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 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 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…
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…
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…
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 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 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,…
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 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…
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 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…
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…
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 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…
Nigeria’s pension fund administrators (PFAs) have significantly increased their investments in real estate, with figures rising by 418% to N77.8 billion as of June 2025, according to fresh data from the National Pension Commission (PenCom). This marks a substantial leap from the N15.02 billion recorded in the same period last year, underscoring growing confidence in the property sector as a viable investment channel for long-term pension assets. Analysts attribute this surge to a combination of factors, including the need for portfolio diversification, the resilience of real estate in times of market volatility, and favourable regulatory frameworks. Pension funds, which have…
The Central Bank of Nigeria (CBN) has unveiled an ambitious plan to revitalise its central bank digital currency (CBDC), the eNaira, with the goal of driving mass adoption, strengthening the country’s digital payment ecosystem, and accelerating the shift toward a cash-lite economy. The initiative, according to the apex bank, will involve a complete overhaul of the eNaira’s features, accessibility options, and integration into mainstream financial services. Launched in October 2021 as the first CBDC in Africa, the eNaira was designed to complement physical cash by providing Nigerians with a secure, cashless, and easily accessible means of payment. The currency operates…
President Bola Ahmed Tinubu has reaffirmed the Federal Government’s commitment to reviving Nigeria’s moribund steel industry, pledging to bring dormant steel companies back to life as part of his administration’s broader agenda to accelerate industrialisation and drive sustainable economic growth. Speaking on Tuesday in Abuja, Tinubu described the steel sector as the “backbone of industrialisation” and emphasised that without it, Nigeria’s ambition to become a manufacturing hub and a competitive global economy would remain unrealised. He assured that the Renewed Hope Agenda is designed to transform the nation’s industrial base, with the steel sector as a central pillar. “We cannot…
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 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…