AGP Executive Report

Deep Offshore Oil Reform: President Tinubu approved a rules-based deep offshore investment framework to unlock up to $50bn, replacing project-by-project bargaining and targeting the $10bn Bonga South West project, with incentives formalised under the 2026 tax remission order. Refining Capacity Push: Petroleum minister Heineken Lokpobiri says Nigeria will expand refining and midstream/downstream infrastructure to reach about 4 million bpd and serve Africa’s market. Refinery Ownership Debate: TUC backs private sector equity in refineries but rejects outright sale, urging a 49/51 government-private split to cut political interference. Aviation Disruption: Air Peace operations were disrupted as aviation unions picketed terminals in Lagos and Abuja, stranding passengers; Air Peace later resumed flights after unions withdrew, while NCAA urged dialogue. NGX Pullback: Nigeria’s stock market reversed Monday’s rally, shedding about N1.17tn as investors took profit, with MTN Nigeria and First HoldCo among pressure points. State Revenue Shift: Lagos topped H1 2026 FAAC allocations with N365.78bn, driven largely by VAT, signalling non-oil consumption power. Vehicle Financing: UBA and Mikano launched a 70/30 auto financing scheme with 36-month repayment for eligible customers. Customs Crackdown: Nigeria Customs at Seme seized expired noodles, foreign rice and explosives, warning against relabelling and re-entry of dangerous goods. Skills & Jobs: NSIPA began distributing starter packs to 18,510 newly trained artisans nationwide. Regulatory Sandbox (Fintech): CBN opened applications for the second virtual assets and data-enabled financial services sandbox cohort. Food Security Policy: Yobe appointed a new Special Adviser on Food Security to strengthen local production and reduce hunger. Orange Economy & Creative Industry: NIPSS and the Art Ministry partner to drive Nigeria’s $1tn economy push, while Lai Mohammed calls the creative industry Nigeria’s “next oil.” Security & Industry Stability: Army arrested a kidnap kingpin in Enugu and recovered arms and dollars; FG also plans pilot ranching in six states and FCT to curb farmer-herder conflicts.

Insurance Regulation: Nigeria’s Finance Ministry orders NAICOM to pause enforcement of disputed recapitalisation fees and require NICON Insurance and Nigeria Reinsurance to justify charges, including N305m and N375m assessments, after firms challenged NAICOM’s 1% fee and escrow transfer demands. Aviation Labour Dispute: Air Peace operations were grounded in Lagos and Abuja after aviation unions picketed over ticket sales charges and workers’ refusal to join unions; NCAA says flight safety oversight continues while it urges dialogue. Insurance Penetration Push: The Nigerian Insurers Association unveils a five-year Awareness, Capacity Building and Enforcement (ACE) plan to expand compulsory insurance compliance, digital services, and fraud-fighting. EV Adoption Roadmap: Metropolitan Electric calls for a coordinated 10-year EV roadmap, government procurement quotas, green-mobility financing, regulated charging, and performance-based local content—prioritising buses and logistics fleets. Livestock Industrial Strategy: Tinubu targets doubling livestock’s $32bn contribution to over $64bn, positioning Nigeria as a livestock production and processing hub. Agro-Industrial Expansion: Yobe hands over four agro-industrial hubs to Nigeria Food Corporation to revive value chains and boost jobs. Pharma Localisation: Katsina plans its first pharmaceutical manufacturing plant to improve access to essential medicines. Infrastructure Delivery: Nasarawa targets completion of the N44bn Mararaba flyover by end-2026 to cut Abuja-Keffi travel time. Digital Economy Demand: NCC data shows Nigerians consumed about 15.32bn GB of internet data worth an estimated N6.6tn in a year, with usage hitting record levels. Manufacturing Competitiveness: FCT urges manufacturers to adopt smart tech, AI and automation to cut costs and stay competitive. Security Coordination: NSCDC Anambra calls for stronger inter-agency collaboration to tackle kidnapping, terrorism, cultism, illegal mining and other threats.

