ABC Transport Plc has announced a profit of N465.5 million for the first half of 2025, marking a significant turnaround from the losses recorded in the same period last year. The transport and logistics company attributed the improved performance to operational efficiency, cost optimisation measures, and increased patronage across its service routes. The company’s latest financial disclosure indicated that revenue for the six-month period grew steadily, driven by an uptick in passenger numbers and a recovery in corporate charter services. This growth was further supported by the strategic expansion of its haulage operations and the adoption of technology-based solutions to…
Author: Temitope Nlewemchi
The African Development Bank (AfDB) has announced its support for artificial intelligence (AI) training initiatives aimed at equipping Africans with the skills needed to accelerate the continent’s socio-economic transformation under the African Union’s Agenda 2063. The move reflects the bank’s growing focus on technology-driven development and its belief that AI can play a critical role in addressing Africa’s pressing challenges while unlocking new opportunities. According to the AfDB, the training programmes will target young professionals, entrepreneurs, policymakers, and researchers across member states, ensuring that AI knowledge is not limited to the tech industry but extends into key sectors such as…
The Federal Government has announced the commencement of a comprehensive review of the country’s revenue allocation formula, a process aimed at addressing long-standing concerns over fiscal imbalance and improving equitable distribution of resources across the three tiers of government. The exercise, according to officials, is expected to take into account current economic realities, the revenue needs of states and local governments, and the federal government’s obligations, with the goal of creating a more sustainable fiscal framework for national development. The review comes amid repeated calls by state governors, local government authorities, and civil society organisations for a more just and…
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that the recent moderation in Nigeria’s headline inflation could be undermined by persistent hikes in food prices, which continue to exert pressure on household incomes and worsen poverty levels. Director of CPPE, Dr. Muda Yusuf, made this known in a statement on Friday, noting that while the National Bureau of Statistics (NBS) reported a slowdown in headline inflation to 21.88 percent in July, the underlying reality remains challenging for many Nigerians as food remains the dominant component of household spending. According to Yusuf, food inflation has remained sticky and…
The Dangote Group has announced that global shipping disruptions have delayed the arrival of its compressed natural gas (CNG) trucks, slowing down its ambitious plan to roll out 3,550 vehicles to support Nigeria’s energy transition and reduce reliance on petrol and diesel. Out of the total order, only 450 trucks have so far arrived in the country, with the remainder still stranded in transit due to ongoing global logistics challenges. The trucks, manufactured by Chinese partners, are a key component of Dangote’s broader push to deepen CNG adoption in Nigeria as part of efforts to lower costs, cut emissions, and…
The Office of the Surveyor-General of the Federation (OSGoF) has raised concerns over the growing number of illegal structures springing up along Nigeria’s shorelines, warning that such developments not only contravene existing laws but also threaten the environment, public safety, and national infrastructure. Surveyor-General of the Federation, Abuduganiyu Adeyemi Adebomehin, said his office has completed an extensive mapping exercise that identified several unapproved constructions along coastal corridors in Lagos, Rivers, Delta, Cross River, and other littoral states. According to him, these structures — many of them private estates, hotels, and makeshift commercial hubs — were erected without proper approvals and…
The Nigerian Institute of Town Planners (NITP) has inaugurated a high-powered panel to oversee the effective execution of planning laws across the country, in what is seen as a critical step towards promoting sustainable urban development and addressing Nigeria’s mounting challenges in city growth, infrastructure provision, and land use management. The panel, according to the NITP leadership, is tasked with developing practical frameworks to guide the enforcement of existing planning regulations, ensure compliance by stakeholders, and strengthen collaboration between professional bodies, state governments, and federal authorities. Speaking during the unveiling in Abuja, NITP President, Nathaniel Atebije, said the move was…
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…
Nigeria’s electricity distribution companies (DisCos) recorded a 4.9 percent decline in monthly revenue, sliding to N182.11 billion, as the power sector continues to grapple with operational inefficiencies, liquidity constraints, and customer dissatisfaction. This development underscores the persistent challenges in Nigeria’s electricity value chain, despite ongoing reforms aimed at boosting power supply and financial viability. Industry data indicates that the revenue decline is linked to a combination of factors, including lower energy supply from the grid, technical and commercial losses, and issues around metering and tariff collection. The power sector still struggles with energy theft, estimated billing controversies, and weak infrastructure…
