By Emeka Anaeto

The National Economic Council (NEC) has approved the refinancing of NNPC Limited’s $3.3 billion oil-backed pre-export finance facility through a ‌new $4.5 billion arrangement.

According to a report by Bloomberg quoting Presidency source, the facility is aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.

The new facility dubbed “Project Gazelle 2”, will refinance approximately $1.5 billion outstanding ⁠under the original 2023 deal while unlocking an additional $3 billion in liquidity, the report said.
It added that ‘‘the refinancing comes as Nigeria seeks to shore up its foreign reserves and fund fiscal priorities amid persistent pressure on the naira currency and efforts to attract foreign investment through economic ‌reforms ⁠launched by President Bola Tinubu’s administration’’.
According to the report, Finance Minister, Taiwo Oyedele, told the NEC that the new terms of the facility were more favourable than the original facility, with pledged crude ⁠oil volumes cut 12.5% to roughly 78,750 barrels per day from 90,000 bpd.
This would free up resources for strategic ⁠national priorities while improving Nigeria’s financing structures.
Vice President Kashim Shettima, who chairs the NEC, said government policies ⁠were ultimately measured by their impact on food prices, healthcare, education and household welfare, the report added.

..Transcorp, Manitoba, InfraCredit, CNG Initiative pledge investments
By Babajide Komolafe, Economy Editor & Egufe Yafugborhi, Ochuko Akuopha
ASABA—Delta State yesterday unveiled a roadmap to unlock its nearly 3,000 megawatts of installed electricity generation capacity, with plans to establish a Delta State Electricity Regulatory Commission and a Delta State Rural Electrification Agency, as major investors in the power sector pledged support for the state’s electricity market.

Unveiling the roadmap at the Delta State Economic and Investment Summit, Mrs. Uche Okafor, Consultant to the Delta State Government on Electricity Market Development, said the state’s Electricity Sector Law had created the legal foundation for private investment.

She said: “All these things we have discussed need a platform for regulation. The Delta State Electricity Sector Law provides the platform to build an electricity market that serves industries, investors and consumers. One of the immediate steps after this summit is the establishment of the Delta State Electricity Regulatory Commission and the Delta State Rural Electrification Agency. The commission will ensure investors get their returns, protect consumers from exploitation and provide the framework for investments to thrive.”

According to her, “The government is ready. It has been ready since 2024 when it passed the Electricity Sector Law. We can now move forward to establish the institutions that will drive investments across the electricity value chain.”

Speaking on behalf of Transcorp Power Ughelli, Delta State, Chief Executive Officer, Mr. Peter Ikenga said Delta possessed the natural resources to become Nigeria’s energy hub.

He said: “Delta State is uniquely positioned. The state has huge gas reserves and almost 3,000 megawatts of installed generation capacity. The remaining gaps are continuous investment in gas feedstock, expansion of transmission infrastructure and strengthening distribution networks. Transcorp is ready to collaborate with the Delta State Government from gas production to generation, transmission and distribution. Delta State can become the number one economic engine in Nigeria and indeed West Africa.”

Speaking for Manitoba Power, Barrister Emmanuel Jakpa said the major challenge was no longer electricity generation.

He said: “There is over 3,000 megawatts of installed capacity, but there is stranded power because of bottlenecks in distribution. Delta has already created the legal framework for private investment and we are prepared to invest aggressively to close that gap and improve electricity supply to businesses and households.”

Also speaking, Mr. Sumeet Singh of PowerGas Nigeria said Delta had already demonstrated how gas could sustain industrial production.

According to him, “For about 10 years we have operated a CNG mother station in Delta. Today, more than 20 factories in the state receive our gas and generate their own electricity without shutting down because of grid failures. Gas prices have remained stable despite global energy shocks, making it a reliable source of energy for manufacturers.”

The representative of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Engineer Tari Mayo Bright, said discussions had commenced with the Delta State Government on establishing CNG refuelling stations, EV charging hubs and conversion centres.

She said: “The Governor has directed that implementation should commence immediately. Delta has no gas supply problem; it has an integration challenge. We are already discussing Green Hubs, conversion centres, training institutes and refuelling infrastructure that will reduce transport costs and expand the use of cleaner energy.”

On financing, Mr. Daniel Muller, Executive Director of Infrastructure Credit Guarantee Company (InfraCredit), assured investors that long-term capital was available.

He said: “Nigeria’s pension industry has over N31 trillion under management. Those resources are available for bankable infrastructure projects. Whether it is gas infrastructure, power distribution or industrial energy developments, long-term financing is available for credible investors willing to do the work.”

