Afreximbank to Fund African Energy Bank with $19bn in Bid to Raise Oil Industry Capacity NNPC, Seplat, others showcase products, services at OTC 2025
Peter Uzoho in Houston, Texas
The African Export Import Bank
(Afreximbank) would be funding the African Energy Bank (AEB) to the tune of $19 billion to increase
the availability of financing for oil and gas companies on the continent, it was learnt yesterday.
Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri disclosed this while declaring open
the Nigerian pavilion at the ongoing Offshore technology Conference (OTC) 2025 in Houston, Texas, USA.
He said Africa’s problem of Continued on page 24
Dangote Visits Tinubu, Hails President’s Key Changes in Oil Sector... Page 8
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Soludo: Count Me Out, I’m Not Defecting to APC, I’m APGA All the Way... Page 27
Edun Lauds CBN for Restoring Confidence in External Sector Says apex bank has demonstrated clarity, transparency Finance Ministry denies awarding N13bn contracts without due process
Ndubuisi Francis in Abuja
The Minister of Finance and Coor-
dinating Minister of the Economy, Mr. Wale Edun has applauded the Central Bank of Nigeria (CBN) for its
pivotal role in restoring confidence in the external sector, underscoring the positive impact of a more transparent
exchange rate regime and rising foreign reserves. Edun alluded to the posting of
a net foreign exchange reserve of $23 billion in 2024, and closing the exchange premium from 65 per cent
in 2023 to one per cent in 2024. Continued on page 24
FEC Okays Nigeria First Economic Policy to Prioritise Local Industries Ratifies new power sector roadmap, replaces 25-year electricity policy Bans unjustified imports Executive order backing initiative to be issued
Deji Elumoye and Emmanuel Addeh in Abuja
The Federal Executive Council (FEC) rose from its meeting at the State House, Abuja, yesterday, and approved a sweeping new policy framework tagged the ‘Renewed Hope Nigeria First Policy.’ This serves as a major government decision aimed at strengthening Nigeria’s domestic economy and promoting local content. Also yesterday, the Minister of Power, Chief Adebayo Adelabu, disclosed that the federal government
had formally ratified and adopted a new roadmap for the Nigerian Electricity Supply Industry (NESI), with the approval of the National Integrated Electricity Policy( NIEP). It replaces the National Electric Power Policy of 2001. Briefing newsmen on the outcome of the meeting presided over by President Bola Tinubu, Information and National Orientation Minister, Mohammed Idris, described the policy, which appears to mirror US President Donald Trump’s America Continued on page 24
CONFERMENT OF GABONESE HIGHEST HONOUR ON ELUMELU...
President, Republic of Gabon, Brice Oligui Nguema (left), and Group Chairman of United Bank for Africa (UBA), Mr. Tony Elumelu, during the conferment of the Gabonese Highest National Honour, ‘Commander in the National Order of Gabonese Merit’, on Mr. Elumelu for his contributions to the Gabonese and African economies, by President Nguema in Libreville, yesterday