Connect with us

News

FG Allocates ₦881m to NEPC Capital Projects After Record $6.1bn Non-Oil Export Boom

Published

on

The Federal Government has earmarked ₦881.13 million for capital projects of the Nigerian Export Promotion Council (NEPC) in the 2026 Appropriation Bill, following Nigeria’s record-breaking $6.1 billion non-oil export performance in 2025.

Details from the 2026 budget proposal submitted to the National Assembly show that the allocation is targeted at institutional strengthening, export infrastructure, certification, market access, and value-chain development across the country’s six geopolitical zones.

The NEPC funding forms part of the proposed ₦58.47 trillion federal budget and reflects the government’s growing policy drive to diversify foreign exchange earnings away from crude oil.

How the Funds Will Be Spent

A breakdown of the NEPC capital vote shows that the largest allocation of ₦143.99 million is for the establishment of export clusters, aggregation centres, and hubs across the six geopolitical zones.

Another ₦133 million was allocated for the establishment of common facility centres and export skills acquisition centres in four geopolitical zones, focusing on key regional export products.

The government also set aside ₦84 million for institutional strengthening aimed at improving the operational efficiency of the council.

Other key allocations include:

  • ₦77 million for export certification under the Go Global, Go Certification initiative

  • ₦70 million each for AfCFTA implementation, participation in international trade fairs and missions, and expansion of SME market access through e-commerce and digital trade

  • ₦63 million for a standard trade development facility for sesame seed and cowpea

  • ₦49 million for the operationalisation and licensing of domestic export warehouses

  • ₦42 million to boost non-oil exports through the formalisation of informal cross-border trade and support for women- and youth-led businesses

The lowest allocations include ₦21 million each for asset verification at the NEPC headquarters and digital advertising to promote non-oil exports nationwide, while ₦37.14 million was budgeted for innovations in accounting, budget management, and financial disclosure.

Record Export Performance

The funding follows a January report showing that Nigeria’s non-oil exports rose to $6.1 billion in 2025—the highest figure recorded since the NEPC was established nearly 50 years ago.

NEPC Executive Director and Chief Executive Officer, Nonye Ayeni, said the figures were based on data from pre-shipment inspection agencies.

“Nigerian non-oil export performance in 2025 reached an all-time high of approximately $6.1 billion, representing a year-on-year growth of about 11.5 per cent over the $5.4 billion recorded in 2024,” Ayeni said.

She added that the performance cut across agricultural commodities, processed and semi-processed goods, industrial inputs, and solid minerals, with Nigeria exporting 281 non-oil products during the year. However, she cautioned that a significant volume of trade still occurs informally across land borders.

Stakeholders React

Industry stakeholders have welcomed both the export growth and the budgetary allocation, while calling for greater emphasis on value addition.

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, described the allocation as encouraging but stressed the need for clearer data on export composition.

“What is critical is knowing how much of the non-oil export value comes from manufactured products and services,” he said, adding that sustainable growth depends on moving up the value chain.

Similarly, the National Vice President of the National Association of Small-Scale Industrialists (NASSI), Segun Kuti-George, praised NEPC’s role in training and exposing MSMEs to international markets.

“The contribution of NEPC cannot be overemphasised. They have supported MSMEs through training, exhibitions, and fully funded trade missions to countries like Egypt and Algeria,” he said.

As Nigeria pushes deeper into economic diversification, analysts say the effectiveness of the 2026 NEPC capital projects will depend largely on how well they translate export growth into jobs, value addition, and long-term competitiveness.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Lagos Residents Protest Unreliable Power Supply, Demand Immediate Action

Published

on

Residents of Lagos on Friday took to the streets to express their frustration over persistent electricity outages, condemning the state’s power supply as “epileptic” and unsustainable for daily life and business activities.

A video circulating on social media showed dozens of mainly young protesters marching through the Fadeyi area, holding placards and chanting for a consistent electricity supply.

The demonstrators criticised what they described as the collapse of the nation’s power sector, stressing that erratic electricity is undermining livelihoods and making life increasingly difficult across Lagos.

Placards displayed messages such as “No More Estimated Billing,” “No More Epileptic Power Supply,” “No Light, No Life, No Nation,” and “You’re Destroying Businesses; Give Us Regular Light.”

One protester declared, “We are not asking for too much. Give us light!”

Local business owners also highlighted the severe impact of inconsistent power supply on their operations, noting that reliance on fuel-powered generators has significantly increased operating costs.

A shop owner at the protest lamented: “We cannot continue like this. Every day we spend money on fuel because there is no electricity. Many small businesses are closing because they cannot cope.”

The demonstration underscores growing public dissatisfaction with electricity supply in Lagos, as residents call on authorities and power operators to ensure a stable and reliable power supply.

Continue Reading

News

Tinubu Mourns Former Super Eagles Coach Festus Onigbinde

Published

on

President Bola Ahmed Tinubu has expressed deep sorrow over the death of former Super Eagles head coach, Festus Adegboye Onigbinde, who passed away on Monday at the age of 88.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President extended his condolences to the late coach’s family, associates, and the entire Nigerian football community.

Tinubu also sympathised with the Nigeria Football Federation (NFF), the National Sports Commission, professional colleagues, and football fans across the country over the loss of the respected football administrator.

The President described Onigbinde as a trailblazer whose contributions significantly advanced the growth and development of football in Nigeria.

He noted that the late coach made history as the first indigenous coach of the Super Eagles in 1982, praising his leadership and dedication to the sport.

“Chief Onigbinde distinguished himself as the first indigenous coach of the Super Eagles in 1982,” the statement said.

Tinubu further highlighted Onigbinde’s role in guiding Nigeria to the final of the 1984 Africa Cup of Nations, describing the achievement as a landmark moment in the country’s football history.

The President also commended the late Modakeke High Chief for his commitment to grassroots football and his efforts to strengthen football administration in Nigeria.

He said Onigbinde would be remembered for his discipline, integrity, foresight, and passion for the game.

Tinubu prayed for the repose of the late football icon and asked God to grant comfort to his family and loved ones during this difficult time.

Continue Reading

News

Again, Dangote Refinery Hikes Petrol To ₦1,175/Litre, Diesel To ₦1,620/Litre — Report

Published

on

Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), also known as petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The increases coincide with a sharp rise in international crude oil benchmarks as of 1:00 pm WAT: Brent crude at $102.8 (+10.91%) and WTI crude at $101.0 (+11.08%), driven by the Middle East energy crisis.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices surged by 30 per cent on Monday on fears over supply disruptions in the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of easing.

Concerns that the conflict could drag on intensified after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added over the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI has risen by more than 75 per cent, while Brent has increased by over 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, forcing a US-run oilfield to cease production. Meanwhile, the United Arab Emirates and Kuwait have begun reducing output.

This comes as maritime traffic in the Strait of Hormuz — through which about one-fifth of global crude oil and gas supplies pass — has been halted since the war began on February 28.

Continue Reading

Trending

Copyright © 2025 JaraJournal.