Delta State Government and the Rural Electrification Agency (REA) have signed a memorandum of understanding to tackle persistent electricity supply challenges across the state, officials said. The partnership is aimed at enhancing power distribution, reducing blackouts, and ensuring that households, businesses, and critical institutions have access to reliable electricity. The agreement, signed in Asaba, seeks to facilitate collaborative efforts between the state and the federal agency to rehabilitate existing power infrastructure and expand electricity access to underserved communities. Both parties emphasized that addressing the power deficit is critical to supporting socio-economic development, attracting investment, and improving the quality of life…
Author: Temitope N.
The Nigerian Exchange Limited (NGX) closed on a negative note this week as a wave of bearish trading wiped off N663 billion from the market capitalization, deepening concerns among investors already grappling with economic headwinds. The downturn, which affected major sectors including banking, industrial goods, and consumer goods, has underscored growing unease in the equities market despite recent policy reforms aimed at boosting investor confidence. Data from the NGX revealed that the market capitalization, which opened the week at N56.08 trillion, fell sharply to N55.42 trillion by the close of trading, reflecting heightened sell-offs across several blue-chip stocks. The All-Share…
The residents of Enugu and parts of the South-East have been thrown into darkness following a fresh dispute between the Enugu Electricity Distribution Company and consumers over the recently introduced electricity tariff regime. The blackout, which has lasted several days, has left households and businesses grappling with the twin challenges of lack of power supply and the burden of higher tariffs imposed on select categories of customers. Reports indicate that the row stems from disagreements over the implementation of the Band A tariff classification, which pegs electricity supply at a minimum of 20 hours per day for those placed under…
The Nigerian National Petroleum Company Limited has said the country’s oil production output is still falling short of its true potential despite its vast hydrocarbon reserves and recent gains in crude production.The Group Chief Executive Officer of NNPCL, Bayo Ojulari, stated this at the 4th Petroleum and Natural Gas Senior Staff Association of Nigeria Energy and Labour Summit in Abuja, where industry stakeholders gathered to examine ways of strengthening the country’s oil and gas sector. He explained that though some progress had been recorded in stabilising production, Nigeria was yet to fully maximise the opportunities that exist in its reserves.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the country produced a total of 1.37 trillion cubic feet (TCF) of natural gas between January and June 2025. The figure highlights both the scale of Nigeria’s gas resources and the government’s ongoing push to expand gas development as a cornerstone of national energy strategy. According to the NUPRC’s latest industry performance report released in Abuja on Wednesday, the volume represents combined output from joint ventures, production sharing contracts, and marginal field operators across the six-month period. The Commission explained that out of the total gas produced, a significant portion…
The Federal Government has reiterated its determination to transform Nigeria’s maritime sector into a modern, globally competitive industry that will contribute significantly to economic growth. Minister of Marine and Blue Economy, Adegboyega Oyetola, made this known while addressing stakeholders at a strategic maritime industry engagement in Lagos on Monday. Oyetola said the government is committed to implementing policies and reforms that will reposition the sector, attract investments, and ensure that Nigeria fully harnesses its vast maritime potential. According to him, President Bola Tinubu’s administration sees the maritime industry as a strategic pillar for revenue generation, job creation, and economic diversification.…
The Nigeria Customs Service (NCS) has taken a significant step toward advancing trade facilitation reforms by engaging the Nigerian Shippers’ Council (NSC) on the implementation of its Business Oriented Digital Operations for Goods Winning (B’Odogwu) initiative. The partnership is expected to strengthen digital transformation in Nigeria’s maritime and border operations while addressing long-standing challenges of inefficiency, delays, and high costs in cargo clearance. B’Odogwu, introduced by the Customs Service, is designed as an end-to-end technology-driven solution that will overhaul existing processes and reduce human interference in port operations. The platform seeks to digitize cargo clearance, automate revenue collection, improve transparency,…
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, has reaffirmed that Nigeria’s state-owned refineries will return to full operation, dismissing doubts raised by critics and industry observers. Ojulari, who spoke at a stakeholders’ engagement session in Abuja, said the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries remains on course, with test runs on the Port Harcourt plant expected soon. He stressed that the refineries are being overhauled with the involvement of reputable international contractors to ensure world-class standards. “Our refineries will work again. The projects are progressing steadily, and Nigerians…
Nigeria’s banking sector has emerged as the top destination for capital inflows into the country, attracting more than half of total foreign investment in the first half of 2025. This development comes on the back of ongoing financial reforms aimed at stabilising the economy, boosting investor confidence, and deepening the financial sector. According to the latest data released by the National Bureau of Statistics (NBS), the banking industry accounted for the largest share of capital inflows, outpacing other sectors such as telecommunications, manufacturing, and agriculture. Analysts say the dominance of banks in attracting investment reflects both the sector’s central role…
The Nigerian Airspace Management Agency (NAMA) has commenced a wide-ranging audit of the nation’s airspace as part of efforts to strengthen safety, improve operational efficiency, and align with global aviation standards. The audit, described by the agency as historic, will involve a full review of the country’s communication, navigation, and surveillance systems, alongside assessments of air traffic management procedures. It will also cover critical infrastructure at major airports and regional air traffic control centres across the country. NAMA said the exercise is necessary to identify gaps in current operations and to develop a strategic roadmap that will enhance the safety…
Nigeria’s economy is expected to expand by 3.4% in 2025, according to a new forecast released by global professional services firm, PricewaterhouseCoopers (PwC). The projection reflects cautious optimism for Africa’s largest economy, despite persistent challenges such as inflationary pressures, foreign exchange volatility, and infrastructural constraints. PwC’s outlook noted that the forecast is anchored on reforms introduced by the federal government under President Bola Ahmed Tinubu, particularly in the areas of fiscal management, energy sector liberalisation, and ongoing efforts to attract foreign direct investment (FDI). The firm, however, stressed that the growth trajectory remains fragile and dependent on Nigeria’s ability to…
AFG Aviation, a global aircraft leasing company, has finalized a lease agreement with Cally Air, the airline jointly owned by the Cross River State Government and a private sector partner, to provide two additional aircraft for its domestic operations. The deal, industry watchers say, represents a major step in expanding the airline’s fleet capacity, improving service delivery, and strengthening its competitive edge in Nigeria’s dynamic aviation market. The lease, which covers two modern regional jets, comes at a critical time when Nigerian carriers are struggling with rising operational costs, limited fleet availability, and increasing passenger demand. With the acquisition, Cally…
A new industry report has revealed that Nigeria has an estimated ₦341 trillion worth of crude oil resources lying idle in undeveloped fields, raising concerns over missed opportunities for revenue generation, foreign investment, and energy security. The findings underscore the urgency for the government and industry stakeholders to take decisive action in unlocking these stranded assets, particularly at a time when the nation grapples with fiscal pressures, dwindling foreign reserves, and rising debt levels. According to the report, the undeveloped oil reserves are scattered across both onshore and offshore fields, including marginal assets awarded to indigenous operators that remain largely…
First City Monument Bank (FCMB), in partnership with FMO, the Dutch Entrepreneurial Development Bank, has announced the launch of a ₦20 million AgriTech Investment Readiness Programme designed to empower Nigerian startups driving innovation in agriculture. The initiative, unveiled in Lagos, seeks to strengthen the capacity of emerging AgriTech firms to attract investment, scale operations, and contribute to food security in the country. The programme is structured to provide selected startups with access to training, mentorship, and financial advisory services. Participants will also receive technical support to refine their business models, improve governance structures, and strengthen their investor appeal. The ₦20…
The Nigeria Customs Service (NCS) has achieved a major breakthrough in its anti-smuggling drive with the interception of illicit drugs valued at N690 million in Katsina State. The development, which highlights the Service’s growing efforts to combat cross-border crimes, is seen as a crucial step in the wider fight against narcotics proliferation, insecurity, and public health risks. Speaking on the development, the Controller of the Katsina Area Command, Mr. Idriss Abba-Aji, said the seizure was made possible through credible intelligence and coordinated patrols mounted along key smuggling routes in the state. He disclosed that the consignment, which contained a large…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, have reaffirmed their commitment to deepen collaboration between fiscal and monetary authorities in order to stabilise the economy, strengthen investor confidence, and accelerate growth. The pledge was made following recent engagements between the Ministry of Finance and the apex bank, where both leaders highlighted the importance of policy alignment in addressing Nigeria’s macroeconomic challenges, particularly inflation, foreign exchange volatility, and revenue mobilisation. According to the finance minister, the administration of President Bola Tinubu is…
Schneider Electric has announced the launch of its next-generation intelligent machines designed to strengthen industrial operations, boost efficiency, and advance the adoption of automation technologies across multiple sectors. The global energy management and automation company said the new solutions are aimed at transforming production processes, ensuring reliability, and promoting sustainability in industries navigating an increasingly competitive and resource-conscious environment. The unveiling marks a significant step in Schneider Electric’s continued push to integrate digital intelligence into industrial systems. The company noted that the smarter machines, equipped with cutting-edge automation and monitoring capabilities, are designed to improve productivity while reducing downtime and…
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has reiterated its commitment to advancing the growth of women-led businesses in Nigeria through renewed initiatives designed to support female entrepreneurs. The bank, in a statement, said the move aligns with its broader financial inclusion drive and its long-standing goal of creating equal opportunities in business. According to the bank, female entrepreneurs play a vital role in shaping Nigeria’s economy but often face barriers such as limited access to finance, mentorship, and networks. Stanbic IBTC noted that these challenges contribute to a significant funding gap that prevents many women-owned businesses from…
The National Pension Commission (PenCom) has issued a strong warning to Pension Fund Administrators (PFAs), directing them to avoid investing workers’ retirement savings in banks’ Additional Tier-1 (AT1) capital instruments. The caution follows heightened concerns over the risk profile of such assets, which have come under global scrutiny after recent financial sector shocks. According to industry sources, PenCom’s advisory stems from its mandate to safeguard the N20 trillion pension assets under management in Nigeria’s Contributory Pension Scheme (CPS). The regulator emphasised that PFAs must exercise extreme caution in evaluating investment opportunities, particularly those that may expose pension contributions to unnecessary…
The Federal Government has announced a strategic collaboration with PalmPay, a leading fintech platform, to train one million Nigerian youths in digital safety. The initiative is aimed at equipping young people with the knowledge and tools to navigate the digital economy securely while curbing rising cases of cybercrime and fraud in the country’s financial sector. Speaking at the launch of the programme in Abuja, Minister of Youth Development, Ayodele Olawande, said the partnership underscores the Federal Government’s commitment to empowering young Nigerians with critical skills for the digital era. He noted that while technology has opened new doors of opportunity…