Business

Nigeria seeks investments in power, mining as reforms gain traction – Oyedele

Published

3 months ago

May 14, 2026

Preport

Nigeria is stepping up efforts to attract investment in key sectors, including power, mining, and infrastructure, as part of broader moves to strengthen the economy and drive sustainable growth.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele disclosed this while speaking on the sidelines of high-level engagements involving President Bola Tinubu at the Africa CEO Forum in Kigali.

He noted that the administration is actively promoting Nigeria as an investment destination.

He said the president has taken a leading role in showcasing the country’s economic potential to global investors.

“One very exciting thing about Mr President is that he is never tired of marketing Nigeria; he is the chief marketer for the country,” the minister said, adding that discussions with investors have focused on unlocking opportunities in power, solid minerals, and private sector development.

Focus on investment opportunities

According to the minister, recent engagements have centred on mobilising investment into strategic sectors, including port development, mining, and private enterprise.

He said Nigeria is working to better communicate its economic strengths, noting that previous efforts to present the country’s opportunities to investors had been inadequate.

“We were not telling our stories as we should before now. By telling a credible story, backed by what has been achieved and the commitment to do more, we can attract the right investments,” he said.

Mr Oyedele also spoke on bilateral engagements with the President of Guinea, describing the relationship between both countries as one of mutual cooperation and shared development goals.

He said President Tinubu commended his Guinean counterpart for maintaining ties with the Economic Community of West African States (ECOWAS) despite pressures to withdraw.

According to him, both countries are exploring collaboration in areas such as iron ore development and broader economic partnerships.

“We are stronger together,” the minister said, noting that both leaders expressed satisfaction with the outcome of their discussions.

Reforms and Africa’s growth

Speaking further, the minister said Nigeria’s ongoing economic reforms are beginning to position the country as an example for other African nations.

He acknowledged that while the reforms have been challenging, they were necessary to put the economy on a sustainable path.

“It wasn’t meant to be easy, but it was necessary. Now we are on that track towards realising the gains,” he said.

Mr Oyedele added that discussions at the Africa CEO Forum focused on scaling economic growth, accelerating implementation, and strengthening institutions across the continent.

He said African leaders are increasingly shifting from policy discussions to execution, with emphasis on financing development, promoting value addition, and stimulating growth in key sectors such as agriculture, manufacturing, technology, and services.

According to him, the broader goal is to drive inclusive growth and lift more Africans out of poverty.

“The time for rhetoric is over; it is now time for execution,” he said, noting that the current period presents an opportunity not only to serve Nigeria but also to contribute to the continent’s development.

Related Topics:gain investments mining Nigeria Oyedele power Reforms Seeks traction

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Africa largest beneficiary of GEF funding – Official

Published

2 hours ago

August 24, 2026

Preport

The Global Environment Facility (GEF), a family of funds supporting environmental action globally, says African countries are the largest beneficiaries of its funding for sustainable environmental projects.

Ulrich Apel, GEF Senior Environmental Specialist, disclosed this on Monday while responding to questions on mechanisms for accessing environmental finance.

Apel said Africa had received about 30 per cent of GEF funding, ahead of Asia, which received 18 per cent, and Latin America and the Caribbean, which received 15 per cent.

“First of all, we have programmes that cover all the available funding. We programme all of our available funding, and in fact, the African region is the largest beneficiary of our funding, having received about 30 per cent of the funds, followed by Asia with 18 per cent, and Latin America and the Caribbean with 15 per cent,” he said.

He was responding to PREMIUM TIMES’ questions about how African countries, including Nigeria, could more easily access GEF funding.

According to him, African countries are a particular focus of the GEF’s funding because of the region’s vulnerability to land degradation, desertification and drought, which are central issues at the ongoing United Nations Convention to Combat Desertification (UNCCD) COP17.

“So, I don’t think the problem is necessarily the accessibility of funds, because we programme all the funding that we have available,” Apel said.

The disclosure came as governments, financial institutions and businesses at UNCCD COP17 in Mongolia intensified efforts to mobilise finance for land restoration and drought resilience.

Finance takes centre stage at COP17

24 August was designated as Finance Day at UNCCD COP17 in Ulaanbaatar, Mongolia, with discussions across meeting rooms and the plenary hall focused on mobilising public and private investment for land restoration and drought resilience.

The 17th Conference of the Parties to the UNCCD is placing particular emphasis on rangelands — including drylands, grasslands, shrublands, wetlands and deserts — which cover more than half of the Earth’s land surface.

Despite their importance to pastoralists, biodiversity, food systems and carbon storage, about half of the world’s rangelands are estimated to be degraded.

Against this backdrop, governments, development banks, investment funds and businesses participating in COP17 on Monday announced $1.3 billion in new and pipeline financing for land restoration and drought resilience across 23 countries on five continents.

GEF unveils drought programme

The GEF also announced the development of a new Drylands and Drought Management Integrated Program aimed at helping countries proactively manage drought, strengthen resilience in drylands and respond to growing risks to ecosystems, food security, water availability, livelihoods and health.

