Economy
Governors Quickened Nigeria’s Economic Recovery—NGFS
By Modupe Gbadeyanka
The Nigeria Governors’ Forum Secretariat (NGFS) has disclosed that the contributions of Governors in the country have been tremendous.
A statement signed by the Head, Media & Public Affairs of the NGFS, Mr Abulrazque Barkindo, quoted an Economist at the NGFS, Mr David Nabena, as saying during a meeting of the Fiscal Sustainability Plan (FSP) committee in Abuja that, “Thanks to governors and their reforms at the sub-national level, there is a 69 percent success in Public Expenditure Reforms being implemented by governments at the sub-national level.”
It was disclosed that this may have contributed immensely to the quick turnaround of the national economy which wriggled itself out of recession much faster than the public had expected.
The FSP committee comprises officials of the NGF, and Federal Ministry of Finance.
The FSP, the framework for the sustenance of state governments in Nigeria, which is a product of an agreement between federal and state governments, has been hailed as a strategic game-changer for fiscal governance at the state level.
The FSP seeks to improve transparency and accountability, increase public revenue, rationalize public expenditure, improve public finance management and facilitate sustainable debt management. The meeting was to review the 22 core action points of the FSP from its last workshop held in April.
According to the NGFS findings, “the action point with the highest percentage of implementation is that of Public Expenditure Reform, which recorded 69% success,” the NGFS Economist, Nabena disclosed.
Several economists have argued that since most economic activities take place in the states, they might have indirectly assisted the economic recovery that the nation is now celebrating.
However, Nabena still believes more can be done by states to get the country out of the doldrums. Others with encouraging results according to him were public revenue reforms 63% and 54% for debt management reforms.
These are laudable goals, according to many economists, but above all it shares a very special affinity with the Open Government Partnership OGP which carries with it huge financial relief for governments that are able to meet its conditions.
A consultant at the Kaduna Business School concludes that the first point to note is that states are in dire financial straits today because of poor management of fiscal and other resources that occurred in the years preceding the report.
Funds meant for development have been stolen outright and laws and policies, where they exist, have been ignored. In some states, there is an absence of good fiscal laws, according to the findings.
Nabena noted that the purpose of the meeting was to share findings of the 22 core action points of the FSP from the workshop held in April, as well as acquaint the ministry of the plans of the NGF Secretariat going forward.
During his presentation, Nabena noted that around 15 out of the 22 action points of the FSP have been implemented by most States, stating however that, this finding was contained in the states’ self-assessment reports.
He also highlighted the actions with the weakest implementation status, among which Nabena lamented were those targeted at accountability and transparency.
Even here, Nabena explained, there is light at the end of the tunnel because there is a 44% success in implementation despite the fact that many states find the adoption of IPSAS cumbersome, expensive and challenging.
In conclusion, the NGF Economist regretted that the picture is not all rosy for governance at the subnational level.
In many states that work was conducted Nabena stated that there is no consolidated debt service account or sinking fund, 9 states do not have an active and functional website, seven states have not yet concluded their biometric staff audit, and up to 31 states have recorded success in the internal audit of their accounts. “Only sixteen states” Nabena added, “have an efficiency unit.”
Responding, the Director, Home Finance at the Finance Ministry Mrs Olubunmi Siyanbola congratulated the Forum for the brilliant and thorough work that they had done and also added that the figures given by the Forum is not far from that of the Consultants they deployed for the same reason.
Olubunmi Siyanbola also disclosed that 6 Consultants have been sent to the different geo-political zones to make a report on the activities of the states around the 22 action points of the FSP and their success stories so far.
She added that the way forward will be determined when all the consultants are back from the field with the complete report.
However, at a glance, the consultants recorded a 42% level of implementation across the 36 states, other percentages are 60% for Public expenditure reforms as against 69% from the NGF, 56% for PFM which is the same with what the Forum recorded and 35% level of implementation for public debt as against 54% recorded by the NGF.
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.
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