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

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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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Dangote Refinery Debunks shutdown rumour, says PMS’s gantry price remains N850

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The Dangote Petroleum Refinery has firmly dismissed recent reports alleging a shutdown of its operations, reassuring the public and market stakeholders that its activities remain fully active and stable.

In an official statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery’s management categorically denied claims that truck loading has been suspended or that production has been interrupted. “The Dangote Petroleum Refinery is fully operational. There has been no shutdown, nor has there been any suspension of truck loading activities” the statement reads.

The refinery also clarified that the intermittent sale of Residual Catalytic Oil (RCO) is part of normal business operations, often involving large parcel sales, which explains the recent fuel oil tender.

According to the management, Dangote Petroleum Refinery consistently supplies over 40 million litres of PMS daily, alongside steady volumes of Automotive Gas Oil (diesel). These supplies continue unabated, despite speculation suggesting otherwise.

“As the world’s largest single-train petroleum refinery, the facility employs advanced predictive and preventive maintenance protocols to ensure uninterrupted operations. Routine maintenance activities are standard and do not impact the overall fuel supply” the statement further clarified.

In response to speculation about potential supply shortages and price increases, the refinery challenged those sponsoring the rumour to place orders for daily deliveries of up to 40 million litres of PMS and 15 million litres of diesel for the next 90 days.

“To those who believe this misinformation and anticipate a bullish market, we extend a challenge: We invite interested buyers to place immediate orders for up to 40 million litres of PMS daily and 15 million litres of AGO daily, for the next 90 days, with full upfront payment. Should any supposed supply shortage occur, these buyers would be well-positioned to benefit from the predicted market rise,” it added.

The refinery reaffirmed its commitment to transparency and Nigeria’s energy security, urging the public to disregard unfounded rumours sponsored by unscrupulous and unpatriotic individuals seeking to undermine the country’s energy independence for their own selfish interests, including the importation of substandard fuels under the false pretext of domestic supply shortages.

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Ikeja Electric releases new prepaid meter prices

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Ikeja Electric has released updated prices for prepaid meters, which take effect from August 6, 2025. The revised rates cover both single-phase and three-phase meter types and are inclusive of VAT.

The revised rates were announced on the disco’s official X account on Friday.

The company announced that “MBH Power Ltd’s one-phase costs ₦135,987.50,  while the three-phase costs ₦226,825.00. Turbo Energy Ltd’s one-phase costs ₦145,608.75, while the three-phase costs ₦236,903.13.

“Aries Electric Ltd’s one-phase costs ₦145,125.00, and the three-phase costs ₦258,000.00. Mojec Asset Management Company Ltd’s one-phase costs ₦135,718.75, and the three-phase costs ₦226,825.00.

“Paktim Metering Nig. Ltd, the one-phase meter costs ₦137,600.00, while the three-phase meter costs ₦233,275.00. Holley Metering Ltd’s one-phase meter costs ₦133,854.03, three-phase meter costs ₦219,497.09.

“CIG Metering Assets Nigeria Ltd’s one-phase meter costs ₦150,500.00, New Hampshire Capital Ltd’s one-phase meter costs ₦133,300.00 and the three-phase costs ₦231,125.00.”

The electricity distribution company noted that the prices are “valid subject to meter availability,” adding that the changes are part of its effort to ensure customers have access to up-to-date information on meter procurement.

The company also assured customers that the new pricing reflects the latest approved rates for meter providers under its Meter Asset Provider scheme.

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Global electricity demand to keep growing robustly through 2026 despite economic headwinds – IEA

Renewables are expected to overtake coal as the world’s largest source of electricity as early as 2025 or by 2026 at the latest, depending on weather and fuel price trends.

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Global electricity demand is set to rise by 3.3% in 2025 and 3.7% in 2026 – more than twice as fast as total energy demand growth over the same period, the IEA’s Electricity Mid-Year Update finds.

The new report underscores the increasing demand for electricity to power factories and appliances, keep buildings cool, operate growing fleets of data centres, run electric vehicles and more.

While the latest forecasts for global electricity demand growth this year and next are a deceleration from the 4.4% surge recorded in 2024, they remain well above the 2015-2023 average of 2.6%.

Renewables are expected to overtake coal as the world’s largest source of electricity as early as 2025 or by 2026 at the latest, depending on weather and fuel price trends.

At the same time, nuclear power output is expected to reach record highs, driven by reactor restarts in Japan, robust output in the United States and France, and new additions, mostly in Asia.

The steady increase in gas-fired power generation is set to continue displacing coal and oil in the power sector in many regions.

As a result of these developments, carbon dioxide emissions from electricity generation are currently forecast to plateau in 2025 and record a slight decline in 2026, although weather and economic conditions could affect that trajectory.

“The growth in global electricity demand is set to remain robust through 2026, despite an uncertain economic backdrop,” said Keisuke Sadamori, IEA Director of Energy Markets and Security.

“The strong expansion of renewables and nuclear is steadily reshaping electricity markets in many regions. But this must be matched by greater investment in grids, storage and other sources of flexibility to ensure power systems can meet the growing demand securely and affordably.”

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