Economy
Nigeria, 4 Others Ban ‘Dirty’ Fuels From Europe
By Dipo Olowookere
Five West African countries, including Nigeria, have decided to ban ‘dirty’ fuels from Europe, which are believed to contain higher sulphur levels.
This comes in response to concerns over vehicle emissions and in an effort to bring safer, cleaner air to more than 250 million people in the region, the United Nations Environment Programme (UNEP) said.
According to UNEP, last week, Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire introduced strict standards that will ensure cleaner, low sulphur diesel fuels, and better emissions standards, thus effectively cutting off Europe’s West African market.
Earlier this year, a report by the non-governmental organization Public Eye exposed how European trading companies are exploiting weak regulatory standards in West African countries, thus allowing fuels with sulphur levels that are up to 300 times higher than those permitted in Europe.
“West Africa is sending a strong message that it is no longer accepting dirty fuels from Europe,” said Mr Erik Solheim, head of UNEP. “Their decision to set strict new standards for cleaner, safer fuels and advanced vehicle emissions standards shows they are placing the health of their people first.”
He hailed the move as an example for other countries, noting that air pollution kills millions annually.
“We need to ensure that all countries urgently introduce cleaner fuels and vehicles to help reduce the shocking statistics,” stated Mr Solheim.
In addition to new fuel standards, the group of West African countries has agreed to upgrade their own public and private refineries to meet the same higher standards by 2020.
UN Environment has been working with countries in West Africa to develop policies and standards that will stop the import of fuels with dangerously high levels of sulphur, as well as to introduce cleaner fuels and vehicles. Reducing such emissions around the world is essential to ensure levels of urban air pollution and climate emissions come down.
Combining low-sulphur fuels with advanced vehicle standards can lead to as much as a 90 per cent reduction in harmful emissions.
According to Nigeria’s Environment Minister, Mrs Amina Mohamed, “for 20 years, Nigeria has not been able to address the vehicle pollution crisis due to the poor fuels we have been importing. Today we are taking a huge leap forward: limiting sulphur in fuels from 3,000 parts per million to 50 parts per million. This will result in major air quality benefits in our cities and will allow us to set modern vehicle standards.”
Mrs Mohamed will meet with Lilianne Ploumen, Dutch Minister of Foreign Trade and Development Cooperation, in Hague, in order to take stock of the progress being made to improve the quality of fuels that have been exported from Dutch ports to countries in West Africa, as The Netherlands produces many of the exported dirty fuels.
“The recent report from the NGO Public Eye made abundantly clear that coordinated action is needed to stop the practice of exporting dirty fuels to West Africa. I am very pleased West African governments quickly decided to introduce standards that will help accessing European standard quality fuels. Their people deserve cleaner air, better health, and a cleaner environment. I commend UN Environment for their excellent work,” announced Minister Ploumen.
UNEP hosts the Secretariat of the Partnership for Clean Fuels and Vehicles (PCFV), a global public-private partnership that supports a shift to cleaner fuels and vehicles worldwide. When PCFV began its work in 2005, not a single low or middle income country used low sulphur fuels. Today, 23 countries have made that shift. Another 40 are on their way to doing the same.
In addition, UNEP is hosting the Climate and Clean Air Coalition, which recently adopted a global strategy for moving the world to clean, low-sulphur fuels and advanced emissions standards. Experts estimate that this measure will save an annual 100,000 premature deaths by 2030.
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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