National News
FG Raises N130 billion Sukuk loan to build roads nationwide
FG Raises N130 billion Sukuk loan to build roads nationwide
By: Our Reporter
The Federal Government has shared N130 billion Sovereign Sukuk Issue Proceeds for construction of roads nationwide.
The loan is shared to both Ministry of Work (N120 billion) and the Ministry of Federal Capital Territory Administration (N10 billion) to build roads.
Presenting the dummy cheques to the Ministers of Works (Babatunde Fashola) and Minister of FCTA (Mohammed Bello, who was represented by a permanent secretary in the Ministry, Adesola Olusade), the Minister of Finance, Budget and National Planning, Dr. Zainab Shamsuna Ahmed, said the fund is for development of road infrastructure.
She said: “It is my pleasure to welcome you all to yet another historic day in the life of this administration to witness the public presentation of dummy Sovereign Sukuk Cheques to the Federal Ministry of Works and Housing and Federal Capital Territory Administration (FCTA)
“I am proud to say that the Issuance of Sovereign Sukuk, a project-tied debt instrument, is one of the many innovative and very successful initiatives of this administration towards financing the development of critical infrastructure in the country. The facts on how much the initiative has helped to improve road infrastructure across the country speak for themselves.”
Ahmed disclosed that: “As at date, this administration has invested the sum of N612.557 billion raised through Sovereign Sukuk between 2017 and 2021 for the construction and rehabilitation of key economic road projects in the six (6) geo-political zones and the Federal Capital Territory (FCT). In real terms, the amount has been used to construct and rehabilitate sections of 71 road projects covering 2,808.06 kilometers and 4 bridges by the FMWH and sections of six (6) road projects covering 99 kilometers and 19 bridges by the FCTA.”

She added that: “The FMWH and FCTA will be sharing the 2022 Sukuk Issue Proceeds of N130 billion, which was successfully issued by the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria (FGN) on December 02, 2022.”
She noted that: “The 2022 Sovereign Sukuk of N130 billion will be released as part of the Capital Expenditure in the 2022 Appropriation Act, which has been extended by the National Assembly to March 31, 2023. As at November 2022, N1.88 trillion had been released as Capital Expenditure, which represents about 40% performance when compared to the total Capital Budget of N4.7 trillion. This informed the need to extend the period to implement the capital component of the 2022 Budget.”
“It is important to add that beside the immense contributions of Sukuk to the funding of critical road infrastructure, the objectives of deepening the domestic capital market and financial inclusion are being achieved by the Government. The private sector and sub-nationals have begun to embrace the instrument and I look forward to seeing more issuances in this regard as this will provide additional asset class for the rapidly growing ethical investors and funds in the economy,” the Minister added.

On her part, the Director-General of the Debt Management Office, Ms. Patience Oniha said since the introduction of the scheme, an effort which led to the issuance of the first Sovereign Sukuk of N100 Billion in September, 2017, the DMO has issued Sukuk four more times bringing the total amount raised as at December 2022 to N742.56 billion.
She said: “From the Sukuk issued between 2017 and 2021, a total of N612.56 Billion was raised and deployed to the construction and rehabilitation of sections of seventy-one (71) roads and four (4) bridges covering a total of 2,820.06km. I wish to commend the implementing Ministries and their various contractors for supporting the DMO in this initiative. Not surprisingly, the two (2) Ministries are also beneficiaries of the N130 Billion 2022 Sovereign Sukuk, whose proceeds will be similarly deployed to road projects.”
She noted that: “The Debt Management Office (DMO) started the journey towards issuing a Sovereign Sukuk some years back, diligently working with experts to get the process and documentation right.
Through the Sovereign Sukuk initiative, the DMO has demonstrated its strong alignment with the policy of President Muhammadu Buhari, on infrastructural development.
“Furthermore, the DMO has positioned itself not only as an agency for managing the public debt including borrowing on behalf of the Federal Government, but as an active stakeholder in the domestic capital market through innovation, investor engagement and collaboration with other stakeholders. These have deepened the market, created benchmarks for other borrowers and promoted financial inclusion by providing a retail product, FGN Savings Bond, as well as, Sukuk and Green Bonds for ethical investors.”
