BUSINESS
AfCFTA, Afreximbank Sign Agreement for Management of AfCFTA Adjustment Fund
By Joseph Amah, Abuja
The African Continental Free Trade Area (AfCFTA) Secretariat and African Export-Import Bank (Afreximbank), have signed an agreement for the management of the Base Fund of the AfCFTA Adjustment Fund.
The Fund, estimated at US$10 billion over the next 5 -10 years, will support African countries and the private sector to effectively participate in the new trading environment established under the AfCFTA.
Afreximbank has already committed $1 billion towards the AfCFTA Adjustment Fund.
The agreement was signed in Cairo, Egypt, by President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, and Secretary General of the AfCFTA Secretariat, Wamkele Mene, in the presence of Mr.
Aly Basha, Minister Plenipotentiary (Trade) of the Arab Republic of Egypt as well as African bankers and captains of industry.The AfCFTA Secretariat and Afreximbank were mandated by the African Union (AU) Summit of Heads of State and Government and the AfCFTA Council of Ministers responsible for trade to establish the AfCFTA Adjustment Fund to support AfCFTA state parties to adjust to the new liberalised and integrated trading environment established under the AfCFTA Agreement.
The Adjustment Fund consists of a Base Fund, a General Fund and a Credit Fund. The Base Fund will consist of contributions from state parties, grants and technical assistance funds to address tariff revenue losses as tariffs are progressively eliminated.
It will also support countries to implement various provisions of the AfCFTA agreement, its protocols and annexes. The General Fund will mobilise concessional funding, while the Credit Fund will mobilise commercial funding to support both the public and private sectors, enabling them to adjust and take advantage of the opportunities created by the AfCFTA.
Speaking at the virtual signing ceremony, H.E Wamkele Mene, Secretary General of the AfCFTA Secretariat, stressed the importance of the Adjustment Fund as one of the instruments designed to support the implementation of the AfCFTA agreement and assist AfCFTA state parties to deal with short term tariff revenue losses as they dismantle tariffs and implement the agreement.
“As we make significant progress in establishing schedules of tariff concessions, the finalisation of the Adjustment Fund will enable us to maintain and even accelerate the momentum. We now have an excellent tool to provide support to our state parties and their private sector through financing, technical assistance, grants and compensation funding.
“It will help them mitigate revenue losses and competitive pressures that may result from reduction in tariffs and liberalisation of markets in order to tap into the opportunities of the AfCFTA. This is another important step towards the successful implementation of the continental free trade agreement,” said Mene.
BUSINESS
Nigeria, UK Sign Three Agreements to Boost Bilateral Cooperation
By Eze Okechukwu, Abuja
The Federal Government of Nigeria and the United Kingdom have signed three Memoranda of Understanding (MoUs) to strengthen bilateral cooperation.
The agreements cover migration partnership, cooperation on organized immigration crime and border security, and a statement of intent on expanding business visas for UK companies operating in Nigeria.
The Minister of Interior, Olubunmi Tunji-Ojo, signed two of the MoUs on Wednesday and the third on Thursday on behalf of the Federal Government in the UK.
This was disclosed in a statement issued by his Special Adviser on Media and Publicity, Babatunde Alao, yesterday in Abuja.
Tunji-Ojo said the agreements reflected Nigeria’s commitment to a migration framework that is transparent and aligned with national interests and international obligations.
He said the partnership underscored a shared determination to build a migration system that is safe, orderly and mutually beneficial.
He added that the focus over the next year would be on achieving measurable progress and effective implementation, expressing hope that the agreements would serve as a model for future bilateral cooperation.
The minister acknowledged that Nigeria had an existing applaudable working relationship with the UK home office in Nigeria.
“This relationship with the UK means a lot to us and you can see the level of commitment that President Bola Ahmed Tinubu has put in,” Tunji-Ojo said.
He reiterated that Nigeria remained steadfast in its duty to protect citizens while ensuring that those who abuse legal pathways or engage in criminality are held accountable.
While signing on the expansion of business visas for UK companies, Tunji-Ojo said that, following the bold reforms of President Tinubu, the use of visa serves as a catalyst for socio-economic development in Nigeria.
“Regarding visa agreement, personally as the Minister of Interior, I can tell you that I am very happy with this, because for us, this is what we have been looking forward to,” he said.
Tunji-Ojo emphasised that in building a trillion dollar worth economy, Nigeria must cut trade barriers such as barriers of irregular migration.
“I want to assure you on behalf of Mr President and the great people of Nigeria, that we are open for endless possibilities of growth and socio-economic development.
