Economy
Reforms by Buhari Have Attracted Investors’ Interests—Osinbajo
By Modupe Gbadeyanka
Nigeria’s Vice President, Mr Yemi Osinbajo, has said Nigeria, under the President Muhammadu Buhari administration, was making steady progress and on the path of prosperity as a result of reforms covering critical sectors of the economy over the past four years.
He said even though much still needed to be done in the different sectors of the economy, the country has enormous potential which would be realised.
In a keynote address delivered at the Redeemer’s Men Fellowship Conference themed Galvanized for Geometric Growth in Lagos on Saturday, Mr Osinbajo stressed that the reforms by the present administration have spurred progress and attracted investors’ interests across different sectors comprising agriculture, technology, tourism and entertainment, manufacturing amongst others.
“Just this week, the Spur Group, an IT company from China indicated that it will be establishing a computer hardware manufacturing plant in Nigeria.
“In the course of last year, the Mara Group of Ashish Thakkar had also indicated that it will set up a manufacturing plant for Mara Phones in Nigeria.
“Kobo360, which was one of the start-ups in a group that I led to Silicon Valley in July 2018, aggregates end-to-end haulage operations and raised $30m in a Series A round led by Goldman Sachs and Nigerian commercial banks.
“Using technology, Kobo360 has made it possible for providers of haulage services to find cargoes for their trailers on return journeys, in effect halving the cost of transporting goods,” the Vice President said at the
event organised by the men group of the Redeemed Christian Church of God (RCCG), where he is an ordained pastor.
VP Osinbajo also referenced the recent US-based Newsweek magazine’s special cover edition which described Nigeria as the Black China and Africa’s first super-power, saying “despite our challenges, Nigeria is the ‘last major open market, and like China and India, its population and economic size will enable economies of scale and attract international investment.”
Continuing, the Vice President said the potential of the Nigerian economy has also been boosted by the Buhari administration through direct and indirect investments in agriculture, manufacturing, technology and creative industries.
According to Mr Osinbajo, who is a Professor of Law and a Senior Advocate of Nigeria (SAN), “the story of increased rice production in Nigeria is well known, with production of paddy rice in 2019 estimated at 7.3 million metric tonnes compared to about 5 million metric tonnes in 2015.”
“A little noticed phenomenon taking place in agriculture is the use of technology to attract crowdfunding into the sector. Given the huge interest in agriculture and the relative ease of investing through such platforms, we will see a huge increase in investment in agriculture and subsequent increases in agricultural output across the value chain,” he added.
In the manufacturing sector, the Vice President said all critical indices have so far indicated significant improvements between 2018 and 2019.
He said, “this positive outlook for the manufacturing sector can be seen from the Leventis Group which, for instance, continues to make substantial investments in the Nigerian manufacturing sector through its subsidiaries, the Nigerian Bottling Company and Beta Glass.
“The Nigerian Bottling Company will soon be commissioning its Asejire Plant, which has taken a substantial part of a recent $500 million investment in Nigeria, while Beta Glass which makes the bottles for the pharmaceutical sector and for beverages like Coca-Cola and Star Beer, has invested another $30 million to expand its furnace capacity.”
The technology sector, according to Vice President Osinbajo, “continues to hold out great promise.”
Citing recent industry reports, he said, “Nigerian start-ups attracted $122 million out of the $492 million in funding to the African start-up sector in 2019.
“Perhaps more compelling is the increasing use of e-payment channels within the economy. The value of Point of Sale (POS) transactions is reported to have reached over N3.2 trillion in 2019 as compared to N2.3 trillion in 2018, an increase of 38 percent, while the volume also increased by 153 million transactions to a total of 438 transactions in 2019.”
In the area of infrastructure, the Vice President disclosed that the Federal Government’s interventions through the various reforms would yield greater results.
Noting the efforts of the Buhari administration to address the country’s major infrastructure deficit, the VP said, “So, our focus in the last few years has been on investing in roads, rail, and power. We have a major road project going on in every state of the federation.
“Some of the road projects scheduled for substantial completion in 2020/2021 include: Dualization of Suleja-Minna road, Ilorin-Jebba-Mokwa/Bokani road, Nnewi-Oduma-Mpu (in Enugu)-Uburu (Ebonyi), Yenagoa-Okaki-Kolo-Nembe-Brass road, Bodo-Bonny road with a bridge across the Opobo channel, the rehabilitation and expansion of Lagos-Badagry expressway and, of course, the Lagos-Ibadan expressway.”
He added that 19 other road projects measuring about 800 kilometres have been prioritised in 11 states across each of the six geo-political zones, which would be done by 10 local companies that have applied to join Dangote group and NLNG in the Investment Tax Credit Scheme of the Federal Government encouraging private sector investments in infrastructure.
Also speaking on the new Finance Act 2019, the Vice President said the law is government’s fiscal response to the issues of limited revenue sources and the need to improve the business environment, especially for small and medium businesses.
“The Act has two main purposes with extremely beneficial effects on the Nigerian economy. It addresses the issue of domestic revenue mobilization on which Nigeria has often paraded quite a low record.
