AGP Executive Report
Last update: 12 hours agoDeep Offshore Oil Reform: President Tinubu approved a rules-based deep offshore investment framework to unlock up to $50bn, replacing project-by-project bargaining and targeting the $10bn Bonga South West project, with incentives formalised under the 2026 tax remission order. Refining Capacity Push: Petroleum minister Heineken Lokpobiri says Nigeria will expand refining and midstream/downstream infrastructure to reach about 4 million bpd and serve Africa’s market. Refinery Ownership Debate: TUC backs private sector equity in refineries but rejects outright sale, urging a 49/51 government-private split to cut political interference. Aviation Disruption: Air Peace operations were disrupted as aviation unions picketed terminals in Lagos and Abuja, stranding passengers; Air Peace later resumed flights after unions withdrew, while NCAA urged dialogue. NGX Pullback: Nigeria’s stock market reversed Monday’s rally, shedding about N1.17tn as investors took profit, with MTN Nigeria and First HoldCo among pressure points. State Revenue Shift: Lagos topped H1 2026 FAAC allocations with N365.78bn, driven largely by VAT, signalling non-oil consumption power. Vehicle Financing: UBA and Mikano launched a 70/30 auto financing scheme with 36-month repayment for eligible customers. Customs Crackdown: Nigeria Customs at Seme seized expired noodles, foreign rice and explosives, warning against relabelling and re-entry of dangerous goods. Skills & Jobs: NSIPA began distributing starter packs to 18,510 newly trained artisans nationwide. Regulatory Sandbox (Fintech): CBN opened applications for the second virtual assets and data-enabled financial services sandbox cohort. Food Security Policy: Yobe appointed a new Special Adviser on Food Security to strengthen local production and reduce hunger. Orange Economy & Creative Industry: NIPSS and the Art Ministry partner to drive Nigeria’s $1tn economy push, while Lai Mohammed calls the creative industry Nigeria’s “next oil.” Security & Industry Stability: Army arrested a kidnap kingpin in Enugu and recovered arms and dollars; FG also plans pilot ranching in six states and FCT to curb farmer-herder conflicts.
Note: AI summary from news headlines; neutral sources weighted more to help reduce bias in the result. Feedback is welcome. Please let us know if you have any comments or suggestions about the AGP Executive Report.