Economy
Stakeholders Bullish on Nigeria’s Energy Investment Prospects
By Adedapo Adesanya
The 2023 edition of the African Energy Week (AEW) conference and exhibition concluded in Cape Town, South Africa, on Thursday and for Nigeria, the conference provided a platform for top industry executives to promote energy investment prospects in Africa’s largest economy.
During the Invest in Nigeria Energies spotlight, moderated by Mr Mansur Mohammed, Head of West Africa Upstream Content, sub-Saharan Africa Oil and Gas, Wood Mackenzie, stakeholders from top companies examined the need to develop, exploit, and monetise Nigeria’s 37 billion barrels of crude and 200 trillion cubic feet of natural gas resources to ensure energy security and socioeconomic development.
Commenting on why Nigeria is an appealing energy investment destination, Mr Anim Osadebe John, Managing Director of Platform Petroleum Limited, said, “Nigeria has a lot of proven natural resources which remain untapped despite the country exploiting these resources for the past six decades. We have a growing population which makes the country a huge market to invest in.”
He added that Nigeria’s access to free markets such as Ghana, the Ivory Coast, and other international markets guarantees investors heavy profits.
Speaking on best practices to maximize existing opportunities while creating new ones, Mr Anthony Ellis, Commercial Director, Century Group said there is a need to develop new infrastructure and modernize existing assets.
Mr Ellis highlighted the importance of collaboration across the entire value chain. He said, “Capacity building needs to be prioritized by both the government and investors coming into the country.”
On her part, Mrs Ama Ikuru, General Manager, Capacity Building Division, Nigerian Content Development and Monitoring Board (NCDMB) noted that by boosting focus on local content development, Nigeria is unlocking avenues for best energy products and services and for new investments to flock in.
For Mr Bayo Adebiyi, Managing Director at Levene Energy Group, for Nigeria to attract new investments, players need to invest in the development of the country’s entire resources including oil, gas, and solar energy mix diversification.
“That is why we are investing in gas, energy decarbonization and across the midstream sector to ensure energy is delivered to consumers and that investors secure return on capital,” he said.
The panel also explored the impact of policies such as the Petroleum Industry Act (PIA) 2021 in creating investment opportunities.
Mr Adebiyi stated that the policy needs to be leveraged to create separate regulators for the downstream and midstream sector when speaking on additional changes that the Nigerian government need to apply to the PIA to enhance the law’s effectiveness in driving energy investments.
Mr Ope Osinubi, Senior Associate at Clifford Chance, said the PIA is a step in the right direction, adding that the policy has “given clarity to aspiring investors and guaranteeing stability for existing players. Great start, but more needs to be done.”
Mr Richard Kennedy, Chairman and Managing Director, Chevron Nigeria Limited, noted that Nigeria has a lot of potential with deepwater resources yet to be exploited.
“For oil and gas investments to grow and Nigeria to achieve market growth aspirations, deepwater discoveries will play a crucial role. There are a lot of discoveries, we just need the fiscal terms to be improved to unlock the potential,” he said.
By Aduragbemi Omiyale
Shareholders of Guinness Nigeria Plc will share about N4.38 billion as an interim dividend for the first quarter of 2026, the board has disclosed.
This cash reward amounts to N2.00 per share, as the company has shares outstanding of 2,190,382,819 on the floor of the Nigerian Exchange (NGX) Limited.
The brewer stated that the interim dividend would be paid to investors whose names appear on the register of members as of the close of business on April 20, 2026.
The dividend payout is being proposed following the sustained profitability reflected in the unaudited financial results of the company in the first three months of this year and its “strong performance in FY 2025.”
It would be “paid from distributable profits in accordance with Sections 426–428 of the Companies and Allied Matters Act (CAMA) 2020.”
Analysis of the performance of the brewery giant between January and March 2026 showed that revenue grew by 4 per cent on a year-on-year basis to N122.77 billion from N118.34 billion in the same period of last year, while the gross profit contracted to N43.48 billion from N44.52 billion due to prevailing cost pressures within the operating environment.
The company’s operating profit also shrank to N17.18 billion from N18.00 billion in the first quarter of 2025 due to elevated marketing & distribution costs and administrative expenses.
However, the reduction in net finance costs to N1.43 billion from N7.72 billion in Q1 of 2025 helped the organisation to grow its post-tax profit to N10.39 billion in the period under review versus the N7.03 billion recorded in the corresponding period of last year.
By Aduragbemi Omiyale
The chairman of the Nigerian Exchange (NGX) Group Plc, Mr Umaru Kwairanga, says enabling entrepreneurship requires more than access to funding.