Drug Control & Trade: Nigeria’s DRI says it dismantled an illegal Tramadol unit in Maharashtra and foiled an export consignment meant for Nigeria, seizing 1 lakh Tramadol tablets plus Tapentadol, machinery and raw materials. Public Health Regulation: Tobacco Control Community urges lawmakers to recall the Tobacco Control Act Amendment Bill 2025, warning it could weaken safeguards and expose children to nicotine products. Energy & Industry: Tinubu targets doubling livestock’s $32bn annual contribution as Nigeria pushes modern, technology-driven animal agriculture. Power & Infrastructure: Enugu begins building three new 33KV feeders to cut outages in four LGAs. Roads & Logistics: Nasarawa says the N44bn Mararaba flyover will cut Abuja–Keffi travel time to under 40 minutes; FG targets finishing Abuja–Kaduna–Zaria–Kano by November. Extractives Transparency: EITI global validators begin assessment in Nigeria as government reiterates extractives transparency. Agribusiness Trade Dispute: Nigerian onion traders suspend exports to Ghana, seeking ECOWAS intervention as restrictions continue. Security: Army arrests a kidnap kingpin in Enugu and recovers AK-47 rifles, magazines and ammunition. Finance & Insurance: Finance Ministry orders NAICOM to justify N680m recapitalisation charges and pauses enforcement pending a petition. Telecom & Digital Economy: MTN Nigeria outlines a shift from voice to AI, fintech and digital platforms as it marks 25 years and nears 90m connections.

Roads & Transport: Former President Jonathan is billed to commission 15 completed road projects in Bauchi metropolis, part of Governor Bala Mohammed’s push to improve connectivity and move people, goods and services. Climate Finance & Resilience: FG says private capital and partnerships are key to implementing Nigeria’s National Adaptation Plan, with adaptation priorities spanning agriculture, water, health, energy, infrastructure and disaster management. Housing Credit: CBN reports Nigerians are intensifying borrowing for house purchases and mortgages despite tough conditions, with credit demand rising in Q2 2026. Downstream Energy Competition: Private depots cut petrol prices by up to N35/litre as competition with Dangote Refinery intensifies after Dangote’s N50/litre reduction. Power Infrastructure: NDPHC urges optimisation of electricity infrastructure to unlock investment and industrialisation; Enugu begins building three 33KV feeders to boost supply in long-underserved communities. Labour & Cost of Living: NLC plans to reopen minimum wage talks, pushing for at least N500,000 as N70,000 no longer covers workers’ needs. Oil Licensing Governance: NNPC says oil licensing rounds fall under NUPRC’s statutory mandate, defending its role amid media scrutiny. Insurance & Capital Markets: Leadway Assurance targets digital growth and larger underwriting after recapitalisation; CMFC swings to positive shareholders’ funds after restructuring. Policy & Business Climate: MAN warns manufacturers still face multiple taxes and levies despite the Nigeria Tax Act 2025. Trade & Connectivity: Canada and Nigeria expand air services for direct flights, enabling more passenger and cargo capacity.

Fuel Subsidy Debate: NRS boss Zacch Adedeji says subsidy removal was “the best thing” for Nigeria, arguing the bill was unsustainable and could have pushed the naira to about N3,500/$ and the subsidy cost to N53trn. Tax Reform: Adedeji also insists Nigeria’s tax reforms target “the fruit, not the seed,” defending reforms as pro-growth rather than extraction. Roads & Security: FG inaugurated Coastal Highway Guards to protect the Lagos-Calabar Coastal Highway from vandalism and illegal occupation, while Tinubu/Umahi flagged repairs and warned against hawking, tricycles and motorcycles on the route; 147 structures may be affected. Infrastructure Funding: SEC DG Emomotimi Agama urged FCTA to use capital markets—bonds, REITs and asset recycling—to finance Abuja projects beyond annual budgets. Power & Grid Safety: TCN reported a 330kV tower collapse in Delta that crushed a suspected vandal, highlighting ongoing sabotage risks. Capital Markets: Nigeria’s market cap rose above N217trn (May 2026), with SEC pushing long-term financing for infrastructure. Energy Finance Stress: Geregu Power defaulted on bond obligations, triggering credit default classification and investor concern. Drug Enforcement: NDLEA arrested an Italy-based Nigerian after he ingested 98 wraps of cocaine at Enugu airport. Tobacco Policy: ATIM urged NASS to reconsider proposed Tobacco Act amendments, warning they could weaken Nigeria’s tobacco control gains. Local Manufacturing Skills: ITF and Enugu State agreed to set up a Digital Fabrication Centre to boost innovation and local production.

