Economy
We Will Continue to Borrow Responsibly—Tinubu
By Adedapo Adesanya
President Bola Tinubu has said that Nigeria would continue to borrow responsibly amid rising concerns about the country’s swelling debt profile.
According to a statement by presidential spokesperson, Mr Bayo Onanuga, President Tinubu made the remarks on Tuesday while leading Nigeria’s government, diplomatic, and business delegation to the Africa Forward Summit at the Kenyatta Convention Centre in Nairobi.
Mr Tinubu noted that the debt to be repaid in the year is nearly half of the projected revenue, at about $11.6 billion.
“Every single dollar that leaves our treasury to pay punitive interest rates is a Dollar that did not go into our steel sector, our textile mills, our agro-processing plants, or our digital industries. It is a dollar that did not train a young Nigerian engineer or provide affordable power for our factories.
“Our industrial base is being starved of the blood it needs — long-term, affordable finance — while creditors and rating agencies treat African sovereigns as permanent high-risk borrowers, regardless of our fiscal performance.
“So, I ask this gathering: how can an African manufacturer compete with a competitor in Europe, Asia, or North America when the cost of borrowing in our nations is five to ten times higher? How can we build cross-border industrial value chains under the African Continental Free Trade Area when our infrastructure projects face a financing gap deepened by the very institutions meant to bridge it? The answer is plain: we cannot. The international financial architecture, as currently constituted, is an instrument of industrial disarmament for Africa.”
He emphasised that Nigeria is not asking for charity, adding that the country will have to borrow, albeit responsibly.
“We are demanding a financial system that intentionally enables Africa to industrialise — to process its own minerals, refine its own crude oil, manufacture its own pharmaceuticals, and compete fairly in global markets.
“We will continue to borrow responsibly, but we insist that our creditworthiness be measured by our economic fundamentals and our industrial potential, not by outdated stereotypes,” he noted.
He called for deeper economic integration across Africa, stressing the need for policies that prioritise the continent’s industrial growth and prosperity.
Mr Tinubu highlighted Nigeria’s blue economy potential as a key driver of Africa’s development, noting that it had long been underutilised due to insecurity and uncertainty.
“Today, I make an explicit commitment: Nigeria will intensify regional coordination by offering our Deep Blue Project’s maritime intelligence infrastructure as a shared data hub for willing Gulf of Guinea states. Interoperable systems, harmonised laws, and seamless joint enforcement must become the daily reality, not an aspiration on paper.
“Let no one misunderstand: maritime sovereignty does not repel investment — it attracts it. Secure sea lanes, predictable regulation, and functional courts are the preconditions that unlock private capital. Governance has de-risked Nigeria’s maritime proposition. We now invite partners to build on these gains as we advance climate-aligned port modernisation and the digital transformation of our maritime sector.
“As we endorse the Nairobi Declaration, Nigeria affirms that maritime sovereignty and ocean governance are the non-negotiable foundations of Africa’s Blue Economy transformation. We will continue to earn that sovereignty — through institutions, through assets, through law, and through iron-clad regional solidarity that turns our waters from a theatre of risk into a story of shared resilience.
“The oceans have no duplicate as a common heritage of mankind. For Africa, moving from sea blindness to ocean sovereignty is not a choice — it is a generational duty. Nigeria is ready, and we invite all present to join us in that duty,” the President stated.
By Adedapo Adesanya
The Federal Ministry of Petroleum Resources has conscripted the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Nigeria Police Force to address the hoarding and diversion of Liquefied Petroleum Gas (LPG), also known as cooking gas, to neighbouring countries.
A statement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday stated that the move followed the recent increase in LPG (cooking gas) prices and developed coordinated measures to improve supply, affordability, and market stability across the country.
Business Post reports that in recent weeks, prices of the fuel have gone as high as N2,400 per kg in some areas in Lagos and Ogun State, but have since dropped to around N1,900 and N2,000 in the last few days.
In a statement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday, the meeting also brought together other key government officials, regulators, producers, marketers, terminal operators, and industry associations to examine factors contributing to rising LPG prices and agree on practical interventions to strengthen the value chain.
Speaking at the engagement, the Permanent Secretary, Ministry of Petroleum Resources, Mrs Patience Oyekunle, described LPG as a critical energy source for households and an important component of Nigeria’s energy transition agenda.
She noted that rising LPG prices are putting additional pressure on household budgets and increasing the cost of essential goods, stressing the need for collective action to improve access to affordable cooking gas.
While speaking at the meeting, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, stated that President Bola Tinubu is concerned about the impact of rising LPG prices on Nigerians and has directed relevant agencies to take proactive steps to address the situation.
He emphasised that increased supply must be supported by efficient logistics, improved infrastructure, and transparent pricing mechanisms to ensure consumers benefit from interventions across the sector.