By Godwin Oritse

West Africa Container Terminal (WACT)-APM Terminals Nigeria has expanded its educational support initiative with the award of scholarships to 52 new beneficiaries, comprising 47 students from its host communities and 5 children of employees, bringing the total number of beneficiaries under the WACT Scholarship Scheme to 193.
The scholarship award ceremony, held on Tuesday, 21 July 2026 was attended by the WACT Management team, the Country CEO of APM Terminals Nigeria, community leaders from WACT’s host communities, parents, guardians, employees and student beneficiaries.

The event highlighted WACT’s commitment to educational advancement and youth empowerment through sustained investments in people and communities.
Speaking at the ceremony, WACT Managing Director, Courage Obadagbonyi, described the scholarship programme as an investment in the future of the students and the communities they represent.

“This scholarship programme is aimed at empowering students to shine as leaders and contributors to their families, their communities, Rivers State and Nigeria at large.”
Mr. Obadagbonyi congratulated the beneficiaries for their academic achievements and commended their parents and guardians for supporting their educational journeys.
“The singular fact that you are here as a beneficiary of the WACT Scholarship Scheme is a testament that you are not only intelligent but also diligent and dedicated to your studies.”

He noted that the event marked the fifth edition of the scholarship award ceremony since the launch of WACT’s transformation initiatives in 2021, which strengthened engagement with host communities through the pillars of Transparency, Visibility and Inclusivity.

According to him, the scheme has recorded significant success over the years, producing several first-class graduates and creating opportunities for young people to pursue their academic aspirations. Some of these graduates are currently in our employment.

“Today, we are welcoming 52 new beneficiaries into the scheme, bringing the total number of beneficiaries to 193.”

The Managing Director challenged the scholars to remain focused and demonstrate that the company’s investment in their education is worthwhile. He also highlighted other educational support initiatives, including the WACT Internship Programme, which provides scholars with workplace experience, and the WACT EngineerHER Programme, a one-year development initiative designed to equip female graduates with practical skills and industry exposure.

The Country Chief Executive Officer of APM Terminals Nigeria, Frederik Klinke described the scholarship scheme as one of the company’s most impactful social sustainability initiatives, noting that investing in education aligns with the organisation’s broader purpose of facilitating trade and supporting national development.

“This is one of the social sustainability programmes that we do in Nigeria that I am most proud of because it goes back to the core of what we want to do as a company.”
He explained that while APM Terminals facilitate global trade through its operations, long-term success depends on developing talents who can drive economic growth.
“What we are really doing is helping nations succeed. We do that by facilitating trade, but none of this is going to work if we don’t have the talent to do the job.”

The Country CEO added that the scholarship scheme is helping nurture future talent from the communities where the company operates and creating opportunities for young people to excel.

He also commended the longstanding partnership between WACT and its host communities.

“We believe very strongly that our role as a business is to be in harmony with the society around us. The dialogue we have developed over the last 20 years of operation has really supported that.”
He further expressed pride in WACT’s leadership journey, noting the significance of having the company’s first Nigerian Managing Director.
Community representatives praised WACT for its continued investment in education and youth development.

Speaking on behalf of the Ogu community, Adolphus Dasetima, WACT Ogu Community Liaison Officer, commended the company for sustaining the scholarship programme and extending opportunities to employees’ children.

“I know it’s not easy out there. That is why the management of WACT deemed it fit to do this.”
He encouraged the beneficiaries to make the most of the opportunity and serve as worthy ambassadors of the company and their communities.
Also speaking, Godfrey Maate, Chairman of the Onne Community Development Committee (CDC), thanked WACT for its support to young people through education.
“It is worthwhile walking into this environment and knowing that we have a stake here. Thank you for the scholarship.”

He also acknowledged the impact of the WACT EngineerHer Programme and encouraged the company to sustain its educational and community development initiatives.

Representing the beneficiaries, Mbombom Lawrence Obariayime expressed appreciation to WACT and its management for creating opportunities for students from Onne and Ogu communities.

“I want to appreciate the company and management for making it a mandate in their hearts to empower Onne and Ogu students with scholarship opportunities.”
He also congratulated the best-performing student in the cohort, Ejor Mirabel Emmanuel, and noted the effort required to succeed in the scholarship selection process.

The beneficiaries and their families expressed gratitude to WACT for their support, describing the scholarships as a significant contribution towards achieving their educational goals and easing the financial burden of higher education.
With the addition of 52 new beneficiaries, the WACT Scholarship Scheme continues to play a vital role in promoting academic excellence, developing local talent and creating opportunities for future leaders in its host communities and beyond.