The programme will be implemented during the GEF-9 investment cycle, covering 2026 to 2030.

The facility said the programme responds to requests from parties to the UNCCD for the GEF to prioritise drought resilience in its programming.

It will support countries and communities in better preparing for, monitoring, assessing, mitigating, and responding to the cascading impacts of drought.

“Investing in healthy land and healthy people means investing in food security, climate resilience, biodiversity, water, jobs, and peace,” said Claude Gascon, GEF Interim CEO and Chairperson.

“Through this new Integrated Program, we will support countries in moving from crisis response toward proactive drought resilience.”

The Drylands and Drought Management Integrated Program has a tentative GEF grant envelope of $140 million.

It will work closely with the Riyadh Global Drought Resilience Partnership, the Drought Resilience Investment Facility, and other initiatives that support resilience across drylands and rangelands.

GEF backs rangelands initiative

As part of the broader push, the GEF is also supporting the Rangelands Flagship Initiative, a multi-partner global initiative led by Mongolia and the UNCCD to significantly increase investments in conserving, sustainably managing and restoring rangelands.

The GEF supports the development and coordination of the initiative through the UNCCD COP17 Legacy Project, a $3.3 million GEF investment implemented by the International Union for Conservation of Nature (IUCN).

The project is leveraging an additional $8 million in co-financing from Mongolia and IUCN.

During the GEF-8 cycle, which runs from 2022 to 2026, the GEF approved 50 projects across its family of funds supporting sustainable rangeland management and restoration, as well as pastoralist livelihoods.

The projects represent a total investment of more than $300 million.

The GEF said the projects, which are at various stages of development, could complement the Rangelands Flagship Initiative and help scale up successful approaches to rangeland management and restoration.

What GEF-9 means for Africa

With an initial programming level of $3.9 billion, GEF-9 will support expanded investments in nature-positive development, drought resilience and sustainable land management.

Four GEF-9 Integrated Programs are strongly aligned with UNCCD objectives and are expected to attract more than $800 million in GEF grant funding.

READ ALSO: COP17 advances $1.3bn for land restoration, puts rangelands at centre

They include programmes focused on Food Systems, Critical Forest Biomes, Blue and Green Islands, and the new Drylands and Drought Management Integrated Program.

Under GEF-9, drought resilience is expected to become more central, targeted and measurable.

The cycle includes a dedicated objective for implementing national drought plans, a drought vulnerability index incorporated into the resource allocation formula for countries, and new indicators to track improvements in drought resilience.

The GEF said GEF-9 would enable investments that help countries address urgent environmental priorities through a whole-of-government and whole-of-society approach.

Across the GEF family of funds, 20 per cent of resources are expected to benefit Indigenous Peoples and local communities directly.

The replenishment also places greater emphasis on mobilising private capital for environmental action. Ten per cent of total GEF-9 funding is allocated to the blended finance window, with an overall target of using 25 per cent of GEF resources to help mobilise private-sector investment

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Business

NDLEA Arrests 101-Year-Old Woman with Cannabis Sachets, Intercepts Cocaine Hidden in Fufu

Published

10 hours ago

August 24, 2026

Preport

The National Drug Law Enforcement Agency (NDLEA) , has arrested 101-year-old great grandmother for dealing in illicit drug.

The interception of cocaine concealed in edible cassava flour popularly known as fufu, and the seizure of large consignments of Loud, a synthetic cannabis valued at over N4.4 billion at the Apapa and Lekki ports in Lagos.

In a rare and startling development, NDLEA operatives on Saturday, 15th August 2026, arrested a 101-year-old woman, Esther Ogunmabo, in Ilisan, Ogun state, with retail sachets of skunk, a strain of cannabis weighing 90 grams, which she claims she sells to locals.

The centenarian told operatives that she resorted to the illicit drug trade after her provisions shop was razed by fire, adding that one of her daughters, who resides in Lagos, arranges the supply of the substance to her every four days, which she in turn sold in bits.

The Chairman/Chief Executive Officer of NDLEA, Brig Gen Mohamed Buba Marwa (Rtd) has however directed that the suspect be granted bail and placed on counselling because of her advanced age, while her daughter has been arrested.

In a related development, NDLEA operatives in Akwa Ibom state acting on credible intelligence, on Friday, 21st August intercepted a wooden boat on the high seas conveying illicit drugs to fishing settlements in the Republic of Cameroon.

Three suspects who were arrested on board the boat, which was heading to Ine Isu, Ine Mbah and Ine Ikot Itie Udung fishing ports in Cameroon, include: Etima Effiong Eekpo, 29, caught with 1.120kg skunk; Otobong Eyoh Etukudoh, 33, who had 42.060kg of skunk in his possession; and 27-year-old Kingsley Effiong John, who was found with 20grams of cocaine cleverly concealed inside a large wrap of edible cassava fufu, alongside 435grams of skunk. A total of 42.622kg of narcotics was recovered from the trio.

