By Onu Okorie

National Agency for Science and Engineering Infrastructure NASENI has challenged young Nigerians to harness innovation and technology to develop solutions to challenges confronting manufacturing xector and their communities.
The Executive Vice Chairman and Chief Executive Officer of NASENI, Khalil Halilu, gave the charge as 60 young innovators drawn from Nigeria’s six geopolitical zones commenced the virtual hackathon phase of the FutureMakers by NASENI innovation programme on Tuesday.
Halilu said Nigeria must deliberately support young innovators with the infrastructure, mentorship and platforms needed to transform ideas into practical and commercially viable products.
“These 60 innovators represent what is possible when young Nigerians are equipped with the right infrastructure, mentorship and platform to solve the problems closest to them,” he said.
According to him, the FutureMakers initiative is designed to help Nigeria move from a consumer economy to a producer economy by empowering young Nigerians to develop technology-driven solutions to challenges in their communities.
The four-day virtual hackathon, which runs from August 17 to 20, will give participants the opportunity to develop prototypes and refine solutions addressing challenges peculiar to their respective regions.
The North-West cohort is focusing on gender-related barriers to innovation and creative thinking, while participants from the North-Central are developing solutions to food security challenges linked to regional insurgency.
In the North-East, innovators are working on conflict and security solutions, while the South-West cohort is addressing the rising cost of education for average Nigerian families.
Participants from the South-South are tackling weak links between academia and industry, while those from the South-East are developing solutions to the increasing involvement of children in trading at the expense of schooling.
The Hub Manager of the NASENI Innovation Hub, Busola Beckley Perez-Folayan, said the regional structure was designed to ensure that participants worked on problems directly affecting their communities.
She added that the virtual format had widened access to the programme by removing the cost and logistical barriers associated with physical participation.
“The regional structure allows participants to develop solutions based on challenges directly affecting their communities,” she said.
Throughout the hackathon, the innovators are receiving technical guidance and mentorship as they work towards producing practical prototypes.
All 60 participants will advance to the FutureMakers Pitch Sessions scheduled for August 24 to 26, where they will present their solutions to a panel of judges and industry leaders.
The top three innovators in each geopolitical zone will receive N1.5 million, N1 million and N500,000 respectively.
The six zonal winners will subsequently compete at the NASENI Invention Fest for a N5 million grand prize, a fully funded international study tour and scholarships to two leading Nigerian universities.

BoI bond attracts strong investor demand as Tinubu backs capital mobilisation

By Onu Okorie

Bank of Industry has linked the rapid oversubscription of its N250 billion Series 1 Fixed Rate Bond to investor confidence in the Nigerian economy and incentives approved by President Bola Tinubu. The disclosure was contained in a statement issued on Tuesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
The bond, issued through BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme, was oversubscribed within five working days, in what the development finance institution described as a significant boost for Nigeria’s domestic capital market.
BOI Chief Executive Officer, Olasupo Olusi, said the strong demand reflected growing confidence in the bank’s ability to mobilise long-term funding for productive investment.
He attributed the scale and speed of the response partly to incentives approved by President Tinubu to encourage participation in the transaction.
According to Olusi, the presidential support provided leverage and sent a positive signal to institutional investors, helping to strengthen demand for the bond.
The BOI chief executive also disclosed that a separate N100 billion fund approved by the President would be deployed to blend the cost of the bond and cushion the effect of high interest rates on manufacturers and other customers of the bank.
He said the intervention would enable BOI to translate the strong investor appetite into more affordable long-term financing for businesses across priority sectors.
“The strength of the investor response is a vote of confidence not only in BOI, but also in the capacity of Nigeria’s domestic capital market to mobilise long-term capital for productive investment,” Olusi said.
The bank said proceeds from the bond would expand its capacity to finance eligible enterprises, with a focus on productive capacity, local value addition, employment generation and economic diversification.
It added that the transaction represented a broadening of its funding base, complementing its established presence in international capital markets with increased mobilisation of long-term domestic institutional funds.
The successful issuance, BOI said, also demonstrated the growing ability of Nigeria’s domestic capital market to channel institutional savings into productive economic activities.
However, the bank and its transaction advisers said final subscription and allotment figures would not be released yet because the final allotment remains subject to approval by the Securities and Exchange Commission.
Rather than the final figures, BOI said the immediate significance of the transaction lay in the strength of investor demand, the pricing achieved and the diversity of investors attracted to the offer.
The bank said these factors indicated sustained institutional appetite for high-quality, long-term naira-denominated assets.
The development finance institution described the transaction as another milestone in efforts to deepen Nigeria’s domestic market for long-term development capital, while reinforcing BOI’s standing as a credible and repeat issuer in the capital market.

