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Nigeria, Brazil rejig strategic alliance to boost trade, clean energy, agric, others at business forum

Published

8 months ago

June 25, 2025

Charles Flames

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VP Shettima: We’re Undergoing Quiet But Bold Transformation Under President Tinubu

The Vice President, Senator Kashim Shettima, has said Nigeria is currently witnessing a silent but resolute transformation under the administration of President Bola Ahmed Tinubu.

This is coming just as Nigeria and the Federative Republic of Brazil have tweaked their strategic alliance to advance economic development in key sectors, including agriculture, food security infrastructure, clean energy, trade and industry, among others.

In a press release signed by Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications, (Office of The Vice President), Senator Shettima spoke on Wednesday during the Nigeria–Brazil Business Forum tagged, “Roots to Revenue: The Nigeria–Brazil Corridor”, on day three of the Nigeria–Brazil Strategic Dialogue Mechanism (SDM), in Abuja.

He said: “the renewed strategic alliance with Brazil is grounded in intent, and rich in the potential for mutual growth”.

According to him, Brazil’s journey, especially the strides in agriculture, energy, infrastructure and industrial development, speaks to ongoing transformation in Nigeria, and reflects “what is possible when technical capacity is matched with national determination.

“These are the same areas where Nigeria is making bold moves. Under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, Nigeria is undergoing a quiet but resolute transformation.

Markets are being opened. Institutions are being rebuilt. Policies are being refocused.

“And what drives these changes is a seriousness of purpose that goes beyond reform for reform’s sake. What we seek are partners who see our direction, who respect our ambition, and who are prepared to walk the path with us,” he stated.

Underscoring the need for the strategic alliance with Brazil, VP Shettima noted that Nigeria is embarking on a journey similar to that of the South American country, particularly in agriculture, as well as the transformation through sustained investment in research, modernisation and support for farmers.

His words: “Our Special Agro-Industrial Processing Zones are taking form. Our farmers are ready to operate at scale. But we know the difference between going alone and going far. Brazil can stand with us in this effort, not as a donor, but as a partner in innovation, in training and in investment.

“We are equally attentive to your leadership in clean energy. Nigeria’s energy transition is rooted in what we can control. We are harnessing our gas reserves to power our industries and transportation, while also advancing our renewable energy ambitions.

Brazil’s example provides guidance that is real and tested.

“We are eager to learn from your experience in building an energy economy that creates jobs, supports industries and expands access to rural communities.

Our teams are ready to engage on how to move from policy to practice, from ideas to infrastructure.

“The Nigerian Vice President further disclosed that Nigeria is encouraged by Brazil’s interest in skills development and human capital, saying it aligns perfectly with one of the most pressing national goals, which is to ensure that the youthful country is prepared for future demands.

“We welcome the opportunity for institutional partnerships that promote training, research and the exchange of knowledge in sectors where Brazil has built strength, and in areas where Nigeria is gaining ground,” he added.

Earlier, the Vice President of Brazil, H.E. Geraldo Alckmin, reaffirmed Brazil’s commitment to strengthening bilateral relations with Nigeria through long-term cooperation, shared innovation, and mutual economic growth.VP Alckmin described the moment as “one of the most promising” in the history of Nigeria-Brazil diplomatic and commercial relations.

“This is a necessary complement to deepen our relationship. We want this moment to correspond to the production of sustainable partnerships for our people,” he declared.

Highlighting the potential in key sectors such as agriculture, defence, innovation, and energy, Alckmin acknowledged that despite the strong historic and cultural ties, trade volumes between both countries are still much lower than the potential.

“Our trade is growing, but it can increase tremendously. Brazil is ready to work with Nigeria to build a commercially successful South-South corridor,” he stated.

He also spoke on the Green Imperative Initiative (GPI), a $1.1 billion programme to transfer Brazilian agricultural technology to Nigeria, as a model of transformative South-South cooperation.

“Brazil does not just export products, but solutions and ideas,” Alckmin said, adding that under President Lula’s administration, Brazil has simplified its tax regime and is exploring a direct flight route to Nigeria to ease business travel and trade.

On Nigeria’s side, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, called for a reset in the bilateral trade dynamic, lamenting the current $2 billion trade volume, down from $9 billion a decade ago.

“The Nigeria-Brazil corridor is not a nostalgic idea; it is realistic and achievable. Let us walk the talk and ensure our deliberations yield results,” she urged.

Dr Oduwole outlined Nigeria’s priority sectors for investment, including agro-industrial value chains, digital trade, the creative economy, and pharmaceuticals.

She also revealed efforts by the Nigerian government to streamline investor engagement through a digital portal tracking live project pipelines.

“We are serious about institutional delivery. Our agencies—NEPC, NIPC, PEBEC, NASENI—are working as one team,” she noted.

Also speaking, Director General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zarah Mustapha, emphasised state-level reforms as critical to unlocking sub-national investments.

At the same time, NIPC’s representative, Mrs Victoria Aigbedion, reiterated Nigeria’s commitment to creating a regulatory climate attractive to investors, especially in mining, infrastructure, creative industries, and logistics.

Members of the Brazilian business delegation who spoke at the forum expressed enthusiasm about Nigeria’s investment landscape and long-term investment possibilities.

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Cardoso warns excess cash, 2027 election threaten Nigeria’s economic gains

Cardoso expressed the concern during the National Economic Council (NEC) Conference 2026 at the Presidential Villa, themed: “Delivering Inclusive Growth and Sustainable National Development: The Renewed Hope National Development Plan,” Cardoso addressed the “Fiscal and Monetary Outlook 2026–2030: Priorities and Imperatives” panel.

