Economy
Reps Commend NEXIM Bank’s Support for Local Firms

By Dipo Olowookere
The relentless contributions being made by NEXIM Bank to the Nigerian non-oil export sector, especially in funding factories have received the recommendation of the House of Representatives.
Chairman, House Committee on Banking and Currency, Mr Jones Chukwudi Onyereri, during a recent visit to Ladgroup Ltd, a foremost indigenous Nigerian conglomerate with a state of the art oil mill extraction factory located in Ikenne, Ogun State, said the bank has contributed to the growth of the country’s economy.
He appealed to the Federal Government to increase funding support to institutions like NEXIM Bank, promising that his committee will continue to do all within its jurisdiction and mandate to ensure that such funds are applied very judiciously.
The lawmaker, who led other members of the committee to the factory on oversight function, noted that, “The current economic recession facing the country has opened our eyes to the immense opportunities and abundant blessings God has heaped on Nigeria, not just in oil and gas, but more especially in agriculture and solid minerals.”
Also speaking during the visit, the Acting MD/CEO of NEXIM Bank, Mr Bashir Wali, revealed that the bank had in March 2015 approved the sum of $5.8 million to Ladgroup Limited to set up a Shea Nut processing factory.
He said the facility was made up of Equipment Finance of $2.8 million and Working Capital Facility of $3 million and has enabled the company to purchase and install a Shea Butter Refining Unit, a step down transformer and augment its working capital base.
According to Mr Wali, “The interest of NEXIM Bank in Shea Nut processing for export was borne out of the very high demand for Shea Butter with the impressive potentials for foreign exchange revenue stream as well as massive job creation at various levels of its value chain.”
Citing available statistics, he said nearly 2 billion Shea trees grow naturally on parklands in 21 African countries stretching from Senegal to South Sudan with more than 16 million women living in rural communities individually collecting the fresh fruits and the kernel which they process to extract a healthy vegetable oil known as “Shea Butter.”
With approximately 600,000 tons collected each year, the industry provides a critical source of jobs and incomes to millions of often poor and underserved communities.
Mr Wali stated that the global demand for Shea Butter is worth about $10 billion and is projected to be more than $30 billion by 2020, hence the interest of NEXIM in providing funding for increased proactive measures to reposition agricultural products such as Shea as part of its non-oil export sector interventions in the agro-processing sub-sector.
According to him, it has been estimated that over 680,000 metric tons of Shea Nuts are produced annually in West Africa, with about 56 percent of the nuts exported, while the remaining is consumed locally.
Available data shows that Nigeria is the world largest producer of Shea with the wildly grown Shea trees predominant in 21 states across the country.
This accounts for over 53 percent (or 370,000 MT) of the production in West Africa as confirmed by the reports of the Central Bank of Nigeria (CBN) and Oil Seeds Association of Nigeria (OSAN).
Sadly, nearly N345 million is lost in the smuggling of Shea products out of the country every year.
Chairman of Ladgroup Ltd, Mr B. A. Onafowokan, expressed immense appreciation to NEXIM Bank for the quality of loan given to his company, and also thanked the lawmakers for their ‘oversight function’ stating that more of such activities is required to curtail misapplication of such funds provided by the government to assist local entrepreneurs keen on manufacturing for export.
Ladgroup Ltd is acclaimed to be the largest Shea Nut processing factory in Africa with an intake capacity of 40,000 Metric tons per annum.
The factory is dedicated to sourcing of Shea Nuts and processing them into Shea Butter of the highest quality, for sale to both domestic and export markets, but with a special bias for the export market.
The firm has set its target on major European importing companies in the Confectionary/ Chocolate industry and Cosmetics/ Pharmaceutical industry based in Netherlands, Denmark, Sweden and the UK that import well over 95,000 MT annually.
Economy
Why It’s the Best Bitcoin Wallet and Best Crypto Wallet for 2025

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Economy
NEITI Recovers N7.43bn Debt From Oil, Gas Firms

