How Tinubu’s Policy Eased Importation of Rice, Maize, Wheat into Nigeria— BUA CEO

Sunday 18th May 2025

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BUA Group's Chairman and CEO, AbdulSamad Rabiu, stated that the government's suspension of duties, tariffs, and taxes on major food imports has enabled the company to import these items into the country.

Rabiu spoke to journalists about his meeting with President Bola Tinubu on Thursday at the presidential Villa in Abuja, stating that the policy is helping to reduce food prices.

He explained that his company has used the tariff waiver policy on food items to import major staple foods such as rice, maize, and wheat in an ongoing effort to reduce the country's skyrocketing food prices.

He claimed that this effort has significantly reduced the prices of food and its products.

The rise, largely caused by Mr Tinubu's removal of petrol subsidies and the floating of the naira in 2023, has prompted the government to implement several policies during this period to alleviate the hardships Nigerians face.

Nigeria Attracts $8 Billion in Deepwater and Gas Projects Investments Within a Year – Presidential Aide

According to a presidential aide, Nigeria received more than $8 billion (about N12.8 trillion) in deepwater and gas Final Investment Decisions (FIDS) in one year.

Olu Verheijen, President Bola Tinubu's Special Adviser on Energy, disclosed this on Wednesday at the 2025 Africa CEO Forum in Abidjan, Côte d'Ivoire.

Senan Murray, Ms Verheijen's aide, provided the News Agency of Nigeria (NAN) in Abuja with a statement regarding her address at the event.

According to Mr Murray, the special adviser told policymakers, investors, and industry leaders across the continent that the achievement came through decisive actions by President Tinubu.

She stated that the actions aimed to improve fiscal terms, shorten contracting timelines, clarify local content rules, and implement power sector reforms enabling gas-to-power commercial viability.

Airtel Africa Begins Second Tranche of Share Buyback Programme

Airtel Africa has begun the second tranche of its $100 million share buy-back program, the telecom operator announced on Wednesday, marking the start date of the share repurchase.

The Nigerian Exchange Limited stated in a regulatory filing;

“The second tranche of the share buy-back will amount to a maximum of $55 million and is anticipated to end on or before 19th November 2025, Airtel Africa, which operates in 14 African countries.”

The first phase of the $100 million share repurchase ran from 23rd December, 2024, to 24th April, 2025. At that time, the wireless service provider repurchased 26.3 million shares worth $45 million at a volume-weighted average price of GBP135.1 per ordinary share.

Airtel Africa announced its agreement with Barclays Capital Securities Limited to oversee the current stage of the buy-back and conduct on-market purchases of its ordinary shares. Airtel plans to purchase Barclays' ordinary shares.

The telco added;

“Under this agreement, Barclays will act as riskless principal and will make decisions independently of the Company.”

A share repurchase allows a company to reduce its total issued shares, increasing earnings per share and potentially driving up the share price over time. Analysts generally see it as one way to return value to shareholders.

Jumia Expands Delivery Service to Nigeria

Jumia has expanded its logistics service, Jumia Delivery, to include Nigeria, and plans to expand to other key markets such as Kenya, Ghana, and Senegal.

The company stated that the expansion reinforces its role in enabling Africa's e-commerce ecosystem by providing a stronger logistics backbone. The move, which follows a successful implementation in Ivory Coast, provides another avenue for the company to diversify revenue sources as it strives for profitability within the next two years.

Francis Dufay, chief executive officer of Jumia, said;

“Africa’s growing digital economy demands robust and efficient delivery services, and we are excited to introduce Jumia Delivery as a reliable solution to improve last-mile logistics.

“The introduction of Jumia Delivery in Nigeria, following our success in Côte d’Ivoire, is a major step forward in addressing logistics challenges and meeting the evolving needs of both individuals and businesses.”

Jumia Delivery will allow third-party sellers to ship packages using Jumia's existing delivery fleet and distribution network. The company previously stated that its network has seen increased penetration in rural and upcountry regions, accounting for 58% of total orders in the first quarter of 2025.

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Thank you for reading! Stay tuned next week to be updated with the latest major events from the Nigerian commercial sector.