Business and Economy
FG reassures of support for Made in Nigeria goods
By Saint Mugaga
Vice President Kashim Shettima has reaffirmed the federal government’s commitment to deepening support for local production.
Shettima, represented by the Special Adviser, Special Duties, Dr. Aliyu Modibbo Umar, said this at the Made in Naija Trade Exhibition organised by the House of Representatives Committee on Commerce on Tuesday.
He said Nigeria’s economic identity and global relevance will be defined by what it creates.
The vice president said Nigeria’s future depends on the creativity, ingenuity, and enterprise of its people.
“There is nothing that advertises the pride of a nation as much as the craft, creativity and conceptions of its people,” Shettima said. “They do more than signal the capability of the people. They serve as a fertilizer of the economy. They nourish every sector and give life to dreams yet to be imagined.”
He said the gathering was more than an exhibition, it was a statement of intent.
“This is both the assurance of our readiness to make Nigerian brands appeal to the world and a promise of the government’s commitment to work with you through this journey of transformation.”
Shettima stressed that the country’s wealth does not lie in oil fields, fertile land, or mineral deposits, but in what Nigerians are able to turn those resources into.
“Our fortune is what we make of these resources, the ambition that turns potential into prosperity. It rests on the shoulders of our most valuable asset, our human capital.”
He highlighted that Nigerian brilliance has already been demonstrated in multiple sectors, from agro-processing to architecture, textiles to technology, and manufacturing to music. But he warned that creativity is not enough if Nigerians fail to support what they produce.
“It is not enough for us to produce. We must patronize what we produce. Every time we choose a product manufactured here, we are making an investment, in a Nigerian entrepreneur, an artisan, a factory worker, a young graduate building a future.”
According to him, buying Nigerian strengthens the naira, supports jobs, reduces dependence on global supply chains, and nurtures a sustainable middle class.
Shettima noted that the target goes beyond self-reliance.
“Made in Nigeria must become synonymous with quality, innovation and competitiveness on the global stage. We have the resources, we have the creativity, we have the human capital. What remains is our resolve.”
The Vice President said President Bola Ahmed Tinubu considers local creators and producers as essential partners in national renewal, describing his administration as “a dreamland for those who create.”
He outlined ongoing government efforts to make Nigeria a manufacturing and innovation hub, including interventions built to remove barriers and expand market opportunities for MSMEs and local industries.
“Our administration is committed to providing the infrastructure, stable policies and essential finance needed for our local industries to scale up, meet international standards, and proudly export Nigerian excellence to the world.”
He said the government is establishing special economic zones, expanding access to financing, reforming ports, and ensuring certification systems meet global benchmarks.
“With the world’s highest quality, we want the answer to be Nigeria,” Shettima said.
He described the Made in Naija exhibition as a symbolic declaration of confidence in Nigerian talent, and a refusal to let others define the country’s global identity.
“Nigeria is not a country waiting to be defined by others. We are determined to define ourselves. If we remain steadfast, producers and consumers, government and industry, artisans and policymakers,, we will build a Nigeria where Made in Nigeria is not a sentimental choice, but a global reference.”
Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, reaffirmed the National Assembly’s full support for policies that prioritise Nigerian-made goods, saying the country’s future depends on local production, value addition, and reduced dependence on imports.
Abbas praised the initiative as a timely response to Nigeria’s urgent need for industrial growth and economic self-reliance.
He commended the committee’s chairman, Hon. Ahmed Munir, for conceptualising and delivering the exhibition, describing it as a practical expression of the nation’s industrial ambition.
“Their efforts represent a timely response to the national call for industrial growth and economic self-reliance,” Abbas said.
With the theme “Reshaping the Future of Commerce,” the exhibition aligns directly with Nigeria’s development objectives, the Speaker stated.
He said the country must now shift from an import-dependent economy to one built on domestic production, value creation, and inclusive growth, especially under the African Continental Free Trade Area (AfCFTA), which offers huge opportunities, but only for competitive economies.
“We must position Nigerian goods as competitive, dependable, and reasonably visible,” Abbas noted.
The Speaker also highlighted the significance of the Nigeria First Policy, launched by President Bola Ahmed Tinubu and endorsed by the National Assembly.
The policy mandates government ministries, agencies, and institutions to give priority to locally manufactured goods in all public procurement processes.
“Its goal is clear: to boost domestic industrial output, reduce over-reliance on imports, and create sustainable employment,” he said.
Abbas stressed that full compliance is expected, noting that the exhibition itself is evidence of the policy being put into practice.
Recalling his recent visit to China, the Speaker said Nigeria must learn from countries that built global competitiveness through sustained local manufacturing.
