The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.

With the theme, ‘Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade’, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.

The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who emphasisedthe urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.

“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”

He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.

Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination. He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.

Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.

Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and Trade as well as renewable energy provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.

Speaking at the event, Chuma Nwokocha, Chief Executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.

“This summit has reinforced the importance of creating platforms where ideas can flourish and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.

The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.

Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.

“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries” Remy said.

He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences; describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.

The Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, who was represented by Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day. 

Bunmi said, “Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”

She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”

Stanbic IBTC’s inaugural Nigeria Business Summit stands as a testament to the organisation’s commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.

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This is contained in a statement by Augustina Obilor-Duru, Head, Press and Public Relations, Ministry of Industry, Trade and Investment, on Friday in Abuja.

The agreement was signed by Minister of the ministry, Dr Jumoke Oduwole, and China’s Minister of Commerce, Mr Wang Wentao, in Yaoundé, Cameroon.

Oduwole said that the agreement established a flexible and non-binding framework to guide future negotiations and economic cooperation between the two countries.

She outlined four priority areas of the engagement trade facilitation, such as inclusive and green growth, resilient supply chains and the digital economy.

According to her, specific cooperation modules under the agreement will be implemented based on mutual consent of both countries.

Oduwole said the framework would provide a structured platform for deepening economic cooperation between the two countries.

She said the agreement aligned with Nigeria’s national development priorities, particularly industrialisation, job creation and export diversification.

“Nigeria’s trade engagement is focused on delivering practical economic outcomes for its citizens. The partnership also supports the Renewed Hope Agenda of President Bola Tinubu,” she said.

Oduwole said Nigeria would continue to pursue partnerships that strengthen its position in regional and global value chains.

She added that the Federal Government remained committed to ensuring inclusive and sustainable economic growth.

She said the agreement formed part of Nigeria’s broader strategy to expand trade and investment partnerships, adding that it would also enhance competitiveness and position Nigeria as a leading economic hub in Africa.

“The agreement aligns with continental economic initiatives aimed at boosting intra-African trade and development.

“The signing further reflects efforts by both countries to strengthen bilateral economic cooperation and shared development goals.”

NAN

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The Minister of Solid Minerals Development, Dele Alake, disclosed this at the ongoing Powering Africa Summit in Washington, D.C., while  f urging the United States and African nations to prioritize the creation of regional energy hubs as a strategic means of driving cross-border mining industrialization and strengthening the supply chain of critical minerals needed for the global energy transition.

He stressed that sustainable partnerships with Africa represent the quickest path to meeting the growing global demand for critical minerals.

He went on to call for the development of regional industrial corridors, noting that models such as the Lagos–Abidjan corridor could help unlock vast mineral resources across the continent.

Alake specifically identified the Lagos–Abidjan corridor, spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire, as well as the Walvis Bay Corridor, as critical belts that could transform Africa’s mining landscape.

He explained that such corridors would not only enhance infrastructure and energy access but also deepen regional integration and industrial growth.

“The development of nuclear power in one West African country, for instance, can service an entire corridor. With that in place, local beneficiation, technology transfer, manufacturing, and cross-border industrialisation will naturally follow. If three to five such corridors are developed in Africa, we would significantly advance industrialisation across the continent, creating a win-win outcome for both Africa and the West,” Alake said.

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The initiative is designed as a centralised digital platform that will integrate all government agencies involved in import and export processes into a single electronic portal.

Through the platform, importers, exporters and government agencies will be able to submit, process and obtain approvals for trade-related documentation using a unified interface. Traders will only need to submit their information once, after which the data will be automatically shared with relevant regulatory agencies for processing and approvals.

The National Agency for Food and Drug Administration and Control (NAFDAC) has reaffirmed its commitment to supporting the initiative as the Nigeria government prepares for the rollout of the system.

According to the agency, the National Single Window is expected to strengthen trade facilitation, improve regulatory efficiency and enhance collaboration among government institutions responsible for trade oversight.

NAFDAC, which regulates food, drugs, cosmetics, medical devices, chemicals and packaged water, said it has played a key role in the development and operational readiness of the system.

The agency noted that it had already made major investments in digitising its regulatory processes, including the deployment of electronic platforms for product registration, permits, inspections and import and export clearances. These efforts, it said, have laid the groundwork for seamless integration into the National Single Window framework.

Ahead of the launch, NAFDAC said it had undertaken several steps to ensure a smooth transition into the new digital trade ecosystem.

These include aligning its digital platforms with the National Single Window infrastructure to ensure interoperability and efficient data exchange, reviewing operational guidelines and standard operating procedures to reflect the new processes, and strengthening collaboration with other participating agencies.

