Business
FG achieves Major Milestone in Debt Reduction, Pays N4.5 Trilion Ways and means, Processes Additional N2.5 Trilion For Payment in Q2
Joel Ajayi
As activities marking the celebration of the first year anniversary of the President Bola Ahmed Tinubu-led Administration continues, the Federal Government has disclosed that it
has taken bold steps towards reducing the N7.3 trillion Ways and Means it inherited with the
payment of the sum of N4.8 trillion
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun stated this today in Abuja during the Ministerial Press Briefing on the achievements of his Ministry in the one year administration of the President.
He informed that in addition to having paid the N4. 8 trillion, another N2.5 trillion will be paid in the second quarter of 2024
On Debt Servicing Without recourse to Ways and Means,
the Minister informed further that due to improved fiscal discipline, The Government has largely financed debt service obligations,
including foreign debt service, without resort to Ways and Means Account
Such payments he added included outstanding commitments/shareholding to multilateral development banks
(MDBs) and international organizations, including over US$200m to Islamic Development Bank.
Wale Edun stated that on the National Single Window, the Federal
Government launched the NSW, a technology platform for trade facilitation & import administration with the potential of annual economic benefit of US$2.7 billion.
He added that, the Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) is in the process of tax Harmonization and streamlining of tax collection processes which he said has come up with strategies for broadening tax net as well advanced in the single-digit tax system to reduce the number of taxes in the country,
Briefing on the Oil Revenue Increases, the Minister noted that Oil revenue of N1,1 trillion was achieved in the first quarter of 2024, as against N460 billion in the same period of the preceding year (2023),
Edun maintained that the oil revenue flowed from an impressive increase in oil production, which recorded 1.7mbpd in the first quarter of this year, up from 1.3mbpd in June 2023.
The Minister said that Federal
Government revenues from GOEs also substantially
increased (Q1’2024 ₦835.7B vs ₦154.3B Q1’2023). The impressive revenue record of the period under consideration was made possible by the introduction of technology-driven strategy systems to automatically deduct revenue due to
FGN. Similarly, the FGN has earned more FX income under the new revenue model.
Specifically, the Nigeria Customs Service recorded unprecedented increases in the first quarter 87% Increase in 2023 revenue mobilization, as well as a 122% revenue increase in Q1 2024 compared to Q1 2023
In addition, he said that the Federal Inland Revenue recorded a 107% achievement of 2023 target and a 56% revenue improvement in Q1 2024 compared to Q1 2023.
Under the
Fiscal Policies & Financial Management Edun said, the administration launched the Incentives Monitoring & Evaluation Platform (IMEP) to prevent the misuse of tax incentives by blocking and limiting access to those who do not qualify for the incentives.
We also strengthened the implementation of fiscal policies around the Import Duty Tax Incentive to boost key
economic sectors and deliver more sustainable socio-economic impacts.
He disclosed that the FGN, via the Debt Management Office (“DMO”), raised ₦4.8 trillion from domestic capital markets to repay outstanding obligations to the Central Bank of Nigeria as it
works towards bringing the Ways and Means balance within legal limits and progressed to the final approval stages
of a $2.25 billion single-digit interest loan from the World Bank for a 40-year-term with 10 years moratorium at 1% interest rate.
On Domestic USD Bond Issuance, the Minister revealed that the President has issued an executive order for local issuance of foreign-denominated securities. In a move that will showcase the resilience of Nigerian capital markets, the issuance of the first domestic foreign currency debt instrument is being processed by the capital market
firms. These bonds will be mainly marketed to both Nigerian and non-Nigerian investors with foreign exchange balances abroad he said.
FDIs, MoF, under the leadership of Mr. President, he said, has actively engaged with a broad range of international investors from the Middle East, Europe and India to showcase the reformed economic policies of the FGN.
It is anticipated that well advanced discussions with investors from the Middle East will yield positive results in the near term Edun affirmed
He said that Infrastructure/Housing Finance Fund (MOFI) is partnering with Government Agencies and the private sector to boost investment in infrastructure, housing,
and to provide 25-year low interest rate mortgages.