Solid Minerals Investment Push: FG says Nigeria is repositioning solid minerals to move beyond raw export toward local processing, manufacturing and value addition, urging investors to back projects that create jobs and strengthen industrial linkages. Energy Sector Governance: NNPC rejects Oil and Gas Professionals Forum claims, saying the licensing round is NUPRC’s statutory mandate, while also citing 6% crude and 5% gas growth under Ojulari. Gas Price Relief: Cooking gas prices are dropping at some depots as supplies rise and competition increases, with potential spillover to retail costs. UK Trade Snapshot: Refined petroleum products now lead UK imports from Nigeria (47.5% share), overtaking crude in the 12 months to March 2026. Oil & Gas Project Timelines: TotalEnergies targets first oil for its Ubeta deepwater gas project in 2027 and Ima in Q4 2028, citing Tinubu-era incentives. Agriculture Financing Gap: Experts argue Nigeria’s real agricultural frontier is access to affordable finance for farmers, not land or farming capacity. Election Security: Army warns Osun election troops against partisanship and voter intimidation, stressing outer-cordon support for police. Public Safety & Compliance: MTN warns customers about fake 25GB anniversary giveaways, stressing redemption only via MyMTN NG App and MTN eShop.

Energy & Oil Services: Sepha Energies’ CEO Sandra Ekpe Agho urged sustainable financing for indigenous oil and gas firms at NAICE 2026, warning that lack of capital can stall local content and competitiveness. Public Health: NPHCDA mapped zero-dose hotspots using an identify-enumerate-vaccinate approach to target routine immunisation gaps. Economy & Cost of Living: Atiku hit back at Tinubu over CBN household survey figures showing Nigerians are abandoning plans to buy cars, consumer goods and homes. Nigeria–China Agriculture: FG plans deeper China ties on water-saving agriculture, soil management and solar cold storage to cut post-harvest losses and boost exports. Refining & Aviation Fuel: Dangote Refinery retained its spot as Europe’s largest jet fuel supplier for a second straight month, underscoring Nigeria’s growing role in aviation fuel supply. Infrastructure & Jobs: Benue’s federal projects and road upgrades are expected to boost trade and create jobs, while Gombe SEC approved over N15bn for township roads. Security: DHQ said troops rescued 363 victims and arrested scores of terrorists and logistics suppliers in one week. Energy Governance: Bala Wunti was appointed inaugural CEO of World Energy Council Nigeria, signalling a new leadership structure for energy policy engagement. Housing Finance: FMBN inaugurated the NHF diaspora mortgage loan to help Nigerians abroad access home ownership financing. Transport Safety: FRSC flagged the need to prepare for EV and CNG vehicles to avoid new road-safety risks.

