The Federal Executive Council (FEC) has approved a portfolio of Public-Private Partnership (PPP) projects valued at N6.43 trillion, signalling a renewed push by the Federal Government to close Nigeria’s infrastructure deficit through private sector participation. Reports by Punch and other Nigerian news outlets indicate that the approvals cut across key sectors including transport, energy, housing, and social infrastructure, with the aim of stimulating economic growth, improving service delivery, and reducing fiscal pressure on government finances. According to details from the council’s meeting, the approved projects are structured to attract private capital while allowing the government to leverage expertise from private…
Author: Temitope N.
The Central Bank of Nigeria has directed all Point-of-Sale terminal providers to connect their operating systems to the Nigeria Inter-Bank Settlement System and the Unified Payment Services Limited as part of efforts to strengthen transaction transparency, improve payment system efficiency, and curb fraud within the digital payments ecosystem. The directive, reported by Punch and other Nigerian news outlets, forms part of the apex bank’s broader reforms aimed at deepening financial system oversight and enhancing the integrity of electronic payment channels. According to the reports, the CBN issued the directive to ensure that all PoS transactions are routed through recognised national…
Nigeria’s aviation sector recorded a significant slowdown in growth, with expansion dropping to 2.88 per cent as soaring airfares and escalating operating costs dampened passenger traffic and constrained airline operations. Reports by Punch and other Nigerian news outlets indicate that the decline reflects mounting pressures on the industry, driven by high fuel prices, foreign exchange volatility, and broader economic challenges affecting both airlines and travellers. Industry data show that the sector’s growth rate fell sharply compared with previous periods when aviation activity rebounded strongly following the easing of global travel restrictions. Analysts attributed the slowdown largely to the sharp rise…
MTN Nigeria has called for far-reaching policy reforms and increased investment to accelerate the growth of Africa’s creative economy, describing the sector as a major driver of jobs, innovation, and inclusive economic development across the continent. Reports by Punch and other Nigerian news outlets indicate that the telecoms giant made the call during a recent industry engagement focused on the future of Africa’s creative and digital industries. According to MTN Nigeria, the creative sector—which includes music, film, fashion, gaming, publishing, and digital content—has demonstrated significant growth potential but remains constrained by weak policy frameworks, limited access to funding, and inadequate…
The Transmission Company of Nigeria has commenced the rehabilitation of two critical transmission lines as part of ongoing efforts to strengthen the national power grid, improve electricity supply reliability, and reduce system disturbances across the country. Reports by Punch and other Nigerian news outlets indicate that the intervention targets ageing transmission infrastructure that has become prone to frequent faults, outages, and capacity limitations. According to industry sources, the rehabilitation works are aimed at restoring the optimal performance of the affected transmission lines, which play a strategic role in evacuating power from generation plants to major load centres. The lines are…
The Federal Government does not have the authority to access or seize funds in Nigerians’ bank accounts without obtaining a court order under the newly enacted tax laws, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. Reports by Punch and other Nigerian news outlets indicate that the clarification was made in response to growing public concerns and misinformation surrounding the scope of the recent tax reforms. Oyedele explained that the new tax laws are designed to improve efficiency in tax administration, enhance compliance, and expand the revenue base, rather than grant unchecked powers to…
There was widespread relief across the country as the Dangote Petroleum Refinery announced a 15 per cent reduction in the ex-depot price of Premium Motor Spirit, bringing the cost down to N699 per litre. Reports by Punch and other Nigerian news outlets indicate that the price cut is expected to ease pressure on consumers and businesses grappling with high fuel costs following recent increases in petrol prices. According to industry sources, the reduction reflects improved operational efficiency at the refinery as well as adjustments in crude supply and production costs. The refinery reportedly communicated the new pricing to marketers, signalling…
The Nigerian National Petroleum Company Limited (NNPCL) has set a target to increase the country’s crude oil production to 2.06 million barrels per day (mbpd), signalling its determination to enhance output and strengthen Nigeria’s position in the global oil market. Reports from Punch News and other Nigerian news outlets indicate that the company is implementing strategic measures to optimise operations, restore previously idle wells, and leverage both domestic and international investments to achieve the new production goal. According to industry sources, the 2.06mbpd target forms part of NNPCL’s broader strategy to align Nigeria’s oil production with OPEC+ commitments while maximising…
The Nigerian energy sector has cautioned the House of Representatives that repeated investigations into the Nigerian National Petroleum Company Limited (NNPCL) could send negative signals to global financiers and investors, potentially affecting Nigeria’s ability to attract critical funding for its oil and gas projects. Industry stakeholders, speaking in response to parliamentary inquiries into alleged irregularities at the national oil company, emphasised the importance of balancing oversight with the need to maintain investor confidence. According to reports, executives and industry experts warned that persistent probes into NNPCL, particularly in public forums, risk portraying the company as unstable or mismanaged, which could…
Nigeria’s crude oil production recorded a notable increase of about 35,000 barrels per day (bpd) in November, according to a recent industry report highlighting gradual improvements in output despite lingering security and operational challenges in the oil-producing regions. The rise in production has renewed optimism about the country’s ability to sustain recovery in its upstream sector after months of fluctuating output levels. The report indicated that Nigeria’s average daily crude production for November surpassed that of the preceding month, reflecting strengthened efforts to curb pipeline vandalism, improve asset integrity, and restore previously shut-in wells. Industry observers noted that the increase,…