The agency also disclosed that it has commenced capacity-building programmes for staff to ensure effective use of the platform, while regulatory documentation and guidelines on its website are being updated to reflect integration with the portal.

NAFDAC said the initiative would enhance regulatory transparency, reduce duplication of processes, minimise delays in cargo clearance and support efforts to improve the ease of doing business in Nigeria.

The agency added that the National Single Window represents a major step in Nigeria’s trade modernisation agenda, noting that it would help ensure regulatory processes are more efficient, transparent and aligned with global best practices.

NAFDAC therefore urged importers, exporters, manufacturers and other stakeholders involved in the trade of regulated products to familiarise themselves with the platform and comply with updated procedures that will accompany its implementation.

The agency reiterated its commitment to protecting public health while supporting national economic growth through efficient and technology-driven regulatory systems.

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The convicts are Otuorimuno Nelson Aziakpono, aged 58, and Ikegwuonu Davidson Ikechukwu, aged 28.

Hon Justice Allagoa.J. of the Federal High Courtfound them guilty of offences linked to the production, possession, sale, and distribution of adulterated and unregistered alcoholic drinks within Lagos.

The conviction followed an enforcement operation carried out on December 3, 2025, at Kojo Street, Ijanikin, and Vespa Market, where the illegal activities were uncovered. During the operation, authorities discovered large quantities of counterfeit and unregistered alcoholic beverages.

Items recovered during the raid include Hennessy V.S.O.P, Hennessy Very Special, Jameson Irish Whiskey, William Lawson Blended Scotch Whisky, and Gordon’s Dry Gin, which were found to be counterfeit, unwholesome, unregistered, or misleadingly packaged.

Following their arrest, the two suspects were charged on eight counts. These charges bordered on the possession of unwholesome products, the manufacture of counterfeit alcoholic beverages, and the distribution and sale of fake drinks, all in violation of relevant laws.

“The defendants were charged on eight counts bordering on possession of unwholesome products, manufacture and distribution of counterfeit beverages, and related offences under applicable laws,” the statement said.

The case was prosecuted by the National Agency for Food and Drug Administration and Control, which restated its commitment to protecting public health and ensuring that unsafe products do not find their way into the market.

NAFDAC warned that adulterated alcoholic beverages pose serious health risks to consumers and stressed that the agency will continue to intensify enforcement actions across the country to clamp down on such illegal activities.

The agency also urged members of the public to remain vigilant and report any suspicious products or activities to the nearest NAFDAC office, noting that public cooperation is crucial in the fight against counterfeit and harmful goods.

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In a counter-affidavit filed on February 23, 2026, the ministry, through its counsel, Jumoke Motilayo Falaye, said it neither interferes with nor controls NAFDAC’s enforcement decisions, stressing that the ministry is not an enforcement arm of the Federal Government.

The ministry explained that NAFDAC is a statutory agency established under the NAFDAC Act with clearly defined regulatory and enforcement powers over food, drugs, and related products, including alcoholic beverages.

It argued that it lacks the legal authority to direct, restrain, or halt NAFDAC from carrying out its statutory mandate. The ministry further stated that the Minister of Health and Social Welfare has not granted any further extension of the moratorium on the enforcement of existing regulations, including the sachet alcohol ban.

According to the affidavit, NAFDAC’s enforcement powers are derived from Sections 5 and 30 of the NAFDAC Act and other applicable regulations, adding that all decisions relating to enforcement fall squarely within the agency’s jurisdiction. The ministry also dismissed claims of ministerial interference in NAFDAC’s enforcement processes as speculative and unsupported by evidence.

The suit, marked FHC/L/CS/2568/25, was instituted by the Socio-Economic Rights and Accountability Project (SERAP) against the Minister of Health and Social Welfare as the first defendant and the Attorney-General of the Federation, representing the Federal Government and the Office of the Secretary to the Government of the Federation, as the second defendant.

The action was filed on SERAP’s behalf by Mofesomo Tayo-Oyetibo (SAN), alongside other lawyers from Tayo Oyetibo LP.

SERAP is seeking declarations that the sachet alcohol ban is a valid regulation under the NAFDAC Act and that the Minister of Health lacks the legal authority to grant or extend any moratorium on its enforcement. The group is also urging the court to affirm that federal authorities must not interfere with NAFDAC’s enforcement responsibilities and must ensure the nationwide implementation of the ban.

Specifically, SERAP is asking for an injunction restraining the defendants and their agents from extending any moratorium on the prohibition, as well as a perpetual injunction preventing any directive capable of hindering NAFDAC from enforcing the ban in line with its statutory duties.

