Economy
Nigeria, Denmark Solidify Green Economy Partnership
By Adedapo Adesanya
Nigeria and Denmark have agreed to partner and advance the green economy and climate change mitigation for economic growth and environmental sustainability in Nigeria.
The Minister of State for Environment, Dr Iziaq Salako, made this revelation at a meeting between Nigeria and Denmark on the green partnership at his ministry’s headquarters in Abuja.
He said the two countries’ green transition partnership will boost employment and mutual economic growth, adding that the ministry was working towards avoiding disasters like floods that could drive people into poverty.
“There is a need for food security; if the land is degraded, there cannot be food security; environmental actions to stop land degradation and poverty eradication disasters are taken seriously by the ministry,” he noted.
The minister highlighted that the Ministry of Environment has identified at least five of those priority areas that require climate action for them to be achieved.
Mr Salako said, “Nigeria’s economy is majorly dependent on oil, and I know Denmark used to be dependent on oil, but over the years, you have navigated your economy to be less dependent on oil, and that is one important lesson Nigeria can learn from Denmark- how we can transit to a green economy without increasing energy poverty or increasing hardship for our people.
“The current government led by President Bola Tinubu has identified eight key priority areas that the administration will focus on and some of the priority areas cut across anti-corruption, and inclusivity. Beyond those priority areas, the Ministry of Environment has identified at least five of those priority areas that require climate action for them to be achieved.
“If we are talking about food security, there is a climate angle to it because if the land is degraded, there can’t be food security and we need to ensure that we stop degradation of our lands. If we are talking about poverty eradication, disasters are one of the drivers of poverty and the ministry wants to ensure that we prevent disasters like floods.
“If we talk about economic growth and job creation, some of our initiatives are to ensure that as we transition to a green economy, we use that to create jobs for our people.”
On his part, the Danish Minister of Development Cooperation and Global Climate Change Policy, Mr Dan Jorgenson commended the government for setting progressive goals for environmental sustainability, and growth, noting that Nigeria and Denmark can work together to fight climate change.
“We are both extremely ambitious countries coming into the final negotiations of the COP28. So the Nairobi declaration following the climate summit a few months ago was clear progress and I can say for sure that Denmark and the European Union are very much aligned with the opinions and declarations of the African leaders.
“I think there is a great opportunity for us to work together and fight climate change, meaning we need more mitigation, especially from the biggest emitters on the planet, in financing both with regards to supporting the mitigation and for climate adaptation.
“It is important that we agree that countries like Nigeria, a continent like Africa is not to blame for climate change because the climate is here because of pollution that has taken place.
“We look forward to discussing how we can collaborate bilaterally even more than we do already and how we can join forces together to get an ambitious result at the upcoming COP28.”
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 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 agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn