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Fresh Concerns in Nigeria as Crude Oil Price Slumps below $40

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The price of Brent, the benchmark for Nigeria’s crude oil, fell below $40 per barrel to a four-month low of $37 on Thursday, raising fresh fears of another price collapse as countries in Europe announced a new rash of lockdowns on the back of a second wave of the COVID-19 pandemic.

Fresh Concerns in Nigeria as Crude Oil Price Slumps below $40

Brent dropped 3.5% to $37.75 a barrel in London, being the lowest since May, while US crude dropped by 3.6%, to $36 as supply continued to outstrip demand.

With the United States recently cutting its import of Nigeria’s crude oil, the country, which depends on it for a huge percentage of its foreign exchange earnings, has been looking to Asia, mostly China and India, and a number of European countries to buy the commodity.

The falling prices will negatively affect the financial stability of the country’s 36 states, which are heavily dependent on federal allocations to pay their bills.

Unless the drop in prices is halted, it will also hamper the implementation of the federal budget, even after the government at the centre recently reviewed it for the year.

The majority of Nigeria’s foreign exchange earnings come from oil and a crash in global oil prices would lead to a drop in the country’s fiscal revenues putting pressure on its overall budgetary balance.

As the lockdown begins to take effect across Europe, particularly Germany and France, demand for oil weakened resulting in a deterioration of the price of white oil products.

Libya currently produces 680,000 bpd and expects production to rise to 1 million bpd in the coming weeks, a development that has created an additional headache for the Organisation of Petroleum Exporting Countries (OPEC) and its allies.

The international oil cartel plans to reduce production in January 2021 from a recent 7.7 million barrels per day to about 5.7m barrels per day and is scheduled to meet on November 30 and December 1.

If the fall continues, it will also negatively impact the 2021 budget, which is currently under consideration by the National Assembly and is based on a benchmark of $40 a barrel.

Meanwhile, the Congressional Research Service (CRS), a non-partisan group which provides legislative research and analysis for the United States Congress, has said crude oil accounted for 88% of the country’s $4.4 billion imports from Nigeria in 2019.

In its updated research paper titled,” Nigeria: Current Issues and US Policy”, authored for the American lawmakers by an analyst in African Affairs, Tomas Husted, and specialist in African Affairs, Lauren Blanchard, the CRS said Nigeria had maintained its position as the United States’ second-largest trading partner in sub-Saharan Africa.

The document is to help the country’s lawmakers make ‘informed’ decisions on key issues in the country.

“As of 2019, Nigeria was the United States’ second-largest trading partner in sub-Saharan Africa (after South Africa) and third-largest beneficiary of US foreign direct investment (FDI) in the region (after Mauritius and South Africa).

“Nigerian exports to the United States are dominated by crude oil, which at $4.4 billion, accounted for 88% of US imports from Nigeria in 2019.

According to US International Trade Commission data, Nigeria consistently ranks as the top source of exports to the United States under the African Growth and Opportunity Act,” it stated

However, it noted that Nigeria also remains a major regional destination for US exports of motor vehicles and refined petroleum products (e.g., gasoline), which are among the fastest-growing U.S. exports to Africa.

Agricultural products and machinery, the research group said, are other top US exports to the country, adding that Nigeria’s demand also has driven growing U.S. petroleum exports to nearby Togo, a regional transhipment hub.

On the US foreign assistance globally, the document noted that the USAID allocated $451.4 million in bilateral aid for Nigeria in FY2020, nearly 90 per cent of which supported health programmes.


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Japan, UNESCO Boost Digital Learning in 15 CoEs with Donation of ICT Equipment

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The Federal Government has received a major boost in its drive to strengthen teacher education and digital learning, as the Government of Japan, through the UNESCO International Institute for Capacity Building in Africa (IICBA), donated ICT equipment and learning materials to 15 teacher training institutions across Nigeria.

Speaking at the official handover ceremony held at the Federal Ministry of Education in Abuja, the Minister of State for Education, Prof. Suwaiba Said Ahmad, described the intervention as a significant contribution to the country’s efforts to improve teacher quality, digital literacy and inclusive education.

She said the donation forms part of a regional initiative launched in 2024 by UNESCO-IICBA, the Government of Japan and the African Union to strengthen teacher training and promote continuous access to safe, quality education for girls in West Africa.

According to the minister, the project, which covers Nigeria, Burkina Faso, Cameroon, Chad, Mali and Mauritania, aligns with the Federal Ministry of Education’s priorities under the Renewed Hope Agenda, particularly in the areas of equity, quality education, digital transformation and inclusion.

