Nigeria has been ranked 8th in Africa and 98th globally on the United Nations’ industrialisation index, according to the latest report assessing the performance of nations in promoting industrial growth and economic diversification. The ranking, released by the United Nations Industrial Development Organization (UNIDO), measures the extent to which countries are advancing in areas such as manufacturing value addition, industrial output, competitiveness, and contribution of industry to national economic growth. According to the report, Nigeria’s position reflects modest improvements in recent years but also underscores the challenges confronting Africa’s largest economy in achieving sustained industrial transformation. Despite its size and…
Author: Temitope N.
The Kano State Government has approved the sum of N40.8 billion for the construction and rehabilitation of roads across different parts of the state, in a move aimed at addressing the infrastructure deficit and boosting economic activities. Governor Abba Kabir Yusuf, who disclosed the development after the State Executive Council meeting, said the projects are part of his administration’s renewed effort to improve urban and rural road networks, reduce travel time, and create jobs for thousands of residents. According to him, road infrastructure remains one of the central pillars of his government’s development agenda, as it directly impacts trade, agriculture,…
The Federal Government has announced the appointment of Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), a move that comes after weeks of pressure from the Nigeria Labour Congress (NLC). The appointment is expected to bring stability to the commission and restore confidence in the management of the country’s pension system. President Bola Tinubu approved Agbaje’s appointment following recommendations from key stakeholders in the finance and labour sectors. The decision comes against the backdrop of a seven-day ultimatum issued by the NLC, which had accused the government of failing to comply with the provisions of the…
The Nigerian Independent System Operator (NISO) has commended the Kano Electricity Distribution Company (Kano DisCo) for attaining a 100% market remittance rate, describing the achievement as a milestone in the electricity industry’s quest for efficiency, transparency, and financial discipline. The commendation was issued during a recent industry review session, where NISO acknowledged Kano DisCo’s outstanding performance in meeting its full financial obligations to the Nigerian Electricity Market. The recognition, according to stakeholders, highlights the potential of distribution companies to operate sustainably and responsibly, despite the daunting challenges confronting the power sector. The electricity market in Nigeria is characterised by liquidity…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed its commitment to prioritising frontier basin exploration and strengthening the competitive licensing process as part of efforts to drive sustainable growth in the nation’s oil and gas sector. The move comes as Nigeria intensifies strategies to unlock new hydrocarbon reserves and attract foreign and local investments amid global energy transition concerns. The initiative, according to the regulator, is aimed at boosting reserves, ensuring energy security, and increasing the nation’s revenue base. NUPRC Chief Executive, Gbenga Komolafe, who made this known at an industry stakeholders’ session in Abuja, explained that the commission…
The Infrastructure Concession Regulatory Commission (ICRC) has introduced fresh guidelines for Public-Private Partnership (PPP) projects in Nigeria, while also decentralising approval powers to Ministries, Departments, and Agencies (MDAs) to fast-track infrastructural development. The new framework, announced in Abuja on Friday, is aimed at deepening transparency, efficiency, and accountability in the execution of PPP arrangements across the country. It also seeks to reduce bureaucratic bottlenecks that have historically delayed the approval and implementation of major projects. According to the ICRC, the decision to decentralise certain approval powers will empower MDAs to play a more active role in designing, initiating, and managing…
The National Drug Law Enforcement Agency (NDLEA) has recorded another major breakthrough in its ongoing war against narcotics trafficking with the arrest of a notorious drug kingpin from Delta State and the seizure of opioids valued at ₦7.8 billion at the Onne Port in Rivers State. According to NDLEA authorities, the suspect, identified as a high-profile trafficker with vast links to international drug cartels, was intercepted following months of painstaking intelligence gathering and surveillance. The operation, described as one of the most significant in recent years, highlights the growing menace of illicit drug smuggling into Nigeria and the agency’s determination…
The Nigeria Customs Service (NCS), Kirikiri Lighter Terminal (KLT) Command, has announced that it generated a total revenue of ₦89.2 billion in the first half of 2025, marking a significant increase compared to the same period in the previous year. The impressive revenue growth underscores the command’s ongoing reforms, enhanced operational efficiency, and commitment to supporting the Federal Government’s non-oil revenue drive. According to the Command’s Area Controller, Comptroller Eghosa Edelduok, the surge in revenue was driven by tighter compliance enforcement, improved cargo clearance processes, and the deployment of advanced technologies that have reduced leakages and ensured greater transparency in…
The Federal Government has deducted a total of ₦256.5 billion from the Federation Account during the first half of 2025 to fund critical gas infrastructure projects across the country. The deductions were made under the statutory Gas Infrastructure Fund (GIF), which was created to support the development, expansion, and maintenance of gas pipelines, processing plants, and related infrastructure aimed at boosting Nigeria’s energy transition and industrial growth. According to official data obtained from the Federation Accounts Allocation Committee (FAAC) reports, the deductions were carried out between January and June 2025. Analysts note that these withdrawals highlight the government’s increasing focus…
The Nigerian Communications Commission (NCC) has disclosed plans to roll out fresh measures aimed at protecting telecommunications infrastructure across the country, as part of efforts to strengthen service quality, ensure network resilience, and safeguard billions of naira worth of investments in the sector. The development comes against a backdrop of recurring vandalism, theft, and community interference, which continue to undermine the smooth operation of telecom services nationwide. According to the Commission, telecom facilities such as base transceiver stations, optic fibre cables, power generators, and transmission equipment remain critical to Nigeria’s communication backbone. However, persistent challenges including sabotage, fibre cuts, theft…