The chief executive of the NMDPRA, Mr Rabiu Umar, noted that high landing costs continue to influence cooking gas prices but expressed optimism that ongoing measures across the value chain would begin to ease market pressures in the coming weeks.
He added that the authority is working with producers and other stakeholders to increase domestic supply, strengthen market oversight, and support interventions that will improve availability.
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery imported a total of 38,000 barrels per day of petrol in May 2026 as the country returned actively to the importation of the fuel.
According to a report by Argus, gasoline (petrol) deliveries to Nigeria were a four-month high of 57,000 barrels a day in the review month.
This came after import permits were issued for the second quarter and market participants flagged maintenance works at independently-owned Dangote’s 700,000 barrels per day Lekki refinery.
The platform reported that petrol exports from Nigeria were 23,000 barrels per day, of which Dangote carried out 65 per cent of the product at 15,000 barrels per day.
This meant Nigeria returned to net gasoline importer status in the month, after net exporting 49,000 barrels per day in April and 6,000 barrels per day in March, citing Kpler data.
The sole destination of all Nigeria’s petrol imports in May came from Europe. A breakdown showed that Nigeria got 37 per cent (21,000 barrels per day) from Norway, Italy provided 16 per cent (9,000 barrels per day), and France covered 14 per cent (8,000 barrels per day).
Out of the 57,000 barrels per day of product brought into the country, Dangote Refinery bought 27,000 barrels per day while the state-owned NNPC brought in 11,000 per day.
Argus, citing Kpler, said the buyer or buyers of the remaining 19,000 barrels per day. These were likely independent marketers who were issued import licenses during the month.
This means Dangote remains the top petrol producer and importer in the country. The refinery owner brought in 29,000 barrels per day of the 67,000 barrels per day total petrol imports in January-May.
According to the Argus report, Nigerian petrol imports have been elevated so far in June, with license holders likely to exercise their allocations before expiry at month-end. AA Rano has landed 56,000 barrels per day, and NNPC has imported 121,000 barrels per day. The 177,000 barrels per day of petrol cargo arrivals in June to date are three times higher than in May and up from 140,000 barrels per day in June 2025.
By Adedapo Adesanya
The Director-General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, has called for stronger collaboration among African capital markets to enhance regional integration, promote cross-border investments, and drive economic growth across the continent.
Mr Agama made the call in Abuja on Monday during the signing of a Memorandum of Understanding (MoU) between Nigeria’s Securities and Exchange Commission and the Capital Markets Authority (CMA) of Rwanda.
The agreement is aimed at strengthening cooperation between the two regulatory bodies in areas including investor education, capital market development, information exchange on regulatory and market developments, capacity building, technical assistance, and cooperation on enforcement and supervisory matters.
According to the MoU, both parties recognise the importance of collaboration in fostering confidence, innovation, market development, and sound practices within their respective capital markets, while also supporting regional and international engagement.
Speaking at the signing ceremony, Mr Agama emphasised the need for African countries to deepen cooperation and invest in one another’s markets to build a more interconnected and prosperous continent.
“We are excited about this opportunity to help develop your capital market. We need to cooperate in Africa, invest in each other’s markets and grow our continent. In so doing, we will build collaboration so that, as Africans, we can have a common focus and create a strong interconnection. The time is now for us to look inwards,” he said.
The SEC Director-General commended Rwanda’s economic progress and acknowledged the country’s achievements in attracting investment and promoting commerce.
“We appreciate the strength of the Rwandan economy and the efforts made to rekindle the real value of the African race. On our part, we have a very strong capital market structure, and we want to see what role the capital market can play in advancing Africa’s development agenda,” Agama stated.
He described the capital market as the nerve centre of the economy, stressing the need for citizens to understand and utilise it as a tool for wealth creation and improved living standards.
“The capital market is an enabler of economic development, and we believe there is much Rwanda can learn from Nigeria’s experience to strengthen its market. We are willing to contribute to the success of other nations because our relationship and integration will help build both markets and improve the lives of our citizens,” he said.
Mr Agama further urged African governments to leverage long-term capital from the market to finance infrastructure projects, describing the capital market as a critical solution for mobilising sustainable development financing.
“We see the capital market as a solution provider for moving economies forward. We want to make Africa better and a destination of choice for investors. We are committed to working jointly with other regulators to achieve this objective,” he added.
In his remarks, Chief Executive Officer of the Capital Markets Authority of Rwanda, Mr Romeo Ngarambe, welcomed the partnership and expressed confidence that the collaboration would support the growth of Rwanda’s capital market.
“We are here to learn from Nigeria, which has a more advanced capital market. We are confident that the lessons and experiences shared will contribute significantly to the development of our market. Whatever knowledge you provide, we will make good use of it, and we look forward to a fruitful partnership,” Mr Ngarambe said.
The MoU is expected to strengthen regulatory cooperation between both countries and support broader efforts toward the integration and development of African capital markets.
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