The Federal Government has signed a Memorandum of Understanding (MoU) with Chinese infrastructure and Internet of Things (IoT) solutions provider, You Jie Te Environment Technology Ltd (YJT), to localise the manufacturing and assembly of Compressed Natural Gas (CNG) and electric vehicle (EV) infrastructure in Nigeria.
Nigeria exported 33.23 million barrels of crude oil to the United States between January and August 2025, valued at $2.57 billion, making it Africa's largest exporter of crude oil to the US.
President Bola Tinubu has commended the Federal Ministry of Finance for successfully closing USD 1.126 billion in financing for the execution of Phase 1.
The Federal Government's capital spending on ministries, departments, and agencies (MDAs) has been severely constrained over the last three fiscal years, with a cumulative gap of N15.21tn.
The Federal Government relied overwhelmingly on domestic borrowing through Federal Government bonds to finance its fiscal deficit in the first half of 2025,