The Dangote Petroleum Refinery has reportedly received its second batch of crude oil from Ghana, marking another significant step in the refinery’s gradual ramp-up of operations as it continues to source feedstock from regional suppliers. The latest cargo, according to industry sources, underscores strengthening energy trade ties between Nigeria and Ghana while reflecting the refinery’s growing integration into West Africa’s crude supply network. The shipment was delivered to the refinery’s terminal in Lagos, where offloading operations were carried out under close supervision to ensure compliance with safety and environmental standards. The cargo forms part of ongoing arrangements that enable the…
The House of Representatives has begun moves to introduce new regulatory measures that will strengthen legislative oversight of the Central Bank of Nigeria (CBN), following growing concerns about the bank’s operational transparency, compliance with statutory provisions, and adherence to monetary policy guidelines. Lawmakers said the initiative is aimed at ensuring greater accountability within the apex bank, especially in light of recent economic developments and past controversies surrounding its policy decisions and financial interventions. During a recent plenary session, members of the House expressed the need to reassess the legal framework guiding the CBN’s activities, noting that certain provisions in the…
Union Bank of Nigeria has been honoured with a major workplace excellence award, underscoring its reputation as one of the country’s leading organisations in employee welfare, corporate culture, and professional development. The award, presented at a recent industry event covered by leading Nigerian news outlets, celebrates organisations that demonstrate exceptional commitment to staff wellbeing, progressive work practices, and sustained investment in human capital. According to reports, the recognition followed a rigorous evaluation of the bank’s internal structure, workplace policies, growth systems, and staff engagement strategies. Industry assessors noted that Union Bank stood out for creating an environment that fosters innovation,…
Aliko Dangote, Africa’s richest industrialist and President of the Dangote Group, has unveiled a major education support initiative aimed at assisting more than 1.3 million Nigerian students through a N1 trillion fund dedicated to improving learning outcomes across the country. The intervention, reported by Nigerian news outlets, reflects Dangote’s renewed commitment to advancing human capital development, reducing educational disparities, and empowering young people through structured financial and infrastructural support. According to the reports, the N1 trillion scheme is expected to be rolled out under the Aliko Dangote Foundation (ADF), the philanthropic arm of the Dangote conglomerate. The initiative will focus…
Polaris Bank has reached out to young learners across Nigeria through a new educational support intervention that provided essential school materials to 1,000 pupils. The gesture, reported by leading Nigerian news outlets, reinforces the bank’s commitment to promoting inclusive education and supporting pupils from underserved communities as they navigate the challenges of returning to school. According to the reports, the initiative was carried out under the bank’s corporate social responsibility programme, with a strong focus on empowering children whose learning conditions are often hindered by economic limitations. The beneficiaries, drawn from various public primary and secondary schools, received school bags,…
Schneider Electric has unveiled a new multimodal logistics hub in Rivers State, marking a major step in expanding its operational capacity and strengthening supply chain efficiency across Nigeria’s industrial and energy sectors. According to reports from Nigerian news outlets, the new facility is designed to streamline the distribution of electrical equipment, enhance service delivery to customers, and support the country’s fast-growing infrastructure and energy markets. The multinational energy management and automation company noted that the hub was established to meet rising demand for high-quality electrical solutions across Nigeria’s manufacturing, oil and gas, construction, and power industries. Located in Rivers, the…
Nigeria’s equities market staged a significant rebound as investors drove a broad-based rally that resulted in a N694bn increase in market capitalisation, according to reports from leading Nigerian news platforms. The recovery followed a period of profit-taking and cautious sentiment that had weighed on trading activities in previous sessions. Analysts say the rebound reflects renewed confidence in fundamentally strong stocks and improved market outlook as investors re-entered positions across banking, industrial, and consumer goods sectors. Reports indicate that the Nigerian Exchange Limited (NGX) experienced a surge in buying interest, particularly in large-cap stocks, which helped lift overall market performance. Blue-chip…
The Federal Government has announced the successful return of about 450 megawatts of electricity to the national grid after completing a series of rehabilitation and upgrade works on key power generation assets across the country. The restored capacity, officials said, is part of a broader effort to tackle recurring power shortages, enhance grid stability and improve electricity supply to homes and industries nationwide. According to government authorities, the restored megawatts resulted from a targeted revamp of several malfunctioning or underperforming power units that had been offline due to mechanical faults, aging components, and delayed maintenance schedules. The intervention formed part…
The House of Representatives has directed the Nigerian National Petroleum Company Limited (NNPC Ltd) to appear before its investigative committee following concerns raised over alleged irregular financial transactions linked to the national oil firm. Lawmakers issued the summons as part of an ongoing probe aimed at uncovering inconsistencies in payment processes, revenue remittances and expenditure patterns reportedly associated with the company’s operational activities. The directive came after members of the House Public Accounts Committee examined documents suggesting gaps in accountability and compliance across certain NNPC Ltd transactions. The committee, which is mandated to scrutinise the financial records of publicly funded…
The Nigerian Upstream Petroleum Regulatory Commission has dismissed suggestions that it withheld over N283.3bn meant to support crude oil exploration activities under the Nigerian National Petroleum Company Limited, describing the allegation as inaccurate and capable of creating unnecessary tension within the sector. The Commission explained that at no point did such funds pass through its accounts, stressing that it neither manages nor retains revenues earmarked for frontier exploration development. The clarification followed public concerns triggered by reports implying that the regulator failed to transmit statutory payments meant to fund exploration in frontier basins. The Commission said the claims arose from…