Economy
Ways to Achieve Energy Security in Nigeria—Saraki
By Dipo Olowookere
Senate President, Mr Bukola Saraki, has listed steps needed to be taken to achieve energy security in the country, which will eventually lead to safe environment and uplift the social economic wellbeing of the people.
Mr Saraki, while speaking on Friday at a one day workshop on the State of Energy Security in Nigeria, organized by the Konrad Adenauer Stiftung (KAS) climate policy and energy security programme for sub-Saharan Africa in Lagos, said Nigeria must look inwards to provide the required capital to invest in energy infrastructure by reforming the administration of current major source of revenue, improving other revenue generating sectors and instituting an economic diversification framework that could initiate a stepwise transition to a green economic development pathway.
The Senate President, represented by his Chief of Staff, Mr Hakeem Baba Ahmed, noted that it was key for the country to deepen strategic partnerships with countries that have more experience and resources to build capacity for policy coherence and technology transfer in order to generate made in Nigeria energy access innovations to grow the Naira.
While further giving the recommendations in his speech, Mr Saraki said the 8th National Assembly firmly believes that the supply of adequate and affordable energy mix was essential and should be a complimentary means to achieve energy security.
He said, “Nigeria must deepen strategic partnerships with countries that have more experience and resources to build our capacity for policy coherence and technology transfer to generate made in Nigeria energy access innovations to grow the Naira.
“The 8th National Assembly and the Senate under my leadership believes that the supply of adequate and affordable energy mix is essential in the 21st century, and there cannot be any pretense about this.
“But it should be a complimentary means to achieve energy security because energy security can only be achieved through adequate investments that are coherent and consistent.
“Looking inwards to provide the required capital to invest in energy infrastructure means reforming the administration of our current major source of revenue, improving other revenue generating sectors, and instituting an economic diversification framework that could initiate a stepwise transition to a green economic development pathway. I believe that this is the best way to go if we truly want to achieve sustainable energy security in Nigeria.”
He further stated that since revenue derived from oil is highly volatile, fixing gaps leading to revenue leakages in the petroleum industry need to be addressed before implementing any policy for energy sufficiency and sustainability.
He said that the passage of the Petroleum Industry Governance Bill (PIGB) by the 8th Senate is meant to reform the oil industry and make it more revenue efficient and investment friendly.
“Nigeria’s mono-economic revenue profile derived from oil is highly volatile as it depends on global oil price shocks thereby affecting government budgetary framework and by extension, the entire economy,” Saraki said. “Therefore, fixing the lacuna in the oil and gas sector have to be tackled first before implementing any policy frameworks and reforms that can give a robust energy base for the nation.
“As a result, last week Thursday, the 8th Senate made history by breaking a 17 years jinx by passing the first part of the Petroleum Industry Governance Bill for the reform of the petroleum industry.
“The bill established a framework for the creation of commercially oriented and profit-driven petroleum entities that fosters a conducive business environment for the petroleum industry operations that ensures value addition, promote transparency and accountability in the administration of petroleum resources of Nigeria.
“The bill applies to the rights, interests, obligations and liabilities of the petroleum industry in Nigeria and establishes a regulatory commission, the Ministry of Petroleum Incorporated, the National Petroleum Company, the Nigeria Asset Management Company and a Fund which shall defray expenditures of the commission,” he said.
The Senate President stated that if a village of less than 10000 inhabitants in Feldheim can cooperate to achieve 100 per cent renewable energy supply, states in Nigeria can replicate the feet by partnering with the private sector.
He said that his vision is for the country to liberalize the energy situation in such a way that all segments of the populace can have uninterrupted access to power to support and uplift their social, economic and educational wellbeing.
He said further that, “In March this year, I visited the 100% Renewable energy village of Feldheim near Berlin and was impressed by the fact that a small village of less than 1000 people was able to form an energy cooperative that generate energy from renewable sources such that surpluses are sold to the national grid. That experience was an eye-opener for my delegation that if a small village in Germany can develop such an energy model, why can’t one state in Nigeria do it in partnership with the private sector?
“The 8th National Assembly is working hard to pass the necessary laws to achieve energy security and we will continue to do this with effective support from partners like everyone in this room.
“We acknowledge that in order to fundamentally create a robust and secure energy base, strategic and deliberate government policy both short and long terms that will guarantee the present and future energy needs is necessary.
“Together we can help liberalize the energy situation in Nigeria in such a way that the rural woman can cook with a clean cookstove and fuel; the school pupil can wake up at night and have light to do his/her home-work; the farmer can power coolers to preserve his/her milk and prevent post-harvest losses; the barber and hair-dresser can make more money with regular energy access; the industrialist will no longer want to close shop and move to Ghana,” he said.
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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