Economy
No controversy over status of Nigeria SEZ Investment Company – Presidency
The Presidency says there is no controversy whatsoever about the status of Nigeria SEZ Investment Company Limited (NSEZCO), also known as Nigeria Special Economic Zones Company Limited as being speculated in some quarters.
Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, stated this in a statement in Abuja on Wednesday.
The presidential aide, who was reacting to reports in sections of the media about the status NSEZCO, said the company was designed as a special purpose vehicle to deliver Project MINE (Made in Nigeria for Exports), which is a Presidential initiative.
“We wish to confirm that NZESCO was incorporated as a special purpose vehicle to deliver Project MINE (Made in Nigeria for Exports), which is a Presidential initiative.
“The Federal Government’s Economic Recovery & Growth Plan (ERGP) identified the development of Special Economic Zones (SEZs) as a major strategic tool to accelerate the implementation of the Nigeria Industrial Revolution Plan (NIRP),’’ he said.
He added that the Project MINE was envisioned by the Federal Ministry of Industry Trade and Investment (MITI) to develop SEZs to world-class standards and position Nigeria as the pre-eminent manufacturing hub in sub-Saharan Africa and a major exporter of made in Nigeria goods and services regionally and globally.
He said: “Indeed, Project MINE was necessitated by the following factors:
Lack of operating competitiveness that limits the growth of the zones, despite the presence of generous fiscal and regulatory incentives.
For government-owned SEZs, there were limited Federal budget allocations to make the required investments in infrastructure, operations and management services;.
Others are the need to develop the skills and experience to operate and manage the zones to world-class standards of efficiency;
The absence of a deliberate strategy to attract investors, create clusters or encourage the development of local value chains using SEZs, and therefore the lack of appropriate link between the industrialization strategy of government and the Free Trade Zones.
Project Mine therefore seeks to achieve the following specific objectives:
· Support structural transformation of the Nigerian economy by increasing the manufacturing sector’s contribution to GDP to 20 per cent by 2029;
-Contribute to sustainable inclusive growth by creating 1.5 million new direct manufacturing jobs in the initial phase of Project MINE;
-Increase and diversify foreign exchange earnings to at least US$30bn annually by 2029, by increasing manufacturing sector exports;
-Create local models of global best practice in the provision of world class infrastructure at competitive costs connecting SEZs to international and regional markets with transport links, uninterrupted power, ICT, water, sewage and other services to ensure smooth and efficient operation of SEZ businesses;
· Promote the “cluster” effect to be gained by locating similar export-oriented manufacturing businesses within the same locality;
· Attract world class investors with strong positions in global supply chains and investors with potential to increase the scale of operations rapidly to set up operations in SEZs; and
· Create an enabling environment for SEZ businesses by instituting best in class legal and regulatory frameworks, using technology and streamlined processes to facilitate movement of people, goods and capital and easy access to government services, approvals and permits.’’
Adesina recalled that in June, 2018, the Federal Executive Council (FEC) approved NSEZCO, with the endorsement of the Economic Management Team, as the holding entity for FGN investments and proprietary interests in existing and future SEZs.
He said the FEC approval also provided that all current and future capital appropriations for Project MINE should be transferred to NSEZCO’s account, as soon as opening formalities were completed.
“With the formalities completed, NSEZCO became the platform through which Federal Government’s capital budget appropriations for SEZs are converted into long term value creating investments.
“NSEZCO is a public private partnership (PPP) company to operate world-class standards of governance and management, to facilitate mobilization of capital and other resources from PPP partners, in order to overcome budgetary constraints to the provision of critical infrastructure for SEZs.
“By aggregating and harnessing FG’s investment in a strong corporate special purpose vehicle, NSEZCO will facilitate the mobilization of additional capital from development finance institutions (DFIs) and private investors. Ministry of Finance Incorporated (MOFI) is the shareholder, holding the FG’s interest of 25% in NSEZCO.
