The Federal Government of Nigeria has announced plans to issue a ₦250 billion Sovereign Green Bond in October 2025, with an initial ₦50 billion issuance scheduled for late May, as part of renewed efforts to finance environmentally sustainable projec… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Nigeria to issue ₦250bn Sovereign Green Bond in October 2025 By Abiodun Abdullahi on May 10, 2025 The Federal Government of Nigeria has announced plans to issue a ₦250 billion Sovereign Green Bond in October 2025, with an initial ₦50 billion issuance scheduled for late May, as part of renewed efforts to finance environmentally sustainable projects and meet global climate commitments. The announcement was made by Minister of Environment, Balarabe Abbas Lawal, during the eighth edition of the Ministerial Press Briefing held in Abuja on Monday. According to the minister, the 2025 Green Bond program—Nigeria's largest to date—will be coordinated by the Debt Management Office (DMO) and will support projects in clean energy, sustainable agriculture, afforestation, and sustainable transport, all aligned with Nigeria's Paris Agreement goals. "Nigeria was the first African country to issue a Sovereign Green Bond in 2017 with a ₦10 billion issuance, followed by a second ₦15 billion bond in 2019. These new issuances represent a significant step forward," Lawal stated. Tackling Environmental Threats Minister Lawal also highlighted the ministry's intervention in ending a long-running gas flare that had devastated communities and local ecosystems for four years. "Before we came, the gas was burning for four years—destroying the ecosystem, destroying the livelihood of the people in that area," he said. He stressed the importance of Environmental Impact Assessments (EIAs), warning that no government agency is permitted to execute a project without undergoing the required environmental scrutiny at least a year in advance. Read also Key Environmental Projects and Programmes Lawal outlined several key projects and initiatives: West Africa Coastal Areas (WACA) Programme: Supported by the World Bank, this initiative is designed to assist seven coastal Nigerian states in tackling erosion and flooding challenges. SPESSE Project (Sustainable Procurement, Environmental and Social Standards Enhancement): A programme aimed at strengthening national capacity in sustainable environmental and social practices. Bamboo Development Projects: A bamboo processing factory in Kogi State is already underway, with feasibility studies ongoing for seven other states—Ogun, Cross River, Kaduna, Edo, Benue, Ekiti, and Taraba. Forestry and Anti-Deforestation Measures: The Nigeria Customs Service recently handed over 11 containers of confiscated logs, reinforcing efforts to curb illegal logging. Agroforestry initiatives and the REDD+ forest carbon program are being advanced to promote climate-smart land use. A national tree-planting campaign and participation in the Trans-African Great Green Wall project aim to combat desertification and land degradation. Climate Education and Policy Lawal also mentioned the implementation of a national climate change policy, approved by the Federal Executive Council on April 24, 2024. He emphasized the urgent need for public education, especially in rural communities, on the environmental cost of deforestation and unsustainable land practices. "The kind of things we do now, particularly in rural areas, depletes our forests," he warned. Government Transparency and Public Engagement Minister of Information, Mohammed Idris, who hosted the briefing, reaffirmed the federal government's dedication to transparency and citizen engagement. "We will continue to demonstrate our commitment, transparency, accountability, and public engagement," Idris stated. "All ministers will address the public before Democracy Day 2025."

