Economy
Economic Advisory Squad to Focus on Data Collection
By Modupe Gbadeyanka
President Muhammadu Buhari on Wednesday inaugurated the newly appointed members of the Presidential Economic Advisory Council (PEAC) with a task to “focus on primary data collection.”
Mr Buhari, while administering oaths on his economic squad today in Abuja, said the 8-man council chaired by Prof. Doyin Salami must develop reliable data that will properly reflect what is happening in the country.
According to the President, “Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF and other foreign bodies.
“Some of the statistics we get relating to Nigeria are wild estimates and bear little relation to the facts on the ground.
“This is disturbing as it implies we are not fully aware of what is happening in our own country,” he told the team.
He further said, “We can only plan realistically when we have reliable data. As you are aware, as a government, we prioritised agriculture as a critical sector to create jobs and bring prosperity to our rural communities.
“Our programs covered the entire agricultural value chain from seed to fertiliser to grains and ultimately, our dishes.
“As you travel in some rural communities, you can clearly see the impact. However, the absence of reliable data is hindering our ability to upgrade these programmes and assure their sustainability.”
The President also used the occasion to set agenda and expectations from the Council, constituted on September 16, 2019, to replace the Economic Management Team (EMT).
Charges Team on Social Welfare
On the Social Investment Programmes (SIPs), the President told members that his administration was working to measure the impact of the programme targeted at improving the well-being of millions of poor and vulnerable citizens.
As such, the President said he had directed the new Minister for Humanitarian Affairs to commence a comprehensive data-gathering exercise in all Internally Displaced Persons (IDP) camps in the North East.
“Today, we hear international organisations claiming to spend hundreds of millions of dollars on IDPs in the North East. But when you visit the camps, you rarely see the impact.
“In 2017, when the National Emergency Management Agency took over the feeding of some IDPs in Borno, Yobe and Adamawa, the amount we spent was significantly lower than the claims made by these international organisations.
“Therefore, actionable data is critical to implement effective strategies to address pressing problems such as these humanitarian issues.
“I, therefore, look forward to receiving your baseline study as this will help us shape ideas for a sustainable and prosperous future,” the President said.
Buhari’s Expectations
On his expectations from the council, the President urged them to proffer solutions on how to move the country and economy forward.
The President directed the Council to coordinate and synthesize ideas and efforts on how to lift 100 million Nigerians out of poverty in 10 years, working in collaboration with various employment generating agencies of government.
“I am told you worked throughout last weekend in preparation for this meeting.
“I have listened attentively to findings and ideas on how to move the country and the economy forward.
“Yes, Nigeria has exited the recession. But our reported growth rate is still not fast enough to create the jobs we need to meet our national ambition of collective prosperity.
“Reason being we had to tread carefully in view of the mess we inherited.
“Many of the ideas we developed in the last four years were targeted at returning Nigeria back to the path of growth.
“I am sure you will also appreciate that during that time, our country was also facing serious challenges especially in the areas of insecurity and massive corruption.
“Therefore, I will be the first to admit that our plans were conservative. We had to avoid reckless and not well thought out policies.
“However, it was very clear to me after we exited the recession that we needed to re-energise our economic growth plans. This is what I expect from you, ” he said.
Buhari Promises Cooperation
President Buhari also assured the Council that the Federal Government will ensure that all their needs and requests were met before the next technical sessions in November.
He said all key ministries, departments and agencies will be available to meet and discuss with them on how to collectively build a new Nigeria that caters for all.
“Now, no one person or a group of persons has a monopoly of knowledge or wisdom or patriotism.
“In the circumstances, you may feel free to co-opt, consult and defer to any knowledgeable person if in your opinion such a move enriches your deliberations and add to the quality of your decisions, ” he said.
Chairman of Council, Professor Salami, said the mandate was about “Nigeria first, Nigeria second, and Nigeria always,” adding that it was about Nigerians, not as numbers, but as people.
He added: “Our goal is that the economy grows in a manner that is rapid, inclusive, sustained and sustainable, so that Nigerians will feel the impact.”
By Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn