Finance

The President of the African Development Bank (AfDB), Dr. Sidi Ould Tah, has announced plans to introduce a Pan-African Financial Coordination Platform aimed at strengthening collaboration among African financial institutions and ensuring that capital deployed across the continent yields greater development impact. His announcement followed an intensive consultative meeting with regional development finance institutions, held shortly after the AfDB concluded a similar engagement with African securities exchanges. Both meetings form part of the Bank’s broader effort to gather sector-wide insights as it prepares the framework for the new platform. According to Ould Tah, African countries face substantial financing needs that can only be met through deeper cooperation among development finance institutions. He stressed that regional DFIs, which often operate closer to the communities and sectors that require support, need stronger balance sheets and more reliable capital structures to fulfill their mandates effectively.

As part of the initiative, Ould Tah explained that a technical task force will be established to examine key challenges identified during the consultations. These challenges include the need to strengthen equity buffers, reduce risk exposure, improve access to long-term concessional financing, and enhance liquidity support mechanisms for DFIs across the continent. He also noted that further engagements with private-sector leaders and global credit rating agencies have been scheduled for mid-December in London, immediately after the conclusion of the 17th replenishment of the African Development Fund. These discussions are expected to shape the final structure of the coordination platform and build confidence in its potential to improve Africa’s financial ecosystem.

Senior executives from key regional development finance institutions participated in the meeting with the AfDB, including representatives from the ECOWAS Bank for Investment and Development, the Eastern and Southern African Trade and Development Bank, the West African Development Bank, Shelter Afrique and the Africa Finance Corporation. Admassu Tadesse, President of the Eastern and Southern African Trade and Development Bank, emphasised the urgent need for stabilisation mechanisms that can help DFIs withstand macroeconomic shocks. He proposed the creation of a standby liquidity facility and the use of callable capital guarantees as tools capable of lowering financing costs and amplifying development outcomes. Tadesse noted that multilateral development banks like the AfDB already possess such instruments and could play a catalytic role in helping DFIs achieve greater financial resilience.

Serge Ekue, President of the West African Development Bank, highlighted the rising political instability across parts of West Africa and its adverse effect on the credit ratings of regional financial institutions. He stressed that the AfDB’s strong AAA credit rating is crucial for anchoring market confidence and helping to stabilise financing conditions across the region. Ekue also expressed the need to clarify institutional roles and avoid duplication of mandates to ensure that development resources are used efficiently. He described regional DFIs as organisations that are “small enough to care, but big enough to execute,” underscoring the importance of maintaining their agility while scaling their impact.

Dr. George Donkor, President of the ECOWAS Bank for Investment and Development, underscored the importance of closer cooperation and stronger alignment among African financial institutions. He argued that increased co-lending, loan syndication and joint project financing would enable larger DFIs to support smaller ones, thereby broadening Africa’s overall development financing capacity. Donkor noted that such collaboration would also enhance the ability of DFIs to fund larger regional projects and mobilise more private capital.

The AfDB’s renewed focus on coordination comes at a time when the institution is taking significant steps to strengthen Africa’s infrastructure and economic resilience. Just last week, the Bank approved a $100 million loan to the Emerging Africa and Asia Infrastructure Fund to support sustainable infrastructure growth across the continent. According to the Bank, the financing package is intended to unlock additional private sector capital and advance transformative projects in renewable energy, transportation, digital infrastructure and other essential sectors that will drive Africa’s long-term development.

Veritasi Homes & Properties Plc has officially opened the book-building phase for its Series 1 Bond Issuance, marking a significant step in the company’s long-term capital-raising plans. The issuance is the first tranche under Veritasi’s N30 billion Bond Issuance Programme and is structured with a target size of up to N10 billion. The book build opened on Monday, November 17, 2025, and will run until Wednesday, November 26, 2025, offering qualified investors the opportunity to participate in one of the market’s most anticipated real estate-backed debt offerings for the year.

The Series 1 Bond comes with a pricing guidance range of 19.00% to 20.00% per annum, reflecting current market conditions and investor appetite for secure, yield-driven instruments. With a three-year tenor, the bond also features a six-month moratorium on principal, providing Veritasi additional flexibility in deploying capital toward its flagship development pipeline. Minimum subscription is set at N10 million, equivalent to 10,000 units priced at N1,000 per unit, making it accessible to pension funds, asset managers, insurance firms, and other institutional investors seeking exposure to structured real estate investments.

Proceeds from this bond issuance will be directed towards Project Oyster Towers, an 82-unit luxury residential development situated in the premium Eko Atlantic City district. The project has already demonstrated strong market traction, with 63% of the units subscribed under a pre-existing agreement with Cooplag. The bond proceeds will support ongoing construction and completion milestones, ensuring Veritasi maintains its track record of delivering high-value residential products in Nigeria’s competitive upscale real estate segment.

To strengthen investor confidence, the Series 1 Bond is secured by an existing deed of debenture over Veritasi’s assets. These assets have been independently valued at an Open Market Value (OMV) of N57.19 billion and a Forced Sale Value (FSV) of N40.04 billion, providing substantial collateral coverage. Additional credit enhancements include domiciliation of receivables from units already sold in Oyster Towers, offering further assurance of liquidity and repayment capacity.

The issuance benefits from robust credit assessments by reputable rating agencies. The Bond itself carries an A rating from GCR and A from DataPro, while the company maintains strong long- and short-term issuer ratings across the two agencies—affirming its financial stability, operational governance, and capacity to meet debt obligations.

Pathway Advisors Limited is serving as the Lead Issuing House and Bookrunner, working alongside a consortium of Joint Issuing Houses including FirstCap Limited, Renaissance Capital Africa, SCM Capital Limited, Wealthbridge Capital Limited, and Lighthouse Capital Limited. The bond will be listed on the FMDQ Securities Exchange, further enhancing its visibility, secondary market liquidity, and compliance with regulatory standards. The issuance has been duly registered with the Securities and Exchange Commission (SEC) Nigeria.

Qualified institutional investors are invited to participate in the book-building process and access the Investor Data Room, which contains detailed offer documents, financial disclosures, and due-diligence materials.

For further enquiries regarding participation, prospective investors may contact:

• Opeyemi Akanbi – opeyemi@pathway.ng | 0902 743 2796

• Idris Busari – idris@pathway.ng | 0802 688 6728

Tamrose Limited has emerged as a powerful case study in the transformative impact of targeted financial support, disciplined management, and a strong commitment to local content development. The company’s remarkable growth trajectory—and its recent full repayment of a $10 million facility from the Nigerian Content Intervention Fund (NCI Fund)—has earned it widespread commendation from the Federal Government, the Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian Maritime Administration and Safety Agency (NIMASA), and several private-sector stakeholders.

At a major stakeholder event held at the NCDMB Headquarters in Yenagoa, senior government officials and industry leaders celebrated Tamrose’s achievements, noting that its progress exemplifies the kind of sustainable advancement Nigeria aims to see across its indigenous oil and gas service ecosystem.

Delivering his remarks, the Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reaffirmed the Federal Government’s commitment to scaling up support for indigenous players. He praised Tamrose’s performance as proof that structured financing and deliberate institutional backing can significantly strengthen Nigerian companies, enabling them to compete not only domestically but across Africa.

According to the Minister, “Over 70 companies have accessed the NCI Fund, but only 21 have fully repaid their loans—and Tamrose is proudly one of them. This is precisely why the Fund exists: to build local capacity, strengthen Nigerian service companies, and support their operations across the marine and offshore value chain.” Lokpobiri emphasized that Tamrose’s ability to expand its fleet from four to fifteen vessels, create jobs, and extend its operations beyond Nigeria reflects “a clear benchmark for operational excellence and financial fidelity.”

Representing the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, the General Manager of Corporate Communications and Zonal Coordination, Mr. Esueme Dan Kikile, described Tamrose’s evolution as the ideal outcome envisioned under the Nigerian Content framework. “Tamrose has shown leadership, discipline, and an unwavering commitment to capacity building,” he stated. “Their growth from a modest local operator to a major marine logistics provider demonstrates the power of the NCI Fund. It is evidence that when indigenous companies are supported, they deliver real value to Nigeria’s oil and gas sector.”

The event—tagged “Celebration of Growth and Impact”—brought together an impressive cross-section of stakeholders, including the Bank of Industry Managing Director, Dr. Olasupo Olusi; NIMASA Director General, Dr. Dayo Mobereola; former Bayelsa Deputy Governor, Rear Admiral Gboribiogha John Jonah (Rtd); and representatives from leading financial institutions and international oil companies such as Keystone Bank, ExxonMobil, First E&P, and Oriental Energy.

In his address, the Executive Chairman of Tamrose Limited, Mr. Ambrose Ovbiebo, expressed deep appreciation for the institutional partnerships that enabled the company’s expansion. He noted that the 2019 NCI Fund support was a “foundational catalyst” that accelerated Tamrose’s transformation. “Tamrose stands here today as a symbol of what is possible for all Nigerian entrepreneurs when the right support systems are in place,” he said. “We believe strongly that Nigerian companies can not only thrive locally but also lead across Africa and the world.”

He shared that the company’s fleet—now comprising ten security patrol vessels and five platform supply vessels—has positioned Tamrose as a reliable offshore logistics partner for oil and gas operations in Nigeria and Angola. Beyond operational expansion, Tamrose has also delivered significant socio-economic impact: nearly 250 direct jobs created, over 600 indirect livelihoods supported, and more than 100 cadets trained under its Cadetship Training Scheme to global maritime standards.

Furthermore, the company has strengthened its human capital commitments by enrolling more than 1,500 employees under HMOs, thus improving healthcare access for its workforce. These initiatives collectively contribute to Nigeria’s local content objectives, especially NCDMB’s target of achieving 70% local content by 2027.

As stakeholders concluded the event, a central message resonated: Tamrose’s journey demonstrates that indigenous companies can achieve phenomenal growth when backed by responsible financing, consistent oversight, and policies designed to build national capacity.

Encouraged by this success, government and regulatory agencies pledged renewed financial and institutional support to help more indigenous firms replicate—and even surpass—Tamrose’s achievements, ensuring a stronger, more competitive, and more inclusive Nigerian oil and gas services industry.

The Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal Government to take decisive steps to stabilise energy costs and broaden access to affordable finance for productive sectors, even as Nigeria’s inflation rate eased in October 2025. The economic think tank emphasised that despite recent improvements in headline inflation, businesses—especially small and medium-sized enterprises (SMEs)—continue to operate under extremely challenging conditions marked by high costs, volatile energy prices, and limited access to credit.

In a policy brief shared with Nairametrics, CPPE’s Chief Executive Officer, Dr. Muda Yusuf, highlighted that the current moderation in inflation, while encouraging, is still fragile. Without deep structural reforms, he warned, the easing trend could quickly reverse. Yusuf stressed that stabilising energy prices and ensuring affordable financing are essential to strengthening the productive base of the economy and supporting sustainable growth.

According to the CPPE, the business environment remains under intense pressure. Energy-related expenses—in particular the cost of powering factories, shops, farms, and digital operations—remain among the biggest contributors to inflation and the most critical barriers to business competitiveness. Many SMEs reportedly spend a significant portion of their operating budgets on diesel, petrol, and alternative power sources because of inconsistent grid supply and rising tariff costs.

To reverse this trend, the CPPE urged the government to accelerate reforms that improve energy supply and reduce costs. The organisation recommended increased investment in transmission and distribution infrastructure to reduce technical losses and improve grid stability. It also encouraged the expansion of renewable energy initiatives, particularly solar and off-grid solutions designed for SMEs and rural communities where electricity access remains unreliable. In addition, the group advocated for renewed incentives that support energy-efficient manufacturing, helping producers cut costs while reducing dependence on expensive power sources.

Beyond energy sector reforms, CPPE underscored the urgent need for affordable financing across critical economic sectors. The current high-interest-rate environment, driven partly by aggressive monetary tightening aimed at controlling inflation, has made borrowing prohibitively expensive for many businesses. This has limited expansion plans, stalled new investments, and curtailed the productive capacity of agriculture and manufacturing—two sectors essential for job creation and economic stability.

To ease this burden, CPPE called for the introduction of targeted, lower-interest financing for SMEs, farmers, and manufacturers. It proposed expanding credit guarantee schemes that help de-risk lending for financial institutions, making them more willing to extend credit to small businesses. Strengthening development finance institutions to provide long-term, concessionary loans was also highlighted as a key step toward boosting output and promoting economic resilience.

The think tank’s recommendations come on the heels of new inflation data released by the National Bureau of Statistics (NBS). The NBS reported that headline inflation eased to 16.05% in October 2025, down from 18.02% recorded in September. Year-on-year, headline inflation stood at 17.82%, a major decline from the 33.88% observed in October 2024. Food inflation—which has been a major driver of household hardship—also posted a marked drop to 13.12% year-on-year, significantly lower than the 39.16% recorded a year earlier.

Despite the improved numbers, Yusuf reiterated that inflation remains high relative to household incomes and business margins, making targeted interventions essential to sustain the progress.

The Federal Government has recently amplified its consumer credit agenda as part of broader efforts to ease cost-of-living pressures. President Bola Tinubu announced in October that 153,000 Nigerians had benefited from N30 billion in loans disbursed through the National Consumer Credit Corporation (Credicorp). These loans were provided for needs ranging from vehicle purchases and solar systems to digital devices and home improvements. Tinubu also highlighted the rollout of YouthCred, a credit platform targeting young Nigerians, particularly National Youth Service Corps (NYSC) members, to support entrepreneurship and essential purchases.

Earlier in February, Credicorp launched a scheme enabling Nigerians to access loans for purchasing locally assembled vehicles—a move that aligns with the administration’s goals of promoting local manufacturing and improving mobility for low- and middle-income earners.

Still, the CPPE maintains that while government credit initiatives are commendable, a more comprehensive strategy is required. Stabilising energy costs and widening access to affordable financing, the organisation argued, will not only support SMEs—the backbone of Nigeria’s economy—but also help sustain the recent moderation in inflation and lay the groundwork for stronger, more inclusive economic growth.

Federal civil servants across Nigeria are pressing the government to urgently settle three months of unpaid arrears from the N35,000 wage award introduced in 2024 as a temporary relief measure. The allowance, meant to cushion the effects of worsening economic pressures, has become a crucial lifeline for many workers as inflation, fuel costs, and general living expenses continue to surge.

Speaking in Abuja on Sunday during interviews with the News Agency of Nigeria (NAN), several civil servants voiced growing frustration over what they described as an unnecessary and demoralizing delay by the Federal Government. They said the stoppage of payments has deepened concerns about government commitment to worker welfare at a time when salaries are struggling to keep up with economic realities.

Many workers stated that the delay seems to reflect a recurring pattern where government agencies fail to act proactively, only responding when public outcry reaches a breaking point. According to them, the current situation is yet another example of a governance culture that often requires agitation before obligations are honored.

Civil Servants React to the Delayed Payments

One of the public workers, Dr. Uche Anune, criticized the government for what he called a lack of urgency and sensitivity to workers’ daily struggles. “The government should not wait until workers feel agitated before fulfilling its obligations,” he said. “Whenever anything concerns workers’ welfare, there seems to be a tendency to delay until people start protesting. That should not be the case.”

The N35,000 wage award was introduced as a stopgap measure pending the conclusion of negotiations for a new minimum wage. It was intended to be disbursed monthly, but several civil servants noted that after the government acknowledged five months of outstanding arrears earlier in the year, only two months were paid before the process stalled again.

Another worker, Joseph Edeh, said the prolonged delay has cast doubts on the sincerity of the Federal Government. “They paid two months and stopped. Why are we being treated like this? Nobody is happy,” he said. “What they should do now is clear the arrears—pay the remaining three months at once—and move on.”

Others echoed the same sentiment, stressing that the allowance, though small, goes a long way toward covering essential expenses. Miss Franca Ofili explained that many civil servants depend heavily on the N35,000 addition to supplement their salary. “That N35,000 can go a long way. We need the money,” she said. “The government should clear the outstanding arrears at once.”

Economic Hardship Heightens Workers’ Concerns

The delay in payment comes at a time when many Nigerian households are grappling with severe financial strain. Following the removal of fuel subsidy, the depreciation of the naira, and rising energy tariffs, the cost of transportation, food, housing, and basic services has increased sharply. In the absence of an updated national minimum wage, the wage award has effectively become a critical buffer for many families.

Civil servants argue that the government’s delay in paying the arrears is worsening the economic pressure on workers, some of whom already struggle to afford necessities such as school fees, rent, and daily transportation.

Government’s Position on the Outstanding Arrears

Responding to the concerns, the Federal Government insisted it has not abandoned its pledge to fully settle the arrears. According to Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, the remaining three tranches are tied to government revenue inflows. He stated that two batches of payments have already been made, with the last disbursed in August.

“Contrary to insinuations, the Federal Government has not reneged on the payment of the wage award arrears,” Mokwa said. “The government will continue to pay the wage award in installments of N35,000 per month until the outstanding arrears are exhausted.”

However, for many civil servants who have waited months for relief, official assurances are no longer enough. They say what matters now is timely action—not repeated promises. Until the payments resume, workers remain anxious and increasingly vocal about the need for the government to demonstrate consistency, transparency, and respect for its commitments.

Nigeria’s longstanding housing crisis may be edging toward a historic shift as the Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) unveiled a collaborative plan to launch a comprehensive Non-Interest Mortgage (NIM) scheme aimed at expanding homeownership access for millions of citizens. The initiative, formally announced at a high-level meeting in Abuja, seeks to deliver an alternative mortgage framework rooted in ethical, Sharia-compliant financing models—an option many Nigerians have long awaited.

The move comes at a critical time. Nigeria’s housing deficit, estimated at more than 28 million units, is one of the largest in the world and continues to widen due to population growth, urban migration, limited construction financing, and the absence of affordable long-term mortgage products. Compounding the challenge is the fact that millions of Nigerians—particularly in the northern states—have been unable to participate in conventional mortgage schemes because they are interest-based, a structure that violates Islamic financial principles.

With this new partnership, the SEC and FMBN aim to dismantle one of the most persistent barriers to inclusive homeownership by designing mortgage products aligned with non-interest financing principles widely used in Islamic finance markets across the Middle East, Southeast Asia, and parts of Africa.

SEC to Chart Regulatory Path for Sukuk and Non-Interest Mortgage Securities

At the announcement event, SEC Director-General Dr. Emomotimi Agama emphasized that the collaboration is not merely administrative but foundational to building a sustainable and scalable housing finance ecosystem. According to him, the Commission will take the lead on creating regulatory guidelines for Sukuk issuances, non-interest mortgage-backed securities, and other asset-linked instruments that can attract long-term investors.

Agama stressed that unlocking continuous funding for housing requires a robust, transparent capital market structure that can mobilize ethical investment from both domestic and international markets. “By laying out a clear and credible regulatory pathway for non-interest mortgage instruments, we can draw in a wide pool of ethical investors. This will, in turn, fuel a cycle of construction, financing, and homeownership that benefits the entire economy,” he said.

He added that a properly structured NIM model would bolster market integrity, safeguard investors, and reinforce financial system stability.

FMBN Focuses on Inclusion and Affordable Ownership

On his part, FMBN Managing Director and CEO Shehu Osidi described the partnership as a strategic response to the limitations of the existing National Housing Fund (NHF). For decades, the NHF’s reliance on interest-based lending has excluded millions of Nigerians who, due to religious beliefs, could not participate.

Osidi noted that the new scheme aims to deliver non-interest mortgage products that are accessible, equitable, and financially viable. He emphasized that the FMBN has already conducted extensive consultations with Islamic finance experts to ensure the products meet global standards while addressing local realities.

“We are committed to creating mortgage solutions that meet the socio-religious needs of our citizens while expanding opportunities for homeownership. This collaboration offers a pathway for millions who have never had access to mortgage financing,” he said.

Industry Experts Applaud the Initiative

Housing finance specialist Ebilate McYoroki praised the initiative as “long overdue,” arguing that non-interest mortgage options could unleash pent-up demand among potential homeowners who have historically remained outside the formal housing finance system. He also noted that the strategy could attract diaspora investors seeking Sharia-compliant real estate opportunities.

How the Non-Interest Mortgage Model Works

The NIM framework will rely on globally recognized Islamic finance structures, each eliminating interest but ensuring profit is earned transparently and through shared risk or asset-backed transactions:

• Musharakah (Diminishing Partnership): The bank and customer co-own the property, with the customer gradually purchasing the bank’s stake until full ownership is achieved.

• Ijara (Lease-to-Own): The bank acquires the home, leases it to the customer, and transfers ownership progressively as the customer makes rental payments.

• Murabaha (Cost-Plus Sale): The bank buys the property and sells it to the customer at a pre-agreed markup payable in installments.

These models ensure transparency, ethical returns, and asset-based financing—making them suitable for citizens seeking non-interest alternatives.

Potential for National Impact

If implemented effectively, the SEC-FMBN initiative could stimulate housing construction, create thousands of jobs, deepen financial inclusion, and contribute to closing Nigeria’s vast housing deficit. It also positions the country to attract substantial non-interest capital, including from international Islamic finance markets valued at over $3 trillion globally.

With both institutions committed to building a coherent regulatory and operational framework, the long-awaited expansion of ethical housing finance in Nigeria may finally be within reach.

The Ogun State Government has announced an ambitious plan to generate N500 billion in Internally Generated Revenue (IGR) to finance the state’s 2026 fiscal year. The target, which marks one of the most aggressive subnational revenue projections in recent years, underscores the Abiodun administration’s push to build a more economically self-reliant and fiscally sustainable Ogun State.

Governor Dapo Abiodun disclosed the revenue goal during the Treasury Board meeting on the 2026–2028 Medium-Term Expenditure Framework (MTEF) and the 2026 budget session held in Abeokuta. According to him, the government is strategically positioning the state to fully harness its industrial strength, expanding infrastructure, and geographical advantages.

Abiodun said the N500 billion target is not merely a fiscal aspiration but a deliberate plan backed by reforms, policy alignment, and a determination to transform Ogun into Nigeria’s most competitive and efficient subnational economy. “We have set an ambitious target of generating N500 billion in Internally Generated Revenue to finance the 2026 fiscal year, as part of our drive to build a stronger and more self-sustaining Ogun State,” he said.

Long-Term Vision: N750 Billion IGR by 2027

The governor also provided insight into the administration’s long-term revenue plan, noting that the state aims to grow its annual IGR to N750 billion by 2027, the final year of his current tenure. This trajectory, he explained, aligns with Ogun’s stature as one of Nigeria’s top investment destinations and its unique position as Lagos State’s closest industrial and economic neighbour.

He emphasized that Ogun’s vast landmass — spanning more than 16,000 square kilometres — gives the state enough room to attract and accommodate investments that Lagos can no longer host due to space constraints and congestion.

“Ogun must leverage its proximity to Lagos and its vast landmass to achieve this target,” Abiodun said. “Our comparative advantage must be fully harnessed to provide what Lagos cannot offer. Innovation, efficiency, and accountability will be our guiding principles as we strengthen Ogun’s economic base.”

MDAs Directed to Develop Bold Revenue Plans

To meet the 2026 revenue target, Abiodun directed the Ogun State Internal Revenue Service (OGIRS) to contribute at least N250 billion. He also tasked other major revenue-generating agencies — including the Ogun Property Investment Corporation (OPIC), the Bureau of Lands, the Ministry of Education, Science and Technology, and the Ministry of Housing — to upscale their revenue mobilization efforts.

He stressed that every Ministry, Department, and Agency (MDA) must take responsibility by developing “bold, creative, and ambitious” revenue initiatives that align with their mandate and operational realities. According to him, the 2026 budget will be anchored on innovation-driven governance, fiscal discipline, and aggressive revenue expansion.

Infrastructure, Urban Renewal, and Economic Expansion

Beyond revenue plans, Governor Abiodun highlighted several development priorities for the coming fiscal cycle, including urban renewal and accelerated infrastructure development. A major focus will be the regeneration of Kara, near Isheri, a corridor that serves as one of the busiest entry points into the state from Lagos.

The governor said the redevelopment of Kara would give the axis a modern and befitting look consistent with Ogun’s reputation as the Gateway State. To ensure fairness and transparency, he announced the creation of an inter-ministerial committee that will oversee enumeration, compensation, and relocation processes for affected individuals and businesses.

According to Abiodun, the state is determined to execute the redevelopment in a way that is both humane and inclusive, ensuring that growth does not come at the expense of residents’ welfare.

“We remain focused on building a prosperous, modern Ogun State — one that reflects the ambition, discipline, and resilience of its people,” he added.

What You Should Know

Ogun has become one of Nigeria’s fastest-growing industrial zones, attracting investments across manufacturing, real estate, agriculture, logistics, and technology. In October 2025, Stellar Steel Company Limited, a subsidiary of China’s Galaxy Group and RSIN Group, signed a landmark agreement with the federal government to establish a $450 million steel plant in the state. The facility, expected to begin operations by mid-2026, will produce hot-rolled coil steel, iron doors, and gas cylinders — significantly reducing Nigeria’s dependence on imported steel products.

As Ogun pushes toward its N500 billion IGR target, the state’s success will depend on how effectively it leverages its industrial appeal, improves internal revenue systems, closes leakages, and sustains investor confidence. The coming fiscal year will test the depth of its reforms — and the strength of its ambition.

The Manufacturers Association of Nigeria (MAN) has cautioned that the planned ban by the National Agency for Food and Drug Administration and Control (NAFDAC) on the production and sale of alcoholic beverages in sachets and small PET bottles could have devastating economic consequences.

According to the Association, the policy—scheduled to take effect on December 31, 2025—could result in the loss of over ₦1.9 trillion worth of investments and threaten the livelihoods of more than five million Nigerians, including both direct and indirect workers across the country’s manufacturing value chain.

In a statement issued in Lagos, Segun Ajayi-Kadir, Director General of MAN, described the ban as “economically reckless and procedurally flawed,” warning that it would cripple indigenous enterprises that have invested heavily in the segment and undo years of industrial progress in Nigeria’s beverages sector.

Lack of Consultation and Policy Inconsistency

Ajayi-Kadir criticized both the Senate and NAFDAC for what he called a hasty and unilateral decision, noting that the Senate’s November 6 resolution contradicts the consensus reached among key stakeholders during the validation of the National Alcohol Policy held in October 2025.

He explained that the validated policy had recommended a multi-sectoral approach—not an outright ban—to tackle alcohol abuse while preserving legitimate business operations. The plan included tighter enforcement of existing regulations, licensing of retail liquor outlets, and sustained public education on the risks of excessive drinking, especially among minors.

“During the policy validation process, stakeholders agreed on a national framework that balances public health priorities with economic realities,” Ajayi-Kadir said. “The Senate’s recent resolution disregards that consensus and undermines confidence in regulatory consistency.”

He added that the industry had anticipated a one-year transition period for full implementation of the policy, not an immediate cessation that would destabilize manufacturing operations and supply chains.

Threat to Jobs and Industrial Output

MAN warned that enforcing the ban could reverse the fragile recovery currently seen in the manufacturing sector, which has been gradually improving amid challenging economic conditions.

“The pronouncement will have serious consequences for the now stabilizing economy,” the statement said. “It threatens over ₦1.9 trillion in investments—mostly from local companies—could trigger mass retrenchment of more than 500,000 direct employees and an additional five million indirect workers, and reduce capacity utilization in a sector that is finally showing signs of rebound.”

Ajayi-Kadir noted that sachet and small-bottle packaging were introduced as affordable innovations for low-income adult consumers, allowing responsible consumption in controlled portions. Eliminating them, he warned, would remove a viable product category without addressing the root causes of misuse.

Risk of Illicit Trade and Consumer Harm

MAN also expressed concern that a blanket ban could fuel the growth of illicit and unregulated alcohol markets, exposing consumers to dangerous, unverified products.

“The alcoholic beverages produced by regulated local manufacturers are NAFDAC-certified and meet established safety standards,” Ajayi-Kadir explained. “Once legitimate products are banned, consumers will turn to unsafe alternatives that operate outside any regulatory oversight.”

He warned that such a scenario would not only endanger public health but also deprive the government of valuable tax revenue and worsen Nigeria’s trade imbalance, as smuggled foreign brands fill the void created by the ban.

A Call for Balanced Regulation

Rather than imposing a prohibition, MAN urged both the Senate and NAFDAC to revisit the validated National Alcohol Policy and implement its structured recommendations. These include stricter enforcement, responsible advertising, public awareness campaigns, and community-level education.

Ajayi-Kadir emphasized that the industry remains committed to promoting responsible consumption, revealing that manufacturers have collectively invested over ₦1 billion in national campaigns against underage drinking and alcohol misuse.

“The ban will not solve the problem—it will only destroy legitimate businesses and push the trade underground,” he said. “What Nigeria needs is smart regulation, not prohibition.”

Background

NAFDAC’s Director General, Professor Mojisola Adeyeye, had earlier announced that the agency would enforce a total ban on alcoholic beverages packaged in sachets and small bottles below 200 millilitres by December 2025. She cited concerns about the accessibility of such drinks to minors and commercial drivers, as well as rising cases of addiction and health-related incidents.

