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FG to invest N12bn in digital research projects — Minister

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The Federal Government has announced plans to invest N12 billion in digital economy research projects, aiming to ensure the country reaps the benefits of digital transformation.

The Minister of Communications and Digital Economy, Bosun Tijani, made this known at the opening ceremony of the 18th edition of the International Conference on Theory and Practices of Electronic Governance in Abuja, on Tuesday, themed ‘Shaping the Future of Digital Governance Through Cooperation, Innovation and Inclusion’ and it was organised by the National Information Technology Development Agency

According to Tijani, platforms such as ICEGOV provide nations with the opportunity to explore the potential of emerging technologies while aligning them with effective policies that address societal needs, Vanguard reports.

He noted that Nigeria’s participation in the 2024 edition of ICEGOV underscored the importance of deepening research in the digital economy, adding that the country’s impressive performance earned it the confidence of international partners to host the 2025 conference.

He stated, “The Nigerian government is not just doing this as a show because immediately after ICEGOV last year, we funded over 55 research projects.

“At the minute, we are putting together about N12 billion to fund further research projects that are focused on the digital economy.

“We are setting up three research clusters of six universities, each one focused on artificial intelligence, and another focused on the biggest issue in our nation today, which is connectivity, where we are investing significantly.

“Thirdly, because of our population, we are also funding another research cluster that is focused on digital skills and literacy.’’

He further noted that digital technologies have become central to human existence, stressing that any society that fails to embrace them risks being left behind in development.

He emphasised that these technologies should not be viewed merely as economic enablers but as powerful instruments for reshaping and governing modern societies.

Similarly, the Chair of the ICEGOV Steering Committee, Elsa Estevez, said artificial intelligence and its attendant risks demand stronger collaboration among countries, institutions, and all levels of government.

Estevez said, “In the past years, we were profoundly affected by digitally driven innovations, and we often adapt them without much reflection and such innovations dramatically change the way we interact, socially, work, build, and complement our capacities.

“We need to ensure that innovations are not just technological, but human-centred and contribute to better societies.

“For inclusion, governments, states need to listen and moderate discussions about public affairs, shape political agendas to respond to uncovered needs, secure the digital space of discussions on fake speech, fake news, and political manipulation.’’

She explained that safeguarding the public digital space hinges on effective regulation, education, and public awareness—anchored on strong information ethics.

Also speaking, the Director-General of the National Information Technology Development Agency, Malam Kashifu Inuwa, disclosed that the federal government plans to integrate digital literacy into the national school curriculum by 2026.

According to Inuwa, the move is aimed at ensuring that the technological growth of Nigeria’s youthful population aligns with the government’s digital development initiatives.

“In Africa, we have a very young population, our citizens are digitally native and they are all online, therefore governments need to meet them where they are.

“We have so many initiatives in Nigeria based on the ministry’s knowledge policy, we have the digital literacy framework, where we are working on integrating digital literacy into our formal education.

“As of today, we have the approval in collaboration with the Ministry of Education and directive of the President that by next year, we should have digital literacy and skills integrated into our formal education,’’ Inuwa said.

He further stated that the government is implementing measures to ensure that public servants acquire digital literacy skills, noting that this would enhance efficiency and improve service delivery across the public sector.

In May, Tijanin announced that the National Digital Economy Bill was set to return to the National Assembly for its second and third readings after extensive consultations across all 36 states of the federation.

The bill was originally introduced in 2024. The bill seeks to establish a robust legal framework for Nigeria’s growing digital economy.

It encompasses key areas such as electronic transactions, data protection, cybersecurity, and digital infrastructure development, aiming to foster innovation and ensure safe, inclusive participation in the nation’s digital transformation journey.

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World Bank projects Brent crude to average $60

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Brent crude oil prices are expected to fall to an average of $60 per barrel in 2026, the World Bank has forecast, as global supply continues to outstrip demand. The decline marks a continuation of a multi-year moderation in energy prices.