In its originating summons dated December 15, 2025, SERAP argued that continued delay in enforcing the ban violates existing health and regulatory laws, as well as prior agreements supporting a nationwide prohibition of sachet alcohol.

The organisation maintained that sachet alcohol—often inexpensive, highly potent, and widely accessible—has contributed significantly to rising alcohol abuse, particularly among young people and low-income communities.

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Governor Babajide Sanwo-Olu and CWEIC Chief Executive Officer, Mrs. Samantha Cohen, signed Memorandum of Understanding at a joint press conference held at the State House in Marina, where both partners announced the hosting of 2026 Lagos Trade and Investment Summit tagged “Invest in Lagos 3.0”.

The collaboration, the Governor noted, reflected the State’s response to evolving global capital market realities, testifying to his administration’s commitment to position Lagos as a competitive sub-national economy capable of attracting, structuring, and converting investment into measurable growth.

No fewer than 600 investors, including development finance institutions, from across the Commonwealth countries are expected to attend the two-day summit billed to be held at Eko Hotels Convention Centre in Victoria Island.

The Commonwealth comprises 56 countries with a combined population of 2.7 billion and a GDP of $14.2 trillion. This is projected to reach $20 trillion by 2029. CWEIC, its private sector arm, has 150 strategic partners in 35 countries and investment hubs across the Commonwealth nations, including Lagos — Nigeria’s commercial capital.

Sanwo-Olu said CWEIC’s partnership embodied shared commitment to structured capital mobilisation, disciplined project presentation, and measurable transaction outcomes, adding that “Invest Lagos 3.0” would offer not just as a convening platform for Commonwealth investors, but also an economic growth acceleration mechanism.

He said: “Invest Lagos 3.0 is not going to be a ceremonial gathering. It is expected to be a transaction-focused investment platform built for capital alignment and project conversion. Its architecture and processes are intentional and structured for measurable investment outcomes. Every element of the Summit has been carefully designed to support disciplined engagement between project sponsors and capital providers.

“The summit is expected to convene between 500 and 600 high-level delegates, including global institutional investors, sovereign wealth entities, development finance institutions, multinational corporations, structured finance specialists, trade networks across the Commonwealth, and senior public sector leaders from multiple jurisdictions. It will represent one of the most concentrated assemblies of capital, policy influence, and strategic investment interest focused on a single African sub-national economy.”

Through the collaboration, Sanwo-Olu said Lagos would be strengthening its capacity to mobilise global capital, deepen cross-border trade relationships, and position itself as a premier destination for large-scale, transformative investment.

To maximise the benefits of the summit, the Governor said ‘Invest in Lagos 3.0” had been structured around core strategic objectives, including global profiling of Lagos International Financial Centre as a world-class financial gateway capable of serving regional and international capital flows, while creating structured access channels for domestic enterprises seeking growth capital.

Sanwo-Olu said Lagos would showcase bankable and investment-ready projects across priority sectors, while also facilitating structured investment matchmaking through a curated transaction-conversion mechanism designed to connect project sponsors with capital providers.

He said: “Under these frameworks, we are scaling transport infrastructure across road and rail corridors, strengthening logistics and port connectivity, investing in renewable energy systems, expanding digital infrastructure, accelerating housing development, deepening healthcare delivery systems and building industrial growth corridors that connect production to markets.

“Within this broader growth architecture, we remain deliberate about strengthening Micro, Small and Medium Enterprises (MSMEs), which account for more than 70 per cent of economic activity in Lagos and represent the backbone of employment generation, local production, service delivery, and innovation. Our investment strategy is designed not only to attract large institutional capital, but also to catalyse scalable private sector participation across value chains where MSMEs operate and expand.”

Cohen said Nigeria remained Commonwealth’s strongest network outside the UK, noting that the collaboration offered Lagos an advantage of up to 21 per cent to do business cheaper with Commonwealth member countries because of shared legal systems, language and trusted relationships.

She said the first edition of “Invest in Lagos” enabled the State to establish a structured, credible destination for international investment. The second edition, Cohen pointed out, gave Lagos the opportunity to deepen its investment narrative with focused thematic sector engagement.

She said: “LTIS 2026 aligns directly with Lagos State’s T.H.E.M.E.S+ Agenda and the Lagos State Development Plan 2052 across infrastructure expansion and urban mobility, financial services deepening, trade facilitation and AfCFTA integration, energy security and industrial development, innovation, technology and human capital development. CWEIC will be deploying its globe-spanning network to bring a diverse and new cohort of investors and business leaders to Lagos in June.”

Cohen said the summit would feature plenary sessions, business roundtable, Deal Room, closed-door bilateral between CEOs and Governor, dinner and site visits.

Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Banda-Ambrose, said the collaboration came at a “defining moment” in Lagos’ growth journey, stressing that the effort would deepen investment inflows, stimulate private sector expansion, and accelerate economic transformation in Lagos.

“Global capital is increasingly gravitating toward jurisdictions that demonstrate credible leadership, institutional clarity, bankable pipelines, disciplined governance, and defined execution frameworks. Subnational governments compete directly by differentiating themselves through governance quality, policy coherence, and transaction ecosystem strength. Lagos recognises this structural shift and has positioned itself to compete effectively within it,” the Commissioner said.

The joint press conference was preceded by a courtesy visit to the Governor by CWEIC team led by Cohen and comprised Country chairman of CWEIC, Mr. Olasupo Shasore, SAN, Advisory Board member, Mr. Ayo Otuyalo, and Director, Mr. Obinna Anyanwu, among others.

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The enforcement action followed credible intelligence that led the agency’s Investigation and Enforcement team to facilities located around Ndazabo White House along Minna Road and behind Bida Modern Market, where thousands of expired items allegedly packaged for distribution were discovered.

Items recovered during the raid included expired non-alcoholic beverages, dairy milk, candies, bottled water and pasta, some of which were already packaged for distribution.

 According to the agency, about 80,000 packets of expired non-alcoholic drinks, 5,000 packets of dairy milk, 16,000 packets of bottled water, 28 cartons of pasta and other assorted expired products were uncovered during the operation.

 Managers of the affected warehouses were arrested for interrogation, during which preliminary findings linked the facilities to a company identified as BY Ventures. This prompted NAFDAC officials to extend their operation to supermarkets owned by the company in Minna, where additional expired products and counterfeit Goya oil were allegedly found.

 Both supermarkets were subsequently sealed, while the Managing Director of the company, Alhaji Yusuf Nadabo, was invited for further questioning. The agency said he admitted ownership of the expired products during interrogation.

 NAFDAC stated that investigations are ongoing and that appropriate regulatory sanctions would be imposed at the conclusion of the process to serve as a deterrent to others.

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The directive was issued by the National Commissioner/CEO of the Commission, Dr Vincent Olatunji, following concerns about the platform’s handling of personal data belonging to millions of Nigerian users.

The probe will examine issues relating to online surveillance, transparency, accountability, data minimisation, duty of care, and cross-border data transfers.

In a statement by Head, Legal, Enforcement & Regulations, NDPC, Babatunde Bamigboye, the investigation of Temu was triggered by concerns around online surveillance through personal data processing, accountability, data minimisation requirement, transparency, duty of care and cross-border data transfer. Preliminary investigations indicate that Temu is an e-commerce platform which processes personal information of approximately 12.7 million data subjects in Nigeria with 70 million daily active users globally.

The National Commissioner warned that processors who engage in processing activities on behalf of data controllers without verifying their compliance with the NDP Act may be liable under the NDP Act.

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The financing, the highest in the institution’s history, supported key sectors including agriculture, manufacturing, infrastructure, and services, while also promoting gender inclusion, youth entrepreneurship, and rural enterprise development.

The loans have contributed to the creation and retention of approximately 1.6 million jobs, underscoring the bank’s role in strengthening productive sectors, advancing economic reforms, and unlocking long-term capital for national growth.

In addition, BOI’s financing activities led to the creation and retention of approximately 1.6 million jobs.

Through the Guaranteed Loans for Women Programme, a N10 billion gender-focused facility providing up to N50 million per beneficiary, women-owned enterprises expanded access to affordable credit.

Youth-owned enterprises also received N12 billion in financing.

Under the Rural Area Programme on Investment for Development, 880 rural-based enterprises across the 36 states and the FCT accessed over N6.5 billion.

The bank’s strategic interventions included upgrading a tomato processing facility from 3.1 metric tonnes per hour to 10 metric tonnes per hour, and linking 47,508 smallholder farmers to formal processing value chains.

The bank also supported the deployment of 100 mini-grids in partnership with global development finance institutions, connecting 11,777 new customers to electricity. Those projects contributed to an estimated annual reduction of over 20,000 tonnes of carbon emissions.

President Bola Tinubu has described the milestone as concrete evidence that ongoing macroeconomic reforms are strengthening development finance institutions and unlocking capital for productive sectors of the economy.

“At a time of global financing constraints, Nigeria expanded access to long-term capital for its businesses. That is a direct outcome of reform, credibility, and institutional discipline,” Tinubu said in the statement signed by his info and strategy aide, Bayo Onanuga.

Incorporated in 1959 as the Investment Company of Nigeria, the bank first morphed into the Nigerian industrial Development Bank in 1964 before its restructure as BoI in 2001.

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