The Federal Ministry of Industry, Trade, and Investment has released an update on Lagos’ economic development, highlighting key projects and policies aimed at driving growth in Nigeria’s commercial capital. The report outlines ongoing initiatives focused on infrastructure, trade facilitation, and business reforms to strengthen the state’s position as an economic powerhouse. According to the ministry, Lagos continues to attract significant local and foreign investments due to its strategic location, large consumer market, and improving business environment. The update detailed progress in various sectors, including manufacturing, technology, real estate, and transportation, emphasizing government efforts to support entrepreneurship and industrialization. One of…
Author: Temitope N.
Bonded terminal operators have called on the Federal Government to implement policies that protect their investments and ensure the sustainability of the sector. The operators raised concerns over regulatory uncertainties, infrastructure challenges, and policy inconsistencies that threaten the viability of their businesses. Bonded terminals, which serve as storage and clearance points for imported cargo outside seaports, play a crucial role in decongesting ports and facilitating trade. However, operators argue that unfavorable policies, high operational costs, and unpredictable government interventions have made it increasingly difficult to sustain their businesses. Speaking on the issue, stakeholders emphasized the need for the government to…
The Nigerian Shippers’ Council (NSC) has emphasized the importance of barge operations in enhancing cargo evacuation and easing congestion at the nation’s ports. The council noted that the efficient movement of goods via barges is essential to decongesting road networks and improving overall port efficiency. According to the NSC, barge operations provide a viable alternative to road transport, reducing traffic bottlenecks caused by heavy-duty trucks and minimizing delays in cargo movement. With the increasing volume of imports and exports, the council stressed the need for greater investment in waterway infrastructure to support seamless logistics operations. Stakeholders in the maritime sector…
The Nigeria Customs Service (NCS) has commenced training for stakeholders on the automated transire system, aimed at enhancing efficiency in cargo clearance and cross-border trade operations. The initiative seeks to familiarize importers, exporters, freight forwarders, and other industry players with the digital platform designed to streamline transit procedures and reduce processing delays. The automated transire system is part of Customs’ broader efforts to modernize trade facilitation, minimize human intervention, and curb irregularities in cargo movement. By digitizing the transire process, Customs aims to improve compliance, enhance transparency, and accelerate the clearance of goods at ports and border posts. During the…
The Lagos State Waterways Authority (LASWA) has successfully removed a dredging pipe obstructing navigation on the state’s waterways. The move was part of ongoing efforts to enhance safety and improve the free flow of water transport in Lagos. The dredging pipe, which had posed risks to boat operators and commuters, was identified as a major hazard along a frequently used route. LASWA officials, in collaboration with marine safety teams, carried out the operation to clear the obstruction and restore safe passage for watercraft. According to LASWA, the removal of the pipe aligns with the agency’s commitment to ensuring that Lagos…
The Lagos Area Manager of the National Inland Waterways Authority (NIWA) has been honored with a prestigious award in recognition of outstanding contributions to the development and management of Nigeria’s inland waterways. The award highlights the manager’s leadership in enhancing water transport efficiency, safety, and infrastructure within the Lagos region. Under the manager’s tenure, NIWA Lagos has implemented key initiatives aimed at improving waterway navigation, regulating boat operations, and ensuring compliance with safety standards. These efforts have been instrumental in reducing accidents and promoting the use of inland waterways as a viable mode of transportation. The recognition comes at a…
The Minister of Works, David Umahi, has revealed that Northern Nigeria is benefiting from 52% of the ongoing road construction projects across the country. He made this known while addressing concerns about regional infrastructure development, emphasizing that the federal government is committed to ensuring balanced road projects nationwide. According to Umahi, the large share of projects in the North is part of the government’s strategy to enhance connectivity, boost economic activities, and improve the overall quality of life for residents. He noted that several major highways, bridges, and rural road networks are currently under construction, with significant progress recorded despite…
A professional development group has launched a new initiative aimed at empowering women in leadership and communication, equipping them with the skills needed to excel in various industries. The program, designed to support career growth and personal development, seeks to bridge the gap in female representation in executive and managerial roles. Through a series of workshops, mentorship sessions, and networking events, participants will receive hands-on training in effective leadership, strategic decision-making, and persuasive communication. Organizers emphasized that the initiative is tailored to help women build confidence, navigate workplace challenges, and take on leadership responsibilities with greater impact. The initiative has…
In celebration of International Women’s Day (IWD), insurtech company emPLE has announced a special initiative to provide free insurance coverage for female-owned businesses. The initiative is aimed at supporting women entrepreneurs by offering financial protection against unforeseen risks, helping them sustain and grow their businesses. The program, which will run for a limited period, is designed to cover various business risks, including theft, fire damage, and liability claims. According to emPLE, the goal is to empower women in business by reducing their financial burdens and encouraging them to focus on expansion and innovation. Speaking on the initiative, the company’s spokesperson…
Nigeria’s Minister of Communications, Innovation, and Digital Economy has praised Moniepoint for its rapid growth and impact, describing it as a strong example of the country’s thriving fintech sector. The minister highlighted how the company’s success reflects Nigeria’s potential as a major player in the global digital economy. Moniepoint, a leading financial services platform, has gained prominence for its role in providing seamless payment solutions to businesses and individuals. Its extensive network of point-of-sale (POS) terminals and digital banking services has significantly improved financial inclusion, particularly in underserved areas. According to the minister, fintech companies like Moniepoint are driving economic…