“Teachers remain the backbone of every education system. No education reform can succeed without well-trained, motivated and digitally empowered teachers,” Ahmad said, noting that the equipment would modernise teacher training institutions and improve access to digital learning resources.

The beneficiaries comprise 15 federal and state colleges of education spread across Nigeria’s six geo-political zones, including the Federal College of Education, Kontagora; Federal College of Education, Zaria; Federal College of Education (Technical), Gombe; Federal College of Education, Yola; Federal College of Education (Technical), Asaba; Federal College of Education (Special), Oyo.

Others are Federal College of Education (Technical), Umunze; College of Education, Zuba, FCT; Isaac Jasper Boro College of Education; Enugu State College of Education (Technical); Sa’adatu Rimi College of Education, Kano; Adamu Augie College of Education, Argungu; Shehu Shagari College of Education, Sokoto; Adamawa State College of Education, Hong and Taraba State College of Education, Zing.

The donated items include 65 laptop computers, 71 tablets, four desktop computers, five interactive smart boards, 19 all-in-one desktop computers, 14 projectors, 15 printers and 15 backup hard drives.

Ahmad said the facilities would enhance both pre-service and in-service teacher training by promoting innovation, digital competence and learner-centred teaching approaches, while preparing educators for the demands of a technology-driven world.

The event also featured a national consultation on school safety and infrastructure security, with participants discussing strategies for creating safer and more inclusive learning environments.

The minister stressed that safe schools remain critical to achieving quality education, particularly for girls and other vulnerable learners, adding that the ministry would continue to prioritise policies and programmes aimed at strengthening school security.

She further highlighted the ministry’s focus on Technical and Vocational Education and Training (TVET), Science, Technology, Engineering and Mathematics (STEM), girl-child education, quality assurance, data management and digital transformation as key pillars for improving educational outcomes nationwide.

Ahmad also disclosed plans to implement new interventions aimed at empowering female teachers and school leaders in crisis situations through mobile-based learning platforms, as well as programmes designed to integrate out-of-school children into formal education.

She commended UNESCO-IICBA, the Government of Japan, the African Union and other development partners for supporting teacher education in Nigeria and urged beneficiary institutions to utilise the equipment responsibly to improve learning outcomes and build a more resilient education system.

“The equipment will enhance digital literacy among our pre-service teachers and boost the attainment of education goals in Nigeria,” she said.

In their separate remarks, the Director of the UNESCO International Institute for Capacity Building in Africa (IICBA), Dr. Quentin Wodon, and the Chargé d’Affaires of the Embassy of Japan in Nigeria, Hitoshi Kozaki, reaffirmed their commitment to supporting efforts aimed at improving teacher education and expanding access to quality learning opportunities across Nigeria and the West African region.

They noted that the donation of ICT equipment to the beneficiary colleges of education reflects the shared commitment of UNESCO, the Government of Japan and their partners to strengthening the capacity of teacher training institutions, particularly in the area of digital learning.

According to them, equipping teachers with modern technological skills is critical to improving learning outcomes and ensuring that education systems are responsive to the demands of the 21st century.


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African Electric Vehicle Platform Raises $215m to Scale Electric Mobility in Nigeria, Others

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African electric vehicle (EV) platform Spiro has raised $215 million in equity to scale electric mobility and energy infrastructure across the continent.

The funding is backed by institutional investors including Impact Fund Denmark and Equitane.

The investment will accelerate the expansion of Spiro’s battery-swapping network, industrial footprint and next-generation EV infrastructure across high-growth African markets, the company said.

This funding comes as economies in the region aim to reduce dependence on imported fuel, reinforce energy and industrial sovereignty, and modernise urban transport systems.

Driven by rising fuel costs, growing demand for affordable transportation and increasing policy support for clean energy, investors are backing scalable EV platforms poised to support Africa’s next phase of urban and industrial growth.

Building on support from long-standing institutional partners such as the Fund for Export Development in Africa, Spiro’s latest equity round draws capital from Europe and Africa, reflecting growing global confidence in scalable infrastructure-led business models in emerging markets.

With operations in seven African countries—Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon—and plans to expand local production and enter new markets such as the Democratic Republic of Congo and Ethiopia, Spiro is building one of Africa’s most advanced EV and battery-swapping ecosystems.

Its industrial footprint includes manufacturing plants in Kenya, Rwanda and Uganda, alongside a battery recycling facility in Nigeria.

“This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has made sustainable mobility an affordable, everyday reality,” said Gagan Gupta, founder of Spiro and chairman of Equitane.

