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
Lagos Declares Manufacturing, Selling, Distributing single-use Plastics a Crime
Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.

• Tokunbo Wahab
The Lagos State Government has announced the commencement of full enforcement of the ban on the use and distribution of Single-Use Plastics (SUPs) across the state, effective July 1, 2025.
Mr. Tokunbo Wahab, the Commissioner for the Environment and Water Resources, made the announcement on Tuesday during a media briefing held at Alausa, Ikeja.
He emphasized that offenders will be prosecuted in line with the State’s Environmental Laws.
Wahab stated that the decision to enforce the ban follows an 18-month transition period granted to residents, manufacturers, and vendors to adjust and adopt more sustainable alternatives.
“The decision to ban Single-Use Plastics in Lagos was not arbitrary. It was an existential one, influenced by multiple factors,” he said.
Wahab explained that Lagos, a coastal city situated below sea level with the smallest land mass in the country—just 3,575 square kilometers—houses about 10 percent of Nigeria’s population.
“That alone is a recipe for environmental crisis. We did not just wake up whimsically and choose to ban styrofoam food packs in 2024.
We had always stated that within the next 12 months, all single-use plastics would follow.
Now, nearly 18 months later, we believe ample time has been given for all to transition. Enforcement starts July 1, and heavens will not fall.
Banned Items and Reasons
Styrofoam Packs: Banned due to their non-biodegradable nature and harmful environmental impact.
Plastic Straws: Prohibited to reduce plastic waste and promote eco-friendly alternatives.
Disposable Plastic Cups and Cutleries: Banned to curb single-use plastic pollution.
Lightweight Nylon Bags: Outlawed because they are not reusable or biodegradable, contributing significantly to environmental degradation.
Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.
Business
BREAKING: Dangote refinery Reduces petrol price from N880 to N840 per litre

….New rate takes effect from June 30.
The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre.
Anthony Chiejina, the Spokesman for the Dangote Group, confirmed the price adjustment on Monday night.
Chiejina said the new rate took effect on June 30.
He said, “PMS price has been reduced from N880 to N840 per litre effective 30th June,.
Recall that Dangote refinery hiked the price of petrol to N880 as tension escalated during the 12-day crisis between Israel and Iran, raising the price of crude oil to almost $80 per barrel.
Also, marketers anticipated that there would be a new price regime from Monday.
Dangote’s partners like MRS, Heyden and AP are expected to adjust their pump prices soon.
Business
FG Suspends Implementation of Financial Reporting Council (Amendment) Act 2023
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.

• Minister of Industry, Trade and Investment, Dr Jumoke Oduwole
The Federal Government has suspended the implementation of contentious provisions in the Financial Reporting Council (Amendment) Act 2023 following concerns raised by private sector stakeholders.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.
She said that it followed a series of high-level consultations with key industry groups.
These include the Nigeria Employers’ Consultative Association (NECA), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Oil Producers Trade Section (OPTS).
At the heart of the concerns is the reclassification of large private companies as Public Interest Entities, requiring them to remit annual dues between 0.02 and 0.05 percent of turnover without a ceiling.
This is in contrast to the ₦25 million cap placed on publicly listed companies regardless of their size.
Stakeholders warned that the provision could increase compliance costs and hurt investor confidence.
But the minister said the policy was part of President Bola Ahmed Tinubu’s pro-business posture under the 8-Point Agenda and has responded with practical measures.
She explained that a stakeholder consultation was held on March 26, 2025, leading to an administrative pause and the formation of a Technical Working Group.
The group, she noted, comprised representatives from NECA, MAN, ALTON, NACCIMA, CAC, SEC, and others and held six meetings over three weeks that culminated in the submission of a comprehensive report on April 17, 2025.
“To provide immediate relief, the Ministry has now directed the Financial Reporting Council to impose an interim cap of ₦25 million on annual dues for private sector PIEs, aligning them with the publicly quoted companies.
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