Business
Nigeria pursuing climate-smart practices for food security — Tinubu
President Bola Tinubu on Wednesday reaffirmed his administration’s commitment to implementing climate-smart agricultural practices to bolster food security and reduce environmental impacts.
He said such initiatives stem Nigeria’s recognition of its responsibility to lead a just energy transition and sustainable development in Africa.
Tinubu said this during his address at the ongoing Abu Dhabi Sustainability Week held in the capital city of the United Arab Emirates.
In his 12-minute discourse titled ‘Climate Imperatives into Economic Prosperity, bridging Africa’s Global Energy Future,’ the President emphasised the need for international cooperation to achieve sustainable development and mitigate climate change impacts.
Acknowledging Nigeria’s status as Africa’s most populous nation and one of its largest economies, President Tinubu underscored its responsibility to demonstrate leadership in addressing climate issues.
He posited, “To succeed, we must innovate, collaborate, and decide decisively to collaborate as a global community.
As Africa’s most populous nation and one of its largest economies, Nigeria recognizes its responsibility to demonstrate the required leadership on these matters.
“We have embraced the vision of sustainability and that alliance of global aspiration while addressing the local realities.
Our efforts are anchored on three pillars: energy transition, climate resilience, and sustainable development.
“In my administration, we recognise this problem. From inception, we have recognised the importance of reducing carbon emissions and a just transition to clean and renewable Energy, promoting environmental sustainability and economic growth energy transition.
”Addressing the specifics of Nigeria’s energy transition plan, he stated that Nigeria is employing climate-smart agricultural practices to bolster food security while reducing environmental impacts.
“Nigeria is implementing climate-smart agricultural practices to enhance food security while reducing environmental impacts.
“The government has approved several development policies, such as the national clean cooking gas policy, which aims to promote a clean energy environment and its benefit and socioeconomic development in our region,” said Tinubu.
He opined that adopting modern, eco-friendly agricultural techniques is essential for protecting local communities from the adverse effects of climate change.
Describing these measures as pillars of Nigeria’s sustainable development strategy, he stressed that the country’s path forward involves responsibly reducing carbon emissions while advancing economic growth and ensuring social equity.
Like many nations, he said Nigeria is diversifying its energy sources and reducing its reliance on fossil fuels.
This transition to cleaner alternatives anchors the country’s national development strategy and aligns with a commitment to achieve net-zero emissions by 2060.
Nigeria is developing infrastructure for compressed natural gas and electric vehicles to support these goals. He noted that the government has also invested in responsibly exploring solid minerals and critical metals essential for advancing the green energy transition.
His words, “Dear delegates and excellencies, our energy transition plan, like many nations, is aimed at diversifying energy sources and reducing our dependency on fossil fuel, prioritising the transition to cleaner energy sources as a cornerstone of our national development strategy.
“Nigeria is committed to achieving a net zero emission by 2060 in line with global climate objectives; we are developing the infrastructure to utilise compressed natural gas and electric vehicles.
”He said development policies, such as the National Clean Cooking Gas Policy, are designed to promote clean energy, environmental benefits, and socioeconomic development in the region.
Emphasising inclusivity, he highlighted efforts to ensure policies promote equity and social justice, leaving no one behind.
The President also acknowledged Nigeria’s environmental challenges—including deforestation, desertification, coastal erosion, flooding, pollution, and other harmful consequences of climate change—and cited the shrinking Lake Chad as a stark example.
“Lake Chad continues to shrink every year, and the livelihood of people continues to be threatened. Our government is working with local communities to implement solutions to get these effects and help us build resilience in the face of environmental challenges.
“For resources to promote a green economy in Africa, we must focus on integrating sustainable practices in all sectors of our economy.
“These investments are capital intensive in nature, and they required international support from partner countries, including national organisations, developmental partners, and individuals who shared our vision of a sustainable, prosperous, and equitable future must be included,” said Tinubu.