Naira strengthens as FX market records $1.41bn turnover

By Onu Okorie

The naira extended its recent gains against the United States dollar on the official foreign exchange market, as increased trading activity and improved dollar liquidity supported the local currency on Tuesday.
The Nigerian Foreign Exchange Market (NFEM) rate stood at about ₦1,350.60 to the dollar on Tuesday, August 18, according to current exchange-rate data. Market data showed the currency remaining around the ₦1,350/$ level after strengthening in the previous session.
The latest movement followed a stronger performance on Monday, when the naira appreciated by ₦8.07, or 0.59 per cent, to close at ₦1,349.54/$, compared with ₦1,357.61/$ on Friday.
A major feature of Monday’s session was the sharp increase in foreign exchange transactions. Turnover on the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose to approximately $1.41 billion, its highest level in five weeks and the strongest since July 21, when turnover reached $1.53 billion.
The increased market activity comes as the Central Bank of Nigeria CBN continues efforts to improve liquidity and strengthen the functioning of the official foreign exchange market.
The naira also recorded gains against other major currencies on Monday. It appreciated against the pound sterling to ₦1,830.11/£, from ₦1,840.10, while it strengthened against the euro to ₦1,564.79/€, compared with ₦1,571.70 previously.
Despite the improvement at the official window, a gap remains between official and parallel-market rates. The latest available parallel-market quotations put the dollar at about ₦1,407 for buying and ₦1,420 for selling, according to market reports.
The narrowing and widening of the gap between the two segments remains an important indicator for businesses and investors, particularly importers and companies whose operations depend heavily on foreign exchange.
The naira’s latest performance also comes against a mixed global backdrop. The US dollar was broadly subdued against major currencies on Tuesday as softer US economic data encouraged expectations that the Federal Reserve may adopt a less hawkish interest-rate stance. At the same time, geopolitical tensions and elevated oil prices continued to create uncertainty across global financial markets.
For Nigeria, stronger FX turnover and a relatively firm naira could provide some relief to businesses facing foreign-exchange costs. However, the sustainability of the currency’s recent gains will depend on the availability of dollar liquidity, market demand and broader macroeconomic conditions.
With the naira trading around the ₦1,350/$ mark, market participants are now watching whether increased FX liquidity can sustain the currency’s recent recovery and further reduce volatility in the domestic foreign exchange market.

TCN commissions 100MVA transformer, boosts Alausa substation capacity to 205MVA

By Onu Okorie

Transmission Company of Nigeria (TCN) has commissioned a new 100MVA, 132/33kV power transformer at its Alausa Transmission Substation in Lagos, increasing the facility’s total capacity from 135MVA to 205MVA.
The upgrade, according to TCN Managing Director and Chief Executive Officer, Engr. Sule Ahmed Abdulaziz, is expected to strengthen electricity supply to Alausa and surrounding communities while improving the transmission company’s capacity to deliver bulk power to distribution load centres.
Speaking at the commissioning ceremony in Alausa on Tuesday, Abdulaziz said the newly installed transformer replaces the substation’s existing 30MVA, 132/33kV transformer, providing an additional 70MVA capacity.
He said the project was part of ongoing efforts by TCN to strengthen and expand Nigeria’s transmission infrastructure in line with the Federal Government’s Renewed Hope Agenda.
“Your presence here is a strong affirmation of our collective resolve to secure a stable, reliable and prosperous power future for Nigeria,” Abdulaziz told guests at the event.
The project was executed by Shanghai Electric Ltd under a World Bank-funded initiative that commenced in January 2021.
According to the TCN chief executive, the project faced implementation challenges but was eventually delivered through the company’s sustained commitment to critical power infrastructure development.
Upon energisation, the transformer is expected to provide more stable and reliable electricity to at least 70,000 residents in Alausa and its environs through the Ikeja Electricity Distribution Company.
Abdulaziz said the benefits of the project would extend beyond the immediate communities, noting that the increased capacity would enable TCN to wheel more bulk electricity to distribution load centres.
“This upgrade meaningfully increases the quantum of bulk power that TCN can wheel to distribution load centres nationwide,” he said, adding that it would reinforce grid stability and facilitate the delivery of more electricity to consumers within distribution companies’ franchise areas.
He described the commissioning as another demonstration of TCN’s commitment to developing and sustaining a robust transmission network capable of supporting Nigeria’s growing electricity requirements.
The TCN managing director also linked the project to President Bola Ahmed Tinubu’s Renewed Hope Agenda and acknowledged the role of the Minister of Power in driving reforms and infrastructure development in the sector.