Parallex Bank has announced a N4 billion credit facility to support local government councils in Lagos State, aimed at strengthening grassroots development and boosting economic activities across the state. The initiative, which reflects the bank’s growing focus on subnational financing, is designed to enable local councils to meet their infrastructure and social service obligations more effectively. According to the bank, the facility will provide Lagos’ 20 local government areas and 37 local council development areas with improved access to funding for projects in areas such as education, healthcare, road construction, sanitation, and small-scale enterprise support. Parallex Bank explained that the…
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 National Pension Commission (PenCom) has responded to the Nigeria Labour Congress (NLC) over its recent criticism regarding the delayed inauguration of the commission’s board, stating that the process is outside its jurisdiction. The NLC had accused PenCom of stalling the constitution of its governing board, which it claimed was affecting decision-making and proper oversight in the pension industry. In a statement released on Thursday, PenCom clarified that the appointment and inauguration of its board members fall under the purview of the Federal Government, not the commission itself. According to the commission, while it recognizes the concerns raised by labour…
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 United Bank for Africa (UBA) has announced the launch of its latest Super Savers Promo, which will reward customers with a total of N150 million in cash prizes. The initiative is aimed at encouraging a savings culture among Nigerians while giving loyal customers an opportunity to win life-changing rewards. According to the bank, the Super Savers Promo is open to both existing and new account holders across its branches nationwide. Customers are required to maintain or grow their savings with specific qualifying balances over a set period to be eligible for the draws. Winners will be selected through transparent…
Nigeria’s manufacturing sector has recorded a significant boost in its Value Added Tax (VAT) contribution, climbing 39 percent to N803.5 billion, according to the latest figures from the National Bureau of Statistics (NBS). This surge underscores the sector’s resilience despite grappling with economic headwinds such as high production costs, inflationary pressures, and foreign exchange instability. The NBS report revealed that manufacturers remain one of the largest contributors to the country’s VAT revenue, accounting for a substantial portion of the total VAT collected nationwide. Analysts attribute this increase to improved tax compliance, gradual recovery in production activities, and heightened government enforcement…
Nigeria’s drive toward industrialisation is facing significant headwinds as the country’s manufacturing and agricultural sectors continue to struggle under the weight of macroeconomic challenges, threatening growth, job creation, and long-term economic stability. Analysts and industry stakeholders warn that without urgent reforms, Nigeria’s industrial ambitions could stall, deepening poverty levels and widening the unemployment gap. Recent data from the National Bureau of Statistics (NBS) highlight that the manufacturing sector’s contribution to the nation’s Gross Domestic Product (GDP) has been on a downward trajectory. High energy costs, forex scarcity, and rising input prices have forced many manufacturers to operate below optimal capacity.…
The Securities and Exchange Commission (SEC) has issued a strong warning to the investing public against engaging with GVEST Global, citing that the entity is not registered or regulated by the Commission to operate in Nigeria’s capital market. The regulator emphasized that the company’s investment offerings pose significant risks to unsuspecting members of the public and could lead to severe financial losses. According to the SEC, GVEST Global has been soliciting funds from Nigerians with promises of unrealistic returns, a classic hallmark of unregulated investment schemes. The Commission warned that any investment promoted by an entity lacking proper registration and…
The Central Bank of Nigeria (CBN) has intensified its efforts to protect bank customers and ensure fair treatment in the financial sector through a renewed focus on the Customers’ Bill of Rights. The apex bank is taking decisive steps to address issues of transparency, accountability, and consumer redress as part of its wider mandate to strengthen confidence in Nigeria’s banking system. CBN officials noted that the Bill of Rights is aimed at safeguarding consumers against unfair practices and providing them with clear avenues for complaints and dispute resolution. The initiative sets out the obligations of banks towards their customers, including…
The Nigeria Customs Service (NCS) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have announced a strategic partnership aimed at improving trade facilitation and strengthening the country’s business environment. This collaboration is designed to address bottlenecks in customs procedures, enhance the ease of doing business, and promote Nigeria as a competitive hub for international trade. Speaking on the development, the Comptroller-General of Customs explained that the NCS is committed to aligning its operations with global best practices. He noted that the partnership with NACCIMA will focus on streamlining customs clearance processes, leveraging technology to improve…
Manufacturers in Kano State are gearing up to terminate their reliance on electricity supply from distribution companies (DisCos) as they explore direct power agreements with the Niger Delta Power Holding Company (NDPHC). This move, which reflects a growing dissatisfaction with the prevailing electricity supply in the region, aims to boost industrial productivity and reduce operational costs caused by erratic power supply and high tariffs. The Manufacturers Association of Nigeria (MAN) in Kano has expressed concerns over persistent electricity shortages, frequent outages, and what they describe as prohibitive billing practices by the regional DisCos. According to industry leaders, these challenges have…