President Tinubu also noted that Nigeria became the first African country to fund green projects through Sovereign Green Bond issuances—its third issuance is underway—and he invited investors to collaborate further.
He explained, “Nigeria became the first country in Africa to initiate funding for green projects through green bond proceeds, the third issuance of which is currently in progress; we urge investors to partner with us.
“In this regard, our government remains committed to providing an enabling environment for businesses to thrive, and harnessing technology and innovation is key to driving sustainable development.
”The President emphasised that technological innovation is vital for advancing sustainable development, citing Nigeria’s growing adoption of new technologies in clean energy, water conservation, land restoration, waste management, and the circular economy.
“We agree that Nigeria is increasingly embracing new technologies like clean energy, water, conservation, land and forest restoration, waste management, and circular economy.
“We partner with global leaders and are harnessing the power of technology. We are finding new and innovative ways to address our environmental challenges.
“We have arable agricultural lands for advanced technological farming, including the brighter future for artificial intelligence,” the Nigerian leader noted.
Through global partnerships and the strategic use of technology, he said Nigeria seeks innovative ways to address environmental challenges and secure a brighter future, including AI-driven agricultural practices.
On global collaboration, he reminded attendees that environmental challenges are shared worldwide.
Practical solutions, he argued, require collective action grounded in mutual respect and a shared vision of the future.
Nigeria believes sustainable development is not merely a domestic challenge but a global imperative.
Tinubu urged the international community to strengthen cooperation at regional and global levels to meet the Sustainable Development Goals and lessen the impact of climate change.
In closing, President Tinubu reflected on the lasting impression of the children who, on the first day of the event, waved the UAE flag in a call for all to protect the planet for future generations.
He expressed hope that this image would serve as a reminder of the responsibility to build a sustainable world for the children and generations yet to come.
The Nigerian leader also expressed profound gratitude to the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, for the invitation to Abu Dhabi Sustainability Week.
The meeting drew world leaders together to collectively exchange views and perspectives on addressing global challenges.
Aside from President Tinubu, other leaders attending the summit are Italian Prime Minister Georgia Melon; President of Rwanda Paul Kagame; Prime Minister of Malaysia Anwar Ibrahim; Prime Minister of New Zealand Christopher Luxon; and Prime Minister of Finland, Petteri Orpo, among others.
Business
President Tinubu Extends Ban on Raw Shea Nut Exports by One Year to Boost Local Processing
President Bola Ahmed Tinubu has approved a one-year extension of the ban on the export of raw shea nuts, effective from February 26, 2026, to February 25, 2027.
The decision, announced in a State House press release by Special Adviser to the President on Information and Strategy, Bayo Onanuga, reinforces the administration’s focus on industrial growth, domestic value addition, and the broader goals of the Renewed Hope Agenda.
The extended ban is designed to strengthen Nigeria’s processing capabilities for shea nuts, improve livelihoods in shea-producing communities across the Savanna belt, and shift exports toward higher-value products such as shea butter.
Processed shea butter, valued for its moisturising, anti-inflammatory, and antioxidant properties, serves as a key ingredient in cosmetics, skincare, hair products, and edible oils—and commands prices 10 to 20 times higher than raw nuts.
To support effective implementation, President Tinubu has directed the Ministers of the Federal Ministry of Industry, Trade and Investment, in collaboration with the Presidential Food Security Coordination Unit (PFSCU), to develop and coordinate a unified, evidence-based national framework.
This framework will align industrialisation, trade, and investment strategies across the entire shea nut value chain.
The President has also endorsed the export framework developed by the Nigerian Commodity Exchange (NCX) and ordered the immediate withdrawal of all existing waivers that previously permitted direct exports of raw shea nuts.
Going forward, any excess or surplus raw shea nuts must be exported exclusively through the NCX in line with its approved guidelines.