“The balance of 75% is currently held in trust on behalf of other prospective shareholders, pending completion of investors’ diligence and documentation and approval procedures,’’ he further maintained.
The presidential spokesman also recalled that on Feb. 8, NSEZCO signed investment agreements with three Development Finance Institutions: Afreximbank, Bank of Industry, the Nigeria Sovereign Investment Authority (NSIA) and Ministry of Finance Incorporated for their investment in NSEZCO at a ceremony presided over by President Muhammadu Buhari at the Presidential Villa.
He stated that Africa Finance Corporation and African Development Bank which are still in the preliminary stages of their internal approval processes were also in attendance as observers.
Adesina quoted President Buhari at the signing ceremony as saying that: “When we committed to the implementation of the Nigeria Industrial Revolution Plan and launched our Economic Recovery and Growth Plan to fast track implementation, we had a vision of Nigeria as the pre-eminent manufacturing hub in Sub-Saharan Africa and a major exporter to our immediate West African sub-region, the rest of Africa and indeed the World.”
He said already, NSEZCO was mobilizing capital from the Federal Government and the development finance institution shareholders, for the development of Special Economic Zones across Nigeria.
He disclosed that pilot projects in the first phase were Enyimba Economic City, Abia State, Lekki Model Industrial Park, Lagos State and Funtua Cotton Cluster, Katsina State.
The presidential media aide maintained that “in addition, pre-development studies are on-going in Benue, Kwara and Sokoto States whilst studies will soon commence in Ebonyi, Edo and Gombe States amongst others”.
By: Fabian Apechihin
The Federal Government has suspended the planned implementation of a 15 percent import duty on petrol and diesel.
This was disclosed on Thursday by George Ene-Ita, Director of Public Affairs at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), who urged Nigerians to avoid panic buying.
President Bola Tinubu had earlier, on October 29, approved the imposition of the tariff following a proposal by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji. The approval, conveyed in a letter signed by the President’s Private Secretary, Damilotun Aderemi, was intended to take effect from November 21, 2025.
The proposed policy sought to impose a 15 percent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel. It was aimed at supporting domestic refineries — such as the Dangote Refinery and modular plants — by making imported fuel less competitive. However, experts cautioned that the move could lead to an increase of up to ₦150 per litre in pump prices and further fuel inflation and transportation costs.
In its latest update, the NMDPRA confirmed that the import duty is no longer under consideration.
“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) is no longer in view,” the Authority stated.
The agency further assured the public of adequate fuel availability across the country, noting that national stock levels remain within the required sufficiency threshold.
“There is a robust domestic supply of petroleum products — including PMS, AGO, and LPG — from both local refineries and imports, ensuring timely replenishment of depots and retail stations,” the statement added.
NMDPRA cautioned marketers against hoarding, panic buying, or arbitrary price increases, emphasizing that it will continue to monitor the market to prevent any disruption in supply.
“While appreciating the efforts of stakeholders in maintaining smooth and uninterrupted supply, the public is assured of NMDPRA’s commitment to safeguarding national energy security,” the statement concluded.
From Hassan Taiye
The Federal Government of Nigeria, FGN, through the Ministry of Steel Development, has signed a Joint Strategic Cooperation Declaration with Stellar Steel Company Limited.
Stellar Steel Company Limited is a steel-manufacturing enterprise established to operate in Nigeria, with major investment backing from Chinese parent groups: Galaxy Group and RSIN Group based in Fuzhou, Fujian Province, China.
The company has committed approximately US$450 million for a steel plant project in Ogun State, Nigeria, scheduled to begin operations by mid-2026.
This landmark partnership is aimed at revitalising Nigeria’s steel industry and reducing the nation’s dependence on imported steel products, according to a statement signed by the the Principal Information Officer, PIO, Ijomah Opia, for the director, Information and Public Relations in the ministry.
The agreement, signed in Abuja, on Tuesday 28th October, 2025 will see Stellar Steel invest $400 million in the construction of a modern Steel Plant in Ewekoro, Ogun State. The project will be developed in three phases, with the first phase expected to begin production by 2026.