By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced the recovery of N7.43 trillion (approximately $4.85 billion) from outstanding payments owed by oil and gas companies, following its industry-wide financial disclosures.
The recovery is part of the total $8.26 billion identified in NEITI’s 2021 oil and gas audit report.
This was disclosed by NEITI’s Executive Secretary, Mr Orji Orji, while speaking during a press briefing in Abuja over the weekend, noting that the recoveries demonstrate the agency’s commitment to transparency and accountability in Nigeria’s extractive sector.
The NEITI chief noted that while significant progress has been made in recovering funds, unresolved financial liabilities remain a major concern.
“So far, over $4.85 billion was recovered from the disclosures of $8.26 billion (made by NEITI in its 2021 oil and gas report. In the 2023 industry reports released in September 2024, NEITI disclosed liabilities of $6.175 billion and N66.378 billion, showing a significant decline from the liabilities of 2021 reports, yet worrisome because of the need for government to find resources to fund its 2025 budget,” Mr Orji stated.
He decried that despite NEITI’s efforts to ensure financial accountability in the oil and gas sector, several companies have continued to default on payments.
He called on relevant government bodies, including the Federal Inland Revenue Service (FIRS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to take stronger enforcement actions against defaulters and adopt more stringent measures to prevent future revenue leakages.
“Analyses of how these liabilities, when paid, could support the federal government’s domestic revenue mobilization reveals that the liabilities, when converted at N1,500 to one dollar, would amount to N9.33 trillion.
“The sum is more than the federal government’s total budget for health, education, agriculture and food security, which totaled N8.73 trillion. Further analyses show that the sum is also more than the total budget for national security at N6.11 trillion, health at N2.48 trillion and social welfare of N724 billion all put together. The liabilities can also knock off about 72 per cent of the federal government’s budget deficit of N13 trillion for 2025.”
He called on relevant agencies responsible for collecting these revenues to do what is needed and support our governments at all levels to provide the much-needed infrastructure for our citizens,” he stated.
Mr Orji further disclosed plans to broaden the initiative’s industry-wide reports to include dedicated sections on divestments, forward sales of oil and gas assets, and environmental remediation.
This move, he noted, is aimed at strengthening transparency and accountability in the extractive sector.
He stated that while the agency’s current Beneficial Ownership data is up-to-date as of 2023, more work is needed to deepen engagements and public disclosures on companies acquiring divested assets.
Mr Orji highlighted challenges such as institutional constraints, funding limitations, and resistance to change.
He called for collective efforts from the media, civil society, and stakeholders to ensure that Nigeria’s oil, gas, and mining revenues are managed prudently for the benefit of all citizens.
“Transparency is not just a policy; it is a responsibility. NEITI remains steadfast in ensuring that Nigeria’s extractive revenues are accounted for and utilized effectively,” he added.
Economy
Nigeria Rakes N7.68trn Exporting Gas Products in 2024

By Adedapo Adesanya
Nigeria earned N7.68 trillion from the export of natural gas, liquefied petroleum gas and other gas products in 2024.
This showed an increase of 105.1 per cent from the N3.746 trillion earned from the sale of the commodities in 2023, data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2024 noted.
It was revealed that gas export earnings accounted for 9.92 per cent of total exports recorded in the year under review versus the 10.42 per cent posted a year earlier.
Giving a breakdown of gas exports in 2024, the NBS reported that in the first quarter, the country recorded N1.437 trillion, N2.881 trillion was earned in the second quarter, while in the third and fourth quarter of 2024 stood at N35.845 billion and N3.329 trillion, respectively.
In comparison, the NBS stated that the country earned N668.119 billion, N711.1 billion, N1.109 trillion and N1.257 trillion from gas exports in the first, second, third and fourth quarter of 2023, respectively.
The NBS noted that the during the period under review, the country earned N1.943 trillion from natural gas exports, followed by other petroleum gases with N1.117 trillion, while Liquefied Petroleum Gas (LPG) trailed with N269.074 billion.
The agency disclosed that Nigeria exported Liquefied Petroleum Gas valued at N112.71 billion and Natural gas worth N83.655 billion to the Netherlands in the fourth quarter of 2024; while natural gas valued at N135.21 billion was exported to France.
It added that Spain purchased N345.118 billion worth of natural gas from Nigeria and N131.289 billion worth of other petroleum gas, while India purchased other petroleum gas and natural gas valued at N337.085 billion and N209.159 billion, respectively.
In Africa, the NBS noted that Nigeria sold N10.81 billion worth of Liquefied Petroleum Gas to the Ivory Coast in the fourth quarter of 2024.
Based on the entire data, the stats office disclosed that total foreign trade stood at N138.033 trillion in 2024; rising by 106.6 per cent, compared with N66.825 trillion in 2023.
It added that total exports stood at N77.442 trillion in 2024, rising by 115.3 per cent compared with N35.962 trillion in 2023; while total imports stood at N60.59 trillion in 2024, rising by 96.3 per cent from N30.863 trillion recorded in 2023.
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