General
Shettima Sells Nigeria’s $200bn Energy Transition Opportunity to Investors
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.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has approached the court against the Independent National Electoral Commission (INEC) over an alleged N800 billion campaign fund diversion.
The organisation is seeking to compel the electoral body to investigate allegations that about N800 million from the Federation Account Allocation Committee (FAAC) allocations was diverted by governors elected on the platform of the All Progressives Congress (APC) to finance political and campaign activities.
The suit, marked FHC/ABJ/CS/1426/2026, was filed at the Federal High Court in Abuja last week, but no date has been fixed for the hearing of the suit.
SERAP is asking the court to issue an order of mandamus directing INEC to investigate the claims that the governors channelled public funds into a dedicated campaign account allegedly meant to support President Bola Tinubu’s 2027 re-election bid.
The organisation is also requesting an order compelling INEC to demand full disclosure from the governors and the APC on any contributions made to such a campaign fund, including the identities of donors and the lawful sources of the funds.
In addition, SERAP wants the electoral commission to commence a comprehensive review of compliance with Section 91 of the Electoral Act by political parties and candidates, particularly regarding campaign financing and the sources of political donations.
According to SERAP, the allegations raise fundamental concerns about transparency in political financing, electoral fairness and the constitutional rights of Nigerians to participate freely in democratic governance.
The organisation argued that opaque campaign financing remains a major avenue for corruption and weakens public confidence in democratic institutions.
It maintained that the alleged misuse of public funds for political purposes threatens the credibility of the 2027 general election and undermines public trust in the electoral process.
In the suit filed by its lawyers, Mr Kolawole Oluwadare and Ms Kehinde Oyewumi, SERAP argued that the reported diversion of public resources for campaign activities warrants immediate action by INEC under its constitutional and statutory responsibilities.
The group stated: “The abuse of state resources for electoral advantage undermines democratic integrity and public trust. Fairness, transparency, and accountability in political or campaign finance are essential safeguards against corruption, state capture, and undue influence in democratic processes.”
SERAP further argued: “The allegations of diversion or opaque use of public funds pose a grave risk to the integrity of the 2027 general elections.”
The organisation said large-scale public financial allocations, combined with weak oversight and limited transparency, provide sufficient grounds for INEC to activate its investigative powers.
Referring to Section 91 of the Electoral Act, SERAP noted that the law empowers INEC to regulate political donations, enforce contribution limits, demand disclosure of funding sources and impose sanctions where violations occur.
The organisation explained that political parties found to have exceeded donation limits risk fines of up to ₦10 million and forfeiture of excess funds, while individuals who exceed prescribed limits are liable to penalties amounting to five times the excess contribution.
SERAP also contended that campaign financing derived from public resources distorts electoral competition and violates constitutional principles guaranteeing free, fair and transparent elections.
According to SERAP, INEC has a constitutional duty to ensure compliance with campaign finance regulations and to investigate allegations that could compromise the integrity of the electoral process.
By Adedapo Adesanya
The Independent National Electoral Commission (INEC) has shifted the deadline for political parties to submit the names and credentials of candidates seeking to contest the 2027 presidential and National Assembly elections.
The electoral body announced that parties now have until midnight on Tuesday, July 14, to complete the process, extending the earlier deadline of Saturday, July 11.
Under INEC’s timetable for the 2027 general election, political parties were expected to upload the names and personal particulars of their presidential, Senate and House of Representatives candidates before the initial cut-off date.
Explaining the decision, INEC said the extension followed appeals from political parties that had encountered difficulties meeting the deadline.
In a statement issued on Sunday, the National Commissioner and Chairman of the Information and Voter Education Committee, Mr Mohammed Haruna, said the request was formally conveyed through the Inter-Party Advisory Council (IPAC).
According to him, IPAC sought additional time on behalf of parties that were yet to complete the submission of their candidates’ details through the commission’s portal.
“The decision to extend was based on an appeal by the Inter-Party Advisory Council, on behalf of political parties who were unable to upload the names and personal particulars of their candidates within the scheduled timeline,” Mr Haruna stated.
INEC noted that the extension is intended to give all eligible parties a fair opportunity to comply with the requirements of the electoral process while remaining within the framework of the law.
The commission also urged political parties to utilise the extra period to finalise and upload all required information ahead of the revised deadline.
“The commission enjoins political parties to take advantage of this window of opportunity and ensure that all necessary details are uploaded before the expiration of the new deadline,” the statement added.
By Dipo Olowookere
Nigeria’s Vice President, Mr Kashim Shettima, will run as the vice-presidential candidate of the All Progressives Congress (APC) in the 2027 presidential election.
President Bola Tinubu retained Mr Shettima as his running mate for re-election next year, according to the National Chairman of the APC, Mr Nentawe Yilwatda.
In a post on Friday on X, the ruling party chairman described this as “another significant milestone in the journey of our great party.”
He also said it reaffirms the party’s collective resolve to sustain the Renewed Hope Agenda and deepen the progress already being recorded across the country.
It was gathered that Mr Tinubu submitted his presidential nomination forms today through his Special Adviser on Political and Other Matters, Mr Ibrahim Masari.
The submission was done ceremony at the Continental Hotel, Abuja, attended by several party chieftains, including The event brought together an impressive array of leaders of our great party, including the Chairman of the Progressive Governors’ Forum and Governor of Imo State, Mr Hope Uzodimma; Governor Mai Mala Buni of Yobe State, Governor Nasir Idris of Kebbi State, Governor Abba Kabir Yusuf of Kano State, Governor Uba Sani of Kaduna State, Governor Babagana Umara Zulum of Borno State, Governor Ahmadu Umaru Fintiri of Adamawa State, as well as other governors, party executives and critical stakeholders from across the federation.
“The All Progressives Congress remains focused on strengthening its grassroots support, consolidating the achievements of the Renewed Hope Agenda and working together to build a more prosperous, secure and inclusive Nigeria for all,” the party leader stated.
