The African Development Bank (AfDB) has announced plans to provide a $230 million trade finance package to Access Bank, aimed at boosting trade activities and supporting small and medium-sized enterprises (SMEs) in Nigeria. The funding is expected to enhance Access Bank’s capacity to provide trade finance solutions, particularly for businesses engaged in import and export operations. According to AfDB, the package will help bridge Nigeria’s trade financing gap by providing much-needed liquidity to businesses facing difficulties in accessing credit. It will also facilitate cross-border trade and strengthen economic resilience in the country’s private sector. Access Bank has welcomed the initiative,…
Author: Temitope Nlewemchi
Truck Transit Parks (TTP) is set to deploy artificial intelligence (AI) solutions to address operational delays and inefficiencies in Nigeria’s port and logistics sector. The initiative aims to enhance traffic management, optimize truck scheduling, and reduce congestion at key transport hubs, particularly in Lagos. According to TTP, the AI system will analyze real-time data to predict traffic patterns, automate truck call-up processes, and improve coordination between stakeholders. By leveraging machine learning, the technology is expected to streamline port operations, minimize waiting times, and enhance overall efficiency in cargo movement. Port operators and truck drivers have welcomed the development, noting that…
The National Inland Waterways Authority (NIWA) Police has arraigned two individuals in Lokoja for alleged negligence, which reportedly led to safety breaches along the waterways. The suspects, whose identities were not disclosed, were brought before a magistrate court following an investigation into an incident that endangered lives and disrupted water transport operations. According to NIWA officials, the accused failed to comply with established safety regulations, contributing to an avoidable mishap. While details of the specific violations were not fully disclosed, sources indicate that the case may be related to unauthorized operations or failure to adhere to water transport safety protocols.…
Port operators and stakeholders have raised concerns over the Nigerian Ports Authority’s (NPA) recent directive requiring a mandatory port pass for access to port facilities. The policy, which aims to enhance security and regulate movement within ports, has been met with criticism from logistics companies, clearing agents, and truck drivers who argue that it could lead to unnecessary delays and increased operational costs. According to industry players, the new requirement may slow down cargo movement, further complicating an already congested port system. Some have also questioned the transparency of the implementation process, expressing fears that it could create opportunities for…
A recent Mastercard study has revealed that 83% of Nigerian women are actively engaged in entrepreneurship, highlighting the country’s strong female-driven business culture. The report underscores Nigeria as one of the leading nations in women-led enterprises, with many women turning to business as a means of financial empowerment and economic stability. According to the study, key factors driving female entrepreneurship in Nigeria include limited formal employment opportunities, a desire for financial independence, and the need to support their families. The rise of digital platforms and mobile banking has also played a significant role in enabling women to start and scale…
The Comptroller-General of Customs (CGC), Adewale Adeniyi, has raised concerns over the growing trend of smugglers setting up storage facilities near Nigeria’s borders to evade security checks. These warehouses, strategically located in remote areas, allow smugglers to stockpile contraband goods before discreetly moving them into the country. Speaking at a recent security briefing, Adeniyi emphasized that these illegal storage hubs pose a serious threat to Nigeria’s economy and national security. He noted that smuggled items, including banned goods, substandard products, and even illicit substances, not only undermine local industries but also pose health and safety risks to consumers. In response,…
The Nigeria Customs Service (NCS) has commenced the pre-unveiling of a new trade facilitation tool aimed at streamlining import and export processes, enhancing efficiency, and reducing bureaucratic bottlenecks. This initiative aligns with the government’s broader efforts to improve ease of doing business and boost economic growth through seamless trade operations. According to Customs officials, the tool is designed to leverage automation and data analytics to speed up cargo clearance, minimize human interference, and curb revenue leakages. By integrating digital solutions, it is expected to enhance transparency and compliance with international trade regulations while reducing delays at ports and border points.…
Key players in Nigeria’s maritime sector have expressed strong support for the reintroduction of a global cargo tracking system, citing its potential to enhance security, transparency, and revenue generation. The initiative, which had previously been in place but was discontinued, is now being reconsidered as part of efforts to modernize the country’s trade and logistics framework. Industry experts argue that reinstating the cargo tracking system will help curb smuggling, reduce under-declaration of goods, and improve compliance with international shipping regulations. By providing real-time data on shipments, the system is expected to enhance supply chain efficiency and facilitate faster customs clearance.…
President Bola Ahmed Tinubu has officially laid the foundation for FirstBank’s new headquarters, a cutting-edge, eco-friendly building designed to align with global sustainability standards. The new facility, located in Lagos, is set to incorporate green technology, energy-efficient systems, and environmentally friendly materials to reduce its carbon footprint. Speaking at the groundbreaking ceremony, Tinubu emphasized the importance of sustainable development in Nigeria’s financial sector, highlighting the role of institutions like FirstBank in driving economic growth while prioritizing environmental responsibility. He commended the bank’s commitment to innovation and its efforts to create a workspace that meets modern sustainability standards. FirstBank’s leadership expressed…
Nigerians may face another round of price hikes as the Nigerian Ports Authority (NPA) plans to implement a 15% tariff increase on port-related charges. The move, which is aimed at boosting revenue and improving port infrastructure, has raised concerns among importers, exporters, and other industry stakeholders. According to sources within the NPA, the tariff adjustment is necessary to keep up with rising operational costs and to fund ongoing port modernization projects. However, businesses fear that the increase will further strain the economy, as higher port charges often translate to increased costs for imported goods, logistics, and overall consumer prices. Freight…
