Business
Renewed Hope Agenda Yielding Promising Results Across Multiple Sectors – VP Shettima
We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation.
The Vice President, Senator Kashim Shettima, has officially launched the 2024 Nigeria Economic Report, with a firm assurance that ongoing reforms by the government will yield inclusive growth in no distant future.
He said that the strategic policy interventions of the administration of President Bola Ahmed Tinubu are already yielding positive results, with more optimistic projections for 2025.
Senator Shettima disclosed this on Friday during a one-day technical workshop on the Year 2024 Economic Review at the Presidential Villa, Abuja.
The Vice President who was represented at the event by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, said the report is “a pragmatic synopsis of President Bola Ahmed Tinubu’s bold and impactful strides under the canopy of the Renewed Hope Agenda.
“We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation.
Every data point and every analysis represents our commitment to turning the tide of economic challenges into opportunities for national growth.
We are laying the groundwork for sustainable economic development that will create opportunities for every Nigerian,” he added.
Earlier, Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, said the Ministry would drive Nigeria’s economic growth with the abundant gas deposits in the country.
“We have 209 trillion cubic feet of gas. Today, if Nigeria takes advantage of this, we will grow our economy to the level that would be envied. Nigeria will take its rightful position in the gas economy in the continent,” he stated.
The Minister urged Nigerians to key into the CNG initiative of the President, noting that this is cleaner, safer and environment-friendly, pointing out that though the kits may be expensive, there are incentives provided to make it affordable.
In her remarks, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, noted that Nigeria has an untapped creative industry potential.
Musawa said her ministry is the first of its kind to focus on transforming creative content into economic opportunity, even as she stressed while Nigeria boasts of unique cultural talents, the creative industry represents a critical pathway for economic diversification beyond petroleum.
Also, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the tax reform proposals are aimed at transforming Nigeria’s economic landscape.
Oyedele emphasized that these reforms are not just a technical exercise but a commitment to equity, efficiency, and economic transformation.
He acknowledged concerns raised by stakeholders, assuring that ongoing engagement will address potential challenges.
During a panel discussion, Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, described 2024 as a critical year of economic reforms.
“Reforms are never easy. It’s like the process of planting and waiting for them to grow and for harvest,” Fasua said, explaining that these interventions have been sweeping, including the “removal of fuel subsidies, CBN ways and means, unification of foreign exchange markets, and critical tax reforms.
“The economic indicators are promising, with Nigeria’s GDP growing 3.46% year-on-year in the third quarter of 2024 – the fastest growth since late 2023. Going forward, we are going to be seeing leaps in growth and the worst is over for the economy. We’re looking at a higher growth rate, more stable naira, and lowered inflation,” he added.
In the power sector, Special Adviser to the President on Power Infrastructure, Sadiq Wanka, said, “I’ve never been more optimistic about the power sector because the foundations of a reinvigorated power sector are being laid.”
The government’s initiatives include increased liberalisation through the Electricity Act which has decentralised the power sector, allowing states to regulate and develop their own local electricity markets, and the Presidential Metering Initiative aimed at eliminating estimated billing.
On his part, Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, emphasized that “all eight items on the Renewed Hope Agenda are built on inclusion.”
He explained that the government has significantly reduced financial exclusion, established a dedicated office, and signed the Aso Accord to accelerate financial inclusion.
Also, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, noted that the administration is focused on moving Nigeria from a consumption-based to a production-driven economy.
“Revenue from the export of manufactured goods rose by 118.33% to ₦749.52 billion in H1 2024, compared to ₦343.29 billion in H1 2023,” Sheriff said. He maintained that the government’s initiatives aim to position Nigeria as a key player in the global halal economy, potentially adding $1.5 billion to GDP by 2027.
The Senior Special Assistant to the President on Regional Development Programmes, Dr. Mariam Masha, explained that the Accelerated Senior Secondary Education Programme (ASSEP), launched by the federal government in May, will modernise school infrastructure, integrate virtual learning, and improve access to tertiary education.
“This comprehensive programme is focused on bridging Nigeria’s educational divide by leveraging technology, enhancing STEM learning, and revamping dilapidated classrooms,” Masha said.
Others who also attended the workshop included the Minister of State for Regional Development, Uba Maigari Ahmadu; Director- General of National Institute for Policy and Strategic Studies Kuru, Prof Ayo Omotayo., and the Director-General of Nigeria’s Small and Medium Enterprises Development Agency (SMEDAN), Charles Odii, among many others.
Nigeria has taken a major step toward transforming its aviation industry, as the Minister of Aviation and Aerospace Development, Festus Keyamo, formally received the country’s Civil Aviation Master Plan from the International Civil Aviation Organization during the opening of the ICAO Global Implementation Support Symposium in Marrakech.
The Minister also participated as a special guest at a high-level Ministerial Round Table, where he addressed the “Future of Aviation Workforce in Nigeria,” outlining government efforts to close the skills gap and strengthen human capital development within the aviation sector.
The Civil Aviation Master Plan (CAMP) represents a landmark framework designed to guide the development of Nigeria’s aviation industry over a 20-year period, from 2025 to 2045.
It reflects a structured and forward-looking strategy aligned with the country’s National Development Plan and broader economic priorities.
Developed in collaboration with ICAO’s Capacity Development and Implementation unit, the initiative began in September 2024 with extensive stakeholder engagement and technical training, ensuring a comprehensive and inclusive planning process across the aviation ecosystem.
