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$1.6 billion investment: Tinubu meets with the Brazilian president seek partnership aimed at critical sectors of the economy, healthcare, education, and agriculture

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President Bola Tinubu, on Sunday, February 18, pushed the nation’s agriculture potentials on a global scale, advancing a multi-sectoral partnership with the Federative Republic of Brazil.
President Tinubu made the advances during a meeting with President Luiz Inácio Lula da Silva of Brazil in Addis Ababa, Ethiopia.

According to a statement issued by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, both leaders had fruitful discussions on comprehensive strengthening of bilateral ties in many fields.

Speaking at the meeting, President Tinubu emphasized the strength of Nigeria’s economic potential and influence, saying the country is witnessing a leap forward, despite some short-term reform pains, as his administration is removing all encumbrances to business.

The President further explained that his administration is investing in critical sectors of the economy like healthcare, education, and agriculture to ensure the welfare of all Nigerian citizens and to create sustainable economic prosperity for future generations.

“We have a very vibrant population of young Nigerians who are trainable, dependable, and should be empowered. The economic potential of Nigeria is enormous. We are ready to break all the walls standing in our way to progress.

“We are ready to fight corruption from top to bottom. We are ready to invest in critical sectors like healthcare, agriculture, education, infrastructure, and others. I have one of the most dedicated teams on agriculture,” he said.

Assessing Nigeria’s natural and human resource wealth akin to Brazil’s, President Lula da Silva said Africa’s largest economy and South America’s largest economy have a long and interesting history together.

The Brazilian leader said Nigeria and Brazil once had a trade volume of more than $10 billion in the past, which has now plummeted to $1.6 billion, emphasizing that he is determined to strengthen bilateral relations.

“I am back to try to restore; to reclaim our good relations with Nigeria. I can not imagine that a country of 216 million people and another of 213 million people do not have strong relations.

“Mr. President, I am 78 years old. You are 71. What keeps me energetic is that I fight for a cause. The cause of my nation and people. A great cause is the elixir of sustained vitality for experienced leaders.

“Nigeria and Brazil need stronger relations from the academic viewpoint; from the cultural viewpoint; from the commercial viewpoint; from the agricultural viewpoint; from the industrial relations viewpoint, and from trade relations viewpoint.

“It is meaningless that there are no direct flights from Lagos to Sao Paulo and vice versa. I can not understand that. We have to sit at a table and find a solution for that. In aviation, there are many areas of potential collaboration with our manufacturers who seek to have a greater presence in Africa.

“I only have three more years left of my term, Your Excellency, to do everything I have not done yet. The time is very short. I am in a hurry to make my contributions to improve these relations with Nigeria. To make this happen, we have to put our ministers to work,” he said.

Responding, President Tinubu said Nigeria is ready to deepen ties with Brazil, noting that it is a “legacy of what can be done together to change the future for countless millions of our citizens”.

“We are stopping at nothing to remove all encumbrances to business. Red tape is being shredded around us. There is nothing we will not do to manifest the great potential of our nation. We are fighting corruption from the bottom to the top. We will prevent it, and we will remediate.

“We are very aware of your progressive legacies of social security provision, infrastructure, and reforms in Petrobras. We are in the process of implementing similar reforms in the NNPCL. We are focusing on investment in new production and new energy sources. We are investing in research, and we are removing obstacles to further partnerships in all areas of operation. There is opportunity for both companies in partnership,” the President said.

While identifying solid mineral exploration, agriculture, education, and healthcare as areas of immediate concern, President Tinubu emphasized that the will of the two leaders to collaborate is firmly established.

“I agree that our countries must now have direct air links. I will form a committee of cabinet members who will work directly with your cabinet ministers, and they will urgently form a joint plan of action for the benefit of our two great countries. We may have missed opportunities in the past, but we now look ahead.

“Brazil and Nigeria share similarities. Let us forget old mistakes. The phenomenal growth achieved by Brazil in agriculture is exemplary. We will work with you to mechanize our food production systems to enhance quality and quantity of output. I will work with you to re-energize Nigeria’s relations with Brazil across the board,” the President stated.

The leaders of the largest democracies in Africa and South America, respectively, agreed to work out the modalities for a state visit to Brazil by President Tinubu after President Lula da Silva extended an invitation, which the Nigerian leader warmly accepted.

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BREAKING: Tinubu declares emergency on security training institutions

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Disturbed by the state of training institutions for the Nigeria Police Force (NPF), Nigeria Security and Civil Defence Corps (NSCDC) and other internal security agencies, President Bola Tinubu has declared emergency on the facilities. 

The emergency declaration was revealed by the chairman, National Economic Council (NEC) ad-hoc Committee on the overhaul of security training institutions in Nigeria and Enugu Governor, Peter Mbah, during an on-the-spot assessment of facilities in Lagos.