“Nigeria must follow a similar path. We need to process our raw materials, add value domestically, and confidently promote Nigeria-made goods in regional and global markets,” he said.
Weakening reliance on imports, he noted, is not only an economic choice but a national obligation.
“Strengthening local production is not just a tactic for survival. It is a duty we owe to the present and future generations,” Abbas declared.
He reaffirmed that the National Assembly has already passed and amended several pieces of legislation targeting industrial growth, ease of doing business, and support for small and medium-sized enterprises.
Still, he cautioned that increased output must not come at the expense of quality.
“Nigerian manufacturers must ensure their products meet global standards. Quality assures credibility, and consumer trust,” he said.
Abbas also urged Nigerians to embrace their civic role in economic development.
“Each time we choose locally made goods, we strengthen our economy and reinforce our identity,” he said. “These decisions are powerful expressions of economic responsibility and national solidarity.”
Chairman of the House Committee on Commerce, Hon. Ahmed Munir, Nigeria stands on the brink of an industrial and economic rebirth driven by local manufacturing, innovation, and strong legislative support.
Munir said the country must now “forge prosperity with our own hands,” transforming raw potential into globally competitive products made in Nigeria.
He noted that the focus on local content is projected to create over five million new jobs by 2030, shifting Nigerian youths from the unemployment line into factories, workshops, and innovation hubs across the country.
According to him, this shift represents not just economic growth, but the “restoration of the dignity of labour.”
Munir emphasized that substituting key imports with locally made alternatives remains central to stabilizing Nigeria’s foreign reserves.
He stated that by reducing dependency on foreign goods, the country could save up to $20 billion annually in foreign exchange, a move that aligns with the strategic priorities of President Bola Ahmed Tinubu’s administration.
The lawmaker described the non-oil sector’s expansion as “no longer aspirational, but a policy pillar,” noting that products made in Nigeria are expected to contribute an additional 5 percent to the country’s GDP within five years.
“Our vision extends beyond our borders,” he said. “Nigerian products must be ready to compete not just in Lagos, Port Harcourt, or Abuja, but in London, Beijing, and New York.”
Munir also highlighted ongoing legislative efforts under the 10th National Assembly, led by Speaker Abbas Tajudeen, including work on the domestication of the African Continental Free Trade Area (AfCFTA) agreement, which opens access to a $3.4 trillion market.
Other priority areas include establishing a national Weights and Measures Centre and strengthening regulatory frameworks that support industrial competitiveness.
He affirmed that the House remains committed to building a strong economic base “brick by Nigerian-made brick,” with the backing of policies designed to sustain growth, attract investment, and ensure long-term national prosperity.
Business and Economy
Gov Otu Promises Bringing Tinapa Back to Life Before End of Year
By Nick Ibe
Bassey Otu, Cross River State governor, has pledged to bring Tinapa Business and Leisure Resort back to life before the end of 2026.
The promise was made while fielding questions from newsmen in Calabar last Thursday. He revealed that his administration had engaged in lengthy negotiations to recover and reposition the business resort that the state recently recovered from Asset Management Corporation of Nigeria (AMCON).
Otu explained the imperative to focus on reviving Tinapa due to the state’s financial realities and the need to protect existing public investments. In his words:
“The state has invested more than 400 million US dollars in Tinapa over the years, making it impossible for his administration to abandon the facility.
“Leaving it unattended would have led to further deterioration of the infrastructure and a waste of the huge public investment already committed to the project.
“I am confident that before the end of the year, Cross River residents would begin to witness a transformed Tinapa.”
He revealed that rehabilitation works were already ongoing at the retail emporiums and other commercial facilities within Tinapa complex.
Otu added that government has restored the power generation segment to guarantee stable electricity for businesses operating there.
He further announced that an anchor tenant has already committed to operating in Tinapa, a move he believed would attract more investors and increase commercial activities.
He also disclosed plans to construct a jetty to improve access to the resort and create more opportunities for local businesses.
He noted that Cross River remained one of the states receiving the lowest federal allocations and that many inherited projects were initiated based on revenue projections that never materialised.
He explained that his government’s priority was to complete and revive abandoned investments before embarking on new mega-projects.
According to him, once those projects become fully operational and begin generating value, the state will be better positioned to pursue initiatives such as the gas project.
Otu also highlighted progress made in completing abandoned government infrastructure across the state. He cited the completion of buildings now occupied by the Local Government Service Commission, noting that several ministries and agencies were gradually relocating into modern office facilities.
“The administration’s goal is to provide a better working environment for civil servants, improve morale within the public service and strengthen service delivery.
“We will also ensure that government operates more efficiently for the benefit of Cross River residents.”
