Business
Nigeria in Talks with IFC to Establish Carbon Markets for Industrial Growth
According to her, a carbon market is a trading system that allows companies and individuals to buy and sell carbon credits, to offset their greenhouse gas emissions.
▪︎Dr Jumoke Oduwole, the Minister of Industry, Trade and Investment
The Ministry of Industry, Trade and Investment is in discussion with the International Finance Corporation (IFC) to establish carbon markets across the country.
The aim is to guarantee economic and sustainable industrial growth.
Dr Jumoke Oduwole, the Minister of the sector, disclosed this when she was featured in a ministerial briefing by the Ministry of Information and Cultural Orientation on Tuesday in Abuja.
According to her, a carbon market is a trading system that allows companies and individuals to buy and sell carbon credits, to offset their greenhouse gas emissions.
“It is also a tool to help fight climate change.
“I thought carbon market was quite important and it is a discussion that should be able to also provide an appropriate response to alternative energy,” she said.
According to the minister, the ministry has the mandate to create and maintain an enabling environment and regulations for the development and expansion of industry, trade, and investment.
“Therefore, this ministry facilitates the development of Nigerian businesses regulatory and policy-wise, for it to be able to thrive,’’ she said.
She said that the ministry is committed to ensuring that manufacturers get maximum support from the government.
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
Business
Ibukun Awosika resigns from Cadbury board
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
Ibukun Awosika has resigned from the board of Cadbury Nigeria Plc, after more than 16 years of service.
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.
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