The federal government has announced a new directive requiring all public sector projects valued above ₦150 million to be registered with precise GPS coordinates. This policy aims to enhance transparency, improve monitoring, and reduce corruption in infrastructure execution across Nigeria. According to the Federal Ministry of Works, Housing and Urban Development, contractors and project managers must submit longitude and latitude data before the commencement of any contract or release of funds. Authorities insist that exact locational information will enable real-time oversight, curb phantom projects, and ensure public accountability. Ministry officials noted that the directive aligns with broader efforts to digitize…
Author: Temitope Nlewemchi
Labour unions across Nigeria have voiced strong opposition to a proposed amendment to the Electricity Act, which includes a controversial provision that seeks to outlaw industrial action within the nation’s power sector. The proposed legislative change, currently being debated at the National Assembly, aims to bar electricity workers from engaging in strikes or other forms of protest, a move that has drawn widespread criticism from organized labour. The Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the National Union of Electricity Employees (NUEE) have jointly condemned the proposal, describing it as an attack on democratic freedoms and the constitutional…
The Federal Government has commenced a comprehensive review of its highway concession agreements with private partners under the Highway Development and Management Initiative (HDMI), in a bid to prevent potential legal disputes and ensure the success of road infrastructure projects across the country. The review comes amid rising concerns over the viability of the initial terms of the concessions signed with private sector investors to develop, maintain, and toll major federal highways. According to top officials from the Ministry of Works, the decision to reassess the agreements is driven by changing economic realities, including inflation, fluctuations in traffic volumes, and…
Nigeria is currently grappling with a growing logistical and environmental crisis as an overwhelming number of empty and dilapidated shipping containers continue to block key ports and waterways. Industry stakeholders have expressed serious concerns about the implications of this mounting problem, which threatens both commercial activity and public safety in port cities and riverine areas. Reports from local port authorities and logistics groups indicate that hundreds of thousands of containers—many of them rusty, broken, or unfit for further shipping—have been left to litter the Nigerian coastline. These containers are often dumped indiscriminately along the waterways, port access roads, and even…
Nigeria’s recent efforts to stabilize the naira appear to be gaining traction, with a notable surge in vehicle imports underscoring renewed business confidence. Over just two days, 1,350 fully assembled units arrived at the Port of Tin Can Island’s Motorpark Logistics terminal (PTML), signaling an uptick in economic activity anchored on currency steadiness. Industry insiders describe the bulk importation as a powerful statement: importers are moving forward with significant orders, suggesting they have regained faith in the naira’s resilience after a period of volatile fluctuations. For months, uncertainty surrounding the foreign exchange environment had sapped private sector appetite for large-scale…
A leading terminal operator in Nigeria has launched a groundbreaking empowerment programme tailored exclusively for women in its host communities, aiming to boost economic inclusion and foster sustainable livelihoods. The initiative, which blends skill development, financial literacy, and mentorship, is designed to unearth female entrepreneurship potential and deliver long-term impact across diverse sectors. At the heart of the programme is a holistic approach to uplift women’s economic standing. From vocational training in trades such as tailoring, food processing, digital literacy, and cosmetology to entrepreneurial guidance, the programme covers key areas that equip participants for self-employment and small business success. Beyond…
Parthian Partners has successfully arranged a ₦800 million financing facility aimed at supporting the tin extraction and processing industry in Nigeria. The deal marks a significant boost for the nation’s mineral sector, promising to improve production capacity, strengthen value chains, and pave the way for export-driven growth. The agreement involves funding that will be extended to a consortium of tin producers operating in key mining states, including Plateau, Kogi, and Nasarawa. According to Parthian Partners, this support is tailored to help firms upgrade mining equipment, scale processing capabilities, and meet international quality standards needed for export markets. Representatives from Parthian…
The United Arab Emirates (UAE) has pledged its support for the $25 billion Nigeria-Morocco gas pipeline project, marking a significant development in Africa’s energy infrastructure landscape. This ambitious initiative aims to connect Nigeria’s vast gas reserves to Morocco, with the potential to extend further into Europe, thereby enhancing energy security and fostering economic integration across the continent. Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali, confirmed the UAE’s commitment to co-financing the project. The pipeline has also garnered backing from major international institutions, including the Islamic Development Bank, the OPEC Fund, and the European Investment Bank. Spanning approximately…
The Federal Government of Nigeria has announced plans to invest $2 billion in deploying 90,000 kilometers of fibre optic infrastructure nationwide, starting in the fourth quarter of 2025. This initiative, known as Project Bridge, aims to enhance broadband access and digital connectivity, particularly in underserved and rural communities. Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, disclosed this development during an interview for an upcoming State House documentary marking President Bola Tinubu’s second year in office. He emphasized that the investment would ensure every Nigerian has access to affordable, high-quality connectivity, regardless of location. Dr. Tijani highlighted that…
President Bola Ahmed Tinubu officially inaugurated the new board and executive management team of the Nigerian National Petroleum Company Limited (NNPCL) on May 22, 2025, at the State House in Abuja. This marks a pivotal moment for Nigeria’s state-owned oil company as it embarks on a fresh phase under new leadership aimed at boosting efficiency, attracting investment, and supporting the nation’s broader economic objectives. The new NNPCL board comprises 11 members representing Nigeria’s six geopolitical zones, a move that ensures regional diversity in decision-making. Among the key appointments is Bayo Ojulari, named Group Chief Executive Officer (GCEO). Ojulari brings extensive…