Mbah, who was accompanied on the visit by his Ogun State counterpart, Prince Dapo Abiodun, Secretary of the Committee and former Inspector General of Police (IGP), Alkali Usman Baba, as well as Assistant Inspector General of Police (AIG) in charge of Special Protection Unit (SPU), Olatunji Disu, said they have a 30-day deadline to submit a comprehensive report to NEC for action.

He said the President gave the mandate at the last NEC which held on October 23, adding that he categorically told the council that the present state of the security training institutions did not align with his dream of growing the economy to one trillion dollar in the next five years, harping on the need for modernisation.

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NDDC Prepares for Agric Summit, Meets Stakeholders, Says MD

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The Niger Delta Development Commission, NDDC, is hosting a two-day strategic meeting with commissioners, permanent secretaries, and directors of agriculture, fisheries & livestock in the nine Niger Delta states.

The meeting, which kicks off on Thursday in Port Harcourt, Rivers State, would be addressed by the NDDC Managing Director, Dr Samuel Ogbuku, who is expected to outline his plans for a retreat and agricultural summit for the Niger Delta region in line with President Bola Ahmed Tinubu administration’s agrarian programme.

An invitation extended to the stakeholders by the NDDC Director of Agric and Fisheries, Dr Winifred Madume, stated that the Commission was determined to make the Renewed Hope Agenda of the Federal Government a reality in the Niger Delta region by ensuring food security for the people.

Recall that the NDDC Chief Executive Officer had earlier assured that the Commission would align with the President’s vision for agriculture, to ensure that agriculture served as a platform for peace and security in the Niger Delta region.

Ogbuku promised: “Any time from now, the NDDC will convene a mini-agricultural retreat for state governments and commissioners of agriculture. States in the region have their various areas of strength in agriculture. We aim to establish regional agricultural integration, which will later evolve into a regional agricultural summit where a comprehensive master plan for the region’s agriculture will be developed.”

The Managing Director affirmed that the NDDC was engaging all stakeholders to ensure harmony and cooperation in developing the hitherto neglected Niger Delta region.

Reflecting on the Federal Government’s agricultural policies, Ogbuku stressed the need to bring them home to the Niger Delta region, noting that the NDDC would continue to promote policies and programmes that enhance food security and poverty reduction in the states .

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Update : Tinubu approves 15% import duty on petrol, diesel, aimed to protect local refineries

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President Bola Tinubu has approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.

The initiative is aimed at protecting local refineries and stabilising the downstream market, but it is likely to raise pump prices.

In a letter dated October 21, 2025, reported publicly on October 30, 2025, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Tinubu directed immediate implementation of the tariff as part of what the government described as a “market-responsive import tariff framework.”

The letter, signed by his Private Secretary, Damilotun Aderemi, and obtained by our correspondent on Wednesday, conveyed the President’s approval following a proposal by the Executive Chairman of the FIRS, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance and freight value of imported petrol and diesel to align import costs with domestic market realities.

Adedeji, in his memo to the President, explained that the measure was part of ongoing reforms to boost local refining, ensure price stability, and strengthen the naira-based oil economy in line with the administration’s Renewed Hope Agenda for energy security and fiscal sustainability.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.

The FIRS boss also warned that the current misalignment between locally refined products and import parity pricing has created instability in the market.

“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.

He noted that import parity pricing- the benchmark for determining pump prices, often falls below cost recovery levels for local producers, particularly during foreign exchange and freight fluctuations, putting pressure on emerging domestic refineries.

Adedeji added that the government’s responsibility was now “twofold, to protect consumers and domestic producers from unfair pricing practices and collusion, while ensuring a level playing field for refiners to recover costs and attract investments.”

He argued that the new tariff framework would discourage duty-free fuel imports from undercutting domestic producers and foster a fair and competitive downstream environment.

According to projections contained in the letter, the 15 per cent import duty could increase the landing cost of petrol by an estimated N99.72 per litre.

“At current CIF levels, this represents an increment of approximately 99.72 per litre, which nudges imported landed costs toward local cost-recovery without choking supply or inflating consumer prices beyond sustainable thresholds. Even with this adjustment, estimated Lagos pump prices would remain in the range of N964.72 per litre ($0.62), still significantly below regional averages such as Senegal ($1.76 per litre), Cote d’Ivoire ($1.52 per litre), and Ghana ($1.37 per litre).”

The policy comes as Nigeria intensifies efforts to reduce dependence on imported petroleum products and ramp up domestic refining.

The 650,000 barrels-per-day Dangote Refinery in Lagos has commenced diesel and aviation fuel production, while modular refineries in Edo, Rivers and Imo states have started small-scale petrol refining.

However, despite these gains, petrol imports still account for up to 67 per cent of national demand.

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