The Minister of Steel Development Prince Shuaibu Abubakar Audu signed the agreement when he hosted Mr Li, President of Inner Galaxy Group and other members of the Stellar Steel Company Limited in the Ministry’s Headquarters in Abuja.
According to Prince Audu, the collaboration aligns with the federal government’s goal of achieving 10 million tonnes of crude steel production per annum by 2030, a major step toward industrial self-reliance and economic diversification.
The minister further stated that the Federal Ministry of Steel Development would facilitate policy and infrastructure support, including inclusion of Stellar Steel’s logistics projects in the National Infrastructure Plan and access to available fiscal incentives.
Highlights of the cooperation includes the followings:
1.Development of a localised iron ore supply chain to reduce import dependence and save over $1 billion in foreign exchange annually.
- Creation of more than 2,000 direct and 20,000 indirect jobs across the steel value chain.
- Promotion of green steel production using clean and energy-efficient technologies.
- Strengthening of Nigeria’s position as a regional steel manufacturing hub in West Africa.
Audi also said that in return, Stellar Steel would prioritise local recruitment and training, partnering with Nigerian universities to build technical and managerial expertise in steel production.
Prince Shuaibu emphasised that this strategic cooperation marks a new era for Nigeria’s steel industry and demonstrates the government’s commitment to sustainable industrial growth and economic transformation.
In his remarks the leader of the delegation, Mr Li assured the minister that Stellar Steel would respect all agreements reached and would ensure the completion of the project in record time and assured that all safety standards will be observed.
Mr Li was accompanied during the visit by Mr You Xiastian, Vice Chairman of RSIN Group, Mr Jackie Den, Vice President of Inner Galaxy Group and Mr Yin, Director of RSIN Group.
He recalled that the Minister of Steel Development, Prince Audu, performed the groundbreaking ceremony of the Steel Plant in Ogun State sometime in April, 2025.
Speaking at the signing, representatives of both parties emphasised that the partnership would strengthen Nigeria’s industrial base, create jobs, and foster technology transfer in the sector.
From Hassan Taiye
A high-level delegation from the European Union (EU) Parliament’s Foreign Affairs Committee, led by Mr. David McAllister, paid a courtesy visit to the Nigerian Senate today October 28, 2025.
“We are here to deepen our understanding of the situation in West Africa and strengthen our partnership with Nigeria,” McAllister said.
Senate President Godswill Akpabio welcomed the delegation, emphasizing Nigeria’s strategic partnership with the EU. “Nigeria is committed to strengthening ties with the EU, highlighting areas of mutual interest, including security, trade, and governance,” Akpabio said.
The delegation, comprising Ambassador Greta Mylott, EU Ambassador to Nigeria and ECOWAS, Miss Zelaya Zorko, Miss Mata Tamido, Sebastian Tankman, General Christophe Gomart, and Sebastian Buharo, is undertaking a comprehensive tour of West Africa, with stops in Nigeria and Ghana.
During the visit, Akpabio shed light on the challenges facing female representation in Nigeria’s parliament. “Women often vote for male candidates, making it difficult for female candidates to win elections,” he noted.
“The Senate is exploring innovative solutions, including constitutional amendments, to boost female participation in the legislative process, with support from organizations like the Black Women’s Forum.”
The EU delegation’s visit aims to foster greater understanding and cooperation between the EU and Nigeria, addressing shared concerns, such as terrorism, climate change, and economic development.
“The EU is committed to supporting Nigeria’s development efforts,” McAllister assured the Senate, emphasizing the bloc’s interest in seeing a stable, prosperous, and democratic Nigeria.
Their visit also includes participation in the forthcoming International Islamic Conference on Security and Governance in West Africa and the Sahel, scheduled for November 4-6, 2025 at ECOWAS Commission.
Akpabio expressed optimism about the potential for enhanced cooperation, highlighting Nigeria’s readiness to work with the EU to address common challenges.
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