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
Femi Otedola earmarks $100 million for Dangote Refinery’s IPO
The Chairman of First HoldCo, Femi Otedola, said on Wednesday “From on a personal note, I’ve appealed to him (Aliko Dangote to allocate to me shares worth $100 million private placement, ahead of the Refinery’s initial public offer.”
“That’s one of the reasons I sold my stake in Geregu plant to come and invest my proceeds in the IPO of Dangote refinery.”
Otedola told journalists when he led top executives of First HoldCo on a tour of the refinery and the fertiliser plans in the Lekki free trade zone area.
The team also visited key project sites such as the jetty, a facility built by Dangote industries to receive large vessels.
The private placement is the latest announcement in the refinery’s Initial Public Offering plan, IPO expected later in the year.
Business
CBN Holds Benchmark Interest Rate at 26.5% Amid Renewed Inflation Concerns
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent, maintaining the current stance after its two-day meeting that ended on Wednesday, May 20, 2026.
CBN Governor Olayemi Cardoso announced the decision, noting that the committee voted unanimously to hold all key parameters unchanged. The asymmetric corridor around the MPR remains at +500/-450 basis points, the Cash Reserve Ratio (CRR) stays at 45 per cent for commercial banks and 16 per cent for merchant banks, while the liquidity ratio is retained at 30 per cent.
The hold comes as headline inflation rose for a second consecutive month to 15.69 per cent in April 2026, up from previous levels, driven largely by food inflation at 16.06 per cent and higher transportation costs. Cardoso emphasised the need for a cautious and vigilant approach to anchor inflation expectations and safeguard macroeconomic stability.
This decision aligns with analysts’ expectations ahead of the 305th MPC meeting and follows the first rate cut in years implemented in February 2026, when the MPR was reduced by 50 basis points to the current 26.5 per cent.
The CBN Governor highlighted ongoing reforms, exchange rate stability, and efforts to improve food supply as factors supporting the disinflation process, even as global and domestic risks persist. The next MPC meeting is expected in July.
The retention signals the apex bank’s priority on taming inflation while monitoring the impact of previous policy actions on the broader economy.
Business
South African pension fund expresses interest in Dangote IPO
Dangote Group , in a statement shared on its official X handle, underscored increasing attention from African institutional investors towards projects considered critical to strengthening energy security, industrial capacity, food systems and regional economic resilience across the continent.
Photo: Aliko Dangote address representatives of South African pension fund, Tuesday May 19, 2026.
Representatives of South Africa’s Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) visited yesterday the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited , and expressed interest in the upcoming Dangote IPO.
The planned IPO is expected to involve the sale of about 10 percent equity in the refinery through what the Dangote Group has described as a pan-African public offering.
Dangote Group , in a statement shared on its official X handle, underscored increasing attention from African institutional investors towards projects considered critical to strengthening energy security, industrial capacity, food systems and regional economic resilience across the continent.
According to the company, African investors and institutions are increasingly looking inward to support large-scale infrastructure projects capable of driving sustainable economic growth and accelerating industrial transformation across the region.
The engagement also comes as the refinery moves closer to its planned Initial Public Offering (IPO), which is expected to open up ownership of the facility to a broader pool of investors across Africa.
The company noted that ongoing engagements with major institutional investors reflect growing recognition of strategic infrastructure as a key driver of Africa’s long-term economic transformation and industrial expansion.
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