“However, even while achieving this objective for the public sector, the Finance Act is calibrated to improve the ease of doing business in Nigeria and actively foster private sector growth.”
The event was also attended among others, by the President of the African Development Bank (AfDB), Mr Akinwumi Adesina, and the National Overseer of RCCG, Pastor Joseph Obayemi, who is also President of the Fellowship.
Earlier in his own speech, Mr Adesina, commended the Buhari administration for the achievements recorded in the agricultural sector, noting that the efforts of the federal government have revolutionized agriculture in the country.
By Aduragbemi Omiyale
One of the leading local energy firms, Oando Plc, delivered an impressive financial performance in the first six months of 2026, according to details of its results filed to the Nigerian Exchange (NGX) Limited.
Between January and June 2026, revenue surged by 20 per cent to N2.1 trillion from N1.7 trillion in the same period of 2025, driven by growth in the Exploration & Production and Trading segments of the business.
Also, the net profit grew by 8 per cent year-on-year to N68.6 billion from N63.3 billion, supported by improved operating profits and tax credits.
It was observed that the organisation deepened its domestic gas monetisation portfolio with the commencement of long-term gas supply of 11.2 MMscfd to the newly commissioned 60 MW Bayelsa Independent Power Plant.
“The first half of 2026 marks an important inflexion point in Oando’s journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation,” the chief executive of Oando, Mr Adewale Tinubu, stated.
Commenting further on the results, Mr Tinubu said, “Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92 per cent while reducing production operating costs by 18 per cent to $16.83 per boe.”
“Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio.
“In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16 per cent year-on-year growth.
“This translated into a stronger financial performance, with revenue increasing by 20 per cent to N2.1 trillion, while the business generated N179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8 per cent to N68.6 billion, reflecting the overall improvement in operating performance during the period,” he pointed out.
The Oando chief also said, “Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd.
“Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.
“Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value.
“We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”
By Adedapo Adesanya
Africa-focused fintech company PalmPay has joined the ranks of unicorn startups after attaining a valuation of more than $1 billion, as the digital payment platform prepares for a potential initial public offering (IPO) in Hong Kong.
According to a report by Bloomberg on Tuesday, citing people familiar with the matter, the Hong Kong-headquartered company is in advanced discussions to raise about $200 million in a new funding round that would cement its unicorn status and support its next phase of expansion.
The planned fundraising comes as PalmPay accelerates its growth strategy across Africa and Asia, while positioning itself for a public listing that could become one of the most significant fintech IPOs involving an Africa-focused company in recent years.
PalmPay’s move follows a period of rapid growth in Nigeria, where it has become one of the country’s largest digital financial services providers. Alongside OPay and Moniepoint, the company forms the trio that dominates Nigeria’s retail digital payments and agency banking market, a segment driven by millions of point-of-sale (POS) transactions processed daily.
With PalmPay’s latest valuation milestone, all three leading Nigerian fintechs have now achieved unicorn status. While OPay has previously disclosed plans to pursue a listing in the United States, Moniepoint has remained focused on expanding its banking and business services without publicly indicating IPO ambitions.
Founded in 2019 after securing a Mobile Money Operator (MMO) licence from the Central Bank of Nigeria (CBN), PalmPay has built one of the country’s fastest-growing fintech ecosystems. The company says it now serves more than 35 million registered users and over 600,000 merchants, supported by an extensive network of more than 500,000 mobile money agents nationwide.
The platform offers a broad suite of financial services, including peer-to-peer transfers, bill payments, airtime purchases, savings, credit products, merchant payment solutions and agency banking services. PalmPay says it processes as many as 15 million transactions daily, reflecting the increasing adoption of digital payments across Nigeria.
Beyond its home market, the fintech has expanded into Tanzania, Ghana, and Bangladesh, underscoring its ambition to become a leading emerging-market digital bank. Industry analysts view the expansion as part of a broader strategy to diversify revenue streams while replicating its Nigerian success in other underbanked markets.
PalmPay has attracted backing from prominent global investors, including Taiwanese semiconductor manufacturer MediaTek and smartphone maker Transsion Holdings, whose Tecno, Infinix and itel brands command significant market share across Africa. Their support has helped PalmPay leverage smartphone penetration to drive financial inclusion through mobile-first banking services.
As part of efforts to strengthen its leadership ahead of its next growth phase, PalmPay recently appointed Mr Samuel Oluyemi as Chief Operating Officer (COO) for its Nigerian business. Mr Oluyemi joined the company after more than two decades at the Nigeria Inter-Bank Settlement System (NIBSS), where he played key roles in developing the country’s digital payments infrastructure.
If completed, the fundraising and eventual Hong Kong listing would further underscore growing international investor confidence in African fintech companies despite a more cautious global venture capital environment. The proceeds are expected to support PalmPay’s geographical expansion, deepen its product offerings, invest in technology infrastructure and strengthen its competitive position in Africa’s rapidly evolving digital financial services industry.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