Energy & Policy: Tinubu says NNPC will be reformed and listed on the capital market, with plans to sell shares to Nigerians, as the government pushes deeper energy-market changes. Power Sector Performance: NERC reports Nigerians paid N208.15bn for electricity in May 2026, with revenue collection improving but billing efficiency falling; Ikeja Electric tops collections while Kaduna DisCo records the weakest performance. Rural Electrification: Ayo Fayose is inaugurated as REA board chairman, pledging faster grassroots electricity expansion. Oil & Gas Supply Chain: NMDPRA says it will negotiate with NUPRC to fix crude supply shortages to local refineries as installed refining capacity rises. Industrial Growth & Local Tech: Alfa Designs Nigeria unveils a patented smart wellhead monitoring system to remotely track pressure and shut wells during abnormal conditions, aiming to cut downtime and losses. Manufacturing & Investment: Dangote expresses confidence in hitting $100bn annual revenue by 2030 after Goldman Sachs executives toured its complex. Trade & Infrastructure: NUJ urges FG to rehabilitate South-South federal roads and operationalise seaports; Kogi targets commerce boost with the Lokoja ultra-modern market under construction. Security & Humanitarian: Nigerian forces rescue hundreds from captivity, including Woro victims received in Kwara, while AFN reports large-scale rescues and arrests nationwide. Governance & Accountability: NOA and police renew collaboration on national values to rebuild public trust in policing; PUAN launches an app to expose polling-unit malpractices and track public projects. Education & Skills: NESRI coordinators are charged to deliver measurable education reform outcomes; FUTA wins top spots in a national industry-based engineering competition sponsored by Dangote Cement. Energy Diplomacy: Nigeria formally joins the World Energy Council, with Tinubu hailing it as a confidence vote on energy reforms.

Digital Economy & Industry Infrastructure: NCC hands over its Digital Industrial Park and Learning Centre in Enugu to the state on a 15-year lease, aiming to deepen skills, startups, jobs and tech-enabled services. Power Access & Rural Electrification: Minister Joseph Tegbe says Nigeria’s power success will be measured by communities and people electrified, not megawatts, as REA’s governing board is inaugurated with Ayo Fayose named chairman. Education Delivery Accountability: FG orders NESRI officials to stop treating programmes as “completed” without full deliverables, pushing measurable school outcomes. Flood Mitigation & Urban Engineering: FG urges Lagos residents to protect drainage channels and stop indiscriminate waste disposal as part of nationwide flood and WASH assessments. Energy Diplomacy: Tinubu welcomes Nigeria’s admission into the World Energy Council and tasks WEC Nigeria leadership to shape global energy decisions with Africa’s voice. Finance & Compliance: EFCC arraigns 3 people and 2 firms over alleged N652m Petrocam fraud. Aviation & Trade Connectivity: Nigeria and Canada sign an expanded air transport deal enabling direct scheduled flights (14 weekly passenger, 10 weekly cargo). Agri & Business Funding: Gov Mai Buni says he secured N2.5bn loans from BoA and BoI for farming after taking office. Crypto & Payments: Quidax expands stablecoin infrastructure to 21+ countries and 14 currencies, targeting faster cross-border value transfer. Governance & Reform: FG education and power reforms, plus land-grabbing calls for digitised records and stricter enforcement, keep policy execution in focus.

Public Finance & Governance: Lawmakers demand emergency reconvening over alleged off-budget spending, under-implementation of 2024–2026 appropriation and the State Police constitutional bill. Party Politics: NDC admits internal crisis after 2027 primaries and sets up a National Reconciliation Committee led by Prof. Pat Utomi. Sanitation & Public Health: Women in Abuja’s Kwali push to end open defecation in Kundu Ward, training sanitation champions with RUWASSA and ActionAid support. Energy & Industry: Dangote Refinery keeps winning export headlines, supplying over 400,000 tonnes of jet fuel to Europe in July (~20% of imports), while FCMB commits N20bn to finance private healthcare businesses. Aviation & Trade: Nigeria and Canada sign an expanded air transport deal enabling direct scheduled flights (up to 14 weekly passenger and 10 weekly cargo). Regulation & Consumer Safety: NAFDAC warns of counterfeit Forxiga (dapagliflozin) in circulation; Borno police clamp down on sale of meat from dead animals. Security & Ports: Nigeria Customs intercepts pump-action rifle parts and cannabis-infused food at TinCan. Business & Markets: First Holdco shares hit a record N140; naira holds around N1,367/$ as CBN defends the FX market.

