The Managing Director and Chief Executive Officer of the Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo Adighije, has disclosed that the company has begun a strategic programme aimed at reviving dormant and underperforming power plants across the country. Speaking during an industry briefing in Abuja, Adighije explained that the move is part of the government’s commitment to stabilizing Nigeria’s electricity supply and unlocking the full capacity of its power assets. According to him, several NDPHC-owned power stations have remained idle or operated below optimal capacity due to challenges such as inadequate gas supply, transmission bottlenecks, and financial constraints affecting…
Author: Temitope N.
The Nigerian National Petroleum Company Limited (NNPCL) and Nigeria LNG Limited (NLNG) have entered into landmark 20-year gas supply agreements with six major firms, a move aimed at solidifying Nigeria’s position as a leading gas producer and exporter. The agreements, which span two decades, are part of the government’s broader strategy to leverage the country’s vast gas reserves for economic diversification and increased foreign exchange earnings. Under the new deals, NNPCL will supply feed gas to NLNG’s facilities from various upstream projects operated by the participating companies. The agreements are designed to ensure a stable and long-term gas supply that…
The Federal Government of Nigeria, in collaboration with the African Development Bank (AfDB), has announced plans to establish a $100 million youth investment bank aimed at providing financial support and resources for young entrepreneurs across the country. The initiative is part of ongoing efforts to tackle unemployment and boost economic growth by nurturing youth-led businesses and start-ups. According to government officials, the youth investment bank will serve as a specialized financial institution dedicated to offering affordable loans, grants, and business development services to young Nigerians with viable business ideas. The move comes amid growing calls for targeted interventions to address…
Lagos State Governor Babajide Sanwo-Olu has announced that the state’s burgeoning leather industry is projected to generate an estimated N387.5 billion annually from exports, positioning Lagos as a key player in Nigeria’s non-oil revenue diversification drive. Speaking at an event showcasing the state’s industrial and export potential, the governor emphasized that the leather value chain holds significant opportunities for wealth creation, job growth, and foreign exchange earnings. Sanwo-Olu explained that the state government is implementing a comprehensive strategy to enhance leather production, processing, and exportation. This includes investments in modern tanneries, training programs for artisans, and the establishment of industrial…
Air Peace has taken delivery of its fourth Boeing 777 aircraft as part of its ongoing strategy to deepen its international operations and expand its global footprint. The addition of the new wide-body jet underscores the airline’s commitment to boosting connectivity between Nigeria and major destinations across Europe, the Middle East, Asia, and North America. The management of Air Peace stated that the arrival of the latest Boeing 777 will enhance its ability to meet increasing passenger demand on long-haul routes and solidify its position as a leading African carrier. The airline currently operates several international destinations and has plans…
First City Monument Bank (FCMB) Group has announced plans to raise additional equity capital as part of its strategy to strengthen its balance sheet and support business expansion. The financial services holding company disclosed the proposal following a review of its growth agenda and capital adequacy requirements in line with prevailing market conditions and regulatory expectations. The proposed equity raise comes amid ongoing reforms in Nigeria’s financial sector and heightened competition within the banking industry. FCMB said the additional funds would enhance its ability to meet future obligations, fund strategic initiatives, and increase lending capacity to priority sectors of the…
The Sea Empowerment and Research Centre (SEREC) has strongly rejected the proposed increase in licence fees for maritime agents, warning that such a policy could harm Nigeria’s already fragile shipping and export industry. According to the organization, the planned hike, if implemented without adequate stakeholder consultation, would further burden operators struggling with high operational costs, infrastructure gaps, and volatile foreign exchange rates. SEREC noted that maritime agents and exporters are already paying numerous levies and facing multiple regulatory charges, which make Nigerian ports among the most expensive in West Africa. The group cautioned that any additional financial obligations would push…
The Nigerian Exchange (NGX) closed the week on a positive note, buoyed by increased investor confidence and strong demand for equities across key sectors. Market data showed that the bourse recorded a N425 billion gain in market capitalization, reflecting improved sentiment following a spate of corporate earnings releases and continued policy reforms aimed at strengthening the economy. During the week, the All-Share Index (ASI) rose significantly as blue-chip stocks and banking equities attracted notable interest from both local and foreign investors. Market capitalization climbed to over N57 trillion from the previous week’s figure, representing one of the strongest weekly gains…
US-based oil company Vaalco Energy is preparing to re-enter Nigeria’s oil and gas sector as part of its renewed strategy to expand operations in Africa. The independent energy firm, which previously held assets in the country, has indicated that it is exploring fresh opportunities in Nigeria’s upstream sector, leveraging ongoing reforms and government initiatives aimed at attracting more foreign investment into the petroleum industry. Industry insiders suggest that Vaalco’s renewed interest is driven by recent policy changes under the Petroleum Industry Act (PIA), which has provided greater clarity on fiscal terms, royalties, and production-sharing agreements. Nigeria remains Africa’s largest oil…
Zenon Petroleum and Gas Limited has denied reports alleging that its corporate headquarters was seized by authorities in connection with a pending N7.2 billion legal dispute. The company described the claims as misleading and unfounded, insisting that its operations and assets remain intact and unaffected by any such action. In a statement issued by its management, Zenon clarified that while it is involved in an ongoing legal matter, the narrative circulating in some quarters that its head office had been taken over or sealed is entirely false. The company emphasized that it has continued business operations as usual and that…