“So be rest assured that we will be true to this, we will swing into action and ensure all barriers are removed,” he added.
According to the UK Home Secretary, Shabana Mahmood, Nigeria will always be categorised as number one in successful bilateral relations.
“We are obviously always having bilateral discussions with other countries, however, you will always be number one because you are the first to have gotten such an extensive agreement and we really do appreciate it.
“I think we both understand one another and I think we have a shared vision here for the work that our countries can do together and I really do appreciate it,” the home secretary said.
During the signing of the third MoU, UK Trade Envoy, Florence Eshalomi, stated that the agreement on expansion of business visas for UK companies, had clear benefits for both countries.
Eshalomi attributed the heightened partnership as a bold step, vital for economic growth for Africa’s largest and thriving economy, Nigeria.
The MoU on Migration Partnership, establishes a comprehensive framework for promoting safe, orderly and regulated migration between both countries while reaffirming full respect for national laws, international obligations, and human rights.
In addition, the Statement of Intent on Cooperation on Organised Immigration Crime and Border Security establishes a three-year strategic plan between the UK Home Office and Nigeria’s Ministry of Interior (Nigeria) to combat criminal networks that profit from irregular migration.
The MoU on the Expansion of Business Visas for UK companies working with Nigeria announces the expansion of the Business Visa Scheme for UK companies seeking to conduct business in Nigeria, mirroring the UK’s existing enhanced processes for trusted Nigerian companies.
The scheme will be open to credible UK-domiciled firms with verified business or investment interests in Nigeria and is designed to facilitate easier mobility for legitimate business travellers between the two countries.
Agriculture
FG Seeks Partnerships to Transform Correctional Farms Into Productive Agricultural Hubs
The Federal Government has called for more partnerships with private sector operators in the transformation of the Correctional Farm Centres into highly productive agricultural hubs.
Minister of Interior Dr. Olubunmi Tunji-Ojo, stated yesterday in Abuja at a stakeholder dialogue on Optimising Correctional Farm Centres and Public-Private Partnership (PPP) Pathways for Inmate Reformation, organised by Hope Behind Bars Africa (HBBA), in collaboration with the Nigerian Correctional Service, with funding support from the European Union/International IDEA.
Tunji Ojo, represented by the Permanent Secretary, Federal Ministry of Interior, Dr.
Magdalene Ajani said these partnerships are the engines that would drive the scale of change needed, modernise infrastructure, and enrich rehabilitation programmes in the Nigerian Correctional Service (NCS).He said: “It is an undeniable reality that government resources alone cannot fully unlock the vast potential lying dormant within our correctional system.
“The chest scale of the vision we hold calls for a synergy of strength. This is where the Public Private Partnership (PPP) transitions from being a mere policy option to an indispensable strategic imperative.
“PPP is a powerful vehicle for sustaining development, allowing us to fuel government policy, leadership, and oversight with the private sector’s innovation, operational efficiency, and capital. When structured with intention and integrity, these partnerships create shared values.
“Nigeria is a nation blessed with immense agricultural potential; our correctional farm centres can and should be transformed into highly productive agricultural hubs.”
In her opening remarks, Funke Adeoye, Executive Director, Hope Behind Bars Africa (HBBA), said through one of the projects of the organisation-Farming Justice Project, that HBBA has been working to reposition correctional farm centres as structured, rehabilitation-focused agricultural hubs that contribute to food security within and outside prison while strengthening correctional productivity and reintegration outcomes.
Adeoye pointed out that her organisation has integrated reformation with agriculture to achieve multiple outcomes, such as addressing food insecurity within custodial centres, equipping inmates with practical skills, and reducing reoffending, which remains at the heart of the criminal justice system’s purpose.
Commenting on the implementation of the Farming Justice Project, she said, “We are currently working across multiple custodial centres, including Dukpa Custodial Centre, Kuje Custodial Centre, Kirikiri Female Custodial Centre, and Oko Custodial Centre.
“Within these facilities, residents are actively engaged in structured mind-reformation training, covering behavioural change, financial literacy, crop cultivation, and the cultivation of second chances.
“They are also participating in structured agricultural production, growing crops such as pepper, okra, watermelon, ugu, green pepper, and sweet corn.
“We have established fish ponds, the latest of which is at Kuje Custodial Centre.
“To date, the project has reached direct beneficiaries across multiple centres: in Edo State, 95 residents and 5 officers; in Abuja, 222 residents and 18 officers; and in Lagos, 448 individuals.
“Beyond these direct participants, the indirect impact is even more remarkable; families, local communities and supply chains are all experiencing the ripple effects of increased food production, skill transfer, and entrepreneurship.”
