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Norfund Strengthens Footprint in Nigeria to Drive Sustainable Economic Growth

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L-r: Eivind Fjeldstad, Business Counsellor, Royal Norwegian Embassy in Abuja; Obafemi Awobokun, Investment Manager; Ellen Cathrine Rasmussen, Executive Vice-President, Scalable Enterprises; and Naana Winful Fynn, Regional Director for West Africa at Norfund’s stakeholder forum and luncheon in Lagos, Nigeria.
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The Norwegian Investment Fund for developing countries, Norfund, recently organized its first stakeholder event in Nigeria which hosted key players across multiple industries in the private sector to provide an update on its activities in Nigeria and West Africa.

The exclusive forum and luncheon held at Lagos Continental Hotel announced Norfund’s intention to increase investments in Nigeria and the West African region with the aim of driving development through investments in the private sector, and creating jobs.

Owned and funded by the Norwegian government, Norfund is the government’s most important instrument for strengthening the private sector in developing countries, by providing capital through its investments, whilst creating jobs and improving lives.

The fund, which was established by the Norwegian Parliament in 1997, is focused on driving sustainable development with capital in the form of equity, debt and hybrid instruments, and fund investments to businesses and projects with strong developmental impact and commercial returns.

As a responsible investor, Norfund contributes to the achievement of the United Nations’ Sustainable Development Goals by investing for both commercial return and development impact and focusing on countries and sectors where capital is scarce and development impact is likely to be strong.

Giving the opening remarks, Eivind Fjeldstad, Business Counsellor, Royal Norwegian Embassy in Abuja, who represented His Excellency Knut Eiliv Lein, the Ambassador of Norway to Nigeria, said, “Set to become the world’s third most populated country, Nigeria is Norway’s most important market on the African continent as we believe that there is a huge opportunity for growth in Nigerian industries.

“We are impressed by the measures taken by the government to strengthen the startup community especially, as underlined by The Startup Act signed by President Muhammadu Buhari in October.

“Moreover, Norway is in the process of updating its African strategy and I’m proud that the Norway-Nigeria relations reflect this with business and investments taking centre stage. We thank Norfund for its role in strengthening Nigerian-Norway relations in the most meaningful way.”

In her remarks, Ellen Cathrine Rasmussen, Executive Vice-President, Scalable Enterprises, Norfund, spoke about Norfund’s mandate to assist in building sustainable businesses and industries.

She said, “At the core of Norfund’s operations is the mission to create jobs, improve lives, and invest in sustainable businesses. Operating within the framework of the Ministry of Foreign Affairs which we are a part of, we are able to set our strategy, make investment decisions, and remain agile whilst adapting to market opportunities.

Africa is the most important region for Norfund. A minimum of 50% of investments we commit to are on the continent because it is the market of the future. We not only support the companies we invest in but also nurture the entire ecosystem as its collective strength will enable us to aid Nigeria in sustainable growth.

“Nigeria is of key importance to Norfund due to its strategic geographical placement, young and vibrant population, and its ever-growing economy. Norfund is here to contribute to realizing this growth potential”.

Norfund’s Regional Director for West Africa, Naana Winful Fynn, highlighted, “Norfund looks to add value outside of its provision of investment capital in many ways, including supporting companies to institutionalize by developing on the governance, risk management and systems and processes fronts; by supporting companies in the realization of their strategic plans and by providing businesses with technical assistance”.

The event also included a panel session with the topic “Value Addition in Challenging Markets”. Moderated by Obafemi Awobokun, Investment Manager at Norfund, it featured key speakers including Ebele Enunwa, CEO, Sundry Foods; Abiola Ojo-Osagie, Senior Partner and Managing Director, AfricInvest; Nathaniel Durant, Group Director, OH Ecosystems; Nieros Oyegun Soerensen, Partner, Verod; and Femi Adeyemo, CEO, Arnergy Solar Limited.

With a total investment portfolio of USD 3.1 Billion, Norfund focuses on sub-Saharan Africa alongside South-East Asia and Central America. The fund invests directly in the renewable energy, financial inclusion, green infrastructure, and scalable enterprises (agribusiness and manufacturing) sectors, alongside investments in private equity, venture capital, and other funds.

Beneficiaries of its investments in Nigeria include Sundry Foods, a food services company that provides good-quality meals through its chain of Kilimanjaro restaurants; Arnergy, a Cleantech company offering sustainable solar solutions for productive use in Nigeria; OH Ecosystems which was established to build and operate cocoa processing and confectionery businesses across Africa; and Starsight, a commercial and industrial solar power supplier in Nigeria and Ghana. Furthermore, Norfund has made loans to FCMB Bank and Access Bank (Ghana and Nigeria).

It is also an investor in several funds investing in Nigeria, including funds managed by Verod Capital, AfricInvest, Development Partners International, Helios, Novastar Ventures, European Financing Partners, Inspired Evolution, and responsAbility.

Other investee companies in the region include CBI Ghana, Valency CIV, Nouvelle Mici Embaci (NME), Aktivco and Baobab+. Norfund is also a lender to several banks in the region, including Ecobank Transnational Incorporated (ETI), First National Bank Ghana, and CAL Bank.

The stakeholder event further showcases Norfund’s commitment to supporting businesses in the private sector that drive sustainable economic growth in sub-Saharan Africa. Norfund also reaffirmed the strategic importance of Nigeria to its operations, as a result of its large and vibrant population, economic prospects, and vast pool of strong and resilient entrepreneurs.


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Beware of Fake Cerelac Products – NAFDAC

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National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

Beware of Fake Cerelac Products – NAFDAC

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.

It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.

NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).

Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.

NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.

It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.

According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.

“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.

“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.

The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.

It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.

NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.

It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.

The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.


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NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

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The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.

Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.

“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.

Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.

“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.

He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.

“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.

During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.

Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.

“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.

The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.

In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.

Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.

The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.

 


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NRS Takes Over Mineral Royalties Collection Under New Tax Laws

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Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS Takes Over Mineral Royalties Collection Under New Tax Laws

NRS

The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.

Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.

NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.

Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.

The move aims to streamline revenue collection while fostering mining growth.


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