In its latest report, The Commodity Markets Outlook in Eight Charts, the lender predicted that global commodity prices would fall by roughly seven per cent next year, the fourth consecutive annual decline. Energy prices are set to lead the downward trend, with a projected 10 per cent drop in 2026, following a 12 per cent fall in 2025.

The downward pressure on oil prices reflects subdued global economic activity, persistent trade tensions, and policy uncertainty and is compounded by ample oil supplies. Brent crude has already dropped 14 per cent in the first nine months of 2025 amid oversupply and weak demand, particularly from China. However, occasional price spikes were recorded due to geopolitical events and US sanctions on Russian oil.

“OPEC+ has gradually increased production targets throughout 2025, contributing to an approximate three million barrels per day year-on-year rise in global supply,” the World Bank noted.

“With demand expanding by less than one million barrels per day, the oil market is likely to face a sizable surplus in the coming year.”

The report also highlighted that natural gas prices have experienced significant regional variation. US benchmark prices rose 44 per cent year-on-year in the third quarter of 2025 due to strong liquefied natural gas demand, while European prices remained largely unchanged.

Looking ahead, natural gas is expected to stabilise in the United States in 2027 after a moderate 11 per cent increase in 2026, whereas European prices are projected to decline by 11 per cent next year.

The World Bank’s analysis points to broader risks influencing commodity markets, including geopolitical tensions, extreme weather events, and shifts in global trade policy. Despite these uncertainties, energy markets are expected to remain oversupplied, keeping Brent crude prices on a downward trajectory.

“The expected moderation in oil prices is consistent with subdued economic growth and the continued expansion of oil production,” the report stated. “While temporary spikes may occur due to geopolitical events, the overall trend points to a further decline in 2026.”

Furthermore, the World Bank stated that metals and minerals prices are expected to remain broadly stable, while precious metals are projected to gain five per cent, following a record investment-driven surge of more than 40 per cent in 2025. Agricultural prices are anticipated to edge lower amid favourable supply conditions, with food prices stabilising and beverage prices declining by seven per cent next year due to expanding output.

The World Bank also warned that fertiliser prices, which have surged 28 per cent over the past year due to strong demand, trade restrictions, and production shortfalls, are expected to ease gradually in 2026, though remaining elevated compared with the 2015–2019 average.

“Commodity markets continue to face a complex mix of factors,” the report said. “Sluggish global growth, policy uncertainties, and oversupply in key sectors are weighing on prices, while extreme weather events, easing trade tensions, or changes in input costs could shift market dynamics.”

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NNPCL reiterates 2m bpd oil output target by 2027

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The Nigerian National Petroleum Company Limited has announced an increase in Nigeria’s crude oil production to 1.7 million barrels per day, with plans to reach 2 million bpd by 2027 and 3 million bpd in the long term.

The Group Chief Executive Officer, Bashir Ojulari, disclosed this on Tuesday during the “Energy Talk” session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025), held in the United Arab Emirates, Channels reports.

In a statement signed by Andy Odeh, the Chief Corporate Communications Officer of NNPC Ltd, Ojulari said the company’s output growth was driven by redefined partnerships with international oil companies and indigenous producers, the removal of long-standing obstacles, and a renewed focus on shared value.

He reaffirmed NNPC Ltd’s commitment to collaborating with other OPEC members, African national oil firms and financial institutions to attract between $30 billion and $60 billion in fresh investments by 2030.

Ojulari noted that new government incentives, beyond the Petroleum Industry Act, are already drawing investment into deep-water exploration, dry gas development, and cost reduction efforts.

Highlighting key national energy initiatives, he cited the ongoing upstream revival projects, expansion of gas infrastructure, including the near-completion of the Ajaokuta-Kaduna-Kano and Obiafu-Obrikom-Oben pipelines and the rollout of cleaner energy solutions, such as the Presidential CNG Initiative and autogas corridor expansion.