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110

A Federal High Court sitting in Abuja has ruled that the Federal Competition and Consumer Protection Commission (FCCPC) lacks the legal authority to regulate or control prices in Nigeria's free market economy. The landmark judgment reaffirms the const… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Court rules FCCPC has no legal power to control prices in Nigeria's free market economy By Abiodun Abdullahi on May 10, 2025 A Federal High Court sitting in Abuja has ruled that the Federal Competition and Consumer Protection Commission (FCCPC) lacks the legal authority to regulate or control prices in Nigeria's free market economy. The landmark judgment reaffirms the constitutional right to market-driven pricing and limits regulatory overreach in commercial affairs. The ruling, delivered by Justice James Omotosho, followed a suit filed by Multichoice Nigeria, operators of DStv and GOtv, challenging the FCCPC's intervention in its subscription pricing structure. The company also sought legal protection from a separate case instituted by lawyer Festus Onifade, who had sought to block Multichoice from increasing subscription rates on its pay-TV platforms. Although the court dismissed Multichoice's suit as an abuse of court process—citing an existing similar matter between the parties—Justice Omotosho provided a definitive interpretation of the FCCPC's regulatory limits. "The power to fix prices cannot be exercised by any other person or agency except the President. If delegated, it must be by an instrument and published in the gazette," the judge stated. Citing Section 88 of the Federal Competition and Consumer Protection Act (FCCPA), the court affirmed that only the President of Nigeria may regulate prices, and even then, only under specific conditions relating to essential goods or services. Any such delegation of power must be properly documented and gazetted—a condition absent in the current case. Read also Justice Omotosho emphasized that Nigeria operates an open market economy, where businesses are constitutionally free to determine prices based on market forces. He ruled that the FCCPC's intervention in Multichoice's pricing lacked legal backing and constituted regulatory overreach. "In a free market, price controls can only apply across an industry and not be targeted at a single company—unless monopoly or dominant market power is clearly established," the judge noted. The court found no evidence presented by the FCCPC to prove that Multichoice holds a dominant market position or that its pricing was excessive or exploitative. The judge criticized the commission's approach as discriminatory, pointing out that other pay-TV operators had not faced similar actions. "The FCCPC's responsibility is to monitor and act against anti-competitive practices. It is not compulsory for Nigerians to subscribe to Multichoice's services," Justice Omotosho ruled. He further highlighted the existence of consumer choice in the pay-TV sector, reinforcing the principle of "willing buyer, willing seller" as the foundation of free enterprise. The court also aligned with an earlier ruling by the Competition and Consumer Protection Tribunal (CCPT), which dismissed a similar challenge against Multichoice. Justice Omotosho described the Tribunal's decision as "well-considered." In conclusion, the court reaffirmed that price determination in a free market must be left to competitive forces, and any attempt to restrict pricing freedom must adhere strictly to the constitutional and statutory framework.

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110

The International Monetary Fund (IMF) has officially confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in April 2020 to mitigate the economic fallout from the COVID-19 pandemic. The confirmation was issued on Thursda… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader IMF confirms Nigeria's full repayment of $3.4bn COVID-19 loan By Abiodun Abdullahi on May 10, 2025 The International Monetary Fund (IMF) has officially confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in April 2020 to mitigate the economic fallout from the COVID-19 pandemic. The confirmation was issued on Thursday in a statement released on behalf of Mr. Christian Ebeke, IMF Resident Representative for Nigeria. According to the IMF, the final repayment was made on April 30, 2025, marking the full settlement of one of the largest emergency financing arrangements extended under the Rapid Financing Instrument (RFI) during the global crisis. "As of April 30, 2025, Nigeria has fully repaid the financial support of about US$3.4 billion it requested and received in April 2020 from the IMF under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices," the IMF stated. The facility was approved at a time when Nigeria faced the dual shocks of a global health emergency and a steep collapse in international oil prices—its main source of foreign revenue. The funds were deployed to stabilize the economy, support essential fiscal spending, and provide critical healthcare and social safety nets at the peak of the crisis. While the principal loan has now been fully settled, Nigeria will continue to make annual charges on its Special Drawing Rights (SDRs)—the IMF's unit of account and international reserve asset. "Nigeria is expected to honor some additional payments in the form of Special Drawing Rights charges of about US$30 million annually," the statement added. Read also These SDR-related charges result from the difference between Nigeria's current SDR holdings and its cumulative SDR allocation. As outlined by the IMF, such charges—calculated using the weekly-adjusted SDR interest rate—will continue until Nigeria's SDR holdings (currently SDR 3,164 million or $4.3 billion) align with its cumulative allocation (SDR 4,027 million or $5.5 billion). For the 2025 fiscal year, Nigeria's total SDR charges are projected to be SDR 22.35 million, equivalent to $30.24 million, and will be paid in three installments—in May, August, and November. The conclusion of the COVID-19 loan repayment stands as a key milestone in Nigeria's debt management efforts. In 2024 alone, the country paid $1.63 billion to the IMF, covering principal obligations on the emergency loan with no additional interest or service charges recorded for that year. According to the IMF's financial data, Nigeria's total external debt servicing rose to $4.66 billion in 2024, up from $3.5 billion in 2023. Multilateral lenders accounted for 56% of this figure, with the IMF alone representing about 35% of total payments. Economic analysts have hailed the IMF's confirmation of Nigeria's full loan repayment as a positive signal to the global financial community. Amid a turbulent macroeconomic landscape shaped by high global interest rates and unstable oil revenues, Nigeria's ability to meet its debt obligations could enhance its credit standing and improve access to concessional financing in the future.

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110