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Shettima Sells Nigeria’s $200bn Energy Transition Opportunity to Investors

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By Adedapo Adesanya

The Vice President, Mr Kashim Shettima, has showcased Nigeria’s $200 billion energy transition opportunity to investors, emphasizing the need for partnerships to maximize the multi-faceted, multi-billion investment opportunities across the country.

Mr Shettima highlighted Nigeria’s sovereign rating by platforms like Fitch and Moody’s implies the country is positioned as the natural hub for the African Continental Free Trade Area (AfCFTA) $3.4 trillion market.

He seized the moment to draw the attention of investors worldwide to the multi-billion, multi-faceted economic resets across Nigeria, as embodied by President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Mr Shettima stated this at the Roundtable hosted by the Business Council for International Understanding (BCIU) with the theme Risk, Reform, Return, held on the margins of the 80th Session of the United Nations General Assembly (UNGA) in New York City.

The VP, representing President Bola Tinubu at UNGA80, highlighted that in this interconnected age, the wealth of any nation is neither achieved through miracles nor inherited.

Showcasing the wealth of the nation, he began by saying that Nigeria is West Africa’s largest economy and Africa’s largest consumer market, with 236 million people today, projected to reach 320 million by 2040.

Beyond being a demographic giant, Mr Shettima pointed out that with a median age of about 17, more than 58 percent of whom are under 30, Nigeria is home to one of the deepest talent pools in the world.

“When you add to this our geographic position as a natural hub for trade between Africa, the Americas, and Asia; our 44 distinct natural resources; our five tech unicorns; the largest oil reserves in Africa; and 210 trillion cubic feet of proven gas reserves, you see that Naija no dey carry last,” he added.

The Vice President told the global audience that since mid-2023, under President Bola Ahmed Tinubu’s Renewed Hope Agenda, Nigeria has embarked on one of the boldest economic resets in its history.

He cited the unification of Nigeria’s exchange rates, the removal of decades-old fuel subsidies that distorted the Nigerian economy, the modernization of Nigeria’s tax and customs regimes, strengthened fiscal oversight, and the overhaul of Nigeria’s trade and investment policies as shining examples of the Renewed Hope reforms.

“This reset includes full implementation of the AfCFTA, the roll-out of a National Single Window for trade, a new Investment and Securities Act, an upgraded PPP framework, and modernized bilateral investment treaties. The results are already visible. Our GDP growth is accelerating, our external reserves are strengthening, and inflation is moderating. This is why investor commitments are also rebounding,” he stated.

Stressing Nigeria’s vast economic transformation and potential, Shettima recalled that in April, Fitch upgraded Nigeria’s sovereign rating to B with a stable outlook, and Moody’s lifted its issuer rating to B3 with a stable outlook.

He highlighted that the two rating platforms cited Nigeria’s improved buffers and clearer policy direction as their barometer, adding that this positions Nigeria as the natural hub for the AfCFTA’s 3.4 trillion-Dollar market.

“We have also built a four-pillar incentives framework designed to reduce investor risk, accelerate cash returns, and make Nigeria one of the most competitive destinations for capital in the Global South. A simpler, predictable tax regime now offers clear capital allowances, research and development deductions, and export-linked rebates, while investors in priority sectors can achieve faster breakeven through five percent annual tax credits on qualifying capital expenditure.”

He also shared with the audience that in Nigeria’s Special Economic Zones, the federal government offers duty-free imports, rent concessions, rebates on non-oil export proceeds, and integrated logistics platforms that unlock working capital for exporters.

“Cross-border protections now include updated bilateral investment treaties, investor promotion and protection agreements, structured repatriation pathways, and streamlined FX access. These give investors confidence that their capital and profits are protected,” he said.

The Vice President added that the nation’s Special Agro-Industrial Zones are reducing post-harvest losses by up to forty percent and linking farmers directly to processing and export hubs, transforming Nigeria from a fragmented producer into a continent-scale food system serving millions across West Africa.

On energy, the Vice President disclosed that “With 210 trillion cubic feet of gas reserves and one of the highest solar irradiation levels in Africa, Nigeria offers a 200-billion-dollar energy transition opportunity.”

He stressed that fiscal incentives and VAT waivers are de-risking investment in both traditional and renewable power assets, from gas-fired independent power plants to off-grid solar and clean hydrogen pilots.

Mr Shettima noted that while Nigeria faces $1 billion annual gap in transport, ports, and power infrastructure, through InfraCorp and the Nigeria Sovereign Investment Authority, the government is blending sovereign and private finance to fund metro lines, dry ports, and industrial corridors, building the backbone of West African trade and creating long-term revenue streams for investors.

“Special Economic Zone clusters now host over five billion dollars in installed industrial capacity, with backward-integration incentives and AfCFTA corridors opening a multi-billion-dollar continental market. These reforms are transforming Nigeria into Africa’s production floor and innovation lab,” he said.

The Vice President maintained that Nigeria hosts forty-four commercially viable minerals worth over seven hundred billion Dollars under a new beneficiation and security regime.

He said investors can secure early positions in lithium, gold, bitumen, and rare earths critical to the global green transition.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Alleged Wiretapping: El-Rufai to File No-Case Submission as DSS Closes Case

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By Adedapo Adesanya

The Department of State Services (DSS) has closed its case against former Kaduna State Governor, Mr Nasir El-Rufai, in the ongoing alleged wiretapping trial before the Federal High Court in Abuja.

At the resumed sitting on Tuesday, prosecuting counsel, Mr Oluwole Aladedoye, informed the court that the prosecution would not be calling further witnesses in the matter, prompting the formal closure of the DSS case.