She said that the DMO remained committed to its mandate and market development activities.
The Minister of Works said the nation though now complaining about the debt burden would be grateful in coming years on the assets which were acquired.
He said the roads constructed with the debt have added to improving the economy with creation of more jobs and improving the income of stakeholders.
FG Raises N130 billion Sukuk loan to build roads nationwide
National News
From Ports to Food: How Partnership with China is Driving Nigeria’s Economic Transformation
From Ports to Food: How Partnership with China is Driving Nigeria’s Economic Transformation
By: Adeola Adelabu
For years, Nigeria’s conversations around economic transformation have been long on ambition but short on execution. Increasingly, however, a more pragmatic pattern is emerging, one defined by structured partnerships, targeted investments, and a growing emphasis on delivery. Nowhere is this shift more visible than in the evolving relationship between Nigeria and China.
As bilateral cooperation deepens, a broad portfolio of projects spanning infrastructure, manufacturing, and agriculture is beginning to reshape Nigeria’s economic trajectory. The emerging signal is clear: development is no longer being framed solely around policy intent, but around measurable outcomes.
A clear demonstration of this shift is the operational success of the Lekki Deep Sea Port. Developed in partnership with China Harbour Engineering Company (CHEC), the port stands as one of the most significant private-sector-led infrastructure investments in Nigeria in recent years. With over $1 billion in equity contribution by CHEC, the facility is now fully operational, easing port congestion, improving cargo handling efficiency, and strengthening Nigeria’s position as a maritime gateway for West Africa.
Beyond its infrastructure value, Lekki Deep Sea Port is increasingly seen as a case study in what structured international partnerships can deliver when aligned with domestic priorities. It highlights a key lesson: investment alone is not sufficient; execution, governance, and operational sustainability are what convert capital into national value.
However, infrastructure is only the starting point of industrial transformation. The next frontier lies in rebuilding Nigeria’s productive base, particularly in steel. No modern economy achieves industrial depth without a functioning steel industry, and this reality places renewed attention on the revival of the Ajaokuta Steel Company.
For decades, Ajaokuta has remained an unfulfilled potential. Yet, renewed collaboration involving Chinese technical and investment partners has reopened the possibility of repositioning it as a core pillar of Nigeria’s industrial ecosystem. A functional steel plant would reduce import dependency, lower production costs across sectors, and stimulate downstream industries such as construction, fabrication, and manufacturing.
The strategic logic is further reinforced by Nigeria’s resource endowment, particularly iron ore deposits in Itakpe, Lokoja and Ogun state. Combined with improving logistics infrastructure, including rail and inland transport corridors, the fundamentals for a viable steel value chain are present. What remains critical is execution discipline and sustained policy continuity over time.
If infrastructure and steel represent the backbone of industrialisation, agriculture represents its most immediate and socially visible impact. In a context where food inflation continues to pressure household incomes, interventions that directly affect food supply and pricing carry both economic and political significance. This is where the National Integrated Poultry Project becomes particularly consequential.
According to Joseph Tegbe, the project is designed to address structural constraints in Nigeria’s poultry value chain, particularly high feed costs and supply inefficiencies. By integrating large-scale poultry production with domestic cultivation of key feed inputs such as maize and soybean, the initiative directly targets the most significant cost drivers in the sector.
The economic rationale is straightforward: reducing feed costs lowers production costs, and lower production costs improve affordability for consumers. In practical terms, this is expected to translate into more accessible prices for eggs and poultry products, which remain critical sources of affordable protein for millions of Nigerian households.
The implications extend beyond consumers to producers. Poultry farmers, many of whom operate under volatile input pricing and thin margins, stand to benefit from more stable feed supply chains and reduced production costs. This could enhance profitability, encourage sector expansion, and strengthen resilience across the agricultural value chain.
The scale of ambition is significant. Pilot phases are scheduled for Kaduna and Oyo States, with plans for national expansion thereafter. Each integrated facility is expected to operate at industrial scale, housing up over one million layer birds alongside substantial broiler capacity, and collectively producing millions of eggs daily.
