The Federal Government has issued a stern warning to all project accountants involved in managing public funds, urging them to uphold transparency, accountability, and integrity in the discharge of their duties. This directive comes as part of renewed efforts to tackle financial mismanagement and ensure that public resources are utilized strictly for their intended purposes. Speaking during a recent stakeholder engagement in Abuja, senior officials emphasized that project accountants play a pivotal role in the success or failure of government projects. As such, any form of financial impropriety, negligence, or manipulation of records would not be tolerated. They stressed that…
Author: Temitope Nlewemchi
BUA Foods Plc on Monday announced an outstanding set of half-year results for the first half of 2025, reporting a 101 percent increase in profit after tax, alongside gross earnings that surged to ₦276.1 billion. The company’s performance spotlighted robust growth across agri-processing, foodstuffs, and sugar refining operations, signaling strong momentum in domestic value chain expansion. This extraordinary outcome—doubling profit compared to the same period in 2024—was attributed to several converging factors. Management pointed to improved operational efficiency, strategic pricing leveraged on growing demand for staples like sugar, edible oils, and flour, and the full integration of its new manufacturing…
The United Kingdom has announced that over 3,500 goods exported from Nigeria are now eligible for zero-duty entry under its new Developing Countries Trading Scheme (DCTS), a trade arrangement aimed at strengthening economic ties and boosting trade with developing nations. This development means that about 99 percent of Nigeria’s exportable products now benefit from either complete or partial tariff waivers when entering the UK market. The policy, which came into effect as part of the UK’s broader trade strategy post-Brexit, is designed to encourage export diversification and economic development in partner countries. For Nigeria, it represents a significant opportunity to…
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…
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…
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…
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…
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…
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 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 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…
Nigeria has once again demonstrated its growing leadership in the African aviation space as it hosted the 12th Commission Meeting of the Banjul Accord Group Accident Investigation Agency (BAGAIA) in Abuja. The summit brought together top officials and aviation safety experts from six West African countries to discuss strategies for enhancing air transport safety across the region. The two-day meeting, which held in the nation’s capital, was facilitated by the Nigerian Safety Investigation Bureau (NSIB) and had representatives from The Gambia, Ghana, Liberia, Sierra Leone, Cape Verde, and Nigeria. The gathering focused on strengthening cooperation among member states in air…
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…
The National Pension Commission (PenCom) has announced that all Pension Fund Administrators (PFAs) must meet a recapitalisation threshold of ₦20 billion by December 2026. The directive, unveiled in a regulatory circular to stakeholders, underlines the commission’s resolve to strengthen Nigeria’s pension industry, enhance financial sector stability, and boost public confidence in pension fund management. PenCom’s new requirement mandates that each PFA raise its minimum shareholders’ equity to ₦20 billion within the set timeframe. PFAs will be allowed to achieve this through internal capital growth, issuance of shares, or mergers and acquisitions, as long as they remain compliant with regulatory standards.…
Nigeria’s scrap and waste recycling industry is targeting an ambitious creation of an additional 5 million jobs by the end of 2025, in a bold move to deepen its economic impact and capitalise on the growing green economy. Building on recent gains—where waste management already contributed over 1.6 million jobs annually and around 3.2 percent to GDP—the sector plans a major scale-up across the recycling value chain. Officials and industry experts say the target builds on Nigeria’s estimated 32 million tonnes of solid waste generated each year, of which only a small fraction—less than 20 percent—enters formal recycling streams. By expanding collection,…
The Federal Government is considering amendments to the Electricity Act that would open the door for the sale of up to eleven electricity distribution companies (Discos) to new investors, part of a broader reform plan aimed at attracting private capital, improving service delivery, and reducing government liabilities. The proposed changes are centered on empowering regulators to facilitate equity transfers, usher in fresh management teams, and restructure the sector toward performance and accountability. Under current rules, Discos operate under licence agreements and are effectively state-supervised, with ownership restricted and few avenues for full private takeover. The proposed amendment would allow the…
Nigeria’s power sector is teetering on the verge of systemic collapse unless the government and electricity market stakeholders move swiftly to resolve mounting debts owed across the value chain. The Minister of Power issued the warning during a high-level address this past week, emphasizing that unresolved liabilities are eroding operational viability, discouraging investment, and undermining supply continuity. The minister disclosed that legacy debt across GENCOs (generation companies), the Transmission Company of Nigeria (TCN), and DISCOs (distribution companies) now totals well over ₦2 trillion. These past obligations—ranging from unpaid generation invoices and fuel supply costs to transmission service fees and subsidy-related…
Air Peace, Nigeria’s largest airline, has convened a high‑level leadership retreat in response to its recent acquisition of a coveted London Heathrow airport slot. The gathering, which brought together the airline’s senior management, operational heads, and industry partners in Lagos, served as a strategic forum to chart the next phase of Air Peace’s international expansion and service enhancement roadmap. Securing the Heathrow slot marks a milestone for Air Peace, enabling the airline to initiate direct flights between Lagos and London—one of the most competitive and regulated global aviation routes. During the retreat, executives reviewed timelines for operational deployment, compliance requirements…
The Rural Electrification Agency (REA) of Nigeria has formalized a series of memoranda of understanding (MOUs) with multiple investment partners to mobilize approximately ₦500 billion in funding for off-grid renewable energy projects. The agreements were signed in Abuja during a high-level energy and infrastructure summit, signaling strong momentum toward Nigeria’s decarbonization agenda and rural electrification goals. By the terms of the MOUs, REA will collaborate with private investors including clean energy funds, development finance institutions, and local solar investors to deploy mini-grid and distributed solar systems in underserved communities. The funds are earmarked for hybrid solar-storage mini-grids, standalone home solar…
The Federal Government of Nigeria has partnered with the African Development Bank (AfDB) and indigenous electric vehicle company, Saglev Electromobility Nigeria Limited, to accelerate electric vehicle (EV) manufacturing and clean transportation infrastructure across the country. This collaboration is seen as a major step toward reducing carbon emissions, promoting sustainable mobility, and enhancing Nigeria’s local industrial capacity. The tripartite alliance, which involves a significant public-private engagement, was formalised to support the ongoing development of Saglev’s EV assembly operations in Imota, Lagos. The facility, which began pilot production earlier this year, is the first full-fledged EV assembly plant in sub-Saharan Africa and…