NEWS
14 States Burn N21bn On Foreign Trips With Zero Foreign Investments
In the past three years, a total of 14 state governments have allegedly expended at least N21.04bn on foreign trips, yet none of them has managed to attract foreign investments successfully.
The states includes; Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Edo, Gombe, Imo, Jigawa, Nasarawa, Taraba, Yobe, and Zamfara
Despite the influx of $14.85bn from foreign investors into Nigeria between 2021 and the third quarter of 2023, these states have failed to secure a share in the foreign investment pie.
Between 2021 and 2023, a breakdown of expenses on foreign trips by several states reveals Bauchi spending N3.81bn, Bayelsa N1.99bn, Benue N1.33bn, Borno N1.73bn, Cross River N663.16m, Ebonyi N1.01bn, Edo N1.77bn, Gombe N32.09m, Imo N541.23m, Jigawa N1.10bn, Nasarawa N541.26m, Taraba N2.52bn, Yobe N1.24bn, and Zamfara N2.77bn.
Surprisingly, despite these expenditures, there is no tangible result or foreign investments to show for the funds, according to data extracted from state budget performance reports obtained from Open Nigerian States.
It’s worth noting that not all states provided complete budget performance reports, with some only covering two quarters in certain instances.
Kebbi is notably absent from the list of states receiving foreign direct investments during the reviewed period, and unfortunately, there is no available data on the amount spent by the state on foreign-related trips.
The overall absence of foreign investments in these states aligns with a broader decline in investments across the country, attributed to concerns related to insecurity and other prevailing issues during the same period.
The World Bank opined, “Net FDI inflows are negative, reflecting net withdrawals of equity by foreign investors. FDI and FPI flows into Nigeria do not compare favourably with similar economies of the world, reflecting difficulties with FX availability, security concerns, and other structural challenges in recent years.”
Several states mentioned in this report, including Zamfara, Jigawa, and Nasarawa, have been grappling with the scourge of banditry in recent years.
In Zamfara, for example, banditry has become pervasive, affecting almost 14 local government areas.
The situation has led to the abandonment of over 70% of farmlands in the state, with farmers fearing attacks by bandits.
Highlighting the impact on investments, in 2022, the Managing Director of Zamfara State Investment Cooperation, Dr. Anas Hamisu Lawal, pointed out that insecurity was a major factor hindering the attraction of investments into the state.
Lawal said, “The first question they always ask is the security situation in the state..They are willing to invest whenever the security situation improves.”
In 2022, David Olofu, the Benue State Commissioner for Finance, emphasized the significant impact of insecurity on states’ ability to attract investors.
He said “It is obvious that insecurity prevented many states from attracting investors in 2021. How many investors did the Federal Government attract?
“How will investors come even when citizens are not safe? How will investors come when citizens cannot themselves invest in their place?”
In the same year, Governor Godwin Obaseki of Edo State announced a strategic focus on sectors such as technology, agriculture, and entertainment to attract investors to the state.
Despite these efforts, the state has not recorded any foreign investments in the past three years, according to data from the National Bureau of Statistics (NBS).
In 2021, Lawrence Ewhrudjakpo, the Deputy Governor of Bayelsa State, disclosed that Governor Douye Diri was utilizing his foreign trips to attract investors, aiming to enhance the state’s economy.
He said, “We believe that we have procedures, and the governor deserves the attention he deserves to give to investors so that investors are brought to our state as no system that is not interacting with any other system can be very effective. What makes an economy a viable economy is the external investment into the economy.”
The mentioned states continue to face a dearth of foreign investments.
Discussing this situation, Professor Akpan Ekpo, a specialist in Economics and Public Policy at the University of Uyo, explained to The PUNCH, “They are not importing capital for two reasons. First, they don’t have potential investors who will do that. Secondly, there is insecurity in the country. Those things are not fertile ground for investments.”
An ECOWAS Common Investment Market consultant, Professor Jonathan Aremu, added, “It’s simple. It’s because they don’t have attractive factors.
“The factors that attract foreign investment are not available in those states. One thing about investment is that it is crisis shy.
“Investment doesn’t go to places where there are crises. Why? Because investors want stability and predictability in their investments, particularly, having returns on their investments.” he added
NEWS
Sahara Group Drives Africa’s Energy Future with Asharami Square 3.0
Sahara Group is convening policymakers, industry leaders, investors, academia, and media professionals to advance practical solutions for Africa’s evolving energy landscape.
Scheduled for Wednesday, July 22, 2026, in Lagos, this year’s Asharami Square, a flagship thought leadership platform, is themed “Energising Africa’s Future: Legacy, Impact, and Transformation.”
The platform will spotlight the ideas, partnerships, and policy frameworks required to accelerate sustainable energy development across the continent.
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Building on the success of previous editions, Asharami Square 3.0 will examine how collaboration across government, industry, finance, and the media can unlock investment, strengthen infrastructure, and expand access while supporting Africa’s energy transition.
According to Bethel Obioma, Head, Corporate Communications, Sahara Group, the platform reflects Sahara Group’s commitment to driving impactful conversations that translate into real outcomes.
“Africa’s energy future will be shaped by the strength of our partnerships and our ability to turn dialogue into action. Asharami Square continues to provide a platform for convening diverse perspectives, advancing informed discourse, and driving the decisions that will influence policy, investment, and long-term development across the continent.
As we look Beyond XXX, our focus remains on investing in the ideas, partnerships, and platforms that will help shape a sustainable energy future for Africa.”
Also speaking, Ejiro Gray, Director, Governance and Sustainability, Sahara Group, emphasised the importance of grounding energy conversations in context and practical realities.
“Africa’s energy transition must be defined by solutions that reflect our unique realities. Asharami Square plays a critical role in bridging technical expertise and public understanding, ensuring that conversations around energy, sustainability, and development are anchored in evidence, context, and impact.
Through initiatives like Asharami Square, we continue to advance our Beyond XXX philosophy by supporting credible dialogue and strengthening the ecosystems that drive sustainable progress.”
The event will feature a keynote address by Sadiq Wanka, Special Adviser to the President of Nigeria on Power Infrastructure, alongside a high-level panel including Professor Abigail Ndisika, Director, Institute of Continuing Education (ICE), University of Lagos; Temitope George, CEO, Lagos State Electricity Regulatory Commission (LASERC); Adebiyi Olusolape, Associate Editor, Africa, Argus Media; and Kemi Awodein, Managing Director, Investment Banking, Chapel Hill Denham.
A key highlight of this year’s programme will be the unveiling of the Asharami Square Energy Reporting Fellowship Judging Panel, reinforcing Sahara Group’s commitment to strengthening credible, solutions-focused journalism that deepens public understanding of Africa’s energy transition.
Since its maiden edition in 2024, Asharami Square has facilitated informed dialogue and effective media advocacy to enhance energy transition and sustainability in Africa.
Through the platform and the newly launched Asharami Energy Reporting Fellowship, Sahara Group continues to advance its Beyond XXX vision by investing in the ideas, people, and platforms that will help shape Africa’s energy future, while reinforcing its commitment to bringing energy to life responsibly.
NEWS
IPMAN Kicks as Importers Hike Prices
Critical stakeholders are lamenting that fuel importers, licensed by the Nigerian government, are selling imported premium motor spirit (PMS) also known as petrol around N200 per litre, above what local refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP) is selling.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that the importers including Matrix, AA Rano, Hayden among others have started pricing imported petrol significantly above the rates offered by the DPRP, raising concerns over the effectiveness of the government’s import licensing policy.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, said independent marketers had expected the import licences to serve as a check on domestic fuel pricing but are now shocked to find out that the policy had failed to deliver the desired outcome.
“The independent marketers of Nigeria have looked at the price volatility, the issue of the import license, the issue of sales of petroleum products and dollar, and holistically I will want to use the opportunity to urge the federal government to look into this thing transparently through NMDPRA, who is the authority of the industry,” he said.
According to him, the recent import licences issued to marketers have not helped reduce fuel prices as anticipated.
“The recent import licenses, which are termed to be used as a guiding principle or a check to domestic petroleum products being refined here in Nigeria, is not yielding the results as was expected by the independent marketers,” he stated.
