Economy
NACCIMA Doubts 2022 Budget’s Capacity to Meet Infrastructure Investment Goal
By Adedapo Adesanya
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the federal government to effectively implement the 2022 budget.
This was made known by the chamber’s Director-General, Mr Ayoola Olukanni, noting that the effective implementation of the budget would drive the country’s economic growth and development.
On Friday, President Muhammadu Buhari signed the N17.127 trillion appropriation bill into law.
Mr Olukanni said that the real challenge of the budget was to see how it would positively impact the lives of the people and various sectors of the economy.
He noted that recent news from the modest performance in agric sector and prospects from the mining sector were sources for some form of optimism in 2022.
He, however, doubted the budget’s capacity to meet its goal of investment in critical infrastructure to meet the infrastructure deficit and support the needs of the private sector.
“Significant part of the budget is rightly devoted to defence and improvement of internal and promotion of agriculture and food security.
“It is, however, obvious that the budget has been prepared with the 2023 election in mind.
“Already, the private sector has raised an alarm on the increasing difficulties of obtaining the required foreign exchange for raw materials for industry, leading to the consequential high cost of goods and inflationary trend.
“But perhaps more important is the issue of capacity development of the private sector which is expected to play a key role in the implementation of the budget.
“The economy may have recorded some modest growth overall but it still an economy struggling, especially given the deep crises of infrastructure.
“We must ensure that the budget makes a significant impact on the energy sector if its impact is to be meaningful and be a budget of growth and sustainability,” he said.
Mr Olakanni also called for synergy in the budget’s implementation with supportive funding such as the National Collateral Registry for Micro, Small and Medium Enterprises (MSME).
He also called for closer attention to the Information and Communication Technology (ICT) sector due to its key role in recent years and positive impacts on all sectors of the economy.
The NACCIMA DG noted that the potential of the sector had been demonstrated beyond all doubts particularly in the ongoing COVID-19 pandemic.
“As we continue to live with the pandemic, it is obvious that the ICT sector will be key to help maintain the growth trajectory of the economy and also help keep socio-economic activities, financial and economic activities and transactions on track.
“This is because there will be increasing reliance on e-commerce, and online business activities with people using their phones for business transactions and enterprises relying on the internet and other social media platforms to conduct business.
“It is, therefore, noteworthy that budget 2022 has paid some attention to improvement and upgrading of Nigeria’s digital infrastructure as in 2022, we are certainly likely to see an increased demand for access to broadband service.
“NACCIMA has taken note of the promise by the Nigerian Communications Commission at every opportunity in recent time that it will continue to work to upgrade Nigeria’s digital infrastructure.
“In doing so, there is an urgent need to mainstream the private sector into its plan and especially in the context of budget 2022,” he said.
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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