Economy
Osinbajo Tasks Digital Entrepreneurs to Utilise i-DICE Programme
By Adedapo Adesanya
Vice President Yemi Osinbajo has tasked creatives and digital entrepreneurs to take advantage of the newly launched Investment In Digital and Creative Enterprises Programme (i-DICE) programme, which has a pool of $618 million.
Speaking at the launch of the programme on Tuesday, March 14, the VP said it marked an exciting moment as it would bring about a coordinated approach towards innovation on the African continent.
“After nearly five years of work with some of the most patriotic Africans and African institutions and several in the local technology and entertainment ecosystem, we arrive at the launch of the i-DICE programme, the Investment in Digital and Creative Enterprises Programme,” he said.
The i-DICE Programme would be supervised by the Bank of Industry (BoI) and supported by our partners – African Development Bank (AfDB), Islamic Development Bank (ISDB), and French Development Agency.
Out of the $ 618 million, the AfDB will provide $170 million, the Agence Francaise de Development will inject $100 million, and the IsDB will provide $ 70 million in co-financing.
The BoI, representing the federal government, will provide $45 million as a counterpart contribution to be availed through loans for qualifying start-ups.
“And as we heard from the President of AfDB, we expect by leveraging this fund, another maybe $271 million from the private sector and institutional investors,” the VP revealed.
“The thinking around this came from a discussion he and I had in 2018, I think it was in South Africa, on how to leverage technology and industry for jobs for young people. He told me at the time that the AfDB was already thinking along the lines of committing some funding to some iteration of the idea,” he added.
“I think it is important to mention that private capital has usually been ahead of government efforts. And I think the private sector ought to be commended for being so innovative, especially here in Nigeria.
He noted that the influx of private capital had enabled start-ups to expand operations and create new jobs while contributing significantly towards the country’s GDP growth.
“There are, of course, thousands of start-ups that have used private funds or debt that goes unrecorded. I think they probably constitute the majority in our country,” he said, noting that the country has seen a consistent rise in venture capital investments in the technology ecosystem.
In this regard, “It is now imperative to commence a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programmes that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent.”
He explained that the federal government, on its part, would continue to advance causes to provide support to the innovation ecosystem.
“I believe that over the tenure of this programme, we would see significant additional support and investments from other partners and stakeholders across sectors, leading to an increase in start-up investments, growth of new Unicorns, and training more talent on the continent.”
By Adedapo Adesanya
Nigeria’s average daily crude oil production declined by 64,000 barrels per day or 4.4 per cent to 1.401 million barrels per day in April 2025 from 1.465 million barrels per day recorded in the preceding month (March).
The Organization of Petroleum Exporting Countries (OPEC) April Monthly Oil Market Report revealed this, saying the numbers are based on direct communication from the producing countries.
The report also indicated that oil production fell by 6.6 per cent below OPEC’s 1.5 million barrels per day quota, and approximately 32 per cent belief of the country’s 2025 budget target of 2.06 million barrels per day.
Nigeria’s persistent shortfalls in meeting government production targets comes from challenges such as underinvestment and rampant oil theft, all contributing to suppressed output.
Nigeria’s oil production peaked at 2.5 million barrels decades ago and despite ambitious 3-4 million barrels promises by subsequent governments, the highest actualisation in recent times have been 1.8 million barrels per day.
The decline in oil production since then and the falling oil prices in the international market are likely to strain fiscal revenues, worsening budgetary pressures
Market analysts have pointed out that this will impact national reserves, thereby reducing the availability of resources for developmental spending.
While the government has no control over global oil prices, it can, to some extent, meet its OPEC production quota.
Therefore, the government must intensify efforts by enforcing stricter penalties for oil theft, while fostering greater collaboration with local communities.
Simultaneously, there is a need to attract investment in the sector by ensuring that regulatory bodies and the judiciary work together to provide an enabling environment for investment and modernisation of oil infrastructure.
By Modupe Gbadeyanka
A new report has shown the wide adoption of digital currencies in Nigeria despite efforts by the authorities to discourage the use of crypto.
The Central Bank of Nigeria (CBN) has yet to lift the ban of crypto transactions through the banking system in the country after almost five years.
In a report made available to Business Post by a venture capital firm, Hashed Emergent, it was stated that the USDT/Naira stablecoin pair has become the most traded on centralized exchanges, with stablecoin transfers in Nigeria nearing $3 billion in the first quarter of 2024, signalling the practical adoption of blockchain for real-world challenges like inflation and cross-border payments.
Last year, Nigeria ranked second globally for crypto adoption, according to Chainalysis, with $59 billion in crypto value received—$24 billion of that in stablecoins.
Stablecoin trading has overtaken Bitcoin trading on centralized exchanges, reflecting changing behaviour: for many, crypto is not speculative—it’s practical; it is how people hedge against inflation, send money, and make real-world payments.
According to the report, national agencies and multiple state governments are already implementing blockchain-based solutions across areas like identity verification, land registries, education records, and healthcare systems.
These aren’t pilots; they’re operational systems designed to improve transparency, efficiency, and trust in public services.
However, integration into existing public infrastructure remains a key challenge. Many legacy systems lack the technical readiness or interoperability needed for seamless adoption, and institutional capacity gaps—such as limited digital skills and fragmented procurement processes—continue to slow implementation.
Without addressing these bottlenecks, the long-term impact of public sector blockchain adoption may remain limited despite early momentum.
By Adedapo Adesanya
ExxonMobil is planning a $1.5 billion investment in deepwater exploration and development of the Usan oilfield in Nigeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed this in a statement, noting that commitment will be implemented between this current quarter (Q2 2025) and 2027.
This announcement, it said, was made during a visit by ExxonMobil’s Managing Director in Nigeria, Mr Shane Harris, to the Commission’s Chief Executive of the NUPRC, Mr Gbenga Komolafe.
The company proposed a Final Investment Decision (FID) for late Q3 2025, subject to final Field Development Plan (FDP) approval as well as internal and partner funding approvals, the upstream regulator added.
According to the NUPRC, this is in addition to investment targeted at the accelerated development of the Owowo and Erha deepwater oil fields, amongst others.
Mr Harris, while speaking, stated that the planned capital deployment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to playing a pivotal role in the sector’s growth.
He also voiced ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.
The initiative has gotten commitments from other oil firms operating in the country since it was floated last year.
On his part, the NUPRC Chief Executive, Mr Komolafe, welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations.
Mr Komolafe highlighted the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals, highlighting compliance with the Domestic Crude Supply Obligation (DCSO) and the need for transparent pricing and accountability in the sector.
“The commission is committed to the implementation of Section 109 of the PIA, which addresses the subject of willing buyer, willing seller, and we urge producers to comply,” he stated.
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