General
Nigeria Must Optimally Benefit from AfCFTA—Ecobank
Nigeria has been charged to lead and positions itself to get optimum benefits from the implementation of the African Continental Free Trade Agreement (AfCFTA).
This was the view of Ecobank, which said Nigeria undoubtedly has the largest and most vigorous economy in Africa and therefore must position itself to lead in the continent with a population of about 1.2 billion people that is projected to double by 2050, making it one of the largest free trade area the world.
Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, who spoke at the 25th Nigerian Economic Summit in Abuja, highlighted the need for Nigeria to take the lead on the implementation of the AfCFTA agreement.
Mr Akinwuntan, who was at the panel session titled AfCFTA: Capitalizing on Opportunity, said there was the urgent need to fix certain infrastructures within the Nigerian economy to allow for a competitive operation and to bring about ease of trade.
He noted that infrastructures that will aid timeliness in carrying out business activities, such as fixing of the present transportation system, fixing of the current electricity issues and ease of import and export activities within our ports and borders need urgent attention.
His Actual Words
“One of the clear lessons to note for us to compete effectively, and to excel in the advantages that the AfCFTA agreement offers, is that we have to act at global standards and project Africa as one market. Nigeria has the largest economy in Africa, and as such we need to step up, by fixing all the hindrances to the AfCFTA agreement within our economy,” the bank chief said.
He further said some smaller countries are already positioning themselves for the opportunities that abound in the free trade agreement, and so Nigeria must be ready.
For the financial institutions, he noted that there was the need for an effective African payments system, as this will greatly impact the agreement.
“At Ecobank we have a pan-African payment system that works across 33 African countries and this will help in creating seamless trade transactions once the AfCFTA agreement is implemented.
“The Ecobank app is a unified app that caters to Africa’s diversity in language and currencies, this will further contribute to the advantages of the AfCFTA agreement,” Mr Akinwuntan stated.
What Another Panelist Said at the Event
Also speaking on the panel session was is Assistant Chief Trade Negotiator, AfCFTA/ECOWAS, from the Nigerian Office for Trade Negotiations (NOTN), Demitta Gyang Chinwude, who emphasized the need for everyone to understand the laws of the AfCFTA.
According to her, “the first things businesses need to know are the laws guiding the AfCFTA agreement, they need to know their rights and equip themselves adequately to operate within these laws. All businesses, must have an AfCFTA desk officer, who will act as a liaison officer and is equipped with the right information for your business.”
Ms Chinwude said the Nigerian Office for Trade Negotiations (NOTN,) is taking the lead by breaking down the laws of the AfCFTA into leaflets that will be easy to understand.
This Year’s NESG
The Nigerian Economic Summit Group (NESG), a public-private dialogue in Nigeria. This year’s summit which held on the 7th and 8th of October 2019 at the Transcorp Hilton Hotel in Abuja, had Ecobank as a major partner and the summit focused on three key pillars – economic growth, competitiveness, and inclusive development.
Since its inception, NESG has promoted its activities around six fundamental principles of the economy. It includes a commitment to a Free Market Economy, encouragement of Private Sector Investments, Creation of an Enabling Environment, Good Governance in the National Interest, Rule-Based Economy and the Establishment of Economic Foundation for Democracy.
Ecobank is a pan-African banking conglomerate, with banking operations in 36 African countries.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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