It is anticipated that long term funding from institutional investors will be mobilized via capital market funding, he noted
While briefing on Improved Credit Rating, the Minister stated that over the last 12 months, two international credit rating agencies have reviewed Nigeria’s credit rating from ‘stable’ to ‘positive’ outlook.
Wale Edun, who was accompanied to the media briefing by the Permanent Secretary Federal Ministry of Finance Mrs Lydia Shehu Jafiya and the Permanent Secretary Special Duties, Federal Ministry of Finance, Mr Okokon Ekanem Udo,
Heads of Agencies under his supervision as well as Directors of the Ministry explained to the media on the issue of Coordination of Fiscal and Monetary Policies, that through the issuance of government debt securities by the DMO at higher interest rates, MoF has supported monetary policy authorities in attracting the inflow of foreign exchange from FPIs; and in stabilizing the exchange rate of the Naira.
New Monetary and Fiscal Coordination Committee was established.
He stated that on Financing of Major Infrastructure Projects,
MoF has provided from internal finances critical initial funding to kick-start major infrastructure projects such as the Lagos-Calabar Coastal Road.
In his closing remarks, the Honourable Minister of Information and National Orientation Mohammed Idris stated that the detailed presentation by the Honourable Minister of Finance and Co-ordinating Minister of the Economy Mr Wale Edun on the state of the Economy in year review has shown the commitment of the President Bola Ahmed Tinubu-led Administration in its avowed determination to ensure the general improvement in the lives of Nigerians and as such deserves our commendation.
He assured that Government will continue to formulate and implement policies, initiatives, programmes and projects that will impact positively on the lives of the citizenry in line with its Renewed Hope Agenda.
Business
Turning Africa’s Raw Materials Into Wealth: The ARMS 2026 Industrial Agenda
By Joel Ajayi
For decades, Africa’s vast natural resources have powered industries and economies far beyond the continent, while many African countries have remained largely exporters of unprocessed commodities and importers of finished products.
That familiar pattern is now coming under renewed scrutiny as policymakers, researchers, investors and industrialists seek to change the direction of Africa’s resource economy.
At the centre of that conversation is the second edition of the Africa Raw Materials Summit (ARMS 2026), scheduled for October 19 and 20 at the Abuja Continental Hotel, Abuja, under the theme: “From African Feedstock to African Factories.”
Organised by the Raw Materials Research and Development Council (RMRDC), the summit is being positioned as more than another gathering of policymakers and industry stakeholders. It is intended to provide a platform for confronting the structural challenges that have kept African raw materials largely disconnected from local manufacturing.
Africa has for years operated largely within a “pit-to-port” economic model, exporting raw materials while importing expensive finished products.
Speaking at a press conference ahead of the summit on Tuesday in Abuja, the Director-General and Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martin Ike-Muonso, said the event would bring together policymakers, investors, researchers, technology providers and industrialists to develop practical strategies for transforming Africa’s abundant natural resources into industrial wealth.
The challenge, therefore, is not simply the abundance of resources, but the continent’s ability to transform those resources into industrial value, employment, technology and wealth within Africa.
Nigeria alone, according to the RMRDC, has more than $582.4 billion in documented non-renewable natural resources, while the wider continent possesses substantial deposits of critical minerals, agricultural raw materials and industrial feedstock.
Yet, the benefits of this resource endowment have often been constrained by inadequate processing capacity, weak infrastructure, limited technology, financing gaps and fragmented regional value chains.
From Dialogue to Industrial Action
ARMS 2026 builds on the maiden edition held in May 2025, which attracted more than 1,000 delegates from across the world.
The inaugural summit also witnessed the unveiling of the Ten-Year Raw Materials Transformation Roadmap (2025–2034) by the Minister of State for Industry, Senator John Owen Enoh.
The roadmap was designed around areas including technological capability, climate-resilient processing and backward integration, establishing a policy framework for greater domestic utilisation of Africa’s raw materials.
The second edition is expected to move the conversation further by bringing policy, capital, technology and industrial stakeholders around practical mechanisms for turning raw materials into locally manufactured products.
One of the major proposals highlighted by the RMRDC is the 30 per cent Mandatory Value Addition Bill, which seeks to establish a statutory minimum level of value addition to Nigerian raw materials before export.