The Federal Government has projected that Nigeria’s real estate sector will grow to an estimated value of $2.25 trillion by 2025, driven by increasing urbanization, infrastructure development, and rising demand for housing and commercial spaces. The Minister of Housing and Urban Development, Ahmed Dangiwa, made this announcement while addressing industry stakeholders in Abuja. He emphasized that the government is implementing key policies to unlock the sector’s full potential, attract investment, and bridge Nigeria’s housing deficit. “Nigeria’s real estate market is on a strong growth trajectory. With the right investment climate and policy framework, we expect the sector to hit $2.25…
Abike Dabiri-Erewa, the Chairman of the Nigerians in Diaspora Commission (NIDCOM), has lauded Nigerian entrepreneur and philanthropist, Edoki, on her nomination for a prestigious award in the United Kingdom. The recognition, which highlights Edoki’s outstanding contributions in her field, has brought pride to Nigeria, with Dabiri-Erewa celebrating her achievements. In a statement, Dabiri-Erewa expressed pride in Edoki’s accomplishments, noting that her nomination underscores the growing influence of Nigerians abroad and their role in global development. “This is another milestone for a Nigerian making us proud on the international stage. Edoki’s nomination is a testament to her dedication and excellence, and…
The Nigerian Communications Commission (NCC) has approved a 10-year renewal for MTN Nigeria’s first 800MHz spectrum licence, a key move that will allow the telecom giant to continue expanding and enhancing its network services across the country. The approval of the licence renewal is seen as a significant milestone for MTN, as it secures access to valuable spectrum that is critical for delivering high-speed mobile data and expanding its network coverage. The 800MHz frequency is particularly important for operators seeking to improve the quality and reach of their services, especially in underserved and rural areas. MTN Nigeria, in a statement,…
Stanbic IBTC Holdings has announced plans to channel 27% of its recently raised capital through a rights issue into supporting small and medium-sized enterprises (SMEs) and expanding its commercial banking operations. This strategic move is part of the institution’s broader effort to drive economic growth and strengthen its position in Nigeria’s financial sector. The rights issue, which successfully raised significant funds from shareholders, is expected to enhance the bank’s ability to provide tailored financial solutions for businesses. By increasing its focus on SMEs, Stanbic IBTC aims to address one of Nigeria’s critical economic challenges: limited access to capital for small-scale…
The Nigeria Labour Congress (NLC) has expressed strong disapproval of the Federal Government’s decision to allocate N8 billion for sensitization on electricity bills, calling it an unnecessary expenditure in the face of pressing national challenges. In a statement, the NLC criticized the allocation as wasteful, arguing that such funds could be better utilized to address the lingering issues in Nigeria’s power sector, including infrastructure deficits and erratic electricity supply. The union described the move as insensitive to the struggles of Nigerians grappling with high energy costs and unstable power supply. “It is unacceptable that such a huge sum is being…
Borno State Governor Babagana Zulum and Senator Ali Ndume have been commended for their humanitarian effort in sponsoring free cataract surgeries for 1,000 patients in the state. The initiative, aimed at restoring sight to those affected by cataracts, has been lauded as a life-changing intervention for many underserved residents. The surgeries, carried out at a specialized medical camp, were facilitated by a team of local and international eye care professionals. Beneficiaries, many of whom had suffered from severe vision impairment, expressed gratitude for the program, describing it as a blessing that has renewed their hope and improved their quality of…
The Federal Government is preparing to impose a fine of N300 million on Royal Air Maroc for alleged infractions against passenger rights in Nigeria. The proposed sanction follows multiple complaints from passengers regarding the airline’s failure to comply with aviation regulations and standards. According to the Nigerian Civil Aviation Authority (NCAA), the infractions include consistent delays, flight cancellations without adequate notice, and poor handling of passenger complaints. Officials stated that these breaches have caused significant inconvenience and financial losses to Nigerian travelers. “The Federal Government is committed to ensuring that airlines operating in Nigeria adhere strictly to aviation rules and…
The Federal Government has granted approval for the establishment of a refinery with a capacity to process 10,000 barrels of crude oil per day. This move is part of ongoing efforts to boost local refining capacity, reduce reliance on imported petroleum products, and enhance energy security in Nigeria. The refinery, which will be privately owned and operated, is expected to contribute significantly to the domestic supply of refined petroleum products such as petrol, diesel, and kerosene. It aligns with the government’s broader strategy to encourage private sector participation in the downstream oil and gas sector. In a statement, the Ministry…
Portugal has announced plans to increase natural gas imports from Nigeria and the United States as part of its strategy to diversify energy sources and reduce reliance on Russian supply. The move aligns with the broader European Union (EU) initiative to secure alternative energy partners amid ongoing geopolitical tensions. In a statement, Portugal’s Minister of Environment and Climate Action emphasized the importance of energy security and the need to foster long-term partnerships with reliable suppliers. “Diversifying our gas supply is crucial for safeguarding our energy needs and ensuring resilience in the face of global uncertainties,” the minister stated. Nigeria, one…
Kebbi State Governor, Atiku Bagudu, has lauded President Bola Ahmed Tinubu’s economic policies, asserting they have set Nigeria on the right path to recovery and growth. Bagudu highlighted key reforms under Tinubu’s administration, emphasizing their potential to stabilize the economy and attract investments. Speaking at a recent event, Bagudu pointed to the removal of fuel subsidies and the unification of exchange rates as bold moves that demonstrate the President’s commitment to economic transformation. According to him, these steps, though initially challenging for citizens, will yield long-term benefits by fostering transparency and improving resource allocation. Bagudu also praised the administration’s focus…