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Nigeria pursuing climate-smart practices for food security — Tinubu

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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.

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Lagos N200b bond oversubscribed by 55% at N310Billion

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In a resounding vote of confidence from the investment community, Lagos State has concluded its bookbuild for a groundbreaking bond issuance, exceeding all expectations and demonstrating strong investor appetite.

The State’s offering, comprised of a ₦200 Billion Conventional Bond and a ₦14.8 Billion Green Bond, has been met with extraordinary enthusiasm, paving the way for crucial infrastructure projects across the bustling metropolis.

The conventional bond, originally slated for ₦200 billion, received an astounding 55% oversubscription, attracting a remarkable ₦310 billion in investment commitments.

This signifies the robust trust investors have in Lagos State’s economic prospects and its commitment to sustainable growth.

Adding to the success, the ₦14.8 billion Green Bond, designed to finance environmentally friendly projects, was met with an even greater level of enthusiasm.

It attracted a phenomenal ₦29.29 billion in subscriptions, representing a staggering 97.7% oversubscription.

This underscores the growing global interest in sustainable investments and Lagos State’s commitment to a greener future.

This historic achievement highlights Lagos State’s financial strength and its ability to attract significant investment to drive its ambitious development agenda.

The proceeds from these bonds will be instrumental in funding vital infrastructure projects, enhancing the quality of life for residents, and fostering economic prosperity across the state.

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Pump Price Cuts Driven by Pricing, Not Tariff — Dangote

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Dangote Petroleum Refinery has dismissed claims that the recent fall in petrol pump prices was triggered by the Federal Government’s suspension of a 15 per cent import tariff, insisting the adjustment was driven solely by its own downward review of Premium Motor Spirit prices.

In a statement on Monday, the company said downstream marketers reacted directly to its revised ex-depot prices, and that the tariff policy did not influence the decision.

“We lowered our PMS gantry price from N877 to N828 per litre, and our coastal price from N854 to N806. The downstream marketers adjusted their prices accordingly. This move was strictly market-driven and not connected to the tariff reversal,” the refinery stated.

Refinery Capacity & Strategic SignificanceSince starting production, Dangote Refinery has significantly reshaped Nigeria’s fuel market. With a nameplate capacity of 650,000 barrels per day (bpd), it has become a major force in reducing Nigeria’s dependence on imported petrol.

The refinery is in the process of upgrading: Dangote recently announced plans to raise capacity from 650,000 bpd to 700,000 bpd, and is also working on a longer‑term expansion to 1.4 million bpd. This expected scale-up would make it one of the largest single-site refineries globally.

Why the Price Cut MattersHistorically, petrol pricing in Nigeria has been highly exposed to global factors, international crude prices, freight costs, foreign-exchange swings, and import duties.

By cutting its own ex-depot price, Dangote is asserting more control over the domestic price structure, reducing volatility tied to imports.

“Dangote’s price cut is a landmark event. For the first time in decades, the pricing power in Nigeria’s fuel market is shifting from international dynamics to local production.

”A refinery executive (who requested not to be named) added that the November 6 adjustment is part of a longer-term plan to stabilise supply and build market trust: “We’re not just lowering prices.

We are building confidence in Nigeria’s refining capacity. Every adjustment is carefully made to balance sustainability for us and affordability for consumers.

”Market Impact: The price review immediately reset the industry pricing floor. Within 24 hours, several major marketers reduced their pump prices, a response that analysts describe as “pure market competition.

”Oil sector analyst Grace Onuoha said:

“Dangote effectively forced a realignment. Marketers naturally had to follow to stay competitive. This isn’t about policy shifts, it’s market dynamics.

”Countering the Tariff NarrativeDangote’s statement is a direct rebuttal to widespread speculation that the 15% import tariff reversal triggered the pump price drop.

The company insists its price cut came first and was the real catalyst. The temporary tariff waiver only applies to imported PMS, while Dangote’s product is refined locally.Boosting Fuel Security.

By leveraging its own refining capacity, Dangote says it is helping to shield Nigeria from global supply disruptions and foreign-exchange risks. The refinery frames its pricing policy as part of a broader strategy toward energy self-sufficiency.

“As more Nigeria households and businesses rely on locally refined fuel, the nation becomes less vulnerable to international shocks,” the company said in its statement.

Energy analyst Dr. Tunde Aluko agrees: “This is what Nigeria has needed for decades, a domestic refinery with real capacity and market influence. Dangote is filling that crucial role.”

What This Means for Consumers

Many industry observers view the November 6 price cut as a turning point.

For the first time, a local refiner, not global import dynamics, is visibly driving fuel prices in Nigeria.

Fuel station owner Uche Eze, who operates in Abuja, said, “This is a positive development. Local refining means more predictable prices, better supply, and a buffer against forex volatility.”

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Dangote Harps on full benefits of domestic refining

The continued importation of substandard fuel constitutes dumping, a harmful practice that undermines economic growth and industrial development.

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File photo: Aliko Dangote President of the Dangote Group, flank by visitors during a tour of the refinery, recently.

The management of the Dangote Petroleum Refinery says that Nigerians will enjoy the full benefits of domestic refining.

In a comparison of imported petroleum products and the domestic ones, the refinery said that contrary to repeated claims by certain interests, imported products which are often below acceptable standards have consistently been sold at higher pump prices than the premium-grade fuel supplied by Dangote Refinery.

“The continued importation of substandard fuel constitutes dumping, a harmful practice that undermines economic growth and industrial development.

Nigeria has witnessed the devastating consequences of such unchecked dumping before, including the collapse of the once-thriving textile industry, which was a major employer of labour,” said the refinery in a statement on Monday, November 17, 2025.

The refinery reiterated its commitment to supplying high-quality and internationally benchmarked petroleum products at competitive prices, adding: “Our operations continue to moderate prices in the market, ensuring Nigerian consumers receive genuine value for money.”

In a response to the recent suspension of the 15% import duty on imported petroleum products by the government, the refinery, said :

” Despite the non-implementation of the tariff, we reduced the price of our products.

As a socially responsible company, this decision, which was not affected by whether the tariff was implemented or not, aligns with our long-standing commitment to ensuring Nigerians enjoy the full benefits of domestic refining.”

It emphasised that Dangote refinery reduced its petrol gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre on November 6.

The refinery said these changes were publicly announced and implemented before marketers adjusted their pump prices.

It stated: “The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect. The import tariff had received the approval of President Bola Tinubu as far back as October 21 for immediate implementation.

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