He said this at a workshop held in Kano under the theme Unlocking Growth – Harnessing the Capital Market for SME Growth.
The event was organisation by the NGX in partnership with the Bank of Industry (BoI) as part of their financing advocacy.
Mr Kwairanga noted that the right institutional structures and market platforms are critical to unlocking sustainable growth.
“Kano provides a fitting backdrop for this engagement, not only as a historic commercial hub but as a gateway to significant untapped potential. The priority is to connect that potential to capital and the frameworks required for long-term growth,” he stated.
The programme was put together to integrate small and medium-sized enterprises (SMEs) into Nigeria’s formal capital market.
The Kano workshop follows the inaugural edition held in Lagos last year, signalling a more structured push by both institutions to bridge the gap between Nigeria’s SME ecosystem and long-term capital.
Participants were equipped with insights on financing pathways, governance structures, and long-term growth strategies within the capital market.
On his part, the chief executive of NGX Limited, Mr Jude Chiemeka, emphasised the central role of SMEs in strengthening market depth and resilience, noting that recent market performance continues to reflect investor confidence despite macroeconomic pressures.
“Through initiatives like this, we are demystifying the capital market and demonstrating that with the right structure and governance, SMEs can access capital to scale sustainably,” he said.
An Executive Director for MSME at BOI, Mr Oluwatoyin Ahmed Edu, said the bank remains focused on bridging financing gaps for businesses that may not yet meet listing requirements.
“Where viable enterprises require capacity building before accessing the market, BOI is positioned to provide the necessary support to prepare them for that transition,” he noted.
Delivering remarks on behalf of the Emir of Kano, Mr Shehu Muhammed Dankade highlighted the region’s strong entrepreneurial base, particularly the growing participation of women-led businesses, describing it as a signal of resilience and economic potential.
The workshop featured detailed presentations from NGX on listing requirements, corporate governance, and the use of the NGX Growth Board as a platform for raising long-term capital.
It also created space for direct engagement with SME operators across Northern Nigeria, offering insights into their challenges, growth ambitions, and readiness to access structured financing.
The initiative aligns with NGX Group’s broader strategy to position SMEs as a critical engine of economic growth, while strengthening the institutional pathways that enable businesses to transition from informal operations to investment-ready enterprises.
By Adedapo Adesanya
Nigeria’s inflation rate increased in March 2026 to 15.38 per cent from 15.1o per cent in February, data from the National Bureau of Statistics showed on Wednesday.
The Consumer Price Index (CPI) increased to 135.4 in March 2026, higher than the 130.0 in the preceding month by 5.4 points. The spike was likely stoked by the US-Israeli war on Iran, that’s pushed up the cost of fuel and has had a ripple effect in other areas.
At 15.38 per cent, the inflation numbers beat expectations of analysts at Meristem Research, which projected that the inflation rate in Nigeria for the month should come in at 13.59 per cent, after the price of crude oil on the global market soared as a result of the war in Iran, with prices of items growing in Nigeria.
The March 2026 headline inflation rate showed an increase of 0.32 per cent compared to the February 2026 headline inflation rate. However, on a month-on-month basis, the headline inflation rate in March 2026 was 4.18 per cent, which was 2.17 per cent higher than the rate recorded in February 2026 at 2.01 per cent.
This means that last month, the rate of increase in the average price level was higher than the rate of increase in the average price level a month earlier.
Food inflation rate in the review month stood at 14.31 per cent on a year-on-year basis versus 25.22 per cent in the same month of last year. However, on a month-on-month basis, the food inflation rate in March 2026 was 4.17 per cent, which is 0.52 per cent lower than the 4.69 per cent achieved in February 2026.
According to the stats office, “This can be attributed to the rate of change in the average prices of the following products: Yam, Ginger (Fresh), Cassava Tuber, Groundnuts (Shelled), Irish Potatoes, Avenger (Ogbono/Apon) – Dried Ungrinded, Tomatoes (fresh), Cassava Flour sold loose, etc.”
The average annual rate of food inflation for the twelve months ending March 2026 over the previous twelve-month average was 18.21 per cent, which was 17.81 per cent lower than the average annual rate of change recorded in March 2025 at 36.02 per cent.
On a year-on-year basis, in March 2026, the urban inflation rate was 14.64 per cent, and 3.16 per cent on a month-on-month basis, which is 0.61 per cent higher than the 2.55 per cent in February 2026.
As for the rural inflation rate, it was 17.22 per cent in the month under consideration and on a month-on-month basis, it stood at 6.73 per cent versus 0.71 per cent a month earlier.
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