In the nation’s maritime space, the Agency recorded its first-ever seizure of illicit drugs shipped from Thailand through the maritime corridor, following the interception of two containers of cannabis indica, also known as Loud, at the Apapa and Lekki ports, with a combined street value put at over N4.4 billion.
Both containers were loaded at the Port of Laem Chabang, Thailand, underscoring the emergence of a new trafficking route being exploited by drug syndicates to smuggle synthetic cannabis into the country.

At the Apapa Port, a container, declared to be conveying dry fish, rice, vehicle spare parts, turmeric soap and inverter batteries, was found, during a joint examination of the shipment on Friday 21st August by NDLEA, Customs and others, to contain 1,090.5kg of Thai Loud packed in 54 cartons comprising 2,181 sachets of 500 grams each.

At the Lekki Deep Sea Port, a similar container, which had been placed on the Agency’s watchlist and monitored by its Marine Special Operations Unit, was jointly examined on Wednesday, 19th August. Of the seven pallets found in the container wrapped in black nylon, four were confirmed to be laced with Thai Loud, yielding 96 cartons made up of 400 parcels weighing a total of 400kg. The remaining three pallets contained 798 rims of A4 paper, which had been used as cover for the consignment.

In the Federal Capital Territory Abuja, NDLEA operatives on Saturday 22nd August intercepted three waybill packages containing 24,410 pills of tramadol capsules inside a hummer bus travelling from Enugu to Zuba. A follow-up operation conducted in Niger State led to the arrest of the owner of the consignment, Sunday Eze, 28, in Kontagora, after which he was transferred to Abuja.

Operatives in Ondo State on Wednesday 19th August raided a cannabis farm at Ijare forest, Ifedore Local Government Area, following the earlier arrest of three suspected cannabis planters at the same location on 16th August.

The team destroyed a total of 10,000kg of skunk cultivated across four hectares of the forest. In a separate operation in the state, operatives same day at Ita-Ogbolu, Akure North LGA, recovered 210kg skunk and a Toyota Camry car with registration number AGL 223 JH belonging to Sylvester Dibiagu Anthony, who is currently at large.

In Kwara state, NDLEA operatives on patrol along the Ogbomosho-Ilorin expressway, Ilorin on Friday 21st August intercepted a Toyota Starlet car without a registration number. A search of the vehicle led to the recovery of 1.325kg of methamphetamine, wrapped in black nylon bags, alongside quantities of cannabis sativa. One suspect, Muhammadu Usman, 22, was arrested in connection with the seizure.

A 65-year-old woman, Adebayo Kaosarat, was arrested at Akobo-Ojuirin area of Ibadan, Oyo state on Friday 21st August with a cocktail of substances comprising 1.795kg of Scottish Loud, 1.66kg of tramadol, 600g of codeine syrup, 125g of diazepam and 50g of flunitrazepam, totalling 4.68kg.

A raid at Hadeija road, Kano, on Monday 17th August led to the arrest of Chibuzor Madueke, 31, with 98 blocks of skunk weighing 73.3kg recovered from him, while a similar operation by NDLEA operatives at Seme, Badagry area of Lagos led to the arrest of three family members: Nasiru Tijjani, 52; Moshood Tijjani, 27; and Salami Tijjani, 27, at Ashipa area, near the Seme border, with 48kg of skunk.
In Abia state, NDLEA officers on Thursday 20th August raided the residence of Ikechukwu Anthony Iwuno, 36, at Umuobia Olokoro area of Umuahia South LGA, where 14.4kg Loud, 2.3kg Colorado, 386grams of tramadol and 134grams of rohypnol were recovered.
With the same vigour, Commands and formations of the Agency across the country continued their War Against Drug Abuse (WADA) sensitization activities to schools, worship centres, work places and communities among others in the past week. These include: WADA enlightenment lecture to students and staff of Umar Bn Khattab College for Islamic Studies, Ungogo LGA, Kano; Markaz Al-Furqan Centre of Islamic and Arabic Teaching, Kishi, Oyo state; School of Nursing and Midwifery, Birnin Kebbi, Kebbi state; Mu’assasah Tahfizui Qur’an Islamiya School, Ibi, Taraba; and members of the Scout Association of Nigeria at the first National Youth Camp held in Benin City, Edo state, while the Idiroko Speci Area Command of NDLEA paid a WADA advocacy visit to the Chairman of Ipokia LGA, Ogun state Hon. Johnson Avoseh, among others.

While commending the officers and men of Ogun, Apapa, Lekki, Seme, Akwa Ibom, Ondo, Oyo, Kwara, Kano, Abia and FCT Commands for the various successful operations, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Marwa (rtd) enjoined them and their colleagues across the country to continue with the current balanced approach to the drug control efforts of the Agency.

The post NDLEA Arrests 101-Year-Old Woman with Cannabis Sachets, Intercepts Cocaine Hidden in Fufu appeared first on Business Today NG.