In a related measure to enhance local capacity, President Tinubu directed the Federal Ministry of Finance to establish access to a dedicated Non-Oil Export Stimulation Support (NESS) Window.
This facility will enable the Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism aimed at bolstering production and processing capabilities in the sector.
The Federal Government reiterated its commitment to policies that drive inclusive economic growth, promote local manufacturing, and position Nigeria as a stronger, more competitive player in global agricultural value chains.
Business
CBN Cuts Interest Rate to 26.5% on disinflation
The committee’s decision was premised on a balanced evaluation of risk to the outlook, which suggests that the ongoing disinflation trajectory would continue, largely supported by the transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply.”
The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR), the benchmark interest rate by 50 basis points from 27 percent to 26.5 percent.
The Governor of the CBN, Mr. Olayemi Cardoso, disclosed this at the end of the 304th meeting of the Monetary Policy Committee (MPC) held yesterday in Abuja.
The bank also retained the standing facilities corridor at +50 to -450 basis points and kept the Cash Reserve Requirements, CRR unchanged (deposit money banks 45%, merchant banks 16%, and 75% for non TSA public sector deposits).
Cardoso explained, “The committee’s decision was premised on a balanced evaluation of risk to the outlook, which suggests that the ongoing disinflation trajectory would continue, largely supported by the transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply.”
He added that the committee took into account the sustained deceleration of the year-on-year, headline inflation in January 2026 marking the 11th consecutive month of decline.
“This downward trajectory in inflation was driven mainly by the continued effects of the contractionary monetary policy, stability in the foreign exchange market, robust capital inflows and improvement in the balance of payments,” he said.
According to him, the momentum was further reinforced by relative stability in the prices of petroleum products and improved food supply conditions, especially staples.
Business
Budget Office DG Defends Presidential Assent of Executive Order 9
If any party disputes the constitutional validity of EO9, the judiciary remains the proper forum for determination.
Tanimu Yakubu, Director-General, Budget Office of the Federation Secretary, clarified that Executive Order 9 signed last week by President Bola Tinubu was consistent with the 1999 Constitution and does not amount to an overreach of executive authority.
President Tinubu had, last Wednesday, signed Executive Order 9 of 2026, formally titled Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity.
Yakubu, while responding to criticism suggesting that Executive Order 9 (EO9) amounts to the President “making law,” misstates both the Constitution and the fiscal question at issue.
Quoting Section 80(1) of the 1999 Constitution (as amended), he said: “Section 80(1) of the Constitution (1999, as amended) is mandatory: all revenues or other moneys raised or received by the Federation shall be paid into and form one Consolidated Revenue Fund of the Federation.”
He emphasised that EO9 does not create law; it enforces constitutional custody of Federation revenues.
Public revenue cannot lawfully be retained, applied, or warehoused outside constitutional funds.
Section 162 complements this rule by requiring revenues accruing to the Federation to be paid into the Federation Account for distribution in accordance with constitutional allocation principles.
The order of legality is clear: revenue must first enter constitutionally recognised accounts before it can be appropriated, shared, or spent.
EO9 operationalises these provisions in the oil and gas sector by directing direct remittance of petroleum revenues – including royalties, taxes, profit oil and gas, penalties, and related receipts – into constitutionally recognised accounts, and by tightening reconciliation and transparency across collection, custody, and reporting.EO9 does not intrude into legislative competence.
Section 60(1) preserves the procedural autonomy of the National Assembly; EO9 does not regulate legislative procedure, amend the Petroleum Industry Act (PIA), or repeal any statute.
It is an executive instrument issued under Section 5 to ensure faithful execution of the Constitution and applicable laws.
If any party disputes the constitutional validity of EO9, the judiciary remains the proper forum for determination.
Pending any judicial pronouncement, the Executive is duty-bound to protect Federation revenues, uphold constitutional supremacy, and strengthen fiscal integrity for FAAC distributions, budget credibility, and macroeconomic stability.”
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