Nigeria Roundup: Digital economy gains, petrol price stability, $500 million climate investment
Nigeria unveils $500 million climate investment platform to drive green growth
The Federal Government of Nigeria has launched the Nigerian Climate Investment Platform (NCIP) to mobilise up to $500 million for climate-resilient infrastructure, adaptation, and innovation projects nationwide. Jointly developed by the Nigeria Sovereign Investment Authority (NSIA), the Green Climate Fund (GCF), and the National Council on Climate Change (NCCC), the platform was unveiled after a high-level stakeholder meeting in Abuja. Finance Minister Wale Edun highlighted NCIP as a strategic tool for inclusive growth, export competitiveness, and sectoral transformation. He praised the NSIA’s capacity to lead the initiative and urged Nigeria to tap into global climate finance to drive economic diversification and resilience.
Nigeria’s digital economy attracted $191 million in foreign direct investment in Q1 2024
The Federal Government has announced that Nigeria’s communications and digital economy sector attracted $191 million in foreign direct investment in Q1 2024—a 900% increase from $22 million in Q1 2023. Minister Bosun Tijani credited the surge to reforms under President Tinubu’s Renewed Hope Agenda, the 3 Million Technical Talent (3MTT) program, and a new $2 billion fund to roll out 90,000 km of fibre optic infrastructure by Q4 2025. He said these efforts are positioning Nigeria as a global digital economy leader.
Dangote Refinery pledges to stabilise and lower petrol prices in Nigeria
Dangote Petroleum Refinery has pledged to maintain stable petrol prices despite global crude oil fluctuations. In a statement on Monday, spokesperson Anthony Chiejiena said the 650,000 bpd refinery remains committed to easing fuel costs for Nigerians, with prices locally ranging between N910 and N930 per litre. The move aligns with President Tinubu’s recently approved Nigeria First Policy and aims to support the economy while ensuring affordable, high-quality fuel.
Cannes director says Nigeria needs more good fathers
Akinola Davies Jr., who made history as the first Nigerian director to compete at Cannes, lost his father at age two and says he's been "collecting father figures" ever since. His debut film, My Father’s Shadow, in the running for the Caméra d’Or, explores this theme against the backdrop of Nigeria’s 1993 military coup. Set in Lagos, the film follows a father and his two sons as the country’s hopes for democracy are crushed. Davies contrasts harsh, authoritarian figures like General Sani Abacha with a gentler, more nurturing father figure portrayed by Sope Dirisu. “This film is about accountability—how sons learn from their father's strengths and flaws,” Davies told AFP, adding that Nigeria, too, has long been searching for a true father figure to guide it.
ADC says APC’s misrule has brought Nigeria to its knees
The African Democratic Congress (ADC) condemned the ruling APC for Nigeria’s worsening economic decline since 2015. Speaking in Abuja, ADC’s Board of Trustees Chairman, Mani Ahmed, highlighted rising poverty—about five million Nigerians fall into poverty yearly despite the country’s resources. He called for competent leadership and good governance, saying ADC remains committed to driving meaningful change in Nigeria.