The programme is projected to generate tens of thousands of direct jobs and hundreds of thousands of indirect opportunities across farming, logistics, processing, and distribution.
Yet, Nigeria’s development history underscores an important caution: ambition does not automatically translate into impact. The country has seen several large-scale agricultural and industrial programmes falter due to weak coordination, inconsistent policy implementation, and limited accountability mechanisms.
This makes execution the defining variable. Clear timelines, institutional coordination, and measurable performance indicators will determine whether these initiatives become transformational or remain under-realised potential.
Encouragingly, recent engagements under the Nigeria–China Strategic Partnership indicate that over $20 billion in investment commitments have been mobilised across agriculture, mining, automotive manufacturing, and energy.
While this signals strong investor confidence, commitments must ultimately be judged by outcomes, jobs created, food prices reduced, industries strengthened, and productivity improved.
Taken together, the trajectory from Lekki Deep Sea Port to Ajaokuta Steel and the National Integrated Poultry Project reflects a more integrated approach to economic development, one that connects infrastructure, industry, and food systems within a single framework of cooperation. The Nigeria–China partnership is therefore evolving beyond diplomacy into an economic delivery platform. The real question is no longer about the scale of ambition, but the consistency of execution.
If Nigeria succeeds, the impact will be tangible: lower food costs, stronger industrial capacity, and expanded employment opportunities. If it fails, these initiatives risk joining a long list of unrealised development plans. Ultimately, the difference will be defined not by vision, but by execution.
Adeola Adelabu is the Lead, Media and Public Relations at the Nigeria–China Strategic Partnership (NCSP).
From Ports to Food: How Partnership with China is Driving Nigeria’s Economic Transformation
National News
Nigeria Launches Nationwide Drive to Safely Manage Small Battery Waste
Nigeria Launches Nationwide Drive to Safely Manage Small Battery Waste
By: Michael Mike
Nigeria has taken a major step toward tackling a fast-growing but often overlooked environmental threat with the launch of a national initiative to ensure the safe collection and recycling of small-sized waste batteries.
Unveiled at the Federal Ministry of Environment’s Green Building in Abuja, the programme introduces a structured system for the environmentally sound management of discarded household batteries—ranging from button cells in wristwatches to AA and AAA batteries in remote controls, as well as lithium-ion units powering mobile phones and other portable devices.
Speaking at the event, Minister of Environment, Balarabe Lawal, described the initiative as a decisive intervention to close a long-standing gap in Nigeria’s waste management system.
He noted that while large batteries such as those used in vehicles often attract recycling value, smaller batteries are routinely ignored and improperly disposed of, posing serious risks to both human health and the environment.

“These small-sized batteries are deceptively dangerous,” the minister said. “They are easily discarded, yet they contain toxic substances that can contaminate our soil, water, and food systems. This initiative is about protecting lives—especially those of women and children who are most vulnerable to the impacts of environmental pollution.”
At the core of the programme is the deployment of specially designed collection receptacles across strategic locations in the Federal Capital Territory, including markets, schools, offices, and motor parks. The goal is to make safe disposal accessible at the point of use, ensuring that hazardous battery waste does not end up in dumpsites or informal recycling channels.
The initiative is being implemented in partnership with the Alliance for Responsible Battery Recycling (ARBR), the Producer Responsibility Organisation for Nigeria’s battery sector under the Extended Producer Responsibility (EPR) framework.
Established in 2019, ARBR is tasked with coordinating the collection, transportation, and environmentally compliant recycling of battery waste nationwide.
Providing an overview of the project, ARBR representatives highlighted the growing volume of small battery waste driven by increased technology use and energy access across Nigeria. Despite their widespread use, these batteries often enter general waste streams at the end of their lifecycle, releasing hazardous materials such as cadmium, mercury, nickel, lithium, and lead into the environment.

“Collection is the foundation of environmentally sound management,” ARBR stated. “Without it, the entire value chain—from transportation and storage to treatment and recycling—breaks down. This project is designed to ensure that these batteries are captured early and directed into safe, regulated systems.”