However, industry stakeholders argue that the agency’s approach disregards the economic realities of local producers and consumers. As the debate intensifies, the coming months will determine whether Nigeria chooses a path of balanced reform—or faces the fallout of an abrupt policy shift that could reshape its manufacturing landscape.

Nigeria’s Ministry of Finance Incorporated (MOFI) has taken another bold step toward bridging the nation’s housing deficit with the official listing of its N1 trillion MOFI Real Estate Investment Fund (MREIF) on the Nigerian Exchange Group (NGX). The landmark event, held in Lagos, drew senior government officials, capital market leaders, and private sector investors, highlighting a renewed national commitment to harnessing capital market mechanisms for inclusive economic development.

The listing represents the second series of the MREIF, featuring one billion units priced at N100 each. It is designed as a strategic vehicle to mobilize long-term private and institutional capital into Nigeria’s housing and infrastructure sectors. Beyond its financial significance, the initiative reinforces the Federal Government’s broader goal of using innovative, market-based models to address critical social and economic challenges.

A Transformative Moment for Nigeria’s Capital Market

Speaking at the ceremony, Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, described the listing as a “transformative moment” for Nigeria’s capital market and its social development agenda. According to him, the MREIF embodies the administration’s Renewed Hope Agenda, which seeks to channel private funds into sectors that create jobs, improve living standards, and drive sustainable growth.

“The MREIF represents a transformative approach to affordable housing—mobilizing private and institutional capital into the housing sector, creating jobs, and stimulating economic growth,” Edun said. He added that the fund’s AAA rating from Agusto & Co and AA from GCR demonstrates investor confidence in both the initiative and Nigeria’s financial system.

Driving Growth through Public-Private Collaboration

At the core of the MREIF’s model is a Public-Private Partnership (PPP) framework that combines government policy direction with market efficiency. The Fund will channel long-term financing into the housing sector, offering investors a credible platform for both financial returns and social impact.

Dr. Shamsuddeen Usman, Chairman of MOFI’s Board, hailed the Fund’s listing as a defining step in unlocking real estate as a key driver of inclusive economic growth. “The MREIF is more than an investment instrument—it is a catalyst for inclusion and shared prosperity,” he said.

He explained that beyond its financial appeal, the Fund is structured to deliver measurable social outcomes, including expanding access to affordable housing and supporting Nigeria’s construction and mortgage value chains. Since becoming operational in May 2025, the Fund has already facilitated over 1,000 mortgages, demonstrating its immediate impact and scalability potential.

Building Investor Confidence and Financial Sustainability

Delivering his remarks, Dr. Armstrong Ume Takang, Managing Director and CEO of MOFI, emphasized that the MREIF aligns perfectly with the government’s strategic investment vision to deploy capital for national transformation.

“This listing underscores MOFI’s mission to deploy capital strategically for national transformation,” he said. “The MREIF is designed to provide long-term, low-cost mortgage financing, making homeownership a reality for millions of Nigerians while stimulating local economies.”

Dr. Takang also commended the Securities and Exchange Commission (SEC), the Nigerian Exchange (NGX), and other transaction partners for their role in structuring the Fund to meet international standards of transparency, governance, and sustainability.

Expanding Access and Creating Opportunity

The NGX listing is expected to boost liquidity and visibility for the Fund, offering opportunities to both institutional and retail investors—including Nigerians in the diaspora. The platform’s disclosure and governance framework will also enhance accountability and investor protection, strengthening overall confidence in the market.

According to Dr. Usman, the listing is “more than a financial milestone—it is proof that policy, capital, and purpose can intersect to deliver real impact.” He noted that MOFI’s collaboration with both private and public stakeholders marks a new chapter in Nigeria’s pursuit of economic inclusiveness through strategic investment.

A Market-Driven Path to Homeownership

The MOFI Real Estate Investment Fund (MREIF) is a government-backed yet market-driven initiative providing affordable mortgage financing at a competitive interest rate of 9.75%, with a maximum tenure of 20 years and a minimum equity contribution of 10%. By blending policy support with private sector participation, the Fund seeks to make homeownership more accessible and sustainable for Nigerians across income levels.

Ultimately, the MREIF’s listing on the NGX marks a defining moment for Nigeria’s real estate and financial markets—signaling that the country is ready to use innovative financial instruments not just to build houses, but to build futures.