“Spiro has become a major driver of local industrialisation, value creation and manufacturing across African markets, providing 6,000 sustainable direct and indirect jobs. Supported by our global investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent.”

Lars Bo Bertram, CEO of Impact Fund Denmark, added: “We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make.”


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FG Expands Digital Learning Drive, Delivers ICT Equipment to Colleges Across Six Zones

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Federal Government on Tuesday distributed Information and Communication Technology (ICT) equipment and materials to 15 federal and state colleges of education across the country to strengthen teacher training, promote digital literacy and improve access to quality education.

FG Expands Digital Learning Drive, Delivers ICT Equipment to Colleges Across Six Zones

Prof. Suwaiba Ahmad, Minister of State for Education

The intervention was facilitated through support from the Government of Japan and the United Nations Educational, Scientific and Cultural Organisation International Institute for Capacity Building in Africa (UNESCO-IICBA) under the project titled, “Capacity-building of Teachers to Promote Continuous and Inclusive Access to Safe and Quality Education for Girls in West Africa.”

Speaking at the handover ceremony in Abuja, the Minister of State for Education, Prof. Suwaiba Ahmad, described the initiative as a significant contribution to Nigeria’s education sector and one that aligns with the ministry’s strategic priorities.

Ahmad commended UNESCO-IICBA, the Government of Japan and the African Union for launching the regional project in March 2024, saying it reflected a shared commitment to strengthening teacher preparation systems and expanding educational opportunities, particularly for girls.

According to her, the project, which covers Burkina Faso, Cameroon, Chad, Mali, Mauritania and Nigeria, is in line with the Federal Ministry of Education’s priorities under the Renewed Hope Agenda.

“Teachers remain the backbone of every education system. No education reform can succeed without well-trained, motivated and digitally empowered teachers,” she said.

The minister said the ICT resources would enhance both pre-service and in-service teacher training through improved access to digital learning content, innovative teaching methods and learner-centred instructional approaches.

She noted that the beneficiary institutions include Federal College of Education, Kontagora; Federal College of Education, Zaria; Federal College of Education (Technical), Gombe; Federal College of Education, Yola; Federal College of Education (Technical), Asaba; Federal College of Education (Special), Oyo; Federal College of Education (Technical), Umunze; College of Education, Zuba; Isaac Jasper Boro College of Education; Enugu State College of Education (Technical); Sa’adatu Rimi College of Education, Kano; Adamu Augie College of Education, Argungu; Shehu Shagari College of Education, Sokoto; Adamawa State College of Education, Hong; and Taraba State College of Education, Zing.

According to Ahmad, the equipment distributed includes 65 laptop computers, 71 tablets, four desktop computers, five interactive smart boards, 19 all-in-one desktop computers, 14 projectors, 15 printers and 15 backup hard drives.

She added that the event also provided an opportunity to discuss school safety and infrastructure security.

“Safe schools are essential to achieving quality education, especially for girls and vulnerable learners.

“We must continue to ensure that our institutions remain secure, supportive and conducive spaces for teaching and learning,” she said.

The minister reiterated the government’s commitment to Technical and Vocational Education and Training (TVET), Science, Technology, Engineering and Mathematics (STEM), out-of-school children education, girl-child education, quality assurance and digital transformation.

She also disclosed plans for additional interventions aimed at empowering female teachers and school leaders through mobile-based learning platforms and integrating out-of-school children into formal education.

Speaking at the event, Mr Hitoshi Kozaki, Chargé d’Affaires of the Embassy of Japan, reaffirmed his country’s commitment to supporting educational development in Nigeria.

“I want to thank Nigeria for the collaboration that we have had for many years. I really hope that this project makes a difference for the future and the institutions represented here,” he said.

Kozaki said Japan’s partnership with African countries was built on mutual respect and local ownership, stressing that development efforts should be driven by the priorities of beneficiary nations.

He urged the institutions to make effective use of the ICT resources to improve teacher preparation and expand learning opportunities, especially for girls.

Also speaking, the Director of UNESCO-IICBA, Quentin Wodon, commended Nigeria’s commitment to education reforms and active participation in international education programmes.

Wodon stressed the importance of promoting female leadership in schools, noting that studies had shown positive learning outcomes when women occupied leadership positions.

“If there was one thing I would love Nigeria to do, it would be to see whether we could launch some kind of programme to encourage more women to become school leaders. It is really important,” he said.

He added that teachers in Nigeria remained critical to efforts aimed at improving learning outcomes and advancing inclusive education across Africa.


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