Business
Fidelity Bank CEO highlights non-oil investment opportunities
Managing Director/Chief Executive, Fidelity Bank PLC, Mr. Nnamdi Okonkwo has identified the recent foreign exchange restrictions placed on importation of 41 items as one of the many non-oil investment opportunities in the economy.
He stated this during a presentation titled, “Beyond Oil & Gas: Emerging Business Opportunities in Nigeria”, at the Nigeria-British Chamber of Commerce Breakfast Meeting held in Lagos.
Okonwko noted that despite pressure points in the economy, Nigeria’s economic fundamental remains strong, adding that, “, The convergence of social, political and economic factors are generating great expectations, opportunities and uncertainty in the Nigerian macroeconomic environment”.
He said the decline in crude oil prices, resulting to fallen revenue, as well as, the other problems in the oil and gas sector, has prompted a quest for alternative investment opportunities beyond the oil and gas sector.
“But Nigeria’s strong growth reserves are opening new prospects”, he said. These growth prospects, he noted include, “The 60 percent of Nigeria’s arable land yet to be cultivated as well as the country’s population of over 170 million people, which is youthful and provide a huge potential demand and pool of skills. It also provides huge internal market for consumption and expenditure growth.”
He added that in addition to these, the series of reforms implemented by government in recent times, in a bid to transform the economy has created investment opportunities in key sectors of the economy, namely agriculture, health, education, Information Communication Technology and Manufacturing.
For example, he said, “CBN has continued to apply administrative and capital control measures in containing the pressure on the Naira.
On June 23, 2015, the CBN released a circular that expanded the list of imported goods and services that are excluded from accessing foreign exchange (forex) at the Nigerian Interbank Foreign Exchange Market (IFEM).
“Also, on November 6, 2014, the CBN had excluded six items: electronics, finished products, information technology, generators, telecommunication equipment, and invisible transactions from the retail Dutch Auction System (RDAS). The funding of the six items was transferred to the interbank forex market.
“These, and other measures, are to ensure stability of the forex market and the efficient utilisation of forex, and in the process, conserve foreign reserves, encourage local production of the items, and enhance employment generation in the long run. This presents huge opportunity for local investors to seek out capital and strategic alliances to exploit the import-substitution opportunities presented by this policy,” Okonkwo said.
He noted that in the manufacturing sector, “This opens up huge investment opportunities across the ‘banned’ items. The recent gains in electric power generation and the pragmatic determination of government to facilitate improvement in the generation, transmission, and distribution of electric power should enhance the sector’s capacity utilization. High costs of factors of production, ostensibly exacerbated by the naira devaluation, should help in the establishment and growth of local manufacturing.”
Renewed Hope Ambassadors Inspect RHA Secretariat
Renewed Hope Ambassadors, led by its Director-General and the Governor of Imo State, Hope Uzodinma, alongside Zonal Coordinators (NW, NC, SE), the Media & Publicity Directorate, and other key stakeholders, inspected the RHA Secretariat two days after President Bola Tinubu unveiled the Renewed Hope Ambassadors grassroots engagement drive in Abuja.
Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn
Harmony Garden & Estate Development Limited has expanded its development activities across Ibeju-Lekki, pushing the projected long-term value of its estate portfolio beyond $1 billion.
Led by Chief Executive Officer Hon. Dr. Audullahi Saheed Mosadoluwa, popularly know Saheed Ibile, the company is developing seven estates within the Lekki–Ibeju corridor. Details available on Harmony Garden & Estate Development show a portfolio spanning land assets and ongoing residential construction across key growth locations.
A major component is Lekki Aviation Town, where urban living meets neighborhood charm, located near the proposed Lekki International Airport and valued internally at over $250 million. The development forms part of the company’s broader phased expansion strategy within the axis.
Other estates in the corridor tagged as the “Citadel of Joy” (Ogba-idunnu) include Granville Estate, Majestic Bay Estate, The Parliament Phase I & II, and Harmony Casa Phase I & II.
With multiple projects active, the rollout of the Ibile Traditional Mortgage System, and structured expansion underway, Harmony Garden & Estate Development Ltd continues to deepen its presence within the fast-growing Ibeju-Lekki real estate market.
Business
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group, one of Africa’s leading diversified conglomerates, is maintaining a strong presence at the ongoing 62nd edition of the Paris International Agricultural Show in France, participating as a premium sponsor and supporting the Nigeria Pavilion at one of the world’s most respected agricultural gatherings.
The 62nd Paris International Agricultural Show, taking place from February 21 to March 1, 2026, at Porte de Versailles in Paris, convenes global leaders across farming, agro processing, technology, finance, and policy. The event serves as a strategic platform for industry engagement, knowledge exchange, and commercial partnerships shaping the future of global food systems.
BUA Group’s participation reflects its long term commitment to strengthening the entire food production value chain. Through sustained investments in large scale processing, value addition, and branded consumer products, the Group continues to reinforce its role in advancing food security, industrial growth, and regional trade integration.
Speaking on the Group’s participation, the Executive Chairman of BUA Group, Abdul Samad Rabiu CFR, said, “BUA’s presence at the Paris International Agricultural Show reflects our belief that Africa must be an active participant in shaping the future of global food systems. We have invested significantly in local production capacity because we understand that food security, industrial growth, and economic resilience are interconnected. Platforms like this allow us to build partnerships that strengthen Nigeria’s competitiveness and expand our reach beyond our borders.”
BUA Foods, a subsidiary of BUA Group, maintains a strong footprint in flour, pasta, spaghetti, sugar, and rice production, serving millions of consumers within Nigeria and across neighbouring African markets. The Managing Director of BUA Foods, Engr. Abioye Ayodele, representing the Executive Chairman, is attending the event at the Nigeria Pavilion, engaging industry stakeholders and showcasing the company’s manufacturing capabilities.
Also speaking at the show, Engr. Ayodele stated, “BUA Foods has built scale across key staple categories that are central to household consumption. Our participation at this Show allows us to demonstrate the quality, consistency, and operational strength behind our products. We are also engaging global stakeholders with a clear message that Nigerian manufacturing can meet international standards while serving both domestic and regional markets efficiently.”
The Show provides BUA Group with an opportunity to deepen trade relationships, explore new export pathways, and reinforce Nigeria’s growing relevance within the global agricultural and food ecosystem.
BUA Group remains focused on building enduring institutions, expanding productive capacity, and positioning African enterprise competitively within global markets.
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