The Nigerian Bottling Company (NBC), the authorized bottling partner of The Coca-Cola Company in Nigeria, has been awarded the “Best Sustainability Project of the Year” at the 2024 Industry Awards. This recognition was bestowed for NBC’s recently commissioned Packaging Collection Hub in Apapa, Lagos, highlighting the company’s commitment to environmental sustainability and responsible business practices. The Packaging Collection Hub is a significant step in NBC’s efforts to enhance recycling rates and promote sustainable packaging practices. It aligns with the company’s broader goal of collecting and recycling the equivalent of 100% of its packaging by 2030. Accepting the award, NBC’s Corporate…
The Nigerian Civil Aviation Authority (NCAA) has confirmed that domestic airfares will continue to operate under a deregulated system, with airlines maintaining the autonomy to set prices based on market conditions. This announcement comes amid growing passenger concerns over recent fare increases on domestic routes. Current Pricing Landscape: Economy class tickets on major domestic routes now range between ₦50,000 and ₦150,000, with prices fluctuating based on several factors. The NCAA emphasized that this pricing structure has been in place since the 2016 deregulation policy took effect. NCAA Director-General Capt. Musa Nuhu clarified the authority’s position: “Our role is to ensure…
A Nigerian firm has reaffirmed its dedication to fostering entrepreneurship as a tool for economic transformation and job creation. At a recent business development summit in Abuja, the company unveiled new initiatives aimed at supporting startups and empowering young entrepreneurs across the country. Speaking at the event, the company’s Chief Executive Officer, Mrs. Olufunke Adeniyi, stated that entrepreneurship remains the most viable path toward reducing unemployment and stimulating inclusive growth in Nigeria. She emphasized that the private sector has a crucial role to play in nurturing innovative minds and providing them with the tools, funding, and mentorship needed to succeed.…
LivingTrust Mortgage Bank Plc has been honoured with the Development Bank of Nigeria (DBN) Innovation Award in the Other Financial Institution (OFI) category for the 2024 financial year. This prestigious recognition highlights the bank’s exceptional performance and innovative contributions to supporting micro, small, and medium-sized enterprises (MSMEs) in Nigeria. The DBN, supported by global development partners including the World Bank, European Investment Bank, French Development Agency, African Development Bank, and the Federal Government of Nigeria, acknowledges financial institutions that demonstrate excellence in facilitating access to finance for MSMEs. LivingTrust Mortgage Bank’s award reflects its commitment to fostering entrepreneurship, driving economic…
The Nigerian Postal Service (NIPOST) has denied reports suggesting it confirmed that courier services have been used to traffic drugs since President Bola Ahmed Tinubu took office, describing the claim as misleading and unfounded. The agency, through its management, clarified that it never linked any illegal courier activities to the current administration and warned against twisting its statements for sensational headlines. The controversy arose following reports that quoted Oludotun Sounde, General Manager of the Courier and Logistics Regulatory Department of NIPOST in Ondo State, allegedly stating that courier companies have become conduits for transporting hard drugs and other illegal…
Nigeria’s banking and insurance sectors, along with other financial institutions, collectively contributed an estimated ₦1.77 trillion to the national economy in the first quarter of 2025, underscoring their growing importance across finance and industry. Data from regulatory and market sources reveal that the banking industry remained the main driver of this contribution. Profits, interest earnings, fees, and charges from lending, advisory services, and digital banking platforms formed the bulk of activity. Several banks also benefited from rising demand for retail and corporate loans, trade finance, and treasury operations amid a recovering economy. Insurance companies, pension fund administrators, and capital market…
The Naira concluded the week on a more positive note, trading at ₦1,534.72 to the U.S. dollar in the official market—a modest but meaningful improvement from the ₦1,550 average recorded earlier in the week. The currency’s uptick is being attributed to increased liquidity in the foreign exchange market, tighter regulatory oversight, and measured intervention by financial authorities. Following weeks of sustained pressure stemming from thin dollar supply and persistent currency volatility, this upward movement brought renewed optimism to import-dependent businesses and households grappling with surging costs. It offers a momentary respite from the uncertainty that has gripped exchange rates, import…
The House of Representatives Committee on Petroleum Resources (Downstream) has stepped into the ongoing conflict between the Dangote Petroleum Refinery and the National Union of Petroleum and Natural Gas Workers (NUPENG), urging both parties to embrace dialogue and find a peaceful resolution in the interest of national stability. The intervention follows weeks of rising tension sparked by disagreements over supply arrangements, labor issues, and claims of economic sabotage that have unsettled Nigeria’s downstream oil sector. The committee, chaired by Hon. Ikenga Imo Ugochinyere, convened an emergency session on Tuesday in Abuja, where key representatives of Dangote Refinery, NUPENG, the Nigerian…
Africa’s richest man and industrial magnate, Aliko Dangote, has officially stepped down as the Chairman of Dangote Cement Plc, one of the largest cement producers on the continent. The decision, which took effect this week, is aimed at allowing him to dedicate more attention and resources to the rapidly growing operations of his energy ventures, including the multibillion-dollar Dangote Refinery project. Dangote, who built his cement empire from the ground up, served as Chairman of Dangote Cement for over a decade, guiding the company through expansions across Nigeria and several other African countries. His resignation signals a significant shift in…
The Dangote Petroleum Refinery has officially resumed the sale of petrol in naira, reversing its earlier decision to suspend transactions in the local currency. This development comes after the intervention of a special committee set up by the federal government to resolve the pricing and operational disagreements that had sparked concerns across the downstream oil sector. The refinery, which had temporarily halted sales in naira citing operational risks, exchange rate volatility, and payment delays from fuel marketers, confirmed on Wednesday that it has resumed local currency transactions with immediate effect. The suspension had generated intense debate, with stakeholders warning that…