Ojulari urged global investors to form bold partnerships aimed at eradicating energy poverty across Africa.

Responding to questions from the session host and Pulitzer Prize-winning energy author Daniel Yergin, Ojulari described Nigeria as “a central player in Africa’s energy landscape,” stressing that NNPC Ltd serves as the “linchpin for driving energy sufficiency on the continent.”

He underscored Nigeria’s vast oil, gas, and renewable energy potential, adding that under President Bola Tinubu’s Renewed Hope Agenda, efforts are underway to transform the nation from an extractive economy into a diversified, investment-driven energy hub.

he explained, “Africa’s energy future must be built on pragmatism, partnerships, and purpose. At NNPC Limited, we are not just participating in the energy transition; we are shaping it from an African perspective. Our focus is pragmatic—grow production, monetise gas, deepen partnerships, and deliver value to Nigerians and global partners alike.”

Ojulari also echoed remarks by the UAE Minister of Industry and ADNOC CEO, Sultan Ahmed Al Jaber, who advocated for “pragmatic, not performative” energy policies and called for $4 trillion in annual global energy investment.

“Our message to the world is clear: Nigeria is open for business, and NNPC Limited is fit for the future. We invite the world to co-invest in Africa’s energy transformation,” Ojulari added.

The ADIPEC conference, hosted annually by ADNOC, is one of the world’s largest energy gatherings. The 2025 edition, themed “Energy. Intelligence. Impact,” marks the 41st in the series.

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NNPC eyes 20% stake in Dangote refinery

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The Nigerian National Petroleum Company Limited on Tuesday disclosed plans to raise its equity stake in the $20bn Dangote Petroleum Refinery to 20 per cent, as part of efforts to strengthen Nigeria’s domestic refining capacity and consolidate its position in the downstream oil sector.

The Group Chief Executive Officer of NNPC, Bayo Ojulari, made the disclosure while speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025. Ojulari said the move aligns with NNPCL’s long-term strategy to deepen local participation in the energy value chain and ensure energy security.

“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said as reported by Reuters.

His remarks come just weeks after the President of the Dangote Group, Aliko Dangote, revealed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year, mirroring the public listing model of its cement and sugar subsidiaries.

“Within the next year, the refining business will list five per cent to 10 per cent of its shares on the Nigerian stock exchange,” he said, mirroring a playbook established by the group’s cement and sugar businesses. We don’t want to keep more than 65 per cent to 70 per cent,” Dangote said, explaining that shares will be offered incrementally subject to investor appetite and market depth.

“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote said. This move would represent a fresh investment of almost 13 per cent above its current 7.2 per cent stake.

The announcement also comes on the heels of NNPC’s ongoing search for technical and equity partners to revive its three dormant state-owned refineries in Port Harcourt, Warri, and Kaduna. Despite years of rehabilitation funding, the refineries have remained idle, forcing the country to rely heavily on imported petroleum products.

It is believed that if the Dangote refinery reaches full operational capacity and NNPCL completes its refinery rehabilitation programme, Nigeria could finally achieve self-sufficiency in refined petroleum products, a goal that has eluded Africa’s biggest crude producer for decades.

Ojulari further noted that the state-owned oil company had made significant progress in enhancing transparency across its operations as it prepares for its much-anticipated initial public offering.

“The IPO journey is by law. The Petroleum Industry Act prescribes that NNPC must move towards becoming a publicly listed company. It’s not an option for us,” the NNPC boss noted. “Since May this year, we have started publishing our monthly performance reports, and that has continued as part of our efforts to build public trust and accountability.”

With the company’s IPO plans still in view, Ojulari said NNPC was positioning itself as a globally competitive energy company driven by efficiency, transparency, and profitability. “We are building an institution that Nigerians can be proud of, one that is commercially driven, transparent, and ready to compete globally,” he said.

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