Ukadike expressed surprise that some importers were reportedly selling imported petrol at about N1,350 per litre, despite lower prices from the DPRP.
“We were shocked, even as I am talking to you now, that the licenses that have been given to AA Rano, Matrix and all the rest of them to be able to import petroleum products are trying to peg the price of petroleum products at N1,350, which is far, far distant from what Dangote has been selling to us,” he said.
He further questioned the quality and pricing of imported products, insisting that the policy was undermining the purpose for which the licences were granted.
“The essence of NNPC or NMDPRA or the federal government opening up this import license is also to checkmate the domestic price of petroleum products, whereas where we find out that these products are being brought into this country, one, their qualities are questionable, two, their prices are higher,” Ukadike added.
The IPMAN spokesman also warned that continued fuel importation at higher prices was increasing pressure on Nigeria’s foreign exchange market, with the naira approaching N1,400 to the US dollar.
He argued that imported petroleum products priced using the international PLATTS benchmark were about 20 percent more expensive than products supplied by the DPRP, making imports less competitive.
Ukadike urged the Federal Government to sustain the sale of crude oil to the Dangote refinery in naira, saying the arrangement would help stabilise domestic fuel prices, reduce demand for foreign exchange and ease pressure on the local currency.
He also cautioned against what he described as the indiscriminate issuance of import licences, warning that such a policy could ultimately lead to higher pump prices for consumers instead of promoting competition.
NEWS
Sahara Opens Kaduna, Jigawa Recycling Hubs
The Sahara Group Foundation (SGF) has expanded its waste management network and recycling infrastructure in Northern Nigeria with the commissioning of two Sahara Go Recycling hubs in Jigawa and Kaduna States.
This was detailed in a statement from the Foundation on Sunday, which had it that the hubs, located at Gidan Hakimi in Shuwarin Local Government Area of Jigawa State and Asharami Retail Station, Badiko, Kaduna South Local Government Area of Kaduna State, are the Foundation’s 21st and 22nd recycling hubs nationwide and its second and third in Northern Nigeria.
According to a statement, the Jigawa hub was delivered with the support of the King’s Council, Shuwarin, while the Kaduna hub was established in collaboration with Asharami Synergy.
The Foundation said the initiative is designed to convert waste into income-generating opportunities for households. The Director of Sahara Group Foundation, Chidilim Menakaya, said the hubs demonstrate the organisation’s approach to expanding practical sustainability initiatives through partnerships.
“By partnering with institutions and sister companies that understand local needs and realities, we are building a recycling ecosystem that communities can own, sustain, and benefit from over the long term,” she said.
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The commissioning ceremonies were attended by members of the King’s Council, the Jigawa State Commissioner for Environment, Dr Nura Doka, the Chairman of Shuwarin Local Government Area, Abdulhamid Balago, the vice chairman, community leaders and residents in Jigawa, as well as Asharami Synergy’s leadership and the Filling Station Manager in Kaduna.
Speaking at the Jigawa event, Alhaji Bashir Abdullahi, Sarkin Gabas and Hakimin Shuwarin, said the facility addresses a longstanding waste management challenge in the community.
“For years, our people have had no organised way to deal with waste beyond burning or dumping it by the roadside,” he said. “This hub gives our young people and our women a way to earn from something that used to just pollute our surroundings.”
At the Kaduna event, the Filling Station Manager of Asharami Retail Station, Badiko, Aliyu Abdullahi Mabai, said the recycling hub complements the station’s operations.
“We are glad to host this recycling hub on our premises,” he said. “It gives our customers and neighbours a simple way to recycle, and fits with what Asharami Synergy stands for as a responsible business.”
The Foundation also disclosed plans to commission another recycling hub in Kano State in the coming weeks following a recent engagement with the Emir of Kano, Muhammadu Sanusi II, who expressed interest in the initiative.
According to the Foundation, Sahara Go Recycling has supported the recycling of more than 1,000 tonnes of materials since its launch and has directly or indirectly impacted more than 2,000 livelihoods nationwide.