A Nigerian fintech user has shared how OPay’s NightGuard feature prevented him from losing his entire savings to fraudsters. The customer, who recounted his experience, explained that cybercriminals attempted to drain his account during late-night hours, but the security measure stopped the unauthorized transactions. NightGuard, a recently introduced feature by OPay, is designed to protect users from fraudulent activities by restricting large transactions during high-risk hours unless explicitly authorized. According to the user, he received multiple alerts of attempted withdrawals while he was asleep, but thanks to the system’s automatic security block, the transactions did not go through. With increasing…
Oando Plc has been named the preferred bidder for the lease of the Guaracara Refinery, a major step in the company’s ongoing expansion in the oil and gas sector. The selection positions Oando to take over operations of the refinery, located in Trinidad and Tobago, as part of efforts to revamp and optimize its refining capacity. The bid process, overseen by the Trinidadian government and relevant industry regulators, was highly competitive, with multiple international firms vying for the lease. Oando’s selection underscores its growing influence in the global energy market and its capacity to manage and enhance refining infrastructure. The…
Petroleum marketers have projected that the pump price of petrol could reach N800 per litre despite a decline in the landing cost of imported fuel. The projection comes amid concerns over foreign exchange fluctuations, supply chain issues, and ongoing uncertainties in Nigeria’s downstream sector. Industry sources indicate that while the cost of importing petrol has dropped due to a slight reduction in global crude oil prices, the impact has been offset by the depreciation of the naira and high operational costs. Marketers argue that without a stable exchange rate and government intervention in refining capacity, fuel prices will continue to…
The Nigerian Meteorological Agency (NiMet) has issued a warning about imminent heat stress in 19 states across the country, urging residents to take precautionary measures to avoid health complications. According to NiMet, rising temperatures and high humidity levels could expose people to heat-related illnesses, particularly vulnerable groups such as children, the elderly, and those with preexisting medical conditions. The affected states include parts of the North, Central, and Southern regions, where temperatures are expected to remain significantly high in the coming days. NiMet attributed the looming heat stress to changing weather patterns driven by climate change, which has led to…
The Nigeria Customs Service (NCS) has stated that its intensified crackdown on smuggling activities has led to significant financial losses for smugglers, as enforcement measures continue to disrupt illegal trade across the country’s borders. Customs officials revealed that recent operations have resulted in the seizure of contraband goods worth billions of naira, dealing a major blow to smuggling networks operating within and around Nigeria. According to the NCS, a series of intelligence-driven operations have targeted the smuggling of goods such as rice, frozen poultry, illicit drugs, petroleum products, and other prohibited items. These efforts, the agency noted, are part of…
Nigeria’s crude oil production has declined to 1.47 million barrels per day (bpd), raising concerns over the country’s ability to meet its revenue targets and sustain economic stability. The latest figures, released by industry regulators, indicate a drop from previous production levels, highlighting ongoing challenges in the oil and gas sector. The decline in output has been attributed to several factors, including pipeline vandalism, crude oil theft, and operational setbacks affecting major production sites. Additionally, regulatory uncertainties and underinvestment in oil infrastructure have continued to hamper efforts to boost production. Industry experts warn that without urgent intervention, Nigeria’s oil sector…
The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend the recent increase in Automated Teller Machine (ATM) transaction charges, citing concerns over its impact on Nigerians already struggling with rising inflation and economic hardship. Lawmakers argued that the hike in fees would place an additional financial burden on citizens who rely on ATM withdrawals for daily transactions. The resolution followed deliberations on the economic implications of higher banking charges, with lawmakers emphasizing the need to protect consumers from excessive fees imposed by financial institutions. They noted that many Nigerians, especially those in rural areas with…
Higher Education Initiative (HEI) has announced the appointment of a new member to its Board of Trustees (BoT) as part of its ongoing efforts to strengthen governance and strategic direction. The newly appointed board member brings a wealth of experience in education policy, institutional leadership, and capacity development, which is expected to enhance HEI’s mission of advancing higher education in Nigeria and beyond. The appointment comes at a critical time when HEI is expanding its initiatives to improve access to quality education, promote research, and support academic institutions in tackling emerging challenges. With a focus on policy advocacy, funding opportunities,…
The Federal Government has expanded its bond offerings on the Nigerian Exchange (NGX) with the listing of over 900 million units, reinforcing its commitment to deepening the country’s debt market and attracting more investors. The move is part of efforts to raise capital for infrastructure projects, manage fiscal obligations, and provide stable investment options for institutional and retail investors. The newly listed bonds include various tenors, offering investors diversified options based on their risk appetite and investment horizon. With competitive yields and government backing, these bonds are expected to attract significant demand from pension funds, asset managers, and individual investors…
The Chief Executive Officer of PressPayNg has been honored with a prestigious African banking award in recognition of his contributions to financial inclusion and innovation in the fintech sector. The award, which celebrates excellence in banking and financial technology across the continent, highlights the CEO’s leadership in driving digital payment solutions and expanding access to financial services in Nigeria and beyond. PressPayNg, a leading fintech company, has been at the forefront of developing seamless payment solutions, particularly in the education sector. Under the CEO’s leadership, the company has introduced innovative financial products aimed at easing tuition payments and promoting access…