Following the development, defence counsel, Mr Paul Erokoro, told the court that the defence intends to file a no-case submission, arguing that the prosecution has failed to establish sufficient evidence against the former governor.

The defence subsequently sought two weeks to file the application, while the prosecution requested two weeks to respond.

The defence also applied for a variation of some of the bail conditions earlier granted to El-Rufai, describing them as stringent and difficult to meet.

They argued that the bail terms were too stringent, particularly the requirements for level 17 civil servants with properties in Maitama or Asokoro, as well as verification and attestation letters from the Kaduna state traditional council.

However, the prosecution opposed the request, insisting that qualified public officers who meet the conditions exist and urging the court to refuse the application.

Delivering the ruling, Justice Joyce Abdulmalik declined the request to vary the bail conditions, ruling that there are civil servants who own properties at the said location.

The court, however, adjourned to September 22 for the filing of the no-case submission and continuation of the trial.

In February, the federal government filed a three-count charge against the former governor of Kaduna State over an alleged interception of communications belonging to Nigeria’s National Security Adviser (NSA), Mr Nuhu Ribadu.

In a television interview, he confessed that he and other unnamed individuals listened to conversations from Mr Ribadu’s phone after it was tapped by a third party. While acknowledging that such interception is technically unlawful, he argued that illegal surveillance was not unusual.

However, the FG, through the secret police, filed charges against Mr El-Rufai at the Federal High Court in Abuja.

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LSWMO Seals Lekki Peninsula I-Fitness Gym Centre

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By Modupe Gbadeyanka

The I-Fitness Gym centre around Jakande Roundabout, Lekki Peninsula, Eti-Osa, Lagos, has been sealed by the Lagos State government.

The facility was closed on Tuesday, June 23, 2026, by officials of the Lagos State Wastewater Management Office (LSWMO).

The gym centre was accused of indiscriminately discharging raw sewage into public drains via a pipe, thereby causing public nuisance and environmental pollution as well as endangering human health.

Announcing the closure of the premises of the organisation, the Lagos Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, reiterated the need for the public to adhere strictly to proper wastewater management practices.

He emphasised that any individual or organisation found contravening environmental regulations will be meted out with appropriate sanctions and possible prosecution in accordance with the enabling laws.

The Commissioner has come under fire lately because of the poor waste management system in the metropolis, causing the state to look dirty.

A chief of the African Democratic Congress (ADC), Mr Gbadebo Rhodes-Vivour, called for his resignation over the issue.

In a related development, Mr Wahab has clarified that the state government has given members of the National Union of Road Transport Workers (NURTW) the authority to arrest environmental violators.

In a statement, he explained that contrary to the misinformation being circulated by some bloggers and commentators, the recent engagement between the Lagos State Government and transport unions across the State is not intended to replace the statutory responsibilities of the Lagos State Environmental Sanitation Corps (LAGESC). LAGESC, in collaboration with the Lagos State Environmental and Special Offences Task Force, remains the duly empowered environmental enforcement arm of the Lagos State Ministry of the Environment and Water Resources.

“As we are all aware, several environmental challenges persist within parks, garages, and the public transportation ecosystem, including illegal trading activities and the indiscriminate disposal of refuse on road medians and within transport facilities. The State Government’s engagement with transport unions is aimed at fostering collaboration, promoting shared responsibility, and ensuring improved cleanliness and proper waste management within their respective parks and garages.

“This partnership does not in any way diminish, transfer, or replace the enforcement responsibilities of LAGESC and the Task Force. Rather, it is a complementary initiative designed to strengthen environmental compliance, sanitation standards, and stakeholder participation in maintaining a cleaner environment across the State.

“We therefore wish to reassure all Lagosians that environmental cleanliness remains a top priority of the Lagos State Government. We will continue to engage relevant stakeholders and partners in our collective effort to build a cleaner, healthier, and more sustainable Lagos,” he stated.

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Nigeria’s Mobile Subscribers Grow 15.1 million Year-on-Year

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By Adedapo Adesanya

Active mobile subscriptions in Nigeria increased by 15.1 million or 8.7 per cent year-on-year to 188.0 million in April 2026 from 172.9 million in April 2025, according to the latest data from the Nigerian Communications Commission (NCC).

On a month-on-month (MoM) basis, subscriptions grew by 2.3 million or 1.2 per cent from 185.7 million in March 2026, reflecting continued momentum in subscriber acquisition across the telecommunications sector.

The sustained growth in mobile subscriptions is largely attributable to the easing of key regulatory and operational challenges that previously constrained industry expansion.

Notably, improved compliance with SIM registration and National Identification Number (NIN) linkage requirements has facilitated the reactivation of previously deactivated SIM cards, contributing significantly to the increase in active subscriptions.

Furthermore, enhanced customer onboarding processes and more efficient SIM reactivation procedures implemented by network operators have further supported subscriber growth.

MTN Nigeria maintained its market leadership position, recording a net subscriber addition of 632,209, bringing its total to 96.4 million in April 2026, up from 95.8 million in March.

Trailing was Airtel Nigeria, which delivered the strongest growth among the major operators, adding approximately 1.0 million subscribers, bringing its customer base to 64.7 million from 63.6 million in the preceding month.

Globacom also sustained its recovery momentum, with its subscriber base expanding by 538,704 to 23.2 million from 22.6 million. Meanwhile, 9mobile (T2) recorded modest growth, increasing its subscriber base to 3.54 million from 3.48 million.

There are expectations that subscriber growth will continue as more Nigerians seek favourable rates when it comes to data and voice, while higher smartphone penetration, ongoing investments in 4G and 5G network infrastructure, and expanding broadband coverage continue.

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