The Master Plan focuses on critical pillars including infrastructure modernization, adoption of advanced technologies such as unmanned aerial systems, and strict adherence to global safety and security standards to achieve a zero-fatality aviation environment.
It also envisions the transformation of Nigerian airports into aerotropolis hubs to boost economic growth, job creation, and connectivity.
Additionally, the plan emphasizes sustainability, innovation, and private sector participation, particularly in areas such as Maintenance, Repair and Overhaul facilities and cargo development, while aligning Nigeria’s aviation growth with global environmental standards.
The presentation of the CAMP at the ICAO symposium highlights Nigeria’s commitment to international best practices and its rising profile in global aviation development.
Business
Dangote Refinery Targets $5bn from IPO
On 1 April, the Nigerian Exchange Group and the African Securities Exchanges Association convened senior executives from leading exchanges across the continent to discuss the structure of the planned listing.
Dangote Petroleum Refinery & Petrochemicals is seeking to raise up to $5 billion from investors across African market during it’s upcoming initial public offering on the Nigerian Exchange Group (NGX).
The share sale is expected to open as early as May, with analysts valuing the company between $40 billion n and $50 billion, making it one of the most significant capital market events in Africa’s history.
The offer is expected to cover between 5 percent and 10 percent of the company’s equity, creating an opportunity for both local and international investors to participate in the continent’s largest refining project.
Market stakeholders have continued to position the listing as a major milestone that could deepen liquidity and expand participation across African financial markets.
On 1 April, the Nigerian Exchange Group and the African Securities Exchanges Association convened senior executives from leading exchanges across the continent to discuss the structure of the planned listing.
The meeting focused on how the Dangote Refinery IPO could serve as a model for cross-border capital mobilisation and improve investor access across multiple African markets.
Business
Supreme Court Overturns Appellate’s Ruling on $2bn Debt Recovery Battles Nestoil /Neconde Energy vs FBNQuest Merchant Bank
In the lead judgment read by Justice Mohammed Baba Idris, the five-member apex court panel held it was a “legal anomaly” to allow lawyers appointed by the Receiver/Manager to also represent the companies, citing a conflict of interest.
The Supreme Court of Nigeria on Friday ruled in favor of Nestoil and Neconde Energy, overturning a previous appellate court decision that disqualified their legal counsel, including Wole Olanipekun (SAN) and Muiz Banire (SAN).
The court upheld the companies’ right to appoint their own lawyers to challenge the ongoing receivership.
The apex court ruled that despite the receivership initiated by a consortium of banks, Nestoil and Neconde retain the right to appoint their own legal counsel to challenge that very receivership.
Nestoil Limited (an oil services firm) and its affiliate Neconde Energy Limited (which holds interests in Oil Mining Lease 42) are embroiled in a multi billion-dollar debt recovery suit filed by lenders, primarily FBNQuest Merchant Bank Limited and First Trustees Limited.
The lenders allege that Nestoil, Neconde, and their promoters (Ernest Azudialu-Obiejesi and Nnenna Azudialu-Obiejesi) owe over $2 billion (plus N430 billion in related liabilities) under financing arrangements, including a Common Terms Agreement.
In the lead judgment read by Justice Mohammed Baba Idris, the five-member apex court panel held it was a “legal anomaly” to allow lawyers appointed by the Receiver/Manager to also represent the companies, citing a conflict of interest.
The judgment affirms that the boards of the companies retain the authority to act in defense of the companies’ interests.
A receiver/manager was appointed over the companies’ assets and interests, leading to disputes over who controls the companies and who can represent them in court.
In January 2026, the Supreme Court sent related appeals back to the Court of Appeal to resolve the preliminary issue of legal representation before proceeding on the merits.
On January 23, 2026, the Court of Appeal disqualified senior advocates Wole Olanipekun (SAN) (for Neconde) and Muiz Banire (SAN) (for Nestoil), ruling that the Ernest Azudialu-Obiejesi-led boards lacked authority to appoint counsel once the receiver/manager was in place. It allowed counsel appointed by the receiver to represent the companies instead.
Nestoil/Neconde and their promoters appealed this disqualification to the Supreme Court (one key appeal being SC/CV/48B/2026 by Neconde).
The apex court had reserved judgment after hearing arguments from a five-member panel.
In Friday’s ruling, the Supreme Court upheld the appeal by Nestoil and Neconde (and their promoters).
It set aside the Court of Appeal’s judgment disqualifying the companies’ chosen counsel.
Their boards (led by Ernest Azudialu-Obiejesi) retain the authority to appoint counsel of their choice to defend their interests, particularly since the validity of the receivership itself is being challenged.
Allowing the receiver/manager’s counsel (appointed by the lenders) to represent the companies would create a serious conflict of interest and undermine fairness and independence in legal representation.
The arrangement involving the lenders (FBNQuest and First Trustees) as appointors of the receiver was deemed fundamentally flawed.
The appointments of Wole Olanipekun (SAN) and Dr. Muiz Banire (SAN) (along with their teams) as counsel for Neconde and Nestoil are restored.
The companies are now free to proceed with their preferred lawyers in the ongoing debt recovery proceedings.
The ruling is procedural (focused solely on representation) and does not decide the merits of the underlying debt claims or receivership.
Those substantive issues will now continue in the lower courts with the restored counsel.
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