have been on account of the VP’s wise counsel and innovative ideas, stating that groundbreaking solar cell manufacturing plan t was a reality on account of Prof. Osinbajo’s personal commitment. Dignitaries at the event included the APC National Chairman, Sen. Abdullahi Adamu; Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; Emir of Lafia HRM Justice Sidi Dauda Bage, and the Emir of Keffi, Dr Shehu Chindo Yamusa III, among others.
Economy
Nigeria champions African-Arab trade to boost agribusiness, industrial growth
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.
Economy
FEC approves 2026–2028 MTEF, projects N34.33trn revenue
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.
Economy
CBN hikes interest on treasury Bills above inflation rate
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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