Tinapa was taken over by Asset Management Corporation of Nigeria in 2011 when the state had difficulties in meeting loan repayment agreements.
However, in 2025, Cross River negotiated and repossessed it.
Business and Economy
CBN Pulls Plug On 46 Microfinance Banks Over Capital Deficit, Inactivity
By Felix Umande
The Central Bank of Nigeria has revoked the operating licenses of 46 Microfinance Banks with effect from July 1, 2026, citing breaches of prudential and operational requirements.
The action, announced in a press statement signed by the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali, on Tuesday, was approved by CBN Governor, Mr. Olayemi Cardoso, under Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.
According to the revocation order, the affected banks failed to meet one or more regulatory conditions, including: insufficient assets to meet liabilities; closure of operations without CBN approval; inactivity and cessation of financial intermediation; failure to commence operations within 12 months of licence approval; and failure to maintain minimum capital funds unimpaired by losses.
The institutions span Tier 1, Tier 2 and State microfinance banks across 19 states, including Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
Among the lenders affected are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW Digital Microfinance Bank.
Several Kano-based banks were also on the list, namely Bompai, Minjibir, Shanono, Sumaila, Rimin Gado, Sycamore, TOFA, Kanopoly and Esteem Microfinance Banks. The affected banks are expected to be delisted from the CBN’s register of licensed microfinance banks with immediate effect.
The CBN said the revocation is part of broader efforts “to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.”
“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement added.
The move comes as the Nigeria Deposit Insurance Corporation, NDIC, reaffirmed that more than 281 million depositors in the country’s banking system are covered against bank failure.
NDIC Managing Director and Chief Executive Officer, Thompson Sunday, disclosed this during the Federal Ministry of Finance’s second quarter 2026 Citizens and Stakeholders’ Engagement Session in Abuja.
According to Sunday, the corporation now provides deposit insurance coverage across 914 licensed financial institutions. Following the upward review of deposit insurance limits in May 2024, over 98 per cent of depositors are fully insured for their entire balances.
Business and Economy
Nigeria Draws $1.5bn UAE Loan for 2026 Budget Funding
By Son Tertsea, Abuja
The Bola Tinubu Government has drawn down $1.5bn from a $5bn financing facility arranged with First Abu Dhabi Bank, United Arab Emirates’ largest lender. This is despite concerns from local and global financial institutions over the increasing use of complex derivative financing by African countries.
On Friday, the latest drawdown was reported by Bloomberg as the first tranche of a $5bn Total Return Swap facility approved by the National Assembly on March 31, 2026, and is expected to augment the 2026 budget, finance infrastructure projects, and meet existing debt obligations.
The Bloomberg report quoted sources versed with the transaction, that pledged not to be identified because they were not authorised to speak publicly about it.
“Nigeria has accessed the first tranche of a $5bn derivatives deal with the United Arab Emirates’ largest lender, pressing ahead with a transaction that has been scrutinised for being opaque.
“The West African nation drew about $1.5bn in the last couple of weeks from a total return swap transaction with First Abu Dhabi Bank PJSC, according to people familiar with the transaction, who asked not to be identified because they were not authorised to speak to the media.”
The transaction comes at a time when Nigeria is facing higher borrowing costs in international capital markets, forcing the government to seek alternative financing arrangements to shore up its fiscal position and improve access to foreign exchange liquidity.
Under the arrangement, Nigeria is required to pledge Federal Government securities worth about 133 per cent of any amount drawn under the facility. The implication is, for the $5bn facility, the government would have to post approximately $6.65bn worth of naira-denominated bonds as collateral.
In return, the Abu Dhabi-based lender provides dollar liquidity to the Nigerian government. The Federal Government will pay a floating interest rate benchmark plus about four percentage points, while the lender receives the returns generated by the underlying government securities.
The transaction effectively allows Nigeria to unlock immediate dollar funding without issuing new Eurobonds or taking traditional external loans at prevailing market rates, which have become increasingly expensive for frontier economies.
However, the financing arrangement has attracted criticism from international financial institutions and market analysts over transparency concerns and potential hidden liabilities.
In its June 2026 assessment of African sovereign debt markets, the International Monetary Fund, IMF, cautioned that derivative financing structures such as total return swaps are often opaque and difficult for investors and creditors to monitor.
The IMF noted that such arrangements are “hard to track, hard to value in real time, and can obscure the true extent of a country’s financial obligations.”
Relatedly, Fitch Ratings, 3 days ago, had advised against Nigeria’s $5bn financing arrangement with First Abu Dhabi Bank arguing it could increase sovereign debt risks that reduce transparency in public debt reporting.