Experts and industry stakeholders have emphasized that for the Nigerian fashion industry to reach its full potential and compete globally, it must embrace innovation and prioritize sustainability. Speaking at a recent fashion and creative economy forum in Lagos, designers, policymakers, and business leaders stressed the need for technological integration, eco-friendly practices, and better support systems for emerging talents. According to industry insiders, the global fashion landscape is rapidly evolving, with increased consumer demand for ethical production, sustainable materials, and unique cultural expressions. Nigerian designers, who are renowned for their creativity and vibrant styles, must align with these trends to stay…
Renaissance Energy has highlighted the growing trend of International Oil Companies (IOCs) divesting from Nigeria’s oil and gas sector, attributing the exodus largely to diminishing profit margins and a challenging operating environment. The firm stated that the migration of these companies underscores the need for Nigeria to improve its investment climate and address structural issues within the industry. Speaking on the matter, Renaissance Energy executives noted that global energy firms are increasingly shifting their portfolios to regions where returns on investment are higher and operating conditions are less cumbersome. According to the company, Nigeria’s oil and gas sector has faced…
The Nigerian Railway Corporation (NRC) has confirmed that passenger train operations along the Warri-Itakpe corridor will resume soon, following months of suspension due to a derailment incident and other operational disruptions. The Corporation disclosed that comprehensive repair works and safety checks have been carried out on the rail infrastructure to ensure a smooth and secure restart of services. The Warri-Itakpe standard gauge rail line, which connects Ujevwu in Delta State to Itakpe in Kogi State, is a key transport link for both passengers and freight. It serves as a critical component of Nigeria’s rail modernization agenda, aimed at boosting connectivity…
Nigeria’s Minister of Solid Minerals Development, Dele Alake, has reiterated that Africa, with its vast mineral wealth and growing infrastructure needs, remains the world’s greatest destination for mining investments. Speaking at a recent international mining conference, Alake noted that the continent possesses abundant deposits of critical minerals needed for the global energy transition, and Nigeria is strategically positioned to benefit from the rising demand. He explained that Africa’s vast resources—including lithium, cobalt, gold, iron ore, and rare earth elements—are increasingly attracting the attention of global investors, particularly as the world accelerates toward cleaner energy and advanced technology production. According to…
Nigeria’s foreign reserves have reached a level that could finance up to 10 months of the nation’s import bill, according to the latest data from the Central Bank of Nigeria (CBN). The reserves, which currently stand above $37 billion, have been boosted by improved crude oil receipts, tighter monetary policies, and increased foreign portfolio inflows triggered by ongoing economic reforms. CBN officials noted that the steady accretion in reserves over the past months is largely due to a rebound in global oil prices, enhanced production, and increased remittances from Nigerians in the diaspora. Recent figures from the Nigerian Upstream Petroleum…
A recent mid-year performance assessment by PricewaterhouseCoopers (PwC) has revealed that only about 36 percent of Nigeria’s targeted 15 million households have benefitted from the federal government’s conditional cash transfer programme. This scheme, launched as part of the Renewed Hope Agenda, was designed to cushion the impact of economic reforms such as subsidy removal and foreign exchange liberalisation. However, the latest findings highlight deep implementation gaps and structural bottlenecks that have slowed its full rollout. According to PwC’s report, just 5.6 million households received at least one payment between the programme’s commencement and mid-2025. Out of this number, only 2.4…
The African Export-Import Bank (Afreximbank) has reaffirmed its commitment to expanding financing support for new energy projects across Africa, aiming to accelerate the continent’s transition towards cleaner and sustainable energy systems. The move comes as global energy dynamics shift toward low-carbon solutions, with African economies seeking to diversify their energy mix while addressing infrastructure gaps and energy poverty. Speaking recently on the initiative, Afreximbank executives noted that the bank is working closely with African governments, private sector players, and international partners to facilitate investments in renewable energy, energy storage, and other emerging technologies. The bank’s strategy is focused on providing…
The Nigerian Meteorological Agency (NiMet) has forecast significant thunderstorms and rainfall across various parts of the country between Friday and Sunday, urging residents and relevant agencies to take precautionary measures against potential weather-related disruptions. In its latest weather outlook, NiMet indicated that the weather systems will affect several states across the North, Central, and Southern regions, driven by increased moisture influx and atmospheric instability. According to the agency, parts of the North including Sokoto, Kano, Katsina, Kebbi, and Zamfara are expected to experience thunderstorms beginning on Friday, which could extend into the weekend. The Central region comprising Abuja, Niger, Plateau,…
The Dangote Petroleum Refinery has ramped up its crude oil processing capacity to 610,000 barrels per day (bpd), bringing the facility closer to its full operational potential and signaling a major step toward energy self-sufficiency in Nigeria. Industry officials and analysts have described the development as a significant boost to the nation’s refining capabilities, reducing dependence on imported petroleum products and strengthening foreign exchange reserves. According to executives at the Dangote Group, the refinery’s expansion in output is the result of sustained investment in state-of-the-art technology and a phased commissioning process that began earlier in the year. The facility, located…
The Enugu State Government has accused MainPower Electricity Distribution Company of breaching the approved electricity tariff regime and warned that sanctions would be imposed if the company fails to comply with regulatory standards. According to state officials, the breach involves alleged overbilling of consumers and failure to adhere to the agreed tariff structure set by the Nigerian Electricity Regulatory Commission (NERC). Government representatives disclosed that investigations revealed several instances where consumers in Enugu and surrounding communities were charged above the approved rates, further compounding the hardship faced by residents amid the prevailing economic challenges. The state authorities noted that such…