She disclosed that the goal of the project is to transform correctional agriculture from an under-utilised function into a structured pathway for rehabilitation, reintegration, and national development.
Adeoye, therefore, reiterated the need for partnerships that would drive innovative solutions, transform lives, and help in the realisation of the true essence of the correctional system.
In his welcome address, Sylvester Ndidi Nwakuche, Controller General, Nigerian Correctional Service (NCS), said the NCS currently operates 18 farm centres and 10 cottage industries, covering a total landmass of approximately 10,000 hectares across the country.
Nwakuche said the Service runs 12 agricultural projects, five piggery projects, nine fishery projects, and 11 poultry projects across its facilities in Nigeria.
He said: “These activities are not only vital for supporting inmate welfare and contributing to food production, but also serve as a practical platform for skills acquisition and vocational training.
“By aligning our programmes with market realities, we can ensure that inmates acquire relevant employable skills that will enable them to reintegrate successfully into society upon release.”
Oil & Gas
Int’l Oil Companies Deepen Economic Engagement of Host Communities in Africa
International oil companies operating in Nigeria add other African countries are making significant progress in providing economic growth support to host communities which is now reducing restiveness in oil bearing regions.
According to Africa Energy Week, global energy companies’ now expanding local engagement reporting frameworks, depends on whether local engagement principles translate into local economic participation, infrastructure development and technology transfer.
Chevron, one of the continent’s longest-standing operators, that balance is particularly visible across its operations in Nigeria, Angola and the wider region.
Chevron’s sustainability reporting highlights community investment, environmental protection and workforce development.
In Nigeria, Chevron has made local supply chains a central pillar of its local engagement commitments. Over the past decade, Chevron has spent an estimated $1 billion annually on Nigerian suppliers and service providers, directing more than $10 billion to domestic contractors and businesses. The spending supports Nigeria’s local content framework while helping build indigenous capacity across engineering, logistics and oilfield services.
Across Africa, however, local engagement reporting by IOCs is often criticized for emphasizing corporate social responsibility projects rather than deeper economic integration. While community investment and environmental initiatives remain important, African policymakers increasingly prioritize local participation in project development, procurement and energy infrastructure.
Chevron’s project portfolio illustrates both the opportunities and the challenges of bridging this gap.
In Angola – where the company has operated for nearly 70 years through its subsidiary Cabinda Gulf Oil Company more than 90 per cent of the workforce is Angolan, reflecting long-term efforts to localize employment and technical expertise. Over the years, Chevron and its partners have invested more than $250 million in social and community development programs across the country, supporting healthcare, education and economic initiatives.
In Angola, the Sanha Lean Gas Connection Project linking offshore gas fields in Blocks 0 and 14 to the Angola LNG facility demonstrates how major energy infrastructure can contribute to domestic value creation. The project allows associated gas to be monetized rather than flared while strengthening Angola’s gas value chain and supporting long-term energy security.
Beyond Angola, Chevron continues to expand its footprint across the continent. The company maintains active exploration programs in Nigeria, holds stakes in producing assets in Equatorial Guinea and is evaluating offshore opportunities in markets such as Namibia and Algeria. As African countries look to expand oil and gas development while building stronger domestic industries, pressure is growing on international operators to ensure local engagement commitments translate into tangible economic impact.
This growing focus on implementation is one reason industry platforms are playing a larger role in shaping the conversation.
“Africa doesn’t need more sustainability reports sitting on shelves,” says NJ Ayuk, Executive Chairman of the African Energy Chamber. “What we need are partnerships that build industries, train African workers and keep more of the value from our resources on the continent. African Energy Week provides a platform for stakeholders not only to promote projects, but to ensure sustainability commitments translate into measurable outcomes.” Adding that Chevron is leading the way through its actions on the continent.
“We need partnerships that build industries, and that is exactly what Chevron is doing.”
As local engagement expectations continue to evolve, international operators like Chevron face increasing scrutiny over whether sustainability commitments translate into real economic participation. In Africa’s energy sector, the most meaningful local engagement metric may ultimately be local content and the extent to which global companies help build lasting industries alongside their projects.
“Chevron’s training and development initiatives across Africa have significantly empowered local communities. Many individuals trained by Chevron have gone on to assume roles in public service, bringing enhanced capabilities and best practices to their work,” Ayuk states.
Furthermore, a substantial number of alumni have entered the private sector, successfully leading world-class companies, a testament to the valuable skills acquired during their time with Chevron.
“By fostering entrepreneurship, Chevron is inspiring many Africans to establish and manage their own businesses,” he concludes.


