Business
Chinese Investing $1bn into Nigeria’s sugar Industry
In the agreement, SINOMACH is set to start by constructing a sugar production plant and sugarcane plantation with an annual production capacity of 100,000 metric tonnes, while the NSDC will facilitate and assist in obtaining the necessary authorisations, approvals and permissions to undertake the project.
SINOMACH, a Chinese conglomerate, is investing $1 billion in Nigeria’s sugar Industry.
The memorandum of understanding for the development of a sugarcane cultivation and processing plant capable of producing one million metric tonnes of sugar has been signed by the investor and the National Sugar Development Council (NSDC).
In the agreement, SINOMACH is set to start by constructing a sugar production plant and sugarcane plantation with an annual production capacity of 100,000 metric tonnes, while the NSDC will facilitate and assist in obtaining the necessary authorisations, approvals and permissions to undertake the project.
While SINOMACH is expected to contribute its vast expertise, resources, and experience in the execution of the project on an engineering, procurement, and construction (EPC) basis, the biggest advantage of the arrangement is that the Chinese conglomerate would also be financing it.
Speaking at the signing ceremony in Abuja, the Executive Secretary/CEO of NSDC, Kamar Bakrin, said that 2025 represents a pivotal year for accelerated development in Nigeria.
Bakrin said: “It is a critical period during which we expect to make significant strides in our national journey towards economic self-sufficiency and food security, especially given the fiscal pressure that Nigeria faces.“
A robust sugar industry will deliver several benefits to Nigeria. These include the creation of thousands of sustainable jobs across the value chain. Sugar, by its very nature, leads to extensive rural infrastructure development.
For Nigeria, it will also result in substantial foreign exchange savings, as it will substitute imports, which currently account for the bulk of the country’s sugar consumption.
We envision a sugar sector, when fully developed, that will serve as a blueprint for Nigeria’s broader industrialisation strategy. And, of course, China, being the world’s leader in industrialisation, can easily relate to this.
“We believe that the sugar industry can serve as a model in this regard, as it allows us to adopt a creative and transformative approach to achieving scale and speed – critical elements for Nigeria’s development.
Specific elements that we believe, if successfully implemented in the sugar sector, can be replicated in other areas of Nigeria’s industrialisation include a strategic approach to sector development, the establishment of enabling policy frameworks, effective aggregation of critical production inputs, acquisition of technical skills and competencies and innovative financing solutions.”
He said that the signing marked the beginning of what could evolve into a long-term relationship capable of delivering as much as one million metric tonnes of locally produced sugar, thereby strengthening the country’s domestic production capacity and reducing import dependence.
“It is indeed a unique model, as it combines both EPC and development financing—an essential requirement for agro-industrial development in the country,” Bakrin said.
The Vice President of SINOMACH, Li Xiao Yu, acknowledged that as Africa’s largest economy, the country’s vigorous implementation of the NSMP to achieve self-sufficiency in sugar production is laudable.
“We deeply admire this vision – it is not only an industrial policy but also a sweet revolution tied to food sovereignty and economic dignity.
We firmly believe that, through joint efforts, the success of the plantation and sugar mill project will enhance Nigeria’s sugar self-sufficiency, spur economic development in surrounding areas, create substantial employment, modernise the agricultural value chain, and generate long-term and sustainable social benefits.
“We view our partnership with NSDC not merely as a commercial endeavour, but as a concrete step toward implementing the shared vision of our two Heads of State to enhance agricultural cooperation and promote common development,” he said.
Business
CBN introduces money market instrument NOFR
The introduction of NOFR positions Nigeria alongside global benchmarks such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan, while also complementing Africa’s JIBAR benchmark in South Africa.
The Central Bank of Nigeria, in collaboration with the Financial Markets Dealers Association on Friday announced the introduction of the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market.
The disclosure was contained in a press statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the statement, the introduction of NOFR positions Nigeria alongside global benchmarks such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan, while also complementing Africa’s JIBAR benchmark in South Africa.
The apex bank explained that the new rate aligns Nigeria with global standards for short-term interest rate benchmarks and is expected to improve pricing efficiency in the money market
“NOFR was developed to align Nigeria with global best practices in short-term interest rate benchmarks.
It is expected to improve price discovery and transparency while promoting consistent pricing of money market instruments,” it added.
Business
FCCPC says didn’t ban MTN, Glo, Airtel data loans
The Commission introduced the DEON Consumer Lending Regulations in July 2025, aimed at curbing “the excesses of abusive service providers whose practices had generated persistent consumer harm and undermined confidence in the market.”
The Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it didn’t banned MTN, Glo, Airtel including Vitel Wireless from offering airtime borrowing and data advance services in Nigeria.
The Commission made the clarification in a statement on Friday, dismissing what it called a wave of misinformation, stating unequivocally that “those claims are incorrect,” stressing that “the Commission has not prohibited airtime borrowing or data advance services, and no directive was issued preventing consumers from accessing lawful telecom value-added services.”
The clarification comes amid growing public concern over alleged service disruptions and rising complaints in the telecom sector.
The FCCPC explained that its intervention in the space followed numerous consumer complaints involving opaque charges, unexplained deductions, aggressive recovery practices, poor disclosure standards, and inadequate accountability within segments of the digital lending and advance-services market.
To address these issues, the Commission introduced the DEON Consumer Lending Regulations in July 2025, aimed at curbing “the excesses of abusive service providers whose practices had generated persistent consumer harm and undermined confidence in the market.”
Business
MTN Suspends Xtratime , data credit
Xtratime allows subscribers to borrow airtime or data and repay on their next recharge, a service widely used by millions of Nigerians, particularly during periods of financial constraints.
MTN Nigeria has announced the temporary suspension of its airtime and data credit service, Xtratime, in compliance with new regulatory requirements governing digital lending in the country.
The company disclosed this in a corporate notice filed with the Nigerian Exchange Group, NGX, on Thursday.
Xtratime allows subscribers to borrow airtime or data and repay on their next recharge, a service widely used by millions of Nigerians, particularly during periods of financial constraints.
In the notice signed by the Company Secretary, Uto Ukpanah, MTN said the suspension is necessary to align with the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025.
Despite the suspension, MTN assured subscribers that alternative channels for purchasing airtime and data remain available, including banking applications and USSD platforms.
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