Business
Nigeria to Refinance Debts as Treasury Bill Rates Hit 24% — Finance Minister
The Federal Government says it has initiated steps to refinance Nigeria’s existing debts in a bid to ease the pressure of rising debt servicing, following a sharp increase in treasury bill rates and external repayment costs.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this at the opening ceremony of the Annual Conference of the Institute of Chartered Accountants of Nigeria (ICAN) held in Abuja on Tuesday.
Edun said the refinancing process was part of government’s broader fiscal strategy aimed at reducing borrowing costs and strengthening the nation’s financial stability.
READ MORE: Loans Necessary For Budget Despite High Revenue Collections – Wale Edun
“Efforts are underway to refinance expensive debt and thus reduce both the debt service cost and the cost of borrowing,” he stated.
The minister revealed that while the country’s fiscal position had improved significantly due to policy reforms, the cost of debt servicing had grown considerably.
“Our fiscal position has improved significantly. Revenue has grown by over 70% in nominal terms over the past two years, driven by the liberalisation of the foreign exchange and fuel markets, and automation-led revenue collection under the Renewed Hope Agenda,” he explained.
However, Edun noted that the government still faces expenditure pressures, largely because of the surge in borrowing rates.
According to him, treasury bill rates jumped from 8% in 2023 to nearly 24% in 2024, while external debt service costs almost tripled from ₦2.7 trillion budgeted to ₦6.7 trillion.
Despite these challenges, the minister expressed optimism about Nigeria’s economic outlook, assuring that the administration remains focused on building a resilient and inclusive economy.
“Our strategic priorities include significant improvement in non-oil export growth, enhancing domestic productivity, and fostering inclusive prosperity by ensuring that vulnerable Nigerians are not left unprotected,” Edun said.
He added that the government was shifting towards an open and competitive economy that allows the private sector to take the lead in driving national growth.
“We are transitioning to an economy anchored on openness, competition, and efficiency—where the private sector is the engine of growth and the government efficiently plays its role as foreseer and enabler,” he said.
Edun concluded that with the current reforms and increased private investments, Nigeria is on track to achieve a 7% GDP growth rate by 2027 or 2028, a move expected to lift millions of citizens out of poverty.
“Our growth strategy is centred on productive capital formation through increased private investment. We are working to achieve output growth of 7.0% GDP by 2027/2028, thereby enabling the removal of millions of our citizens from poverty,” he affirmed.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
Business
FHC Orders NUPRC to Comply with PIA
Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products
Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”






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