Energy Security & Geopolitics: Africa is being pushed to speed up energy transition as Strait of Hormuz disruptions hit global oil prices and supply chains fast, with Nigeria’s refinery ramp-up seen as a key buffer. FDI Push: FG plans the Nigeria NOW! Global Investors Expo 2026 to court investment in mining, power, infrastructure, manufacturing, oil & gas and tech. Manufacturing Outlook: MAN says manufacturers’ CEOs confidence index rebounded in Q2 2026, helped by recent tax and industrial policy signals. Shipping & Trade: MSC launches a weekly feeder service linking Lomé to Lekki, Apapa and Tin Can, aiming to cut delays and improve export routing. Oil & Gas Performance: VAALCO reports strong Q2 2026 results and guidance, including restarted Côte d’Ivoire production after refurbishment. Power Sector Cooperation: NISO and Canada explore collaboration on grid planning, renewables integration and digital transformation. Digital Economy & Tax: Nigeria’s new crypto tax rules draw backlash from a digital assets coalition, warning transaction-based charges could push activity offshore. Cyber & Financial Crime: A Nigeria-linked phishing scam hit the City of Pittsburg, with most funds recovered. Security & Human Capital: Ogun confirms rescue of abducted Poly students; Katsina plans a pharma manufacturing plant to boost local medicine supply. Industry Governance: Nigeria joins the World Energy Council to strengthen energy policy influence and tackle the energy trilemma.

TVET Reform Boost: FG inaugurates NBTE governing board after a five-year gap, pushing technical education to match industry needs and produce job-ready artisans. Energy Regulation & Transparency: NMDPRA says regulation must keep pace with a changing downstream sector, with focus on PIA rollout, transparency and digital oversight. Insurance Shake-up: NAICOM revokes Nigeria Reinsurance’s licence and freezes operations over capital shortfall, appointing a receiver/liquidator. Fuel Market Competition: Dangote Refinery cuts ex-depot petrol by ₦50/litre to ₦1,165 and diesel to ₦1,570, triggering depot price adjustments nationwide. Upstream Investment Pipeline: NUPRC targets $30–$50bn from 22 offshore projects and expects more field development approvals to drive output growth. Banking Cyber Response: Nigerian banks reassure customers after a global cyber campaign, urging users to avoid sharing PIN/OTP/BVN via calls or messages. Skills & Entrepreneurship: US Consulate trains 200+ Nigerian entrepreneurs in manufacturing. Off-grid Power Expansion: REA rolls out 60.82MW renewable projects across six states, starting a 13.92MWp hybrid solar in Yobe. Transport Modernisation: Lagos signs BITP MoU with unions to formalise and modernise bus operations. Digital Economy & AI: Chinese AI models gain traction across Africa as developers seek lower-cost, customisable tools.

Power Infrastructure Security: TCN says police arrested a suspect over vandalism that stripped about 130 bracing members from six towers along the Yola–Jalingo 330kV line, warning of collapse risk. Mining Enforcement & Accountability: NSCDC clears Mining Marshals commander ACC John Onoja Attah of N2bn diversion and death-cover-up allegations, while dismissing two operatives for supplying firearms to illegal miners. Health Workers Protection: FG orders immediate protection measures for health workers after an EFCC-Uyo Teaching Hospital incident, following a ministerial committee report. Insurance Sector Shock: NAICOM revokes Nigeria Reinsurance’s licence for failing minimum capital rules and appoints Muiz Banire as receiver/provisional liquidator. Energy & Consumer Relief: Dangote Refinery cuts ex-depot PMS to ₦1,165/litre and diesel to ₦1,570/litre, citing improved operations. Agribusiness & Jobs: ELRA and Heifer Nigeria partner to expand mechanisation for smallholder farmers in Benue, Nasarawa, Ogun and Edo via leasing/lease-to-own. Digital & Investment Push: NACCIMA woos Chinese investors at a Guangzhou forum tied to the Canton Fair, aiming to boost Nigeria’s $1trn economy target. Water & Urban Services: Lagos Water Corporation inspects Iju Waterworks rehabilitation, installing new pumps to restore capacity. SME Growth: Stanbic IBTC and Anambra hold a business summit in Onitsha to expand finance and trade for South-East MSMEs. Cybersecurity Alert: Zenith Bank customers are urged to verify deposits after a reported data breach.