Nigeria’s former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Ade Dosunmu, has reiterated that the blue economy represents one of the most powerful and sustainable pathways for Nigeria’s economic diversification. Speaking at a maritime stakeholders’ forum in Lagos, Dosunmu urged the government to intensify its commitment to harnessing the vast opportunities embedded in the country’s coastal and marine resources to boost revenue, create jobs, and strengthen long-term economic stability. He explained that Nigeria, with a coastline of over 850 kilometres and an exclusive economic zone measuring about 200 nautical miles, possesses enormous potential to build a…
JMG, a leading energy solutions provider in Nigeria, has announced that its recent deployment of solar power has enabled the company to save an estimated N40 million in diesel costs. The development highlights the growing shift among businesses towards renewable energy as firms continue to grapple with high fuel costs and unreliable power supply across the country. According to the company, the move to integrate solar energy into its operations was driven by both economic and environmental considerations. Nigeria’s prolonged reliance on diesel generators has placed heavy financial burdens on businesses, with volatile fuel prices and rising operational costs making…
Nigeria’s debt obligations to the International Development Association (IDA), a subsidiary of the World Bank Group that provides concessional loans and grants to the world’s poorest countries, have climbed to $18.2 billion, according to the latest financial report. The figure underscores the country’s growing reliance on external borrowing to finance its development agenda amid pressing fiscal challenges. The IDA, often described as the World Bank’s concessional arm, supports developing nations with loans carrying low-interest rates and extended repayment periods, as well as grants for projects in critical sectors such as health, education, agriculture, and infrastructure. Nigeria, Africa’s largest economy, has…
The United Nations Development Programme (UNDP) has partnered with the Rural Electrification Agency (REA) to accelerate Nigeria’s shift toward clean energy, a move aimed at boosting sustainable development, reducing energy poverty, and strengthening the country’s climate resilience. The partnership, formally announced in Abuja, represents a major step in aligning global development support with Nigeria’s ambitious energy and environmental goals. Nigeria, Africa’s largest economy and most populous nation, faces significant energy challenges. More than 85 million people lack access to reliable electricity, according to World Bank data, while many others rely on costly and polluting alternatives such as diesel and petrol…
The Federal Government has unveiled plans to phase out the reliance on diesel-powered generators across military formations in the country, replacing them with solar-powered systems. This move, government officials explained, is part of ongoing efforts to cut costs, reduce carbon emissions, and enhance energy security for critical national defense infrastructure. The initiative, which is being anchored by the Ministry of Defence and Chief of Defence Staff in collaboration with the Rural Electrification Agency (REA) and the Federal Ministry of Power, seeks to provide clean and reliable energy solutions for military operations. According to the government, transitioning to renewable energy in…
The Chartered Institute of Bankers of Nigeria (CIBN) has announced that it will use its forthcoming annual conference to unveil a fresh economic playbook aimed at repositioning Nigeria’s financial sector for growth and resilience. The event, scheduled to attract a wide range of stakeholders from the banking industry, government, academia, and the private sector, is expected to serve as a platform for charting practical strategies that will address Nigeria’s current economic realities. According to CIBN, the conference will not only assess the performance of the banking industry amid recent economic reforms but will also seek to highlight innovative policies, frameworks,…
Nigeria’s headline inflation rate slowed to 21.88% in July, according to the latest data released by the National Bureau of Statistics (NBS). The figure represents a slight decline from June’s 22.41%, marking the first noticeable moderation in price pressures since the beginning of the year. While the easing of inflation offers a glimmer of hope for households and businesses, analysts caution that living costs remain painfully high and continue to weigh on the broader economy. The NBS report attributed the moderation in inflation to slight declines in food and transport costs compared to the previous month. Even so, inflation remains…
The Certified Institute of Auctioneers has unveiled a strategic plan designed to reposition the profession in Nigeria, drive growth, and promote international best practices among practitioners. The plan, which was announced during a gathering of members and stakeholders, seeks to strengthen auctioneering standards, enhance professionalism, and create a more transparent market environment for buyers and sellers. According to the leadership of the institute, auctioneering remains a vital aspect of commerce, finance, and asset management in Nigeria, yet the sector is still underexplored due to limited awareness and weak regulation. The new growth plan is therefore aimed at bridging these gaps…
The Nigeria Liquefied Natural Gas (NLNG) Limited has called for increased investments in gas development to guarantee stable supply across the country, stressing that the sector requires urgent attention to meet Nigeria’s energy and industrialisation goals. The appeal was made during a strategic meeting with the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, as part of ongoing efforts to strengthen collaboration between the two key institutions in Nigeria’s oil and gas industry. NLNG executives highlighted the growing demand for gas in domestic and international markets, noting that without sustained investments in upstream development,…
The National Insurance Commission (NAICOM) has issued a stern warning to insurance and reinsurance firms across Nigeria, urging them to meet the recapitalisation requirements or risk facing liquidation. The move underscores the regulator’s resolve to strengthen the financial stability of the insurance sector, improve risk absorption capacity, and enhance consumer confidence in an industry that has long struggled with low penetration and undercapitalisation. Speaking at a recent industry event in Abuja, NAICOM officials stressed that the recapitalisation exercise is not negotiable and must be adhered to if Nigeria’s insurance industry is to play its role in economic development. The Commission…