The Council says the proposed framework could support job creation, import substitution, foreign-exchange conservation and increased manufacturing contribution to the economy.
Building the Infrastructure for Value Addition
The industrial transformation envisaged by ARMS 2026 goes beyond legislation.
A major concern is the “missing middle” between where raw materials are produced and where factories are located.
Poor transportation networks, inadequate cold-chain facilities, weak rural roads, limited testing and certification infrastructure and border-related delays can make locally sourced materials more expensive and less competitive.
Consequently, logistics and infrastructure constitute one of the five principal pillars of the summit.
The objective is to develop more reliable corridors connecting farms and mines with processing centres and manufacturing facilities, thereby reducing losses and improving the movement of industrial inputs.
The Digital Dimension
Technology is also becoming an important part of the Council’s strategy.
The RMRDC says it has developed the Nigeria Integrated Information Statistical System for Raw Materials and Products (NISSRAMP), described as a digital repository containing information on feedstock deposits, specifications, production outputs and industrial absorption rates.
The Council has also highlighted its transition towards paperless operations and its certification as a Data Controller/Processor of Major Importance by the Nigeria Data Protection Commission.
Such digital infrastructure could provide investors and manufacturers with better information about the availability and characteristics of raw materials while supporting more informed industrial planning.
Turning Waste Into Industrial Inputs
Another major component of ARMS 2026 is the proposed expansion of the circular economy.
The summit will examine how agricultural by-products, mine tailings, scrap metals and biomass can be recovered and reused as inputs for new production processes rather than being treated simply as waste.
The RMRDC argues that such an approach could lower raw-material costs while supporting more sustainable and climate-resilient manufacturing systems.
For Africa, where industrial expansion must increasingly balance economic development with environmental considerations, waste industrialisation could become an important part of the continent’s manufacturing conversation.
From National Production to African Value Chains
The African Continental Free Trade Area is another important element of the summit’s agenda.
The RMRDC sees AfCFTA as an opportunity to create regional value chains in which raw materials sourced in one African country can be processed and supplied to manufacturers in another.
Under such a model, Africa would move beyond simply exporting commodities to external markets and develop stronger internal networks for supplying chemicals, refined minerals, agricultural inputs and other industrial materials across national borders.
This approach places regional integration at the heart of Africa’s industrialisation strategy.
Bridging Research and Capital
A recurring weakness in many developing economies is the gap between research and commercialisation.
Innovations may emerge from universities, research institutions and laboratories without receiving the financing, equipment or market connections required to become commercially viable.
ARMS 2026 intends to address that gap through technology commercialisation and capital linkages, connecting research outputs with investors, development finance institutions and industrial off-takers.
The RMRDC has also cited partnerships with the Bank of Industry for commercial-scale post-harvest processing and a South-South technology-transfer partnership with the National Innovation Centre par Excellence in Shanghai, China.
A Larger Industrial Conversation
The scale of ARMS 2026 is expected to be significantly larger than the maiden edition.
The organisers project more than 1,800 delegates from all 54 African countries and global industrial partners.
The programme will feature high-level policy dialogues, technical panels, an advanced raw materials and technology exhibition, industrial site visits and the African Raw Materials Industry Awards.
The exhibition, in particular, is expected to showcase locally fabricated processing machinery, advanced domestic materials, green chemicals and engineered commercial inputs.
Beyond the speeches and exhibitions, however, the real significance of ARMS 2026 will ultimately depend on what happens after the summit.
Africa’s challenge has never been a shortage of raw materials. The more difficult question has been how to transform those resources into factories, products, skilled employment, technology and sustainable economic opportunities.
For Nigeria and the rest of the continent, the proposed shift from “pit-to-port” to “feedstock-to-factory” therefore represents a broader debate about the future structure of African economies.
ARMS 2026 seeks to place that debate firmly on the industrial agenda — with value addition, technology, finance, infrastructure, circular production and regional trade at the centre.
If the commitments and partnerships generated by the summit translate into measurable industrial activity, the event could provide another platform for Africa to examine how its enormous resource base can support stronger domestic manufacturing.
The message from the organisers is clear: the continent’s raw materials should not only leave African soil as commodities; they should increasingly become the foundation for African industrial production
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