Energy & Capital Markets: Dangote Petroleum Refinery is preparing a roughly $5bn IPO on the Nigerian Exchange, with SEC approval expected soon, a prospectus in September and an October offer—aimed at expanding refining capacity and potentially supporting a Kenya replication plan. Education & Human Capital: Anambra’s CLO urges the state to rein in “outrageous” mission and private school fees that could weaken Soludo’s free education push. Agriculture & Food Security: An agritech expert backs precision farming—using digital soil mapping and data-driven inputs—to raise yields without expanding farmland. SME & Business Finance: NACCIMA opens a portal for a $150m offshore financing facility with loans starting at $10m, single-digit rates and at least 7.5 years’ tenor across 17 sectors. Digital Economy: NCC hands Enugu a Digital Industrial Park and Digital Bridge Institute on a 15-year lease to boost AI/digital skills and outsourcing jobs. Governance & Industry Regulation: NESG warns FG against unconditional support for underperforming electricity Discos, calling for performance-linked conditions. Security & Local Industry: The Army chief calls for stronger collaboration with indigenous defence manufacturers to boost self-reliance and jobs. Tech & Cybercrime: EFCC says Nigeria lost over $500m to cybercrime in 2022, pushing the need for education and credit access.

Labour Pressure on FG: JNPSNC/TUC affiliates issued a 7-day ultimatum to the Finance Minister over unpaid federal workers’ allowances and a 40% peculiar allowance, warning of unrest if no action is taken by Aug 11. PFIPC Probe: A businessman told House investigators he allegedly paid N400m to the purported PFIPC DG, Adeniyi Adeyemi, to secure a contract for renovating the agency chief’s residence. Investment Push (Nigeria–Saudi): FG says Nigeria is “open for business” as Saudi ties deepen on investment and tourism, with Shettima pitching Nigeria as Africa’s halal economy hub. Energy & Power Costs: NERC reports DisCos collected N208.15bn from customers in May, while electricity billing efficiency fell. Capital Markets: NGX reversed gains as investors lost N599bn, with Multiverse Mining and Livingtrust Mortgage among top decliners. Industrial/Tech Growth: NCC leases a Digital Industrial Park and AI learning centre to Enugu for 15 years. Security & Local Industry: Army deepens private-sector logistics support; House defence panel urges procurement of locally made equipment. Agriculture & Women: FG/BOA MoU targets support for 3m women farmers under the WAVE programme. Big Corporate Move: Dangote Refinery targets a $5bn IPO by October.

Energy & Oil/Gas Investment: Shell says it will keep backing Nigeria’s energy future, highlighting deepwater projects and a $3bn contract financing push for Nigerian contractors as SPE Nigeria opens NAICE 2026. Manufacturing & Jobs: Dangote and Sinoma sign an $800m deal to expand the Itori cement plant, doubling output to 12m tonnes yearly, while BHEL lands a major gas turbine order for Dangote Petroleum Refinery. Power Market Regulation: FCCPC urges regulators to coordinate as states set up electricity markets, aiming for consistent consumer protection. Agriculture & Food Security: NADF trains 4,000 tractor operators and mechanics to boost mechanised farming; Benue launches a five-year strategic food security plan amid insecurity. Finance & Infrastructure: Coronation Infrastructure Fund opens a N20bn Series II offer to fund critical infrastructure. Digital Economy & Payments: Kolomoni launches “Take Control” with free bank transfers for Nigerians under 25. Oversight & Extractives: Senate threatens sanctions after CBN, NDDC and NUPRC shun a NEITI oil-and-gas audit probe. Road Safety: AMATO warns truckers against deploying rickety, unsafe trucks without key lights and reflective tapes.