Beyond collection, the programme establishes a coordinated downstream process involving the evacuation of collected batteries to central aggregation hubs, from where they will be transported to licensed recycling facilities, including export where necessary under national regulations. Key partners, including the Abuja Environmental Protection Board (AEPB) and the Waste Pickers Association of Nigeria (WAPAN), are expected to play critical roles in ensuring the system’s efficiency and sustainability.
The initiative is anchored on Nigeria’s National Policy on Battery Waste Management (2022) and the National Environmental (Battery Control) Regulations (2024), which mandate the responsible lifecycle management of batteries in line with global environmental standards.
In a goodwill message, the Director General of the National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Innocent Barikor, described the launch as a strong demonstration of Nigeria’s commitment to meeting its obligations under international environmental agreements, including the Basel Convention on hazardous waste.
He emphasized that the rapid proliferation of battery-powered devices has created an escalating waste stream that demands urgent and coordinated regulatory action.
“This is not just a technical exercise,” Barikor said. “It is a declaration of intent that Nigeria is ready to protect public health and preserve its ecosystems through science-based and enforceable solutions.”
He further noted that the initiative builds on groundwork laid under the PROBAMET project, which helped map informal sector activities, identify infrastructure gaps, and raise awareness among stakeholders in the battery value chain.
Stakeholders at the event commended the Federal Ministry of Environment for its leadership, while also acknowledging the role of international development partners in providing technical and financial support for the project.
Experts say the initiative could also unlock economic opportunities by integrating informal waste collectors into formal systems and advancing Nigeria’s circular economy agenda—where waste is treated as a resource rather than a burden.
As the programme rolls out, officials are calling on Nigerians to adopt responsible disposal habits, stressing that the success of the initiative depends not only on infrastructure but also on public participation.
“Every battery properly disposed of is a life protected and an ecosystem preserved,” the minister said. “This is the beginning of a nationwide movement toward cleaner, safer environmental practices.”
The launch marks what stakeholders describe as a critical turning point in Nigeria’s approach to hazardous waste management, with expectations that the model could be expanded beyond the Federal Capital Territory to other parts of the country in the near future.
Nigeria Launches Nationwide Drive to Safely Manage Small Battery Waste
National News
US. Embassy Abuja Seals Landmark Tech Partnership with Ilorin Innovation Hub
US. Embassy Abuja Seals Landmark Tech Partnership with Ilorin Innovation Hub
By: Michael Mike
The U.S. Embassy Abuja has signed a three-year Memorandum of Understanding (MOU) with the Ilorin Innovation Hub, launching its first public-private partnership outside the American Spaces Network and signaling a strategic expansion of U.S. engagement in Nigeria’s fast-growing technology ecosystem.
The agreement, formalized at a ceremony in Abuja, is set to deepen collaboration in artificial intelligence (AI), science, technology, engineering, and mathematics (STEM), as well as professional development, particularly targeting young innovators and tech professionals in Kwara State.

Speaking at the event, U.S. Embassy Public Diplomacy Counselor Lee McManis described the partnership as a significant step toward strengthening innovation-led economic ties between Nigeria and the United States. He noted that Kwara is steadily emerging as a technology hub, attracting growing interest from American companies eager to invest, compete, and collaborate within the region’s evolving digital economy.
Under the terms of the MOU, both parties will roll out a series of programs showcasing American leadership in technology and innovation. These initiatives will include business English training, STEM-focused education, and capacity-building workshops designed to align Nigerian talent with the demands of U.S. industries.
The partnership is also expected to create new pathways for knowledge exchange, entrepreneurship, and workforce development, reinforcing broader efforts to position Nigeria as a competitive player in the global tech landscape.
Officials say the initiative reflects a shared vision centered on innovation, education, and opportunity as drivers of sustainable economic growth. The collaboration is poised to not only empower local talent but also strengthen bilateral relations through practical, skills-based engagement.
With this move, the U.S. Embassy is extending its footprint beyond traditional platforms, embracing targeted partnerships that directly impact emerging innovation ecosystems across Nigeria.
US. Embassy Abuja Seals Landmark Tech Partnership with Ilorin Innovation Hub
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News1 year agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