Published

11 hours ago

February 10, 2026

OCHEFA

12 Views

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has warned that excess liquidity and the 2027 election cycle could threaten Nigeria’s hard-won economic stability, urging careful management to protect reforms that have strengthened the economy.

Cardoso said: “The cost of loose monetary policy accessibility, the cost of having to soak up all that liquidity was a problem.

Next slide and persistent inflation. Inflation has served the 34.6% dysfunctional FX market.

You all remember, there’s a huge backlog of over $7 billion and that the parallel market premium exceeded 16% loss of investor confidence.

Everybody took flights, nobody went to hold Naira, and it was a very desperate situation.h

Then, of course, there was direct intervention by the Central Bank, which reached an unprecedented level of 10.93 trillion Naira, which honestly was a huge problem.”

He noted that these interventions “provided short-term support, which many people would argue, but created long-term mandatory distortions, excess liquidity and increased cost of liquidity management.”

Cardoso outlined the three-pillar response that restored stability.

First, “a decisive monetary policy on V set NPR increased by a very aggressive 875 basis points to decisively tackle inflation. And of course, we move back to what we call orthodox monetary policy.

We phase out all quasi-fiscal development finance interventions to focus squarely on price stability, because without that, you have no growth, you have no investment, you have no growth.”

Second, he stressed the importance of transparency and market-driven reforms: “Engineering a market-driven ethics regime, which we’ve been talking about for a long time, unification and price discovery, clearing the FX backlog and institutionalised transparency, which, to my mind, is a very, very key ingredient of managing the FX market.”

Third, Cardoso highlighted fiscal coordination: “Enhanced fiscal coordination, adhering to statutory limits of deficit financing, good ways and means advances to the government, and we had to have a sharp decline in that, from 2.65% in 2023 to 0.69% in 2024.”

The results, he said, are evident across key economic indicators:

“Sustained GDP growth of 3.98%, strong current accounts, for a very long time we haven’t had that $3.42 billion surplus recorded in the third quarter of 2020, by a significant improvement, significant maturation, inflation at 15.15%, banking sector soundness, and growing external reserves of $49 billion as of February 5, 2026.”

Business

President Tinubu Receives Nigeria’s Tax Ombudsman, Urges Fairness and Transparency in Tax Administration

Published

5 days ago

February 5, 2026

Charles Flames

32 Views

President Bola Ahmed Tinubu on Thursday received Dr. John Nwabueze, the Chief Executive Officer of the Nigerian Tax Complaints Commission—widely known as the Tax Ombudsman—at the State House in Abuja.

The meeting, attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, comes as part of ongoing efforts to strengthen Nigeria’s tax reform agenda and build public confidence in the revenue system.

Dr. Nwabueze was appointed by President Tinubu on November 4, 2025, as the pioneer Tax Ombudsman under the Joint Revenue Board of Nigeria (Establishment) Act, 2025.

The legislation establishes the Office of the Tax Ombud (also referred to as the Tax Complaints Commission) to serve as an independent body for investigating and resolving disputes between taxpayers and tax authorities, including complaints related to taxes, levies, customs duties, excise matters, and regulatory charges.

During the audience, President Tinubu charged Dr. Nwabueze to diligently execute his mandate with integrity, impartiality, and professionalism. The President reaffirmed the administration’s commitment to fairness, transparency, and accountability in tax administration, emphasizing that the new office is a critical tool for protecting taxpayers’ rights, reducing arbitrary actions by officials, and fostering voluntary compliance.

The establishment of the Tax Ombudsman is seen as a key pillar of President Tinubu’s broader fiscal reforms aimed at harmonizing revenue administration across federal, state, and local levels, curbing multiple taxation, and creating a more predictable and equitable business environment.

Dr. Nwabueze, a seasoned tax professional from Oshimili South Local Government Area of Delta State, brings extensive experience in tax policy, fiscal advisory, and public service. His background includes roles as Managing Partner of a tax advisory firm, Technical Adviser to National Assembly committees, and adviser to former economic teams.

The new laws empowering the Tax Complaints Commission are expected to enhance taxpayer protection, promote efficient dispute resolution through mediation rather than litigation, and ultimately boost trust in Nigeria’s revenue framework amid the country’s push for sustainable economic growth and improved revenue generation.

Business

Court jails Ex- NEXIM MD Robert Orya for N2.4bn Fraud

Robert Orya was prosecuted by the Economic and Financial Crimes Commission on 49 counts, bordering on breach of trust, fraud, misappropriation, impersonation, corruption, and abuse of office.

Published

5 days ago

February 5, 2026

OCHEFA

25 Views

•Robert Orya

A High Court of the Federal Capital Territory in Abuja has convicted former Managing Director of the Nigerian Export-Import Bank (NEXIM), Robert Orya, and sentence him to ten years’ imprisonment for fraud involving about ₦2.4 billion.

Robert Orya was prosecuted by the Economic and Financial Crimes Commission on 49 counts, bordering on breach of trust, fraud, misappropriation, impersonation, corruption, and abuse of office.

Justice Frances Messiri delivered the judgment, on Thursday sentenced Orya to ten years on each count, with the terms to run concurrently.

The offences were traced to Orya’s tenure as NEXIM Managing Director between 2011 and 2016, during which he was found to have diverted bank funds through shell companies, including Luxurium Leisure Services Limited.

The court also found that he fraudulently induced the disbursement of loans, including ₦488 million to Treasure Mix Construction Limited, under false pretences.

Orya was first arraigned by the EFCC in November 2021.